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Segment, Customers, and Geographic Information
 12 Months Ended
Jun. 24, 2023
Segment Reporting [Abstract]  
Segment, Customers, and Geographic Information

15. Segment, Customers, and Geographic Information

We operate in one segment: the development, marketing, and sale of semiconductor products used in electronic devices and products. We generate our revenue from three broad product categories: the IoT product applications market, the personal computing, or PC, product applications market, and the mobile, product applications market. The chief executive officer was identified as the chief operating decision maker, or CODM, and is ultimately responsible for and actively involved in the allocation of resources and the assessment of our performance. The fact that we operate in only one reportable segment is based on the following:

•
Our organizational structure is based along functional lines. Each of the functional department heads reports directly to the CODM.
•
The assessments of our performance company-wide, including assessment of our incentive compensation plan, are based largely on our operational performance and consolidated financial performance.
•
The decisions on allocation of resources and other operational decisions are made by the CODM based on his direct involvement with our operations and product development.

Net revenue within geographic areas based on our customers’ locations for fiscal 2023, 2022, and 2021, consisted of the following (in millions):

 

 

 

2023

 

 

2022

 

 

2021

 

China

 

$

485.0

 

 

$

609.1

 

 

$

524.0

 

Taiwan

 

 

367.4

 

 

 

539.4

 

 

 

382.6

 

Japan

 

 

337.7

 

 

 

453.1

 

 

 

330.7

 

Vietnam

 

 

61.5

 

 

 

11.8

 

 

 

3.4

 

Other

 

 

62.6

 

 

 

72.1

 

 

 

66.1

 

South Korea

 

 

35.0

 

 

 

39.1

 

 

 

28.5

 

United States

 

 

5.9

 

 

 

15.1

 

 

 

4.3

 

 

 

$

1,355.1

 

 

$

1,739.7

 

 

$

1,339.6

 

 

 

Net revenue from external customers for each group of similar products for fiscal 2023, 2022, and 2021 consisted of the following (in millions):

 

 

 

2023

 

 

2022

 

 

2021

 

IoT product applications

 

$

946.3

 

 

$

1,100.9

 

 

$

612.9

 

PC product applications

 

217.3

 

 

 

343.0

 

 

 

354.7

 

Mobile product applications

 

191.5

 

 

 

295.8

 

 

 

372.0

 

 

 

$

1,355.1

 

 

$

1,739.7

 

 

$

1,339.6

 

 

Long-lived assets within geographic areas as of the end of fiscal 2023 and 2022 consisted of the following (in millions):

 

 

 

2023

 

 

2022

 

United States

 

$

119.1

 

 

$

118.1

 

Asia Pacific

 

 

195.8

 

 

 

196.4

 

EMEA

 

 

866.4

 

 

 

945.0

 

 

 

$

1,181.3

 

 

$

1,259.5

 

The fiscal 2022 long-lived assets reported in the above table includes a reclassification of approximately $428.0 million to conform to the current period presentation. The reclassification relates to goodwill and intangible assets previously reported within the Asia Pacific region that are now presented within the EMEA region. This reclassification had no impact on previously reported geographic long-lived assets.

Our goodwill of $816.4 million has been allocated to two reporting units which include IoT and Mobile/PC.

Major customers’ revenue as a percentage of total net revenue for fiscal 2023, 2022, and 2021 were as follows:

 

 

 

2023

 

2022

 

2021

Customer A

 

10%

 

12%

 

10%

Customer B

 

*

 

13%

 

13%

Customer C

 

*

 

*

 

14%

 

* Less than 10%