XML 18 R12.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenue from Contracts with Customers
 9 Months Ended
Dec. 29, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

The following tables summarize net sales disaggregated by application, by product and by geography for the three- and nine-month periods ended December 29, 2023 and December 23, 2022. The categorization of net sales by application is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped.

Net sales by application:

During the preparation of the third quarter fiscal year 2024 interim condensed consolidated financial statements, the Company identified an immaterial error in the classification of net sales by application, whereby customer returns and sales allowances were incorrectly classified by application between Automotive, Industrial and Other in the prior periods. There was no impact to previously reported total net sales or net income in any of the periods.

The Company assessed the materiality of the revision qualitatively and quantitatively and determined the revisions to be immaterial to the prior period interim fiscal year 2024, annual fiscal year 2023, and annual fiscal year 2022 consolidated financial statements. All prior period amounts have been revised in the tables below.

 

 

Three-Month Period Ended

 

 

Nine-Month Period Ended

 

 

December 29,
2023

 

 

December 23,
2022

 

 

December 29,
2023

 

 

December 23,
2022

 

Automotive

 

$

194,764

 

 

$

164,719

 

 

$

577,515

 

 

$

467,959

 

Industrial

 

 

45,949

 

 

 

53,737

 

 

 

180,021

 

 

 

146,797

 

Other

 

 

14,271

 

 

 

30,333

 

 

 

51,250

 

 

 

89,452

 

Total net sales

 

$

254,984

 

 

$

248,789

 

 

$

808,786

 

 

$

704,208

 

 

 

 

 

Three-Month Period Ended

 

 

June 30, 2023

 

 

September 29, 2023

 

Automotive

 

$

185,430

 

 

$

197,321

 

Industrial

 

 

73,110

 

 

 

60,962

 

Other

 

 

19,753

 

 

 

17,226

 

Total net sales

 

$

278,293

 

 

$

275,509

 

 

 

 

Three-Month Period Ended

 

 

June 24, 2022

 

 

September 22, 2022

 

 

December 23, 2022

 

 

March 31, 2023

 

Automotive

 

$

148,070

 

 

$

155,170

 

 

$

164,719

 

 

$

178,802

 

Industrial

 

 

42,718

 

 

 

50,342

 

 

 

53,737

 

 

 

61,807

 

Other

 

 

26,965

 

 

 

32,154

 

 

 

30,333

 

 

 

28,836

 

Total net sales

 

$

217,753

 

 

$

237,666

 

 

$

248,789

 

 

$

269,445

 

 

 

Three-Month Period Ended

 

 

June 25, 2021

 

 

September 24, 2021

 

 

December 24, 2021

 

 

March 25, 2022

 

Automotive

 

$

131,827

 

 

$

124,435

 

 

$

128,536

 

 

$

137,997

 

Industrial

 

 

31,190

 

 

 

38,785

 

 

 

34,669

 

 

 

38,622

 

Other

 

 

25,125

 

 

 

30,390

 

 

 

23,424

 

 

 

23,674

 

Total net sales

 

$

188,142

 

 

$

193,610

 

 

$

186,629

 

 

$

200,293

 

Net sales by product:

 

 

Three-Month Period Ended

 

 

Nine-Month Period Ended

 

 

December 29,
2023

 

 

December 23,
2022

 

 

December 29,
2023

 

 

December 23,
2022

 

Power integrated circuits

 

$

101,426

 

 

$

94,513

 

 

$

305,151

 

 

$

272,500

 

Magnetic sensors

 

 

153,558

 

 

 

154,276

 

 

 

503,635

 

 

 

431,708

 

Total net sales

 

$

254,984

 

 

$

248,789

 

 

$

808,786

 

 

$

704,208

 

 

Net sales by geography:

 

 

Three-Month Period Ended

 

 

Nine-Month Period Ended

 

 

December 29,
2023

 

 

December 23,
2022

 

 

December 29,
2023

 

 

December 23,
2022

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

28,481

 

 

$

33,613

 

 

$

125,029

 

 

$

87,135

 

Other Americas

 

 

7,718

 

 

 

6,473

 

 

 

25,765

 

 

 

20,204

 

EMEA:

 

 

 

 

 

 

 

 

 

 

 

 

Europe

 

 

36,870

 

 

 

39,650

 

 

 

139,209

 

 

 

115,693

 

Asia:

 

 

 

 

 

 

 

 

 

 

 

 

Greater China

 

 

77,331

 

 

 

64,305

 

 

 

209,010

 

 

 

182,624

 

Japan

 

 

42,250

 

 

 

45,117

 

 

 

131,105

 

 

 

131,852

 

South Korea

 

 

27,710

 

 

 

25,504

 

 

 

86,277

 

 

 

67,414

 

Other Asia

 

 

34,624

 

 

 

34,127

 

 

 

92,391

 

 

 

99,286

 

Total net sales

 

$

254,984

 

 

$

248,789

 

 

$

808,786

 

 

$

704,208

 

 

The Company recognizes sales net of returns and sales allowances, which are comprised of credits issued, price protection adjustments and stock rotation rights. At December 29, 2023 and March 31, 2023, the liability associated with returns and sales allowances, inclusive of related party adjustments, was $35,342 and $30,571, respectively, and was netted against trade accounts receivable in the unaudited condensed consolidated balance sheets.

Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company elected not to disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year.