Silicon Laboratories (SLAB) 10-Q24 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 29, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	000-29823
Entity Registrant Name	SILICON LABORATORIES INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2793174
Entity Address, Address Line One	400 West Cesar Chavez
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	416-8500
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	SLAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,289,135
Entity Central Index Key	0001038074
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 240,834	$ 227,504
Short-term investments	98,336	211,720
Accounts receivable, net	41,212	29,295
Inventories	166,079	194,295
Prepaid expenses and other current assets	53,585	75,117
Total current assets	600,046	737,931
Property and equipment, net	139,397	145,890
Goodwill	376,389	376,389
Other intangible assets, net	47,374	59,533
Other assets, net	86,781	123,313
Total assets	1,249,987	1,443,056
Current liabilities:
Accounts payable	39,295	57,498
Revolving line of credit	0	45,000
Deferred revenue and returns liability	3,323	2,117
Other current liabilities	57,495	58,955
Total current liabilities	100,113	163,570
Other non-current liabilities	56,845	70,804
Total liabilities	156,958	234,374
Commitments and contingencies
Stockholders’ equity:
Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued	0	0
Common stock – $0.0001 par value; 250,000 shares authorized; 32,289 and 31,897 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively	3	3
Additional paid-in capital	39,232	16,973
Retained earnings	1,054,048	1,192,731
Accumulated other comprehensive loss	(254)	(1,025)
Total stockholders’ equity	1,093,029	1,208,682
Total liabilities and stockholders’ equity	$ 1,249,987	$ 1,443,056

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000	250,000
Common stock, shares issued (in shares)	32,289	31,897
Common stock, shares outstanding (in shares)	32,289	31,897

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenues	$ 145,367	$ 244,866	$ 251,742	$ 491,653
Cost of revenues	68,784	101,091	120,090	194,018
Gross profit	76,583	143,775	131,652	297,635
Operating expenses:
Research and development	85,909	85,902	166,559	175,298
Selling, general and administrative	38,695	40,706	72,248	85,597
Operating expenses	124,604	126,608	238,807	260,895
Operating income (loss)	(48,021)	17,167	(107,155)	36,740
Other income (expense):
Interest income and other, net	2,790	7,780	5,522	12,616
Interest expense	(263)	(1,596)	(772)	(3,252)
Income (loss) before income taxes	(45,494)	23,351	(102,405)	46,104
Provision for income taxes	36,663	12,338	36,278	20,091
Equity-method loss	0	(57)	0	(1,090)
Net income (loss)	$ (82,157)	$ 10,956	$ (138,683)	$ 24,923
Earnings (loss) per share:
Basic (in dollars per share)	$ (2.56)	$ 0.35	$ (4.33)	$ 0.78
Diluted (in dollars per share)	$ (2.56)	$ 0.33	$ (4.33)	$ 0.75
Weighted-average common shares outstanding:
Basic (in shares)	32,124	31,614	32,018	31,786
Diluted (in shares)	32,124	32,926	32,018	33,339

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (82,157)	$ 10,956	$ (138,683)	$ 24,923
Net changes to available-for-sale securities:
Unrealized gains arising during the period	247	1,385	871	4,383
Reclassification for losses included in net income (loss)	26	1,859	41	4,474
Net changes to cash flow hedges:
Unrealized gains (losses) arising during the period	0	(580)	275	(544)
Reclassification for losses (gains) included in net income (loss)	0	186	(234)	157
Other comprehensive income, before tax	273	2,850	953	8,470
Provision for income taxes	50	477	181	1,872
Other comprehensive income	223	2,373	771	6,598
Comprehensive income (loss)	$ (81,934)	$ 13,329	$ (137,912)	$ 31,521

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2022	$ 1,405,008	$ 3	$ 0	$ 1,415,693	$ (10,688)
Balance (in shares) at Dec. 31, 2022		31,994
Increase (Decrease) in Stockholders' Equity
Net income (loss)	24,923			24,923
Other comprehensive income	6,598				6,598
Stock issuances, net of shares withheld for taxes	(8,524)		(8,524)
Stock issuances, net of shares withheld for taxes (in shares)		359
Repurchases of common stock	(196,962)		(19,330)	(177,632)
Repurchases of common stock (in shares)		(1,412)
Stock-based compensation	31,418		31,418
Convertible debt activity	(3,564)		(3,564)
Convertible debt activity (in shares)		920
Balance at Jul. 01, 2023	1,258,897	$ 3	0	1,262,984	(4,090)
Balance (in shares) at Jul. 01, 2023		31,861
Balance at Apr. 01, 2023	1,419,454	$ 3	0	1,425,914	(6,463)
Balance (in shares) at Apr. 01, 2023		31,997
Increase (Decrease) in Stockholders' Equity
Net income (loss)	10,956			10,956
Other comprehensive income	2,373				2,373
Stock issuances, net of shares withheld for taxes	(1,593)		(1,593)
Stock issuances, net of shares withheld for taxes (in shares)		261
Repurchases of common stock	(183,483)		(9,597)	(173,886)
Repurchases of common stock (in shares)		(1,317)
Stock-based compensation	14,754		14,754
Convertible debt activity	(3,564)		(3,564)
Convertible debt activity (in shares)		920
Balance at Jul. 01, 2023	1,258,897	$ 3	0	1,262,984	(4,090)
Balance (in shares) at Jul. 01, 2023		31,861
Balance at Dec. 30, 2023	$ 1,208,682	$ 3	16,973	1,192,731	(1,025)
Balance (in shares) at Dec. 30, 2023	31,897	31,897
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ (138,683)			(138,683)
Other comprehensive income	771				771
Stock issuances, net of shares withheld for taxes	(7,105)		(7,105)
Stock issuances, net of shares withheld for taxes (in shares)		392
Stock-based compensation	29,364		29,364
Balance at Jun. 29, 2024	$ 1,093,029	$ 3	39,232	1,054,048	(254)
Balance (in shares) at Jun. 29, 2024	32,289	32,289
Balance at Mar. 30, 2024	$ 1,165,561	$ 3	29,830	1,136,205	(477)
Balance (in shares) at Mar. 30, 2024		31,924
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(82,157)			(82,157)
Other comprehensive income	223				223
Stock issuances, net of shares withheld for taxes	(6,397)		(6,397)
Stock issuances, net of shares withheld for taxes (in shares)		365
Stock-based compensation	15,799		15,799
Balance at Jun. 29, 2024	$ 1,093,029	$ 3	$ 39,232	$ 1,054,048	$ (254)
Balance (in shares) at Jun. 29, 2024	32,289	32,289

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating Activities
Net income (loss)	$ (138,683)	$ 24,923
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment	13,152	12,441
Amortization of other intangible assets	12,160	12,904
Amortization of debt issuance costs	0	960
Stock-based compensation expense	29,455	31,377
Equity-method loss	0	1,090
Deferred income taxes	29,784	(6,403)
Changes in operating assets and liabilities:
Accounts receivable	(11,918)	(26,819)
Inventories	28,123	(45,064)
Prepaid expenses and other assets	20,723	32,963
Accounts payable	(19,341)	(30,003)
Other current liabilities and income taxes	(13,624)	(26,220)
Deferred revenue and returns liability	1,206	4,326
Other non-current liabilities	(6,703)	(1,975)
Net cash used in operating activities	(55,666)	(15,500)
Investing Activities
Purchases of marketable securities	(17,700)	(81,427)
Sales of marketable securities	34,538	339,555
Maturities of marketable securities	97,458	171,691
Purchases of property and equipment	(5,577)	(13,462)
Proceeds from sale of equity investment	12,382	0
Purchases of other assets	0	(215)
Net cash provided by investing activities	121,101	416,142
Financing Activities
Proceeds from revolving line of credit	0	80,000
Payments on debt	(45,000)	(536,124)
Repurchases of common stock	0	(201,095)
Payment of taxes withheld for vested stock awards	(15,213)	(16,310)
Proceeds from the issuance of common stock	8,108	7,785
Net cash used in financing activities	(52,105)	(665,744)
Increase (decrease) in cash and cash equivalents	13,330	(265,102)
Cash and cash equivalents at beginning of period	227,504	499,915
Cash and cash equivalents at end of period	$ 240,834	$ 234,813

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 29, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The information included herein contains all normal recurring accruals and adjustments which, in the opinion of management, are necessary to present fairly Silicon Laboratories Inc.’s (the “Company”) financial position, results of its operations, comprehensive income, stockholders’ equity, and cash flows. The Condensed Consolidated Balance Sheet as of December 30, 2023 was derived from the Company’s audited Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated results of operations for the three and six months ended June 29, 2024 are not necessarily indicative of the results to be expected for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 30, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024. The Company prepares financial statements on a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2024 will have 52 weeks and fiscal 2023 had 52 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation, and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements. The Company periodically reviews the assumptions used in its financial statement estimates. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures . This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This authoritative guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures . This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Net income (loss) $ (82,157) $ 10,956 $ (138,683) $ 24,923 Shares used in computing basic earnings per share 32,124 31,614 32,018 31,786 Effect of dilutive securities: Convertible debt and stock-based awards — 1,312 — 1,553 Shares used in computing diluted earnings per share 32,124 32,926 32,018 33,339 Earnings (loss) per share: Basic $ (2.56) $ 0.35 $ (4.33) $ 0.78 Diluted $ (2.56) $ 0.33 $ (4.33) $ 0.75 Diluted shares for the three and six months ended June 29, 2024 excluded 0.3 million and 0.3 million shares, respectively, due to the Company’s net loss for the periods. In June 2023, the Company paid $535.0 million in cash and issued 0.9 million shares of common stock in connection with the conversions and redemptions of the 2025 Notes. For the three and six months ended July 1, 2023, approximately 0.9 million and 1.1 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share related to the not yet converted or redeemed 2025 Notes. Securities that were anti-dilutive and were excluded from the computation of diluted earnings per share for the three and six months ended July 1, 2023 were insignificant.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. Level 3 - Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data. The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. Fair Value Measurements Description Quoted Prices in Significant Other Total Cash equivalents: Money market funds $ 147,307 $ — $ 147,307 Total cash equivalents $ 147,307 $ — $ 147,307 Short-term investments: Corporate debt securities $ — $ 47,322 $ 47,322 Government debt securities — 51,014 51,014 Total short-term investments $ — $ 98,336 $ 98,336 Total $ 147,307 $ 98,336 $ 245,643 Fair Value Measurements Description Quoted Prices in Significant Other Total Cash equivalents: Money market funds $ 137,195 $ — $ 137,195 Total cash equivalents $ 137,195 $ — $ 137,195 Short-term investments: Corporate debt securities $ — $ 130,047 $ 130,047 Government debt securities — 81,673 81,673 Total short-term investments $ — $ 211,720 $ 211,720 Total $ 137,195 $ 211,720 $ 348,915 Valuation methodology The Company’s cash equivalents and short-term investments that are classified as Level 2 are valued using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments in active markets; quoted prices in less active markets; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. The Company’s foreign currency derivative instruments are valued using discounted cash flow models. The assumptions used in preparing the valuation models include foreign exchange rates, forward and spot prices for currencies and market observable data of similar instruments. The following summarizes the components of available-for-sale investments: Reported As As of June 29, 2024 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalent Marketable Securities Corporate debt securities $ 47,485 $ 19 $ (182) $ 47,322 $ — $ 47,322 Government debt securities 51,168 11 (165) 51,014 — 51,014 Money market funds 147,307 — — 147,307 147,307 — Total $ 245,960 $ 30 $ (347) $ 245,643 $ 147,307 $ 98,336 Reported As As of December 30, 2023 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalent Marketable Securities Corporate debt securities $ 130,858 $ 69 $ (880) $ 130,047 $ — $ 130,047 Government debt securities 82,091 137 (555) 81,673 — 81,673 Money market funds 137,195 — — 137,195 137,195 — Total $ 350,144 $ 206 $ (1,435) $ 348,915 $ 137,195 $ 211,720 Contractual maturities of investments The Company’s available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at June 29, 2024 (in thousands): Cost Fair Value Due in one year or less $ 71,328 $ 71,133 Due after one year through five years 27,326 27,203 $ 98,653 $ 98,336 Unrealized Gains and Losses The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): Less Than 12 Months 12 Months or Greater Total As of June 29, 2024 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 15,530 $ (6) $ 19,457 $ (176) $ 34,987 $ (182) Government debt securities 32,959 (108) 9,754 (57) 42,713 (165) $ 48,489 $ (114) $ 29,211 $ (233) $ 77,700 $ (347) Less Than 12 Months 12 Months or Greater Total As of December 30, 2023 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 12,449 $ (13) $ 95,760 $ (867) $ 108,209 $ (880) Government debt securities 28,255 (115) 31,122 (440) 59,377 (555) $ 40,704 $ (128) $ 126,882 $ (1,307) $ 167,586 $ (1,435) The gross unrealized losses as of June 29, 2024 and December 30, 2023 were due primarily to changes in market interest rates. At June 29, 2024 and December 30, 2023, there were no material unrealized gains associated with the Company’s available-for-sale investments. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of June 29, 2024, there were no material declines in the market value of available-for-sale investments due to credit-related factors. Fair values of other financial instruments The Company’s other financial instruments, including cash, accounts receivable and accounts payable, are recorded at amounts that approximate their fair values due to their short maturities.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage certain exposures to the variability of foreign currency exchange rates. The Company’s objective is to offset increases and decreases in expenses resulting from these exposures with gains and losses on the derivative contracts, thereby reducing volatility of earnings. The Company does not use derivative contracts for speculative or trading purposes. The Company recognizes derivatives, on a gross basis, in the Condensed Consolidated Balance Sheet at fair value. Cash flows from derivatives are classified according to the nature of the cash receipt or payment in the Condensed Consolidated Statement of Cash Flows. Cash Flow Hedges Foreign Currency Forward Contracts

Supplemental Information

Supplemental Information	6 Months Ended
Supplemental Information	Jun. 29, 2024
Balance Sheet Related Disclosures [Abstract]
Supplemental Information	Supplemental Information The following table shows the details of selected Condensed Consolidated Balance Sheet items (in thousands): Inventories June 29, December 30, Work in progress $ 140,106 $ 173,802 Finished goods 25,973 20,493 $ 166,079 $ 194,295 Lease income The Company leases a portion of its headquarter facilities to other tenants. Lease income from operating leases was $1.5 million and $1.4 million during the six months ended June 29, 2024 and July 1, 2023, respectively.

Debt

Debt	6 Months Ended
Debt	Jun. 29, 2024
Debt Disclosure [Abstract]
Debt	Debt Credit Facility The Company and certain of its domestic subsidiaries (the “Guarantors”) have a $400 million revolving credit facility, as amended on June 30, 2023, with a maturity date of June 30, 2028. The credit facility includes a $25 million letter of credit sublimit and a $10 million swingline loan sublimit. The Company also has an option to increase the size of the borrowing capacity by up to the greater of an aggregate of $250 million and 100% of EBITDA of the last four fiscal quarters, plus an amount that would not cause a secured net leverage ratio (funded debt secured by assets/EBITDA) to exceed 3.50 to 1.00, subject to certain conditions. The credit facility, other than swingline loans, will bear interest at the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin or, at the option of the Company, a base rate (defined as the highest of the Wells Fargo prime rate, the Federal Funds rate plus 0.50% and the Adjusted Term SOFR plus 1.00%) plus an applicable margin. Swingline loans accrue interest at the base rate plus the applicable margin for base rate loans. The applicable margins for the Adjusted Term SOFR loans range from 1.00% to 1.75% and for base rate loans range from 0.00% to 0.75%, depending in each case, on the leverage ratio as defined in the credit facility. The credit facility contains various conditions, covenants and representations with which the Company must be in compliance in order to borrow funds and to avoid an event of default, including financial covenants that the Company must maintain a consolidated net leverage ratio (funded indebtedness less cash and cash equivalents up to $750 million and divided by EBITDA) of no more than 4.25 to 1, and a minimum interest coverage ratio (EBITDA/interest payments) of no less than 2.50 to 1. The Company was granted a waiver of compliance for the minimum interest coverage ratio through March 29, 2025. Based on the waiver, as of June 29, 2024, the Company was in compliance with all covenants of the credit facility. The Company’s obligations under the credit facility are guaranteed by the Guarantors and are secured by a security interest in substantially all assets of the Company and the Guarantors. As of June 29, 2024, no amounts were outstanding on the credit facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Revenues

Revenues	6 Months Ended
Revenues	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company groups its products as Industrial & Commercial or Home & Life based on the target markets they address. The following represents revenue by product category (in thousands): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Industrial & Commercial $ 88,083 $ 165,303 $ 153,345 $ 316,016 Home & Life 57,284 79,563 98,397 175,637 $ 145,367 $ 244,866 $ 251,742 $ 491,653 A portion of the Company’s sales are made to distributors under agreements allowing certain rights of return and/or price protection related to the final selling price to the end customers. These factors impact the timing and uncertainty of revenues and cash flows. During the three and six months ended June 29, 2024, the Company recognized revenue of $0.0 million and $2.1 million, respectively, from performance obligations that were satisfied in previous reporting periods. During the three and six months ended July 1, 2023, the Company did not recognize any revenue related to performance obligations that were satisfied in previous reporting periods. The following disaggregates the Company’s revenue by sales channel (in thousands): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Distributors $ 99,931 $ 187,646 $ 170,290 $ 392,518 Direct customers 45,436 57,220 81,452 99,135 $ 145,367 $ 244,866 $ 251,742 $ 491,653

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation costs are based on the fair values on the date of grant for stock awards and stock options and on the date of enrollment for the employee stock purchase plans. The fair values of stock awards (such as restricted stock units (“RSUs”), performance stock units (“PSUs”) and restricted stock awards (“RSAs”)) are estimated based on their intrinsic values. The fair values of market stock awards (“MSUs”) are estimated using a Monte Carlo simulation. The fair values of stock options and employee stock purchase plans are estimated using the Black-Scholes option-pricing model. The following table presents details of stock-based compensation costs recognized in the Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Cost of revenues $ 412 $ 283 $ 824 $ 582 Research and development 10,217 8,813 19,939 18,305 Selling, general and administrative 5,215 5,643 8,692 12,490 15,844 14,739 29,455 31,377 Income tax benefit 2,075 2,155 3,802 3,941 Total $ 13,769 $ 12,584 $ 25,653 $ 27,436

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for income taxes includes both domestic and foreign income taxes at the applicable tax rates adjusted for non-deductible expenses, research and development tax credits, global intangible low-taxed income, Subpart F income inclusions, and other permanent differences. Income tax expense was $36.7 million and $12.3 million for the three months ended June 29, 2024 and July 1, 2023, resulting in effective tax rates of (80.6)% and 53.0%, respectively. Income tax expense was $36.3 million and $20.1 million for the six months ended June 29, 2024 and July 1, 2023, resulting in effective tax rates of (35.4)% and 44.6%, respectively. The increase in the provision for income taxes for the three and six months ended June 29, 2024 is primarily due to a change in the Company’s valuation allowance assessment and subsequent recording of a valuation allowance against certain of the Company’s deferred tax assets. For the three months ended June 29, 2024, the Company’s provision for income taxes includes $43.9 million of non-cash tax expense to establish a valuation allowance against certain deferred tax assets in the U.S. and Singapore. The Company establishes a valuation allowance when it is more likely than not that some portion or all of a deferred tax asset will not be realized. In the three months ended June 29, 2024, the Company determined that there is a need for the valuation allowance due to a forecasted three-year cumulative pre-tax loss for the current and two preceding years in conjunction with the downturn in the semiconductor industry. The Company intends to maintain the valuation allowance until its ability to forecast sufficient future sources of taxable income is reestablished. Uncertain Tax Positions As of June 29, 2024, the Company had gross unrecognized tax benefits, inclusive of interest, of $6.1 million, of which $5.5 million would affect the effective tax rate if recognized. During the six months ended June 29, 2024, the Company did not release any unrecognized tax benefits. Tax years 2015 through 2024 remain open to examination by the major taxing jurisdictions in which the Company operates. The Company’s 2021 and 2022 tax years are currently under examination in India. Although the outcome of tax audits is always uncertain, the Company believes that the results of the examination will not materially impact its financial position or results of operations. The Company is not currently under audit in any other major taxing jurisdiction. The Company believes it is reasonably possible that its gross unrecognized tax benefits will decrease by approximately $1.9 million, inclusive of interest, in the next 12 months due to the lapse of the statute of limitations.

Restructuring Activities

Restructuring Activities	6 Months Ended
Restructuring Activities	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities During the fourth quarter of 2023, the Company implemented a workforce reduction of approximately 10% of its employees to reduce costs and align its business in response to market conditions. The following table summarizes the activity of the restructuring liability during the periods presented (in millions): Six Months Ended Balance, beginning of period $ 4.4 Charges 0.9 Payments (2.2) Balance, end of period $ 3.1 During the three and six months ended June 29, 2024, restructuring charges of $0.4 million and $0.9 million were recognized in operating expenses in the Condensed Consolidated Statements of Operations.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 29, 2024 shares	Jun. 29, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes contracts, instructions, or written plans for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), entered into during the quarter ended June 29, 2024. There were no non-Rule 10b5-1 trading arrangements entered into or terminated during the quarter ended June 29, 2024. Name and Title of Director or Officer Date of Adoption of Arrangement Duration of the Arrangement Aggregate Number of Securities to be Purchased or Sold Pursuant to the Arrangement Brandon Tolany Senior VP, Worldwide Sales, Marketing & Applications May 29, 2024 Expires May 30, 2025 4,117 William Bock Director May 7, 2024 Expires May 30, 2025 4,000 Navdeep Sooch Chairman of the Board May 22, 2024 Expires May 21, 2026 45,000
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Brandon Tolany [Member]
Trading Arrangements, by Individual
Name	Brandon Tolany
Title	Senior VP, Worldwide Sales, Marketing & Applications
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 29, 2024
Expiration Date	May 30, 2025
Arrangement Duration	366 days
Aggregate Available	4,117	4,117
William Bock [Member]
Trading Arrangements, by Individual
Name	William Bock
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 7, 2024
Expiration Date	May 30, 2025
Arrangement Duration	388 days
Aggregate Available	4,000	4,000
Navdeep Sooch [Member]
Trading Arrangements, by Individual
Name	Navdeep Sooch
Title	Chairman of the Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2024
Expiration Date	May 21, 2026
Arrangement Duration	729 days
Aggregate Available	45,000	45,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation
Principles of Consolidation	These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 30, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024.
Fiscal Period	The Company prepares financial statements on a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2024 will have 52 weeks and fiscal 2023 had 52 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation, and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements. The Company periodically reviews the assumptions used in its financial statement estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures . This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This authoritative guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures . This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 29, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Net income (loss) $ (82,157) $ 10,956 $ (138,683) $ 24,923 Shares used in computing basic earnings per share 32,124 31,614 32,018 31,786 Effect of dilutive securities: Convertible debt and stock-based awards — 1,312 — 1,553 Shares used in computing diluted earnings per share 32,124 32,926 32,018 33,339 Earnings (loss) per share: Basic $ (2.56) $ 0.35 $ (4.33) $ 0.78 Diluted $ (2.56) $ 0.33 $ (4.33) $ 0.75

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Summary of valuation of the financial instruments	The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. Fair Value Measurements Description Quoted Prices in Significant Other Total Cash equivalents: Money market funds $ 147,307 $ — $ 147,307 Total cash equivalents $ 147,307 $ — $ 147,307 Short-term investments: Corporate debt securities $ — $ 47,322 $ 47,322 Government debt securities — 51,014 51,014 Total short-term investments $ — $ 98,336 $ 98,336 Total $ 147,307 $ 98,336 $ 245,643 Fair Value Measurements Description Quoted Prices in Significant Other Total Cash equivalents: Money market funds $ 137,195 $ — $ 137,195 Total cash equivalents $ 137,195 $ — $ 137,195 Short-term investments: Corporate debt securities $ — $ 130,047 $ 130,047 Government debt securities — 81,673 81,673 Total short-term investments $ — $ 211,720 $ 211,720 Total $ 137,195 $ 211,720 $ 348,915
Summary of components of available-for-sale investments	The following summarizes the components of available-for-sale investments: Reported As As of June 29, 2024 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalent Marketable Securities Corporate debt securities $ 47,485 $ 19 $ (182) $ 47,322 $ — $ 47,322 Government debt securities 51,168 11 (165) 51,014 — 51,014 Money market funds 147,307 — — 147,307 147,307 — Total $ 245,960 $ 30 $ (347) $ 245,643 $ 147,307 $ 98,336 Reported As As of December 30, 2023 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalent Marketable Securities Corporate debt securities $ 130,858 $ 69 $ (880) $ 130,047 $ — $ 130,047 Government debt securities 82,091 137 (555) 81,673 — 81,673 Money market funds 137,195 — — 137,195 137,195 — Total $ 350,144 $ 206 $ (1,435) $ 348,915 $ 137,195 $ 211,720
Schedule of maturities of the Company's available-for-sale investments and money market funds	The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at June 29, 2024 (in thousands): Cost Fair Value Due in one year or less $ 71,328 $ 71,133 Due after one year through five years 27,326 27,203 $ 98,653 $ 98,336
Schedule of available-for-sale investments in continuous unrealized loss position	The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): Less Than 12 Months 12 Months or Greater Total As of June 29, 2024 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 15,530 $ (6) $ 19,457 $ (176) $ 34,987 $ (182) Government debt securities 32,959 (108) 9,754 (57) 42,713 (165) $ 48,489 $ (114) $ 29,211 $ (233) $ 77,700 $ (347) Less Than 12 Months 12 Months or Greater Total As of December 30, 2023 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 12,449 $ (13) $ 95,760 $ (867) $ 108,209 $ (880) Government debt securities 28,255 (115) 31,122 (440) 59,377 (555) $ 40,704 $ (128) $ 126,882 $ (1,307) $ 167,586 $ (1,435)

Supplemental Information (Table

Supplemental Information (Tables)	6 Months Ended
Supplemental Information (Tables)	Jun. 29, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of inventories	The following table shows the details of selected Condensed Consolidated Balance Sheet items (in thousands): Inventories June 29, December 30, Work in progress $ 140,106 $ 173,802 Finished goods 25,973 20,493 $ 166,079 $ 194,295

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	The following represents revenue by product category (in thousands): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Industrial & Commercial $ 88,083 $ 165,303 $ 153,345 $ 316,016 Home & Life 57,284 79,563 98,397 175,637 $ 145,367 $ 244,866 $ 251,742 $ 491,653 Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Distributors $ 99,931 $ 187,646 $ 170,290 $ 392,518 Direct customers 45,436 57,220 81,452 99,135 $ 145,367 $ 244,866 $ 251,742 $ 491,653

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation costs recognized in the Condensed Consolidated Statements of Operations	The following table presents details of stock-based compensation costs recognized in the Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Cost of revenues $ 412 $ 283 $ 824 $ 582 Research and development 10,217 8,813 19,939 18,305 Selling, general and administrative 5,215 5,643 8,692 12,490 15,844 14,739 29,455 31,377 Income tax benefit 2,075 2,155 3,802 3,941 Total $ 13,769 $ 12,584 $ 25,653 $ 27,436

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
Restructuring Activities (Tables)	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Summary of activity of restructuring liability	The following table summarizes the activity of the restructuring liability during the periods presented (in millions): Six Months Ended Balance, beginning of period $ 4.4 Charges 0.9 Payments (2.2) Balance, end of period $ 3.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share
Net income (loss)		$ (82,157)	$ 10,956	$ (138,683)	$ 24,923
Shares used in computing basic earnings per share (in shares)		32,124	31,614	32,018	31,786
Effect of dilutive securities:
Convertible debt and stock-based awards (in shares)		0	1,312	0	1,553
Shares used in computing diluted earnings per share (in shares)		32,124	32,926	32,018	33,339
Earnings (loss) per share:
Basic (in dollars per share)		$ (2.56)	$ 0.35	$ (4.33)	$ 0.78
Diluted (in dollars per share)		$ (2.56)	$ 0.33	$ (4.33)	$ 0.75
Shares attributable to dilutive effect of conversion of debt securities		300	900	300	1,100
Convertible notes 2025
Earnings (loss) per share:
Repayment of convertible senior notes	$ 535,000
Number of shares of common stock issued in connection with redemption of convertible senior notes (in shares)	900

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair Value of Financial Instruments
Cash equivalents	$ 147,307	$ 137,195
Short-term investments	98,336	211,720
Total	245,643	348,915
Money market funds
Fair Value of Financial Instruments
Cash equivalents	147,307	137,195
Corporate debt securities
Fair Value of Financial Instruments
Short-term investments	47,322	130,047
Government debt securities
Fair Value of Financial Instruments
Short-term investments	51,014	81,673
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents	147,307	137,195
Short-term investments	0	0
Total	147,307	137,195
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Fair Value of Financial Instruments
Cash equivalents	147,307	137,195
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value of Financial Instruments
Short-term investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Government debt securities
Fair Value of Financial Instruments
Short-term investments	0	0
Significant Other Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents	0	0
Short-term investments	98,336	211,720
Total	98,336	211,720
Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value of Financial Instruments
Cash equivalents	0	0
Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value of Financial Instruments
Short-term investments	47,322	130,047
Significant Other Observable Inputs (Level 2) \| Government debt securities
Fair Value of Financial Instruments
Short-term investments	$ 51,014	$ 81,673

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair Value of Financial Instruments
Marketable Securities, Amortized Cost Basis	$ 98,653
Gross Unrealized Gains	30	$ 206
Gross Unrealized Losses	(347)	(1,435)
Marketable Securities, Fair Value	98,336	211,720
Cash Equivalent, Fair Value	147,307	137,195
Total, Amortized Cost Basis	245,960	350,144
Total, Fair Value	245,643	348,915
Money market funds
Fair Value of Financial Instruments
Cash Equivalent, Amortized Cost Basis	147,307	137,195
Cash Equivalent, Fair Value	147,307	137,195
Corporate debt securities
Fair Value of Financial Instruments
Marketable Securities, Amortized Cost Basis	47,485	130,858
Gross Unrealized Gains	19	69
Gross Unrealized Losses	(182)	(880)
Marketable Securities, Fair Value	47,322	130,047
Government debt securities
Fair Value of Financial Instruments
Marketable Securities, Amortized Cost Basis	51,168	82,091
Gross Unrealized Gains	11	137
Gross Unrealized Losses	(165)	(555)
Marketable Securities, Fair Value	$ 51,014	$ 81,673

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Cost
Due in one year or less	$ 71,328
Due after one year through five years	27,326
Marketable Securities, Amortized Cost Basis	98,653
Fair Value
Due in one year or less	71,133
Due after one year through five years	27,203
Total Fair Value	$ 98,336	$ 211,720

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Fair Value
Less Than 12 Months	$ 48,489	$ 40,704
12 Months or Greater	29,211	126,882
Total	77,700	167,586
Gross Unrealized Losses
Less Than 12 Months	(114)	(128)
12 Months or Greater	(233)	(1,307)
Total	(347)	(1,435)
Corporate debt securities
Fair Value
Less Than 12 Months	15,530	12,449
12 Months or Greater	19,457	95,760
Total	34,987	108,209
Gross Unrealized Losses
Less Than 12 Months	(6)	(13)
12 Months or Greater	(176)	(867)
Total	(182)	(880)
Government debt securities
Fair Value
Less Than 12 Months	32,959	28,255
12 Months or Greater	9,754	31,122
Total	42,713	59,377
Gross Unrealized Losses
Less Than 12 Months	(108)	(115)
12 Months or Greater	(57)	(440)
Total	$ (165)	$ (555)

Supplemental Information (Detai

Supplemental Information (Details) - USD ($) $ in Thousands	6 Months Ended
Supplemental Information (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Inventories
Work in progress	$ 140,106		$ 173,802
Finished goods	25,973		20,493
Inventories	166,079		$ 194,295
Lease income
Lease income	$ 1,500	$ 1,400

Debt - Credit Facility (Details

Debt - Credit Facility (Details)	6 Months Ended
Debt - Credit Facility (Details)	Jun. 29, 2024 USD ($)
Debt Instrument [Line Items]
Cash and cash equivalents used in net leverage ratio	$ 750,000,000
Line of Credit
Debt Instrument [Line Items]
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 250,000,000
Additional increase in borrowing capacity based on EBITDA (as a percent)	100%
Maximum secured net leverage ratio	3.50
Maximum net leverage ratio	4.25
Maximum secured leverage ratio	2.50
Amount outstanding	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000,000
Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000
Revolving credit facility, other than swingline loans \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.50%
Revolving credit facility, other than swingline loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1%
Revolving credit facility, other than swingline loans \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1%
Revolving credit facility, other than swingline loans \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.75%
Revolving credit facility, other than swingline loans \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0%
Revolving credit facility, other than swingline loans \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.75%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenues
Revenues	$ 145,367	$ 244,866	$ 251,742	$ 491,653
Revenue from performance obligations that were satisfied in previous reporting periods	0		2,100
Distributors
Revenues
Revenues	99,931	187,646	170,290	392,518
Direct customers
Revenues
Revenues	45,436	57,220	81,452	99,135
Industrial & Commercial
Revenues
Revenues	88,083	165,303	153,345	316,016
Home & Life
Revenues
Revenues	$ 57,284	$ 79,563	$ 98,397	$ 175,637

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Stock-based compensation costs
Stock based compensation costs	$ 15,844	$ 14,739	$ 29,455	$ 31,377
Income tax benefit	2,075	2,155	3,802	3,941
Total	13,769	12,584	25,653	27,436
Total unrecognized compensation costs related to awards	124,400		$ 124,400
Weighted-average period of recognition of unrecognized compensation costs			2 years 3 months 18 days
Cost of revenues
Stock-based compensation costs
Stock based compensation costs	412	283	$ 824	582
Research and development
Stock-based compensation costs
Stock based compensation costs	10,217	8,813	19,939	18,305
Selling, general and administrative
Stock-based compensation costs
Stock based compensation costs	$ 5,215	$ 5,643	$ 8,692	$ 12,490

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 36,663	$ 12,338	$ 36,278	$ 20,091
Effective income tax rate (as a percent)	80.60%	53%	35.40%	44.60%
Income tax expense for valuation allowance against certain deferred tax assets	$ 43,900
Unrecognized tax benefits	6,100		$ 6,100
Gross unrecognized tax benefits which would affect the effective tax rate if recognized	5,500		5,500
Reasonably possible decrease in unrecognized tax benefits	$ 1,900		$ 1,900

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Workforce reduction percent		10%
Charges	$ 0.4		$ 0.9

Restructuring Activities - Rest

Restructuring Activities - Restructuring Liability Activity (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024
Restructuring Reserve [Roll Forward]
Balance, beginning of period		$ 4.4
Charges	$ 0.4	0.9
Payments		(2.2)
Balance, end of period	$ 3.1	$ 3.1