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Segment Information | 9 Months Ended
--- | ---
Oct. 27, 2019
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s CEO functions as the chief operating decision maker ("CODM"). The CODM makes operating decisions and assesses performance based on the Company's major product lines, which represent its operating segments. The Company has three operating segments—Protection, Signal Integrity, and Wireless and Sensing—that have similar economic characteristics and have been aggregated into one reportable segment identified as the "Semiconductor Products Group." The Company’s assets are commingled among the various operating segments and the CODM does not use asset information in making operating decisions or assessing performance. Therefore, the Company has not included asset information by segment in the segment disclosures below. Net sales by segment were as follows:
| Three Months Ended |  | Nine Months Ended
(in thousands) | October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
Semiconductor Products Group | $ | 141,011 |  |  | $ | 173,550 |  |  | $ | 409,511 |  |  | $ | 467,190 |
Total | $ | 141,011 |  |  | $ | 173,550 |  |  | $ | 409,511 |  |  | $ | 467,190 |
The following table presents a reconciliation of operating income by segment to consolidated income before taxes. Historical amounts have been adjusted to conform to the current presentation:
| Three Months Ended |  | Nine Months Ended
(in thousands) | October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
Semiconductor Products Group | $ | 33,904 |  |  | $ | 52,738 |  |  | $ | 94,037 |  |  | $ | 140,660 |
Operating income by segment | 33,904 |  |  | 52,738 |  |  | 94,037 |  |  | 140,660 |
Items to reconcile segment operating income to consolidated income before taxes: |  |  |  |  |  |  |
Share-based compensation | 8,767 |  |  | 11,466 |  |  | 28,741 |  |  | 60,947 |
Intangible amortization | 3,770 |  |  | 6,480 |  |  | 12,821 |  |  | 19,921 |
Investment impairments | — |  |  | 30,000 |  |  | — |  |  | 30,000 |
Changes in the fair value of contingent earn-out obligations | (152 | ) |  | (8,519 | ) |  | (2,313 | ) |  | (9,419 | )
Restructuring and other reserves | — |  |  | 86 |  |  | 2,711 |  |  | 518 |
Litigation cost, net of recoveries | 205 |  |  | (264 | ) |  | 930 |  |  | (5,562 | )
Transaction and integration related | (851 | ) |  | 1,622 |  |  | 617 |  |  | 2,549 |
Interest expense | 2,183 |  |  | 2,355 |  |  | 7,247 |  |  | 6,745 |
Non-operating income, net | (644 | ) |  | (1,182 | ) |  | (2,900 | ) |  | (1,914 | )
Income before taxes | $ | 20,626 |  |  | $ | 10,694 |  |  | $ | 46,183 |  |  | $ | 36,875 |
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 |  | Nine Months Ended
(in thousands, except percentages) | October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
Signal Integrity | $ | 58,563 |  |  | 42 | % |  | $ | 69,981 |  |  | 40 | % |  | $ | 163,913 |  |  | 40 | % |  | $ | 204,381 |  |  | 44 | %
Wireless and Sensing | 42,287 |  |  | 30 | % |  | 50,484 |  |  | 29 | % |  | 126,190 |  |  | 31 | % |  | 144,435 |  |  | 31 | %
Protection | 40,161 |  |  | 28 | % |  | 53,085 |  |  | 31 | % |  | 119,408 |  |  | 29 | % |  | 139,875 |  |  | 30 | %
Other: Warrant Shares (1) | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | (21,501 | ) |  | (5 | )%
Total net sales | $ | 141,011 |  |  | 100 | % |  | $ | 173,550 |  |  | 100 | % |  | $ | 409,511 |  |  | 100 | % |  | $ | 467,190 |  |  | 100 | %
(1) For the nine-month period ended October 28, 2018, the net sales offset reflects the cost associated with the Warrant Shares of $21.5 million, including $15.9 million related to the Acceleration Event (see Note 3 for discussion regarding Share-Based Compensation). Information by Sales Channel
| Three Months Ended |  | Nine Months Ended
(in thousands) | October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
Distributor | $ | 107,383 |  |  | $ | 120,009 |  |  | $ | 287,642 |  |  | $ | 332,304 |
Direct | 33,628 |  |  | 53,541 |  |  | 121,869 |  |  | 156,387 |
Other: Warrant Shares | — |  |  | — |  |  | — |  |  | (21,501 | )
Total net sales | $ | 141,011 |  |  | $ | 173,550 |  |  | $ | 409,511 |  |  | $ | 467,190 |
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 was as follows:
| Three Months Ended |  | Nine Months Ended
| October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
Asia-Pacific | 75 | % |  | 77 | % |  | 76 | % |  | 74 | %
North America | 16 | % |  | 16 | % |  | 15 | % |  | 26 | %
Europe | 9 | % |  | 7 | % |  | 9 | % |  | 7 | %
Other: Warrant Shares | — | % |  | — | % |  | — | % |  | (7 | )%
| 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 |  | Nine Months Ended
(percentage of total sales) | October 27, 2019 |  | October 28, 2018 |  | October 27, 2019 |  | October 28, 2018
China (including Hong Kong) | 50 | % |  | 55 | % |  | 52 | % |  | 54 | %
United States | 10 | % |  | 10 | % |  | 10 | % |  | 11 | %

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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