(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
þ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | Emerging growth company |
PAGE NO. | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general, and administrative | |||||||||||||||||||||||
Amortization of intangibles | |||||||||||||||||||||||
Restructuring, impairment, and other charges | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Fair value of investments | ( | ( | ( | ||||||||||||||||||||
Pension adjustments | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
As of | |||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities | |||||||||||
Receivables, net of allowances of $ | |||||||||||
Inventory | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred tax assets, net | |||||||||||
Marketable securities | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Current portion of long-term debt | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term tax liabilities | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 9) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, no par value: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock, at cost | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Nine Months Ended | |||||||||||
July 1, 2022 | July 2, 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share-based compensation | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets, including inventory step-up | |||||||||||
Deferred income taxes | ( | ||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Other, net | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Receivables, net | ( | ( | |||||||||
Inventory | ( | ( | |||||||||
Accounts payable | |||||||||||
Other current and long-term assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Purchased intangibles | ( | ( | |||||||||
Purchases of marketable securities | ( | ( | |||||||||
Sales and maturities of marketable securities | |||||||||||
Receipts from the sales of property, plant, and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchase of common stock - payroll tax withholdings on equity awards | ( | ( | |||||||||
Repurchase of common stock - stock repurchase program | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net proceeds from exercise of stock options | |||||||||||
Proceeds from employee stock purchase plan | |||||||||||
Proceeds from issuance of long-term debt, net | |||||||||||
Debt financing costs | ( | ||||||||||
Payments of debt | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow disclosures: | |||||||||||
Income taxes paid | $ | $ | |||||||||
Interest paid | $ | $ | |||||||||
Incentives paid in common stock | $ | $ | |||||||||
Non-cash investing in capital expenditures, accrued but not paid | $ | $ | |||||||||
Operating lease assets obtained in exchange for new lease liabilities | $ | $ | |||||||||
Retirement of treasury stock | $ | $ |
Shares of common stock | Par value of common stock | Shares of treasury stock | Value of treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | $ | — | — | $ | — | $ | — | — | ||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Balance at October 2, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase program | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at April 2, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | ( | — | — | ( |
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | — | — | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at July 2, 2021 | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
China | |||||||||||||||||||||||
South Korea | |||||||||||||||||||||||
Taiwan | |||||||||||||||||||||||
Europe, Middle East, and Africa | |||||||||||||||||||||||
Other Asia-Pacific | |||||||||||||||||||||||
Total net revenue | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Distributors | $ | $ | $ | $ | |||||||||||||||||||
Direct customers | |||||||||||||||||||||||
Total net revenue | $ | $ | $ | $ |
Current | Noncurrent | ||||||||||||||||||||||
July 1, 2022 | October 1, 2021 | July 1, 2022 | October 1, 2021 | ||||||||||||||||||||
U.S. Treasury and government | $ | $ | $ | $ | |||||||||||||||||||
Corporate bonds and notes | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Total marketable securities | $ | $ | $ | $ |
As of | |||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents* | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | $ | $ | $ |
As of | |||||||||||||||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
0.90% Senior Notes due 2023 | $ | $ | $ | $ | |||||||||||||||||||
1.80% Senior Notes due 2026 | |||||||||||||||||||||||
3.00% Senior Notes due 2031 | |||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
As of | |||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Finished goods held on consignment by customers | |||||||||||
Total inventory | $ | $ |
As of | |||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||
Land and improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture and fixtures | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Total property, plant, and equipment, gross | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total property, plant, and equipment, net | $ | $ |
As of | As of | |||||||||||||||||||||||||||||||||||||
Weighted Average Amortization Period (Years) | July 1, 2022 | October 1, 2021 | ||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||
Customer relationships and backlog | ( | ( | ||||||||||||||||||||||||||||||||||||
Developed technology and other | ( | ( | ||||||||||||||||||||||||||||||||||||
Technology licenses | ( | ( | ||||||||||||||||||||||||||||||||||||
In-process research and development | ||||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Remaining 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||||||||||||||||||
Amortization expense | $ | $ | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
United States income taxes | ( | ||||||||||||||||||||||
Foreign income taxes | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
Effective tax rate | % | ( | % | % | % |
2022 | 2021 | ||||||||||||||||||||||
Per Share | Total Amount | Per Share | Total Amount | ||||||||||||||||||||
First quarter | $ | $ | $ | $ | |||||||||||||||||||
Second quarter | |||||||||||||||||||||||
Third quarter | |||||||||||||||||||||||
Total dividends | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | |||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general, and administrative | |||||||||||||||||||||||
Total share-based compensation | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||||||||||
Dilutive effect of equity-based awards | |||||||||||||||||||||||
Weighted average shares outstanding – diluted | |||||||||||||||||||||||
Net income per share – basic | $ | $ | $ | $ | |||||||||||||||||||
Net income per share – diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive common stock equivalents |
As of | |||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||
Accrued taxes | $ | $ | |||||||||
Short-term operating lease liabilities | |||||||||||
Accrued customer liabilities | |||||||||||
Other | |||||||||||
Total other current liabilities | $ | $ |
As of | |||||||||||
July 1, 2022 | October 1, 2021 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Other | |||||||||||
Total other current assets | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||||||||||||
Net revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of goods sold | 52.7 | 50.0 | 52.5 | 50.0 | |||||||||||||||||||
Gross profit | 47.3 | 50.0 | 47.5 | 50.0 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 12.7 | 11.7 | 11.5 | 10.1 | |||||||||||||||||||
Selling, general, and administrative | 6.2 | 7.6 | 5.9 | 5.8 | |||||||||||||||||||
Amortization of intangibles | 1.8 | 0.2 | 1.9 | 0.2 | |||||||||||||||||||
Restructuring, impairment, and other charges | 0.2 | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Total operating expenses | 20.9 | 19.6 | 19.5 | 16.2 | |||||||||||||||||||
Operating income | 26.4 | 30.4 | 27.9 | 33.8 | |||||||||||||||||||
Interest expense | (0.9) | (0.2) | (0.8) | (0.1) | |||||||||||||||||||
Other expense, net | — | (0.1) | — | — | |||||||||||||||||||
Income before income taxes | 25.5 | 30.1 | 27.1 | 33.7 | |||||||||||||||||||
Provision (benefit) for income taxes | 3.8 | (0.2) | 3.2 | 2.8 | |||||||||||||||||||
Net income | 21.7 | % | 30.3 | % | 23.9 | % | 30.9 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Net revenue | $ | 10.4% | $ | $ | 7.4% | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Gross profit | $ | 4.4% | $ | $ | 1,935.7 | 1.9% | $ | ||||||||||||||||
% of net revenue | 47.3 | % | 50.0 | % | 47.5 | % | 50.0 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Research and development | $ | 19.6 | % | $ | $ | 22.3 | % | $ | |||||||||||||||
% of net revenue | 12.7 | % | 11.7 | % | 11.5 | % | 10.1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Selling, general, and administrative | $ | (9.5) | % | $ | $ | 9.1 | % | $ | |||||||||||||||
% of net revenue | 6.2 | % | 7.6 | % | 5.9 | % | 5.8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Amortization of intangibles | $ | 812.5 | % | $ | $ | 874.7 | % | $ | |||||||||||||||
% of net revenue | 1.8 | % | 0.2 | % | 1.9 | % | 0.2 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Interest expense | $ | ( | 334.6 | % | $ | ( | $ | ( | 1,192.3 | % | $ | ( | |||||||||||
% of net revenue | (0.9) | % | (0.2) | % | (0.8) | % | (0.1) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 1, 2022 | Change | July 2, 2021 | July 1, 2022 | Change | July 2, 2021 | ||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | (3,025.0) | % | $ | ( | $ | 18.9 | % | $ | ||||||||||||||
% of net revenue | 3.8 | % | (0.2) | % | 3.2 | % | 2.8 | % |
Nine Months Ended | |||||||||||
(in millions) | July 1, 2022 | July 2, 2021 | |||||||||
Cash and cash equivalents at beginning of period | $ | 882.9 | $ | 566.7 | |||||||
Net cash provided by operating activities | 1,188.3 | 1,373.7 | |||||||||
Net cash used in investing activities | (231.6) | (101.0) | |||||||||
Net cash provided by (used in) financing activities | (1,196.6) | 1,005.6 | |||||||||
Cash and cash equivalents at end of period | $ | 643.0 | $ | 2,845.0 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||
04/02/22 - 04/29/22 | 754,212 | (2) | $124.90 | 750,000 | $1.2 billion | ||||||||||||
04/30/22 - 05/27/22 | 256,907 | (3) | $101.57 | 250,000 | $1.2 billion | ||||||||||||
05/28/22 - 07/01/22 | 3,685 | (4) | $107.27 | — | $1.2 billion | ||||||||||||
Total | 1,014,804 | 1,000,000 |
Exhibit Number | Exhibit Description | Form | Incorporated by Reference | Filed Herewith | ||||||||||||||||
File No. | Exhibit | Filing Date | ||||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1 | X | |||||||||||||||||||
32.2 | X | |||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |
SKYWORKS SOLUTIONS, INC. | |||||||||||
Date: | August 4, 2022 | By: | /s/ Liam K. Griffin | ||||||||
Liam K. Griffin | |||||||||||
Chairman, Chief Executive Officer and President | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ Kris Sennesael | ||||||||||
Kris Sennesael | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Accounting and Financial Officer) |
Date: | August 4, 2022 | |||||||
/s/ Liam K. Griffin | ||||||||
Liam K. Griffin | ||||||||
Chairman, Chief Executive Officer and President |
Date: | August 4, 2022 | |||||||
/s/ Kris Sennesael | ||||||||
Kris Sennesael | ||||||||
Senior Vice President and Chief Financial Officer |
/s/ Liam K. Griffin | ||
Liam K. Griffin Chairman, Chief Executive Officer and President | ||
August 4, 2022 |
/s/ Kris Sennesael | ||
Kris Sennesael Senior Vice President and Chief Financial Officer | ||
August 4, 2022 |
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
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Income Statement [Abstract] | ||||
Document Period End Date | Jul. 01, 2022 | |||
Net revenue | $ 1,232.6 | $ 1,116.4 | $ 4,078.6 | $ 3,798.2 |
Cost of goods sold | 649.3 | 557.8 | 2,142.9 | 1,899.5 |
Gross profit | 583.3 | 558.6 | 1,935.7 | 1,898.7 |
Operating expenses: | ||||
Research and development | 156.5 | 130.8 | 468.4 | 383.1 |
Selling, general, and administrative | 77.0 | 85.1 | 242.1 | 222.0 |
Amortization of intangibles | 65.9 | 6.3 | 211.8 | 23.8 |
Restructuring Costs and Asset Impairment Charges | 2.1 | 0.5 | 9.3 | 0.5 |
Total operating expenses | 257.5 | 218.8 | 796.8 | 613.5 |
Operating income | 325.8 | 339.8 | 1,138.9 | 1,285.2 |
Interest Expense | (11.3) | (2.6) | (33.6) | (2.6) |
Other expense, net | (0.4) | (1.0) | (0.9) | (0.1) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 314.1 | 336.2 | 1,104.4 | 1,282.5 |
Provision (benefit) for income taxes | 46.8 | (1.6) | 131.4 | 110.5 |
Net income | $ 267.3 | $ 337.8 | $ 973.0 | $ 1,172.0 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.66 | $ 2.05 | $ 5.96 | $ 7.10 |
Diluted (in dollars per share) | $ 1.66 | $ 2.02 | $ 5.93 | $ 7.02 |
Weighted average shares: | ||||
Basic (in shares) | 160.9 | 165.1 | 163.3 | 165.2 |
Diluted (in shares) | 161.5 | 167.0 | 164.1 | 166.9 |
Common Stock, Dividends, Per Share, Declared | $ 0.56 | $ 0.50 | $ 1.68 | $ 1.50 |
Amortization of intangibles | $ 65.9 | $ 6.3 | $ 211.8 | $ 23.8 |
Operating Expense [Member] | ||||
Operating expenses: | ||||
Amortization of intangibles | 21.9 | 2.4 | 77.0 | 7.9 |
Amortization of intangibles | $ 21.9 | $ 2.4 | $ 77.0 | $ 7.9 |
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 267.3 | $ 337.8 | $ 973.0 | $ 1,172.0 |
Other comprehensive income (loss), net of tax: | ||||
Fair value of investments | 0.2 | (0.2) | (0.2) | (0.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0.0 | 0.0 | (3.3) | (0.3) |
Comprehensive income | $ 267.5 | $ 337.6 | $ 976.1 | $ 1,171.8 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Jul. 01, 2022 |
Oct. 01, 2021 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 0.8 | $ 0.7 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 25.0 | 25.0 |
Preferred stock, shares issued | 0.0 | 0.0 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized | 525.0 | 525.0 |
Common stock, shares issued | 166.9 | 165.3 |
Common stock, shares outstanding | 160.7 | 165.3 |
Description Of Business and Basis Of Presentation |
9 Months Ended |
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Jul. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, entertainment and gaming, industrial, medical, military, smartphone, tablet, and wearable markets. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. However, in management’s opinion, the financial information reflects all adjustments, including those of a normal recurring nature, necessary to present fairly the results of operations, financial position, and cash flows of the Company for the periods presented. The results of operations, financial position, and cash flows for the Company during the interim periods are not necessarily indicative of those expected for the full year. This information should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2021, filed with the SEC on November 24, 2021, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 28, 2022 (“2021 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income, and accumulated other comprehensive loss that are reported during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Judgment is required in determining the reserves for, and fair value of, items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, revenue reserves, loss contingencies, and income taxes. In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates. The Company’s fiscal year ends on the Friday closest to September 30. Fiscal 2022 consists of 52 weeks and ends on September 30, 2022. Fiscal 2021 consisted of 52 weeks and ended on October 1, 2021. The three and nine months ended July 1, 2022, and July 2, 2021, each consisted of 13 weeks and 39 weeks, respectively.
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions):
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | 4. FAIR VALUE Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less-active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data. •Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company. Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):
* Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, commercial paper, and agency securities purchased with less than ninety days until maturity. Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment. There were no indicators of impairment identified during the three and nine months ended July 1, 2022. Fair Value of Debt The Company’s debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company’s debt and comparable instruments in inactive markets. The carrying value of the Term Loan (as defined below) approximates its fair value as the Term Loan is carried at a market observable interest rate that resets periodically. The carrying amount and estimated fair value of debt consists of the following (in millions):
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Inventory |
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Jul. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY | INVENTORY Inventory consists of the following (in millions):
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Property, Plant And Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consists of the following (in millions):
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Goodwill And Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS There were no changes to the carrying amount of goodwill during the three and nine months ended July 1, 2022. The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three and nine months ended July 1, 2022. Intangible assets consist of the following (in millions):
Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During the nine months ended July 1, 2022, $167.2 million of in-process research and development (“IPR&D”) assets were transferred to definite-lived intangible assets, and are being amortized over their weighted-average useful lives of 6.6 years. Amortization expense related to definite-lived intangible assets was $65.9 million and $211.8 million for the three and nine months ended July 1, 2022, respectively. Amortization expense related to definite-lived intangible assets was $6.3 million and $23.8 million for the three and nine months ended July 2, 2021, respectively. Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The provision for income taxes consists of the following components (in millions):
The difference between the Company’s effective tax rate and the 21.0% United States federal statutory rate for the three and nine months ended July 1, 2022, and July 2, 2021, respectively, resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), windfall tax deductions, and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and tax expense related to a change in the reserve for uncertain tax positions.
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Commitments and Contingencies |
9 Months Ended |
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Jul. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, various lawsuits, claims, and proceedings have been, and may in the future be, instituted or asserted against the Company, including those pertaining to patent infringement, intellectual property, environmental hazards, product liability and warranty, safety and health, employment, and contractual matters. The semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights. From time to time, third parties have asserted and may in the future assert patent, copyright, trademark, and other intellectual property rights to technologies that are important to the Company’s business and have demanded and may in the future demand that the Company license their technology. The outcome of any such litigation cannot be predicted with certainty and some such lawsuits, claims, or proceedings may be disposed of unfavorably to the Company. Generally speaking, intellectual property disputes often have a risk of injunctive relief, which, if imposed against the Company, could materially and adversely affect the Company’s financial condition or results of operations. From time to time the Company may also be involved in legal proceedings in the ordinary course of business. The Company monitors the status of legal proceedings and other contingencies on an ongoing basis to ensure loss contingencies are recognized and/or disclosed in its financial statements and footnotes. The Company does not believe there are any pending legal proceedings that are reasonably possible to result in a material loss. The Company is engaged in various legal actions in the normal course of business and, while there can be no assurances, the Company believes the outcome of all pending litigation involving the Company will not have, individually or in the aggregate, a material adverse effect on its business or financial statements. Guarantees and Indemnities The Company has made no significant contractual guarantees for the benefit of third parties. However, the Company generally indemnifies its customers from third-party intellectual property infringement litigation claims related to its products and, on occasion, also provides other indemnities related to product sales. In connection with certain facility leases, the Company has indemnified its lessors for certain claims arising from the facility or the lease. The Company indemnifies its directors and officers to the maximum extent permitted under the laws of the state of Delaware. The duration of the indemnities varies and in many cases is indefinite. The indemnities to customers in connection with product sales generally are subject to limits based upon the amount of the related product sales and in many cases are subject to geographic and other restrictions. In certain instances, the Company’s indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities in the accompanying consolidated balance sheets and does not expect that such obligations will have a material adverse impact on its financial statements.
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Stockholder's Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY Stock Repurchase On January 26, 2021, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock from time to time prior to January 26, 2023, on the open market or in privately negotiated transactions, as permitted by securities laws and other legal requirements. This authorized stock repurchase program replaced in its entirety the January 30, 2019, stock repurchase program. The timing and amount of any shares of the Company’s common stock that are repurchased under the repurchase program are determined by the Company’s management based on its evaluation of market conditions and other factors. During the three months ended July 1, 2022, the Company paid $119.1 million (including commissions) in connection with the repurchase of 1.0 million shares of its common stock (paying an average price of $119.07 per share). During the nine months ended July 1, 2022, the Company paid $806.5 million (including commissions) in connection with the repurchase of 5.7 million shares of its common stock (paying an average price of $141.30 per share), all of which shares were repurchased pursuant to the January 26, 2021, stock repurchase program. As of July 1, 2022, $1.2 billion remained available under the January 26, 2021, stock repurchase program. During the three months ended July 2, 2021, the Company did not repurchase any shares of its common stock. During the nine months ended July 2, 2021, the Company paid $195.6 million (including commissions) in connection with the repurchase of 1.4 million shares of its common stock (paying an average price of $138.85 per share), all of which shares were repurchased pursuant to the January 30, 2019, stock repurchase program. Dividends On August 4, 2022, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.62 per share. This dividend is payable on September 15, 2022, to the Company’s stockholders of record as of the close of business on August 25, 2022. Dividends charged to retained earnings were as follows (in millions, except per share data):
Share-based Compensation The following table summarizes the share-based compensation expense by line item in the Consolidated Statements of Operations (in millions):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):
Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of equity-based awards that were outstanding during the three and nine months ended July 1, 2022, and July 2, 2021, using the treasury stock method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the condition(s) have been satisfied, assuming the end of the reporting period was the end of the contingency period. Certain of the Company’s outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future.
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Revenue Recognition (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION The Company presents net revenue by geographic area, based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters, and by sales channel, as it believes that doing so best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Individually insignificant OEMs are presented based upon the location of the Company's direct customer, which is typically a distributor. Net revenue by geographic area is as follows (in millions):
Net revenue by sales channel is as follows (in millions):
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Other Liabilities |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure | 12. SUPPLEMENTAL FINANCIAL INFORMATION Other current liabilities consist of the following (in millions):
Other current assets consist of the following (in millions):
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Description Of Business and Basis Of Presentation (Policies) |
9 Months Ended |
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Jul. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period | The Company’s fiscal year ends on the Friday closest to September 30. Fiscal 2022 consists of 52 weeks and ends on September 30, 2022. Fiscal 2021 consisted of 52 weeks and ended on October 1, 2021. The three and nine months ended July 1, 2022, and July 2, 2021, each consisted of 13 weeks and 39 weeks, respectively. |
Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amount and estimated fair value of debt consists of the following (in millions):
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Inventory (Tables) |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventories | Inventory consists of the following (in millions):
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Property, Plant And Equipment | Property, plant, and equipment, net consists of the following (in millions):
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Goodwill and Intangible Assets (Tables) |
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Jul. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Excluding Goodwill | Intangible assets consist of the following (in millions):
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Schedule Of Expected Annual Amortization Expense Related To Intangible Assets For The Next Five Years | Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in millions):
|
Stockholder's Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | Dividends charged to retained earnings were as follows (in millions, except per share data):
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Schedule of share-based compensation expense | The following table summarizes the share-based compensation expense by line item in the Consolidated Statements of Operations (in millions):
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):
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Revenue Recognition (Tables) |
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Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
Net revenue by sales channel is as follows (in millions):
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Other Liabilities (Tables) |
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Jul. 01, 2022 |
Jul. 01, 2022 |
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Condensed Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consist of the following (in millions):
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Schedule of Other Current Assets | Other current assets consist of the following (in millions):
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Description Of Business and Basis Of Presentation (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Fiscal Period Duration | 6 months | 6 months | 3 months | 3 months |
Description Of Business and Basis Of Presentation (New Accounting Pronouncements) (Details) |
9 Months Ended |
---|---|
Jul. 01, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Document Period End Date | Jul. 01, 2022 |
Marketable Securities Schedule of Available-for-sale Securities (Details) |
9 Months Ended |
---|---|
Jul. 01, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Document Period End Date | Jul. 01, 2022 |
Marketable Securities Contractual Maturity (Details) |
9 Months Ended |
---|---|
Jul. 01, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities, Debt Maturities, Date | 2 years |
Inventory (Schedule Of Inventories) (Details) - USD ($) $ in Millions |
Jul. 01, 2022 |
Oct. 01, 2021 |
---|---|---|
Inventory, Net [Abstract] | ||
Raw materials | $ 73.1 | $ 62.2 |
Work-in-process | 770.8 | 595.9 |
Finished goods | 254.5 | 224.4 |
Finished goods held on consignment by customers | 3.6 | 2.5 |
Total inventory | $ 1,102.0 | $ 885.0 |
Property, Plant and Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions |
Jul. 01, 2022 |
Oct. 01, 2021 |
---|---|---|
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | $ 4,049.1 | $ 3,710.0 |
Accumulated depreciation | (2,441.7) | (2,208.4) |
Total property, plant, and equipment, net | 1,607.4 | 1,501.6 |
Land and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | 11.9 | 11.9 |
Building and improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | 535.9 | 470.7 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | 70.4 | 60.2 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | 3,256.3 | 2,990.2 |
Construction in progress [Member] | ||
Property, Plant and Equipment | ||
Total property, plant, and equipment, gross | $ 174.6 | $ 177.0 |
Goodwill and Intangible Assets (Schedule Of Expected Annual Amortization Expense Related To Intangible Assets For The Next Five Years) (Details) $ in Millions |
Jul. 01, 2022
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
Remaining 2019 | $ 68.2 |
2020 | 164.8 |
2021 | 144.0 |
2022 | 119.8 |
Thereafter | 405.1 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 212.2 |
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Period Increase (Decrease) | $ 0 | |||
Amortization of intangibles | $ 65,900 | $ 6,300 | 211,800 | $ 23,800 |
Completed and transferred in-process research and development | $ 167,200 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Document Period End Date | Jul. 01, 2022 | |||
United States income taxes | $ 35.8 | $ (13.8) | $ 88.5 | $ 63.7 |
Foreign income taxes | 11.0 | 12.2 | 42.9 | 46.8 |
Provision (benefit) for income taxes | $ 46.8 | $ (1.6) | $ 131.4 | $ 110.5 |
Effective tax rate | 14.90% | (0.50%) | 11.90% | 8.60% |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jul. 01, 2022 |
Oct. 01, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21.00% | |
Accrued income taxes, current | $ 68.6 | $ 88.6 |
Stockholder's Equity (Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 26, 2023 |
Jul. 01, 2022 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchased | $ 119.1 | $ 806.5 | $ 195.6 | |
Treasury Stock, Shares, Acquired | 1.0 | 5.7 | 1.4 | |
Average price of stock repurchased (in dollars per share) | $ (119.07) | $ (141.30) | $ (138.85) | |
Remaining amount authorized fro stock repurchase | $ 1,200.0 | $ 1,200.0 | ||
2021 Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount of stock for repurchase | $ 2,000.0 | $ 2,000.0 | ||
Subsequent Event [Member] | 2021 Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program expiration date | Jan. 26, 2023 |
Stockholder's Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 15, 2022 |
Aug. 25, 2022 |
Aug. 04, 2022 |
Jul. 01, 2022 |
Apr. 01, 2022 |
Dec. 31, 2021 |
Jul. 02, 2021 |
Apr. 02, 2021 |
Jan. 01, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Dividends Payable [Line Items] | |||||||||||
Document Period End Date | Jul. 01, 2022 | ||||||||||
Payments of Ordinary Dividends | $ 273.7 | $ 248.1 | |||||||||
Payments of ordinary dividends | $ 90.0 | $ 91.2 | $ 92.5 | $ 82.5 | $ 82.6 | $ 83.0 | $ 273.7 | $ 248.1 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.56 | $ 0.56 | $ 0.56 | $ 0.50 | $ 0.50 | $ 0.50 | $ 1.68 | $ 1.50 | |||
Subsequent Event [Member] | Dividend Declared [Member] | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend declaration date | Aug. 04, 2022 | ||||||||||
dividends date to be paid | Sep. 15, 2022 | ||||||||||
Dividends date of record | Aug. 25, 2022 | ||||||||||
Cash dividends declared and paid per share (usd per share) | $ 0.62 |
Stockholder's Equity (Share Based Compensation) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2022 |
Jul. 02, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Document Period End Date | Jul. 01, 2022 | |||
Share-based compensation expense | $ 52.1 | $ 43.4 | $ 158.2 | $ 144.3 |
Cost of sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 8.0 | 4.9 | 22.9 | 24.0 |
Research and development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 24.2 | 17.9 | 74.4 | 62.2 |
Selling, general and administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 19.9 | $ 20.6 | $ 60.9 | $ 58.1 |
Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 01, 2022 |
Apr. 01, 2022 |
Dec. 31, 2021 |
Jul. 02, 2021 |
Apr. 02, 2021 |
Jan. 01, 2021 |
Jul. 01, 2022 |
Jul. 02, 2021 |
|
Earnings Per Share [Abstract] | ||||||||
Net income | $ 267.3 | $ 305.8 | $ 399.9 | $ 337.8 | $ 325.0 | $ 509.3 | $ 973.0 | $ 1,172.0 |
Weighted average shares outstanding - basic (shares) | 160.9 | 165.1 | 163.3 | 165.2 | ||||
Dilutive effect of equity based awards (shares) | 0.6 | 1.9 | 0.8 | 1.7 | ||||
Weighted average shares outstanding - diluted (shares) | 161.5 | 167.0 | 164.1 | 166.9 | ||||
Net income per share - basic (usd per share) | $ 1.66 | $ 2.05 | $ 5.96 | $ 7.10 | ||||
Net income per share - diluted (usd per share) | $ 1.66 | $ 2.02 | $ 5.93 | $ 7.02 | ||||
Anti-dilutive common stock equivalents (shares) | 1.3 | 0.0 | 0.8 | 0.0 |
Other Liabilities (Details) - USD ($) $ in Millions |
Jul. 01, 2022 |
Oct. 01, 2021 |
---|---|---|
Condensed Financial Information Disclosure [Abstract] | ||
Accrued income taxes, current | $ 68.6 | $ 88.6 |
Operating Lease, Liability, Current | 24.5 | 33.0 |
Contract with Customer, Refund Liability | 169.0 | 119.7 |
Other miscellaneous current liabilities [Line Items] | 36.3 | 45.9 |
Other Accrued Liabilities, Current | 298.4 | 287.2 |
Other Assets, Current | 361.2 | 204.1 |
Prepaid Expense, Current | 204.9 | 106.7 |
Other miscellaneous current assets | $ 156.3 | $ 97.4 |
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