0001604778-22-000042 | 10-Q | XBRL Viewer

Label

Element

Value

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

$ 4,188,000

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

4,188,000

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

(13,348,000)

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxes

13,348,000

Business Combination, Acquisition And Integration related costs

rfmd_BusinessCombinationAcquisitionAndIntegrationrelatedcosts

6,308,000

Business Combination, Acquisition And Integration related costs

rfmd_BusinessCombinationAcquisitionAndIntegrationrelatedcosts

$ 3,993,000

Segment Reporting Information Other [Table Text Block]

rfmd_SegmentReportingInformationOtherTableTextBlock


	Three Months Ended
	July 2, 2022		July 3, 2021
Reconciliation of "All other" category:
Stock-based compensation expense	$	(35,414)	$	(25,238)
Amortization of intangible assets	(33,652)		(37,223)
Acquisition and integration related costs	(6,308)		(3,993)
Charges associated with a long-term capacity reservation agreement (1)	(110,000)		—
Other (2)	2,868		(3,473)
Loss from operations for "All other"	$	(182,506)	$	(69,927)

(1) Refer to Note 8 for additional information.

(2) Other includes (loss) gain on sale of fixed assets, start-up costs and other miscellaneous corporate overhead expenses.

In the second quarter of fiscal 2023, the Company updated its organizational structure to more closely align similar technologies and applications with customers and end markets. The Company will manage its business and report its financial results, beginning with the quarter ending October 1, 2022, in three operating segments: Connectivity and Sensors Group, High Performance Analog and Advanced Cellular Group. Refer to Note 13 for additional information regarding the Company's subsequent change in reportable operating segments.

Discrete tax expense (benefit)

rfmd_Discretetaxexpensebenefit

$ 19,300,000

Discrete tax expense (benefit)

rfmd_Discretetaxexpensebenefit

$ 20,200,000

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxesShares

137,000

Exercise Of Stock Options And Vesting Of Restricted Stock Units Net Of Shares Withheld For Employee Taxes Shares

rfmd_ExerciseOfStockOptionsAndVestingOfRestrictedStockUnitsNetOfSharesWithheldForEmployeeTaxesShares

183,000

Other Unallocated Income Expense

rfmd_OtherUnallocatedIncomeExpense

$ (2,868,000)

Other Unallocated Income Expense

rfmd_OtherUnallocatedIncomeExpense

3,473,000

Unamortized premium, discount and issuance costs, net

rfmd_UnamortizedPremiumDiscountAndIssuanceCostsNet

4,362,000

Unamortized premium, discount and issuance costs, net

rfmd_UnamortizedPremiumDiscountAndIssuanceCostsNet

$ 4,692,000

Fair value of debt [Policy Text Block]

rfmd_FairvalueofdebtPolicyTextBlock

The Company's debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of July 2, 2022 was $467.1 million, $750.0 million and $554.8 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period.

Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block]

rfmd_ScheduleoffinitelivedandindefinitelivedintangibleassetsTableTextBlock

The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):


	July 2, 2022				April 2, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Developed technology	$	861,355	$	294,286	$	1,026,690	$	420,255
Customer relationships	104,207		52,234		104,778		47,208
Technology licenses	677		260		2,641		2,169
Trade names	877		414		1,933		1,358
In-process research and development	9,670		N/A		9,734		N/A
Total (1)	$	976,786	$	347,194	$	1,145,776	$	470,990

(1) Amounts include the impact of foreign currency translation.

Investments and Fair Value of Financial Instruments

3 Months Ended

Jul. 02, 2022

Investments and Fair Value Measurements [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Equity Method Investments

The Company invests in limited partnerships and accounts for these investments using the equity method. The carrying amounts of these investments as of July 2, 2022 and April 2, 2022 were $24.3 million and $27.1 million, respectively, and are classified as "Long-term investments" in the Condensed Consolidated Balance Sheets. During the three months ended July 2, 2022 and July 3, 2021, the Company recorded a loss of $0.8 million and income of $14.5 million, respectively, based on its share of the limited partnerships' earnings. These amounts are included in "Other (expense) income, net" in the Condensed Consolidated Statements of Income. During the three months ended July 2, 2022 and July 3, 2021, the Company received cash distributions of $2.0 million and $3.9 million, respectively, from these equity method investments. The cash distributions were recognized as reductions to the carrying value of the investments and included in the cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows.

Fair Value of Financial Instruments

The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands):


	Total		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
July 2, 2022
Marketable equity securities	$	2,320	$	2,320	$	—	$	—
Invested funds in deferred compensation plan (1)	35,318		35,318		—		—
Contingent earn-out liability (2)	(22,100)		—		—		(22,100)

April 2, 2022
Marketable equity securities	$	2,906	$	2,906	$	—	$	—
Invested funds in deferred compensation plan (1)	39,356		39,356		—		—
Contingent earn-out liability (2)	(17,600)		—		—		(17,600)

(1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments.

(2) The Company recorded a contingent earn-out liability in conjunction with the acquisition of United SiC (refer to Note 3). The fair value of this liability is estimated using an option pricing model.

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Notes to Financial Statements Investments and Fair Value of Financial Instruments Uncategorized Uncategorized Items - rfmd-20220702_htm.xml All Reports