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Acquisition | 12 Months Ended
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Jan. 02, 2021
Acquisition |
Acquisition | 8. Acquisition Redpine Signals On April 28, 2020, the Company acquired the Wi-Fi and Bluetooth business of Redpine Signals. The Company believes the acquisition will accelerate its roadmap for Wi-Fi and Bluetooth silicon and software solutions. The purchase price was in excess of the fair value of the net assets acquired and, as a result, the Company recorded goodwill. A portion of the goodwill is deductible for tax purposes. The purchase price was allocated as follows (in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted-Average
​ | ​ | ​ | ​ | ​ | Amortization Period
​ |  | Amount |  | (Years)
Intangible assets: | ​ | ​ | ​ | ​ | ​
In-process research and development | ​ | $ | 11,753 |  | Not amortized
Developed technology | ​ |  | 61,674 |  | 8
Customer relationships | ​ |  | 2,450 |  | 2
Trademarks | ​ |  | 661 |  | 2
​ | ​ |  | 76,538 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ | ​ | 1,395 | ​ | ​
Inventory | ​ | ​ | 4,375 | ​ | ​
Other current assets | ​ |  | 1,251 | ​ | ​
Goodwill | ​ |  | 233,530 | ​ | ​
Other non-current assets | ​ | ​ | 673 | ​ | ​
Current liabilities | ​ |  | (856) | ​ | ​
Non-current liabilities | ​ |  | (97) | ​ | ​
Total purchase price | ​ | $ | 316,809 | ​ | ​
​ In-process research and development (IPR&D) represents Wi-Fi and Bluetooth technology that had not achieved technological feasibility as of the acquisition date. The fair value of IPR&D was determined using the income approach. The discount rate applied to the projected cash flows was 13.8%, which reflects the risks related to the projects. ​ Pro forma information related to this acquisition has not been presented because it would not be materially different from amounts reported. The Company recorded approximately $1.5 million of acquisition-related costs in selling, general and administrative expenses during fiscal 2020.

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