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Revenue from Contracts with Customers
 3 Months Ended
Jun. 28, 2024
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-month periods ended June 28, 2024 and June 30, 2023. 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 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 table below.

 

 

Three-Month Period Ended

 

 

June 28,
2024

 

 

June 30,
2023

 

Automotive

 

$

131,184

 

 

$

185,430

 

Industrial and other

 

 

35,735

 

 

 

92,863

 

Total net sales

 

$

166,919

 

 

$

278,293

 

 

 

Net sales by product:

 

 

Three-Month Period Ended

 

 

June 28,
2024

 

 

June 30,
2023

 

Power integrated circuits

 

$

51,810

 

 

$

103,988

 

Magnetic sensors

 

 

115,109

 

 

 

174,305

 

Total net sales

 

$

166,919

 

 

$

278,293

 

 

 

Net sales by geography:

 

 

Three-Month Period Ended

 

 

June 28,
2024

 

 

June 30,
2023

 

Americas:

 

 

 

 

 

 

United States

 

$

22,267

 

 

$

48,824

 

Other Americas

 

 

5,224

 

 

 

8,508

 

EMEA:

 

 

 

 

 

 

Europe

 

 

26,906

 

 

 

55,388

 

Asia:

 

 

 

 

 

 

Japan

 

 

40,643

 

 

 

41,580

 

Greater China

 

 

31,860

 

 

 

62,216

 

South Korea

 

 

21,773

 

 

 

29,513

 

Other Asia

 

 

18,246

 

 

 

32,264

 

Total net sales

 

$

166,919

 

 

$

278,293

 

 

The Company recognizes sales net of returns and sales allowances, which comprises credits issued, price protection adjustments and stock rotation rights. At June 28, 2024 and March 29, 2024, the liability associated with returns and sales allowances, was $39,174 and $44,797, 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.