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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
| | | | | |
| ☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended September 29, 2023
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________to__________
Commission file number 001-05560
Skyworks Solutions, Inc.
(Exact name of registrant as specified in its charter)
| | | | | |
| Delaware | 04-2302115 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | | | | |
5260 California Avenue | Irvine | California | 92617 |
| (Address of principal executive offices) | (Zip Code) |
| | | | | | | | | | | |
| (949) | 231-3000 | |
| (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.25 per share | SWKS | Nasdaq Global Select Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ Yes o No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. o Yes þ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company,” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | þ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepares or issued its audit report. þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant (based on the closing price of the registrant’s common stock as reported on the Nasdaq Global Select Market on the last business day of the registrant’s most recently completed second fiscal quarter March 31, 2023) was approximately $18.7 billion. The number of outstanding shares of the registrant’s common stock, par value $0.25 per share, as of November 10, 2023, was 159,954,867.
DOCUMENTS INCORPORATED BY REFERENCE
| | | | | | | | |
| Part of Form 10-K | | Documents from which portions are incorporated by reference |
| Part III | | Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2024 Annual Meeting of Stockholders (to be filed) are incorporated by reference into Items 10, 11, 12, 13, and 14 of this Annual Report on Form 10-K. |
SKYWORKS SOLUTIONS, INC.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED SEPTEMBER 29, 2023
TABLE OF CONTENTS
CAUTIONARY STATEMENT
This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and is subject to the “safe harbor” created by those sections. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Words such as “anticipates”, “believes”, “continue”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “seek”, “should”, “targets”, “will”, “would”, and similar expressions or variations or negatives of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Annual Report. Additionally, forward-looking statements include, but are not limited to:
• our plans to develop and market new products, enhancements, or technologies and the timing of these development and marketing plans;
• our estimates regarding our capital requirements and our needs for additional financing;
• our estimates of our expenses, future revenues, and profitability;
• our estimates of the size of the markets for our products and services;
• our expectations related to the rate and degree of market acceptance of our products; and
• our estimates of the success of other competing technologies that may become available.
Although forward-looking statements in this Annual Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known and understood by us. Consequently, forward-looking statements involve inherent risks and uncertainties, and actual financial results and outcomes may differ materially and adversely from the results and outcomes discussed in or anticipated by the forward-looking statements. A number of important factors could cause actual financial results to differ materially and adversely from those in the forward-looking statements. We urge you to consider the risks and uncertainties discussed elsewhere in this report (including in Item 1A, Risk Factors) and in the other documents filed by us with the Securities and Exchange Commission (“SEC”) in evaluating our forward-looking statements. We have no plans, and undertake no obligation, to revise or update our forward-looking statements to reflect any event or circumstance that may arise after the date of this report. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.
This Annual Report also contains estimates made by independent parties and by us relating to market size and growth and other industry data. These estimates involve a number of assumptions and limitations and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These and other factors could cause results to differ materially and adversely from those expressed in the estimates made by the independent parties and by us.
In this document, the words “we”, “our”, “ours”, “us”, “Skyworks”, and “the Company” refer only to Skyworks Solutions, Inc., and its consolidated subsidiaries and not any other person or entity. In addition, the following is a list of industry terms that may be referenced throughout the document:
•5G (Fifth Generation): next-generation cellular network technology
•AI (Artificial Intelligence): the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages
•ASoC (Analog System on Chip): combines the required electronic circuits of various computer components into a single, integrated chip
•BAW (Bulk Acoustic Wave): electrical input signal is converted to an acoustic wave for filtering and converted back into an electrical signal by a metal-piezo-metal vertical structure
•DC (Direct Current): unidirectional flow of an electrical charge
•IoT (Internet of Things): the interconnection of uniquely identifiable embedded computing devices within the existing internet infrastructure
•LED (Light Emitting Diode): a two-lead semiconductor light source
•LTE (Long-Term Evolution): 4th generation (“4G”) radio technologies designed to increase the capacity and speed of mobile telephone networks
•MIMO (Multiple In, Multiple Out): a method for multiplying the capacity of a radio link using multiple transmission and receiving antennas to exploit multipath propagation; more commonly, it refers to LTE, 5G, and Wi-Fi® techniques to send more than one data signal (also known as data layers) with encoded information to increase capacity in modern telecommunications systems
•RF (Radio Frequency): electromagnetic wave frequencies that lie in the range extending from around 3 kHz to 300 GHz
•SAW (Surface Acoustic Wave): electrical input signal is converted to an acoustic wave for filtering and converted back into an electrical signal by interdigitated transducers on a piezoelectric substrate
•TC-SAW (Temperature Compensated Surface Acoustic Wave): SAW filters that have been designed to reduce shift in frequency over temperature
Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.
PART l
ITEM 1. BUSINESS.
Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s highly innovative analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
Over the past two decades, Skyworks has made critical investments to power this connectivity transformation, addressing key network technologies from cellular to advanced Wi-Fi®, enhanced GPS, and Bluetooth®, among others. Capitalizing on both organic growth and strategic acquisitions, we are targeting high-growth verticals, while at the same time, seeking to diversify our revenue and customer set.
Targeted investments in next-generation technology and solutions, exceptional technical talent, and world-class fabrication capabilities have accelerated our expansion into high-growth market segments, including electric and hybrid vehicles, industrial and motor control, power supply, 5G wireless infrastructure, optical data communication, data center, automotive, smart home, and several other applications.
Our key customers include Amazon, Apple Inc. (“Apple”), Arcadyan, Arris, Bose, Ciena, Cisco, DJI, Ericsson, Fibocom, Garmin, Gemalto (a Thales company), General Electric, Google, Honeywell, Itron, Lenovo, LG Electronics, Microsoft, Motorola, NETGEAR, Nokia, Northrop Grumman, OPPO, Rockwell Collins, Sagemcom, Samsung, Schneider Electric, Sierra Wireless, Sonos, Sony, Technicolor, Telit, Tesla, TP-Link, VIVO, Xiaomi, and ZTE. Our competitors include Analog Devices, Broadcom, Cirrus Logic, Murata Manufacturing, NXP Semiconductors, Qorvo, Qualcomm, and Texas Instruments.
We operate worldwide with engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America. Our Internet address is www.skyworksinc.com. We make available free of charge on our website our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as practicable after we electronically file such material with, or furnish it to, the SEC. The information contained on our website is not incorporated by reference in this Annual Report. Our SEC filings are also available to the public at www.sec.gov.
Industry Background
Wireless connectivity is expanding on a global basis, underscoring the critical nature of our mission of connecting everyone and everything, all the time. A widening range of use cases is driving an insatiable demand for ubiquitous wireless data across a broad array of applications. The advancement of 5G adoption, IoT, connectivity for everyone, automotive electrification and safety, as well as augmented reality and virtual reality technology, all demand faster speeds, increased bandwidth and capacity, significantly lower latency, and more reliable and secure wireless connectivity.
The speed and ultra-low latency characteristics inherent in 5G technology are dramatically altering wireless connectivity, creating a market for diverse and transformative applications, and changing how individuals live, work, play, and learn. Most of the world’s largest economies are implementing commercial 5G networks, and the world’s leading smartphone manufacturers have launched multiple generations of 5G-enabled devices.
We see a continued expansion in data consumption, dependent on seamless, reliable, and ubiquitous wireless connectivity. A few statistics illustrate this point. According to the 2023 Ericsson Mobility Report, global mobile data is expected to double every three years, driven by new users, innovative services, and the convergence of AI and 5G technology. Machine-to-machine connections, the fastest-growing IoT category, is expected to soon surpass 15 billion devices. By 2030, we anticipate 650 million connected cars worldwide, each consuming 25 times the data seen in today’s smartphones.
Skyworks helps facilitate these opportunities with highly customized solutions that support a broad set of wireless systems and protocols including cellular, 5G, Wi-Fi®, GPS, Bluetooth®, Accutime™, HD-Radio™, LoRa®, Thread®, and Zigbee®. Additionally, Wi-Fi® 7, the next generation of Wi-Fi® technology, complements 5G by providing high-speed wireless connectivity in local environments. These faster data rates and improved efficiency cater to the growing number of devices reliant on wireless networks.
We believe AI can be a catalyst for more efficient wireless communications. From endpoint devices to data centers, generative AI applications will drive the need for higher speed and higher bandwidth Ethernet networks. We expect this will help increase the demand for our precision timing solutions.
Finally, with the rapid transition towards electrification and advanced safety in vehicles, we are focused on high growth segments and content opportunities, including (i) power isolation chips for on-board chargers, powertrain, and for battery management systems in electric vehicles, (ii) connectivity, with telematics and other solutions being enabled by 4G/5G cellular engines, Wi-Fi®, Bluetooth®, Ultra-wide band, Ethernet, and GPS, and (iii) in-vehicle infotainment systems, driven by digital radio coprocessors, and solutions supporting advanced driver-assistance systems and autonomous driving.
Solving Connectivity Challenges
Highly integrated semiconductor solutions are pivotal in deploying next-generation standards, resolving analog, mixed-signal, and RF complexities that challenge existing hardware and network infrastructure. Addressing these design challenges requires diverse competencies including signal transmission, seamless hand-offs between multiple standards, power management, voltage regulation, battery charging, advanced filtering, and tuning.
We are at the forefront of this new era of connectivity, delivering the solutions that help enable the true potential of 5G and IoT. We have a rich heritage in analog systems design and have spent years investing in key technologies and resources. Our strength is underpinned by world-class performance and scale across a broad array of capabilities that include advanced TC-SAW and BAW filters, an expanded family of MIMO, ultra-high band, and diversity receive modules, timing devices, and digital power isolators. From our breakthrough Sky5® unifying platform to our 5G small cell solutions, our approach across both infrastructure and user equipment facilitates powerful, high-speed, end-to-end 5G connectivity.
Skyworks’ Strategy
Our ambitious vision is to connect everyone and everything, all the time. Major elements of our strategy include:
Industry-Leading Technology
As the industry migrates to more complex 5G architectures across a multitude of wireless applications, we are poised to help our customers handle growing levels of system complexity across both the transmit and receive chains. The trend towards increasing front-end and analog design challenges in smartphones and other platforms plays directly into our core strengths. The forthcoming releases of 5G technologies offer significant upgrades for smartphones and IoT devices. These advancements will deliver more bandwidth, faster speeds, and enable applications like virtual reality, augmented reality, live video streaming, and seamless IoT connectivity. Crucially, they aim to bring us closer to achieving reliable low latency, ideal for massive machine communications, and introduces non-terrestrial networks that enable satellite connectivity for emergency applications.
The trend towards increasing front-end and analog design challenges in smartphones and other platforms plays directly into our core strengths and positions us to address these challenges. We believe that we offer the broadest portfolio of radio and analog solutions from the transceiver to the antenna as well as all required manufacturing process technologies. We also hold strong technology leadership positions in passive devices, advanced integration, including proprietary shielding and 3-D die stacking, as well as SAW, TC-SAW, and BAW filters. Our product portfolio is reinforced by a library of approximately 4,900 worldwide patents and other intellectual property that we own and control. Together, our industry-leading technology enables us to deliver the highest levels of product performance and integration.
Customer Relationships
Given our scale and technology leadership, we are engaged with leading original equipment manufacturers (“OEMs”), smartphone providers, and baseband reference design partners in the analog and mixed-signal semiconductor industry. Our customers value the scale of our global supply chain, our innovative technology, our ability to curate and deliver unique solutions, and our system engineering expertise, resulting in deep customer loyalty. We partner with our customers to support their long-term product road maps and are valued as a system solutions provider rather than just a point product vendor.
Diversification
We are diversifying the reach of our business by expanding our addressable markets and broadening our product portfolio to serve a wider array of global customers. With the increasing adoption of 5G and the opportunity to enable more applications, we are growing our business beyond mobile devices (where we support leading top-tier manufacturers, including the leading smartphone suppliers and key baseband vendors) into additional high-performance analog markets, including automotive, home and factory automation, data center, solar, wireless infrastructure, aerospace and defense, medical, smart energy, and wireless
networking. In these markets we leverage our scale, intellectual property, and worldwide distribution network, which spans more than 8,000 customers and 8,500 unique products.
Delivering Operational Excellence
We vertically integrate our supply chain where we can differentiate ourselves with highly specialized internal manufacturing capabilities or enter into alliances and strategic relationships for leading-edge technologies. This hybrid manufacturing model allows us to better balance our manufacturing capacity with the demand of the marketplace, resulting in a strong return on invested capital on a broader range of revenue.
Additionally, we continue to drive reductions in product design and manufacturing cycle times and further improve product yields. The combination of agile, flexible capacity, and world-class module manufacturing and scale advantage allows us to achieve low product costs while integrating multiple technologies into highly sophisticated multi-chip modules and helping to ensure stable supply to our global customer base.
Maintaining a Performance-Driven Culture
We consider our people and corporate culture to be a competitive advantage and a key component of our corporate strategy. We create key performance indicators that align employee efforts and link responsibilities with performance measurement. Accountability is paramount, and we compensate our employees through a pay-for-performance methodology.
Generating Superior Operating Results and Stockholder Returns
We believe our manufacturing scale, broad product portfolio, strong profitability, and consistent cash flow generation position us to provide superior results and strong returns to our stockholders.
Our Product Portfolio
Our extensive product portfolio includes:
• Amplifiers: the modules that strengthen the signal so that it has sufficient energy to reach a base station
• Antenna Tuners: aperture and impedance tuning products that improve antenna performance across frequencies
• Attenuators: circuits that allow a known source of power to be reduced by a predetermined factor (usually expressed as decibels)
• Automotive Tuners and Digital Radios: tuners, data receivers, and digital radio coprocessors used in automotive infotainment systems
• Wireless ASoC: an intelligent 2.4 GHz and 5GHz wireless radio integrated circuit that includes all the analog and digital functions optimized for building cognitive wireless audio headsets, headphones, and wireless speaker systems
• DC/DC Converters: an electronic circuit which converts a source of direct current from one voltage level to another
• Demodulators: a device or an RF block used in receivers to extract the information that has been modulated onto a carrier or from the carrier itself
• Detectors: devices used to measure and control RF power in wireless systems
• Digital Power Isolators: energy efficient solutions used in industrial control, solar inverters and hybrid/electric automotive drive trains
• Diodes: semiconductor devices that pass current in one direction only
• Directional Couplers: transmission coupling devices for separately sampling the forward or backward wave in a transmission line
• Diversity Receive Modules: devices used to improve receiver sensitivity in high data rate applications
• Filters: devices for recovering and separating mixed and modulated data in RF stages, including SAW, TC-SAW, and BAW filters
• Front-end Modules: two or more functions co-packaged to optimize the performance, cost, and application suitability in products, including intermediate or radio frequency signal paths
• Hybrid: a type of directional coupler used in radio and telecommunications
• LED Drivers: devices which regulate the current through a light-emitting diode or string of diodes for the purpose of creating light
• Low-Noise Amplifiers: devices used to reduce system noise figure in the receive chain
• Mixers: devices that enable signals to be converted to a higher or lower frequency signal and thereby allowing the signals to be processed more effectively
• Modulators: devices that take a baseband input signal and output a radio frequency modulated signal
• Optocouplers/Optoisolators: semiconductor devices that allow signals to be transferred between circuits or systems while ensuring that the circuits or systems are electrically isolated from each other
• Phase Locked Loops: closed-loop feedback control system that maintains a generated signal in a fixed phase relationship to a reference signal
• Phase Shifters: designed for use in power amplifier distortion compensation circuits in base station applications
• Power Dividers/Combiners: utilized to equally split signals into in-phase signals as often found in balanced signal chains and local oscillator distribution networks
• Power over Ethernet: enables both data and power to be sent over standard ethernet cable.
• Power Isolators: digital, analog isolators, and isolated gate drivers used in industrial control, solar inverters, hybrid/electric automotive systems and charging stations
• ProSLIC® family of subscriber line interface circuits: provides complete analog telephone interfaces for premise equipment and enterprise
• Receivers: electronic devices that change a radio signal from a transmitter into useful information (including broadcast receivers)
• System In Package: complete system in a package, including modem, RF front-end, filtering, matching, timing generation – typically, fully certified by regulatory bodies, industry bodies and multi-service operators
• Switches: components that perform the change between the transmit and receive function, as well as the band function for cellular handsets
• Synthesizers: devices that provide ultra-fine frequency resolution, fast switching speed, and low phase-noise performance
• Timing Devices: clock generators, oscillators, jitter attenuators, and buffers used in optical networking, data center, wireless base stations, industrial, and automotive applications
• Voltage Controlled Oscillators/Synthesizers: fully integrated, high performance signal source for high dynamic range transceivers
• Voltage Regulators: generate a fixed level which ideally remains constant over varying input voltage or load conditions
We believe we possess broad technology capabilities and one of the most complete wireless communications product portfolios in the industry.
Marketing and Distribution
Our products are sold globally through a direct sales force, electronic component distributors, and independent sales representatives. As is customary in the semiconductor industry, our distributors may also market other products that compete with ours.
Our sales engagement begins at the earliest stages of the design of an existing or potential customer’s product. We collaborate technically with our customers and reference design partners at the inception of new programs. These relationships allow our team to facilitate customer-driven solutions, which leverage the unique strength of our intellectual property and product portfolio while providing high value and greatly reducing time-to-market.
We believe the technical and complex nature of our products and markets demand an extraordinary commitment to maintain close ongoing relationships with our customers. We also employ a collaborative approach in developing these relationships by combining the support of our design teams, applications engineers, manufacturing personnel, sales and marketing staff, and senior management. Lastly, we leverage our customer relationships with cross-selling opportunities across product lines in order to maximize revenue.
We believe that maintaining frequent and interactive contact with our customers is paramount to our continuous efforts to provide world-class sales and service support. By listening and responding to feedback, we are able to mobilize resources to raise our level of customer satisfaction, improve our ability to anticipate future product needs, and enhance our understanding of key market dynamics. We are confident that diligently following this path positions us to participate in numerous opportunities for growth in the future.
Customer Concentration
A small number of OEMs historically has accounted for a significant portion of our net revenue. In the fiscal years ended September 29, 2023 (“fiscal 2023”), September 30, 2022 (“fiscal 2022”), and October 1, 2021 (“fiscal 2021”), Apple, through sales to multiple distributors and contract manufacturers for multiple applications including smartphones, tablets, desktop and notebook computers, watches, and other devices, constituted more than ten percent of our net revenue. For further information regarding customer concentrations, see Note 14 to Item 8 of this Annual Report on Form 10-K.
Intellectual Property and Proprietary Rights
We own or have a license to use numerous United States and foreign patents and patent applications related to our products and our manufacturing operations and processes. In addition, we own a number of trademarks and service marks applicable to certain of our products and services. We believe that our intellectual property, including patents, patent applications, trade secrets, and trademarks, is of material importance to our business. We rely on patent, copyright, trademark, trade secret, and other intellectual property laws, as well as non-disclosure and confidentiality agreements and other methods, to protect our confidential and proprietary technologies, designs, devices, algorithms, processes, and other intellectual property. Our efforts may not meaningfully protect our intellectual property, or others may independently develop substantially equivalent or superior proprietary technologies, designs, devices, algorithms, processes, or other intellectual property. In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as the laws of the United States, and effective copyright, patent, trademark, and trade secret protection may not be available in those jurisdictions. In addition to protecting our intellectual property, we strive to strengthen our intellectual property portfolio to enhance our ability to obtain cross-licenses of intellectual property from others, to obtain access to intellectual property we do not possess, and to more favorably resolve potential intellectual property claims against us. Due to rapid technological changes in the industry, we believe establishing and maintaining a technological leadership position depends primarily on our ability to develop new, innovative products through the technical competence of our engineering personnel.
Competitive Conditions
The competitive environment in the semiconductor industry is in a constant state of flux, with new products continually emerging and existing products approaching technological obsolescence. We compete on the basis of time-to-market, new product innovation, quality, performance, price, compliance with industry standards, strategic relationships with customers and baseband vendors, personnel, and protection of our intellectual property. We participate in highly competitive markets against numerous competitors that may be able to adapt more quickly to new or emerging technologies and changes in customer requirements, or may be able to devote greater resources to the development, promotion, and sale of their products.
Research and Development
Our products and markets demand rapid technological advancements requiring a continuous effort to enhance existing products and develop new products and technologies. Accordingly, we maintain a high level of research and development activity. We invested $606.8 million, $617.9 million, and $532.3 million in research and development during fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The level of research and development expenses were the result of increases in our internal product designs and product development activity for our target markets in each of these fiscal years. Our research and development expenses include new product development and innovations in integrated circuit design, investment in advanced semiconductor manufacturing processes, development of new packaging and test capabilities, and research on next-generation technologies and product opportunities. We maintain close collaborative relationships with many of our customers to help identify market demands and target our development efforts to meet those demands.
Raw Materials
Raw materials for our products and manufacturing processes are generally available from several sources. It is our intent not to depend on a sole source of supply unless market or other conditions dictate otherwise. However, there are limited situations where we procure certain components and services for our products from single or limited sources, and we are currently dependent on a limited number of sole-source suppliers. We purchase materials and services primarily pursuant to individual purchase orders. However, we have entered into certain supply agreements for the purchase of raw materials or other manufacturing-related services that specify minimum prices and purchase quantity based on our anticipated future requirements. Certain of our suppliers consign raw materials to us at our manufacturing facilities to which we take title as needed in our manufacturing process. We have taken strategic action with suppliers located around the world to secure sourcing of the raw materials and components necessary for our manufacturing.
Backlog and Inventory
Our sales are primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Due to industry practice, which allows customers to cancel orders with limited advance notice to us prior to shipment, and with little or no penalty, we believe that backlog as of any particular date may not be a reliable indicator of our future revenue levels. The cancellation or deferral of product orders, the return of previously sold products, or overproduction due to a change in anticipated order volume could result in a reduction in revenue and us holding
excess or obsolete inventory, which could result in inventory write-downs and, in turn, could have a material adverse effect on our financial condition.
Government Regulations
We are subject to international, federal, state, and local legislation, regulations, and other requirements relating to the discharge of substances into the environment; the treatment, transport, and disposal of hazardous wastes; recycling and product packaging; worker health and safety; and other activities affecting the environment, our workforce, and the management of our manufacturing operations. In addition, most of our customers have mandated that our operations and our products comply with various “green” initiatives and workers’ rights initiatives initiated by such customers, industry groups in which such customers participate, or the jurisdictions in which such customers operate. We believe that our operations and facilities comply in all material respects with applicable environmental laws and worker health and safety laws. Our efforts to comply with environmental laws and worker health and safety laws could have material impacts on our capital expenditures, competitive position, or financial condition, though the magnitude and duration of such impacts are uncertain and difficult to quantify.
We are also subject to import/export controls, tariffs, and other trade-related regulations and restrictions in the countries in which we have operations or otherwise do business. These controls, tariffs, regulations, and restrictions (including those discussed below in Item 1A, Risk Factors) have had, and we believe may continue to have, a material impact on our business, including our ability to sell products and to manufacture or source components.
Government regulations are subject to change in the future, and accordingly we are unable to assess the possible effect of compliance with future requirements or whether our compliance with such regulations will materially impact our business, results of operations, or financial condition.
Seasonality
Sales of our products are subject to seasonal fluctuation and periods of increased demand in end-user consumer applications, such as smartphones and tablet computing devices. The highest demand for our products generally occurs in our first fiscal quarter ending in December and the fourth fiscal quarter ending in September. The lowest demand for our products generally occurs in our second fiscal quarter ending in March and the third fiscal quarter ending in June.
Employees
Our workforce consists of approximately 9,750 employees located around the world, more than 99% of whom are full-time employees. As of September 29, 2023:
• Our workforce was distributed geographically approximately as follows: 54% in Mexico, 24% in the United States, 20% in Asia, 1% in Canada, and less than 1% in Europe.
• Our workforce was distributed by function approximately as follows: 43% in individual contributor manufacturing roles, 33% in engineering or technician roles, 11% in managerial roles, and 12% in professional or other administrative roles.
• Approximately 3,420 of our employees in Mexico, 650 of our employees in Singapore, and 460 of our employees in Japan were covered by collective bargaining and other union agreements.
We focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market for each position. Nearly all full-time employees across the globe are eligible to participate in one of the Company’s incentive plans, under which payments are tied to pre-established performance goals, as well as to purchase shares of the Company’s common stock at a discount from its market price pursuant to the Company’s employee stock purchase plans. In addition, we believe that developing our employees’ skill sets and decision-making abilities—through challenging project assignments, formal training, mentorship, and recognition—is key not only to our employees’ job satisfaction and our retention efforts, but also to maintaining a strong leadership pipeline.
ITEM 1A. RISK FACTORS.
You should carefully consider the risks described below, some of which have manifested and any of which may occur in the future, in addition to the other information contained in this report before making an investment decision with respect to any of our securities. Our business, results of operations, and financial condition could be materially and adversely impacted by any of these risks, which could, in turn, adversely affect our stock price. Additional risks not currently known to us or other factors not perceived by us as material risks could also present significant risks to our business.
Risks associated with operating a global business
The risks of doing business internationally apply to all aspects of our operations.
We derive significant revenues from customers located outside the United States, primarily in countries located in the Asia-Pacific region and Europe. We have suppliers located outside the United States, including third-party packaging, assembly, and test facilities and semiconductor foundries located in the Asia-Pacific region. We also operate our own wafer processing facilities in Osaka, Japan, as well as packaging, assembly, and test facilities in Singapore and in Mexicali, Mexico. Our international sales and operations are subject to a number of risks inherent in selling and operating in multiple jurisdictions. These include, but are not limited to, risks regarding:
• recession or economic downturn globally or in the jurisdictions in which we do business,
• currency controls and currency exchange rate fluctuations, including increases or decreases in commodities prices related to such fluctuations,
• inflation or deflation, as well as changes in existing and expected rates of inflation or deflation, which may vary across the jurisdictions in which we do business,
• interest rates, as well as changes in existing and expected interest rates, which may vary across the jurisdictions in which we do business,
• global, regional, and local economic and political conditions, including, but not limited to, social, economic, political, and supply chain instability related to the uncertainty regarding the relationships among the United States, China, Taiwan, Russia, Mexico, North Korea, Israel, other Middle Eastern countries, Japan, Singapore, other foreign countries, and the international community at large, as well as related to armed conflicts, such as the conflict between Russia and Ukraine and the conflicts in Israel and other Middle Eastern countries, that exist, or in the future could exist, in various jurisdictions around the world,
• restrictive governmental actions (such as restrictions on transfer of funds, restrictions on individuals’ movement, including travel restrictions, quarantines, lockdowns, and curfews, trade protection measures, including export duties, quotas, customs duties, border taxes, border closures, increased import or export controls, export licenses, and tariffs, and restrictions on the purchase of products made or containing technology or components from certain companies or from companies located in certain jurisdictions), or actions by non-governmental individuals and groups (such as protests, boycotts, insurgencies, organized crime, and general civil unrest), that could negatively impact trade between, or increase the cost of operating in, the countries in which we do business,
• labor market conditions and laws,
• disruptions of capital and trading markets,
• difficulty in collecting, or failure to collect, accounts receivable, as well as longer collection periods,
• changes in, or non-compliance with, legal or regulatory import/export requirements, including restrictions on selling to certain customers or into certain jurisdictions,
• natural disasters and severe weather events, including, but not limited to, earthquakes, wildfires, droughts, hurricanes, tsunamis, rising sea levels, as well as other impacts of climate change,
• acts of terrorism, widespread illness or other deterioration of public health conditions, and war,
• misappropriation or other unauthorized transfers of our electronic information and breaches of our information systems, as well as the potential lack of adequate remedies or enforcement mechanisms in certain jurisdictions,
• difficulty in engaging distribution partners or obtaining sales or other business support in certain jurisdictions,
• cultural differences in the conduct of business,
• direct or indirect government actions, subsidies, or policies aimed at supporting local industry,
• the laws and policies of the United States and other countries affecting trade, foreign investment and loans, foreign travel, and import or export licensing requirements, including, but not limited to, prohibitions on certain trade and other activities in China, Russia, Belarus, and portions of Ukraine,
• withdrawal from, or renegotiation of, existing trade agreements by the United States (or other jurisdictions) potentially affecting Mexico, China, and other countries in which we do business,
• changes in current or future tax law or regulations or new interpretations thereof, by federal or state agencies or foreign governments,
• changes in the effective tax rate as a result of our overall profitability and mix of earnings in countries with differing statutory tax rates,
• results of audits and examination of previously filed tax returns, and
• limitations on our ability under local laws to protect or enforce our intellectual property rights in a particular foreign jurisdiction.
Additionally, we are subject to risks in certain global markets in which wireless operators provide subsidies on handset sales to their customers. Increases in cellular handset prices that negatively impact handset sales can result from changes in regulatory policies or other factors, which could impact the demand for our products.
Some of the countries in which we operate and seek to expand are in emerging markets where legal systems may be less developed or familiar to us, potentially impacting our ability to obtain appropriate recourse in the event of a dispute. Other jurisdictions in which we conduct business have established, or may establish, legal and regulatory regimes that differ materially from United States laws and regulations. It is costly, time-consuming, and requires significant resources to comply with the numerous, and sometimes conflicting, legal regimes in the jurisdictions in which we conduct business on matters as diverse as anti-corruption, anti-bribery, import/export controls, content requirements, trade restrictions, tariffs, taxation, sanctions, immigration, intellectual property matters, internal and disclosure control obligations, securities regulation, competition, data privacy and protection, employment, and labor relations. Violations of one or more of these legal regimes’ laws and regulations in the conduct of our business could result in significant fines, penalties, or monetary damages, criminal sanctions against us or our officers, prohibitions on doing business, unfavorable publicity and other reputational damage, restrictions on our ability to process information, and allegations by our counterparties that we have not performed our contractual obligations.
We are subject to the risks of doing business in China.
Demand from Chinese customers may be adversely affected by China’s evolving laws and regulations, including those relating to taxation, import and export tariffs and restrictions, currency controls, environmental regulations, information security, indigenous innovation, and intellectual property rights and enforcement of those rights. Enforcement of existing laws or agreements may be inconsistent, and the potential issuance of new laws and regulations creates uncertainty. In addition, changes in the political environment, economic environment, governmental policies, United States-China relations, or China-Taiwan relations could result in revisions to laws or regulations or their interpretation and enforcement, exposure of our proprietary intellectual property, increased taxation, restrictions on imports, import duties, or currency revaluations, any of which could have an adverse effect on our business plans and operating results. In particular, the imposition by the United States of tariffs on goods imported from China, or deemed to be of Chinese origin, and other government actions that restrict our ability to sell our products to Chinese customers or to manufacture or source components in China, and countermeasures imposed by China in response, could directly or indirectly adversely impact our manufacturing costs, the availability and cost of materials, including gallium, germanium, and rare earth minerals, and the sales of our products in China and elsewhere. For example, the U.S. government has recently expanded export restrictions, and might continue expanding export restrictions, by adding certain Chinese entities to the U.S. Bureau of Industry and Security’s Entity List (the “Entity List”), which has limited, and could in the future limit, our ability to sell to certain of those entities and to third parties that do business with those entities. These restrictions have negatively impacted, and may continue to negatively impact, sales of our products. In the future, we may be prevented from shipping, or be required to obtain a license to ship, our products to certain customers if they are added to the Entity List. In addition, geopolitical changes in China-Taiwan relations could disrupt the operations of several companies in Taiwan that are suppliers to, or third-party partners of, the Company, our customers, and our customers’ other suppliers. Disruption of certain critical operations in Taiwan would adversely affect our ability to manufacture certain products and would likely have substantial negative effects on the entire semiconductor industry. Further, the evolving labor market and increasing labor unrest in China may have a negative impact on our customers, which would result in a negative impact on our business, results of operations, and financial condition. Finally, China’s investments in technology development and manufacturing capability in support of its stated policy of reducing its dependence on foreign semiconductor manufacturers and other technology companies has likely already resulted, and we expect will continue to result, in reduced demand for our products in China and other key markets as well as reduced supply of critical materials for our products.
Changes in tax laws and regulations could have an adverse impact on our operating results.
We are subject to taxation in many different countries and localities worldwide. To the extent the tax laws and regulations in these various countries and localities change, our tax liability could increase.
Beginning in fiscal year 2023, for U.S. income tax purposes we were required to capitalize our research and development expenses and amortize them over five or fifteen years, rather than deduct them in the year incurred, which has increased, and which we expect will continue to increase, our taxes payable, resulting in reduced near term-cash flows. Furthermore, on August 16, 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax of 15% on adjusted financial statement income for certain corporations, as well as an excise tax on corporate stock repurchases. We are currently evaluating the impact this law may have on our effective tax rate in fiscal year 2024.
Because the changes in U.S. tax law require a number of complex calculations that previously were not required, our actual tax liability may differ materially from our income tax provisions, estimates, and accruals. Changes in our interpretations and assumptions, as well as additional guidance issued under these laws, could increase income tax liabilities and/or reduce certain tax benefits. In addition, it is uncertain if and to what extent various states will conform to changes to federal tax law.
Future changes in tax laws, regulations, and treaties, or the interpretation thereof, in addition to initiatives related to the Base Erosion and Profit Shifting Project of the Organisation for Economic Co-Operation and Development; the European Commission’s “state aid” investigations; enactment of a global corporate minimum tax; and other developments could have an adverse effect on the taxation of international businesses, including our own. Furthermore, countries where we are subject to taxes, including the United States, evaluate their tax policies and rules on a regular basis, and we may see significant changes in legislation and regulations concerning taxation.
We are unable to predict what tax changes may be enacted in the future or what effect such changes would have on our business, but such changes could affect our effective tax rates in countries where we have operations and could have an adverse effect on our overall tax position in the future, along with increasing the complexity, burden, and cost of tax compliance.
The effects of the COVID-19 pandemic may adversely affect our business operations, results of operations and financial condition.
The global COVID-19 pandemic—including the measures taken to limit the spread of the virus and its variants, and the resulting global supply chain challenges—has adversely affected, and may continue to adversely affect, our business operations. The pandemic’s impacts on our business operations and workforce, and the duration of such impacts, are uncertain, constantly evolving, and difficult to quantify, but have thus far included, or in the future may include, disruptions to our supply chain and increased costs in connection with the sourcing of materials, components, equipment, assembly and test services, engineering support, shipping and logistics services, and other services. Our business operations would also be negatively impacted if one or more of our major customers were to significantly decrease its orders for our products due to disruptions to its business operations or other pandemic-related issues.
The degree to which the pandemic continues to impact us will depend on future developments that are highly uncertain and cannot be predicted, including, but not limited to, the existence of new variants of the virus that causes COVID-19, the duration and spread of the pandemic, its severity, the actions to contain COVID-19 or treat its impact, and how quickly and to what extent normal economic and operating conditions resume. Even after the pandemic has subsided as a public health matter, we may experience material adverse impacts to our business operations, results of operations and financial condition as a result of its adverse impact on the global economy.
Risks associated with the development, manufacturing, and sale of our products
Our operating results may be adversely affected by quarterly and annual fluctuations, market downturns, and recessions.
Our revenues, earnings, and other operating results may fluctuate significantly on a quarterly and annual basis. These fluctuations are typically the result of a number of factors, many of which are beyond our control.
These factors include, among others:
• delays in the widespread deployment of commercial 5G networks and other new technologies,
• changes in end-user demand for the products manufactured and sold by our customers,
• the effects of competitive pricing pressures, including decreases in average selling prices of our products,
• production capacity levels and fluctuations in manufacturing yields,
• availability and cost of materials and services from our suppliers,
• the gain or loss of significant customers,
• our ability to develop, introduce, and market new products and technologies on a timely basis,
• market acceptance of our products and our customers’ products including, but not limited to, market acceptance of new, emerging technologies,
• new product and technology introductions by competitors,
• delays in the adoption of standards by standard-setting bodies and delays in the commercial deployment or consumer adoption of certain technologies,
• actions by government regulators to restrict or delay the availability of sufficient spectrum for wireless technologies, including technologies that utilize unlicensed spectrum and/or shared spectrum,
• changes in consumers’ purchasing behaviors, including the rates at which they replace smartphones and other devices that utilize our products,
• changes to promotions, rebates, and discounts offered by carriers in certain geographic regions for smartphones and other devices that utilize our products,
• increasing industry consolidation among our competitors,
• changes in the mix of products produced and sold, and
• intellectual property disputes, including those concerning payments associated with the licensing and/or sale of intellectual property, and related remedies (e.g., monetary damages, injunctions, or exclusion orders affecting our or our customers’ products).
We employ certain methods, assumptions, estimates, and other subjective judgments in order to apply our accounting policies and to project future performance, and such projections may be publicly disclosed from time to time. Changes to such methods, assumptions, estimates, and judgments, combined with other factors that are difficult to forecast, including the factors listed above, could materially and adversely affect our quarterly or annual operating results and could produce actual operating results that differ significantly from previous estimates and projections. If our operating results fail to meet the expectations of analysts or investors, it could materially and adversely affect the price of our common stock.
We rely on a small number of customers for a large portion of our sales.
Significant portions of our sales are concentrated among a limited number of customers. If we lost one or more of these major customers, or if one or more major customers significantly decreased its orders for our products, our business, results of operations, and financial condition could be materially and adversely impacted, which could adversely affect our stock price. In each of fiscal 2023, fiscal 2022, and fiscal 2021, one customer accounted for greater than ten percent of our net revenue. For further discussion see Note 14 to Item 8 of this Annual Report on Form 10-K.
We rely on Original Equipment Manufacturers (“OEMs”) and Original Design Manufacturers (“ODMs”) to design our products into their end products.
Our products are not sold directly to the end user but are components or subsystems of other products. As a result, we rely on OEMs and ODMs of electronics products to select our products from among alternative offerings to be designed into their equipment. Without these “design wins,” we would have difficulty selling our products. If a manufacturer designs another supplier’s product into one of its product platforms, it is more difficult for us to achieve future design wins with that platform because changing suppliers involves significant cost, time, effort, and risk on the part of that manufacturer. Also, achieving a design win with a customer does not ensure that we will receive revenue from that customer. Even after a design win, the customer is not obligated to purchase our products and can choose at any time to reduce or cease use of our products, for example, if its own products are not commercially successful, or for any other reason. We may not continue to achieve design wins or to convert design wins into actual sales, and failure to do so could materially and adversely affect our operating results. Furthermore, as a result of our lengthy product development and sales cycle, we may incur significant research and development expenses, and selling, general, and administrative expenses, without generating the anticipated revenue associated with these products.
Our manufacturing processes are extremely complex, specialized, and subject to disruption.
Our manufacturing operations are complex and subject to disruption, including due to causes beyond our control. The fabrication of integrated circuits is an extremely complex and precise process consisting of hundreds of separate steps. It requires production in a highly controlled, clean environment. Minor impurities, contamination of the clean room environment in which our products are produced, errors in any step of the fabrication process, defects in the masks used to print circuits on a wafer, defects in equipment or materials, human error, or a number of other factors can cause a substantial percentage of our products to be rejected or to malfunction. Because our operating results are highly dependent upon our ability to produce integrated circuits at acceptable manufacturing yields, these factors could have a material and adverse effect on our business.
Additionally, our operations may be affected by lengthy or recurring disruptions of operations at any of our production facilities, as well as disruptions at facilities operated by our subcontractors or customers. These disruptions may result from electrical power outages or fluctuations, water shortages, fire, earthquake, flooding, war, acts of terrorism, health advisories or risks, or other natural or man-made disasters, as well as equipment maintenance, repairs, and/or upgrades. Disruptions of our manufacturing operations, or those of our subcontractors and customers, could cause significant delays in shipments until we are able to shift production of the impacted products from an affected facility or subcontractor to another facility or subcontractor, or until the affected customer resumes operations and accepts shipments from us. In the event of such delays, the required alternative capacity, particularly wafer production capacity, may not be available on a timely basis or at all. Even if alternative production capacity is available, we may not be able to obtain it on favorable terms, which could result in higher costs and/or a loss of customers and revenue. Likewise, lower-than-expected demand could lead to underutilized manufacturing facilities, which could negatively impact our financial results.
While we maintain insurance coverage to mitigate business continuity risks, among other risks, such coverage may be insufficient to cover all losses or all types of claims that may arise. Due to the highly specialized nature of our manufacturing processes, in the event of a disruption in production at one or more of our facilities for any reason, alternative production capacity would not be immediately available from third-party sources. These disruptions could have a material adverse effect on our business, results of operations, and financial condition. Our key facilities include, but are not limited to, our semiconductor wafer fabrication facilities in Newbury Park, California, and Woburn, Massachusetts, our SAW, TC-SAW, and
BAW filter wafer processing facilities in Osaka, Japan, and our assembly and test facilities in Mexicali, Mexico, and in Singapore.
We may not be able to maintain and improve manufacturing yields that contribute positively to our gross margin and profitability.
Minor deviations or disturbances in the manufacturing process can cause substantial manufacturing yield loss, and in some cases, cause production to be suspended and impact our ability to meet customer demand on a timely basis. Manufacturing yields for new products initially tend to be lower as we complete product development and commence volume manufacturing, and typically increase as we bring the product to full production. Our forward product pricing includes this assumption of improving manufacturing yields and, as a result, material variances between projected and actual manufacturing yields will have a direct effect on our gross margin and profitability. The difficulty of accurately forecasting manufacturing yields and maintaining cost competitiveness through improving manufacturing yields will continue to be magnified by the increasing process complexity of manufacturing semiconductor products. Our manufacturing operations may also face pressures arising from the compression of product life cycles, which may require us to manufacture new products faster and for shorter periods while maintaining acceptable manufacturing yields and quality without, in many cases, reaching the longer-term, high-volume manufacturing conducive to higher manufacturing yields and declining costs.
We are dependent upon third parties for the manufacture, assembly, and testing of our products.
We rely on foundries to provide silicon-based products and to supplement our gallium arsenide wafer manufacturing capacity. There are significant risks associated with reliance on third-party foundries, including:
• the lack of wafer supply, potential wafer shortages, and higher wafer prices,
• required minimum purchase commitments,
• limited ability to respond to unanticipated changes in customer demand,
• limited control over delivery schedules, manufacturing yields, production costs, process technologies, and quality assurance, and
• the inaccessibility of, or delays in obtaining access to, key process technologies, materials, and IP blocks.
Even in cases where we have long-term supply arrangements to obtain additional external manufacturing capacity, the third-party foundries we use for our standby manufacturing capacity may allocate their limited capacity to the production requirements of other customers and in general we have no contractual right to prevent them from making such allocations. If we choose to use a new foundry to replace either existing or backup capacity, it will typically take an extended period of time for us to complete our qualification process for that foundry, which will result in a significant passage of time before we can begin shipping products from that new foundry.
Further, the third-party foundries may experience financial difficulties or changes in control, be unable to deliver products to us in a timely manner, be unwilling to invest in processes that meet our needs, or suffer damage or destruction to their facilities, particularly since some of them are located in areas prone to natural disasters or to severe weather events and other impacts of climate change. If any disruption of manufacturing capacity occurs, we may not have alternative manufacturing sources immediately available. We may therefore experience difficulties, delays, or additional costs in securing an adequate supply of our products, which could impair our ability to meet our customers’ needs and have a material adverse effect on our operating results.
Although we own and operate assembly and test facilities, as part of our supply resilience and business continuity strategies, we still depend on subcontractors to package, assemble, and test certain of our products at cost-competitive rates. For those assembly and test subcontractors with whom we do not have long-term agreements, we typically procure services on a per-order basis. If any of our subcontractors experiences capacity constraints or financial difficulties, suffers any damage to its facilities, experiences power outages or any other disruption of assembly or testing capacity, we may not be able to obtain alternative assembly and testing services in a timely manner and/or at cost-competitive rates. Due to the amount of time that it usually takes us to qualify assembly and test subcontractors, we could experience significant delays and/or increased costs in product shipments if we are required to find alternative assembly and test subcontractors for our components. Any problems that we may encounter with the delivery, quality, or cost of our products could damage our customer relationships and materially and adversely affect our business, results of operations, and financial condition.
During fiscal 2022, we entered into long-term capacity reservation and supply agreements with certain third-party foundries, under which we agreed to certain minimum purchase commitments. As a result of reduced overall market demand, we recorded impairment charges during fiscal 2023. These long-term capacity reservation agreements may have an additional adverse effect on our operating results in the event our future supply needs are reduced below the minimum purchase commitments as a result of further reduction in overall market demand.
We are dependent upon third parties for the supply of raw materials and components.
Our manufacturing operations depend on obtaining adequate supplies of raw materials and components used in our manufacturing processes at a competitive cost. Although we maintain relationships with suppliers located around the world with the objective of ensuring that we have adequate sources for the supply of raw materials and components for our manufacturing needs, increases in demand from the semiconductor industry for such raw materials and components (including, but not limited to, gallium, germanium, and precious and rare earth metals), as well as increased demand for commodities in general, can result in tighter supplies and higher costs. Our suppliers may not be able to meet our delivery schedules; we may lose a significant or sole supplier; a supplier may not be able to meet performance and quality specifications; shipments of precious metals may be subject to theft; and we may not be able to purchase such supplies or materials at a competitive cost. If a supplier were unable to meet our delivery schedules, if we lost a supplier, or if a supplier were unable to meet performance or quality specifications, our ability to satisfy customer obligations would be materially and adversely affected because the time required to identify and qualify an alternative supply source, where available, is typically lengthy. In part as a result of the COVID-19 pandemic, we have experienced supply constraints for certain materials and components, which has impacted, and could continue to impact, production lead times, the cost of such materials and components, and our ability to meet customer demand for our products.
In addition, we review our relationships with suppliers of raw materials and components for our manufacturing needs on an ongoing basis. In connection with our ongoing review, we may modify or terminate our relationship with one or more suppliers. We may also enter into sole supplier arrangements to meet certain of our raw material or component needs. While we do not typically rely on a single source of supply for our raw materials, we are currently dependent on a limited number of sole-source suppliers and in the future could become dependent on additional sole-source suppliers. If we were to lose these sole sources of supply, for any reason, a material adverse effect on our business could result until an alternate source is obtained. To the extent we enter into additional sole supplier arrangements for any of our raw materials or components, the risks associated with our supply arrangements would be exacerbated. Furthermore, our entry into capacity commitments in an attempt to ensure sufficient supply of raw materials and components may result in our obligation to pay above-market prices in the event of a future downward price correction.
We may not be able to effectively operate our business if we are unable to attract and retain qualified personnel.
As the source of our technological and product innovations, our key engineering and technical personnel represent a significant asset. Our success depends on our ability to continue to attract, retain, and motivate qualified personnel, including executive officers and other key management, engineering, and technical personnel. The competition for management, engineering, and technical personnel is intense in the semiconductor industry, particularly in the locations in which we operate, and therefore we may not be able to continue to attract and retain the qualified personnel necessary for the design, development, manufacture, and sale of our products. Our employees are in high demand, and our competitors and other companies may be able to offer compensation opportunities in excess of what we offer. We may have particular difficulty attracting and retaining key personnel during periods of poor operating performance and/or declines in the price of our common stock, given, among other factors, the use of equity-based compensation by us and our competitors. If we are unable to obtain required stockholder approval for future increases in the number of shares available under our long-term incentive plans, we may be limited in granting equity-based incentive awards, which may impair our efforts to attract and retain necessary personnel. Further, existing immigration laws, together with any changes to immigration policies or regulations in the United States, make it more difficult for us to recruit and retain highly skilled foreign national graduates of universities (in the United States or abroad), limiting the pool of available talent. Travel bans, difficulties obtaining visas, and other restrictions on international travel make it more difficult to effectively manage our international operations, collaborate as a global company, and service our international customer base. The increased ability of employees in our industry to work from home or in other remote work arrangements has impacted, and may continue to impact, the mobility and turnover of our employees, potentially making it more difficult for us to compete in the job market. We continue to anticipate increases in human resource needs, particularly in engineering. The loss of the services of one or more of our key employees or our inability to attract, retain, and motivate qualified personnel, could have a material adverse effect on our ability to operate our business.
Our business could be adversely affected by the departure of existing members of our senior management team or if our senior management team is unable to effectively implement our strategy.
Our success depends, in large part, on the continued contributions of our senior management team, none of whom is bound by a written employment contract to remain with us for a specified period. The loss of any member of our senior management team could harm our ability to implement our business strategy and respond to the rapidly changing market conditions in which we operate. In addition, the loss of certain members of our senior management team could harm our relationships with key customers, which could negatively impact our future revenue, results of operations, and financial condition.
We are subject to uncertainties involving the ordering and shipment of, and payment for, our products.
Our sales are typically made pursuant to standard purchase orders and/or specified customer contracts for delivery of products and not under long-term supply arrangements with our customers. Our customers may seek to cancel or defer orders before shipment. Additionally, we sell a portion of our products through third-party distributors, some of whom have rights to return products if the product is nonconforming. We may purchase and manufacture inventory based on estimates of customer demand for our products, which is difficult to predict and may not be accurate. The difficulties of forecasting may be compounded when we sell to OEMs indirectly through distributors or contract manufacturers, or both, as our forecasts of demand will then be based on estimates provided by multiple parties. In addition, our customers and distributors may change their inventory practices on short notice for any reason. Many of our products are customized to the needs or specifications of a specific customer or have a limited number of potential buyers. The cancellation or deferral of product orders, the return of previously sold products, overproduction due to a change in anticipated order volumes could result in us holding excess or obsolete inventory, which could result in inventory write-downs and, in turn, could have a material adverse effect on our financial condition. On the other hand, customers may require rapid increases in production on short notice, which could result in damaged customer relationships, increased manufacturing costs, increased liabilities, or harm to our reputation if we are unable to meet such increases in demand.
In addition, if a customer or distributor encounters financial difficulties of its own as a result of a change in demand or for any other reason, the customer’s or distributor’s ability to make timely payments against our accounts receivable could be impaired. Furthermore, our dependence on third-party carriers and logistics firms, many of which have been adversely affected by the COVID-19 pandemic, has resulted in, and could continue to result in, delays, increased costs, and expedite fees related to our product shipments.
We face a risk that capital needed for our business will not be available when we need it.
To the extent that our existing cash and cash equivalents and cash generated from operations are insufficient to fund our future activities (including, but not limited to, capital expenditures), we may need to raise additional funds through public or private equity or debt financing. If unfavorable capital market conditions exist in the event we were to seek additional financing, we may not be able to raise sufficient capital on favorable terms and on a timely basis, if at all. Failure to obtain capital when required by our business circumstances would have a material adverse effect on us.
In addition, the future growth of our business is likely to require the expansion of our manufacturing facilities, the upgrade of our manufacturing equipment, strategic investments, and/or corporate acquisitions. Due in part to our repayment obligations on our outstanding indebtedness, the capital required to fund these investments may not be available in the future.
Risks Related to Acquisitions
We incurred significant indebtedness in connection with the acquisition of the Infrastructure and Automotive business of Silicon Labs, which could reduce our flexibility to operate our business.
On May 21, 2021, the Company, as borrower, entered into a term credit agreement with various financial institutions, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, providing for a $1.0 billion term loan facility (the “Term Loan Facility”). Additionally, on May 26, 2021, the Company issued $500 million of its 0.900% 2023 Notes, $500 million of its 1.800% 2026 Notes, and $500 million of its 3.000% 2031 Notes in a public offering (the “Notes”). The proceeds of the Term Loan Facility and the issuance of Notes were used to finance a portion of the purchase price for the Company’s acquisition of certain assets, rights, and properties, and its assumption of certain liabilities, comprising Silicon Labs’ Infrastructure and Automotive business, on July 26, 2021 (the “Acquisition”). Since May 2021, the Company has repaid certain amounts of indebtedness under the Term Loan Facility and the Notes, including as discussed in Note 16 to Item 8 of this Annual Report on Form 10-K.
Additionally, on May 21, 2021, the Company entered into a revolving credit agreement with various financial institutions, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, providing for a $750 million revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility could be used for general corporate purposes and working capital needs of the Company and its subsidiaries.
Indebtedness under our Term Loan Facility, Revolving Credit Facility, or the Notes could have the effect, among other things, of reducing our flexibility to respond to changing business and economic conditions. We also have incurred, and will continue to incur, various costs and expenses associated with our indebtedness. Our ability to arrange additional financing and make payments of principal and interest on our indebtedness when due depends upon our future performance, which will be subject to general economic conditions, industry cycles, and financial, business, and other factors affecting our operations, many of which are beyond our control. We are exposed to interest rate risk through our Term Loan Facility and Revolving Credit Facility, both of which are subject to variable interest rates, and interest rate increases have led to increased interest payments. Our existing indebtedness or incurrence of any additional indebtedness could reduce funds available for working capital, capital expenditures, acquisitions, and other general corporate purposes and may create competitive disadvantages relative to other companies with lower debt levels.
In addition, our credit ratings, combined with fluctuating interest rates, affect the cost and availability of future borrowings and, accordingly, our cost of capital. Our ratings reflect each rating organization’s opinion of our financial strength, operating performance, and ability to meet our debt obligations. There can be no assurance that we will achieve a particular rating or maintain a particular rating in the future. An inability to obtain or maintain a rating could increase the cost of future borrowings or refinancings of our indebtedness, limit our access to sources of financing in the future, or lead to other potentially adverse consequences.
The agreements that govern our indebtedness contain various covenants that impose restrictions that may affect our ability to operate our businesses.
The agreements that govern the Term Loan Facility, the Notes, and the Revolving Credit Facility contain various affirmative and negative covenants that, subject to certain significant exceptions, restrict our ability to, among other things, have liens on our property, change the nature of our business, and/or merge or consolidate with any other person or sell or convey certain assets to any one person. In addition, some of the agreements contain a financial covenant consisting of a limitation on leverage. Our ability to comply with these provisions may be affected by events beyond our control. Failure to comply with these covenants could result in an event of default, which, if not cured or waived, could accelerate our repayment obligations. Any such acceleration of our repayment obligations could have a material adverse effect on our business, financial condition, results of operations, cash flows, and/or stock price.
To be successful we may need to make additional investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances.
Although we have invested in the past, and intend to continue to invest, significant resources in internal research and development activities, the complexity and rapidity of technological changes and the significant expense of internal research and development make it impractical for us to pursue development of all technological solutions on our own. On an ongoing basis, we review investment, alliance, and acquisition prospects that would complement or expand our product offerings, augment our market coverage, or enhance our technological capabilities. We may not be able to identify and consummate suitable investment, alliance, or acquisition transactions in the future. Moreover, if such transactions are consummated, they could result in:
• issuances of equity securities dilutive to our stockholders,
• restructuring or other impairment write-offs,
• the incurrence of substantial debt and assumption of unknown liabilities,
• the potential loss of key employees from the acquired company,
• recognition of additional liabilities known or unknown at the time of acquisition,
• amortization expenses related to intangible assets, and
• the diversion of management’s attention from other business concerns.
Moreover, integrating acquired organizations and their products and services may be difficult, expensive, time-consuming, and a strain on our resources and our relationships with employees and customers and ultimately may not be successful. Additionally, in periods following an acquisition, we will be required to evaluate goodwill and acquisition-related intangible assets for impairment. If such assets are found to be impaired, they will be written down to estimated fair value, with a charge against earnings.
Risks associated with our industry
The semiconductor industry is highly cyclical and subject to significant downturns.
We operate in the semiconductor industry, which is cyclical and subject to rapid declines in demand for end-user products in both the consumer and enterprise markets. Uncertain worldwide economic and political conditions, together with other factors such as the volatility of the financial markets, continue to make it difficult for our customers and for us to accurately forecast and plan future business activities. Uncertainty and economic weakness could result in a market contraction and, as a result, our business, results of operations, and financial condition would likely be materially and adversely affected. Such periods of industry downturn are characterized by diminished product demand and revenue, manufacturing overcapacity, excess inventory levels, accelerated erosion of average selling prices, bad debt, inventory charges, restructuring charges, and asset impairment charges. Furthermore, downturns in the semiconductor industry may be prolonged, and any extended delay or failure of the market to recover from an economic downturn would materially and adversely impact our business, results of operations, and financial condition, which could adversely affect our stock price.
The wireless communications, analog and mixed-signal semiconductor markets are characterized by significant competition.
The wireless communications semiconductor industry, in general, and the other analog markets in which we compete are very competitive, which may cause pricing pressures, decreased gross margins, and rapid loss of market share. We compete with
international and United States semiconductor manufacturers of all sizes in terms of resources and market share, including, but not limited to, Analog Devices, Broadcom, Cirrus Logic, Murata Manufacturing, NXP Semiconductors, Qorvo, Qualcomm, and Texas Instruments.
We currently face significant competition in our markets and expect that intense price and product competition will continue. This competition has resulted in, and is expected to continue to result in, declining average selling prices for many of our products and increased challenges in maintaining or increasing revenue, gross margin, and market share. Furthermore, additional competitors may enter our markets as a result of growth opportunities in electronics, the trend toward global expansion by foreign and domestic competitors, and technological and public policy changes (including national or regional policies, and/or state-sponsored investments, intended to develop and support localized competitors). We believe that the principal competitive factors for semiconductor suppliers in our markets include, among others:
• rapid time-to-market and product ramps (including, but not limited to, high-volume product ramps),
• timely new product innovation,
• ability to capture design wins in new growth markets, such as 5G,
• product quality, reliability, and performance,
• ability of certain products, including “high reliability” solutions, to perform under stringent operating conditions,
• product cost and selling price,
• features available in products,
• alignment with customer performance specifications,
• compliance with industry standards,
• strategic relationships with customers,
• access to, and the protection and enforcement of, intellectual property,
• ability to partner with or participate in reference designs of baseband vendors,
• maintaining access to manufacturing capacity, raw materials, supplies, and services at a competitive cost, and
• the ability to secure government incentives and grants, such as funding available to U.S. semiconductor manufacturers under the CHIPS and Science Act of 2022.
We might not be able to successfully address these factors. Many of our competitors benefit from:
• long presence in key markets,
• brand recognition,
• high levels of customer satisfaction,
• vertical integration,
• strong baseband partnership/participation in reference designs,
• a broad product portfolio allowing them to bundle product offerings,
• ownership or control of key technology or intellectual property, and
• strong financial, sales and marketing, manufacturing, distribution, technical, or other resources.
As a result, certain competitors may be able to adapt more quickly than we can to new or emerging technologies and changes in customer requirements or may be able to devote greater resources to the development, promotion, and sale of their products than we can. As a result of industry consolidation, certain competitors may be able to further exploit such benefits to strengthen their competitive position.
Our baseband reference design partners may leverage their market position by integrating additional functionality into their product offerings that compete with our solutions. If such a product offering were competitive with our solution as to performance, price, and quality, or if the interoperability of our solution with the partner’s baseband products were to be restricted, our business could be adversely impacted.
Current and potential competitors have established, or may in the future establish, financial or strategic relationships among themselves or with customers, resellers, or other third parties. These relationships may affect customers’ purchasing decisions. Accordingly, it is possible that new competitors or alliances among competitors could emerge, causing such competitors to rapidly acquire significant market share. We may not be able to compete successfully against current and potential competitors. Increased competition could result in pricing pressures, decreased gross margins, and loss of revenue and market share and may materially and adversely affect our business, results of operations, and financial condition.
Remaining competitive in the semiconductor industry depends upon our ability to constantly innovate.
The semiconductor industry generally and, in particular, many of the markets into which we sell our products, are highly cyclical and characterized by constant and rapid technological change, continuous product evolution, price erosion, evolving technical standards, short product life cycles (including annual product refreshes in some cases), increasing demand for higher levels of integration, increased miniaturization, reduced power consumption, and wide fluctuations in product supply and demand. Our operating results depend largely on our ability to continue to cost-effectively introduce new and enhanced
products on a timely basis, both within our traditional markets and in new, expanded, or adjacent markets. The successful development and commercialization of semiconductor devices and modules is highly complex and depends on numerous factors, including the ability:
• to anticipate customer and market requirements and changes in technology and industry standards,
• to obtain sufficient manufacturing capacity within an international supply chain to meet customer demand,
• to define new products that meet customer and market requirements,
• to complete development of new products and bring products to market on a timely basis,
• to differentiate our products from offerings of our competitors,
• to achieve overall market acceptance of our products,
• to lengthen the time that a particular product is in demand,
• to source and maintain manufacturing materials,
• to identify and maintain suppliers with the necessary technology and scale to support the increasing complexity of our manufacturing requirements, and
• to obtain adequate multi-jurisdictional intellectual property protection for our new products.
Our ability to manufacture current products, and to develop new products, depends on, among other factors, the viability and flexibility of our own internal information technology systems.
We continually evaluate expenditures for planned product development and choose among alternatives based on our understanding of customer technical requirements, new industry standards, and expectations of future market growth and technologies. We may not be able to develop and introduce new or enhanced wireless communications, analog and mixed-signal semiconductor products in a timely and cost-effective manner, and our products may not satisfy customer requirements or achieve market acceptance, or we may not be able to anticipate new industry standards and technological changes. We also may not be able to respond successfully to new product announcements and introductions by competitors or to changes in the design or specifications of complementary products of third parties with which our products interface. If we fail to rapidly and cost-effectively introduce new and enhanced products in sufficient quantities that meet our customers’ requirements, our business, results of operations, and financial condition could be materially and adversely affected.
In addition, prices of many of our products decline, sometimes significantly, over time. Our products may become obsolete earlier than planned or may not have life cycles long enough to allow us to recoup the cost of our investment in designing such products. Accordingly, we believe that to remain competitive, we must continue to reduce the cost of producing and delivering existing products at the same time that we develop and introduce new or enhanced products. We may not be able to continue to reduce the cost of producing and delivering our products in a timely manner and thereby remain competitive.
In order to remain competitive, we expect to continue to transition many of our products to increasingly smaller geometries and form factors. This transition often requires us to upgrade our capital equipment, modify the manufacturing processes for our products, design new products to more stringent standards, and redesign some existing products. We have experienced some difficulties migrating to smaller geometry process technologies or new manufacturing processes, which resulted in sub-optimal manufacturing yields, delays in product deliveries, and increased expenses. We may face similar difficulties, delays, and expenses as we continue to transition our products to smaller geometry processes in the future. In some instances, we depend on our relationships with our third-party foundries and packaging subcontractors to transition to smaller geometry processes successfully. Our manufacturing partners may not be able to effectively manage the transition, or we may not be able to maintain our relationships with certain manufacturing partners. If our manufacturing partners or we experience significant delays in this transition or fail to efficiently implement this transition, our business, results of operations, and financial condition could be materially and adversely affected. As smaller geometry processes become more prevalent, we expect to continue to integrate greater levels of functionality, as well as customer and third-party intellectual property, into our products. However, we may not be able to achieve higher levels of design integration or deliver new integrated products on a timely basis, or at all.
Increasingly stringent environmental laws, rules, regulations, and customer expectations may require us to redesign our existing products and processes and could adversely affect our ability to cost-effectively produce our products.
The semiconductor industry has been subject to increasing environmental regulations, particularly those environmental requirements that control and restrict the use, transportation, emission, discharge, storage, and disposal of certain chemicals, elements, and materials used or produced in the semiconductor manufacturing process. Heightened public focus on climate change, sustainability, and environmental issues has also led to increased government regulation and caused certain of our customers to impose environmental standards on us as a part of doing business with them. We expect that the trend of increasing environmental awareness will continue, which will result in higher costs of operations. In addition, our commitment to environmentally sustainable practices, while undertaken in a manner designed to be as efficient and cost effective as possible, may result in increases in costs of operations for us relative to our competitors until technologies and methods are developed that will help reduce those costs or such practices become industry best practice.
A number of domestic and foreign jurisdictions restrict or may seek to restrict the use of various substances, including a class of chemicals known as per- and polyfluoroalkyl substances, and a number of such substances have been or are currently used in our products or processes. For example, the European Union Restriction of Hazardous Substances in Electrical and Electronic Equipment (“RoHS”) Directive requires that certain substances, which may be found in certain products we have manufactured in the past, be removed from all electronics components. Eliminating such substances from our manufacturing processes requires the expenditure of additional research and development funds to seek alternative substances for our products, as well as increased testing by third parties to ensure the quality of our products and compliance with the RoHS Directive. While we have implemented a compliance program to ensure our product offering meets these regulations, there may be instances where alternative substances will not be available or commercially feasible, or may only be available from a single source, or may be significantly more expensive than their restricted counterparts. Additionally, if we were found to be non-compliant with any such rule or regulation, we could be subject to fines, penalties, and/or restrictions imposed by government agencies that could adversely affect our operating results.
Regulations in the United States require that we determine whether certain materials used in our products, referred to as conflict minerals, originated in the Democratic Republic of the Congo or adjoining countries, or were from recycled or scrap sources. The verification and reporting requirements, in addition to customer demands for conflict-free sourcing, impose additional costs on us and on our suppliers, and may limit the sources or increase the prices of materials used in our products. Further, if we are unable to certify that our products are conflict free, we may face challenges with our customers, which could place us at a competitive disadvantage, and our reputation may be harmed. In addition, our customers may begin to require reports on our sourcing of other minerals or substances, which may impact our ongoing operations and increase our operating costs.
New climate change laws and regulations could require us to change our manufacturing processes or obtain substitute materials that may cost more or be less available for our manufacturing operations. Various jurisdictions in which we do business have implemented, or in the future could implement or amend, restrictions on emissions of carbon dioxide or other greenhouse gases, limitations or restrictions on water use, regulations on energy management and waste management, and other climate change-based rules and regulations, which may increase our expenses and adversely affect our operating results. We expect increased worldwide regulatory activity relating to climate change in the future.
Furthermore, environmental regulations often require parties to fund remedial action for violations of such regulations regardless of fault. Consequently, it is often difficult to estimate the future impact of environmental matters, including potential liabilities. In addition, our customers increasingly require warranties or indemnity relating to compliance with environmental regulations. The amount of expense and capital expenditures that might be required to satisfy environmental liabilities, to complete remedial actions, and to continue to comply with applicable environmental laws may have a material adverse effect on our business, results of operations, and financial condition.
In addition, increasing governmental, investor, and societal attention on environmental, social, and governance (“ESG”) matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on ESG topics such as climate change, carbon emissions, water usage, waste management, human capital, forced labor, and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, and report. We expect that these and other rapidly changing laws, regulations, policies, interpretations, and expectations, as well as increased enforcement actions by various governmental and regulatory agencies, will continue to increase the cost of our compliance and internal risk management programs and to alter the environment in which we do business, which could have a material adverse effect on our business, results of operations, and financial condition. If our ESG practices and disclosures do not meet the expectations and standards of our stockholders, customers, and other industry stakeholders, our reputation and business activities may be negatively impacted and our appeal to certain investors may be reduced.
Risks associated with cybersecurity and intellectual property protection
We may not be able to prevent, or timely detect, information technology security breaches.
Security breaches, phishing, spoofing, attempts by others to gain unauthorized access to our information technology systems, networks, and databases, and other cyberattacks continue to become more sophisticated and persistent and are sometimes successful. These incidents, which might be related to industrial, state-sponsored, and/or economic espionage, or financial cyber extortion or fraud, include covertly introducing malware and spyware to our computers, networks, and products (or to an electronic system operated by a third party for our benefit) and impersonating authorized users, among others. We seek to prevent, detect, and investigate all security incidents and to prevent their recurrence, but in some cases, we might be unaware of an incident or its magnitude, duration, and effects. The theft, unauthorized use, transfer, or publication of our intellectual property, our confidential business, financial, and/or technical information, or the personal data of our employees and customers by third parties or by our employees could harm our competitive position, reduce the value of our investment in research and development and other strategic initiatives, or otherwise adversely affect our business and technology development. To the extent that any security breach or other cybersecurity incident results in inappropriate disclosure of our customers’, suppliers’, licensees’, or employees’ confidential or personal information, we may incur liability, face contractual and regulatory fines and penalties, and sustain significant financial resources to remediate such breach. Such an incident could,
among other things, also damage our reputation, impair our ability to attract and retain our customers, impact our stock price, and materially damage our supplier relationships. If a ransom-style cyberattack or similar incident impedes our ability to use or access our information systems for an extended period of time, this could adversely affect our business operations and financial results. In addition, certain suppliers and other third parties with whom we conduct business, including foundries, assembly and test contractors, and distributors, have been, and are likely to continue to be, subject to cybersecurity incidents, misappropriation efforts, or network disruptions that could jeopardize our proprietary or sensitive data, impact such third parties’ ability to meet their obligations to us, or otherwise negatively impact our ongoing business operations. Geopolitical tensions or conflicts, such as the ongoing conflict involving Russia and Ukraine, the conflicts in Israel and other Middle Eastern countries and the tensions involving China and Taiwan, may create a heightened risk of cybersecurity incidents. We expect to continue devoting significant resources to the security of our information technology systems, networks, and databases, including through the training of our employees and monitoring the security posture of critical third parties who have access to our systems or sensitive data. However, we cannot ensure that these security measures and monitoring efforts will be sufficient to prevent or mitigate the damage caused by a cybersecurity incident or network disruption, and our systems may be vulnerable to hacking, insider threats, employee error or manipulation, theft, system malfunctions, or other adverse events. While we maintain insurance coverage to mitigate some of these risks, such coverage may be insufficient to cover all losses or all types of claims that may arise. Further, China has implemented, and other countries or regions may implement, cybersecurity and privacy laws that require companies’ overall information disclosure, processing practices, and technology security environment to meet certain standards and/or be certified. Such laws may be complex, ambiguous, and subject to interpretation, which may create uncertainty regarding compliance. As a result, our efforts to comply with such laws, to the extent applicable, may be expensive and may fail, which could adversely affect our business, results of operations, and cash flows. In addition, certain of our products contain firmware that incorporates or is derived from “open source” software that generally is made publicly available by its developers or other third parties. Risks related to the use of open source software include, but are not limited to, the introduction of cybersecurity vulnerabilities into our products or development platforms, our compliance with applicable licensing terms, subjecting certain of our derivative works or software enhancements to public disclosure and/or unfavorable licensing conditions, potential restrictions on our ability to market the firmware associated with our products, and enhanced governmental or other third-party scrutiny of our products.
In order to remain competitive, we must be able to successfully protect our intellectual property rights.
We rely on patent, copyright, trademark, trade secret, and other intellectual property rights and laws, as well as nondisclosure and confidentiality agreements and other methods, to protect our confidential and proprietary technologies, inventions, information, data, devices, algorithms, processes, and other intellectual property. In addition, we often incorporate the intellectual property of our customers, suppliers, or other third parties into our designs, and we have obligations with respect to the non-usage and non-disclosure of such third-party intellectual property. From time to time, it may be necessary to engage in litigation or like activities to enforce our intellectual property rights, to protect our trade secrets, or to determine the validity, enforceability, and scope of proprietary rights of others, including our customers. This could require us to expend significant resources and to divert the efforts and attention of our management and technical personnel from our business operations. Regardless of our actions:
• the steps we take to prevent misappropriation, infringement, dilution, or other violation of our intellectual property or the intellectual property of our customers, suppliers, or other third parties may not be successful,
• any of our existing or future patents, copyrights, trademarks, trade secrets, or other intellectual property rights may be challenged, invalidated, deemed unenforceable, or circumvented, and
• we may be contractually prohibited, or otherwise discouraged, by certain customers from pursuing certain remedies for third parties’ violations of our intellectual property.
A third party could potentially copy, misappropriate, or otherwise obtain and use our technology without authorization, develop similar technology independently, or design around or invalidate our patents. If any of our intellectual property protection mechanisms fails to protect our technology, it would make it easier for our competitors to offer similar competitive products, potentially resulting in loss of market share and price erosion. Even if we receive a patent, the patent claims may not be broad enough to adequately cover and protect our technology or could be rendered invalid or unenforceable. Furthermore, even if we receive patent protection in the United States, we may not seek, or may not be granted, patent protection in other relevant foreign countries. In addition, effective patent, copyright, trademark, and trade secret protection and enforcement may be unavailable, impractical, or limited for certain technologies and in certain foreign countries.
We attempt to control access to, and distribution of, our proprietary and confidential information through operational, technological, and legal safeguards. Despite our efforts, parties, including current and former employees, consultants, customers, licensees, suppliers, vendors, and other third parties may attempt to copy, disclose, transfer, misappropriate or obtain access to our information without our authorization. Furthermore, attempts by computer hackers or other third parties to gain unauthorized access to our systems or information could result in our confidential and/or proprietary information being compromised or our manufacturing and other business operations being interrupted. While we make reasonable attempts to prevent such unauthorized access or misappropriation, we may be unable to anticipate, detect, or stop the methods used, or we may be unable to prevent the release of our confidential and/or proprietary information or that of a third party.
We are subject to the risks of licensing third-party intellectual property.
We sell products in markets that are characterized by rapid technological changes, evolving industry standards, frequent new product introductions, short product life cycles, and increasing levels of integration. Many of our products currently use or incorporate technology licensed or acquired from third parties, and we expect our products in the future to also require technology from third parties. Our ability to keep pace with this market depends on our ability to obtain technology from third parties on commercially reasonable terms to allow our products to remain competitive. If licenses to such technology for our current or future products become unavailable or the terms on which they are available become commercially unreasonable, and we cannot otherwise acquire or integrate such technology, our products or our customers’ products could become unmarketable or obsolete, we could lose market share, and our business could be adversely affected. In such instances, we could also incur substantial unanticipated costs or scheduling delays to develop or acquire substitute technology to deliver competitive products. These risks are heightened with respect to certain of our products that incorporate increasing amounts of embedded software and digital circuit content that is subject to third-party intellectual property rights.
Risks associated with claims and litigation
We may be subject to warranty claims, product recalls, liability claims, and risks of litigation.
Although we invest significant resources in the testing of our products, from time to time we become aware of alleged defects in our products after they have been shipped, and we may be required to incur additional development and remediation costs or cash payments to settle claims pursuant to warranty and indemnification provisions in our customer contracts and purchase orders. Certain of our products, including “high reliability” solutions, may not be able to perform under stringent operating conditions. Examples of our “high reliability” solutions include applications intended for the aerospace, automotive, defense, and medical markets. The potential liabilities associated with these and similar provisions in certain of our customer contracts are in some cases capped at significant amounts, and in other cases are uncapped. In addition, because our customers typically integrate our products into other devices, and because we typically do not have a direct relationship with the end customers of our products, our products may be used in applications for which they were not necessarily designed or tested, and they may not perform as anticipated in such applications. Depending on the nature of any product defect claims, we may not be able to recoup our losses from our third-party suppliers. Investigating, analyzing, and/or remediating alleged product defects may divert our technical and other resources from other product development efforts and could result in claims against us by our customers or third parties, including liability for costs associated with product recalls, indemnification claims, product redesigns, or obligations under customer contracts. If any of our products contain defects, or have reliability, quality, or compatibility problems, our reputation may be damaged, and we could be subject to liability claims, which could make it more difficult for us to sell our products to existing and prospective customers and could adversely affect our operating results. Furthermore, such losses would not be covered under our existing corporate insurance programs. In addition, in the event we are unable to fulfill our contractual obligations, lawsuits may be threatened or filed against us by customers or other third parties. Furthermore, force majeure clauses in our contracts could limit our ability to pursue remedies for certain third-party disruptions and delays. From time to time, we are, and may become, involved in litigation. We are the plaintiff in some of these actions and the defendant in others. Such actions could result in the imposition of various remedies such as injunctions or monetary damages, which if awarded could materially and adversely harm our business. From time to time, we are, and may become, the subject of inquiries, requests for information, or investigations by government and regulatory agencies regarding our business. Any such matters, regardless of their merit or resolution, could be costly and divert the efforts and attention of our management, damage our reputation, or otherwise adversely affect our business.
We may be subject to claims of infringement of third-party intellectual property rights or demands that we license third-party technology.
The semiconductor industry is characterized by vigorous protection, enforcement, and pursuit of intellectual property rights. Third parties have asserted, and may in the future assert, patent, copyright, trademark, and other intellectual property rights against technologies that are important to our business and manufacturing operations and have demanded and may in the future demand that we license their technology or refrain from using it.
Any litigation to determine the validity of any allegations that our products infringe or may infringe or misappropriate the intellectual property rights of another party, including indemnification claims arising from our contractual obligations to our customers, regardless of their merit or resolution, could be costly and divert the efforts and attention of our management and technical personnel. Regardless of the merits of any specific claim, we may not prevail in litigation because of the complex technical issues and inherent uncertainties in intellectual property litigation or the assessment of these claims. If litigation were to result in an adverse ruling, we could be required to:
• pay substantial damages,
• cease the manufacture, import, use, sale, or offer for sale of infringing products or processes,
• discontinue the use of infringing technology,
• expend significant resources to develop an alternate non-infringing technology, and
• license technology from the third party claiming infringement, which license may not be available on commercially reasonable terms.
Our operating results or financial condition may be materially adversely affected if we, or one of our customers, were required to take any one or more of the foregoing actions.
In addition, if another supplier to one of our customers, or a customer of ours itself, were found to be infringing upon the intellectual property rights of a third party, the supplier or customer could be ordered to cease the manufacture, import, use, sale, or offer for sale of its infringing product(s) or process(es), either of which could result, indirectly, in a decrease in demand from our customers for our products. If such a decrease in demand for our products were to occur, it could have an adverse impact on our operating results.
Risks associated with owning our common stock
Our stock price has been volatile and may fluctuate in the future.
The trading price of our common stock has fluctuated and may continue to fluctuate significantly. Such fluctuations may be influenced by many factors, including:
• uncertainty regarding the condition and prospects of the domestic and foreign economies,
• the volatility of the financial markets,
• instability in global credit and financial markets,
• our performance and prospects, and the performance and prospects of our major customers and competitors,
• our revenue concentrations with relatively few customers,
• our stock repurchase and dividend activities,
• the timing of our repayment of outstanding indebtedness,
• investor perception of us and the industry in which we operate,
• changes in the market valuations of other companies, including, but not limited to, those in our industry,
• changes in earnings estimates, price targets, or buy/sell recommendations by analysts,
• the depth and liquidity of the market for our common stock,
• the exclusion or removal of our stock from market indices, such as the S&P 500 Index,
• domestic and international political conditions,
• the extent of the impact of the COVID-19 pandemic,
• domestic and international tax, fiscal, and trade policy decisions, and
• our ability to successfully identify, acquire, and integrate acquisition candidates.
Public stock markets have experienced price and trading volume volatility. This volatility has affected, and could significantly and negatively affect in the future, the market prices of securities of many technology companies, particularly the market price of our common stock.
In addition, fluctuations in our stock price, volume of shares traded, and changes in our trading multiples may make our stock attractive to momentum, hedge, day-trading, or activist investors who often shift funds into and out of stocks rapidly, exacerbating price fluctuations in either direction. We have been, and in the future may be, the subject of commentary by financial news media. Such commentary may contribute to volatility in our stock price. If our operating results do not meet the expectations of securities analysts, the financial news media, or investors, our stock price may decline, possibly substantially over a short period of time.
There can be no assurance that we will continue to declare cash dividends or repurchase our stock.
We pay, and intend to continue to pay, quarterly cash dividends, subject to capital availability and periodic determinations made by our Board of Directors that cash dividends are in the best interest of our stockholders. In addition, from time to time the Board of Directors approves stock repurchase programs, pursuant to which we are authorized to repurchase shares of our common stock on the open market or in privately negotiated transactions.
Future cash dividends and the amount and timing of our stock repurchases may be affected by, among other factors:
• our views on potential future capital requirements, including those related to research and development,
• our ability to generate sufficient earnings and cash flows,
• our use of cash to consummate various acquisition transactions,
• our repayment of principal and interest on our indebtedness,
• changes in federal and state income tax laws or corporate laws, and
• changes to our business model.
Our cash dividend payments and stock repurchases may change from time to time, and we cannot provide assurance that we will increase our cash dividend payment or declare cash dividends or make stock repurchases in any particular amounts or at all. A reduction in our cash dividend payments or a reduction in the level of our stock repurchases could have a negative effect on our stock price.
Certain provisions in our organizational documents and Delaware law may make it difficult for someone to acquire control of us.
We have certain anti-takeover measures that may affect our common stock. Our certificate of incorporation, our by-laws, and the Delaware General Corporation Law contain several provisions that would make it more difficult to acquire control of us in a transaction not approved by our Board of Directors. Our certificate of incorporation and by-laws include provisions such as:
• the ability of our Board of Directors to issue shares of preferred stock in one or more series without further authorization of stockholders,
• a prohibition on stockholder action by written consent,
• a requirement that stockholders provide advance notice of any stockholder nominations of directors or any proposal of new business to be considered at any meeting of stockholders,
• a requirement that the affirmative vote of at least 80% of our shares be obtained to amend or repeal the provisions of our certificate of incorporation relating to the election and removal of directors or the right to act by written consent,
• a requirement that the affirmative vote of at least 80% of our shares be obtained for business combinations unless approved by a majority of the members of the Board of Directors and, in the event that the other party to the business combination is the beneficial owner of 5% or more of our shares, a majority of the members of the Board of Directors in office prior to the time such other party became the beneficial owner of 5% or more of our shares, and
• a fair price provision, as well as a requirement that the affirmative vote of at least 90% of our shares be obtained to amend or repeal the fair price provision.
In addition to the provisions in our certificate of incorporation and by-laws, Section 203 of the Delaware General Corporation Law generally provides that a corporation may not engage in any business combination with any interested stockholder during the three-year period following the time that such stockholder becomes an interested stockholder, unless a majority of the directors then in office approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder or specified stockholder approval requirements are met.
ITEM 1B. UNRESOLVED STAFF COMMENTS.
None.
ITEM 2. PROPERTIES.
We maintain our primary executive offices in Irvine, California. For information regarding property, plant, and equipment by geographic region for each of the last two fiscal years, see Note 14 to Item 8 of this Annual Report on Form 10-K. The following table sets forth our principal facilities:
| | | | | | | | | | | | | | | | | | | | |
| Location | | Owned/Leased | |
Square Footage | | Primary Function |
| Singapore, Singapore | | Leased | | 405,700 | | Filter manufacturing |
| Osaka, Japan | | Owned (1) | | 383,600 | | Filter manufacturing |
| Mexicali, Mexico | | Leased | | 380,900 | | Manufacturing and office space |
| Mexicali, Mexico | | Owned | | 380,000 | | Manufacturing and office space |
| Irvine, California | | Leased | | 218,000 | | Design center and office space |
| Woburn, Massachusetts | | Owned | | 158,000 | | Manufacturing and office space |
| Newbury Park, California | | Owned | | 111,600 | | Manufacturing and office space |
| Newbury Park, California | | Leased | | 110,000 | | Design center |
| Austin, Texas | | Leased | | 98,313 | | Design center and office space |
(1) The Company owns the building and the land is leased for approximately 39 years expiring in 2061.
ITEM 3. LEGAL PROCEEDINGS.
The information set forth under Note 11 of Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K is incorporated herein by reference.
ITEM 4. MINE SAFETY DISCLOSURES.
Not Applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information and Dividends
Our common stock is traded on the Nasdaq Global Select Market under the symbol “SWKS”.
The number of stockholders of record of our common stock as of November 2, 2023, was 8,175. On November 2, 2023, the Company announced that the Board of Directors had declared a cash dividend of $0.68 per share of common stock, payable on December 12, 2023, to stockholders of record as of November 21, 2023. We pay, and intend to continue to pay, quarterly dividends subject to capital availability and periodic determinations made by our Board of Directors that cash dividends are in the best interests of our stockholders.
Future cash dividends may be affected by, among other items, our views on potential future capital requirements, including those relating to research and development, creation and expansion of investments and acquisitions, stock repurchase programs, debt issuances and repayments, changes in federal and state income tax law, and changes to our business model.
Issuer Purchases of Equity Securities
The following table provides information regarding repurchases of common stock made during the three months ended September 29, 2023:
| | | | | | | | | | | | | | | | | |
| 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) |
| 7/1/23 - 7/28/23 | 12,567 | (2) | $112.71 | — | $2.0 billion |
| 7/29/23 - 8/25/23 | 8,549 | (2) | $105.62 | — | $2.0 billion |
| 8/26/23 - 9/29/23 | — | | $0.00 | — | $2.0 billion |
| 21,116 | | | — | |
_________________________
(1) We announced on February 6, 2023 that our Board of Directors had approved a stock repurchase program on January 31, 2023, which authorizes the repurchase of up to $2.0 billion of our common stock from time to time on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements, and which is scheduled to expire on February 1, 2025.
(2) Represents shares repurchased by us at the fair market value of the common stock as of the applicable purchase date, in connection with the satisfaction of tax withholding obligations under equity award agreements.
ITEM 6. [RESERVED]
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially and adversely from those referred to herein due to a number of factors, including, but not limited to, those described below and in Item 1A “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
OVERVIEW
We, together with our consolidated subsidiaries, are empowering the wireless networking revolution. Our highly innovative analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
Impact of COVID-19
The COVID-19 pandemic has affected business conditions in our industry. The duration, severity, and future impact of the pandemic, including as a result of more contagious variants of the virus that causes COVID-19, continue to be uncertain and could still result in significant disruptions to our business operations, as well as negative impacts to our financial condition.
RESULTS OF OPERATIONS
Fiscal Years Ended September 29, 2023, September 30, 2022, and October 1, 2021.
The following table sets forth the results of our operations expressed as a percentage of net revenue. See Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 23, 2022, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 27, 2023 (the “2022 10-K”), for Management’s Discussions and Analysis of Financial Condition and Results of Operations for the fiscal year ended October 1, 2021.
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Net revenue | 100.0 | % | | 100.0 | % | | 100.0 | % |
| Cost of goods sold | 55.8 | | | 52.5 | | | 50.8 | |
| Gross profit | 44.2 | | | 47.5 | | | 49.2 | |
| Operating expenses: | | | | | |
| Research and development | 12.7 | | | 11.3 | | | 10.3 | |
| Selling, general, and administrative | 6.6 | | | 6.0 | | | 6.3 | |
| Amortization of intangibles | 0.7 | | | 1.8 | | | 0.7 | |
| Restructuring, impairment, and other charges | 0.6 | | | 0.6 | | | 0.2 | |
| Total operating expenses | 20.6 | | | 19.7 | | | 17.6 | |
| Operating income | 23.6 | | | 27.8 | | | 31.6 | |
| Interest expense | (1.3) | | | (0.9) | | | (0.3) | |
| Other income (expense), net | 0.4 | | | — | | | — | |
| Income before income taxes | 22.6 | | | 26.9 | | | 31.3 | |
| Provision for income taxes | 2.0 | | | 3.7 | | | 2.0 | |
| Net income | 20.6 | % | | 23.2 | % | | 29.3 | % |
General
During the fiscal year ended September 29, 2023, the following key factors contributed to our overall results of operations, financial position, and cash flows:
•Net revenue decreased 13.0% to $4,772.4 million in fiscal 2023, as compared to $5,485.5 million in fiscal 2022, driven primarily by a decrease in demand for our mobile products from smartphone customers in the Android ecosystem and for our connectivity solutions in consumer and enterprise markets.
•Our ending cash, cash equivalents, and marketable securities balance increased 26% to $738.5 million in fiscal 2023, as compared to $586.8 million in fiscal 2022. The increase in cash, cash equivalents, and marketable securities during fiscal 2023 was primarily due to cash generated from operations of $1,856.4 million, partially offset by
repayments of debt of $900.0 million, dividend payments of $405.2 million, and capital expenditures of $210.3 million.
Net Revenue
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Net revenue | $ | 4,772.4 | | | (13.0)% | | $ | 5,485.5 | | | 7.4% | | $ | 5,109.1 | |
We market and sell our products directly to OEMs of communications and electronics products, third-party original design manufacturers and contract manufacturers, and indirectly through electronic components distributors. We generally experience seasonal peaks during our fourth and first fiscal quarters (which correspond to the second half of the calendar year), primarily as a result of increased worldwide production of consumer electronics in anticipation of increased holiday sales, whereas our second and third fiscal quarters are typically lower and in line with seasonal industry trends.
The decrease in net revenue in fiscal 2023, as compared to fiscal 2022, was driven primarily by a decrease in demand for our mobile products from smartphone customers in the Android ecosystem and for our connectivity solutions in consumer and enterprise markets.
For information regarding net revenue by geographic region and customer concentration, see Note 14 to Item 8 of this Annual Report on Form 10-K.
Gross Profit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Gross profit | $ | 2,107.3 | | | (19.1)% | | $ | 2,604.3 | | | 3.7% | | $ | 2,512.4 | |
| % of net revenue | 44.2 | % | | | | 47.5 | % | | | | 49.2 | % |
Gross profit represents net revenue less cost of goods sold. Our cost of goods sold consists primarily of purchased materials, labor, and overhead (including depreciation, share-based compensation, and amortization of acquisition intangibles, including inventory step-up expense) associated with product manufacturing. Erosion of average selling prices of established products is typical of the semiconductor industry. Consistent with trends in the industry, we anticipate that average selling prices for our established products will continue to decline over time. As part of our normal course of business, we intend to improve gross profit with efforts to increase unit volumes, reduce material costs, improve manufacturing efficiencies, lower manufacturing costs of existing products, and by introducing new and higher value-added products.
The decrease in gross profit in fiscal 2023, as compared to fiscal 2022, was primarily the result of lower unit volumes, impairment charges on long-term supply capacity deposits, and lower average selling prices with a gross profit impact of $572.0 million, $47.5 million, and $41.8 million, respectively, partially offset by a favorable product mix with a gross profit impact of $261.2 million.
Research and Development
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Research and development | $ | 606.8 | | | (1.8)% | | $ | 617.9 | | | 16.1% | | $ | 532.3 | |
| % of net revenue | 12.7 | % | | | | 11.3 | % | | | | 10.4 | % |
Research and development expenses consist primarily of direct personnel costs including share-based compensation expense, costs for pre-production evaluation and testing of new devices, non-production masks, engineering prototypes, and design tool costs.
The decrease in research and development expense in fiscal 2023, as compared to fiscal 2022, was primarily related to a decrease in headcount-related expenses.
Selling, General, and Administrative
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Selling, general, and administrative | $ | 314.0 | | | (4.8)% | | $ | 329.8 | | | 2.3% | | $ | 322.5 | |
| % of net revenue | 6.6 | % | | | | 6.0 | % | | | | 6.3 | % |
Selling, general, and administrative expenses include legal and related costs, accounting, treasury, human resources, information systems, customer service, bad debt expense, sales commissions, share-based compensation expense, advertising, marketing, costs associated with business combinations completed or contemplated during the period, and other costs.
The decrease in selling, general, and administrative expenses in fiscal 2023, as compared to fiscal 2022, was primarily related to a decrease in headcount-related expenses, including share-based compensation.
Amortization of Intangibles
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Amortization of intangibles | $ | 33.2 | | | (66.4)% | | $ | 98.9 | | | 174.7% | | $ | 36.0 | |
| % of net revenue | 0.7 | % | | | | 1.8 | % | | | | 0.7 | % |
The decrease in amortization expense for fiscal 2023, as compared to fiscal 2022, was primarily due to certain intangible assets that were acquired in prior fiscal years reaching the end of their useful lives.
Restructuring, Impairment, and Other Charges
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Restructuring, impairment, and other charges | $ | 28.3 | | | (7.8)% | | $ | 30.7 | | | 244.9% | | $ | 8.9 | |
| % of net revenue | 0.6 | % | | | | 0.6 | % | | | | 0.2 | % |
Restructuring, impairment, and other charges incurred in fiscal 2023 were primarily due to employee severance costs and impairment charges on divested assets.
Restructuring, impairment, and other charges incurred in fiscal 2022 were primarily related to the abandonment of previously capitalized in-process research and development projects.
Interest Expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Interest expense | $ | 64.4 | | | 34.4% | | $ | 47.9 | | | 100.0% | | $ | 13.4 | |
| % of net revenue | 1.3 | % | | | | 0.9 | % | | | | 0.3 | % |
The increase in interest expense for fiscal 2023, as compared to fiscal 2022, was due to an increase in the variable interest rate associated with the borrowing on the Term Loans, partially offset by a lower average balance of debt outstanding.
Other Income (Expense), net
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
Other income (expense), net | $ | 18.2 | | | 828.0% | | $ | (2.5) | | | 316.7% | | $ | (0.6) | |
| % of net revenue | 0.4 | % | | | | — | % | | | | — | % |
The increase in other income for fiscal 2023, as compared to fiscal 2022, was due to an increase in interest income as a result of higher interest rates.
Provision for Income Taxes
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | Change | | September 30,
2022 | | Change | | October 1,
2021 |
| (dollars in millions) | | | | | | | | | |
| Provision for income taxes | $ | 96.0 | | | (52.3)% | | $ | 201.4 | | | 100.6% | | $ | 100.4 | |
| % of net revenue | 2.0 | % | | | | 3.7 | % | | | | 2.0 | % |
We recorded a provision for income taxes of $96.0 million (which consisted of $62.0 million and $34.0 million related to United States and foreign income taxes, respectively) and $201.4 million (which consisted of $132.8 million and $68.6 million related to United States and foreign income taxes, respectively) for fiscal 2023 and fiscal 2022, respectively.
The decrease in income tax expense for fiscal 2023, as compared with the corresponding period in fiscal 2022, was primarily due to lower income from operations, a decrease in tax on global intangible low-taxed income (“GILTI”), an increase in the benefit from foreign-derived intangible income deduction (“FDII”), partially offset by a current period shortfall in tax deductions for share-based compensation, compared to windfall deductions in the prior year.
In August 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion, as well as a 1% excise tax on corporate stock repurchases made after December 31, 2022. We are currently evaluating the impact this law may have on our effective tax rate. CAMT is effective for the Company in fiscal year 2024.
See Note 8 to Item 8 of this Annual Report on Form 10-K for additional information regarding income taxes.
LIQUIDITY AND CAPITAL RESOURCES
Set forth below is a summary of our cash flows for the periods indicated:
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| (in millions) | September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Cash and cash equivalents at beginning of period | $ | 566.0 | | | $ | 882.9 | | | $ | 566.7 | |
| Net cash provided by operating activities | 1,856.4 | | | 1,424.6 | | | 1,772.0 | |
| Net cash used in investing activities | (224.4) | | | (378.9) | | | (3,133.2) | |
| Net cash (used in) provided by financing activities | (1,479.2) | | | (1,362.6) | | | 1,677.4 | |
| Cash and cash equivalents at end of period | $ | 718.8 | | | $ | 566.0 | | | $ | 882.9 | |
Cash provided by operating activities:
Cash provided by operating activities consists of net income for the period adjusted for certain non-cash items and changes in certain operating assets and liabilities. The $431.8 million increase in cash provided by operating activities for fiscal 2023, as compared to fiscal 2022, was primarily related to favorable changes in working capital of $988.5 million, due primarily to a decrease in accounts receivable and inventory, partially offset by lower net income.
Cash used in investing activities:
Cash used in investing activities consists primarily of capital expenditures and cash paid related to the purchase of marketable securities, offset by cash received related to the sale or maturity of marketable securities. The $154.5 million decrease in cash used in investing activities for fiscal 2023, as compared to fiscal 2022, was primarily related to a decrease of $279.1 million in cash used for capital expenditures, partially offset by a decrease of $117.9 million in the net sale of marketable securities.
Cash used in financing activities:
Cash used in financing activities consists primarily of proceeds and payments related to our long-term borrowings and cash transactions related to equity. The $116.6 million increase in cash used in financing activities for fiscal 2023, as compared to fiscal 2022, was primarily related to an increase of $850.0 million for the repayment of debt, an increase of $32.1 million in dividend payments, partially offset by a decrease of $711.5 million in stock repurchase activity, and a decrease of $52.6 million related to the minimum statutory payroll tax withholdings upon vesting of employee performance and restricted stock awards.
Liquidity:
Cash, cash equivalents, and marketable securities totaled $738.5 million as of September 29, 2023, representing an increase of $151.7 million from September 30, 2022.
We have outstanding $500.0 million of Notes Due 2026 and $500.0 million of Notes Due 2031 (the “Notes”). We have a term credit agreement (the “Term Credit Agreement”) providing for a $1.0 billion term loan facility (the “Term Loan Facility”). On July 26, 2021, the Company borrowed $1.0 billion in aggregate principal amount of term loans (the “Term Loans”) under the Term Loan Facility to finance a portion of the purchase price for the acquisition of the Infrastructure and Automotive business of Silicon Laboratories Inc. and to pay fees and expenses incurred in connection therewith. During fiscal 2023, 2022, and 2021, we repaid $400.0 million, $50.0 million, and $250.0 million, of outstanding borrowings under the Term Loans, respectively. As of September 29, 2023, there were $300.0 million of borrowings outstanding under the Term Credit Agreement. We have a Revolving Credit Agreement (the “Revolving Credit Agreement”) under which we may borrow up to $750.0 million for general corporate purposes and working capital needs of the Company and its subsidiaries. As of September 29, 2023, there were no borrowings outstanding under the revolving credit facility (the “Revolver”). The Revolving Credit Agreement expires July 26, 2026.
For a description of contractual obligations, such as taxes, leases, purchase commitments, and debt, see Note 8, Note 10, Note 11, and Note 16 to Item 8 of this Annual Report on Form 10-K, respectively.
Based on our historical results of operations, we expect that our cash, cash equivalents, and marketable securities on hand, the cash we expect to generate from operations, and funds from our Revolver, will be sufficient to fund our short-term and long-term liquidity requirements primarily arising from: research and development, capital expenditures, potential acquisitions, working capital, quarterly cash dividend payments (if such dividends are declared by the Board of Directors), outstanding commitments, and other liquidity requirements associated with existing operations. However, we cannot be certain that our cash on hand, cash generated from operations, and funds from our Revolver will be available in the future to fund all of our capital and operating requirements. In addition, any future strategic investments and significant acquisitions may require additional
cash and capital resources. If we are unable to obtain sufficient cash or capital to meet our needs on a timely basis and on favorable terms, our business and operations could be materially and adversely affected.
Our invested cash balances primarily consist of highly liquid marketable securities that are available to meet near-term cash requirements including: money market funds, U.S. Treasury securities, municipal bonds, and agency securities.
CRITICAL ACCOUNTING ESTIMATES
The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments in applying our most critical accounting policies that can have a significant impact on the results we report in our financial statements. The SEC has defined critical accounting estimates as those that are both most important to the portrayal of our financial condition and results and which require our most difficult, complex, or subjective judgments or estimates. Based on this definition, our most critical accounting estimates include revenue recognition, which impacts the recording of net revenue; inventory valuation, which impacts the cost of goods sold and gross margin; and income taxes, which impacts the income tax provision. These policies and significant judgments involved are discussed further below. We have other significant accounting policies that do not generally require subjective estimates or judgments or would not have a material impact on our results of operations. Our significant accounting policies are described in Note 2 to Item 8 of this Annual Report on Form 10-K.
Revenue Recognition. We recognize revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606 Revenue from Contracts with Customers net of estimated reserves. Our revenue reserves contain uncertainties because they require management to make assumptions and to apply judgment to estimate the value of future credits to customers for product returns, price protection, price adjustments, and stock rotation for products sold to certain electronic component distributors. We base these estimates on the expected value method considering all reasonably available information, including our historical experience and current expectations, and are reflected in the transaction price when sales are recorded. Changes in actual demand or market conditions could adversely or beneficially impact our reserve calculations.
Inventory Valuation. We value our inventory at the lower of cost or net realizable value. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory. Our reserves contain uncertainties because the calculation requires management to make assumptions and to apply judgment regarding historical experience, market conditions, and technological obsolescence. Changes in actual demand or market conditions could adversely impact our reserve calculations.
Income Taxes. The application of tax laws and regulations to calculate our tax liabilities is subject to legal and factual interpretation, judgment, and uncertainty in a multitude of jurisdictions. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings. We recognize potential liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes and interest will be due. We record an amount as an estimate of probable additional income tax liability at the largest amount that we feel is more likely than not, based upon the technical merits of the position, to be sustained upon audit by the relevant tax authority.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We are subject to overall financial market risks, such as changes in market liquidity, credit quality, investment risk, interest rate risk, and foreign exchange rate risk as described below.
Investment and Interest Rate Risk
Our exposure to interest rate and general market risks relates to our Term Credit Facility, which has variable interest rates, and our investment portfolio. As of September 29, 2023, there were $300.0 million of borrowings outstanding under the Term Credit Agreement, and a potential change in the associated interest rates would be immaterial to the results of our operations. Our investment portfolio consists of cash and cash equivalents (money market funds and marketable securities purchased with less than ninety days until maturity) that total approximately $718.8 million, and marketable securities (U.S. Treasury and government securities, and municipal bonds) that total approximately $15.6 million and $4.1 million within short-term and long-term marketable securities, respectively, as of September 29, 2023.
The main objectives of our investment activities are liquidity and preservation of capital. Our cash equivalent investments have short-term maturity periods that dampen the impact of market or interest rate risk. Our marketable securities consist of short-term and long-term maturity periods between 90 days and two years. Credit risk associated with our investments is not material because our investments are diversified across several types of securities with high credit ratings, which reduces the amount of credit exposure to any one investment.
Based on our results of operations for the fiscal year ended September 29, 2023, a hypothetical reduction in the interest rates on our cash, cash equivalents, and other investments to zero would result in an immaterial reduction of interest income with a de minimis impact on income before taxes.
We do not believe that investment or interest rate risks currently pose material exposures to our business or results of operations.
Foreign Exchange Rate Risk
Substantially all sales to customers and arrangements with third-party manufacturers provide for pricing and payment in United States dollars, thereby reducing the impact of foreign exchange rate fluctuations on our results. A percentage of our international operational expenses are denominated in foreign currencies, and exchange rate volatility could positively or negatively impact those operating costs. For the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, we had foreign exchange gains of $1.7 million and foreign exchange losses of $1.4 million and $0.5 million, respectively. Increases in the value of the United States dollar relative to other currencies could make our products more expensive, which could negatively impact our ability to compete in international markets. Conversely, decreases in the value of the United States dollar relative to other currencies could result in our suppliers raising their prices to continue doing business with us. Given the relatively small number of customers and arrangements with third-party manufacturers denominated in foreign currencies, we do not believe that foreign exchange volatility has a material impact on our current business or results of operations. However, fluctuations in currency exchange rates could have a greater effect on our business or results of operations in the future to the extent our expenses increasingly become denominated in foreign currencies.
We may enter into foreign currency forward and options contracts with financial institutions to protect against foreign exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions, forecasted future cash flows, and net investments in foreign subsidiaries. However, we may choose not to hedge certain foreign exchange exposures for a variety of reasons, including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. As of September 29, 2023, we had no outstanding foreign currency forward or options contracts with financial institutions.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The following consolidated financial statements of the Company are included herewith:
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| (7) | Notes to Consolidated Financial Statements | |
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Skyworks Solutions, Inc.:
Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying consolidated balance sheets of Skyworks Solutions, Inc. and subsidiaries (the Company) as of September 29, 2023 and September 30, 2022, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders’ equity for each of the years in the three-year period ended September 29, 2023, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of September 29, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 29, 2023 and September 30, 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended September 29, 2023, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 29, 2023 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Application of tax laws and regulations
As discussed in Note 2 and Note 8 to the consolidated financial statements, the Company recorded an income tax provision of $96.0 million for the year ended September 29, 2023, which is comprised of current and deferred taxes on domestic and foreign income. The application of tax laws and regulations to calculate tax liabilities is subject to legal and factual interpretation, judgment, and uncertainty in a multitude of jurisdictions. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings.
We identified the evaluation of the application of tax laws and regulations in certain jurisdictions as a critical audit matter. Challenging auditor judgment and the involvement of tax professionals with specialized skills and knowledge were required due to the Company’s application of the tax laws and regulations within the manually prepared income tax provision.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s income tax process, including controls relating to the application of the tax laws and regulations. We involved tax professionals with specialized skills and knowledge, who assisted in evaluating the Company’s application of the tax laws and regulations in certain jurisdictions, including the resulting calculations, within the manually prepared income tax provision.
/s/ KPMG LLP
We have served as the Company’s auditor since 2002.
Irvine, California
November 17, 2023
SKYWORKS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Net revenue | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
| Cost of goods sold | 2,665.1 | | | 2,881.2 | | | 2,596.7 | |
| Gross profit | 2,107.3 | | | 2,604.3 | | | 2,512.4 | |
| Operating expenses: | | | | | |
| Research and development | 606.8 | | | 617.9 | | | 532.3 | |
| Selling, general, and administrative | 314.0 | | | 329.8 | | | 322.5 | |
| Amortization of intangibles | 33.2 | | | 98.9 | | | 36.0 | |
| Restructuring, impairment, and other charges | 28.3 | | | 30.7 | | | 8.9 | |
| Total operating expenses | 982.3 | | | 1,077.3 | | | 899.7 | |
| Operating income | 1,125.0 | | | 1,527.0 | | | 1,612.7 | |
| Interest expense | (64.4) | | | (47.9) | | | (13.4) | |
Other income (expense), net | 18.2 | | | (2.5) | | | (0.6) | |
| Income before income taxes | 1,078.8 | | | 1,476.6 | | | 1,598.7 | |
| Provision for income taxes | 96.0 | | | 201.4 | | | 100.4 | |
| Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | |
| Earnings per share: | | | | | |
| Basic | $ | 6.17 | | | $ | 7.85 | | | $ | 9.07 | |
| Diluted | $ | 6.13 | | | $ | 7.81 | | | $ | 8.97 | |
| Weighted average shares: | | | | | |
| Basic | 159.4 | | | 162.4 | | | 165.2 | |
| Diluted | 160.3 | | | 163.3 | | | 167.0 | |
See accompanying Notes to Consolidated Financial Statements.
SKYWORKS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | |
| Other comprehensive income (loss), net of tax: | | | | | |
| Fair value of investments | — | | | (0.2) | | | (0.5) | |
| Pension adjustments | (0.8) | | | 3.3 | | | 0.4 | |
| Comprehensive income | $ | 982.0 | | | $ | 1,278.3 | | | $ | 1,498.2 | |
See accompanying Notes to Consolidated Financial Statements.
SKYWORKS SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 718.8 | | | $ | 566.0 | |
| Marketable securities | 15.6 | | | 20.3 | |
Receivables, net of allowances of $0.8 and $0.8, respectively | 864.3 | | | 1,094.0 | |
| Inventory | 1,119.7 | | | 1,212.1 | |
| Other current assets | 461.1 | | | 337.5 | |
| Total current assets | 3,179.5 | | | 3,229.9 | |
| Property, plant, and equipment, net | 1,390.1 | | | 1,604.8 | |
| Operating lease right-of-use assets | 205.4 | | | 223.0 | |
| Goodwill | 2,176.7 | | | 2,176.7 | |
| Intangible assets, net | 1,222.1 | | | 1,444.7 | |
| Deferred tax assets, net | 192.3 | | | 52.7 | |
| Marketable securities | 4.1 | | | 0.5 | |
| Other long-term assets | 56.5 | | | 141.5 | |
| Total assets | $ | 8,426.7 | | | $ | 8,873.8 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 159.2 | | | $ | 274.2 | |
| Accrued compensation and benefits | 94.3 | | | 114.3 | |
| Current portion of long-term debt | 299.4 | | | 499.2 | |
| Other current liabilities | 402.8 | | | 339.2 | |
| Total current liabilities | 955.7 | | | 1,226.9 | |
| Long-term debt | 992.9 | | | 1,689.9 | |
| Long-term tax liabilities | 162.8 | | | 213.5 | |
| Long-term operating lease liabilities | 188.7 | | | 206.9 | |
| Other long-term liabilities | 43.9 | | | 67.6 | |
| Total liabilities | 2,344.0 | | | 3,404.8 | |
Commitments and contingencies (Note 11) | | | |
| Stockholders’ equity: | | | |
Preferred stock, no par value: 25.0 shares authorized, no shares issued | — | | | — | |
Common stock, $0.25 par value: 525.0 shares authorized; 159.5 shares issued and outstanding at September 29, 2023, and 160.2 shares issued and outstanding at September 30, 2022 | 39.9 | | | 40.0 | |
| Additional paid-in capital | 172.4 | | | 11.9 | |
| | | |
| Retained earnings | 5,876.0 | | | 5,421.9 | |
| Accumulated other comprehensive loss | (5.6) | | | (4.8) | |
| Total stockholders’ equity | 6,082.7 | | | 5,469.0 | |
| Total liabilities and stockholders’ equity | $ | 8,426.7 | | | $ | 8,873.8 | |
See accompanying Notes to Consolidated Financial Statements.
SKYWORKS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Cash flows from operating activities: | | | | | |
| Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Share-based compensation | 185.1 | | | 195.2 | | | 191.9 | |
| Depreciation | 387.8 | | | 394.4 | | | 332.2 | |
| Amortization of intangible assets, including inventory step-up | 225.9 | | | 295.7 | | | 104.5 | |
| Deferred income taxes | (151.2) | | | 68.4 | | | (59.5) | |
| Asset impairment charges | 64.5 | | | 20.7 | | | 7.1 | |
| Amortization of debt discount and issuance costs | 4.0 | | | 4.0 | | | 1.1 | |
| Other, net | (3.5) | | | (1.5) | | | 0.2 | |
| Changes in assets and liabilities: | | | | | |
| Receivables, net | 229.8 | | | (337.8) | | | (397.7) | |
| Inventory | 90.8 | | | (337.3) | | | (41.2) | |
| Accounts payable | (87.1) | | | 31.3 | | | 59.6 | |
| Other current and long-term assets and liabilities | (72.5) | | | (183.7) | | | 75.5 | |
| Net cash provided by operating activities | 1,856.4 | | | 1,424.6 | | | 1,772.0 | |
| Cash flows from investing activities: | | | | | |
| Capital expenditures | (210.3) | | | (489.4) | | | (637.8) | |
| Purchased intangibles | (25.8) | | | (20.3) | | | (14.3) | |
| Purchases of marketable securities | (288.8) | | | (97.2) | | | (500.8) | |
| Sales and maturities of marketable securities | 294.0 | | | 220.3 | | | 770.7 | |
| Payments for acquisitions | — | | | — | | | (2,751.0) | |
| Other | 6.5 | | | 7.7 | | | — | |
| Net cash used in investing activities | (224.4) | | | (378.9) | | | (3,133.2) | |
| Cash flows from financing activities: | | | | | |
| Repurchase of common stock — payroll tax withholdings on equity awards | (35.9) | | | (88.5) | | | (55.2) | |
| Repurchase of common stock — stock repurchase program | (175.3) | | | (886.8) | | | (195.6) | |
| Dividends paid | (405.2) | | | (373.1) | | | (340.6) | |
| Net proceeds from exercise of stock options | 5.1 | | | 6.4 | | | 11.6 | |
| Proceeds from employee stock purchase plan | 32.1 | | | 29.4 | | | 24.8 | |
| Proceeds from issuance of long-term debt, net | — | | | — | | | 2,488.2 | |
| Debt financing costs | — | | | — | | | (5.8) | |
| Payments of debt | (900.0) | | | (50.0) | | | (250.0) | |
| Net cash (used in) provided by financing activities | (1,479.2) | | | (1,362.6) | | | 1,677.4 | |
| Net increase (decrease) in cash and cash equivalents | 152.8 | | | (316.9) | | | 316.2 | |
| Cash and cash equivalents at beginning of period | 566.0 | | | 882.9 | | | 566.7 | |
| Cash and cash equivalents at end of period | $ | 718.8 | | | $ | 566.0 | | | $ | 882.9 | |
| Supplemental cash flow disclosures: | | | | | |
| Income taxes paid | $ | 228.9 | | | $ | 230.0 | | | $ | 184.0 | |
| Interest paid | $ | 62.3 | | | $ | 44.4 | | | $ | 2.2 | |
| Incentives paid in common stock | $ | 19.2 | | | $ | 32.2 | | | $ | 27.5 | |
| Non-cash investing in capital expenditures, accrued but not paid | $ | 12.0 | | | $ | 43.2 | | | $ | 29.3 | |
See accompanying Notes to Consolidated Financial Statements.
SKYWORKS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 income (loss) | | Total stockholders’ equity |
| Balance at October 2, 2020 | 165.6 | | | $ | 41.4 | | | 66.7 | | | $ | (4,093.5) | | | $ | 3,403.7 | | | $ | 4,820.4 | | | $ | (7.8) | | | $ | 4,164.2 | |
| Net income | — | | — | | — | | — | | — | | 1,498.3 | | | — | | 1,498.3 | |
| Exercise and settlement of share-based awards, net of shares withheld for taxes | 1.1 | | | 0.3 | | | 0.4 | | | (55.2) | | | 63.6 | | | — | | | — | | | 8.7 | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 158.1 | | | — | | | — | | | 158.1 | |
| Stock repurchase program | (1.4) | | | (0.4) | | | (67.1) | | | 4,147.0 | | | (3,549.9) | | | (792.3) | | | — | | | (195.6) | |
| Dividends declared | — | | | — | | | — | | | — | | | — | | | (340.6) | | | — | | | (340.6) | |
| Pre-combination service on replacement awards | — | | | — | | | — | | | — | | | 4.1 | | | — | | | — | | | 4.1 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | (0.1) | | | (0.1) | |
| Balance at October 1, 2021 | 165.3 | | | $ | 41.3 | | | — | | | $ | (1.7) | | | $ | 79.6 | | | $ | 5,185.8 | | | $ | (7.9) | | | $ | 5,297.1 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 1,275.2 | | | — | | | 1,275.2 | |
| Exercise and settlement of share-based awards, net of shares withheld for taxes | 1.4 | | | 0.3 | | | 0.6 | | | (88.5) | | | 67.8 | | | — | | | — | | | (20.4) | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 173.9 | | | — | | | — | | | 173.9 | |
| Repurchase and retirement of common stock | (6.5) | | | (1.6) | | | (0.6) | | | 90.2 | | | (309.4) | | | (666.0) | | | — | | | (886.8) | |
| Dividends declared | — | | | — | | | — | | | — | | | — | | | (373.1) | | | — | | | (373.1) | |
| Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | 3.1 | | | 3.1 | |
| Balance at September 30, 2022 | 160.2 | | | $ | 40.0 | | | — | | | $ | — | | | $ | 11.9 | | | $ | 5,421.9 | | | $ | (4.8) | | | $ | 5,469.0 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 982.8 | | | — | | | 982.8 | |
| Exercise and settlement of share-based awards, net of shares withheld for taxes | 1.2 | | | 0.3 | | | 0.4 | | | (35.9) | | | 56.3 | | | — | | | — | | | 20.7 | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 191.5 | | | — | | | — | | | 191.5 | |
| Repurchase and retirement of common stock | (1.9) | | | (0.4) | | | (0.4) | | | 35.9 | | | (87.3) | | | (123.5) | | | — | | | (175.3) | |
| Dividends declared | — | | | — | | | — | | | — | | | — | | | (405.2) | | | — | | | (405.2) | |
| Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | (0.8) | | | (0.8) | |
| Balance at September 29, 2023 | 159.5 | | | $ | 39.9 | | | — | | | $ | — | | | $ | 172.4 | | | $ | 5,876.0 | | | $ | (5.6) | | | $ | 6,082.7 | |
See accompanying Notes to Consolidated Financial Statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS
Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. Certain items in the fiscal years 2022 and 2021 financial statements, including certain account groupings in the tax reconciliation disclosure, have been reclassified to conform to the fiscal 2023 presentation.
Fiscal Year
The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2023 , 2022, and 2021 each consisted of 52 weeks and ended on September 29, 2023, September 30, 2022, and October 1, 2021, respectively.
Use of Estimates
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, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates.
Cash and Cash Equivalents
The Company invests excess cash in money market funds, U.S. Treasury securities, agency securities, other government securities, and corporate debt securities. The Company considers highly liquid investments as cash equivalents including money market funds and investments with maturities of 90 days or less when purchased.
Investments
The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale debt securities with an original maturity date exceeding one year are classified as long-term.
Fair Value
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market in an orderly transaction between market participants at the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows:
•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.
It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.
The Company measures certain assets and liabilities at fair value on a recurring basis in three levels, based on the market in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. It recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred.
The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximates fair value due to the short-term maturities of these assets and liabilities.
Inventory
Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory.
Property, Plant, and Equipment
Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred.
Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and five to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease.
Leases
The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet.
Valuation of Long-Lived Assets
Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated based on the pattern of benefit to be recognized from the underlying asset over its estimated useful life. Carrying values for long-lived assets and definite lived intangible assets are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of
management whenever asset values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model, or changes in its operating performance. If the sum of the undiscounted cash flows is less than the carrying value of an asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset group.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually as of the first day of the fourth fiscal quarter for impairment or more frequently if indicators of impairment exist during the fiscal year. The Company assesses its conclusion regarding segments and reporting units in conjunction with its annual goodwill impairment test and has determined that it has one reporting unit for the purposes of allocating and testing goodwill.
The Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. In the Company’s calculation of fair value, it considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the reporting unit, an impairment loss is recognized equal to that excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Business Combinations
The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the acquired identifiable net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income, or cost approaches. The valuation involves making significant estimates and assumptions, which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital, and any cost savings that are expected to be derived in the future from the viewpoint of a market participant.
Revenue Recognition
The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in FASB ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material, and warranty-related services are not considered a separate performance obligation.
Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records
net revenue excluding taxes on its sales to trade customers. The Company recognizes shipping fees, if any, received from customers in revenue and includes the related shipping and handling costs in cost of revenue.
Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Substantially all payments are collected within the Company’s standard terms, which do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the consolidated balance sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.
Share-Based Compensation
The Company recognizes compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards and units, employee stock purchase plan, and other special share-based awards based on estimated fair values. The determination of fair value of restricted and certain performance stock awards and units is based on the value of the Company’s stock on the date of grant with performance awards and units adjusted for the actual outcome of the underlying performance condition. For more complex performance awards including units with market-based performance conditions the Company employs a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to: the expected stock price volatility over the term of the award, a correlation coefficient, the risk-free rate, and dividend yield.
The fair value of share-based payment awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company generally uses a straight-line attribution method for all grants that include only a service condition. Awards with both performance and service conditions are expensed over the service period for each separately vesting tranche.
Share-based compensation expense recognized during the period includes actual expense on vested awards and expense associated with unvested awards. Forfeitures are recorded as incurred.
Research and Development Costs
Research and development costs are expensed as incurred.
Loss Contingencies
The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the minimum estimated liability related to the claim is recorded. As additional information becomes available, the Company assesses the potential liability related to the potential pending loss contingency and revises its estimates. Material loss contingencies are disclosed if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and include estimated legal costs.
Restructuring
A liability for post-employment benefits is recorded when payment is probable and the amount is reasonably estimable. Contract exit costs include contract termination fees and are recognized in the period in which the Company terminates the contract.
Foreign Currencies
The Company’s functional currency is the United States dollar. Gains and losses related to foreign currency transactions and conversion of foreign denominated cash balances are included in current results.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The carrying value of the Company’s net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its Consolidated Statement of Operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made.
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income in the jurisdiction that generated the deferred tax assets. This assessment requires management to exercise judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income, and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company’s ability to develop products to its customers’ specifications, technological change, the competitive environment, and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets.
The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax liabilities or benefits as a component of income tax expense.
Earnings Per Share
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan using the treasury share 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.
Stock Repurchase
The Company accounts for stock repurchases in the consolidated balance sheet by reducing common stock for the par value of the shares, reducing paid-in capital for the amount in excess of par to zero during the period in which the shares are repurchased, and recording the residual amount, if any, to retained earnings. Excise tax on stock repurchases is recorded as part of the cost basis of shares acquired in the consolidated statement of stockholders’ equity.
Government Assistance
The Company receives government assistance for qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the incentive. Incentives provided by government entities are recognized when the Company has reasonable assurance that it will comply with the conditions of the incentive and the incentive will be received. The Company records capital-related incentives as a reduction to property, plant and equipment and recognizes a reduction to depreciation expense over the useful life of the corresponding asset. Incentives for specific operating activities are offset against the related expense in the period the expense is incurred. As of September 29, 2023, the Company has recognized $10.2 million of receivables in other short-term assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets, recorded as a reduction to cost of goods sold as the related assets depreciate. The Company recognized an immaterial benefit in the consolidated statement of operations in fiscal 2023 for grants related to operating activities.
Recently Adopted Accounting Pronouncements and Other Developments
In November 2021, the Financial Accounting Standards Board issued ASU 2021-10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) to increase transparency of government assistance received by most business entities. The standard requires annual disclosures of the nature of the transactions, including the commitments, contingencies, and the terms and conditions attached to the grant, the form in which the assistance was provided, the accounting policies used to account for the transactions and the effect of the transactions on the entity's financial statements. The Company adopted ASU 2021-10 in fiscal 2023 and the adoption did not have a significant impact on the consolidated financial statements.
In August 2022, the U.S. government enacted the CHIPS and Science Act, which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing that is placed in service after December 31, 2022. This new law did not have a material impact to the Company in fiscal 2023.
In August 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion, as well as a 1% excise tax on corporate stock repurchases made after December 31, 2022. The Company did not incur an excise tax on stock repurchases in fiscal 2023 and is currently evaluating the provisions of CAMT and its potential impact to the Company. CAMT is effective for the Company in fiscal 2024.
3. MARKETABLE SECURITIES
The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Current | | Noncurrent |
| September 29,
2023 | | September 30,
2022 | | September 29,
2023 | | September 30,
2022 |
| U.S. Treasury and government | $ | 15.1 | | | $ | 13.1 | | | $ | 4.1 | | | $ | 0.5 | |
| Corporate bonds and notes | — | | | 0.2 | | | — | | | — | |
| Municipal bonds | 0.5 | | | 7.0 | | | — | | | — | |
| Total marketable securities | $ | 15.6 | | | $ | 20.3 | | | $ | 4.1 | | | $ | 0.5 | |
The contractual maturities of noncurrent available-for-sale marketable securities were within two years or less of issuance of the applicable securities. Neither gross unrealized gains and losses nor realized gains and losses were material as of September 29, 2023, and September 30, 2022, respectively.
4. FAIR VALUE
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2, or 3 assets or liabilities during fiscal 2023.
Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of September 29, 2023 | | As of September 30, 2022 |
| | | 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 (1) | $ | 718.8 | | | $ | 718.5 | | | $ | 0.3 | | | $ | — | | | $ | 566.0 | | | $ | 565.7 | | | $ | 0.3 | | | $ | — | |
| U.S. Treasury and government securities | 19.2 | | | — | | | 19.2 | | | — | | | 13.6 | | | 3.6 | | | 10.0 | | | — | |
| Corporate bonds and notes | — | | | — | | | — | | | — | | | 0.2 | | | — | | | 0.2 | | | — | |
| Municipal bonds | 0.5 | | | — | | | 0.5 | | | — | | | 7.0 | | | — | | | 7.0 | | | — | |
| Total assets at fair value | $ | 738.5 | | | $ | 718.5 | | | $ | 20.0 | | | $ | — | | | $ | 586.8 | | | $ | 569.3 | | | $ | 17.5 | | | $ | — | |
(1) Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, US Treasury and government securities, 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. During fiscal 2023, the Company recorded impairment charges of $64.5 million primarily due to reduced overall market demand related to long-term supply capacity deposits of $47.5 million recorded within cost of goods sold and a loss on divested assets of $12.3 million recorded within restructuring, impairment, and other. During the fiscal years ended September 30, 2022, and October 1, 2021, the Company recorded impairment charges of $20.7 million and $7.1 million, respectively.
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. The carrying value of the Term Loans approximates its fair value as the Term Loans are carried at a market observable interest rate that resets periodically.
The carrying amount and estimated fair value of debt under Senior Notes consists of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value |
| 0.90% Senior Notes due 2023 | $ | — | | | $ | — | | | $ | 499.2 | | | $ | 488.5 | |
| 1.80% Senior Notes due 2026 | 497.7 | | | 444.5 | | | 496.8 | | 431.2 | |
| 3.00% Senior Notes due 2031 | 495.2 | | | 390.4 | | | 494.5 | | 377.6 | |
| Total debt under Senior Notes | $ | 992.9 | | | $ | 834.9 | | | $ | 1,490.5 | | | $ | 1,297.3 | |
5. INVENTORY
Inventory consists of the following (in millions):
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Raw materials | $ | 57.2 | | | $ | 81.3 | |
| Work-in-process | 746.8 | | | 805.3 | |
| Finished goods | 315.7 | | | 325.5 | |
| Total inventory | $ | 1,119.7 | | | $ | 1,212.1 | |
6. PROPERTY, PLANT, AND EQUIPMENT, NET
Property, plant, and equipment, net consists of the following (in millions):
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Land and improvements | $ | 11.8 | | | $ | 11.9 | |
| Buildings and improvements | 588.2 | | | 555.6 | |
| Furniture and fixtures | 74.8 | | | 70.1 | |
| Machinery and equipment | 3,389.3 | | | 3,316.3 | |
| Construction in progress | 107.6 | | | 157.2 | |
| Total property, plant, and equipment, gross | 4,171.7 | | | 4,111.1 | |
| Accumulated depreciation | (2,781.6) | | | (2,506.3) | |
| Total property, plant, and equipment, net | $ | 1,390.1 | | | $ | 1,604.8 | |
7. GOODWILL AND INTANGIBLE ASSETS
The Company’s goodwill balance was $2,176.7 million as of each of September 29, 2023, and September 30, 2022. The Company performed an impairment test of its goodwill and its indefinite-lived intangible assets as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of these tests indicated that the Company’s goodwill and indefinite-lived intangible assets were not impaired. There were no indicators of impairment noted during the fiscal year ended September 29, 2023.
Intangible assets consist of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of | | As of |
|
Weighted average amortization period (years) | | September 29, 2023 | | September 30, 2022 |
| | Gross carrying amount | |
Accumulated amortization | | Net carrying amount | | Gross carrying amount | |
Accumulated amortization | | Net carrying amount |
| Customer relationships and backlog | 2.3 | | $ | 154.6 | | | $ | (154.6) | | | $ | — | | | $ | 154.6 | | | $ | (122.3) | | | $ | 32.3 | |
| Developed technology and other | 6.1 | | 1,290.4 | | | (379.4) | | | 911.0 | | | 1,280.9 | | | (209.2) | | | 1,071.7 | |
| Technology licenses | 2.8 | | 75.8 | | | (36.0) | | | 39.8 | | | 105.1 | | | (45.2) | | | 59.9 | |
| In-process research and development | | | 271.3 | | | — | | | 271.3 | | | 280.8 | | | — | | | 280.8 | |
| Total intangible assets | | | $ | 1,792.1 | | | $ | (570.0) | | | $ | 1,222.1 | | | $ | 1,821.4 | | | $ | (376.7) | | | $ | 1,444.7 | |
Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During fiscal 2023 and fiscal 2022, $9.5 million and $293.5 million, respectively, of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. Amortization expense related to definite-lived intangible assets was $225.9 million, $288.4 million, and $86.8 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 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):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter |
| Amortization expense | $ | 179.1 | | | $ | 155.7 | | | $ | 127.8 | | | $ | 112.6 | | | $ | 89.9 | | | $ | 285.7 | |
8. INCOME TAXES
Income before income taxes consists of the following components (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| United States | $ | 484.9 | | | $ | 663.0 | | | $ | 804.7 | |
| Foreign | 593.9 | | | 813.6 | | | 794.0 | |
| Income before income taxes | $ | 1,078.8 | | | $ | 1,476.6 | | | $ | 1,598.7 | |
The provision for income taxes consists of the following components (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
Current tax expense: | | | | | |
| Federal | $ | 164.4 | | | $ | 88.7 | | | $ | 87.5 | |
| State | 0.1 | | | 0.1 | | | — | |
| Foreign | 74.4 | | | 51.5 | | | 70.7 | |
| 238.9 | | | 140.3 | | | 158.2 | |
| Deferred tax expense (benefit): | | | | | |
| Federal | (102.4) | | | 43.9 | | | (45.8) | |
| State | (0.1) | | | 0.1 | | | (0.1) | |
| Foreign | (40.4) | | | 17.1 | | | (11.9) | |
| (142.9) | | | 61.1 | | | (57.8) | |
| | | | | |
| Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
The actual income tax expense is different than that which would have been computed by applying the federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Tax expense at United States statutory rate | $ | 226.5 | | | $ | 310.1 | | | $ | 335.7 | |
| Foreign tax rate difference | (90.7) | | | (105.3) | | | (111.7) | |
| Effect of stock compensation | 16.0 | | | (13.1) | | | (6.7) | |
| Research and development credits | (29.7) | | | (26.1) | | | (27.0) | |
| Change in tax reserve | 8.1 | | | 7.4 | | | (51.5) | |
| Global Intangible Low-Taxed Income | 16.3 | | | 36.1 | | | 25.5 | |
| Foreign Derived Intangible Income | (65.9) | | | (39.9) | | | (79.7) | |
| Other, net | 15.4 | | | 32.2 | | | 15.8 | |
| Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
The Company operates in foreign jurisdictions with income tax rates lower than the United States tax rate of 21.0% for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021.
The Company had accrued $34.9 million and $105.8 million of the deemed repatriation tax in short-term and long-term liabilities within the consolidated balance sheet, respectively, as of September 29, 2023. The Company had accrued $18.6 million and $139.7 million of the deemed repatriation tax in short-term and long-term liabilities within the consolidated balance sheet, respectively, as of September 30, 2022. The remaining repatriation tax is payable over the next three years: $34.9 million in 2024, $47.6 million in 2025, and $58.2 million in 2026.
On October 2, 2010, the Company expanded its presence in Asia by launching operations in Singapore. The Company operates under a tax holiday in Singapore, which is effective through September 30, 2030. The current tax holiday is conditioned upon the Company’s compliance with certain employment and investment thresholds in Singapore. The impact of the tax holiday decreased Singapore taxes owed by $66.0 million, $96.6 million, and $99.5 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, respectively, which resulted in tax benefits of $0.41, $0.59, and $0.60 of diluted earnings per share, respectively. These tax benefits were partially offset by an increase in tax expense on GILTI.
Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions):
| | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 |
Deferred tax assets: | | | |
| Inventory | $ | 24.1 | | | $ | 21.4 | |
| Accrued compensation and benefits | 14.4 | | | 11.6 | |
| Product returns, allowances, and warranty | 7.0 | | | 1.5 | |
| Share-based and other deferred compensation | 24.5 | | | 27.8 | |
| Net operating loss carry forwards | 12.2 | | | 14.0 | |
| Non-United States tax credits | 15.7 | | | 17.0 | |
| State tax credits | 140.0 | | | 138.0 | |
| Operating leases | 45.6 | | | 56.8 | |
R&D capitalization | 95.3 | | | — | |
| Intangible assets | 34.0 | | | 20.4 | |
| Property, plant, and equipment | 34.5 | | | 31.4 | |
| Other, net | 13.9 | | | 8.7 | |
| Deferred tax assets | 461.2 | | | 348.6 | |
| Less valuation allowance | (164.2) | | | (161.4) | |
| Net deferred tax assets | 297.0 | | | 187.2 | |
Deferred tax liabilities: | | | |
| Property, plant, and equipment | (52.8) | | | (59.2) | |
| Intangible assets | (9.6) | | | (4.7) | |
| Operating leases | (44.3) | | | (51.5) | |
| Other, net | (7.1) | | | (39.7) | |
| Net deferred tax liabilities | (113.8) | | | (155.1) | |
| Total net deferred tax assets | $ | 183.2 | | | $ | 32.1 | |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows:
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Deferred tax assets | $ | 192.3 | | | $ | 52.7 | |
| Deferred tax liabilities | (9.1) | | | (20.6) | |
| Net deferred tax asset | $ | 183.2 | | | $ | 32.1 | |
In accordance with GAAP, management has determined that it is more likely than not that a portion of the Company’s historic and current year income tax benefits will not be realized. As of September 29, 2023, the Company has a valuation allowance of $164.2 million. This valuation allowance is comprised of $140.0 million related to United States tax credits, $4.0 million related to United States state net operating loss carry forwards, and $20.2 million related to foreign deferred tax assets. The United States tax credits relate primarily to California research tax credits that can be carried forward indefinitely, for which the Company has provided a full valuation allowance. The Company does not anticipate sufficient taxable income or tax liability to utilize the United States and foreign credits. If these benefits are recognized in a future period, the valuation allowance on deferred tax assets will be reversed and up to a $164.2 million income tax benefit may be recognized. The Company will need
to generate $656.6 million of future United States federal taxable income to utilize its United States deferred tax assets, net of deferred tax liabilities and excluding state deferred tax assets with a full valuation allowance, as of September 29, 2023. The Company believes that future reversals of taxable temporary differences, and its forecast of continued earnings in its domestic and foreign jurisdictions, support its decision to not record a valuation allowance on other deferred tax assets. The Company will continue to assess its valuation allowance in future periods. The net valuation allowance increased by $2.8 million and $11.4 million in fiscal 2023 and fiscal 2022, respectively, primarily related to increases in state tax credit carryovers.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
| | | | | |
| Unrecognized tax benefits |
| Balance at September 30, 2022 | $ | 62.5 | |
Increases based on positions related to prior years | 25.4 | |
Decreases based on positions related to prior years | (21.7) | |
| Increases based on positions related to current year | 3.7 | |
Decreases based on settlements with taxing authorities | (12.0) | |
| Balance at September 29, 2023 | $ | 57.9 | |
Of the total unrecognized tax benefits at September 29, 2023, $40.4 million would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain positions that were required to be capitalized.
The Company anticipates reversals within the next 12 months related to items such as the lapse of the statute of limitations, audit closures, and other items that occur in the normal course of business. Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $13.1 million in the next 12 months due to expiration of the applicable statute of limitations. During fiscal 2023 and fiscal 2022, the Company recognized $2.9 million and $1.2 million, respectively, of interest or penalties related to unrecognized tax benefits. During fiscal 2021, the Company recognized an $11.6 million benefit for interest and penalties related to unrecognized tax benefits. Accrued interest and penalties of $6.2 million and $5.7 million related to uncertain tax positions have been included in long-term tax liabilities within the consolidated balance sheet as of September 29, 2023, and September 30, 2022, respectively.
During fiscal 2023, the Company concluded an Internal Revenue Service examination of its federal income tax returns for the fiscal year ended September 28, 2018 (“fiscal 2018”) and the fiscal year ended September 27, 2019 (“fiscal 2019”). The Company agreed to various adjustments to fiscal 2018 and fiscal 2019 tax returns that resulted in the recognition of net tax expense of $1.6 million during fiscal 2023.
The Company’s major tax jurisdictions as of September 29, 2023, are the United States, California, Canada, Mexico, Japan, and Singapore. For the United States, the Company has open tax years dating back to fiscal 2020. For California, the Company has open tax years dating back to fiscal 2004. For Canada, the Company has open tax years dating back to fiscal 2016. For Mexico, the Company has open tax years dating back to fiscal 2013. For Japan, the Company has open tax years dating back to fiscal 2016. For Singapore, the Company has open tax years dating back to fiscal 2019. The Company is subject to audit examinations by the respective taxing authorities on a periodic basis, of which the results could impact its financial position, results of operations, or cash flows.
9. STOCKHOLDERS’ EQUITY
Common Stock
At September 29, 2023, the Company is authorized to issue 525.0 million shares of common stock, par value $0.25 per share, of which 159.5 million shares are issued and outstanding.
Holders of the Company’s common stock are entitled to dividends in the event declared by the Company’s Board of Directors out of funds legally available for such purpose. Dividends may not be paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or declared and set aside. In the event of the Company’s liquidation, dissolution, or winding up, the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock.
Each holder of the Company’s common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common stock is entitled to cumulate votes in voting for directors. The Company’s restated certificate of incorporation as amended to date (the “Certificate of Incorporation”) provides that, unless otherwise determined by the Company’s Board of Directors, no holder of stock has any preemptive right to purchase or subscribe for any stock of any class which the Company may issue or sell.
Preferred Stock
The Company’s Certificate of Incorporation has authorized and permits the Company to issue up to 25.0 million shares of preferred stock without par value in one or more series and with rights and preferences that may be fixed or designated by the Company’s Board of Directors without any further action by the Company’s stockholders. The designation, powers, preferences, rights and qualifications, limitations, and restrictions of the preferred stock of each series will be fixed by the certificate of designation relating to such series, which will specify the terms of the preferred stock. At September 29, 2023, the Company had no shares of preferred stock issued or outstanding.
Stock Repurchase and Retirement
On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 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 through February 1, 2025, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. The January 31, 2023 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 26, 2021 (“January 26, 2021 stock repurchase program”). The timing and amount of any shares of the Company’s common stock that are repurchased under the January 31, 2023 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The January 31, 2023 stock repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the January 31, 2023 stock repurchase program using the Company’s working capital.
During the fiscal year ended September 29, 2023, the Company paid approximately $175.3 million (including commissions) in connection with the repurchase of 1.9 million shares of its common stock (paying an average price of $90.60 per share) all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program. As of September 29, 2023, $2.0 billion remained available under the January 31, 2023 stock repurchase program.
During the fiscal year ended September 30, 2022, the Company paid approximately $886.8 million (including commissions) in connection with the repurchase of 6.5 million shares of its common stock (paying an average price of $136.32 per share) all of which shares were repurchased pursuant to the January 26, 2021, stock repurchase program. During the fiscal year ended October 1, 2021, the Company paid approximately $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.
During the fiscal years ended September 30, 2022 and October 1, 2021, the Board of Directors approved the retirement of 6.2 million and 68.5 million treasury shares at an aggregate historical cost of $893.4 million and $4,342.6 million, respectively. Upon retirement, the shares assumed the status of authorized and unissued. All future repurchases of shares will assume the status of authorized and unissued.
Dividends
On November 2, 2023, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.68 per share. This dividend is payable on December 12, 2023, to the Company’s stockholders of record as
of the close of business on November 21, 2023. Future dividends are subject to declaration by the Board of Directors. The dividends charged to retained earnings in fiscal 2023 and 2022 were as follows (in millions except per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 |
| Per Share | | Total | | Per Share | | Total |
| First quarter | $ | 0.62 | | | $ | 99.4 | | | $ | 0.56 | | | $ | 92.5 | |
| Second quarter | 0.62 | | | 98.6 | | | 0.56 | | | 91.2 | |
| Third quarter | 0.62 | | | 98.7 | | | 0.56 | | | 90.0 | |
| Fourth quarter | 0.68 | | | 108.5 | | | 0.62 | | | 99.4 | |
| $ | 2.54 | | | $ | 405.2 | | | $ | 2.30 | | | $ | 373.1 | |
| | | | | | | |
Employee Stock Benefit Plans
As of September 29, 2023, the Company has the following equity compensation plans under which its equity securities were authorized for issuance to its employees and/or directors:
◦the 2002 Employee Stock Purchase Plan
◦the Non-Qualified Employee Stock Purchase Plan
◦the 2008 Director Long-Term Incentive Plan
◦the 2015 Long-Term Incentive Plan
Except for the Non-Qualified Employee Stock Purchase Plan, each of the foregoing equity compensation plans was approved by the Company’s stockholders.
As of September 29, 2023, a total of 37.5 million shares are authorized for grant under the Company’s share-based compensation plans. The number of common shares reserved for future awards to employees and directors under these plans was 10.5 million at September 29, 2023. The Company currently grants new equity awards to employees under the 2015 Long-Term Incentive Plan and to non-employee directors under the 2008 Director Long-Term Incentive Plan.
2015 Long-Term Incentive Plan. Under this plan, officers, employees, and certain consultants may be granted stock options, restricted stock units, performance stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan, up to 24.5 million shares have been authorized for grant. A total of 8.9 million shares were available for new grants as of September 29, 2023. The maximum contractual term of options under the plan is seven years from the date of grant. Options granted under the plan at the determination of the compensation committee generally vest ratably over four years. Restricted stock units granted under the plan at the determination of the compensation committee generally vest over three or more years. No dividends or dividend equivalents are accumulated or paid with respect to restricted stock unit awards or other awards until the shares underlying such awards vest and are issued to the award holder. Performance stock units are contingently granted depending on the achievement of certain predetermined performance goals and generally vest over one or more years.
2008 Director Long-Term Incentive Plan. Under this plan, non-employee directors may be granted stock options, restricted stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan a total of 1.5 million shares have been authorized for grant. A total of 0.5 million shares were available for new grants as of September 29, 2023. The maximum contractual term of options granted under the plan is ten years from the date of grant. Options granted under the plan generally vest ratably over four years. Restricted stock units granted under the plan generally vest over one or more years.
Employee Stock Purchase Plans. The Company maintains a domestic and an international employee stock purchase plan. Under these plans, eligible employees may purchase common stock through payroll deductions of up to 15% of their compensation. The price per share is the lower of 85% of the fair market value of the common stock at the beginning or end of each offering period (six months). The plans provide for purchases by employees of up to an aggregate of 11.6 million shares. Shares of common stock purchased under these plans in the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, were 0.3 million, 0.3 million, and 0.2 million, respectively. At September 29, 2023, there were 1.0 million shares available for purchase. The Company recognized compensation expense of $10.9 million, $9.2 million, and $8.7 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, respectively, related to the employee stock
purchase plan. The unrecognized compensation expense on the employee stock purchase plan at September 29, 2023, was $3.5 million. The weighted average period over which the cost is expected to be recognized is approximately four months.
Restricted and Performance Awards and Units
The following table represents a summary of the Company’s restricted and performance awards and units:
| | | | | | | | | | | |
| Shares (in millions) | | Weighted average grant date fair value |
| Non-vested awards outstanding at September 30, 2022 | 2.4 | | | $ | 139.63 | |
| Granted (1) | 2.6 | | | $ | 92.86 | |
| Vested | (1.2) | | | $ | 123.60 | |
| Canceled/forfeited | (0.4) | | | $ | 112.15 | |
| Non-vested awards outstanding at September 29, 2023 | 3.4 | | | $ | 112.69 | |
(1) includes performance stock awards granted and earned assuming target performance under the underlying performance metrics |
The weighted-average grant date fair value per share for awards granted during the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, was $92.86, $151.20, and $148.96, respectively.
The following table summarizes the total intrinsic value for awards vested (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Awards | $ | 111.9 | | | $ | 249.6 | | | $ | 167.4 | |
Valuation and Expense Information
The following table summarizes pre-tax share-based compensation expense by financial statement line and related tax benefit (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Cost of goods sold | $ | 20.7 | | | $ | 26.9 | | | $ | 28.9 | |
| Research and development | 94.8 | | | 93.8 | | | 85.7 | |
| Selling, general, and administrative | 69.6 | | | 74.5 | | | 77.3 | |
| Total share-based compensation expense | $ | 185.1 | | | $ | 195.2 | | | $ | 191.9 | |
| | | | | |
Share-based compensation tax expense (benefit) | $ | 9.1 | | | $ | (20.1) | | | $ | (13.5) | |
| Capitalized share-based compensation expense at period end | $ | 14.5 | | | $ | 6.8 | | | $ | 9.8 | |
The following table summarizes total compensation costs related to unvested share-based awards not yet recognized and the weighted-average period over which it is expected to be recognized at September 29, 2023:
| | | | | | | | | | | |
| Unrecognized compensation cost for unvested awards
(in millions) | | Weighted average remaining recognition period
(in years) |
| Awards | $ | 242.3 | | | 2.6 |
The fair value of the restricted stock units is equal to the closing market price of the Company’s common stock on the date of grant.
The Company issued performance stock unit awards during fiscal 2023, fiscal 2022, and fiscal 2021 that contained market-based conditions. The fair value of these performance stock unit awards was estimated on the date of the grant using a Monte Carlo simulation with the following weighted average assumptions:
| | | | | | | | | | | | | | | | | |
| Fiscal Year Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Volatility of common stock | 45.71 | % | | 44.04 | % | | 43.20 | % |
| Average volatility of peer companies | 40.74 | % | | 46.28 | % | | 45.96 | % |
| Average correlation coefficient of peer companies | 0.65 | | | 0.65 | | | 0.65 | |
| Risk-free interest rate | 4.51 | % | | 0.79 | % | | 0.25 | % |
| Dividend yield | 2.80 | % | | 1.40 | % | | 1.39 | % |
10. LEASES
The Company’s lease arrangements consist primarily of corporate, manufacturing, design, and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2061, some of which include options to extend the lease term. The longest potential total lease term consists of a 40-year land lease in Osaka, Japan.
During the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, the Company recorded $39.8 million, $43.6 million, and $33.9 million of operating lease expense, and $19.2 million, $12.3 million, and $3.2 million of variable lease expense, respectively.
Supplemental cash information and non-cash activities related to operating leases are as follows (in millions):
| | | | | | | | | | | | | | | | | | | |
| | | Fiscal Year Ended |
| | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Operating cash outflows from operating leases | | | $ | 34.0 | | | $ | 32.0 | | | $ | 32.5 | |
| Operating lease assets obtained in exchange for new lease liabilities | | | $ | 11.1 | | | $ | 84.6 | | | $ | 24.8 | |
Operating leases are classified as follows (in millions):
| | | | | | | | | | | | | |
| | | As of |
| | | September 29,
2023 | | September 30,
2022 |
| Other current liabilities | | | $ | 28.3 | | | $ | 18.5 | |
| Long-term operating lease liabilities | | | 188.7 | | | 206.9 | |
| Total lease liabilities | | | $ | 217.0 | | | $ | 225.4 | |
Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions):
| | | | | |
| As of |
| September 29,
2023 |
| 2024 | $ | 20.6 | |
| 2025 | 32.7 | |
| 2026 | 29.3 | |
| 2027 | 28.5 | |
2028 | 26.3 | |
| Thereafter | 123.9 | |
| Total lease payments | 261.3 | |
| Less: imputed interest | (44.3) | |
| Present value of lease liabilities | 217.0 | |
| Less: current portion (included in other current liabilities) | (28.3) | |
| Total | $ | 188.7 | |
Weighted-average remaining lease term and discount rate related to operating leases are as follows:
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Weighted-average remaining lease term (years) | 12.3 | | 12.1 |
| Weighted-average discount rate | 3.6 | % | | 3.3 | % |
11. 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. 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.
Purchase Commitments
The Company purchases materials primarily pursuant to individual purchase orders, some of which have underlying master purchase agreements. Some of these purchase commitments are cancellable, and some are non-cancelable, depending on the terms with each individual supplier. In the event of cancellation, the Company may be required to pay costs incurred through the date of cancellation or other fees. When cancellation would result in incurring costs or other fees, the Company has historically sought to negotiate amended terms to the original agreements and orders to limit its exposure and, as such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future commitments.
The Company maintains certain minimum purchase commitments under long-term capacity reservation agreements primarily with foundries for the purchase of wafers. Under these agreements, the Company agreed to pay refundable deposits to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreements. During fiscal 2023, the Company recorded impairment charges of $47.5 million within cost of goods sold due to reduced overall market demand related to long-term supply capacity deposits. As of September 29, 2023, the remaining deposits under the long-term capacity reservation agreements were $43.0 million and $16.0 million recorded within other current assets and other long-term assets, respectively.
12. 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.
13. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | |
| | | | | |
| Weighted average shares outstanding – basic | 159.4 | | | 162.4 | | | 165.2 | |
| Dilutive effect of equity-based awards | 0.9 | | | 0.9 | | | 1.8 | |
| Weighted average shares outstanding – diluted | 160.3 | | | 163.3 | | | 167.0 | |
| | | | | |
| Net income per share – basic | $ | 6.17 | | | $ | 7.85 | | | $ | 9.07 | |
| Net income per share – diluted | $ | 6.13 | | | $ | 7.81 | | | $ | 8.97 | |
| | | | | |
| Anti-dilutive common stock equivalents | 0.1 | | | 0.7 | | | — | |
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 fiscal years ended September 29, 2023, September 30, 2022, and October 1, 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.
14. SEGMENT INFORMATION AND CONCENTRATIONS
The Company has a single reportable operating segment which designs, develops, manufactures, and markets similar proprietary semiconductor products, including intellectual property. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the president and chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually.
Disaggregation of Revenue and Geographic Information
The Company presents net revenue by geographic area based upon the location of the OEMs’ headquarters and 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 on sales region. Net revenue by geographic area is as follows (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| United States | $ | 3,603.9 | | | $ | 3,685.7 | | | $ | 3,228.1 | |
| China | 358.3 | | | 599.6 | | | 994.2 | |
| Taiwan | 344.4 | | | 430.4 | | | 404.2 | |
| Europe, Middle East, and Africa | 204.2 | | | 235.8 | | | 180.1 | |
| South Korea | 198.3 | | | 458.2 | | | 264.5 | |
| Other Asia-Pacific | 63.3 | | | 75.8 | | | 38.0 | |
| Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
Net revenue by sales channel is as follows (in millions):
| | | | | | | | | | | | | | | | | |
| Fiscal Years Ended |
| September 29,
2023 | | September 30,
2022 | | October 1,
2021 |
| Distributors | $ | 4,235.7 | | | $ | 4,488.1 | | | $ | 4,539.7 | |
| Direct customers | 536.7 | | | 997.4 | | | 569.4 | |
| Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
The Company’s revenue from external customers is generated principally from the sale of semiconductor products. Accordingly, the Company considers its product offerings to be similar in nature and therefore not segregated for reporting purposes.
Net property, plant, and equipment balances, based on the physical locations within the indicated geographic areas are as follows (in millions):
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Japan | $ | 606.4 | | | $ | 679.7 | |
| Singapore | 307.5 | | | 363.3 | |
| Mexico | 233.1 | | | 296.7 | |
| United States | 219.7 | | | 246.0 | |
| Rest of world | 23.4 | | | 19.1 | |
| $ | 1,390.1 | | | $ | 1,604.8 | |
Concentrations
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of trade accounts receivable. Trade accounts receivable are primarily derived from sales to manufacturers of communications and consumer products and electronic component distributors. The Company performs ongoing credit evaluations of customers.
In fiscal 2023, 2022, and 2021, Apple, through sales to multiple distributors, contract manufacturers, and direct sales for multiple applications including smartphones, tablets, desktop, and notebook computers, watches and other devices, in the aggregate accounted for 66%, 58%, and 59% of the Company’s net revenue, respectively.
At September 29, 2023, the Company’s three largest accounts receivable balances comprised 83% of aggregate gross accounts receivable. This concentration was 79% at September 30, 2022, and 70% at October 1, 2021.
15. SUPPLEMENTAL FINANCIAL INFORMATION
Other current assets consist of the following (in millions):
| | | | | | | | | | | |
| As of |
| September 30,
2022 | | October 1,
2021 |
| Prepaid expenses | $ | 306.0 | | | $ | 242.3 | |
| Other | 155.1 | | 95.2 | |
| Total other current assets | $ | 461.1 | | | $ | 337.5 | |
Other current liabilities consist of the following (in millions):
| | | | | | | | | | | |
| As of |
| September 29,
2023 | | September 30,
2022 |
| Accrued customer liabilities | $ | 270.9 | | | $ | 226.9 | |
| Accrued taxes | 58.8 | | | 48.8 | |
| Short-term operating lease liabilities | 28.3 | | | 18.5 | |
| Other | 44.8 | | | 45.0 | |
| Total other current liabilities | $ | 402.8 | | | $ | 339.2 | |
16. DEBT
Debt consists of the following (in millions, except percentages):
| | | | | | | | | | | | | | | | | |
| | | As of |
| Effective Interest Rate | | September 29,
2023 | | September 30,
2022 |
| 0.90% Senior Notes due 2023 | — | % | | $ | — | | | $ | 500.0 | |
| 1.80% Senior Notes due 2026 | 1.97 | % | | 500.0 | | | 500.0 | |
| 3.00% Senior Notes due 2031 | 3.13 | % | | 500.0 | | | 500.0 | |
| Term Loans due 2024 | 6.37 | % | | 300.0 | | | 700.0 | |
| Unamortized debt discount and issuance costs | | | (7.7) | | | (10.9) | |
| Total debt | | | 1,292.3 | | | 2,189.1 | |
| Less: current portion of long-term debt | | | 299.4 | | | 499.2 | |
Total long-term debt | | | $ | 992.9 | | | $ | 1,689.9 | |
Senior Notes
On May 26, 2021, the Company issued $500.0 million of its 0.90% Senior Notes due 2023 (the “2023 Notes”), $500.0 million of its 1.80% Senior Notes due 2026 (the “2026 Notes”), and $500.0 million of its 3.00% Senior Notes due 2031 (the “2031 Notes” and, together with the 2026 Notes, the “Notes”). During fiscal 2023, the Company repaid $500.0 million of the 2023 Notes at maturity. The Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of its existing and future senior unsecured debt but effectively junior to any of the Company’s senior secured debt to the extent of the value of collateral securing such debt, and are structurally subordinated to all existing and future obligations of the Company’s subsidiaries. The Notes will mature on each respective maturity date, unless earlier redeemed in accordance with their terms. Interest on the Notes is payable on June 1 and December 1 of each year.
The Company may redeem all or a portion of the 2026 Notes and the 2031 Notes at any time and from time to time prior to maturity, in whole or in part, for cash at the applicable redemption prices set forth in the respective supplemental indenture. If the Company undergoes a change of control repurchase event, as defined in the indenture governing the Notes (as supplemented, the “Indenture”), holders may require the Company to repurchase the Notes in whole or in part for cash at a price equal to 101% of the principal amount of the Notes to be purchased, plus any accrued and unpaid interest. As of September 29, 2023, the Company considered the likelihood of acceleration related to the 2026 and 2031 Notes and recorded the Notes as long-term debt. The Notes are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.
The Indenture contains customary events of default, including failure to make required payments of principal and interest, certain events of bankruptcy and insolvency, and default in the performance or breach of any covenant or warranty contained in the Indenture or the Notes. As of September 29, 2023, the Company was in material compliance with all debt covenants under the Senior Notes.
Term Credit Agreement
On May 21, 2021, the Company entered into a term credit agreement (as amended, the “Term Credit Agreement”) providing for a $1.0 billion term loan facility (the “Term Loan Facility”). On July 26, 2021, the Company borrowed $1.0 billion in aggregate principal amount of term loans (the “Term Loans”) under the Term Loan Facility to finance a portion of the purchase price for the acquisition of the Infrastructure and Automotive business of Silicon Laboratories Inc. and to pay fees and expenses incurred in connection therewith. During fiscal 2023, 2022, and 2021 the Company repaid $400.0 million, $50.0 million, and $250.0 million, respectively, of outstanding borrowings under the Term Loans. As of September 29, 2023, there were $300.0 million of borrowings outstanding under the Term Credit Agreement.
Borrowings under the Term Loan Facility are not currently guaranteed by any of the Company’s subsidiaries. Interest on the Term Loans is payable either monthly or quarterly elected at the Company’s discretion and is based on the applicable floating interest rate, plus an applicable margin based on the Company’s public debt credit ratings. The Term Loans mature on July 26, 2024, and all amounts then-outstanding under the Term Loans, together with accrued and unpaid interest thereon, are repayable at maturity. There is no premium or penalty for prepayment.
The Term Credit Agreement contains customary representations and warranties and covenants, including restrictions on the incurrence of indebtedness by non-guarantor subsidiaries and the creation of liens, and a financial covenant consisting of a limitation on leverage, defined as consolidated total indebtedness divided by consolidated earnings before interest, taxes, depreciation, and amortization for the period of four consecutive quarters not to exceed a ratio of 3.0 to 1.0. The Term Credit Agreement also contains customary events of default, which include failure to make required payments of principal and interest, breaches of representations and warranties, changes of control or failures to pay money judgments, and certain defaults in respect of specified material indebtedness, upon the occurrence of which, among other remedies, the lenders may accelerate the maturity of the indebtedness and other obligations under the Term Credit Agreement. As of September 29, 2023, the Company was in material compliance with all debt covenants under the Term Credit Agreement.
Revolving Credit Agreement
On May 21, 2021, the Company entered into a revolving credit agreement (as amended, the “Revolving Credit Agreement”) providing for a $750.0 million revolving credit facility (the “Revolver”). The proceeds of the Revolver will be used for general corporate purposes and working capital needs of the Company and its subsidiaries.
The Revolver provides for revolving credit borrowings and letters of credit, with sublimits for letters of credit. The Revolver may be increased in specified circumstances by up to $250.0 million at the discretion of the lenders. The Revolver matures on July 26, 2026, and all unpaid borrowings, together with accrued and unpaid interest thereon, are repayable at maturity.
The Revolving Credit Agreement contains customary representations and warranties and covenants, including restrictions on the incurrence of indebtedness by non-guarantor subsidiaries and the creation of liens, and a financial covenant consisting of a limitation on leverage, defined as consolidated total indebtedness divided by consolidated earnings before interest, taxes, depreciation, and amortization for the period of four consecutive quarters not to exceed a ratio of 3.0 to 1.0. As of September 29, 2023, there were no borrowings outstanding and the Company was in material compliance with all debt covenants under the Revolver.
17. SUBSEQUENT EVENT
On October 4, 2023, the Company repaid $150.0 million of outstanding borrowings under the Term Loans. As of October 4, 2023, there were $150.0 million of borrowings outstanding under the Term Credit Agreement.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
ITEM 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 29, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on management’s evaluation of our disclosure controls and procedures as of September 29, 2023, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Management’s Annual Report on Internal Control Over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
•Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of September 29, 2023. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Control-Integrated Framework.
Based on their assessment, management concluded that, as of September 29, 2023, the Company’s internal control over financial reporting is effective based on those criteria.
The Company’s independent registered public accounting firm has issued an audit report on the effectiveness of the Company’s internal control over financial reporting as stated within their report which appears herein.
Changes in Internal Control Over Financial Reporting.
There are no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the fourth quarter of fiscal 2023 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION.
Director and Officer Trading Arrangements:
A significant portion of the compensation of the Company’s directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or other Company securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons.
Transactions in Company securities by directors and officers are required to be made in accordance with the Company’s insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in the Company’s securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information.
The following table describes contracts, instructions or written plans for the sale or purchase of Company securities adopted by our directors and officers during the fourth quarter of fiscal 2023 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”):
| | | | | | | | | | | |
| Name and Title | Date of Adoption | Duration of Rule 10b5-1 Trading Arrangement | Aggregate Number of Securities to Be Purchased or Sold |
Karilee Durham, Senior Vice President, Human Resources | August 9, 2023 | Until August 9, 2024, or such earlier date upon which all transactions are completed or expire without execution | Sale of up to 5,000 shares |
None of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal 2023.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
None.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The information under the captions “Directors and Executive Officers,” “Corporate Governance─Committees of the Board of Directors,” and “Other Matters—Delinquent Section 16(a) Reports,” if applicable, in our definitive proxy statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference.
We have adopted a written code of business conduct and ethics that applies to our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. We make available our code of business conduct and ethics free of charge through our website at www.skyworksinc.com. We intend to disclose any amendments to, or waivers from, our code of business conduct and ethics that are required to be publicly disclosed by posting any such amendment or waivers on our website pursuant to SEC requirements and rules of the Nasdaq Global Select Market.
ITEM 11. EXECUTIVE COMPENSATION.
The information to be included under the caption “Information about Executive and Director Compensation” in our definitive proxy statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
The information to be included under the caption “Security Ownership of Certain Beneficial Owners and Management” in our definitive proxy statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
The information to be included under the captions “Certain Relationships and Related Transactions” and “Corporate Governance─Director Independence” in our definitive proxy statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
The information to be included under the caption “Ratification of Independent Registered Public Accounting Firm—Audit Fees” in our definitive proxy statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) The following are filed as part of this Annual Report on Form 10-K:
| | | | | | | | |
| 1. | Index to Financial Statements | Page number in this report |
| | |
Report of Independent Registered Public Accounting Firm (PCAOB ID: 185) | |
Consolidated Statements of Operations for the three years ended September 29, 2023 | |
Consolidated Statements of Comprehensive Income for the three years ended September 29, 2023 | |
Consolidated Balance Sheets at September 29, 2023, and September 30, 2022 | |
Consolidated Statements of Cash Flows for the three years ended September 29, 2023 | |
Consolidated Statements of Stockholders’ Equity for the three years ended September 29, 2023 | |
| Notes to Consolidated Financial Statements | |
| | |
| 2. | The schedule listed below is filed as part of this Annual Report on Form 10-K: | |
| All required schedule information is included in the Notes to Consolidated Financial Statements or is omitted because it is either not required or not applicable. | |
| 3. | The Exhibits listed in the Exhibit Index immediately following this Item 15 are filed as a part of this Annual Report on Form 10-K. | |
(b) Exhibits
The exhibits required by Item 601 of Regulation S-K are filed herewith and incorporated by reference herein. The response to this portion of Item 15 is submitted under Item 15 (a) (3).
EXHIBIT INDEX
| | | | | | | | | | | | | | | | | | | | |
Exhibit Number | Exhibit Description | Form | Incorporated by Reference | Filed Herewith |
| File No. | Exhibit | Filing Date |
| 2.1^ | | 8-K | 001-05560 | 2.1 | 4/22/2021 | |
| 3.1 | | 10-Q | 001-05560 | 3.1 | 8/8/2023 | |
| 3.2 | | 8-K | 001-05560 | 3.1 | 5/12/2023 | |
| 4.1 | | S-3 | 333-92394 | 4 | 7/15/2002 | |
| 4.2 | | 10-K | 001-05560 | 4.2 | 11/14/2019 | |
| 4.3 | | 8-K | 001-05560 | 4.1 | 5/26/2021 | |
| 4.4 | | 8-K | 001-05560 | 4.2 | 5/26/2021 | |
| 4.5 | | 8-K | 001-05560 | 4.3 | 5/26/2021 | |
| 4.6 | | 8-K | 001-05560 | 4.4 | 5/26/2021 | |
| 10.1* | | 10-Q | 001-05560 | 10.1 | 7/24/2020 | |
| 10.2* | | 10-Q | 001-05560 | 10.2 | 7/24/2020 | |
| 10.3* | | 8-K | 001-05560 | 10.1 | 5/13/2013 | |
| 10.4* | | 10-Q | 001-05560 | 10.B | 1/31/2013 | |
| 10.5* | | 10-Q | 001-05560 | 10.1 | 5/4/2022 | |
| 10.6* | | 10-Q | 001-05560 | 10.OO | 5/7/2008 | |
| 10.7* | | 10-Q | 001-05560 | 10.2 | 5/4/2016 | |
| 10.8* | | 10-Q | 001-05560 | 10.2 | 7/30/2021 | |
| 10.9* | | 10-Q | 001-05560 | 10.2 | 8/5/2015 | |
| 10.10* | | 10-Q | 001-05560 | 10.1 | 2/4/2022 | |
| 10.11* | | 10-Q | 001-05560 | 10.2 | 2/4/2022 | |
| 10.12*^ | | 10-Q | 001-05560 | 10.3 | 2/7/2023 | |
| 10.13* | | 10-Q | 001-05560 | 10.2 | 5/4/2022 | |
| 10.14* | | 10-Q | 001-05560 | 10.1 | 8/8/2023 | |
| | | | | | | | | | | | | | | | | | | | |
Exhibit Number | Exhibit Description | Form | Incorporated by Reference | Filed Herewith |
| File No. | Exhibit | Filing Date |
| 10.15* | | 10-Q | 001-05560 | 10.2 | 8/8/2023 | |
| 10.16* | | 10-Q | 001-05560 | 10.3 | 8/8/2023 | |
| 10.17* | | 10-Q | 001-05560 | 10.4 | 8/8/2023 | |
| 10.18* | | 10-Q | 001-05560 | 10.5 | 8/8/2023 | |
| 10.19* | | 10-Q | 001-05560 | 10.6 | 8/8/2023 | |
| 10.20 | | 8-K | 001-05560 | 10.1 | 4/22/2021 | |
| 10.21^ | | 8-K | 001-05560 | 10.1 | 5/26/2021 | |
| 10.22^ | First Amendment, dated as of March 6, 2023, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as the administrative agent, amending the Term Credit Agreement, dated as of May 21, 2021, by and among the Company, the lenders party thereto and the administrative agent | 8-K | 001-05560 | 10.1 | 3/10/2023 | |
10.23^ | | 8-K | 001-05560 | 10.2 | 5/26/2021 | |
10.24^ | First Amendment, dated as of March 6, 2023, among the Company, the borrowing subsidiaries party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as the administrative agent, amending the Revolving Credit Agreement, dated as of May 21, 2021, by and among the Company, the borrowing subsidiaries party thereto, the lenders party thereto and the administrative agent | 8-K | 001-05560 | 10.2 | 3/10/2023 | |
| 21 | | | | | | X |
| 23.1 | | | | | | X |
| 31.1 | | | | | | X |
| 31.2 | | | | | | X |
| | | | | | | | | | | | | | | | | | | | |
Exhibit Number | Exhibit Description | Form | Incorporated by Reference | Filed Herewith |
| File No. | Exhibit | Filing Date |
| 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) | | | | | |
* Indicates a management contract or compensatory plan or arrangement.
^ Portions of this exhibit have been omitted because such information is not material and is the type of information that the Registrant treats as private or confidential.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
Date: November 17, 2023 | SKYWORKS SOLUTIONS, INC. |
| Registrant |
| | |
| By: | /s/ Liam K. Griffin |
| | Liam K. Griffin |
| | Chairman, Chief Executive Officer and President |
| | (Principal Executive Officer) |
| | |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on November 17, 2023.
| | | | | | | | |
| Signature and Title | | Signature and Title |
| | |
| /s/ Liam K. Griffin | | /s/ Alan S. Batey |
| Liam K. Griffin | | Alan S. Batey |
| Chairman, Chief Executive Officer and President | | Director |
| (Principal Executive Officer) | | |
| | /s/ Kevin L. Beebe |
| | Kevin L. Beebe |
| /s/ Kris Sennesael | | Director |
| Kris Sennesael | | |
| Senior Vice President and Chief Financial Officer | | /s/ Eric J. Guerin |
(Principal Financial Officer) | | Eric J. Guerin |
| | Director |
/s/ Philip Carter | | |
Philip Carter | | /s/ Christine King |
Vice President and Corporate Controller | | Christine King |
(Principal Accounting Officer) | | Director |
| | |
| | /s/ Suzanne E. McBride |
| | Suzanne E. McBride |
| | Director |
| | |
| | /s/ David P. McGlade |
| | David P. McGlade |
| | Director |
| | |
| | /s/ Robert A. Schriesheim |
| | Robert A. Schriesheim |
| | Director |
| | |
| | /s/ Maryann Turcke |
| | Maryann Turcke |
| | Director |
| | |
| | |
| | |
| | |
EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT
| | | | | |
| Name | Jurisdiction Of Incorporation |
| Skyworks Filter Solutions Japan Co., Ltd. | Japan |
| Skyworks Filter Solutions Korea, Inc. | Korea |
| Skyworks Global Pte. Ltd. | Singapore |
| Skyworks Hungary Kft | Hungary |
| Skyworks International Investments, LLC | Delaware |
| Skyworks Ireland Limited | Ireland |
| Skyworks Luxembourg S.à r.l | Luxembourg |
| Skyworks Semiconductor | France |
| Skyworks Semiconductor Private Limited | India |
| Skyworks Solutions Canada Inc. | Canada |
| Skyworks Solutions Commercial (Shenzhen) Co., Ltd. | Peoples Republic of China |
| Skyworks Solutions Commercial (Shenzhen) Co., Ltd. - Beijing Branch | Beijing |
| Skyworks Solutions Commercial (Shenzhen) Co., Ltd. - Shanghai Branch | Shanghai |
| Skyworks Solutions Co., Ltd. | Japan |
| Skyworks Solutions de Mèxico, S. de R.L. de C.V. | Mexico |
| Skyworks Solutions GmbH | Germany |
| Skyworks Solutions (Hong Kong) Limited | Hong Kong |
| Skyworks Solutions Korea Limited | Korea |
| Skyworks Solutions Limited | United Kingdom |
| Skyworks Solutions Oy | Finland |
| Skyworks Solutions Worldwide, Inc. | Delaware |
| Skyworks Solutions Worldwide, Inc., Taiwan Branch | Taiwan |
| Skyworks Solutions Worldwide, Inc., Malaysia Branch | Malaysia |
| Advanced Analogic Technologies Incorporated | Delaware |
| Advanced Analogic Technologies (China), Inc. | Peoples Republic of China |
| Avnera Corporation | Delaware |
| Axiom Microdevices, Inc. | Delaware |
| ICWave, LLC | Massachusetts |
| Isolink, Inc. | California |
| Quantance, Inc. | Delaware |
| SiGe Semiconductor (Europe) Limited | United Kingdom |
| Trans-Tech, Inc. | Maryland |
EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the registration statements (Nos. 333-91524, 333-100312, 333-100313, 333-122333, 333-131628, 333-132880, 333-134375, 333-150780, 333-150782, 333-162960, 333-176282, 333-176285, 333-176286, 333-191311, 333-204310, and 333-238910) on Form S-8 and (No. 333-255945) on Form S-3 of our report dated November 17, 2023, with respect to the consolidated financial statements of Skyworks Solutions, Inc. and the effectiveness of internal control over financial reporting.
/s/ KPMG LLP
Irvine, California
November 17, 2023
EXHIBIT 31.1
CERTIFICATION OF THE CEO PURSUANT TO SECURITIES EXCHANGE ACT RULES 13a-14(a) OR 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Liam K. Griffin, certify that:
1.I have reviewed this annual report on Form 10-K of Skyworks Solutions, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
| Date: | November 17, 2023 | |
| | |
| /s/ Liam K. Griffin | |
| Liam K. Griffin | |
| Chairman, Chief Executive Officer and President |
EXHIBIT 31.2
CERTIFICATION OF THE CFO PURSUANT TO SECURITIES EXCHANGE ACT RULES 13a-14(a) OR 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Kris Sennesael, certify that:
1.I have reviewed this annual report on Form 10-K of Skyworks Solutions, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
| Date: | November 17, 2023 |
| |
| /s/ Kris Sennesael |
| Kris Sennesael |
| Senior Vice President and Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the annual report of Skyworks Solutions, Inc. (the “Company”) on Form 10-K for the period ended September 29, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Liam K. Griffin, Chairman, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
| | |
| /s/ Liam K. Griffin |
Liam K. Griffin
Chairman, Chief Executive Officer and President |
| November 17, 2023 |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the annual report of Skyworks Solutions, Inc. (the “Company”) on Form 10-K for the period ended September 29, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kris Sennesael, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
| | |
| /s/ Kris Sennesael |
Kris Sennesael
Senior Vice President and Chief Financial Officer |
| November 17, 2023 |
Document and Entity Information - USD ($)
$ in Billions |
12 Months Ended |
|
|
Sep. 29, 2023 |
Nov. 10, 2023 |
Mar. 31, 2023 |
| Document and Entity Information [Abstract] |
|
|
|
| Document Transition Report |
false
|
|
|
| Document Annual Report |
true
|
|
|
| Trading Symbol |
SWKS
|
|
|
| Title of 12(b) Security |
Common Stock, par value $0.25 per share
|
|
|
| Local Phone Number |
231-3000
|
|
|
| Entity Address, Address Line One |
5260 California Avenue
|
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
|
| Entity Registrant Name |
Skyworks Solutions, Inc.
|
|
|
| Entity Interactive Data Current |
Yes
|
|
|
| Entity Shell Company |
false
|
|
|
| Entity Central Index Key |
0000004127
|
|
|
| Document Type |
10-K
|
|
|
| Document Period End Date |
Sep. 29, 2023
|
|
|
| Entity File Number |
001-05560
|
|
|
| Amendment Flag |
false
|
|
|
| Document Fiscal Year Focus |
2023
|
|
|
| Document Fiscal Period Focus |
FY
|
|
|
| Current Fiscal Year End Date |
--09-29
|
|
|
| Document Financial Statement Error Correction [Flag] |
false
|
|
|
| Entity Well-known Seasoned Issuer |
Yes
|
|
|
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No
|
|
|
| Entity Current Reporting Status |
Yes
|
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
|
| Entity Public Float |
|
|
$ 18.7
|
| Entity Common Stock, Shares Outstanding |
|
159,954,867
|
|
| Entity Tax Identification Number |
04-2302115
|
|
|
| Entity Address, City or Town |
Irvine
|
|
|
| Entity Address, State or Province |
CA
|
|
|
| Entity Address, Postal Zip Code |
92617
|
|
|
| City Area Code |
(949)
|
|
|
| Security Exchange Name |
NASDAQ
|
|
|
| Entity Small Business |
false
|
|
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| Entity Emerging Growth Company |
false
|
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| ICFR Auditor Attestation Flag |
true
|
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v3.23.3
Consolidated Statements Of Operations - USD ($)
$ in Thousands, shares in Millions |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Income Statement [Abstract] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
$ 4,772,400
|
$ 5,485,500
|
$ 5,109,100
|
| Cost of Goods and Services Sold |
2,665,100
|
2,881,200
|
2,596,700
|
| Gross profit |
2,107,300
|
2,604,300
|
2,512,400
|
| Operating expenses: |
|
|
|
| Research and development |
606,800
|
617,900
|
532,300
|
| Selling, general and administrative |
314,000
|
329,800
|
322,500
|
| Amortization of intangibles |
33,200
|
98,900
|
36,000
|
| Restructuring and other charges |
28,300
|
30,700
|
8,900
|
| Total operating expenses |
982,300
|
1,077,300
|
899,700
|
| Operating income |
1,125,000
|
1,527,000
|
1,612,700
|
| Interest Expense |
(64,400)
|
(47,900)
|
13,400
|
| Other income (expense), net |
18,200
|
(2,500)
|
(600)
|
| Income before income taxes |
1,078,800
|
1,476,600
|
1,598,700
|
| Provision for income taxes |
96,000
|
201,400
|
100,400
|
| Net income |
$ 982,800
|
$ 1,275,200
|
$ 1,498,300
|
| Earnings per share: |
|
|
|
| Basic (in dollars per share) |
$ 6.17
|
$ 7.85
|
$ 9.07
|
| Diluted (in dollars per share) |
$ 6.13
|
$ 7.81
|
$ 8.97
|
| Weighted average shares: |
|
|
|
| Basic (in shares) |
159.4
|
162.4
|
165.2
|
| Diluted (in shares) |
160.3
|
163.3
|
167.0
|
| Cash dividends declared and paid per share (in dollars per share) |
$ 2.54
|
$ 2.30
|
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v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands, shares in Millions |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 718,800
|
$ 566,000
|
| Marketable Securities, Current |
15,600
|
20,300
|
| Receivables, net of allowance for doubtful accounts of $0.8 and $0.6, respectively |
864,300
|
1,094,000
|
| Inventory |
1,119,700
|
1,212,100
|
| Other current assets |
461,100
|
337,500
|
| Total current assets |
3,179,500
|
3,229,900
|
| Property, plant and equipment, net |
1,390,100
|
1,604,800
|
| Operating Lease, Right-of-Use Asset |
205,400
|
223,000
|
| Goodwill |
2,176,700
|
2,176,700
|
| Intangible assets, net |
1,222,100
|
1,444,700
|
| Deferred tax assets, net |
192,300
|
52,700
|
| Marketable Securities, Noncurrent |
4,100
|
500
|
| Other assets |
56,500
|
141,500
|
| Total assets |
8,426,700
|
8,873,800
|
| Current liabilities: |
|
|
| Accounts payable |
159,200
|
274,200
|
| Accrued compensation and benefits |
94,300
|
114,300
|
| Other current liabilities |
402,800
|
339,200
|
| Debt, Current |
299,400
|
499,200
|
| Total current liabilities |
955,700
|
1,226,900
|
| Long-term tax liabilities |
162,800
|
213,500
|
| Operating Lease, Liability, Noncurrent |
188,700
|
206,900
|
| Other long-term liabilities |
43,900
|
67,600
|
| Long-term Debt |
992,900
|
1,689,900
|
| Total liabilities |
2,344,000
|
3,404,800
|
| Stockholders' equity: |
|
|
| Preferred stock, no par value: 25.0 shares authorized, no shares issued |
$ 0
|
$ 0
|
| Common stock, par value (in dollars per share) |
$ 0.25
|
|
| Common stock, shares issued (in shares) |
159.5
|
|
| Common Stock, Shares, Outstanding |
159.5
|
160.2
|
| Common stock, $0.25 par value: 525.0 shares authorized; 230.2 shares issued and 170.1 shares outstanding at September 27, 2019, and 228.4 shares issued and 177.4 shares outstanding at September 28, 2018 |
$ 39,900
|
$ 40,000
|
| Additional paid-in capital |
172,400
|
11,900
|
| Retained earnings |
5,876,000
|
5,421,900
|
| Accumulated other comprehensive loss |
(5,600)
|
(4,800)
|
| Total stockholders' equity |
6,082,700
|
5,469,000
|
| Total liabilities and stockholders' equity |
$ 8,426,700
|
$ 8,873,800
|
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
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v3.23.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Cash flows from operating activities: |
|
|
|
| Net Income |
$ 982,800
|
$ 1,275,200
|
$ 1,498,300
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Share-based compensation |
185,100
|
195,200
|
191,900
|
| Depreciation |
387,800
|
394,400
|
332,200
|
| Amortization of intangible assets |
225,900
|
295,700
|
104,500
|
| Deferred income taxes |
(151,200)
|
68,400
|
(59,500)
|
| Asset Impairment Charges |
64,500
|
20,700
|
7,100
|
| Excess tax benefit from share-based compensation |
4,000
|
4,000
|
1,100
|
| Other |
(3,500)
|
(1,500)
|
200
|
| Changes in assets and liabilities net of acquired balances: |
|
|
|
| Receivables, net |
229,800
|
(337,800)
|
(397,700)
|
| Inventory |
90,800
|
(337,300)
|
(41,200)
|
| Accounts payable |
(87,100)
|
31,300
|
59,600
|
| Increase (Decrease) in Other Operating Assets and Liabilities, Net |
72,500
|
183,700
|
(75,500)
|
| Net Cash Provided by (Used in) Operating Activities |
1,856,400
|
1,424,600
|
1,772,000
|
| Cash flows from investing activities: |
|
|
|
| Capital expenditures |
(210,300)
|
(489,400)
|
(637,800)
|
| Payments for acquisitions, net of cash acquired |
0
|
0
|
(2,751,000)
|
| Payments for (Proceeds from) Other Investing Activities |
(6,500)
|
(7,700)
|
0
|
| Purchased intangibles |
(25,800)
|
(20,300)
|
(14,300)
|
| Payments to Acquire Marketable Securities |
(288,800)
|
(97,200)
|
(500,800)
|
| Maturity of investments |
294,000
|
220,300
|
770,700
|
| Net Cash Provided by (Used in) Investing Activities |
(224,400)
|
(378,900)
|
(3,133,200)
|
| Cash flows from financing activities: |
|
|
|
| Repurchase of common stock - payroll tax withholdings on equity awards |
(35,900)
|
(88,500)
|
(55,200)
|
| Repurchase of common stock - share repurchase program |
(175,300)
|
(886,800)
|
(195,600)
|
| Dividends paid |
(405,200)
|
(373,100)
|
(340,600)
|
| Proceeds from Issuance of Common Stock |
32,100
|
29,400
|
24,800
|
| Proceeds from Issuance of Debt |
0
|
0
|
2,488,200
|
| Repayments of Long-term Debt |
(900,000)
|
(50,000)
|
(250,000)
|
| Payments of Financing Costs |
0
|
0
|
(5,800)
|
| Net proceeds from exercise of stock options |
5,100
|
6,400
|
11,600
|
| Net Cash Provided by (Used in) Financing Activities |
(1,479,200)
|
(1,362,600)
|
1,677,400
|
| Net increase in cash and cash equivalents |
152,800
|
(316,900)
|
316,200
|
| Cash and cash equivalents at beginning of period |
566,000
|
882,900
|
566,700
|
| Cash and cash equivalents at end of period |
718,800
|
566,000
|
882,900
|
| Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
718,800
|
566,000
|
882,900
|
| Supplemental cash flow disclosures: |
|
|
|
| Treasury Stock, Retired, Cost Method, Amount |
|
893,400
|
4,342,600
|
| Income taxes paid |
228,900
|
230,000
|
184,000
|
| Interest Paid, Excluding Capitalized Interest, Operating Activities |
62,300
|
44,400
|
2,200
|
| Stock Issued |
19,200
|
32,200
|
27,500
|
| Capital Expenditures Incurred but Not yet Paid |
$ 12,000
|
$ 43,200
|
$ 29,300
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 230
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-Topic 230
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
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-SubTopic 10
-Topic 718
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.23.3
Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss) Statement - USD ($)
shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Loss |
Treasury Stock, Common |
| Beginning balance at Oct. 02, 2020 |
$ 4,164,200
|
$ 41,400
|
$ 3,403,700
|
$ 4,820,400
|
$ (7,800)
|
$ (4,093,500)
|
| Common stock, shares, outstanding beginning balance (in shares) at Oct. 02, 2020 |
|
165,600
|
|
|
|
|
| Treasury stock, shares outstanding, beginning balance (in shares) at Oct. 02, 2020 |
|
|
|
|
|
66,700
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
1,498,300
|
|
|
1,498,300
|
|
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes (in shares) |
|
1,100
|
|
|
|
400
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes |
8,700
|
$ 300
|
63,600
|
|
|
$ (55,200)
|
| Share-based Compensation expense |
$ 158,100
|
|
158,100
|
|
|
|
| Stock Repurchased During Period, Value |
|
|
|
792,300
|
|
|
| Share repurchase program (in shares) |
(1,400)
|
(1,400)
|
|
|
|
|
| Share repurchase program |
$ (195,600)
|
$ (400)
|
(3,549,900)
|
|
|
$ 4,147,000
|
| Stock Repurchased During Period, Shares |
|
|
|
|
|
(67,100)
|
| Dividends declared |
(340,600)
|
|
|
(340,600)
|
|
|
| Business Combination Consideration Transferred Replacement Equity Awards |
4,100
|
|
4,100
|
|
|
|
| Other comprehensive income (loss) |
(100)
|
|
|
|
(100)
|
|
| Common stock, shares, outstanding ending balance (in shares) at Oct. 01, 2021 |
|
165,300
|
|
|
|
|
| Treasury stock, shares outstanding, ending balance (in shares) at Oct. 01, 2021 |
|
|
|
|
|
0
|
| Ending balance at Oct. 01, 2021 |
$ 5,297,100
|
$ 41,300
|
79,600
|
5,185,800
|
(7,900)
|
$ (1,700)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Treasury Stock, Shares, Retired |
(68,500)
|
|
|
|
|
|
| Treasury Stock, Retired, Cost Method, Amount |
$ (4,342,600)
|
|
|
|
|
|
| Net income |
1,275,200
|
|
|
1,275,200
|
|
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes (in shares) |
|
1,400
|
|
|
|
600
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes |
(20,400)
|
$ 300
|
67,800
|
|
|
$ (88,500)
|
| Share-based Compensation expense |
173,900
|
|
173,900
|
|
|
|
| Stock Repurchased and Retired During Period, Value |
$ (886,800)
|
$ (1,600)
|
(309,400)
|
(666,000)
|
|
$ (90,200)
|
| Stock Repurchased and Retired During Period, Shares |
|
(6,500)
|
|
|
|
(600)
|
| Share repurchase program (in shares) |
(6,500)
|
|
|
|
|
|
| Share repurchase program |
$ (886,800)
|
|
|
|
|
|
| Dividends declared |
(373,100)
|
|
|
(373,100)
|
|
|
| Other comprehensive income (loss) |
$ 3,100
|
|
|
|
3,100
|
|
| Common stock, shares, outstanding ending balance (in shares) at Sep. 30, 2022 |
160,200
|
160,200
|
|
|
|
|
| Treasury stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022 |
|
|
|
|
|
0
|
| Ending balance at Sep. 30, 2022 |
$ 5,469,000
|
$ 40,000
|
11,900
|
5,421,900
|
(4,800)
|
$ 0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Treasury Stock, Shares, Retired |
(6,200)
|
|
|
|
|
|
| Treasury Stock, Retired, Cost Method, Amount |
$ (893,400)
|
|
|
|
|
|
| Net income |
982,800
|
|
|
|
|
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes (in shares) |
|
1,200
|
|
|
|
400
|
| Exercise and settlement of share based awards and related tax benefit, net of shares withheld for taxes |
20,700
|
$ 300
|
56,300
|
|
|
$ (35,900)
|
| Share-based Compensation expense |
191,500
|
|
191,500
|
|
|
|
| Stock Repurchased and Retired During Period, Value |
$ (175,300)
|
$ (400)
|
(87,300)
|
(123,500)
|
|
$ (35,900)
|
| Stock Repurchased and Retired During Period, Shares |
|
(1,900)
|
|
|
|
(400)
|
| Share repurchase program (in shares) |
(1,900)
|
|
|
|
|
|
| Share repurchase program |
$ (175,300)
|
|
|
|
|
|
| Dividends declared |
(405,200)
|
|
|
(405,200)
|
|
|
| Other comprehensive income (loss) |
$ (800)
|
|
|
|
(800)
|
|
| Common stock, shares, outstanding ending balance (in shares) at Sep. 29, 2023 |
159,500
|
159,500
|
|
|
|
|
| Treasury stock, shares outstanding, ending balance (in shares) at Sep. 29, 2023 |
|
|
|
|
|
0
|
| Ending balance at Sep. 29, 2023 |
$ 6,082,700
|
$ 39,900
|
$ 172,400
|
$ 5,876,000
|
$ (5,600)
|
$ 0
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-12
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-SubTopic 405
-Topic 942
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| X |
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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v3.23.3
Description Of Business And Basis Of Presentation
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12 Months Ended |
Sep. 29, 2023 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
1. DESCRIPTION OF BUSINESS
Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution. The Company’s analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
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v3.23.3
Summary of Significant Accounting Policies
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Sep. 29, 2023 |
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| Accounting Policies [Abstract] |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. Certain items in the fiscal years 2022 and 2021 financial statements, including certain account groupings in the tax reconciliation disclosure, have been reclassified to conform to the fiscal 2023 presentation.
Fiscal Year The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2023 , 2022, and 2021 each consisted of 52 weeks and ended on September 29, 2023, September 30, 2022, and October 1, 2021, respectively.
Use of Estimates 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, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates.
Cash and Cash Equivalents The Company invests excess cash in money market funds, U.S. Treasury securities, agency securities, other government securities, and corporate debt securities. The Company considers highly liquid investments as cash equivalents including money market funds and investments with maturities of 90 days or less when purchased.
Investments The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale debt securities with an original maturity date exceeding one year are classified as long-term.
Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market in an orderly transaction between market participants at the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows:
•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.
It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.
The Company measures certain assets and liabilities at fair value on a recurring basis in three levels, based on the market in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. It recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred.
The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximates fair value due to the short-term maturities of these assets and liabilities.
Inventory Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory.
Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred.
Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and five to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease.
Leases The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet.
Valuation of Long-Lived Assets Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated based on the pattern of benefit to be recognized from the underlying asset over its estimated useful life. Carrying values for long-lived assets and definite lived intangible assets are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model, or changes in its operating performance. If the sum of the undiscounted cash flows is less than the carrying value of an asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset group.
Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually as of the first day of the fourth fiscal quarter for impairment or more frequently if indicators of impairment exist during the fiscal year. The Company assesses its conclusion regarding segments and reporting units in conjunction with its annual goodwill impairment test and has determined that it has one reporting unit for the purposes of allocating and testing goodwill.
The Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. In the Company’s calculation of fair value, it considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the reporting unit, an impairment loss is recognized equal to that excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Business Combinations The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the acquired identifiable net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income, or cost approaches. The valuation involves making significant estimates and assumptions, which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital, and any cost savings that are expected to be derived in the future from the viewpoint of a market participant.
Revenue Recognition The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in FASB ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material, and warranty-related services are not considered a separate performance obligation.
Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records net revenue excluding taxes on its sales to trade customers. The Company recognizes shipping fees, if any, received from customers in revenue and includes the related shipping and handling costs in cost of revenue.
Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Substantially all payments are collected within the Company’s standard terms, which do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the consolidated balance sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.
Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards and units, employee stock purchase plan, and other special share-based awards based on estimated fair values. The determination of fair value of restricted and certain performance stock awards and units is based on the value of the Company’s stock on the date of grant with performance awards and units adjusted for the actual outcome of the underlying performance condition. For more complex performance awards including units with market-based performance conditions the Company employs a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to: the expected stock price volatility over the term of the award, a correlation coefficient, the risk-free rate, and dividend yield.
The fair value of share-based payment awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company generally uses a straight-line attribution method for all grants that include only a service condition. Awards with both performance and service conditions are expensed over the service period for each separately vesting tranche.
Share-based compensation expense recognized during the period includes actual expense on vested awards and expense associated with unvested awards. Forfeitures are recorded as incurred.
Research and Development Costs Research and development costs are expensed as incurred.
Loss Contingencies The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the minimum estimated liability related to the claim is recorded. As additional information becomes available, the Company assesses the potential liability related to the potential pending loss contingency and revises its estimates. Material loss contingencies are disclosed if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and include estimated legal costs.
Restructuring A liability for post-employment benefits is recorded when payment is probable and the amount is reasonably estimable. Contract exit costs include contract termination fees and are recognized in the period in which the Company terminates the contract.
Foreign Currencies The Company’s functional currency is the United States dollar. Gains and losses related to foreign currency transactions and conversion of foreign denominated cash balances are included in current results.
Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of the Company’s net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its Consolidated Statement of Operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made.
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income in the jurisdiction that generated the deferred tax assets. This assessment requires management to exercise judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income, and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company’s ability to develop products to its customers’ specifications, technological change, the competitive environment, and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets.
The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax liabilities or benefits as a component of income tax expense.
Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan using the treasury share 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.
Stock Repurchase The Company accounts for stock repurchases in the consolidated balance sheet by reducing common stock for the par value of the shares, reducing paid-in capital for the amount in excess of par to zero during the period in which the shares are repurchased, and recording the residual amount, if any, to retained earnings. Excise tax on stock repurchases is recorded as part of the cost basis of shares acquired in the consolidated statement of stockholders’ equity.
Government Assistance The Company receives government assistance for qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the incentive. Incentives provided by government entities are recognized when the Company has reasonable assurance that it will comply with the conditions of the incentive and the incentive will be received. The Company records capital-related incentives as a reduction to property, plant and equipment and recognizes a reduction to depreciation expense over the useful life of the corresponding asset. Incentives for specific operating activities are offset against the related expense in the period the expense is incurred. As of September 29, 2023, the Company has recognized $10.2 million of receivables in other short-term assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets, recorded as a reduction to cost of goods sold as the related assets depreciate. The Company recognized an immaterial benefit in the consolidated statement of operations in fiscal 2023 for grants related to operating activities.
Recently Adopted Accounting Pronouncements and Other Developments In November 2021, the Financial Accounting Standards Board issued ASU 2021-10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) to increase transparency of government assistance received by most business entities.
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-Section S99
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-Section 65
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-Section 65
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-Section 65
-Paragraph 2
-Subparagraph (c)
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-Section 65
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-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
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-Subparagraph (a)
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-Section S99
-Paragraph 6
-Publisher FASB
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-Section 65
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-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2
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-Section 65
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v3.23.3
Fair Value
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE |
. FAIR VALUE Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2, or 3 assets or liabilities during fiscal 2023. Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 29, 2023 | | As of September 30, 2022 | | | | 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 (1) | $ | 718.8 | | | $ | 718.5 | | | $ | 0.3 | | | $ | — | | | $ | 566.0 | | | $ | 565.7 | | | $ | 0.3 | | | $ | — | | | U.S. Treasury and government securities | 19.2 | | | — | | | 19.2 | | | — | | | 13.6 | | | 3.6 | | | 10.0 | | | — | | | Corporate bonds and notes | — | | | — | | | — | | | — | | | 0.2 | | | — | | | 0.2 | | | — | | | Municipal bonds | 0.5 | | | — | | | 0.5 | | | — | | | 7.0 | | | — | | | 7.0 | | | — | | | Total assets at fair value | $ | 738.5 | | | $ | 718.5 | | | $ | 20.0 | | | $ | — | | | $ | 586.8 | | | $ | 569.3 | | | $ | 17.5 | | | $ | — | |
(1) Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, US Treasury and government securities, 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. During fiscal 2023, the Company recorded impairment charges of $64.5 million primarily due to reduced overall market demand related to long-term supply capacity deposits of $47.5 million recorded within cost of goods sold and a loss on divested assets of $12.3 million recorded within restructuring, impairment, and other. During the fiscal years ended September 30, 2022, and October 1, 2021, the Company recorded impairment charges of $20.7 million and $7.1 million, respectively.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Inventory
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Inventory, Net [Abstract] |
|
| INVENTORY |
. INVENTORY Inventory consists of the following (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Raw materials | $ | 57.2 | | | $ | 81.3 | | | Work-in-process | 746.8 | | | 805.3 | | | Finished goods | 315.7 | | | 325.5 | | | Total inventory | $ | 1,119.7 | | | $ | 1,212.1 | |
|
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v3.23.3
Property, Plant And Equipment
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| 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): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Land and improvements | $ | 11.8 | | | $ | 11.9 | | | Buildings and improvements | 588.2 | | | 555.6 | | | Furniture and fixtures | 74.8 | | | 70.1 | | | Machinery and equipment | 3,389.3 | | | 3,316.3 | | | Construction in progress | 107.6 | | | 157.2 | | | Total property, plant, and equipment, gross | 4,171.7 | | | 4,111.1 | | | Accumulated depreciation | (2,781.6) | | | (2,506.3) | | | Total property, plant, and equipment, net | $ | 1,390.1 | | | $ | 1,604.8 | |
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v3.23.3
Marketable Securities (Notes)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure |
. MARKETABLE SECURITIES The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Current | | Noncurrent | | September 29,
2023 | | September 30,
2022 | | September 29,
2023 | | September 30,
2022 | | U.S. Treasury and government | $ | 15.1 | | | $ | 13.1 | | | $ | 4.1 | | | $ | 0.5 | | | Corporate bonds and notes | — | | | 0.2 | | | — | | | — | | | Municipal bonds | 0.5 | | | 7.0 | | | — | | | — | | | Total marketable securities | $ | 15.6 | | | $ | 20.3 | | | $ | 4.1 | | | $ | 0.5 | |
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-Publisher FASB
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-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10
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-Subparagraph (b)
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-Number 229
-Section 1403
-Paragraph (b)
-Publisher SEC
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v3.23.3
Goodwill and Intangible Assets
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| GOODWILL AND INTANGIBLE ASSETS |
. GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill balance was $2,176.7 million as of each of September 29, 2023, and September 30, 2022. The Company performed an impairment test of its goodwill and its indefinite-lived intangible assets as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of these tests indicated that the Company’s goodwill and indefinite-lived intangible assets were not impaired. There were no indicators of impairment noted during the fiscal year ended September 29, 2023.
Intangible assets consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | As of | |
Weighted average amortization period (years) | | September 29, 2023 | | September 30, 2022 | | | Gross carrying amount | |
Accumulated amortization | | Net carrying amount | | Gross carrying amount | |
Accumulated amortization | | Net carrying amount | | Customer relationships and backlog | 2.3 | | $ | 154.6 | | | $ | (154.6) | | | $ | — | | | $ | 154.6 | | | $ | (122.3) | | | $ | 32.3 | | | Developed technology and other | 6.1 | | 1,290.4 | | | (379.4) | | | 911.0 | | | 1,280.9 | | | (209.2) | | | 1,071.7 | | | Technology licenses | 2.8 | | 75.8 | | | (36.0) | | | 39.8 | | | 105.1 | | | (45.2) | | | 59.9 | | | In-process research and development | | | 271.3 | | | — | | | 271.3 | | | 280.8 | | | — | | | 280.8 | | | Total intangible assets | | | $ | 1,792.1 | | | $ | (570.0) | | | $ | 1,222.1 | | | $ | 1,821.4 | | | $ | (376.7) | | | $ | 1,444.7 | |
Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During fiscal 2023 and fiscal 2022, $9.5 million and $293.5 million, respectively, of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. Amortization expense related to definite-lived intangible assets was $225.9 million, $288.4 million, and $86.8 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Amortization expense | $ | 179.1 | | | $ | 155.7 | | | $ | 127.8 | | | $ | 112.6 | | | $ | 89.9 | | | $ | 285.7 | |
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v3.23.3
Income Taxes
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
. INCOME TAXES Income before income taxes consists of the following components (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | United States | $ | 484.9 | | | $ | 663.0 | | | $ | 804.7 | | | Foreign | 593.9 | | | 813.6 | | | 794.0 | | | Income before income taxes | $ | 1,078.8 | | | $ | 1,476.6 | | | $ | 1,598.7 | |
The provision for income taxes consists of the following components (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | Current tax expense: | | | | | | | Federal | $ | 164.4 | | | $ | 88.7 | | | $ | 87.5 | | | State | 0.1 | | | 0.1 | | | — | | | Foreign | 74.4 | | | 51.5 | | | 70.7 | | | 238.9 | | | 140.3 | | | 158.2 | | | Deferred tax expense (benefit): | | | | | | | Federal | (102.4) | | | 43.9 | | | (45.8) | | | State | (0.1) | | | 0.1 | | | (0.1) | | | Foreign | (40.4) | | | 17.1 | | | (11.9) | | | (142.9) | | | 61.1 | | | (57.8) | | | | | | | | | Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
The actual income tax expense is different than that which would have been computed by applying the federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Tax expense at United States statutory rate | $ | 226.5 | | | $ | 310.1 | | | $ | 335.7 | | | Foreign tax rate difference | (90.7) | | | (105.3) | | | (111.7) | | | Effect of stock compensation | 16.0 | | | (13.1) | | | (6.7) | | | Research and development credits | (29.7) | | | (26.1) | | | (27.0) | | | Change in tax reserve | 8.1 | | | 7.4 | | | (51.5) | | | Global Intangible Low-Taxed Income | 16.3 | | | 36.1 | | | 25.5 | | | Foreign Derived Intangible Income | (65.9) | | | (39.9) | | | (79.7) | | | Other, net | 15.4 | | | 32.2 | | | 15.8 | | | Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
The Company operates in foreign jurisdictions with income tax rates lower than the United States tax rate of 21.0% for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021.
The Company had accrued $34.9 million and $105.8 million of the deemed repatriation tax in short-term and long-term liabilities within the consolidated balance sheet, respectively, as of September 29, 2023. The Company had accrued $18.6 million and $139.7 million of the deemed repatriation tax in short-term and long-term liabilities within the consolidated balance sheet, respectively, as of September 30, 2022. The remaining repatriation tax is payable over the next three years: $34.9 million in 2024, $47.6 million in 2025, and $58.2 million in 2026. On October 2, 2010, the Company expanded its presence in Asia by launching operations in Singapore. The Company operates under a tax holiday in Singapore, which is effective through September 30, 2030. The current tax holiday is conditioned upon the Company’s compliance with certain employment and investment thresholds in Singapore. The impact of the tax holiday decreased Singapore taxes owed by $66.0 million, $96.6 million, and $99.5 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, respectively, which resulted in tax benefits of $0.41, $0.59, and $0.60 of diluted earnings per share, respectively. These tax benefits were partially offset by an increase in tax expense on GILTI. Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions): | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | Deferred tax assets: | | | | | Inventory | $ | 24.1 | | | $ | 21.4 | | | Accrued compensation and benefits | 14.4 | | | 11.6 | | | Product returns, allowances, and warranty | 7.0 | | | 1.5 | | | Share-based and other deferred compensation | 24.5 | | | 27.8 | | | Net operating loss carry forwards | 12.2 | | | 14.0 | | | Non-United States tax credits | 15.7 | | | 17.0 | | | State tax credits | 140.0 | | | 138.0 | | | Operating leases | 45.6 | | | 56.8 | | R&D capitalization | 95.3 | | | — | | | Intangible assets | 34.0 | | | 20.4 | | | Property, plant, and equipment | 34.5 | | | 31.4 | | | Other, net | 13.9 | | | 8.7 | | | Deferred tax assets | 461.2 | | | 348.6 | | | Less valuation allowance | (164.2) | | | (161.4) | | | Net deferred tax assets | 297.0 | | | 187.2 | | Deferred tax liabilities: | | | | | Property, plant, and equipment | (52.8) | | | (59.2) | | | Intangible assets | (9.6) | | | (4.7) | | | Operating leases | (44.3) | | | (51.5) | | | Other, net | (7.1) | | | (39.7) | | | Net deferred tax liabilities | (113.8) | | | (155.1) | | | Total net deferred tax assets | $ | 183.2 | | | $ | 32.1 | |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows: | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Deferred tax assets | $ | 192.3 | | | $ | 52.7 | | | Deferred tax liabilities | (9.1) | | | (20.6) | | | Net deferred tax asset | $ | 183.2 | | | $ | 32.1 | |
In accordance with GAAP, management has determined that it is more likely than not that a portion of the Company’s historic and current year income tax benefits will not be realized. As of September 29, 2023, the Company has a valuation allowance of $164.2 million. This valuation allowance is comprised of $140.0 million related to United States tax credits, $4.0 million related to United States state net operating loss carry forwards, and $20.2 million related to foreign deferred tax assets. The United States tax credits relate primarily to California research tax credits that can be carried forward indefinitely, for which the Company has provided a full valuation allowance. The Company does not anticipate sufficient taxable income or tax liability to utilize the United States and foreign credits. If these benefits are recognized in a future period, the valuation allowance on deferred tax assets will be reversed and up to a $164.2 million income tax benefit may be recognized. The Company will need to generate $656.6 million of future United States federal taxable income to utilize its United States deferred tax assets, net of deferred tax liabilities and excluding state deferred tax assets with a full valuation allowance, as of September 29, 2023. The Company believes that future reversals of taxable temporary differences, and its forecast of continued earnings in its domestic and foreign jurisdictions, support its decision to not record a valuation allowance on other deferred tax assets. The Company will continue to assess its valuation allowance in future periods. The net valuation allowance increased by $2.8 million and $11.4 million in fiscal 2023 and fiscal 2022, respectively, primarily related to increases in state tax credit carryovers.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | | | | | | | Unrecognized tax benefits | | Balance at September 30, 2022 | $ | 62.5 | | Increases based on positions related to prior years | 25.4 | | Decreases based on positions related to prior years | (21.7) | | | Increases based on positions related to current year | 3.7 | | Decreases based on settlements with taxing authorities | (12.0) | | | Balance at September 29, 2023 | $ | 57.9 | |
Of the total unrecognized tax benefits at September 29, 2023, $40.4 million would impact the effective tax rate, if recognized. The remaining unrecognized tax benefits would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain positions that were required to be capitalized.
The Company anticipates reversals within the next 12 months related to items such as the lapse of the statute of limitations, audit closures, and other items that occur in the normal course of business. Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $13.1 million in the next 12 months due to expiration of the applicable statute of limitations. During fiscal 2023 and fiscal 2022, the Company recognized $2.9 million and $1.2 million, respectively, of interest or penalties related to unrecognized tax benefits. During fiscal 2021, the Company recognized an $11.6 million benefit for interest and penalties related to unrecognized tax benefits. Accrued interest and penalties of $6.2 million and $5.7 million related to uncertain tax positions have been included in long-term tax liabilities within the consolidated balance sheet as of September 29, 2023, and September 30, 2022, respectively.
During fiscal 2023, the Company concluded an Internal Revenue Service examination of its federal income tax returns for the fiscal year ended September 28, 2018 (“fiscal 2018”) and the fiscal year ended September 27, 2019 (“fiscal 2019”). The Company agreed to various adjustments to fiscal 2018 and fiscal 2019 tax returns that resulted in the recognition of net tax expense of $1.6 million during fiscal 2023.
The Company’s major tax jurisdictions as of September 29, 2023, are the United States, California, Canada, Mexico, Japan, and Singapore. For the United States, the Company has open tax years dating back to fiscal 2020. For California, the Company has open tax years dating back to fiscal 2004. For Canada, the Company has open tax years dating back to fiscal 2016. For Mexico, the Company has open tax years dating back to fiscal 2013. For Japan, the Company has open tax years dating back to fiscal 2016. For Singapore, the Company has open tax years dating back to fiscal 2019. The Company is subject to audit examinations by the respective taxing authorities on a periodic basis, of which the results could impact its financial position, results of operations, or cash flows.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 13
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-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-Section 50
-Paragraph 14
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-Section 50
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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v3.23.3
Stockholders' Equity
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| STOCKHOLDERS’ EQUITY |
. STOCKHOLDERS’ EQUITY Common Stock At September 29, 2023, the Company is authorized to issue 525.0 million shares of common stock, par value $0.25 per share, of which 159.5 million shares are issued and outstanding.
Holders of the Company’s common stock are entitled to dividends in the event declared by the Company’s Board of Directors out of funds legally available for such purpose. Dividends may not be paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or declared and set aside. In the event of the Company’s liquidation, dissolution, or winding up, the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock. Each holder of the Company’s common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common stock is entitled to cumulate votes in voting for directors. The Company’s restated certificate of incorporation as amended to date (the “Certificate of Incorporation”) provides that, unless otherwise determined by the Company’s Board of Directors, no holder of stock has any preemptive right to purchase or subscribe for any stock of any class which the Company may issue or sell.
Preferred Stock The Company’s Certificate of Incorporation has authorized and permits the Company to issue up to 25.0 million shares of preferred stock without par value in one or more series and with rights and preferences that may be fixed or designated by the Company’s Board of Directors without any further action by the Company’s stockholders. The designation, powers, preferences, rights and qualifications, limitations, and restrictions of the preferred stock of each series will be fixed by the certificate of designation relating to such series, which will specify the terms of the preferred stock. At September 29, 2023, the Company had no shares of preferred stock issued or outstanding.
Stock Repurchase and Retirement On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 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 through February 1, 2025, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. The January 31, 2023 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 26, 2021 (“January 26, 2021 stock repurchase program”). The timing and amount of any shares of the Company’s common stock that are repurchased under the January 31, 2023 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The January 31, 2023 stock repurchase program may be suspended or discontinued at any time. The Company currently expects to fund the January 31, 2023 stock repurchase program using the Company’s working capital.
During the fiscal year ended September 29, 2023, the Company paid approximately $175.3 million (including commissions) in connection with the repurchase of 1.9 million shares of its common stock (paying an average price of $90.60 per share) all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program. As of September 29, 2023, $2.0 billion remained available under the January 31, 2023 stock repurchase program.
During the fiscal year ended September 30, 2022, the Company paid approximately $886.8 million (including commissions) in connection with the repurchase of 6.5 million shares of its common stock (paying an average price of $136.32 per share) all of which shares were repurchased pursuant to the January 26, 2021, stock repurchase program. During the fiscal year ended October 1, 2021, the Company paid approximately $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.
During the fiscal years ended September 30, 2022 and October 1, 2021, the Board of Directors approved the retirement of 6.2 million and 68.5 million treasury shares at an aggregate historical cost of $893.4 million and $4,342.6 million, respectively. Upon retirement, the shares assumed the status of authorized and unissued. All future repurchases of shares will assume the status of authorized and unissued.
Dividends On November 2, 2023, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.68 per share. This dividend is payable on December 12, 2023, to the Company’s stockholders of record as of the close of business on November 21, 2023. Future dividends are subject to declaration by the Board of Directors. The dividends charged to retained earnings in fiscal 2023 and 2022 were as follows (in millions except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | Per Share | | Total | | Per Share | | Total | | First quarter | $ | 0.62 | | | $ | 99.4 | | | $ | 0.56 | | | $ | 92.5 | | | Second quarter | 0.62 | | | 98.6 | | | 0.56 | | | 91.2 | | | Third quarter | 0.62 | | | 98.7 | | | 0.56 | | | 90.0 | | | Fourth quarter | 0.68 | | | 108.5 | | | 0.62 | | | 99.4 | | | $ | 2.54 | | | $ | 405.2 | | | $ | 2.30 | | | $ | 373.1 | | | | | | | | | |
Employee Stock Benefit Plans As of September 29, 2023, the Company has the following equity compensation plans under which its equity securities were authorized for issuance to its employees and/or directors:
◦the 2002 Employee Stock Purchase Plan ◦the Non-Qualified Employee Stock Purchase Plan ◦the 2008 Director Long-Term Incentive Plan ◦the 2015 Long-Term Incentive Plan
Except for the Non-Qualified Employee Stock Purchase Plan, each of the foregoing equity compensation plans was approved by the Company’s stockholders.
As of September 29, 2023, a total of 37.5 million shares are authorized for grant under the Company’s share-based compensation plans. The number of common shares reserved for future awards to employees and directors under these plans was 10.5 million at September 29, 2023. The Company currently grants new equity awards to employees under the 2015 Long-Term Incentive Plan and to non-employee directors under the 2008 Director Long-Term Incentive Plan.
2015 Long-Term Incentive Plan. Under this plan, officers, employees, and certain consultants may be granted stock options, restricted stock units, performance stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan, up to 24.5 million shares have been authorized for grant. A total of 8.9 million shares were available for new grants as of September 29, 2023. The maximum contractual term of options under the plan is seven years from the date of grant. Options granted under the plan at the determination of the compensation committee generally vest ratably over four years. Restricted stock units granted under the plan at the determination of the compensation committee generally vest over three or more years. No dividends or dividend equivalents are accumulated or paid with respect to restricted stock unit awards or other awards until the shares underlying such awards vest and are issued to the award holder. Performance stock units are contingently granted depending on the achievement of certain predetermined performance goals and generally vest over one or more years.
2008 Director Long-Term Incentive Plan. Under this plan, non-employee directors may be granted stock options, restricted stock units, and other share-based awards. The plan has been approved by the stockholders. Under the plan a total of 1.5 million shares have been authorized for grant. A total of 0.5 million shares were available for new grants as of September 29, 2023. The maximum contractual term of options granted under the plan is ten years from the date of grant. Options granted under the plan generally vest ratably over four years. Restricted stock units granted under the plan generally vest over one or more years.
Employee Stock Purchase Plans. The Company maintains a domestic and an international employee stock purchase plan. Under these plans, eligible employees may purchase common stock through payroll deductions of up to 15% of their compensation. The price per share is the lower of 85% of the fair market value of the common stock at the beginning or end of each offering period (six months). The plans provide for purchases by employees of up to an aggregate of 11.6 million shares. Shares of common stock purchased under these plans in the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, were 0.3 million, 0.3 million, and 0.2 million, respectively. At September 29, 2023, there were 1.0 million shares available for purchase. The Company recognized compensation expense of $10.9 million, $9.2 million, and $8.7 million for the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, respectively, related to the employee stock purchase plan. The unrecognized compensation expense on the employee stock purchase plan at September 29, 2023, was $3.5 million. The weighted average period over which the cost is expected to be recognized is approximately four months.
Restricted and Performance Awards and Units The following table represents a summary of the Company’s restricted and performance awards and units: | | | | | | | | | | | | | Shares (in millions) | | Weighted average grant date fair value | | Non-vested awards outstanding at September 30, 2022 | 2.4 | | | $ | 139.63 | | | Granted (1) | 2.6 | | | $ | 92.86 | | | Vested | (1.2) | | | $ | 123.60 | | | Canceled/forfeited | (0.4) | | | $ | 112.15 | | | Non-vested awards outstanding at September 29, 2023 | 3.4 | | | $ | 112.69 | | (1) includes performance stock awards granted and earned assuming target performance under the underlying performance metrics |
The weighted-average grant date fair value per share for awards granted during the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, was $92.86, $151.20, and $148.96, respectively.
The following table summarizes the total intrinsic value for awards vested (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Awards | $ | 111.9 | | | $ | 249.6 | | | $ | 167.4 | |
Valuation and Expense Information The following table summarizes pre-tax share-based compensation expense by financial statement line and related tax benefit (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Cost of goods sold | $ | 20.7 | | | $ | 26.9 | | | $ | 28.9 | | | Research and development | 94.8 | | | 93.8 | | | 85.7 | | | Selling, general, and administrative | 69.6 | | | 74.5 | | | 77.3 | | | Total share-based compensation expense | $ | 185.1 | | | $ | 195.2 | | | $ | 191.9 | | | | | | | | Share-based compensation tax expense (benefit) | $ | 9.1 | | | $ | (20.1) | | | $ | (13.5) | | | Capitalized share-based compensation expense at period end | $ | 14.5 | | | $ | 6.8 | | | $ | 9.8 | |
The following table summarizes total compensation costs related to unvested share-based awards not yet recognized and the weighted-average period over which it is expected to be recognized at September 29, 2023: | | | | | | | | | | | | | Unrecognized compensation cost for unvested awards
(in millions) | | Weighted average remaining recognition period
(in years) | | Awards | $ | 242.3 | | | 2.6 |
The fair value of the restricted stock units is equal to the closing market price of the Company’s common stock on the date of grant.
The Company issued performance stock unit awards during fiscal 2023, fiscal 2022, and fiscal 2021 that contained market-based conditions. The fair value of these performance stock unit awards was estimated on the date of the grant using a Monte Carlo simulation with the following weighted average assumptions: | | | | | | | | | | | | | | | | | |
| Fiscal Year Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Volatility of common stock | 45.71 | % | | 44.04 | % | | 43.20 | % | | Average volatility of peer companies | 40.74 | % | | 46.28 | % | | 45.96 | % | | Average correlation coefficient of peer companies | 0.65 | | | 0.65 | | | 0.65 | | | Risk-free interest rate | 4.51 | % | | 0.79 | % | | 0.25 | % | | Dividend yield | 2.80 | % | | 1.40 | % | | 1.39 | % |
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- DefinitionThe entire disclosure for equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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v3.23.3
Leases, Codification Topic 842
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Leases [Abstract] |
|
| Lessee, Operating Leases |
10. LEASES
The Company’s lease arrangements consist primarily of corporate, manufacturing, design, and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2061, some of which include options to extend the lease term. The longest potential total lease term consists of a 40-year land lease in Osaka, Japan.
During the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, the Company recorded $39.8 million, $43.6 million, and $33.9 million of operating lease expense, and $19.2 million, $12.3 million, and $3.2 million of variable lease expense, respectively.
Supplemental cash information and non-cash activities related to operating leases are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Operating cash outflows from operating leases | | | $ | 34.0 | | | $ | 32.0 | | | $ | 32.5 | | | Operating lease assets obtained in exchange for new lease liabilities | | | $ | 11.1 | | | $ | 84.6 | | | $ | 24.8 | |
Operating leases are classified as follows (in millions): | | | | | | | | | | | | | | | | | As of | | | | September 29,
2023 | | September 30,
2022 | | Other current liabilities | | | $ | 28.3 | | | $ | 18.5 | | | Long-term operating lease liabilities | | | 188.7 | | | 206.9 | | | Total lease liabilities | | | $ | 217.0 | | | $ | 225.4 | |
Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions): | | | | | | | As of | | September 29,
2023 | | 2024 | $ | 20.6 | | | 2025 | 32.7 | | | 2026 | 29.3 | | | 2027 | 28.5 | | 2028 | 26.3 | | | Thereafter | 123.9 | | | Total lease payments | 261.3 | | | Less: imputed interest | (44.3) | | | Present value of lease liabilities | 217.0 | | | Less: current portion (included in other current liabilities) | (28.3) | | | Total | $ | 188.7 | |
Weighted-average remaining lease term and discount rate related to operating leases are as follows: | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Weighted-average remaining lease term (years) | 12.3 | | 12.1 | | Weighted-average discount rate | 3.6 | % | | 3.3 | % |
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v3.23.3
Commitments
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS |
11. 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. 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.
Purchase Commitments The Company purchases materials primarily pursuant to individual purchase orders, some of which have underlying master purchase agreements. Some of these purchase commitments are cancellable, and some are non-cancelable, depending on the terms with each individual supplier. In the event of cancellation, the Company may be required to pay costs incurred through the date of cancellation or other fees. When cancellation would result in incurring costs or other fees, the Company has historically sought to negotiate amended terms to the original agreements and orders to limit its exposure and, as such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future commitments. The Company maintains certain minimum purchase commitments under long-term capacity reservation agreements primarily with foundries for the purchase of wafers. Under these agreements, the Company agreed to pay refundable deposits to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreements. During fiscal 2023, the Company recorded impairment charges of $47.5 million within cost of goods sold due to reduced overall market demand related to long-term supply capacity deposits. As of September 29, 2023, the remaining deposits under the long-term capacity reservation agreements were $43.0 million and $16.0 million recorded within other current assets and other long-term assets, respectively.
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v3.23.3
Guarantees and Indemnities
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Guarantees [Abstract] |
|
| GUARANTEES AND INDEMNITIES |
12. 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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v3.23.3
Earnings Per Share
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| EARNINGS PER SHARE |
13. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | | | | | | | | | Weighted average shares outstanding – basic | 159.4 | | | 162.4 | | | 165.2 | | | Dilutive effect of equity-based awards | 0.9 | | | 0.9 | | | 1.8 | | | Weighted average shares outstanding – diluted | 160.3 | | | 163.3 | | | 167.0 | | | | | | | | | Net income per share – basic | $ | 6.17 | | | $ | 7.85 | | | $ | 9.07 | | | Net income per share – diluted | $ | 6.13 | | | $ | 7.81 | | | $ | 8.97 | | | | | | | | | Anti-dilutive common stock equivalents | 0.1 | | | 0.7 | | | — | |
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 fiscal years ended September 29, 2023, September 30, 2022, and October 1, 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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v3.23.3
Segment Information
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENT INFORMATION AND CONCENTRATIONS |
14. SEGMENT INFORMATION AND CONCENTRATIONS
The Company has a single reportable operating segment which designs, develops, manufactures, and markets similar proprietary semiconductor products, including intellectual property. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the president and chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually.
Disaggregation of Revenue and Geographic Information The Company presents net revenue by geographic area based upon the location of the OEMs’ headquarters and 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 on sales region. Net revenue by geographic area is as follows (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | United States | $ | 3,603.9 | | | $ | 3,685.7 | | | $ | 3,228.1 | | | China | 358.3 | | | 599.6 | | | 994.2 | | | Taiwan | 344.4 | | | 430.4 | | | 404.2 | | | Europe, Middle East, and Africa | 204.2 | | | 235.8 | | | 180.1 | | | South Korea | 198.3 | | | 458.2 | | | 264.5 | | | Other Asia-Pacific | 63.3 | | | 75.8 | | | 38.0 | | | Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
Net revenue by sales channel is as follows (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Distributors | $ | 4,235.7 | | | $ | 4,488.1 | | | $ | 4,539.7 | | | Direct customers | 536.7 | | | 997.4 | | | 569.4 | | | Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
The Company’s revenue from external customers is generated principally from the sale of semiconductor products. Accordingly, the Company considers its product offerings to be similar in nature and therefore not segregated for reporting purposes. Net property, plant, and equipment balances, based on the physical locations within the indicated geographic areas are as follows (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Japan | $ | 606.4 | | | $ | 679.7 | | | Singapore | 307.5 | | | 363.3 | | | Mexico | 233.1 | | | 296.7 | | | United States | 219.7 | | | 246.0 | | | Rest of world | 23.4 | | | 19.1 | | | $ | 1,390.1 | | | $ | 1,604.8 | |
Concentrations Financial instruments that potentially subject the Company to concentration of credit risk consist principally of trade accounts receivable. Trade accounts receivable are primarily derived from sales to manufacturers of communications and consumer products and electronic component distributors. The Company performs ongoing credit evaluations of customers.
In fiscal 2023, 2022, and 2021, Apple, through sales to multiple distributors, contract manufacturers, and direct sales for multiple applications including smartphones, tablets, desktop, and notebook computers, watches and other devices, in the aggregate accounted for 66%, 58%, and 59% of the Company’s net revenue, respectively.
At September 29, 2023, the Company’s three largest accounts receivable balances comprised 83% of aggregate gross accounts receivable. This concentration was 79% at September 30, 2022, and 70% at October 1, 2021.
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v3.23.3
Other Liabilities
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Additional Financial Information Disclosure |
15. SUPPLEMENTAL FINANCIAL INFORMATION
Other current assets consist of the following (in millions): | | | | | | | | | | | | | As of | | September 30,
2022 | | October 1,
2021 | | Prepaid expenses | $ | 306.0 | | | $ | 242.3 | | | Other | 155.1 | | 95.2 | | | Total other current assets | $ | 461.1 | | | $ | 337.5 | |
Other current liabilities consist of the following (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Accrued customer liabilities | $ | 270.9 | | | $ | 226.9 | | | Accrued taxes | 58.8 | | | 48.8 | | | Short-term operating lease liabilities | 28.3 | | | 18.5 | | | Other | 44.8 | | | 45.0 | | | Total other current liabilities | $ | 402.8 | | | $ | 339.2 | |
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Subsequent Events
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
17. SUBSEQUENT EVENT
On October 4, 2023, the Company repaid $150.0 million of outstanding borrowings under the Term Loans. As of October 4, 2023, there were $150.0 million of borrowings outstanding under the Term Credit Agreement.
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v3.23.3
Insider Trading Arrangements
|
3 Months Ended |
|
Sep. 29, 2023
shares
|
|---|
| Trading Arrangements, by Individual |
|
| Material Terms of Trading Arrangement |
ITEM 9B. OTHER INFORMATION.
Director and Officer Trading Arrangements: A significant portion of the compensation of the Company’s directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is in the form of equity awards and, from time to time, directors and officers engage in open-market transactions with respect to the securities acquired pursuant to such equity awards or other Company securities, including to satisfy tax withholding obligations when equity awards vest or are exercised, and for diversification or other personal reasons.
Transactions in Company securities by directors and officers are required to be made in accordance with the Company’s insider trading policy, which requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in the Company’s securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information.
The following table describes contracts, instructions or written plans for the sale or purchase of Company securities adopted by our directors and officers during the fourth quarter of fiscal 2023 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”):
| | | | | | | | | | | | | Name and Title | Date of Adoption | Duration of Rule 10b5-1 Trading Arrangement | Aggregate Number of Securities to Be Purchased or Sold | Karilee Durham, Senior Vice President, Human Resources | August 9, 2023 | Until August 9, 2024, or such earlier date upon which all transactions are completed or expire without execution | Sale of up to 5,000 shares |
None of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal 2023.
|
| Non-Rule 10b5-1 Arrangement Adopted |
false
|
| Rule 10b5-1 Arrangement Terminated |
false
|
| Non-Rule 10b5-1 Arrangement Terminated |
false
|
| Karilee Durham [Member] |
|
| Trading Arrangements, by Individual |
|
| Name |
Karilee Durham
|
| Title |
Senior Vice President, Human Resources
|
| Adoption Date |
August 9, 2023
|
| Termination Date |
August 9, 2024
|
| Aggregate Available |
5,000
|
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Principles of Consolidation |
Principles of Consolidation All Skyworks subsidiaries are included in the Company’s consolidated financial statements and all intercompany balances are eliminated in consolidation. Certain items in the fiscal years 2022 and 2021 financial statements, including certain account groupings in the tax reconciliation disclosure, have been reclassified to conform to the fiscal 2023 presentation.
|
| Fiscal Year |
Fiscal Year The Company’s fiscal year ends on the Friday closest to September 30. Fiscal years 2023 , 2022, and 2021 each consisted of 52 weeks and ended on September 29, 2023, September 30, 2022, and October 1, 2021, respectively.
|
| Use of Estimates |
Use of Estimates 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, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates.
|
| Cash and Cash Equivalents |
Cash and Cash Equivalents The Company invests excess cash in money market funds, U.S. Treasury securities, agency securities, other government securities, and corporate debt securities. The Company considers highly liquid investments as cash equivalents including money market funds and investments with maturities of 90 days or less when purchased.
|
| Investments |
Investments The Company classifies its investment in marketable debt securities as “available-for-sale.” Available-for-sale securities are carried at fair value with unrealized holding gains or losses recorded in other comprehensive income, net of tax. Gains or losses are included in earnings in the period in which they are realized. The cost of securities sold is determined based on the specific identification method. The cost of available-for-sale debt securities is adjusted for premiums and discounts, with the amortization or accretion of such amounts included as a portion of interest. Available-for-sale debt securities with an original maturity date greater than three months and less than one year are classified as current investments. Available-for-sale debt securities with an original maturity date exceeding one year are classified as long-term.
|
| Fair Value |
Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market in an orderly transaction between market participants at the measurement date. Applicable accounting guidance provides a hierarchy for inputs used in measuring fair value that prioritize the use of observable inputs over the use of unobservable inputs, when such observable inputs are available. The three levels of inputs that may be used to measure fair value are as follows:
•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.
It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.
The Company measures certain assets and liabilities at fair value on a recurring basis in three levels, based on the market in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. It recognizes transfers within the fair value hierarchy at the end of the fiscal quarter in which the change in circumstances that caused the transfer occurred. The carrying value of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximates fair value due to the short-term maturities of these assets and liabilities.
|
| Inventory |
Inventory Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Reserves for excess and obsolete inventory are established on a quarterly basis and are based on a detailed analysis of aged material, salability of our inventory, market conditions, and product life cycles. Once reserves are established, write-downs of inventory are considered permanent adjustments to the cost basis of inventory.
|
| Property, Plant and Equipment |
Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods. Maintenance and repairs are expensed as incurred.
Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and five to ten years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease.
|
| Valuation of Long-Lived Assets |
Valuation of Long-Lived Assets Definite lived intangible assets are carried at cost less accumulated amortization. Amortization is calculated based on the pattern of benefit to be recognized from the underlying asset over its estimated useful life. Carrying values for long-lived assets and definite lived intangible assets are reviewed for possible impairment as circumstances warrant. Factors considered important that could result in an impairment review include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of use of assets or the Company’s business strategy, or significant negative industry or economic trends. In addition, impairment reviews are conducted at the judgment of management whenever asset values are deemed to be unrecoverable relative to future undiscounted cash flows expected to be generated by that particular asset group. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition. Such estimates require management to exercise judgment and make assumptions regarding factors such as future revenue streams, operating expenditures, cost allocation and asset utilization levels, all of which collectively impact future operating performance. The Company’s estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to its business model, or changes in its operating performance. If the sum of the undiscounted cash flows is less than the carrying value of an asset group, the Company would recognize an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset group.
|
| Goodwill and Indefinite Intangible Assets |
Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually as of the first day of the fourth fiscal quarter for impairment or more frequently if indicators of impairment exist during the fiscal year. The Company assesses its conclusion regarding segments and reporting units in conjunction with its annual goodwill impairment test and has determined that it has one reporting unit for the purposes of allocating and testing goodwill. The Company’s impairment analysis compares its fair value to its net book value to determine if there is an indicator of impairment. In the Company’s calculation of fair value, it considers the closing price of its common stock on the selected testing date, the number of shares of its common stock outstanding and other marketplace activity such as a related control premium. If the calculated fair value is determined to be less than the book value of the reporting unit, an impairment loss is recognized equal to that excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
|
| Business Combinations |
Business Combinations The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed at their fair values on the date acquired. Goodwill represents the excess of the purchase price over the fair value of the acquired identifiable net assets. The fair values of the assets and liabilities acquired are determined based upon the Company’s valuation using a combination of market, income, or cost approaches. The valuation involves making significant estimates and assumptions, which are based on detailed financial models including the projection of future cash flows, the weighted average cost of capital, and any cost savings that are expected to be derived in the future from the viewpoint of a market participant.
|
| Revenue Recognition |
Revenue Recognition The Company derives its revenue primarily from the sale of semiconductor products under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. In the absence of a sales agreement, the Company’s standard terms and conditions apply. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in FASB ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized at a point in time upon transfer of control of the products to the customer. Transfer of control occurs upon shipment to the distributor or direct customer or when products are pulled from consignment inventory by the customer. Point in time recognition is determined as products manufactured under non-cancellable orders create an asset with an alternative use to the Company. Returns under the Company’s general assurance warranty of products have not been material, and warranty-related services are not considered a separate performance obligation.
Pricing adjustments and estimates of returns are treated as variable consideration for purposes of determining the transaction price. Sales returns are generally accepted at the Company’s discretion or from distributors with stock rotation rights. Stock rotation allows distributors limited levels of returns and is based on the distributor’s prior purchases. Price protection represents price discounts granted to certain distributors and is based on negotiations on sales to end customers. Variable consideration is estimated using the expected value method considering all reasonably available information, including the Company’s historical experience and its current expectations, and is reflected in the transaction price when sales are recorded. The Company records net revenue excluding taxes on its sales to trade customers. The Company recognizes shipping fees, if any, received from customers in revenue and includes the related shipping and handling costs in cost of revenue.
Accounts receivable represents the Company’s unconditional right to receive consideration from its customer. Substantially all payments are collected within the Company’s standard terms, which do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the consolidated balance sheet in any of the periods presented. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.
|
| Share-based Compensation |
Share-Based Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors including non-qualified employee stock options, share awards and units, employee stock purchase plan, and other special share-based awards based on estimated fair values. The determination of fair value of restricted and certain performance stock awards and units is based on the value of the Company’s stock on the date of grant with performance awards and units adjusted for the actual outcome of the underlying performance condition. For more complex performance awards including units with market-based performance conditions the Company employs a Monte Carlo simulation valuation method to calculate the fair value of the awards based on the most likely outcome. Under the Monte Carlo simulation, a number of variables and assumptions are used including, but not limited to: the expected stock price volatility over the term of the award, a correlation coefficient, the risk-free rate, and dividend yield.
The fair value of share-based payment awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. The Company generally uses a straight-line attribution method for all grants that include only a service condition. Awards with both performance and service conditions are expensed over the service period for each separately vesting tranche.
Share-based compensation expense recognized during the period includes actual expense on vested awards and expense associated with unvested awards. Forfeitures are recorded as incurred.
|
| Research and Development Costs |
Research and Development Costs Research and development costs are expensed as incurred.
|
| Loss Contingencies |
Loss Contingencies The Company records its best estimates of a loss contingency when it is considered probable and the amount can be reasonably estimated. When a range of loss can be reasonably estimated with no best estimate in the range, the minimum estimated liability related to the claim is recorded. As additional information becomes available, the Company assesses the potential liability related to the potential pending loss contingency and revises its estimates. Material loss contingencies are disclosed if there is at least a reasonable possibility that a loss or an additional loss may have been incurred and include estimated legal costs.
|
| Restructuring |
Restructuring A liability for post-employment benefits is recorded when payment is probable and the amount is reasonably estimable. Contract exit costs include contract termination fees and are recognized in the period in which the Company terminates the contract.
|
| Foreign Currencies |
Foreign Currencies The Company’s functional currency is the United States dollar. Gains and losses related to foreign currency transactions and conversion of foreign denominated cash balances are included in current results.
|
| Income Tax |
Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. This method also requires the recognition of future tax benefits such as net operating loss carry forwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The carrying value of the Company’s net deferred tax assets assumes the Company will be able to generate sufficient future taxable income in certain tax jurisdictions, based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets resulting in additional income tax expense in its Consolidated Statement of Operations. Management evaluates the realizability of the deferred tax assets and assesses the adequacy of the valuation allowance quarterly. Likewise, in the event the Company were to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made.
The determination of recording or releasing tax valuation allowances is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income in the jurisdiction that generated the deferred tax assets. This assessment requires management to exercise judgment and make estimates with respect to its ability to generate revenues, gross profits, operating income, and taxable income in future periods. Amongst other factors, management must make assumptions regarding overall business and semiconductor industry conditions, operating efficiencies, the Company’s ability to develop products to its customers’ specifications, technological change, the competitive environment, and changes in regulatory requirements which may impact its ability to generate taxable income and, in turn, realize the value of its deferred tax assets.
The calculation of the Company’s tax liabilities includes addressing uncertainties in the application of complex tax regulations and is based on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
The Company recognizes liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its recognition threshold and measurement attribute of whether it is more likely than not that the positions the Company has taken in tax filings will be sustained upon tax audit, and the extent to which, additional taxes would be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. The Company recognizes any interest or penalties, if incurred, on any unrecognized tax liabilities or benefits as a component of income tax expense.
|
| Earnings Per Share, Policy [Policy Text Block] |
Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan using the treasury share 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.
|
| Recently Adopted Accounting Pronouncements |
|
| Lessee, Leases |
Leases The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. Operating leases are included in operating lease ROU assets, other current liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet.
|
| Recently Issued Accounting Pronouncements |
Recently Adopted Accounting Pronouncements and Other Developments In November 2021, the Financial Accounting Standards Board issued ASU 2021-10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) to increase transparency of government assistance received by most business entities. The standard requires annual disclosures of the nature of the transactions, including the commitments, contingencies, and the terms and conditions attached to the grant, the form in which the assistance was provided, the accounting policies used to account for the transactions and the effect of the transactions on the entity's financial statements. The Company adopted ASU 2021-10 in fiscal 2023 and the adoption did not have a significant impact on the consolidated financial statements.
In August 2022, the U.S. government enacted the CHIPS and Science Act, which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing that is placed in service after December 31, 2022. This new law did not have a material impact to the Company in fiscal 2023. In August 2022, the U.S. government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion, as well as a 1% excise tax on corporate stock repurchases made after December 31, 2022. The Company did not incur an excise tax on stock repurchases in fiscal 2023 and is currently evaluating the provisions of CAMT and its potential impact to the Company. CAMT is effective for the Company in fiscal 2024.
|
| Stockholders' Equity, Policy |
Stock Repurchase The Company accounts for stock repurchases in the consolidated balance sheet by reducing common stock for the par value of the shares, reducing paid-in capital for the amount in excess of par to zero during the period in which the shares are repurchased, and recording the residual amount, if any, to retained earnings. Excise tax on stock repurchases is recorded as part of the cost basis of shares acquired in the consolidated statement of stockholders’ equity.
|
| Government Assistance |
Government Assistance The Company receives government assistance for qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the incentive. Incentives provided by government entities are recognized when the Company has reasonable assurance that it will comply with the conditions of the incentive and the incentive will be received. The Company records capital-related incentives as a reduction to property, plant and equipment and recognizes a reduction to depreciation expense over the useful life of the corresponding asset. Incentives for specific operating activities are offset against the related expense in the period the expense is incurred. As of September 29, 2023, the Company has recognized $10.2 million of receivables in other short-term assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets, recorded as a reduction to cost of goods sold as the related assets depreciate. The Company recognized an immaterial benefit in the consolidated statement of operations in fiscal 2023 for grants related to operating activities.
|
| X |
- DefinitionValuation of Long-lived Assets [Policy Text Block] - Valuation of long-lived assets including Property, plant and equipment and intangible assets with a finite useful life
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v3.23.3
Fair Value (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value, Assets Measured on Recurring Basis |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 29, 2023 | | As of September 30, 2022 | | | | 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 (1) | $ | 718.8 | | | $ | 718.5 | | | $ | 0.3 | | | $ | — | | | $ | 566.0 | | | $ | 565.7 | | | $ | 0.3 | | | $ | — | | | U.S. Treasury and government securities | 19.2 | | | — | | | 19.2 | | | — | | | 13.6 | | | 3.6 | | | 10.0 | | | — | | | Corporate bonds and notes | — | | | — | | | — | | | — | | | 0.2 | | | — | | | 0.2 | | | — | | | Municipal bonds | 0.5 | | | — | | | 0.5 | | | — | | | 7.0 | | | — | | | 7.0 | | | — | | | Total assets at fair value | $ | 738.5 | | | $ | 718.5 | | | $ | 20.0 | | | $ | — | | | $ | 586.8 | | | $ | 569.3 | | | $ | 17.5 | | | $ | — | |
(1) Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, US Treasury and government securities, and agency securities purchased with less than ninety days until maturity.
|
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The carrying amount and estimated fair value of debt under Senior Notes consists of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | 0.90% Senior Notes due 2023 | $ | — | | | $ | — | | | $ | 499.2 | | | $ | 488.5 | | | 1.80% Senior Notes due 2026 | 497.7 | | | 444.5 | | | 496.8 | | 431.2 | | | 3.00% Senior Notes due 2031 | 495.2 | | | 390.4 | | | 494.5 | | 377.6 | | | Total debt under Senior Notes | $ | 992.9 | | | $ | 834.9 | | | $ | 1,490.5 | | | $ | 1,297.3 | |
|
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v3.23.3
Inventory (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Inventory, Net [Abstract] |
|
| Schedule Of Inventories |
Inventory consists of the following (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Raw materials | $ | 57.2 | | | $ | 81.3 | | | Work-in-process | 746.8 | | | 805.3 | | | Finished goods | 315.7 | | | 325.5 | | | Total inventory | $ | 1,119.7 | | | $ | 1,212.1 | |
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v3.23.3
Property, Plant And Equipment (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Schedule Of Property, Plant And Equipment |
Property, plant, and equipment, net consists of the following (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Land and improvements | $ | 11.8 | | | $ | 11.9 | | | Buildings and improvements | 588.2 | | | 555.6 | | | Furniture and fixtures | 74.8 | | | 70.1 | | | Machinery and equipment | 3,389.3 | | | 3,316.3 | | | Construction in progress | 107.6 | | | 157.2 | | | Total property, plant, and equipment, gross | 4,171.7 | | | 4,111.1 | | | Accumulated depreciation | (2,781.6) | | | (2,506.3) | | | Total property, plant, and equipment, net | $ | 1,390.1 | | | $ | 1,604.8 | |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Marketable Securities (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Debt Securities, Available-for-sale |
The Company’s portfolio of available-for-sale marketable securities consists of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Current | | Noncurrent | | September 29,
2023 | | September 30,
2022 | | September 29,
2023 | | September 30,
2022 | | U.S. Treasury and government | $ | 15.1 | | | $ | 13.1 | | | $ | 4.1 | | | $ | 0.5 | | | Corporate bonds and notes | — | | | 0.2 | | | — | | | — | | | Municipal bonds | 0.5 | | | 7.0 | | | — | | | — | | | Total marketable securities | $ | 15.6 | | | $ | 20.3 | | | $ | 4.1 | | | $ | 0.5 | |
|
| X |
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-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 9
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
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-Topic 320
-SubTopic 10
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-Section 50
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v3.23.3
Goodwill and Intangible Assets (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule Of Intangible Assets Excluding Goodwill |
Intangible assets consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | As of | |
Weighted average amortization period (years) | | September 29, 2023 | | September 30, 2022 | | | Gross carrying amount | |
Accumulated amortization | | Net carrying amount | | Gross carrying amount | |
Accumulated amortization | | Net carrying amount | | Customer relationships and backlog | 2.3 | | $ | 154.6 | | | $ | (154.6) | | | $ | — | | | $ | 154.6 | | | $ | (122.3) | | | $ | 32.3 | | | Developed technology and other | 6.1 | | 1,290.4 | | | (379.4) | | | 911.0 | | | 1,280.9 | | | (209.2) | | | 1,071.7 | | | Technology licenses | 2.8 | | 75.8 | | | (36.0) | | | 39.8 | | | 105.1 | | | (45.2) | | | 59.9 | | | In-process research and development | | | 271.3 | | | — | | | 271.3 | | | 280.8 | | | — | | | 280.8 | | | Total intangible assets | | | $ | 1,792.1 | | | $ | (570.0) | | | $ | 1,222.1 | | | $ | 1,821.4 | | | $ | (376.7) | | | $ | 1,444.7 | |
|
| Schedule of Expected Amortization Expense |
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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Amortization expense | $ | 179.1 | | | $ | 155.7 | | | $ | 127.8 | | | $ | 112.6 | | | $ | 89.9 | | | $ | 285.7 | |
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v3.23.3
Income Taxes (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
Income before income taxes consists of the following components (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | United States | $ | 484.9 | | | $ | 663.0 | | | $ | 804.7 | | | Foreign | 593.9 | | | 813.6 | | | 794.0 | | | Income before income taxes | $ | 1,078.8 | | | $ | 1,476.6 | | | $ | 1,598.7 | |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes consists of the following components (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | Current tax expense: | | | | | | | Federal | $ | 164.4 | | | $ | 88.7 | | | $ | 87.5 | | | State | 0.1 | | | 0.1 | | | — | | | Foreign | 74.4 | | | 51.5 | | | 70.7 | | | 238.9 | | | 140.3 | | | 158.2 | | | Deferred tax expense (benefit): | | | | | | | Federal | (102.4) | | | 43.9 | | | (45.8) | | | State | (0.1) | | | 0.1 | | | (0.1) | | | Foreign | (40.4) | | | 17.1 | | | (11.9) | | | (142.9) | | | 61.1 | | | (57.8) | | | | | | | | | Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
|
| Schedule of Effective Income Tax Rate Reconciliation |
The actual income tax expense is different than that which would have been computed by applying the federal statutory tax rate to income before income taxes. A reconciliation of income tax expense as computed at the United States federal statutory income tax rate to the provision for income tax expense is as follows (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Tax expense at United States statutory rate | $ | 226.5 | | | $ | 310.1 | | | $ | 335.7 | | | Foreign tax rate difference | (90.7) | | | (105.3) | | | (111.7) | | | Effect of stock compensation | 16.0 | | | (13.1) | | | (6.7) | | | Research and development credits | (29.7) | | | (26.1) | | | (27.0) | | | Change in tax reserve | 8.1 | | | 7.4 | | | (51.5) | | | Global Intangible Low-Taxed Income | 16.3 | | | 36.1 | | | 25.5 | | | Foreign Derived Intangible Income | (65.9) | | | (39.9) | | | (79.7) | | | Other, net | 15.4 | | | 32.2 | | | 15.8 | | | Provision for income taxes | $ | 96.0 | | | $ | 201.4 | | | $ | 100.4 | |
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following (in millions): | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | Deferred tax assets: | | | | | Inventory | $ | 24.1 | | | $ | 21.4 | | | Accrued compensation and benefits | 14.4 | | | 11.6 | | | Product returns, allowances, and warranty | 7.0 | | | 1.5 | | | Share-based and other deferred compensation | 24.5 | | | 27.8 | | | Net operating loss carry forwards | 12.2 | | | 14.0 | | | Non-United States tax credits | 15.7 | | | 17.0 | | | State tax credits | 140.0 | | | 138.0 | | | Operating leases | 45.6 | | | 56.8 | | R&D capitalization | 95.3 | | | — | | | Intangible assets | 34.0 | | | 20.4 | | | Property, plant, and equipment | 34.5 | | | 31.4 | | | Other, net | 13.9 | | | 8.7 | | | Deferred tax assets | 461.2 | | | 348.6 | | | Less valuation allowance | (164.2) | | | (161.4) | | | Net deferred tax assets | 297.0 | | | 187.2 | | Deferred tax liabilities: | | | | | Property, plant, and equipment | (52.8) | | | (59.2) | | | Intangible assets | (9.6) | | | (4.7) | | | Operating leases | (44.3) | | | (51.5) | | | Other, net | (7.1) | | | (39.7) | | | Net deferred tax liabilities | (113.8) | | | (155.1) | | | Total net deferred tax assets | $ | 183.2 | | | $ | 32.1 | |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows: | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Deferred tax assets | $ | 192.3 | | | $ | 52.7 | | | Deferred tax liabilities | (9.1) | | | (20.6) | | | Net deferred tax asset | $ | 183.2 | | | $ | 32.1 | |
|
| Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible |
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | | | | | | | Unrecognized tax benefits | | Balance at September 30, 2022 | $ | 62.5 | | Increases based on positions related to prior years | 25.4 | | Decreases based on positions related to prior years | (21.7) | | | Increases based on positions related to current year | 3.7 | | Decreases based on settlements with taxing authorities | (12.0) | | | Balance at September 29, 2023 | $ | 57.9 | |
|
| X |
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v3.23.3
Stockholders' Equity (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Dividends Declared |
On November 2, 2023, the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $0.68 per share. This dividend is payable on December 12, 2023, to the Company’s stockholders of record as of the close of business on November 21, 2023. Future dividends are subject to declaration by the Board of Directors. The dividends charged to retained earnings in fiscal 2023 and 2022 were as follows (in millions except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | Per Share | | Total | | Per Share | | Total | | First quarter | $ | 0.62 | | | $ | 99.4 | | | $ | 0.56 | | | $ | 92.5 | | | Second quarter | 0.62 | | | 98.6 | | | 0.56 | | | 91.2 | | | Third quarter | 0.62 | | | 98.7 | | | 0.56 | | | 90.0 | | | Fourth quarter | 0.68 | | | 108.5 | | | 0.62 | | | 99.4 | | | $ | 2.54 | | | $ | 405.2 | | | $ | 2.30 | | | $ | 373.1 | | | | | | | | | |
|
| Schedule of Other Share-based Compensation, Activity |
| | | | | | | | | | | | | Shares (in millions) | | Weighted average grant date fair value | | Non-vested awards outstanding at September 30, 2022 | 2.4 | | | $ | 139.63 | | | Granted (1) | 2.6 | | | $ | 92.86 | | | Vested | (1.2) | | | $ | 123.60 | | | Canceled/forfeited | (0.4) | | | $ | 112.15 | | | Non-vested awards outstanding at September 29, 2023 | 3.4 | | | $ | 112.69 | | (1) includes performance stock awards granted and earned assuming target performance under the underlying performance metrics |
|
| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
The following table summarizes pre-tax share-based compensation expense by financial statement line and related tax benefit (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Cost of goods sold | $ | 20.7 | | | $ | 26.9 | | | $ | 28.9 | | | Research and development | 94.8 | | | 93.8 | | | 85.7 | | | Selling, general, and administrative | 69.6 | | | 74.5 | | | 77.3 | | | Total share-based compensation expense | $ | 185.1 | | | $ | 195.2 | | | $ | 191.9 | | | | | | | | Share-based compensation tax expense (benefit) | $ | 9.1 | | | $ | (20.1) | | | $ | (13.5) | | | Capitalized share-based compensation expense at period end | $ | 14.5 | | | $ | 6.8 | | | $ | 9.8 | |
|
| Schedule of Unrecognized Compensation Cost, Nonvested Awards |
The following table summarizes total compensation costs related to unvested share-based awards not yet recognized and the weighted-average period over which it is expected to be recognized at September 29, 2023: | | | | | | | | | | | | | Unrecognized compensation cost for unvested awards
(in millions) | | Weighted average remaining recognition period
(in years) | | Awards | $ | 242.3 | | | 2.6 |
|
| Schedule of Share-based Payment Awards, Performance Shares, Valuation Assumptions Used |
The fair value of these performance stock unit awards was estimated on the date of the grant using a Monte Carlo simulation with the following weighted average assumptions: | | | | | | | | | | | | | | | | | |
| Fiscal Year Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Volatility of common stock | 45.71 | % | | 44.04 | % | | 43.20 | % | | Average volatility of peer companies | 40.74 | % | | 46.28 | % | | 45.96 | % | | Average correlation coefficient of peer companies | 0.65 | | | 0.65 | | | 0.65 | | | Risk-free interest rate | 4.51 | % | | 0.79 | % | | 0.25 | % | | Dividend yield | 2.80 | % | | 1.40 | % | | 1.39 | % |
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-Paragraph 1
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v3.23.3
Leases, Codification Topic 842 (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Leases [Abstract] |
|
| Lease, Cost |
Supplemental cash information and non-cash activities related to operating leases are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Operating cash outflows from operating leases | | | $ | 34.0 | | | $ | 32.0 | | | $ | 32.5 | | | Operating lease assets obtained in exchange for new lease liabilities | | | $ | 11.1 | | | $ | 84.6 | | | $ | 24.8 | |
|
| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions): | | | | | | | As of | | September 29,
2023 | | 2024 | $ | 20.6 | | | 2025 | 32.7 | | | 2026 | 29.3 | | | 2027 | 28.5 | | 2028 | 26.3 | | | Thereafter | 123.9 | | | Total lease payments | 261.3 | | | Less: imputed interest | (44.3) | | | Present value of lease liabilities | 217.0 | | | Less: current portion (included in other current liabilities) | (28.3) | | | Total | $ | 188.7 | |
|
| Lease, Cost, weighted-average remaining lease term, weighted-average discount rate |
Weighted-average remaining lease term and discount rate related to operating leases are as follows: | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Weighted-average remaining lease term (years) | 12.3 | | 12.1 | | Weighted-average discount rate | 3.6 | % | | 3.3 | % |
|
| Liabilities, Lessee |
Operating leases are classified as follows (in millions): | | | | | | | | | | | | | | | | | As of | | | | September 29,
2023 | | September 30,
2022 | | Other current liabilities | | | $ | 28.3 | | | $ | 18.5 | | | Long-term operating lease liabilities | | | 188.7 | | | 206.9 | | | Total lease liabilities | | | $ | 217.0 | | | $ | 225.4 | |
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-Section 50
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v3.23.3
Earnings Per Share (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| 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): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Net income | $ | 982.8 | | | $ | 1,275.2 | | | $ | 1,498.3 | | | | | | | | | Weighted average shares outstanding – basic | 159.4 | | | 162.4 | | | 165.2 | | | Dilutive effect of equity-based awards | 0.9 | | | 0.9 | | | 1.8 | | | Weighted average shares outstanding – diluted | 160.3 | | | 163.3 | | | 167.0 | | | | | | | | | Net income per share – basic | $ | 6.17 | | | $ | 7.85 | | | $ | 9.07 | | | Net income per share – diluted | $ | 6.13 | | | $ | 7.81 | | | $ | 8.97 | | | | | | | | | Anti-dilutive common stock equivalents | 0.1 | | | 0.7 | | | — | |
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v3.23.3
Segment Information (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area |
| | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | United States | $ | 3,603.9 | | | $ | 3,685.7 | | | $ | 3,228.1 | | | China | 358.3 | | | 599.6 | | | 994.2 | | | Taiwan | 344.4 | | | 430.4 | | | 404.2 | | | Europe, Middle East, and Africa | 204.2 | | | 235.8 | | | 180.1 | | | South Korea | 198.3 | | | 458.2 | | | 264.5 | | | Other Asia-Pacific | 63.3 | | | 75.8 | | | 38.0 | | | Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
|
| Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country |
Net property, plant, and equipment balances, based on the physical locations within the indicated geographic areas are as follows (in millions): | | | | | | | | | | | | | As of | | September 29,
2023 | | September 30,
2022 | | Japan | $ | 606.4 | | | $ | 679.7 | | | Singapore | 307.5 | | | 363.3 | | | Mexico | 233.1 | | | 296.7 | | | United States | 219.7 | | | 246.0 | | | Rest of world | 23.4 | | | 19.1 | | | $ | 1,390.1 | | | $ | 1,604.8 | |
|
| Disaggregation of Revenue |
Net revenue by sales channel is as follows (in millions): | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | September 29,
2023 | | September 30,
2022 | | October 1,
2021 | | Distributors | $ | 4,235.7 | | | $ | 4,488.1 | | | $ | 4,539.7 | | | Direct customers | 536.7 | | | 997.4 | | | 569.4 | | | Total | $ | 4,772.4 | | | $ | 5,485.5 | | | $ | 5,109.1 | |
|
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v3.23.3
Debt (Tables)
|
12 Months Ended |
Sep. 29, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt Instruments |
Debt consists of the following (in millions, except percentages): | | | | | | | | | | | | | | | | | | | | | As of | | Effective Interest Rate | | September 29,
2023 | | September 30,
2022 | | 0.90% Senior Notes due 2023 | — | % | | $ | — | | | $ | 500.0 | | | 1.80% Senior Notes due 2026 | 1.97 | % | | 500.0 | | | 500.0 | | | 3.00% Senior Notes due 2031 | 3.13 | % | | 500.0 | | | 500.0 | | | Term Loans due 2024 | 6.37 | % | | 300.0 | | | 700.0 | | | Unamortized debt discount and issuance costs | | | (7.7) | | | (10.9) | | | Total debt | | | 1,292.3 | | | 2,189.1 | | | Less: current portion of long-term debt | | | 299.4 | | | 499.2 | | Total long-term debt | | | $ | 992.9 | | | $ | 1,689.9 | |
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v3.23.3
Fair Value (Narrative) (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
|
| Asset Impairment Charges |
$ 64,500
|
$ 20,700
|
$ 7,100
|
| Supply Commitment |
|
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
|
| Asset Impairment Charges |
47,500
|
|
|
| Disposal Group, Not Discontinued Operations |
|
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
|
| Asset Impairment Charges |
$ 12,300
|
|
|
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v3.23.3
Fair Value (Schedule Of Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($)
$ in Thousands |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets, Fair Value Disclosure |
$ 738,500
|
$ 586,800
|
| Cash and Cash Equivalents, Fair Value Disclosure |
718,800
|
566,000
|
| Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets, Fair Value Disclosure |
718,500
|
569,300
|
| Cash and Cash Equivalents, Fair Value Disclosure |
718,500
|
565,700
|
| Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets, Fair Value Disclosure |
20,000
|
17,500
|
| Cash and Cash Equivalents, Fair Value Disclosure |
300
|
300
|
| Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets, Fair Value Disclosure |
0
|
0
|
| Cash and Cash Equivalents, Fair Value Disclosure |
0
|
0
|
| US Treasury and Government [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
19,200
|
13,600
|
| US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
3,600
|
| US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
19,200
|
10,000
|
| US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
0
|
| Corporate Debt Securities [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
200
|
| Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
0
|
| Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
200
|
| Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
0
|
| US States and Political Subdivisions Debt Securities [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
500
|
|
| US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
|
7,000
|
| US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
0
|
0
|
| US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
500
|
7,000
|
| US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Debt Securities, Available-for-sale |
$ 0
|
$ 0
|
| X |
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v3.23.3
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt |
$ 992,900
|
$ 1,689,900
|
| Senior Notes |
992,900
|
1,490,500
|
| 2023 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt |
|
499,200
|
| 2026 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt |
497,700
|
496,800
|
| 2031 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt |
495,200
|
494,500
|
| Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt, Fair Value |
|
1,297,300
|
| Debt Instrument, Fair Value Disclosure |
834,900
|
|
| Fair Value, Inputs, Level 2 [Member] | 2023 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Short-Term Debt, Fair Value |
0
|
|
| Long-term Debt, Fair Value |
|
488,500
|
| Fair Value, Inputs, Level 2 [Member] | 2026 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt, Fair Value |
444,500
|
431,200
|
| Fair Value, Inputs, Level 2 [Member] | 2031 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Long-term Debt, Fair Value |
390,400
|
$ 377,600
|
| 2023 Notes |
|
|
| Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] |
|
|
| Senior Notes, Current |
$ 0
|
|
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v3.23.3
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($)
$ in Millions |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
$ 4,171.7
|
$ 4,111.1
|
| Accumulated depreciation and amortization |
(2,781.6)
|
(2,506.3)
|
| Total property, plant and equipment, net |
1,390.1
|
1,604.8
|
| Land and Land Improvements [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
11.8
|
11.9
|
| Building and Building Improvements [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
588.2
|
555.6
|
| Furniture and Fixtures [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
74.8
|
70.1
|
| Machinery and Equipment [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
3,389.3
|
3,316.3
|
| Construction in Progress [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property, plant and equipment, gross |
$ 107.6
|
$ 157.2
|
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v3.23.3
Marketable Securities (Details) - USD ($)
$ in Millions |
12 Months Ended |
|
Sep. 29, 2023 |
Sep. 30, 2022 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Noncurrent, Maximum Contractual Maturity |
2 years
|
|
| Debt Securities, Available-for-sale, Current |
$ 15.6
|
$ 20.3
|
| Debt Securities, Available-for-sale, Noncurrent |
4.1
|
0.5
|
| US Treasury and Government [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Current |
15.1
|
13.1
|
| Debt Securities, Available-for-sale, Noncurrent |
4.1
|
0.5
|
| Corporate Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Current |
0.0
|
0.2
|
| Debt Securities, Available-for-sale, Noncurrent |
0.0
|
0.0
|
| US States and Political Subdivisions Debt Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Debt Securities, Available-for-sale, Current |
0.5
|
7.0
|
| Debt Securities, Available-for-sale, Noncurrent |
$ 0.0
|
$ 0.0
|
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v3.23.3
Goodwill and Intangible Assets (Schedule of Intangible Assets Excluding Goodwill) (Details) - USD ($)
$ in Millions |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Intangible Assets Excluding Goodwill [Line Items] |
|
|
| Goodwill |
$ 2,176.7
|
$ 2,176.7
|
| Weighted average amortization period (years) |
12 years
|
|
| Gross carrying amount |
$ 1,792.1
|
1,821.4
|
| Accumulated amortization |
(570.0)
|
(376.7)
|
| Net carrying amount |
$ 1,222.1
|
1,444.7
|
| Customer Relationships [Member] |
|
|
| Intangible Assets Excluding Goodwill [Line Items] |
|
|
| Weighted average amortization period (years) |
2 years 3 months 18 days
|
|
| Gross carrying amount |
$ 154.6
|
154.6
|
| Accumulated amortization |
(154.6)
|
(122.3)
|
| Net carrying amount |
$ 0.0
|
32.3
|
| Developed Technology and Other [Member] |
|
|
| Intangible Assets Excluding Goodwill [Line Items] |
|
|
| Weighted average amortization period (years) |
6 years 1 month 6 days
|
|
| Gross carrying amount |
$ 1,290.4
|
1,280.9
|
| Accumulated amortization |
(379.4)
|
(209.2)
|
| Net carrying amount |
$ 911.0
|
1,071.7
|
| Licensing Agreements [Member] |
|
|
| Intangible Assets Excluding Goodwill [Line Items] |
|
|
| Weighted average amortization period (years) |
2 years 9 months 18 days
|
|
| Gross carrying amount |
$ 75.8
|
105.1
|
| Accumulated amortization |
(36.0)
|
(45.2)
|
| Net carrying amount |
39.8
|
59.9
|
| In Process Research and Development [Member] |
|
|
| Intangible Assets Excluding Goodwill [Line Items] |
|
|
| Gross carrying amount |
271.3
|
280.8
|
| Accumulated amortization |
0.0
|
0.0
|
| Net carrying amount |
$ 271.3
|
$ 280.8
|
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v3.23.3
Goodwill and Intangible Assets (Schedule of Future Amortization Expense) (Details)
$ in Millions |
Sep. 29, 2023
USD ($)
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Line Items] |
|
| Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months |
$ 179.1
|
| Finite-Lived Intangible Assets, Amortization Expense, Year Two |
155.7
|
| Finite-Lived Intangible Assets, Amortization Expense, Year Three |
127.8
|
| Finite-Lived Intangible Assets, Amortization Expense, Year Four |
112.6
|
| Finite-Lived Intangible Assets, Amortization Expense, Year Five |
89.9
|
| Finite-Lived Intangible Assets, Amortization Expense, after Year Five |
$ 285.7
|
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v3.23.3
v3.23.3
Income Taxes (Income Tax Provision) (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Current tax expense (benefit): |
|
|
|
| Federal |
$ 164,400
|
$ 88,700
|
$ 87,500
|
| State |
100
|
100
|
0
|
| Foreign |
74,400
|
51,500
|
70,700
|
| Current Income Tax Expense |
238,900
|
140,300
|
158,200
|
| Deferred tax expense (benefit): |
|
|
|
| Federal |
(102,400)
|
43,900
|
(45,800)
|
| Deferred State and Local Income Tax Expense (Benefit) |
(100)
|
100
|
(100)
|
| Foreign |
(40,400)
|
17,100
|
(11,900)
|
| Deferred Income Tax Expense |
(142,900)
|
61,100
|
(57,800)
|
| Provision for income taxes |
96,000
|
201,400
|
$ 100,400
|
| Income Taxes [Line Items] |
|
|
|
| Accrued income taxes, current |
58,800
|
48,800
|
|
| Valuation Allowance [Line Items] |
|
|
|
| Deferred Tax Assets, Valuation Allowance |
$ 164,200
|
$ 161,400
|
|
| X |
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v3.23.3
Income Taxes (Income Tax Expense Reconciliation) (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Tax expense at United States statutory rate |
$ 226,500
|
$ 310,100
|
$ 335,700
|
| Foreign tax rate difference |
(90,700)
|
(105,300)
|
(111,700)
|
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount |
16,000
|
(13,100)
|
(6,700)
|
| Research and development credits |
(29,700)
|
(26,100)
|
(27,000)
|
| Change in tax reserve |
(8,100)
|
7,400
|
51,500
|
| EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncomeAmount |
16,300
|
36,100
|
25,500
|
| EffectiveIncomeTaxRateReconciliationForeignDerivedIntangibleIncome |
(65,900)
|
(39,900)
|
(79,700)
|
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount |
15,400
|
32,200
|
15,800
|
| Provision for income taxes |
$ 96,000
|
$ 201,400
|
$ 100,400
|
v3.23.3
Income Taxes (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Income Taxes [Line Items] |
|
|
|
| United States tax rate |
21.00%
|
|
|
| Foreign tax rate difference |
$ 90,700
|
$ 105,300
|
$ 111,700
|
| Income tax holiday |
September 30, 2030
|
|
|
| Impact of tax holiday |
$ 66,000
|
$ 96,600
|
$ 99,500
|
| Impact of tax holiday on diluted earnings per share (in dollars per share) |
$ 0.41
|
$ 0.59
|
$ 0.60
|
| Valuation Allowance, Amount |
$ 164,200
|
$ 161,400
|
|
| Tax benefit to recognize if valuation allowance is reversed |
164,200
|
|
|
| Future taxable income needed to utilize deferred tax assets |
656,600
|
|
|
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount |
2,800
|
11,400
|
|
| Total unrecognized tax benefits that would impact the effective tax rate |
40,400
|
|
|
| Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense |
(11,600)
|
(2,900)
|
$ (1,200)
|
| Decreases relating to settlements with taxing authorities |
12,000
|
|
|
| Accrued interest or penalties related to unrecognized tax benefit |
6,200
|
5,700
|
|
| EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncomeAmount |
16,300
|
36,100
|
25,500
|
| EffectiveIncomeTaxRateReconciliationForeignDerivedIntangibleIncome |
65,900
|
39,900
|
79,700
|
| Provision for income taxes |
96,000
|
201,400
|
$ 100,400
|
| Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current |
34,900
|
18,600
|
|
| Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent |
105,800
|
$ 139,700
|
|
| Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit |
13,100
|
|
|
| 2024 Cash Disbursement for Repatriation tax |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Accrued Income Taxes |
34,900
|
|
|
| 2025 Cash Disbursement for Repatriation tax |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Accrued Income Taxes |
47,600
|
|
|
| 2026 Cash Disbursement for Repatriation tax |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Accrued Income Taxes |
58,200
|
|
|
| Foreign Tax Authority [Member] |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Valuation Allowance, Amount |
20,200
|
|
|
| State and Local Jurisdiction [Member] | General Business Tax Credit Carryforward |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Valuation Allowance, Amount |
140,000
|
|
|
| State and Local Jurisdiction [Member] | Capital Loss Carryforward |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Valuation Allowance, Amount |
$ 4,000
|
|
|
| UNITED STATES |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2020
|
|
|
| CALIFORNIA |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2004
|
|
|
| CANADA |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2016
|
|
|
| MEXICO |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2013
|
|
|
| JAPAN |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2016
|
|
|
| SINGAPORE |
|
|
|
| Income Taxes [Line Items] |
|
|
|
| Open tax year |
2019
|
|
|
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v3.23.3
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Deferred tax liabilities: |
|
|
| Prepaid insurance |
$ (7,100)
|
$ (39,700)
|
| Property, plant and equipment |
(52,800)
|
(59,200)
|
| Intangible assets |
(9,600)
|
(4,700)
|
| Deferred tax assets: |
|
|
| Inventory |
24,100
|
21,400
|
| Accrued compensation and benefits |
14,400
|
11,600
|
| Product returns, allowances and warranty |
7,000
|
1,500
|
| Share-based and other deferred compensation |
24,500
|
27,800
|
| Net operating loss carry forwards |
12,200
|
14,000
|
| Federal tax credits |
15,700
|
17,000
|
| State tax credits |
140,000
|
138,000
|
| Deferred Tax Assets, Property, Plant and Equipment |
34,000
|
20,400
|
| Deferred Tax Assets, Goodwill and Intangible Assets |
34,500
|
31,400
|
| Other - net |
13,900
|
8,700
|
| Deferred tax assets |
461,200
|
348,600
|
| Less valuation allowance |
(164,200)
|
(161,400)
|
| Net deferred tax assets |
297,000
|
187,200
|
| Deferred Tax Liabilities, Net |
113,800
|
155,100
|
| Total deferred tax assets |
183,200
|
32,100
|
| Deferred Tax Liabilities, Leasing Arrangements |
(44,300)
|
(51,500)
|
| deferred tax asset, leasing arrangements |
45,600
|
56,800
|
| Deferred Tax Assets, Prepaids |
95,300
|
0
|
| Deferred Income Tax Assets, Net |
192,300
|
52,700
|
| Other Noncurrent Liabilities [Member] |
|
|
| Deferred tax assets: |
|
|
| Deferred Income Tax Liabilities, Net |
(9,100)
|
(20,600)
|
| Income Taxes [Line Items] |
|
|
| Deferred Income Tax Liabilities, Net |
$ 9,100
|
$ 20,600
|
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v3.23.3
Income Taxes (Changes in Unrecognized Tax Benefit) (Details)
$ in Thousands |
12 Months Ended |
|
Sep. 29, 2023
USD ($)
|
|---|
| Income Tax Disclosure [Abstract] |
|
| Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions |
$ 25,400
|
| Balance at September 30, 2016 |
62,500
|
| Decreases based on positions related to prior years |
(21,700)
|
| Increases based on positions related to current year |
3,700
|
| Decreases relating to settlements with taxing authorities |
(12,000)
|
| Balance at September 29, 2017 |
$ 57,900
|
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v3.23.3
Stockholders' Equity (Share Repurchase) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Share Repurchase [Line Items] |
|
|
|
| Share repurchase program |
$ 175,300
|
$ 886,800
|
$ 195,600
|
| Share repurchase program (in shares) |
1,900
|
6,500
|
1,400
|
| Treasury stock, average price per share (in dollars per share) |
$ 90.60
|
$ 136.32
|
$ 138.85
|
| Authorized repurchased amount |
$ 2,000,000
|
|
|
| Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased |
2,000,000
|
|
|
| Treasury Stock, Shares, Retired |
|
6,200
|
68,500
|
| Treasury Stock, Retired, Cost Method, Amount |
|
$ 893,400
|
$ 4,342,600
|
| Treasury Stock, Shares, Retired |
|
6,200
|
68,500
|
| Treasury Stock, Retired, Cost Method, Amount |
|
$ 893,400
|
$ 4,342,600
|
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v3.23.3
Stockholders' Equity (Dividends) (Details) - USD ($)
$ / shares in Units, $ in Millions |
|
|
|
3 Months Ended |
12 Months Ended |
Dec. 12, 2023 |
Nov. 21, 2023 |
Nov. 02, 2023 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 30, 2022 |
Sep. 30, 2022 |
Jul. 01, 2022 |
Apr. 01, 2022 |
Dec. 31, 2021 |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared and paid per share (in dollars per share) |
|
|
|
$ 0.68
|
$ 0.62
|
$ 0.62
|
$ 0.62
|
$ 0.62
|
$ 0.56
|
$ 0.56
|
$ 0.56
|
$ 2.54
|
$ 2.30
|
| Cash dividends declared and paid |
|
|
|
$ 108.5
|
$ 98.7
|
$ 98.6
|
$ 99.4
|
$ 99.4
|
$ 90.0
|
$ 91.2
|
$ 92.5
|
$ 405.2
|
$ 373.1
|
| Dividend Declared [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends payable, date declared |
|
|
Nov. 02, 2023
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared and paid per share (in dollars per share) |
|
|
$ 0.68
|
|
|
|
|
|
|
|
|
|
|
| Dividends payable, date to be paid |
Dec. 12, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends payable, date of record |
|
Nov. 21, 2023
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
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v3.23.3
Stockholders' Equity (Restricted and Performance based Awards) (Details) - $ / shares
shares in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
| Non-vested awards outstanding at September 30, 2016 |
2,400
|
|
|
| Granted |
2,600
|
|
|
| Vested |
(1,200)
|
|
|
| Canceled/ forfeited |
(400)
|
|
|
| Non-vested awards outstanding at September 29, 2017 |
3,400
|
2,400
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
| Nonvested awards outstanding, weighted average exercise price, beginning balance |
$ 139.63
|
|
|
| Granted, weighted average exercise price |
92.86
|
$ 151.20
|
$ 148.96
|
| Vested, weighted average exercise price |
123.60
|
|
|
| Cancelled/forfeited, weighted average exercise price |
112.15
|
|
|
| weighted average exercise price, ending balance |
$ 112.69
|
$ 139.63
|
|
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v3.23.3
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v3.23.3
Leases, Codification Topic 842 (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Leases [Abstract] |
|
|
|
| Operating Lease, Expense |
$ 39,800
|
$ 43,600
|
$ 33,900
|
| Variable Lease, Cost |
19,200
|
12,300
|
3,200
|
| Operating Lease, Payments |
34,000
|
32,000
|
32,500
|
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
11,100
|
84,600
|
$ 24,800
|
| Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months |
20,600
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Two |
32,700
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Three |
29,300
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Four |
28,500
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Five |
26,300
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due after Year Five |
123,900
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due |
261,300
|
|
|
| Lessee, Operating Lease, Liability, Undiscounted Excess Amount |
(44,300)
|
|
|
| Operating Lease, Liability |
$ 217,000
|
$ 225,400
|
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Other Accrued Liabilities, Current
|
Other Accrued Liabilities, Current
|
|
| Operating Lease, Liability, Noncurrent |
$ 188,700
|
$ 206,900
|
|
| Operating Lease, Weighted Average Remaining Lease Term |
12 years 3 months 18 days
|
12 years 1 month 6 days
|
|
| Operating Lease, Weighted Average Discount Rate, Percent |
3.60%
|
3.30%
|
|
| Lessee, Operating Lease, Term of Contract |
40 years
|
|
|
| Operating Lease, Liability, Current |
$ 28,300
|
$ 18,500
|
|
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v3.23.3
Segment Information (Geographic Revenue) (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
$ 4,772,400
|
$ 5,485,500
|
$ 5,109,100
|
| Contract with Customer, Refund Liability |
270,900
|
226,900
|
|
| Sales Channel, Through Intermediary |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
4,235,700
|
4,488,100
|
4,539,700
|
| Sales Channel, Directly to Consumer |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
536,700
|
997,400
|
569,400
|
| Total Americas [Member] |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
3,603,900
|
3,685,700
|
3,228,100
|
| China |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
358,300
|
599,600
|
994,200
|
| Taiwan |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
344,400
|
430,400
|
404,200
|
| South Korea |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
198,300
|
458,200
|
264,500
|
| Asia |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
204,200
|
235,800
|
180,100
|
| Europe, Middle East and Africa [Member] |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
$ 63,300
|
$ 75,800
|
$ 38,000
|
| X |
- DefinitionAmount of liability for consideration received or receivable from customer which is not included in transaction price, when consideration is expected to be refunded to customer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Segment Information (Geographical Fixed Assets) (Details) - USD ($)
$ in Millions |
Sep. 29, 2023 |
Sep. 30, 2022 |
| Property, Plant and Equipment, Net |
$ 1,390.1
|
$ 1,604.8
|
| MEXICO |
|
|
| Property, Plant and Equipment, Net |
233.1
|
296.7
|
| SINGAPORE |
|
|
| Property, Plant and Equipment, Net |
606.4
|
679.7
|
| UNITED STATES |
|
|
| Property, Plant and Equipment, Net |
219.7
|
246.0
|
| JAPAN |
|
|
| Property, Plant and Equipment, Net |
307.5
|
363.3
|
| Foreign Member Other [Member] |
|
|
| Property, Plant and Equipment, Net |
$ 23.4
|
$ 19.1
|
| X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-Section S99
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v3.23.3
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v3.23.3
Debt (Details) - USD ($)
$ in Thousands |
12 Months Ended |
|
|
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
Jul. 26, 2021 |
May 26, 2021 |
| Debt Instrument [Line Items] |
|
|
|
|
|
| Repayments of Long-term Debt |
$ 900,000
|
$ 50,000
|
$ 250,000
|
|
|
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net |
(7,700)
|
(10,900)
|
|
|
|
| Debt, Long-Term and Short-Term, Combined Amount |
1,292,300
|
2,189,100
|
|
|
|
| Long-term Debt |
992,900
|
1,689,900
|
|
|
|
| Debt, Current |
299,400
|
499,200
|
|
|
|
| AdditionalborrowingcapacityonRevolvingCreditFacility |
250,000
|
|
|
|
|
| Proceeds from Issuance of Debt |
0
|
0
|
2,488,200
|
|
|
| Term Loan Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Repayments of Long-term Debt |
400,000
|
50,000
|
$ 250,000
|
|
|
| Long-term Debt, Gross |
$ 300,000
|
700,000
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
6.37%
|
|
|
|
|
| Debt Instrument Covenant Compliance Maximum Leverage Ratio [Line Items] |
3.0
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
$ 1,000,000
|
|
| Revolving Credit Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Long-term Debt, Gross |
$ 0
|
|
|
|
|
| Debt Instrument Covenant Compliance Maximum Leverage Ratio [Line Items] |
3.0
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
$ 750,000
|
|
|
|
|
| 2023 Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Repayments of Long-term Debt |
500,000
|
|
|
|
|
| Long-term Debt, Gross |
$ 0
|
500,000
|
|
|
|
| Debt Instrument, Interest Rate, Effective Percentage |
0.00%
|
|
|
|
|
| Long-term Debt |
|
499,200
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
0.90%
|
| 2026 Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Long-term Debt, Gross |
$ 500,000
|
500,000
|
|
|
$ 500,000
|
| Debt Instrument, Interest Rate, Effective Percentage |
1.97%
|
|
|
|
|
| Long-term Debt |
$ 497,700
|
496,800
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
1.80%
|
| 2031 Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Long-term Debt, Gross |
$ 500,000
|
500,000
|
|
|
$ 500,000
|
| Debt Instrument, Interest Rate, Effective Percentage |
3.13%
|
|
|
|
|
| Long-term Debt |
$ 495,200
|
$ 494,500
|
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
3.00%
|
| the Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Debt Instrument, Redemption Price, Percentage |
101.00%
|
|
|
|
|
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-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Other Liabilities (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Oct. 01, 2021 |
| Condensed Financial Information Disclosure [Abstract] |
|
|
|
| Accrued income taxes, current |
$ 58,800
|
$ 48,800
|
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Other Accrued Liabilities, Current
|
Other Accrued Liabilities, Current
|
|
| Contract with Customer, Refund Liability |
$ 270,900
|
$ 226,900
|
|
| Other miscellaneous current liabilities [Line Items] |
44,800
|
45,000
|
|
| Other Accrued Liabilities, Current |
402,800
|
339,200
|
|
| Other Nonoperating Income (Expense) |
18,200
|
(2,500)
|
$ (600)
|
| Prepaid Expense, Current |
306,000
|
242,300
|
|
| Other miscellaneous current assets |
$ 155,100
|
$ 95,200
|
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Other Accrued Liabilities, Current
|
Other Accrued Liabilities, Current
|
|
| X |
- DefinitionOther miscellaneous current assets
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|
| X |
- DefinitionAmount of liability for consideration received or receivable from customer which is not included in transaction price, when consideration is expected to be refunded to customer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
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v3.23.3
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