Segment Information

9 Months Ended

Oct. 25, 2015

Segment Reporting [Abstract]

Segment Information

Segment information

Segment Information

See Note 1 regarding recent developments affecting the Company’s operating segments.

The Company has five operating segments in total. The Company’s CEO continues to function as the CODM. The Company’s CODM makes operating decisions and assesses performance based on these operating segments. Four of the operating segments: Protection Products; Power and High Reliability Products; Signal Integrity Products; and Wireless, Sensing and Timing Products, all have similar economic characteristics and have been aggregated into one reportable segment identified in the table below as the “Semiconductor Products Group”. The remaining operating segment, the Systems Innovation Group, cannot be aggregated with the other operating segments and does not meet the thresholds for a separate reportable segment as defined by the guidance regarding segment disclosure. Therefore the Company has classified it as “All others” in the tables below. The Company’s assets are commingled among the various reporting units and the CODM does not use that information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment below.

Net sales by segment are as follows:

	Three Months Ended				Nine Months Ended
(in thousands)	October 25, 2015		October 26, 2014		October 25, 2015		October 26, 2014
Semiconductor Products Group	$	115,795	$	148,435	$	369,690	$	425,630
All others	15		455		1,920		1,861
Total	$	115,810	$	148,890	$	371,610	$	427,491

Income by segment and reconciliation to consolidated operating income:

	Three Months Ended						Nine Months Ended
(in thousands)	October 25, 2015			October 26, 2014			October 25, 2015			October 26, 2014
Semiconductor Products Group	$	22,019		$	39,905		$	70,054		$	106,383
All others	(1,818		)	(3,185		)	(6,375		)	(7,234		)
Operating Income by segment	20,201			36,720			63,679			99,149
Items to reconcile segment operating income to consolidated income before taxes
Intangible amortization and impairments	6,308			6,423			18,648			19,292
Stock-based compensation expense	5,117			7,935			13,397			21,056
Inventory write-down	—			—			—			1,052
Restructuring charges	962			—			4,526			1,001
Changes in the fair value of contingent earn-out obligations	(14,186		)	(228		)	(13,618		)	(228		)
Environmental reserve	—			235			2,855			235
Other non-segment related expenses	2,792			(769		)	10,073			(268		)
Amortization of fair value adjustments related to acquired PP&E	310			314			948			993
Interest expense, net	1,964			1,462			5,698			4,437
Non-operating (income) expense, net	777			(216		)	1,152			407
Income before taxes	$	16,157		$	21,564		$	20,000		$	51,172

Information by Product Line

The Company operates exclusively in the semiconductor industry and primarily within the analog and mixed-signal sector.

The table below provides net sales activity by product line on a comparative basis for all periods.

	Three Months Ended								Nine Months Ended
(in thousands, except percentages)	October 25, 2015				October 26, 2014				October 25, 2015				October 26, 2014
Signal Integrity	$	52,449	45	%	$	56,345	38	%	$	165,780	45	%	$	167,856	39	%
Protection	33,225		29	%	52,858		35	%	105,339		28	%	150,435		36	%
Wireless, Sensing and Timing	16,567		14	%	22,683		15	%	54,898		15	%	60,824		14	%
Power and High-Reliability	13,554		12	%	16,549		11	%	43,673		12	%	46,515		11	%
Systems Innovation	15		—	%	455		1	%	1,920		—	%	1,861		—	%
Total net sales	$	115,810	100	%	$	148,890	100	%	$	371,610	100	%	$	427,491	100	%

Geographic Information

The Company generates virtually all of its sales from its Semiconductor Products Group through sales of analog and mixed-signal devices.

Net sales activity by geographic region is as follows:

	Three Months Ended				Nine Months Ended
	October 25, 2015		October 26, 2014		October 25, 2015		October 26, 2014
Asia-Pacific	70	%	72	%	72	%	74	%
North America	20	%	18	%	18	%	15	%
Europe	10	%	10	%	10	%	11	%
	100	%	100	%	100	%	100	%

The Company generally attributes sales to a country based on the ship-to address. The table below summarizes sales activity to countries that represented greater than 10% of total net sales for one or more of the periods presented:

	Three Months Ended				Nine Months Ended
(percentage of total sales)	October 25, 2015		October 26, 2014		October 25, 2015		October 26, 2014
China (including Hong Kong)	45	%	41	%	44	%	37	%
United States	14	%	10	%	12	%	12	%
Japan	9	%	10	%	9	%	11	%

Income (loss) from continuing operations before income taxes is as follows:

	Three Months Ended						Nine Months Ended
(in thousands)	October 25, 2015			October 26, 2014			October 25, 2015		October 26, 2014
Domestic	$	21,146		$	(2,858	)	$	3,785	$	(13,997	)
Foreign	(4,989		)	24,422			16,215		65,169
Total	$	16,157		$	21,564		$	20,000	$	51,172