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Segment Information | 6 Months Ended
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Jul. 29, 2018
Segment Reporting [Abstract] |
Segment Information | Segment Information Segment Information The Company’s CEO functions as the CODM. The Company’s CODM makes operating decisions and assesses performance based on these operating segments. As part of a realignment strategy, during the first quarter of fiscal year 2019, the Company restructured and combined the Power and High Reliability operating segment with the Wireless and Sensing operating segment to better align resources with our LoRa® initiatives. This resulted in the Company having three operating segments compared to previously having four operating segments. The three operating segments: Protection, Signal Integrity, and Wireless and Sensing, all have similar economic characteristics and have been aggregated into one reportable segment identified in the table below as the "Semiconductor Products Group". The Company’s assets are commingled among the various operating segments and the CODM does not use that information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment below. Net sales by segment are as follows:
| Three Months Ended |  | Six Months Ended
(in thousands) | July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
Semiconductor Products Group | $ | 163,211 |  |  | $ | 153,127 |  |  | $ | 293,640 |  |  | $ | 296,929 |
Total | $ | 163,211 |  |  | $ | 153,127 |  |  | $ | 293,640 |  |  | $ | 296,929 |
Income by segment and reconciliation to consolidated operating income:
| Three Months Ended |  | Six Months Ended
(in thousands) | July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
Semiconductor Products Group | $ | 47,110 |  |  | $ | 42,856 |  |  | $ | 87,922 |  |  | $ | 82,078 |
Operating income by segment | 47,110 |  |  | 42,856 |  |  | 87,922 |  |  | 82,078 |
Items to reconcile segment operating income to consolidated income before taxes |  |  |  |  |  |  |
Share-based compensation | 13,966 |  |  | 15,525 |  |  | 49,481 |  |  | 28,810 |
Intangible amortization | 6,480 |  |  | 6,675 |  |  | 13,441 |  |  | 12,961 |
Changes in the fair value of contingent earn-out obligations | (900 | ) |  | — |  |  | (900 | ) |  | — |
Litigation cost net of recoveries | (6,632 | ) |  | — |  |  | (6,632 | ) |  | — |
Other non-segment related expenses | 1,260 |  |  | 1,764 |  |  | 2,693 |  |  | 2,969 |
Amortization of fair value adjustments related to acquired property, plant and equipment | — |  |  | — |  |  | — |  |  | 190 |
Interest expense, net | 2,200 |  |  | 2,029 |  |  | 4,390 |  |  | 4,075 |
Non-operating expense, net | (542 | ) |  | 204 |  |  | (732 | ) |  | 836 |
Income before taxes | $ | 31,278 |  |  | $ | 16,659 |  |  | $ | 26,181 |  |  | $ | 32,237 |
Information by Product Line The Company operates exclusively in the semiconductor industry and primarily within the analog and mixed-signal sector. The table below provides net sales activity by product line on a comparative basis:
| Three Months Ended |  | Six Months Ended
(in thousands, except percentages) | July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
Signal Integrity | $ | 68,802 |  |  | 42 | % |  | $ | 66,666 |  |  | 44 | % |  | $ | 134,401 |  |  | 45 | % |  | $ | 134,724 |  |  | 46 | %
Protection | 45,999 |  |  | 28 | % |  | 45,058 |  |  | 29 | % |  | 86,791 |  |  | 30 | % |  | 87,307 |  |  | 29 | %
Wireless and Sensing | 48,410 |  |  | 30 | % |  | 44,600 |  |  | 29 | % |  | 93,949 |  |  | 32 | % |  | 83,375 |  |  | 28 | %
Other: Warrant Shares (1) | — |  |  | — | % |  | (3,197 | ) |  | (2 | )% |  | (21,501 | ) |  | (7 | )% |  | (8,477 | ) |  | (3 | )%
Total net sales | $ | 163,211 |  |  | 100 | % |  | $ | 153,127 |  |  | 100 | % |  | $ | 293,640 |  |  | 100 | % |  | $ | 296,929 |  |  | 100 | %
(1)The cost of the Warrant granted was recognized as an offset to net sales over the respective performance period. The Warrant is now fully-vested and exercisable for a total of 869,565 shares, with no additional costs to be recognized in future periods following the first quarter of fiscal year 2019. Information by Sales Channel
| Three Months Ended |  | Six Months Ended
(in thousands) | July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
Distributor | $ | 109,844 |  |  | $ | 100,121 |  |  | $ | 212,317 |  |  | $ | 194,643 |
Direct | 53,367 |  |  | 56,203 |  |  | 102,824 |  |  | 110,763 |
Other: Warrant Shares | — |  |  | (3,197 | ) |  | (21,501 | ) |  | (8,477 | )
Total net sales | $ | 163,211 |  |  | $ | 153,127 |  |  | $ | 293,640 |  |  | $ | 296,929 |
Geographic Information The Company generates virtually all of its sales from its Semiconductor Products Group through sales of analog and mixed-signal devices. Net sales activity by geographic region is as follows:
| Three Months Ended |  | Six Months Ended
| July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
Asia-Pacific | 75 | % |  | 73 | % |  | 72 | % |  | 75 | %
North America | 19 | % |  | 21 | % |  | 28 | % |  | 21 | %
Europe | 6 | % |  | 8 | % |  | 7 | % |  | 7 | %
Other: Warrant Shares | — | % |  | (2 | )% |  | (7 | )% |  | (3 | )%
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The Company attributes sales to a country based on the ship-to address. The table below summarizes sales activity to countries that represented greater than 10% of total net sales for at least one of the periods presented:
| Three Months Ended |  | Six Months Ended
(percentage of total sales) | July 29, 2018 |  | July 30, 2017 |  | July 29, 2018 |  | July 30, 2017
China (including Hong Kong) | 56 | % |  | 49 | % |  | 53 | % |  | 50 | %
United States | 10 | % |  | 9 | % |  | 12 | % |  | 9 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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