Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MONOLITHIC POWER SYSTEMS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 38,745,011 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001280452 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $101,812 | $101,213 |
Short-term investments | 126,849 | 125,126 |
Accounts receivable, net | 24,274 | 23,730 |
Inventories | 41,587 | 39,737 |
Prepaid expenses and other current assets | 2,788 | 2,280 |
Total current assets | 297,310 | 292,086 |
Property and equipment, net | 63,428 | 64,837 |
Long-term investments | 9,795 | 9,860 |
Goodwill | 6,571 | ' |
Acquisition-related intangible assets, net | 7,178 | ' |
Deferred income tax assets, net | 477 | 481 |
Other long-term assets | 7,940 | 1,644 |
Total assets | 392,699 | 368,908 |
Current liabilities: | ' | ' |
Accounts payable | 14,793 | 10,694 |
Accrued compensation and related benefits | 6,607 | 10,419 |
Accrued liabilities | 15,528 | 17,376 |
Total current liabilities | 36,928 | 38,489 |
Income tax liabilities | 4,746 | 5,542 |
Other long-term liabilities | 9,364 | 1,478 |
Total liabilities | 51,038 | 45,509 |
Commitments and contingencies (Notes 8 and 12) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 38,804 and 38,291 as of September 30, 2014 and December 31, 2013, respectively | 238,602 | 234,201 |
Retained earnings | 97,398 | 82,938 |
Accumulated other comprehensive income | 5,661 | 6,260 |
Total stockholders’ equity | 341,661 | 323,399 |
Total liabilities and stockholders’ equity | $392,699 | $368,908 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 38,804 | 38,291 |
Common stock, shares outstanding | 38,804 | 38,291 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | $78,335 | $65,347 | $206,832 | $174,531 |
Cost of revenue | 35,872 | 30,053 | 95,173 | 80,924 |
Gross profit | 42,463 | 35,294 | 111,659 | 93,607 |
Research and development | 14,679 | 12,643 | 43,649 | 37,246 |
Selling, general and administrative | 17,006 | 13,891 | 49,968 | 40,941 |
Litigation expense (benefit), net | 332 | 104 | -8,093 | -455 |
Total operating expenses | 32,017 | 26,638 | 85,524 | 77,732 |
Income from operations | 10,446 | 8,656 | 26,135 | 15,875 |
Interest and other income (expense), net | 202 | -59 | 686 | 149 |
Income before income taxes | 10,648 | 8,597 | 26,821 | 16,024 |
Income tax provision (benefit) | -573 | 1,187 | 186 | 625 |
Net income | $11,221 | $7,410 | $26,635 | $15,399 |
Net income per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.29 | $0.20 | $0.69 | $0.42 |
Diluted (in Dollars per share) | $0.28 | $0.19 | $0.67 | $0.40 |
Weighted-average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 38,785 | 37,910 | 38,646 | 37,079 |
Diluted (in Shares) | 39,727 | 39,009 | 39,618 | 38,419 |
Cash dividends declared per common share (in Dollars per share) | $0.15 | ' | $0.30 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $11,221 | $7,410 | $26,635 | $15,399 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in unrealized losses on securities, net of tax | ' | ' | -65 | ' |
Foreign currency translation adjustments | -98 | 431 | -518 | 1,595 |
Total other comprehensive income (loss), net of tax | -179 | 614 | -599 | 1,724 |
Comprehensive income | 11,042 | 8,024 | 26,036 | 17,123 |
Auction Rate Securities [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in unrealized losses on securities, net of tax | -53 | 149 | -65 | 117 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in unrealized losses on securities, net of tax | ($28) | $34 | ($16) | $12 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Auction Rate Securities [Member] | ' | ' | ' | ' |
Change in unrealized losses on securities, tax | $0 | $0 | $0 | $0 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Change in unrealized losses on securities, tax | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $26,635 | $15,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 9,688 | 8,960 |
Amortization and realized gain/loss on investments | 197 | 320 |
Stock-based compensation | 24,872 | 15,081 |
Changes in operating assets and liabilities, net of effects of an acquisition: | ' | ' |
Accounts receivable | -516 | -2,573 |
Inventories | -1,800 | -10,851 |
Prepaid expenses and other assets | -1,868 | 463 |
Accounts payable | 3,864 | 1,164 |
Accrued liabilities | -2,885 | 3,492 |
Accrued income taxes payable and noncurrent tax liabilities | -801 | -215 |
Accrued compensation and related benefits | -3,789 | -1,002 |
Net cash provided by operating activities | 53,597 | 30,238 |
Cash flows from investing activities: | ' | ' |
Property and equipment purchases | -7,730 | -15,424 |
Purchases of short-term investments | -100,706 | -62,374 |
Proceeds from sale of short-term investments | 98,752 | 55,700 |
Proceeds from sale of long-term investments | ' | 25 |
Investments related to deferred compensation plan | -4,860 | -309 |
Cash paid for an acquisition, net of cash acquired | -11,590 | ' |
Net cash used in investing activities | -26,134 | -22,382 |
Cash flows from financing activities: | ' | ' |
Property and equipment purchased on extended payment terms | -250 | ' |
Proceeds from issuance of common shares | 10,403 | 32,654 |
Proceeds from employee stock purchase plan | 2,078 | 2,145 |
Repurchases of common shares | -32,976 | -7,973 |
Dividends and dividend equivalents paid | -5,817 | ' |
Net cash provided by (used in) financing activities | -26,562 | 26,826 |
Effect of change in exchange rates | -302 | 660 |
Net increase in cash and cash equivalents | 599 | 35,342 |
Cash and cash equivalents, beginning of period | 101,213 | 75,104 |
Cash and cash equivalents, end of period | 101,812 | 110,446 |
Supplemental disclosures for cash flow information: | ' | ' |
Cash paid for taxes | 981 | 847 |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' |
Liability accrued for property and equipment purchases | 783 | 2,081 |
Liability accrued for dividends and dividend equivalents | 6,359 | ' |
Sensima [Member] | ' | ' |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' |
Fair value of contingent consideration related to an acquisition | $2,507 | ' |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended | ||
Sep. 30, 2014 | |||
Disclosure Text Block [Abstract] | ' | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||
1. BASIS OF PRESENTATION | |||
The accompanying unaudited condensed consolidated financial statements have been prepared by Monolithic Power Systems, Inc. (the “Company” or “MPS”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted in accordance with these rules and regulations. The information in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 10, 2014. | |||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The financial statements contained in this Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any other future period. | |||
Summary of Significant Accounting Policies | |||
Other than the adoption of the following new significant accounting policies, there have been no changes to the Company’s significant accounting policies during the three and nine months ended September 30, 2014 as compared to those described in the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2013. | |||
Goodwill and Acquisition-Related Intangible Assets – Goodwill represents the excess of the fair value of purchase consideration over the fair value of net tangible and identified intangible assets as of the date of acquisition. In-process research and development (“IPR&D”) assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition. The IPR&D assets are initially capitalized at fair value as intangible assets with indefinite lives. When the IPR&D projects are completed, they are reclassified as amortizable intangible assets and are amortized over their estimated useful lives. Alternatively, if the IPR&D projects are abandoned, they are impaired and expensed to research and development. Acquisition-related intangible assets with finite lives consist of know-how and developed technologies. These assets are amortized on a straight-line basis over estimated useful lives ranging from three to five years and the amortization expense is recorded in cost of revenue in the Condensed Consolidated Statements of Operations. | |||
Recent Accounting Pronouncements | |||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard gives guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists, with the purpose of reducing diversity in practice. This new standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. The Company adopted this standard in the first quarter of 2014 prospectively and the adoption did not have an impact on its consolidated financial position, results of operations or cash flows. | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new standard, entities will apply the following five-step model when evaluating revenue contracts with customers: | |||
● | Identify the contract with a customer | ||
● | Identify the performance obligations in the contract | ||
● | Determine the transaction price | ||
● | Allocate the transaction price to the performance obligations in the contract | ||
● | Recognize revenue when the entity satisfies a performance obligation | ||
The new standard is effective for annual and interim reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective application in the adoption of this standard. The Company will adopt the standard in the first quarter of 2017 and is evaluating the transition method and the impact of the adoption on its consolidated financial position, results of operations and cash flows. |
Note_2_StockBased_Compensation
Note 2 - Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||
2. STOCK-BASED COMPENSATION | |||||||||||||||||||||||||||||||||||
Stock Plans | |||||||||||||||||||||||||||||||||||
As of September 30, 2014, approximately 4.4 million shares were available for future issuance under the 2004 Equity Incentive Plan (the “2004 Plan”). The 2004 Plan will expire on November 12, 2014. Once the 2004 Plan expires, the Company will no longer be able to grant equity awards under the 2004 Plan, and any shares otherwise remaining available for future grants under the 2004 Plan will no longer be available for issuance. | |||||||||||||||||||||||||||||||||||
The Company’s Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”) in April 2013, and the Company’s stockholders approved it in June 2013. In October 2014, the Board of Directors approved certain amendments to the 2014 Plan. The 2014 Plan will become effective on November 13, 2014, the day after the 2004 Plan expires. The 2014 Plan provides for the issuance of up to 5,500,000 shares and will expire on November 13, 2024. | |||||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||||||||||||||||
The Company recognized stock-based compensation expenses as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Cost of revenue | $ | 246 | $ | 163 | $ | 669 | $ | 465 | |||||||||||||||||||||||||||
Research and development | 2,388 | 1,491 | 6,638 | 4,557 | |||||||||||||||||||||||||||||||
Selling, general and administrative | 6,225 | 3,577 | 17,565 | 10,059 | |||||||||||||||||||||||||||||||
Tax benefit | - | (80 | ) | - | (175 | ) | |||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 8,859 | $ | 5,151 | $ | 24,872 | $ | 14,906 | |||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||||||||||
The Company’s restricted stock units (“RSUs”) include time-based RSUs, performance-based RSUs (“PSUs”) and market-based RSUs (“MSUs”). A summary of the RSUs is presented in the table below: | |||||||||||||||||||||||||||||||||||
Time-Based RSUs | Weighted- | PSUs | Weighted- | MSUs | Weighted- | Total | Weighted- | ||||||||||||||||||||||||||||
Average Grant | Average Grant | Average Grant | Average Grant | ||||||||||||||||||||||||||||||||
Date Fair | Date Fair | Date Fair | Date Fair | ||||||||||||||||||||||||||||||||
Value Per | Value Per | Value Per | Value Per | ||||||||||||||||||||||||||||||||
Share | Share | Share | Share | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 754,306 | $ | 19.41 | 1,027,782 | $ | 23.02 | 1,800,000 | $ | 23.57 | 3,582,088 | $ | 22.53 | |||||||||||||||||||||||
Awards granted | 312,697 | 36.52 | 1,091,001 | -1 | 34.23 | - | - | 1,403,698 | 34.74 | ||||||||||||||||||||||||||
Performance adjustment | - | - | (141,626 | ) | -2 | 31.54 | - | - | (141,626 | ) | 31.54 | ||||||||||||||||||||||||
Awards released | (378,142 | ) | 19.76 | (276,512 | ) | 18.12 | - | - | (654,654 | ) | 19.07 | ||||||||||||||||||||||||
Awards forfeited | (24,039 | ) | 19.81 | (17,097 | ) | 19.79 | - | - | (41,136 | ) | 19.8 | ||||||||||||||||||||||||
Outstanding at September 30, 2014 | 664,822 | 27.25 | 1,683,548 | 27.87 | 1,800,000 | 23.57 | 4,148,370 | 25.9 | |||||||||||||||||||||||||||
-1 | The number of PSUs granted reflects the maximum number of shares that can ultimately be earned assuming the achievement of the highest level of performance conditions under the programs. | ||||||||||||||||||||||||||||||||||
-2 | The performance adjustment reflects the number of PSUs that have not been earned or may not ultimately be earned based on management’s probability assessment. | ||||||||||||||||||||||||||||||||||
The intrinsic value related to awards released for the three months ended September 30, 2014 and 2013 was $5.3 million and $3.2 million, respectively. The intrinsic value related to awards released for the nine months ended September 30, 2014 and 2013 was $23.8 million and $14.8 million, respectively. As of September 30, 2014, the total intrinsic value of outstanding awards was $182.7 million, based on the closing stock price of $44.05. As of September 30, 2014, unamortized compensation expense related to outstanding awards was approximately $79.5 million with a weighted-average remaining recognition period of approximately six years. | |||||||||||||||||||||||||||||||||||
2014 PSUs and Time-Based RSUs: | |||||||||||||||||||||||||||||||||||
In February 2014, the Board of Directors granted 336,000 shares to the Company’s executive officers. These grants included 25% time-based RSUs which vest over two years on a quarterly basis, and 75% PSUs which represent a target number of RSUs to be awarded based on the Company’s achievement of an average two-year (2014 and 2015) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2014 Executive PSUs”). The maximum number of 2014 Executive PSUs that an executive officer can ultimately earn is 300% of the target shares. Half of the 2014 Executive PSUs will vest in February 2016 if the pre-determined performance goals are met and approved by the Compensation Committee. The remaining shares will vest over the following two years on a quarterly basis. The vesting is subject to continued employment with the Company. | |||||||||||||||||||||||||||||||||||
In April 2014, the Board of Directors granted 139,000 shares to the Company’s non-executive employees. These grants included 78,000 shares of time-based RSUs which vest over four years on an annual or quarterly basis, and 61,000 shares of PSUs which represent a target number of RSUs to be awarded based on the Company’s achievement of revenue goals for certain regions or product line divisions, or the Company’s achievement of an average two-year (2014 and 2015) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2014 Non-Executive PSUs”). The maximum number of 2014 Non-Executive PSUs that an employee can ultimately earn is either 200% or 300% of the target shares, depending on the job classifications of the employees. Half of the 2014 Non-Executive PSUs will vest in the second quarter of 2016 if the pre-determined performance goals are met and approved by the Compensation Committee. The remaining shares will vest over the following two years on an annual or quarterly basis. The vesting is subject to continued employment with the Company. | |||||||||||||||||||||||||||||||||||
Based on the Company’s revenue forecast as of September 30, 2014, the Company has determined that it is probable that it will be able to achieve or exceed the pre-determined revenue targets set for the 2014 Executive PSUs and the majority of the 2014 Non-Executive PSUs. The Company continues to evaluate the expected performance against the pre-determined goals and will adjust stock-based compensation expense based on this assessment accordingly. | |||||||||||||||||||||||||||||||||||
In connection with the acquisition of Sensima Technology SA (“Sensima”) in July 2014, the Board of Directors granted time-based RSUs and PSUs to key Sensima employees who became employees of the Company. See Note 3 for further discussion. | |||||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||
A summary of the stock options activities is presented in the table below: | |||||||||||||||||||||||||||||||||||
Stock Options | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||||||||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||||||||||||||||
Contractual Term | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 1,356,446 | $ | 15.86 | 1.9 | $ | 25,505,753 | |||||||||||||||||||||||||||||
Options exercised | (638,018 | ) | 16.3 | ||||||||||||||||||||||||||||||||
Options forfeited and expired | (8,397 | ) | 11.22 | ||||||||||||||||||||||||||||||||
Outstanding at September 30, 2014 | 710,031 | 15.51 | 1.3 | 20,265,815 | |||||||||||||||||||||||||||||||
Options exercisable at September 30, 2014 and expected to vest | 709,524 | 15.52 | 1.3 | 20,245,815 | |||||||||||||||||||||||||||||||
Options exercisable at September 30, 2014 | 677,985 | 15.63 | 1.2 | 19,268,944 | |||||||||||||||||||||||||||||||
Total intrinsic value of options exercised was $2.3 million and $11.3 million for the three months ended September 30, 2014 and 2013, respectively. Total intrinsic value of options exercised was $14.1 million and $22.2 million for the nine months ended September 30, 2014 and 2013, respectively. The net cash proceeds from the exercise of stock options were $10.4 million and $32.7 million for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, unamortized compensation expense related to unvested options was approximately $0.2 million with a weighted-average remaining recognition period of approximately one year. | |||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan (“ESPP”) | |||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 and 2013, 34,000 and 46,000 shares, respectively, were issued under the ESPP. For the nine months ended September 30, 2014 and 2013, 78,000 and 111,000 shares, respectively, were issued under the ESPP. As of September 30, 2014, 4.7 million shares were available for future issuance. | |||||||||||||||||||||||||||||||||||
The intrinsic value of stock purchased was $0.5 million and $0.3 million for the three months ended September 30, 2014 and 2013, respectively. The intrinsic value of stock purchased was $0.9 million and $0.8 million for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the unamortized expense was $0.2 million, which will be recognized through the first quarter of 2015. The Black-Scholes model was used to value the employee stock purchase rights with the following weighted-average assumptions: | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Expected term (years) | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||
Expected volatility | 25.1 | % | 27.5 | % | 29.5 | % | 28 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||||||||||
Dividend yield | 1.4 | % | - | 0.7 | % | - | |||||||||||||||||||||||||||||
Cash proceeds from employee stock purchases were $2.1 million for both the nine months ended September 30, 2014 and 2013. |
Note_3_Acquisition
Note 3 - Acquisition | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||
3. ACQUISITION | |||||||||||||||||
On July 22, 2014 (the “Acquisition Date”), the Company acquired 100% of the outstanding capital stock of Sensima, a company based in Switzerland that develops magnetic sensor technologies for angle measurements as well as three-dimensional magnetic field sensing. The acquisition is expected to create new opportunities with customers by offering enhanced solutions in power management for key industries such as automotive, industrial and cloud computing. Subsequent to the Acquisition Date, Sensima became a subsidiary of the Company and its results of operations have been included in the Company’s consolidated financial statements. | |||||||||||||||||
Purchase Consideration | |||||||||||||||||
The fair value of the purchase consideration consists of the following (in thousands): | |||||||||||||||||
Cash paid at the Acquisition Date | $ | 11,735 | |||||||||||||||
Contingent consideration | 2,507 | ||||||||||||||||
Total | $ | 14,242 | |||||||||||||||
Cash paid at the Acquisition Date included $1.2 million that is being held at an escrow account for a one-year period for Sensima’s satisfaction of certain representations and warranties. | |||||||||||||||||
The contingent consideration arrangement requires the Company to pay up to an additional $8.9 million to certain former Sensima shareholders if Sensima achieves a new product introduction as well as certain product revenue and direct margin targets in 2016. The fair value of the contingent consideration at the Acquisition Date was $2.5 million, which was estimated based on a probability-weighted analysis of possible future cash flow outcomes. The fair value of the contingent consideration is recorded in other long-term liability in the Condensed Consolidated Balance Sheets and is remeasured at the end of each reporting period, with any changes in fair value recorded in operating expense in the Condensed Consolidated Statements of Operations. Actual amounts that will ultimately be paid may differ from the obligations recorded. | |||||||||||||||||
The Company incurred $0.6 million of transaction costs that were expensed as incurred and included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. | |||||||||||||||||
PreliminaryPurchase ConsiderationAllocation | |||||||||||||||||
The estimated fair value of assets acquired and liabilities assumed is as follows (in thousands): | |||||||||||||||||
Cash | $ | 145 | |||||||||||||||
Other tangible assets acquired, net of liabilities assumed | 42 | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Know-how | 1,018 | ||||||||||||||||
Developed technologies | 4,421 | ||||||||||||||||
IPR&D | 2,045 | ||||||||||||||||
Total identifiable net assets acquired | 7,671 | ||||||||||||||||
Goodwill | 6,571 | ||||||||||||||||
Total net assets acquired | $ | 14,242 | |||||||||||||||
Intangible assets with finite lives include know-how and developed technologies with estimated useful lives of three to five years. The fair value of know-how was determined using the relief from royalty method, and the fair value of the developed technologies was determined using the income approach. Intangible assets with indefinite lives include IPR&D, which consists of incomplete R&D projects that had not reached technological feasibility as of the Acquisition Date. The fair value of the IPR&D assets was determined using the income approach. | |||||||||||||||||
The goodwill arising from the acquisition was primarily attributed to synergies which will enable the Company to develop advanced solutions in power management combining with Sensima’s magnetic sensor technologies. The goodwill is not expected to be deductible for tax purposes. | |||||||||||||||||
The purchase price allocation is considered preliminary and dependent upon the finalization of the valuation of assets acquired and liabilities assumed, primarily related to deferred taxes. The Company is currently determining if the acquisition qualifies as a tax-free reorganization within the meaning of Swiss tax rules pursuant to the tax holiday granted to Sensima by the Swiss tax authorities. Final determination of the valuation could result in an adjustment to the preliminary purchase price allocation, with an offsetting adjustment to goodwill. | |||||||||||||||||
Equity Awards | |||||||||||||||||
On the Acquisition Date, the Board of Directors granted $1.7 million of time-based RSUs (or 40,000 shares) to key Sensima employees who became employees of the Company. These awards vest over four years. In addition, the Board of Directors granted $2.0 million of PSUs (or 47,000 shares) to these employees, with the right to earn up to a maximum of $8.0 million based on the achievement of certain cumulative Sensima product revenue targets during the performance period from the Acquisition Date to July 22, 2019. One half of the awards subject to each revenue goal will vest immediately when the pre-determined revenue goal is met and approved by the Compensation Committee, and the remaining 50% will vest over the following two years. The vesting is subject to continued employment with the Company. These equity awards are considered arrangements for post-acquisition services and the related compensation expense is being recognized over the requisite service period. | |||||||||||||||||
Pro Forma Information(Unaudited) | |||||||||||||||||
Supplemental information on a pro forma basis, as if the Sensima acquisition had been consummated on January 1, 2013, is presented as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | 78,336 | $ | 65,357 | $ | 206,882 | $ | 174,589 | |||||||||
Net income | $ | 11,025 | $ | 6,801 | $ | 24,886 | $ | 13,351 | |||||||||
Diluted net income per share | $ | 0.28 | $ | 0.17 | $ | 0.63 | $ | 0.35 | |||||||||
These pro forma results are not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company acquired Sensima during the periods presented. The pro forma results include adjustments primarily related to Sensima’s results of operations, amortization of intangible assets and stock-based compensation expense. |
Note_4_Balance_Sheet_Component
Note 4 - Balance Sheet Components | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||||||||||
4. BALANCE SHEET COMPONENTS | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories consist of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Work in process | $ | 25,594 | $ | 26,605 | |||||||||||||
Finished goods | 15,993 | 13,132 | |||||||||||||||
Total | $ | 41,587 | $ | 39,737 | |||||||||||||
Other Long-Term Assets | |||||||||||||||||
Other long-term assets consist of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred compensation plan assets | $ | 5,490 | $ | 607 | |||||||||||||
Prepaid expense | 1,490 | 57 | |||||||||||||||
Other | 960 | 980 | |||||||||||||||
Total | $ | 7,940 | $ | 1,644 | |||||||||||||
Accrued Liabilities | |||||||||||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred proceeds from litigation | $ | - | $ | 9,489 | |||||||||||||
Dividends and dividend equivalents | 5,994 | - | |||||||||||||||
Deferred revenue and customer prepayments | 4,110 | 2,523 | |||||||||||||||
Stock rotation reserve | 2,095 | 1,459 | |||||||||||||||
Commissions | 1,228 | 931 | |||||||||||||||
Sales rebate | 451 | 900 | |||||||||||||||
Warranty | 240 | 451 | |||||||||||||||
Other | 1,410 | 1,623 | |||||||||||||||
Total | $ | 15,528 | $ | 17,376 | |||||||||||||
A roll-forward of the warranty reserve is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 290 | $ | 334 | $ | 451 | $ | 331 | |||||||||
Warranty provision for product sales | 78 | 130 | 207 | 349 | |||||||||||||
Settlements made | - | (3 | ) | (74 | ) | (98 | ) | ||||||||||
Unused warranty provision | (128 | ) | (78 | ) | (344 | ) | (199 | ) | |||||||||
Balance at end of period | $ | 240 | $ | 383 | $ | 240 | $ | 383 | |||||||||
Other Long-Term Liabilities | |||||||||||||||||
Other long-term liabilities consist of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred compensation plan liabilities | $ | 5,433 | $ | 628 | |||||||||||||
Contingent consideration | 2,507 | - | |||||||||||||||
Other | 1,424 | 850 | |||||||||||||||
Total | $ | 9,364 | $ | 1,478 | |||||||||||||
Note_5_Goodwill_and_Acquisitio
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
5. GOODWILL AND ACQUISITION-RELATED INTANIGIBLE ASSETS, NET | |||||||||||||
There have been no changes in the balance of goodwill from the Acquisition Date to September 30, 2014. | |||||||||||||
Acquisition-related intangible assets consist of the following (in thousands): | |||||||||||||
As of September 30, 2014 | |||||||||||||
Gross Amount | Accumulated | Net Amount | |||||||||||
Amortization | |||||||||||||
Subject to amortization: | |||||||||||||
Know-how | $ | 1,018 | $ | (43 | ) | $ | 975 | ||||||
Developed technologies | 4,421 | (263 | ) | 4,158 | |||||||||
Not subject to amortization: | |||||||||||||
IPR&D | 2,045 | - | 2,045 | ||||||||||
Total | $ | 7,484 | $ | (306 | ) | $ | 7,178 | ||||||
Amortization expense was recorded in cost of revenue in the Condensed Consolidated Statements of Operations and totaled $0.3 million for the three and nine months ended September 30, 2014. | |||||||||||||
The estimated future amortization expense as of September 30, 2014 is as follows (in thousands): | |||||||||||||
Remainder of 2014 | $ | 366 | |||||||||||
2015 | 1,467 | ||||||||||||
2016 | 1,467 | ||||||||||||
2017 | 1,467 | ||||||||||||
2018 and thereafter | 366 | ||||||||||||
Total | $ | 5,133 | |||||||||||
Note_6_Net_Income_Per_Share
Note 6 - Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
6. NET INCOME PER SHARE | |||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock, and calculated using the treasury stock method. | |||||||||||||||||
The Company’s outstanding RSUs contain forfeitable rights to receive dividend equivalents, which are accrued quarterly during the vesting periods of the RSUs and paid to the employees when the awards vest. Dividend equivalents accrued on the RSUs are forfeited if the employees do not fulfill their service requirement during the vesting periods. Accordingly, these awards are not treated as participating securities in the net income per share calculation. | |||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 11,221 | $ | 7,410 | $ | 26,635 | $ | 15,399 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares used to compute basic net income per share | 38,785 | 37,910 | 38,646 | 37,079 | |||||||||||||
Effect of dilutive securities | 942 | 1,099 | 972 | 1,340 | |||||||||||||
Weighted average outstanding shares used to compute diluted net income per share | 39,727 | 39,009 | 39,618 | 38,419 | |||||||||||||
Net income per share - basic | $ | 0.29 | $ | 0.2 | $ | 0.69 | $ | 0.42 | |||||||||
Net income per share - diluted | $ | 0.28 | $ | 0.19 | $ | 0.67 | $ | 0.4 | |||||||||
For the three and nine months ended September 30, 2014, there were no anti-dilutive common stock equivalents. For the three and nine months ended September 30, 2013, approximately 1,000 and 7,000 common stock equivalents, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. |
Note_7_Segment_and_Geographic_
Note 7 - Segment and Geographic Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
7. SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||||||||||
As defined by the requirements of ASC 280-10-55, Segment Reporting – Overall – Implementation, the Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, mixed-signal analog semiconductors for the communications, storage and computing, consumer and industrial markets. The Company’s chief operating decision maker is its chief executive officer. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations. | |||||||||||||||||||||||||
The Company sells its products primarily through third-party distributors, value-added resellers and directly to original equipment manufacturers, original design manufacturers, and electronic manufacturing service providers. The following table summarizes those customers with sales greater than 10% of the Company's total revenue or accounts receivable balances greater than 10% of the Company’s total accounts receivable: | |||||||||||||||||||||||||
Revenue | Accounts Receivable | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, | December 31, | ||||||||||||||||||||||
Customers | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Distributor A | 26 | % | 33 | % | 26 | % | 32 | % | 25 | % | 32 | % | |||||||||||||
Distributor B | 10 | % | * | 10 | % | * | 13 | % | 17 | % | |||||||||||||||
* Represents less than 10%. | |||||||||||||||||||||||||
Both of the customers are third-party distributors. The Company’s agreements with these distributors were made in the ordinary course of business and may be terminated with or without cause by either party with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with either of these distributors was terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a few quarters following the termination of any agreement with a distributor. | |||||||||||||||||||||||||
The following is a summary of revenue by geographic regions (in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Country and Region | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
China | $ | 51,796 | $ | 40,577 | $ | 132,585 | $ | 102,099 | |||||||||||||||||
Taiwan | 9,379 | 8,886 | 28,080 | 24,726 | |||||||||||||||||||||
Europe | 5,212 | 3,949 | 14,377 | 11,226 | |||||||||||||||||||||
Korea | 4,067 | 2,599 | 10,693 | 7,425 | |||||||||||||||||||||
United States | 4,079 | 1,812 | 9,913 | 5,552 | |||||||||||||||||||||
Japan | 2,221 | 2,285 | 6,075 | 5,446 | |||||||||||||||||||||
Southeast Asia | 1,534 | 5,103 | 4,955 | 17,817 | |||||||||||||||||||||
Other | 47 | 136 | 154 | 240 | |||||||||||||||||||||
Total | $ | 78,335 | $ | 65,347 | $ | 206,832 | $ | 174,531 | |||||||||||||||||
The following is a summary of revenue by product family (in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Product Family | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
DC to DC products | $ | 70,196 | $ | 57,823 | $ | 185,304 | $ | 154,801 | |||||||||||||||||
Lighting control products | 8,139 | 7,524 | 21,528 | 19,730 | |||||||||||||||||||||
Total | $ | 78,335 | $ | 65,347 | $ | 206,832 | $ | 174,531 | |||||||||||||||||
The following is a summary of long-lived assets by geographic regions (in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
Country | 2014 | 2013 | |||||||||||||||||||||||
China | $ | 37,450 | $ | 41,557 | |||||||||||||||||||||
United States | 33,695 | 24,719 | |||||||||||||||||||||||
Bermuda | 13,749 | - | |||||||||||||||||||||||
Other | 223 | 205 | |||||||||||||||||||||||
Total | $ | 85,117 | $ | 66,481 | |||||||||||||||||||||
Note_8_Litigation
Note 8 - Litigation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
8. LITIGATION | |
The Company and certain of its subsidiaries are parties to actions and proceedings in the ordinary course of business, including litigation regarding its shareholders and its intellectual property, challenges to the enforceability or validity of its intellectual property and claims that the Company’s products infringe on the intellectual property rights of others. These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend. The Company defends itself vigorously against any such claims. | |
O2 Micro | |
In May 2012, the United States District Court for the Northern District of California (the “District Court”) issued an order finding O2 Micro International, Ltd. (“O2 Micro”) liable for approximately $9.1 million in attorneys’ fees and non-taxable costs, plus interest, in connection with the patent litigation that the Company won in 2010. This award was in addition to the approximately $0.3 million in taxable costs that the District Court had earlier ordered O2 Micro to pay to the Company in connection with the same lawsuit. In October 2012, O2 Micro appealed the District Court’s judgment to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”). In August 2013, the Federal Circuit affirmed O2 Micro’s liability for the full amount of the award. In September 2013, O2 Micro filed a petition for rehearing of that ruling, but the Federal Circuit denied O2 Micro’s petition for rehearing on October 16, 2013. | |
In November 2013, the Company received a cash payment of $9.5 million from O2 Micro. In January 2014, O2 Micro filed an appeal with the United States Supreme Court. Had O2 Micro been successful in obtaining a favorable ruling against the Company, the Company could have been liable to return a portion or all of the $9.5 million to O2 Micro. Accordingly, the Company recorded the $9.5 million as a current liability as of December 31, 2013. | |
In March 2014, the Supreme Court declined to hear the case. As O2 Micro had no further legal avenues to appeal, the Company released the current liability of $9.5 million and recorded the amount in litigation expense (benefit), net, in the Condensed Consolidated Statement of Operations in the first quarter of 2014. In addition, the Company incurred additional legal fees of $0.5 million in connection with the final resolution of the lawsuit. |
Note_9_Cash_Cash_Equivalents_a
Note 9 - Cash, Cash Equivalents and Investments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | ||||||||||||||||||||
9. CASH, CASH EQUIVALENTS AND INVESTMENTS | |||||||||||||||||||||
The following is a summary of the Company’s cash and cash equivalents, short-term and long-term investments (in thousands): | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cash, cash equivalents and investments: | |||||||||||||||||||||
Cash | $ | 72,709 | $ | 62,625 | |||||||||||||||||
Money market funds | 29,103 | 35,588 | |||||||||||||||||||
U.S. treasuries and government agency bonds | 126,849 | 128,126 | |||||||||||||||||||
Auction-rate securities backed by student-loan notes | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 238,456 | $ | 236,199 | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Reported as: | |||||||||||||||||||||
Cash and cash equivalents | $ | 101,812 | $ | 101,213 | |||||||||||||||||
Short-term investments | 126,849 | 125,126 | |||||||||||||||||||
Long-term investments | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 238,456 | $ | 236,199 | |||||||||||||||||
The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands): | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Due in less than 1 year | $ | 79,562 | $ | 95,509 | |||||||||||||||||
Due in 1 - 5 years | 47,287 | 29,617 | |||||||||||||||||||
Due in greater than 5 years | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 136,644 | $ | 134,986 | |||||||||||||||||
The following tables summarize unrealized gains and losses related to our investments in marketable securities designated as available-for sale (in thousands): | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Adjusted Cost | Unrealized Gains | Unrealized Losses | Total Fair Value | Fair Value of | |||||||||||||||||
Investments in | |||||||||||||||||||||
Unrealized | |||||||||||||||||||||
Loss Position | |||||||||||||||||||||
Money market funds | $ | 29,103 | $ | - | $ | - | $ | 29,103 | $ | - | |||||||||||
U.S. treasuries and government agency bonds | 126,861 | 37 | (49 | ) | 126,849 | 37,455 | |||||||||||||||
Auction-rate securities backed by student-loan notes | 10,220 | - | (425 | ) | 9,795 | 9,795 | |||||||||||||||
Total | $ | 166,184 | $ | 37 | $ | (474 | ) | $ | 165,747 | $ | 47,250 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Adjusted Cost | Unrealized Gains | Unrealized Losses | Total Fair Value | Fair Value of | |||||||||||||||||
Investments in | |||||||||||||||||||||
Unrealized | |||||||||||||||||||||
Loss Position | |||||||||||||||||||||
Money market funds | $ | 35,588 | $ | - | $ | - | $ | 35,588 | $ | - | |||||||||||
U.S. treasuries and government agency bonds | 128,123 | 26 | (23 | ) | 128,126 | 42,880 | |||||||||||||||
Auction-rate securities backed by student-loan notes | 10,220 | - | (360 | ) | 9,860 | 9,860 | |||||||||||||||
Total | $ | 173,931 | $ | 26 | $ | (383 | ) | $ | 173,574 | $ | 52,740 | ||||||||||
Note_10_Deferred_Compensation_
Note 10 - Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
10. DEFERRED COMPENSATION PLAN | |
The Company has a non-qualified, unfunded deferred compensation plan, which became effective in July 2013 and provides certain key employees, including our executive management, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participant deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors. As of September 30, 2014 and December 31, 2013, the plan assets totaled $5.5 million and $0.6 million, and the plan liabilities totaled $5.4 million and $0.6 million, respectively. |
Note_11_Fair_Value_Measurement
Note 11 - Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
11. FAIR VALUE MEASURMENTS | |||||||||||||||||
The following table details the fair value measurement of the financial assets and liabilities (in thousands): | |||||||||||||||||
Fair Value Measurement at September 30, 2014 | |||||||||||||||||
Significant Other | Significant | ||||||||||||||||
Quoted Prices in | Observable Inputs | Unobservable | |||||||||||||||
Active Markets for | Inputs | ||||||||||||||||
Identical Assets | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 29,103 | $ | 29,103 | $ | - | $ | - | |||||||||
U.S. treasuries and government agency bonds | 126,849 | - | 126,849 | - | |||||||||||||
Auction-rate securities backed by student-loan notes | 9,795 | - | - | 9,795 | |||||||||||||
Total | $ | 165,747 | $ | 29,103 | $ | 126,849 | $ | 9,795 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 2,507 | $ | - | $ | - | $ | 2,507 | |||||||||
Total | $ | 2,507 | $ | - | $ | - | $ | 2,507 | |||||||||
Fair Value Measurement at December 31, 2013 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 35,588 | $ | 35,588 | $ | - | $ | - | |||||||||
U.S. treasuries and government agency bonds | 128,126 | - | 128,126 | - | |||||||||||||
Auction-rate securities backed by student-loan notes | 9,860 | - | - | 9,860 | |||||||||||||
Total | $ | 173,574 | $ | 35,588 | $ | 128,126 | $ | 9,860 | |||||||||
The Company’s level 3 assets consist of government-backed student loan auction-rate securities, with interest rates that reset through a Dutch auction every 7 to 35 days and which became illiquid in 2008. The following table provides a rollforward of the fair value of the auction-rate securities (in thousands): | |||||||||||||||||
Balance at January 1, 2014 | $ | 9,860 | |||||||||||||||
Change in unrealized loss included in other comprehensive income | (65 | ) | |||||||||||||||
Ending balance at September 30, 2014 | $ | 9,795 | |||||||||||||||
The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Time-to-liquidity (months) | 24 | 24 | |||||||||||||||
Expected return | 2.90% | 2.50% | |||||||||||||||
Discount rate | 4.1% - 7.1% | 3.3% - 8.1% | |||||||||||||||
The Company’s level 3 liabilities consist of the contingent consideration related to the acquisition of Sensima in July 2014. The arrangement requires the Company to pay up to $8.9 million to certain former Sensima shareholders if Sensima achieves a new product introduction as well as certain product revenue and direct margin targets in 2016. The fair value of the contingent consideration at the Acquisition Date was $2.5 million, which was estimated based on a probability-weighted analysis of possible future cash flow outcomes. There were no significant changes in the fair value of the contingent consideration from the Acquisition Date to September 30, 2014. The fair value is calculated using the following assumptions: | |||||||||||||||||
September 30, | |||||||||||||||||
(in millions) | 2014 | ||||||||||||||||
Project revenue in 2016 | $2.1 - $3.8 | ||||||||||||||||
Discount rate | 9.00% | ||||||||||||||||
Probability of occurrence | 20% - 50% | ||||||||||||||||
Note_12_Income_Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
12. INCOME TAXES | |
The income tax provision (benefit) for the three and nine months ended September 30, 2014 was $(0.6) million, or (5.4)% of pre-tax income, and $0.2 million, or 0.7% of the pre-tax income, respectively. This differs from the federal statutory rate primarily because the Company’s foreign income was taxed at lower rates, and because of the benefit that the Company realized from the release of a reserve where the statute of limitations expired and the benefit realized as a result of stock option exercises and releases of restricted stock. | |
The income tax expense for the three and nine months ended September 30, 2013 was $1.2 million, or 13.8% of the pre-tax income, and $0.6 million, or 3.9% of the pre-tax income, respectively. This differs from the federal statutory rate primarily because the Company’s foreign income was taxed at lower rates, and because of the benefit that the Company realized from the release of a reserve where the statute of limitations expired. | |
Unrecognized Tax Benefits | |
As of September 30, 2014 and December 31, 2013, the Company had unrecognized tax benefits of approximately $15.1 million and $14.9 million, respectively. As of September 30, 2014 and December 31, 2013, the Company had unrecognized tax benefits of approximately $4.2 million and $5.0 million, respectively that would result in an adjustment to the Company’s effective tax rate if recognized after considering the valuation allowance. | |
Uncertain tax positions relate to the allocation of income and deductions among the Company’s global entities and to the determination of the research and development tax credit. It is reasonably possible that over the next twelve-month period, the Company may experience other increases or decreases in its unrecognized tax benefits. However, it is not possible to determine either the magnitude or the range of other increases or decreases at this time. | |
The Company recognizes interest and penalties, if any, related to uncertain tax positions in its income tax provision. As of September 30, 2014 and December 31, 2013, the Company had $0.4 million and $0.8 million, respectively, of accrued interest related to uncertain tax positions. | |
Income Tax Audits | |
The Company is subject to examination of its income tax returns by the IRS and other tax authorities. The Company’s U.S. Federal income tax returns for the years ended December 31, 2005 through December 31, 2007 are under examination by the IRS. In April 2011, the Company received from the IRS a Notice of Proposed Adjustment ("NOPA") relating to a cost-sharing agreement entered into by the Company and its international subsidiaries on January 1, 2004. In the NOPA, the IRS objected to the Company’s allocation of certain litigation expenses between the Company and its international subsidiaries and the amount of "buy-in payments" made by the international subsidiaries to the Company in connection with the cost-sharing agreement, and proposed to increase the Company’s U.S. taxable income according to a few alternative methodologies. In February 2012, the Company received a revised NOPA from the IRS (“Revised NOPA”). In this Revised NOPA, the IRS raised the same issues as in the NOPA issued in April 2011 but under a different methodology. Under the Revised NOPA, the largest potential federal income tax adjustment, if the IRS were to prevail on all matters in dispute, is $10.5 million, plus interest and penalties, if any. The Company responded to the IRS Revised NOPA in May 2012. In June 2013, the IRS responded and continued to disagree with the Company’s rebuttal. The Company met with the IRS Office of Appeals in March, May and September 2014. However, no resolutions were reached in those meetings, and both parties are scheduled to meet again in November 2014. Meanwhile, the Company agreed to grant the IRS an extension of the statute of limitations for taxable years 2005 through 2007 to September 30, 2015. | |
The IRS also audited the research and development credits carried forward into year 2005 and the credits generated in the years 2005 through 2007. The Company received a NOPA from the IRS in February 2011, proposing to reduce the research and development credits generated in year 2005 through 2007 and the carryforwards, which would then reduce the value of such credits carried forward to subsequent tax years. | |
The Company reviewed and responded to the above proposed adjustments. The Company regularly assesses the likelihood of an adverse outcome resulting from such examinations to determine the adequacy of its provision for income taxes. As of September 30, 2014, based on the technical merits of its tax return filing positions and the interactions to date with the IRS, the Company believes that it is more-likely-than-not that the resolution of the audits will not have a material impact on the Company’s consolidated financial position, results of operations and cash flows. |
Note_13_Accumulated_Other_Comp
Note 13 - Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
13. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income (in thousands): | |||||||||||||||||
Unrealized Losses | Unrealized Gains | Foreign Currency | Total | ||||||||||||||
on Auction-Rate | (Losses) on Other | Translation | |||||||||||||||
Securities | Available-for-Sale | Adjustments | |||||||||||||||
Securities | |||||||||||||||||
Balance as of January 1, 2014 | $ | (360 | ) | $ | 4 | $ | 6,616 | $ | 6,260 | ||||||||
Other comprehensive income (loss) before reclassifications | (17 | ) | 5 | (596 | ) | (608 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | |||||||||||||
Net current period other comprehensive income (loss) | (17 | ) | 5 | (596 | ) | (608 | ) | ||||||||||
Balance as of March 31, 2014 | (377 | ) | 9 | 6,020 | 5,652 | ||||||||||||
Other comprehensive income before reclassifications | 5 | 8 | 176 | 189 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | (1 | ) | - | (1 | ) | |||||||||||
Net current period other comprehensive income | 5 | 7 | 176 | 188 | |||||||||||||
Balance as of June 30, 2014 | (372 | ) | 16 | 6,196 | 5,840 | ||||||||||||
Other comprehensive loss before reclassifications | (53 | ) | (28 | ) | (98 | ) | (179 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | |||||||||||||
Net current period other comprehensive loss | (53 | ) | (28 | ) | (98 | ) | (179 | ) | |||||||||
Balance as of September 30, 2014 | $ | (425 | ) | $ | (12 | ) | $ | 6,098 | $ | 5,661 | |||||||
Note_14_Stock_Repurchase_Progr
Note 14 - Stock Repurchase Program | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ' | ||||||||||||
14. STOCK REPURCHASE PROGRAM | |||||||||||||
In July 2013, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $100 million in the aggregate of its common stock through June 30, 2015. All shares are retired upon repurchase. The following table summarizes the repurchase activities under the program: | |||||||||||||
Shares Repurchased | Average Price | Total Amount | |||||||||||
Per Share | |||||||||||||
(in thousands) | |||||||||||||
Cumulative balance at January 1, 2014 | 663,802 | $ | 31.06 | $ | 20,615 | ||||||||
Repurchases | 323,789 | $ | 35.08 | 11,358 | |||||||||
Cumulative balance at March 31, 2014 | 987,591 | $ | 32.38 | 31,973 | |||||||||
Repurchases | 321,764 | $ | 38.65 | 12,438 | |||||||||
Cumulative balance at June 30, 2014 | 1,309,355 | $ | 33.92 | 44,411 | |||||||||
Repurchases | 212,035 | $ | 43.29 | 9,180 | |||||||||
Cumulative balance at September 30, 2014 | 1,521,390 | $ | 35.22 | $ | 53,591 | ||||||||
As of September 30, 2014, $46.4 million remained available for future repurchases under the program. |
Note_15_Dividends_and_Dividend
Note 15 - Dividends and Dividend Equivalents | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Dividends And Dividend Equivalents [Abstract] | ' | ||||||||
Dividends And Dividend Equivalents [Text Block] | ' | ||||||||
15. DIVIDENDS AND DIVIDEND EQUIVALENTS | |||||||||
In June 2014, the Board of Directors approved a dividend program pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Stockholders of record as of the last day of the quarter are entitled to receive the quarterly cash dividends declared by the Board of Directors, which are payable on the 15th of the following month. The Board of Directors declared the following dividends in 2014: | |||||||||
Dividend Declared | Total | ||||||||
per Share | Amount | ||||||||
2014 | (in thousands) | ||||||||
Second quarter | $ | 0.15 | $ | 5,817 | |||||
Third quarter | 0.15 | 5,823 | |||||||
As of September 30, 2014, accrued dividends totaled $5.8 million, which was paid to stockholders on October 15, 2014. | |||||||||
The declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on the Company's financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interests of the Company's stockholders. The Company anticipates that the cash used for future dividends will come from its current domestic cash and cash generated from ongoing U.S. operations. If cash held by the Company’s international subsidiaries is needed for the payment of dividends, the Company may be required to accrue and pay U.S. taxes to repatriate the funds. | |||||||||
Under the 2004 Plan, RSU awards contain rights to receive dividend equivalents, which entitle employees who hold RSUs to the same dividend value per share as holders of common stock. The dividend equivalents are accrued quarterly during the vesting periods of the RSUs and paid to the employees when the awards vest. Dividend equivalents accrued on the RSUs are forfeited if the employees do not fulfill their service requirement during the vesting periods. As of September 30, 2014, accrued dividend equivalents totaled $0.5 million. |
Note_16_Subsequent_Event
Note 16 - Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
16. SUBSEQUENT EVENT | |
Equity Awards | |
In October 2014, the Board of Directors approved 337,000 shares of PSUs to non-executive employees with five consecutive two-year performance periods that will begin from 2015 and end in 2020. In addition, the Board of Directors approved 218,000 shares of PSUs to executive officers with a two-year performance period that will begin in 2015. The performance metrics for all of the PSUs will be determined by the Board of Directors prior to the inception of each performance period. | |
The Company reserved these shares from the 2004 Plan. In addition, the Company will determine the grant date fair value of these awards and begin recognizing the related expense when the performance criteria are approved by the Board of Directors and communicated to employees prior to the inception of each performance period. |
Note_2_StockBased_Compensation1
Note 2 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Note 2 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Cost of revenue | $ | 246 | $ | 163 | $ | 669 | $ | 465 | |||||||||||||||||||||||||||
Research and development | 2,388 | 1,491 | 6,638 | 4,557 | |||||||||||||||||||||||||||||||
Selling, general and administrative | 6,225 | 3,577 | 17,565 | 10,059 | |||||||||||||||||||||||||||||||
Tax benefit | - | (80 | ) | - | (175 | ) | |||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 8,859 | $ | 5,151 | $ | 24,872 | $ | 14,906 | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
Time-Based RSUs | Weighted- | PSUs | Weighted- | MSUs | Weighted- | Total | Weighted- | ||||||||||||||||||||||||||||
Average Grant | Average Grant | Average Grant | Average Grant | ||||||||||||||||||||||||||||||||
Date Fair | Date Fair | Date Fair | Date Fair | ||||||||||||||||||||||||||||||||
Value Per | Value Per | Value Per | Value Per | ||||||||||||||||||||||||||||||||
Share | Share | Share | Share | ||||||||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 754,306 | $ | 19.41 | 1,027,782 | $ | 23.02 | 1,800,000 | $ | 23.57 | 3,582,088 | $ | 22.53 | |||||||||||||||||||||||
Awards granted | 312,697 | 36.52 | 1,091,001 | -1 | 34.23 | - | - | 1,403,698 | 34.74 | ||||||||||||||||||||||||||
Performance adjustment | - | - | (141,626 | ) | -2 | 31.54 | - | - | (141,626 | ) | 31.54 | ||||||||||||||||||||||||
Awards released | (378,142 | ) | 19.76 | (276,512 | ) | 18.12 | - | - | (654,654 | ) | 19.07 | ||||||||||||||||||||||||
Awards forfeited | (24,039 | ) | 19.81 | (17,097 | ) | 19.79 | - | - | (41,136 | ) | 19.8 | ||||||||||||||||||||||||
Outstanding at September 30, 2014 | 664,822 | 27.25 | 1,683,548 | 27.87 | 1,800,000 | 23.57 | 4,148,370 | 25.9 | |||||||||||||||||||||||||||
Employee Stock Purchase Program [Member] | ' | ||||||||||||||||||||||||||||||||||
Note 2 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Expected term (years) | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||
Expected volatility | 25.1 | % | 27.5 | % | 29.5 | % | 28 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||||||||||
Dividend yield | 1.4 | % | - | 0.7 | % | - | |||||||||||||||||||||||||||||
Plan Status [Member] | ' | ||||||||||||||||||||||||||||||||||
Note 2 - Stock-Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
Stock Options | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||||||||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||||||||||||||||
Contractual Term | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 1,356,446 | $ | 15.86 | 1.9 | $ | 25,505,753 | |||||||||||||||||||||||||||||
Options exercised | (638,018 | ) | 16.3 | ||||||||||||||||||||||||||||||||
Options forfeited and expired | (8,397 | ) | 11.22 | ||||||||||||||||||||||||||||||||
Outstanding at September 30, 2014 | 710,031 | 15.51 | 1.3 | 20,265,815 | |||||||||||||||||||||||||||||||
Options exercisable at September 30, 2014 and expected to vest | 709,524 | 15.52 | 1.3 | 20,245,815 | |||||||||||||||||||||||||||||||
Options exercisable at September 30, 2014 | 677,985 | 15.63 | 1.2 | 19,268,944 |
Note_3_Acquisition_Tables
Note 3 - Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||||||||||||||
Cash paid at the Acquisition Date | $ | 11,735 | |||||||||||||||
Contingent consideration | 2,507 | ||||||||||||||||
Total | $ | 14,242 | |||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
Cash | $ | 145 | |||||||||||||||
Other tangible assets acquired, net of liabilities assumed | 42 | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Know-how | 1,018 | ||||||||||||||||
Developed technologies | 4,421 | ||||||||||||||||
IPR&D | 2,045 | ||||||||||||||||
Total identifiable net assets acquired | 7,671 | ||||||||||||||||
Goodwill | 6,571 | ||||||||||||||||
Total net assets acquired | $ | 14,242 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | 78,336 | $ | 65,357 | $ | 206,882 | $ | 174,589 | |||||||||
Net income | $ | 11,025 | $ | 6,801 | $ | 24,886 | $ | 13,351 | |||||||||
Diluted net income per share | $ | 0.28 | $ | 0.17 | $ | 0.63 | $ | 0.35 |
Note_4_Balance_Sheet_Component1
Note 4 - Balance Sheet Components (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Work in process | $ | 25,594 | $ | 26,605 | |||||||||||||
Finished goods | 15,993 | 13,132 | |||||||||||||||
Total | $ | 41,587 | $ | 39,737 | |||||||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred compensation plan assets | $ | 5,490 | $ | 607 | |||||||||||||
Prepaid expense | 1,490 | 57 | |||||||||||||||
Other | 960 | 980 | |||||||||||||||
Total | $ | 7,940 | $ | 1,644 | |||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred proceeds from litigation | $ | - | $ | 9,489 | |||||||||||||
Dividends and dividend equivalents | 5,994 | - | |||||||||||||||
Deferred revenue and customer prepayments | 4,110 | 2,523 | |||||||||||||||
Stock rotation reserve | 2,095 | 1,459 | |||||||||||||||
Commissions | 1,228 | 931 | |||||||||||||||
Sales rebate | 451 | 900 | |||||||||||||||
Warranty | 240 | 451 | |||||||||||||||
Other | 1,410 | 1,623 | |||||||||||||||
Total | $ | 15,528 | $ | 17,376 | |||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 290 | $ | 334 | $ | 451 | $ | 331 | |||||||||
Warranty provision for product sales | 78 | 130 | 207 | 349 | |||||||||||||
Settlements made | - | (3 | ) | (74 | ) | (98 | ) | ||||||||||
Unused warranty provision | (128 | ) | (78 | ) | (344 | ) | (199 | ) | |||||||||
Balance at end of period | $ | 240 | $ | 383 | $ | 240 | $ | 383 | |||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred compensation plan liabilities | $ | 5,433 | $ | 628 | |||||||||||||
Contingent consideration | 2,507 | - | |||||||||||||||
Other | 1,424 | 850 | |||||||||||||||
Total | $ | 9,364 | $ | 1,478 |
Note_5_Goodwill_and_Acquisitio1
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||||||||
As of September 30, 2014 | |||||||||||||
Gross Amount | Accumulated | Net Amount | |||||||||||
Amortization | |||||||||||||
Subject to amortization: | |||||||||||||
Know-how | $ | 1,018 | $ | (43 | ) | $ | 975 | ||||||
Developed technologies | 4,421 | (263 | ) | 4,158 | |||||||||
Not subject to amortization: | |||||||||||||
IPR&D | 2,045 | - | 2,045 | ||||||||||
Total | $ | 7,484 | $ | (306 | ) | $ | 7,178 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
Remainder of 2014 | $ | 366 | |||||||||||
2015 | 1,467 | ||||||||||||
2016 | 1,467 | ||||||||||||
2017 | 1,467 | ||||||||||||
2018 and thereafter | 366 | ||||||||||||
Total | $ | 5,133 |
Note_6_Net_Income_Per_Share_Ta
Note 6 - Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 11,221 | $ | 7,410 | $ | 26,635 | $ | 15,399 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares used to compute basic net income per share | 38,785 | 37,910 | 38,646 | 37,079 | |||||||||||||
Effect of dilutive securities | 942 | 1,099 | 972 | 1,340 | |||||||||||||
Weighted average outstanding shares used to compute diluted net income per share | 39,727 | 39,009 | 39,618 | 38,419 | |||||||||||||
Net income per share - basic | $ | 0.29 | $ | 0.2 | $ | 0.69 | $ | 0.42 | |||||||||
Net income per share - diluted | $ | 0.28 | $ | 0.19 | $ | 0.67 | $ | 0.4 |
Note_7_Segment_and_Geographic_1
Note 7 - Segment and Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||||||||||
Revenue | Accounts Receivable | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, | December 31, | ||||||||||||||||||||||
Customers | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Distributor A | 26 | % | 33 | % | 26 | % | 32 | % | 25 | % | 32 | % | |||||||||||||
Distributor B | 10 | % | * | 10 | % | * | 13 | % | 17 | % | |||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Country and Region | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
China | $ | 51,796 | $ | 40,577 | $ | 132,585 | $ | 102,099 | |||||||||||||||||
Taiwan | 9,379 | 8,886 | 28,080 | 24,726 | |||||||||||||||||||||
Europe | 5,212 | 3,949 | 14,377 | 11,226 | |||||||||||||||||||||
Korea | 4,067 | 2,599 | 10,693 | 7,425 | |||||||||||||||||||||
United States | 4,079 | 1,812 | 9,913 | 5,552 | |||||||||||||||||||||
Japan | 2,221 | 2,285 | 6,075 | 5,446 | |||||||||||||||||||||
Southeast Asia | 1,534 | 5,103 | 4,955 | 17,817 | |||||||||||||||||||||
Other | 47 | 136 | 154 | 240 | |||||||||||||||||||||
Total | $ | 78,335 | $ | 65,347 | $ | 206,832 | $ | 174,531 | |||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Product Family | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
DC to DC products | $ | 70,196 | $ | 57,823 | $ | 185,304 | $ | 154,801 | |||||||||||||||||
Lighting control products | 8,139 | 7,524 | 21,528 | 19,730 | |||||||||||||||||||||
Total | $ | 78,335 | $ | 65,347 | $ | 206,832 | $ | 174,531 | |||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
Country | 2014 | 2013 | |||||||||||||||||||||||
China | $ | 37,450 | $ | 41,557 | |||||||||||||||||||||
United States | 33,695 | 24,719 | |||||||||||||||||||||||
Bermuda | 13,749 | - | |||||||||||||||||||||||
Other | 223 | 205 | |||||||||||||||||||||||
Total | $ | 85,117 | $ | 66,481 |
Note_9_Cash_Cash_Equivalents_a1
Note 9 - Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Cash, cash equivalents and investments: | |||||||||||||||||||||
Cash | $ | 72,709 | $ | 62,625 | |||||||||||||||||
Money market funds | 29,103 | 35,588 | |||||||||||||||||||
U.S. treasuries and government agency bonds | 126,849 | 128,126 | |||||||||||||||||||
Auction-rate securities backed by student-loan notes | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 238,456 | $ | 236,199 | |||||||||||||||||
Schedule of Other Current Assets [Table Text Block] | ' | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Reported as: | |||||||||||||||||||||
Cash and cash equivalents | $ | 101,812 | $ | 101,213 | |||||||||||||||||
Short-term investments | 126,849 | 125,126 | |||||||||||||||||||
Long-term investments | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 238,456 | $ | 236,199 | |||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Due in less than 1 year | $ | 79,562 | $ | 95,509 | |||||||||||||||||
Due in 1 - 5 years | 47,287 | 29,617 | |||||||||||||||||||
Due in greater than 5 years | 9,795 | 9,860 | |||||||||||||||||||
Total | $ | 136,644 | $ | 134,986 | |||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Adjusted Cost | Unrealized Gains | Unrealized Losses | Total Fair Value | Fair Value of | |||||||||||||||||
Investments in | |||||||||||||||||||||
Unrealized | |||||||||||||||||||||
Loss Position | |||||||||||||||||||||
Money market funds | $ | 29,103 | $ | - | $ | - | $ | 29,103 | $ | - | |||||||||||
U.S. treasuries and government agency bonds | 126,861 | 37 | (49 | ) | 126,849 | 37,455 | |||||||||||||||
Auction-rate securities backed by student-loan notes | 10,220 | - | (425 | ) | 9,795 | 9,795 | |||||||||||||||
Total | $ | 166,184 | $ | 37 | $ | (474 | ) | $ | 165,747 | $ | 47,250 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Adjusted Cost | Unrealized Gains | Unrealized Losses | Total Fair Value | Fair Value of | |||||||||||||||||
Investments in | |||||||||||||||||||||
Unrealized | |||||||||||||||||||||
Loss Position | |||||||||||||||||||||
Money market funds | $ | 35,588 | $ | - | $ | - | $ | 35,588 | $ | - | |||||||||||
U.S. treasuries and government agency bonds | 128,123 | 26 | (23 | ) | 128,126 | 42,880 | |||||||||||||||
Auction-rate securities backed by student-loan notes | 10,220 | - | (360 | ) | 9,860 | 9,860 | |||||||||||||||
Total | $ | 173,931 | $ | 26 | $ | (383 | ) | $ | 173,574 | $ | 52,740 |
Note_11_Fair_Value_Measurement1
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Fair Value Measurement at September 30, 2014 | |||||||||||||||||
Significant Other | Significant | ||||||||||||||||
Quoted Prices in | Observable Inputs | Unobservable | |||||||||||||||
Active Markets for | Inputs | ||||||||||||||||
Identical Assets | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 29,103 | $ | 29,103 | $ | - | $ | - | |||||||||
U.S. treasuries and government agency bonds | 126,849 | - | 126,849 | - | |||||||||||||
Auction-rate securities backed by student-loan notes | 9,795 | - | - | 9,795 | |||||||||||||
Total | $ | 165,747 | $ | 29,103 | $ | 126,849 | $ | 9,795 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 2,507 | $ | - | $ | - | $ | 2,507 | |||||||||
Total | $ | 2,507 | $ | - | $ | - | $ | 2,507 | |||||||||
Fair Value Measurement at December 31, 2013 | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 35,588 | $ | 35,588 | $ | - | $ | - | |||||||||
U.S. treasuries and government agency bonds | 128,126 | - | 128,126 | - | |||||||||||||
Auction-rate securities backed by student-loan notes | 9,860 | - | - | 9,860 | |||||||||||||
Total | $ | 173,574 | $ | 35,588 | $ | 128,126 | $ | 9,860 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
Balance at January 1, 2014 | $ | 9,860 | |||||||||||||||
Change in unrealized loss included in other comprehensive income | (65 | ) | |||||||||||||||
Ending balance at September 30, 2014 | $ | 9,795 | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Time-to-liquidity (months) | 24 | 24 | |||||||||||||||
Expected return | 2.90% | 2.50% | |||||||||||||||
Discount rate | 4.1% - 7.1% | 3.3% - 8.1% | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
September 30, | |||||||||||||||||
(in millions) | 2014 | ||||||||||||||||
Project revenue in 2016 | $2.1 - $3.8 | ||||||||||||||||
Discount rate | 9.00% | ||||||||||||||||
Probability of occurrence | 20% - 50% |
Note_13_Accumulated_Other_Comp1
Note 13 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Unrealized Losses | Unrealized Gains | Foreign Currency | Total | ||||||||||||||
on Auction-Rate | (Losses) on Other | Translation | |||||||||||||||
Securities | Available-for-Sale | Adjustments | |||||||||||||||
Securities | |||||||||||||||||
Balance as of January 1, 2014 | $ | (360 | ) | $ | 4 | $ | 6,616 | $ | 6,260 | ||||||||
Other comprehensive income (loss) before reclassifications | (17 | ) | 5 | (596 | ) | (608 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | |||||||||||||
Net current period other comprehensive income (loss) | (17 | ) | 5 | (596 | ) | (608 | ) | ||||||||||
Balance as of March 31, 2014 | (377 | ) | 9 | 6,020 | 5,652 | ||||||||||||
Other comprehensive income before reclassifications | 5 | 8 | 176 | 189 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | (1 | ) | - | (1 | ) | |||||||||||
Net current period other comprehensive income | 5 | 7 | 176 | 188 | |||||||||||||
Balance as of June 30, 2014 | (372 | ) | 16 | 6,196 | 5,840 | ||||||||||||
Other comprehensive loss before reclassifications | (53 | ) | (28 | ) | (98 | ) | (179 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | |||||||||||||
Net current period other comprehensive loss | (53 | ) | (28 | ) | (98 | ) | (179 | ) | |||||||||
Balance as of September 30, 2014 | $ | (425 | ) | $ | (12 | ) | $ | 6,098 | $ | 5,661 |
Note_14_Stock_Repurchase_Progr1
Note 14 - Stock Repurchase Program (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | ' | ||||||||||||
Shares Repurchased | Average Price | Total Amount | |||||||||||
Per Share | |||||||||||||
(in thousands) | |||||||||||||
Cumulative balance at January 1, 2014 | 663,802 | $ | 31.06 | $ | 20,615 | ||||||||
Repurchases | 323,789 | $ | 35.08 | 11,358 | |||||||||
Cumulative balance at March 31, 2014 | 987,591 | $ | 32.38 | 31,973 | |||||||||
Repurchases | 321,764 | $ | 38.65 | 12,438 | |||||||||
Cumulative balance at June 30, 2014 | 1,309,355 | $ | 33.92 | 44,411 | |||||||||
Repurchases | 212,035 | $ | 43.29 | 9,180 | |||||||||
Cumulative balance at September 30, 2014 | 1,521,390 | $ | 35.22 | $ | 53,591 |
Note_15_Dividends_and_Dividend1
Note 15 - Dividends and Dividend Equivalents (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Dividends And Dividend Equivalents [Abstract] | ' | ||||||||
Schedule of Dividends Payable [Table Text Block] | ' | ||||||||
Dividend Declared | Total | ||||||||
per Share | Amount | ||||||||
2014 | (in thousands) | ||||||||
Second quarter | $ | 0.15 | $ | 5,817 | |||||
Third quarter | 0.15 | 5,823 |
Note_2_StockBased_Compensation2
Note 2 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
2014 Plan [Member] | Time-Based RSUs, PSUs, MSUs [Member] | Time-Based RSUs, PSUs, MSUs [Member] | Time-Based RSUs, PSUs, MSUs [Member] | Time-Based RSUs, PSUs, MSUs [Member] | Time-Based RSU's and PSUs [Member] | Time-Based RSU's and PSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | PSUs [Member] | PSUs [Member] | PSUs [Member] | PSUs [Member] | PSUs [Member] | Unvested Options [Member] | 2004 Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | ||||||
Executive Officer [Member] | Non-Executive Employees [Member] | Executive Officer [Member] | Non-Executive Employees [Member] | Non-Executive Employees [Member] | Minimum [Member] | Maximum [Member] | Executive Officer [Member] | Non-Executive Employees [Member] | |||||||||||||||||||
Non-Executive Employees [Member] | Non-Executive Employees [Member] | ||||||||||||||||||||||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | ' | ' | ' | ' | ' | $5,300,000 | $3,200,000 | $23,800,000 | $14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | ' | ' | ' | ' | ' | 182,700,000 | ' | 182,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | $44.05 | ' | $44.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 200,000 | ' | 200,000 | ' | ' | 79,500,000 | ' | 79,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | 1,403,698 | ' | ' | ' | ' | ' | ' | 336,000 | 139,000 | ' | 78,000 | ' | 312,697 | ' | ' | ' | 61,000 | 1,091,001 | [1] | ' | ' | ' | ' | ' | ' |
Percentage Of Time Based RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' | |
Percentage Of Time Based PSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300.00% | ' | ' | ' | ' | ' | 200.00% | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,300,000 | 11,300,000 | 14,100,000 | 22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 300,000 | 900,000 | 800,000 | |
Proceeds from Stock Options Exercised | ' | ' | 10,400,000 | 32,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | 46,000 | 78,000 | 111,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | 4,700,000 | ' | |
Proceeds from Stock Plans | ' | ' | $2,078,000 | $2,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The number of PSUs granted reflects the maximum number of shares that can ultimately be earned assuming the achievement of the highest level of performanceconditions under the programs. |
Note_2_StockBased_Compensation3
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $8,859 | $5,151 | $24,872 | $14,906 |
Cost of Sales [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ' | ' | ' | ' |
Allocated share-based compensation expense | 246 | 163 | 669 | 465 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ' | ' | ' | ' |
Allocated share-based compensation expense | 2,388 | 1,491 | 6,638 | 4,557 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ' | ' | ' | ' |
Allocated share-based compensation expense | 6,225 | 3,577 | 17,565 | 10,059 |
Tax Benefit [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ' | ' | ' | ' |
Allocated share-based compensation expense | ' | ($80) | ' | ($175) |
Note_2_StockBased_Compensation4
Note 2 - Stock-Based Compensation (Details) - RSU Summary (USD $) | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Time-Based RSUs [Member] | PSUs [Member] | MSUs [Member] | MSUs [Member] | |||
Note 2 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ' | ' | ' | ' | ' | |
Restricted Stock Units | 3,582,088 | 754,306 | 1,027,782 | 1,800,000 | 1,800,000 | |
Weighted-Average Grant Date Fair Value Per Share (in Dollars per share) | $22.53 | $19.41 | $23.02 | $23.57 | $23.57 | |
Awards granted | 1,403,698 | 312,697 | 1,091,001 | [1] | ' | ' |
Awards granted (in Dollars per share) | $34.74 | $36.52 | $34.23 | ' | ' | |
Performance adjustment | -141,626 | ' | -141,626 | [2] | ' | ' |
Performance adjustment (in Dollars per share) | $31.54 | ' | $31.54 | ' | ' | |
Awards released | -654,654 | -378,142 | -276,512 | ' | ' | |
Awards released (in Dollars per share) | $19.07 | $19.76 | $18.12 | ' | ' | |
Awards forfeited | -41,136 | -24,039 | -17,097 | ' | ' | |
Awards forfeited (in Dollars per share) | $19.80 | $19.81 | $19.79 | ' | ' | |
Restricted Stock Units | 4,148,370 | 664,822 | 1,683,548 | 1,800,000 | 1,800,000 | |
Weighted-Average Grant Date Fair Value Per Share (in Dollars per share) | $25.90 | $27.25 | $27.87 | $23.57 | $23.57 | |
[1] | The number of PSUs granted reflects the maximum number of shares that can ultimately be earned assuming the achievement of the highest level of performanceconditions under the programs. | |||||
[2] | The performance adjustment reflects the number of PSUs that have not been earned or may not ultimately be earned based on management's probabilityassessment. |
Note_2_StockBased_Compensation5
Note 2 - Stock-Based Compensation (Details) - Stock Options (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Stock Options [Abstract] | ' | ' |
Outstanding at January 1, 2014 | ' | 1,356,446 |
Outstanding at January 1, 2014 | ' | $15.86 |
Outstanding at January 1, 2014 | '1 year 109 days | '1 year 328 days |
Outstanding at January 1, 2014 | ' | $25,505,753 |
Options exercised | -638,018 | ' |
Options exercised | $16.30 | ' |
Options forfeited and expired | -8,397 | ' |
Options forfeited and expired | $11.22 | ' |
Outstanding at September 30, 2014 | 710,031 | ' |
Outstanding at September 30, 2014 | $15.51 | ' |
Outstanding at September 30, 2014 | '1 year 109 days | '1 year 328 days |
Outstanding at September 30, 2014 | 20,265,815 | ' |
Options exercisable at September 30, 2014 and expected to vest | 709,524 | ' |
Options exercisable at September 30, 2014 and expected to vest | $15.52 | ' |
Options exercisable at September 30, 2014 and expected to vest | '1 year 109 days | ' |
Options exercisable at September 30, 2014 and expected to vest | 20,245,815 | ' |
Options exercisable at September 30, 2014 | 677,985 | ' |
Options exercisable at September 30, 2014 | $15.63 | ' |
Options exercisable at September 30, 2014 | '1 year 73 days | ' |
Options exercisable at September 30, 2014 | $19,268,944 | ' |
Note_2_StockBased_Compensation6
Note 2 - Stock-Based Compensation (Details) - Valuation Assumptions, Stock Purchase Rights (Employee Stock Purchase Plan [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Note 2 - Stock-Based Compensation (Details) - Valuation Assumptions, Stock Purchase Rights [Line Items] | ' | ' | ' | ' |
Expected term (years) | '6 months | '6 months | '6 months | '6 months |
Expected volatility | 25.10% | 27.50% | 29.50% | 28.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.10% | 0.10% |
Dividend yield | 1.40% | ' | 0.70% | ' |
Note_3_Acquisition_Details
Note 3 - Acquisition (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | Phantom Share Units (PSUs) [Member] | Phantom Share Units (PSUs) [Member] | Sensima [Member] | Sensima [Member] | Sensima [Member] | Sensima [Member] | ||
Former Sensima Employees [Member] | Remaining Half of RSU Awards [Member] | Former Sensima Employees [Member] | Minimum [Member] | Maximum [Member] | ||||
Former Sensima Employees [Member] | ||||||||
Note 3 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Escrow Deposit | ' | ' | ' | ' | ' | ' | $1,200,000 | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | 8,900,000 | 8,900,000 |
Business Combination, Contingent Consideration, Liability | 2,507,000 | ' | ' | ' | ' | ' | 2,507,000 | 2,500,000 |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | 600,000 | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '3 years | '5 years | ' | ' |
Stock Granted, Value, Share-based Compensation, Gross | ' | 1,700,000 | ' | 2,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 1,403,698 | 40,000 | ' | 47,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '4 years | '2 years | ' | ' | ' | ' | ' |
Maximum PSU Earn Out | ' | ' | ' | $8,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Note_3_Acquisition_Details_Fai
Note 3 - Acquisition (Details) - Fair Value of Purchase Consideration (USD $) | Sep. 30, 2014 | Jul. 22, 2014 | Jul. 30, 2014 |
In Thousands, unless otherwise specified | Sensima [Member] | Sensima [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Cash paid at the Acquisition Date | ' | $11,735 | ' |
Contingent consideration | 2,507 | 2,507 | 2,500 |
Total | ' | $14,242 | ' |
Note_3_Acquisition_Details_Est
Note 3 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed (USD $) | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
In Thousands, unless otherwise specified | IPR&D [Member] | Know-How [Member] | Developed Technology Rights [Member] | Sensima [Member] | |
Sensima [Member] | Sensima [Member] | Sensima [Member] | |||
Note 3 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | $145 |
Other tangible assets acquired, net of liabilities assumed | ' | ' | ' | ' | 42 |
Intangible assets: | ' | ' | ' | ' | ' |
Intangible Assets | ' | 2,045 | 1,018 | 4,421 | ' |
Total identifiable net assets acquired | ' | ' | ' | ' | 7,671 |
Goodwill | 6,571 | ' | ' | ' | 6,571 |
Total net assets acquired | ' | ' | ' | ' | $14,242 |
Note_3_Acquisition_Details_Sup
Note 3 - Acquisition (Details) - Supplemental Pro Forma Information (Sensima [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sensima [Member] | ' | ' | ' | ' |
Note 3 - Acquisition (Details) - Supplemental Pro Forma Information [Line Items] | ' | ' | ' | ' |
Revenue | $78,336 | $65,357 | $206,882 | $174,589 |
Net income | $11,025 | $6,801 | $24,886 | $13,351 |
Diluted net income per share (in Dollars per share) | $0.28 | $0.17 | $0.63 | $0.35 |
Note_4_Balance_Sheet_Component2
Note 4 - Balance Sheet Components (Details) - Inventories (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Work in process | $25,594 | $26,605 |
Finished goods | 15,993 | 13,132 |
Total | $41,587 | $39,737 |
Note_4_Balance_Sheet_Component3
Note 4 - Balance Sheet Components (Details) - Other Long-Term Assets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Long-Term Assets [Abstract] | ' | ' |
Deferred compensation plan assets | $5,490 | $607 |
Prepaid expense | 1,490 | 57 |
Other | 960 | 980 |
Total | $7,940 | $1,644 |
Note_4_Balance_Sheet_Component4
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | $15,528 | $17,376 |
Proceeds From Litigation [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | ' | 9,489 |
Dividends and Dividend Equivalents [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 5,994 | ' |
Deferred Revenue And Customer Prepayments [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 4,110 | 2,523 |
Stock Rotation Reserve [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 2,095 | 1,459 |
Commissions [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 1,228 | 931 |
Sales Rebate [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 451 | 900 |
Warranty [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | 240 | 451 |
Other Liability [Member] | ' | ' |
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities [Line Items] | ' | ' |
Accrued Liabilities | $1,410 | $1,623 |
Note_4_Balance_Sheet_Component5
Note 4 - Balance Sheet Components (Details) - Roll-Forward of the Warranty Reserve (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Roll-Forward of the Warranty Reserve [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $290 | $334 | $451 | $331 |
Warranty provision for product sales | 78 | 130 | 207 | 349 |
Settlements made | ' | -3 | -74 | -98 |
Unused warranty provision | -128 | -78 | -344 | -199 |
Balance at end of period | $240 | $383 | $240 | $383 |
Note_4_Balance_Sheet_Component6
Note 4 - Balance Sheet Components (Details) - Long-Term Liabilities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Liabilities [Abstract] | ' | ' |
Deferred compensation plan liabilities | $5,433 | $628 |
Contingent consideration | 2,507 | ' |
Other | 1,424 | 850 |
Total | $9,364 | $1,478 |
Note_5_Goodwill_and_Acquisitio2
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of Intangible Assets | $0.30 | $0.30 |
Note_5_Goodwill_and_Acquisitio3
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets [Line Items] | ' |
Accumulated amortization | ($306) |
Intangible assets, net | 5,133,000 |
Total | 7,484 |
Total | -306 |
Total | 7,178 |
IPR&D [Member] | ' |
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets [Line Items] | ' |
IPR&D | 2,045 |
Know-How [Member] | ' |
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets [Line Items] | ' |
Intangible assets, gross | 1,018 |
Accumulated amortization | -43 |
Intangible assets, net | 975 |
Total | -43 |
Developed Technology Rights [Member] | ' |
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets [Line Items] | ' |
Intangible assets, gross | 4,421 |
Accumulated amortization | -263 |
Intangible assets, net | 4,158 |
Total | ($263) |
Note_5_Goodwill_and_Acquisitio4
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Future Amortization Expense (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Future Amortization Expense [Abstract] | ' |
Remainder of 2014 | $366 |
2015 | 1,467 |
2016 | 1,467 |
2017 | 1,467 |
2018 and thereafter | 366 |
Total | $5,133 |
Note_6_Net_Income_Per_Share_De
Note 6 - Net Income Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1,000 | 0 | 7,000 |
Note_6_Net_Income_Per_Share_De1
Note 6 - Net Income Per Share (Details) - Net Income Per Share Basic And Diluted (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income Per Share Basic And Diluted [Abstract] | ' | ' | ' | ' |
Net income (in Dollars) | $11,221 | $7,410 | $26,635 | $15,399 |
Weighted average outstanding shares used to compute basic net income per share | 38,785 | 37,910 | 38,646 | 37,079 |
Effect of dilutive securities | 942 | 1,099 | 972 | 1,340 |
Weighted average outstanding shares used to compute diluted net income per share | 39,727 | 39,009 | 39,618 | 38,419 |
Net income per share - basic (in Dollars per share) | $0.29 | $0.20 | $0.69 | $0.42 |
Net income per share - diluted (in Dollars per share) | $0.28 | $0.19 | $0.67 | $0.40 |
Note_7_Segment_and_Geographic_2
Note 7 - Segment and Geographic Information (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Note_7_Segment_and_Geographic_3
Note 7 - Segment and Geographic Information (Details) - Customers with Sales Greater than 10% (Customer Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Customer A [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||
Major customer | 26.00% | 33.00% | 26.00% | 32.00% | ||
Customer A [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||
Major customer | ' | ' | 25.00% | 32.00% | ||
Customer B [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||
Major customer | 10.00% | ' | [1] | 10.00% | ' | [1] |
Customer B [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||
Major customer | ' | ' | 13.00% | 17.00% | ||
[1] | Represents less than 10%. |
Note_7_Segment_and_Geographic_4
Note 7 - Segment and Geographic Information (Details) - Revenue By Region (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | $78,335 | $65,347 | $206,832 | $174,531 |
CHINA | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 51,796 | 40,577 | 132,585 | 102,099 |
TAIWAN, PROVINCE OF CHINA | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 9,379 | 8,886 | 28,080 | 24,726 |
Europe [Member] | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 5,212 | 3,949 | 14,377 | 11,226 |
KOREA, REPUBLIC OF | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 4,067 | 2,599 | 10,693 | 7,425 |
UNITED STATES | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 4,079 | 1,812 | 9,913 | 5,552 |
JAPAN | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 2,221 | 2,285 | 6,075 | 5,446 |
South East Asia [Member] | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | 1,534 | 5,103 | 4,955 | 17,817 |
Other Region [Member] | ' | ' | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | ' | ' | ' | ' |
Revenue By Region | $47 | $136 | $154 | $240 |
Note_7_Segment_and_Geographic_5
Note 7 - Segment and Geographic Information (Details) - Revenue By Product Family (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue by product family | $78,335 | $65,347 | $206,832 | $174,531 |
DC To DC Converters [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue by product family | 70,196 | 57,823 | 185,304 | 154,801 |
Lighting Control Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue by product family | $8,139 | $7,524 | $21,528 | $19,730 |
Note_7_Segment_and_Geographic_6
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ' | ' |
Long Lived Assets | $85,117 | $66,481 |
CHINA | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ' | ' |
Long Lived Assets | 37,450 | 41,557 |
UNITED STATES | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ' | ' |
Long Lived Assets | 33,695 | 24,719 |
BERMUDA | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ' | ' |
Long Lived Assets | 13,749 | ' |
Other Region [Member] | ' | ' |
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ' | ' |
Long Lived Assets | $223 | $205 |
Note_8_Litigation_Details
Note 8 - Litigation (Details) (O2 Micro [Member], USD $) | 30-May-12 | 30-May-12 | Mar. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Attorney Fees [Member] | Taxable Costs [Member] | |||
Note 8 - Litigation (Details) [Line Items] | ' | ' | ' | ' | ' |
Gain Contingency, Unrecorded Amount | $9.10 | $0.30 | ' | ' | ' |
Proceeds from Legal Settlements | ' | ' | ' | 9.5 | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | ' | 9.5 |
Litigation Benefit, Net | ' | ' | 9.5 | ' | ' |
Litigation Settlement, Expense | ' | ' | $0.50 | ' | ' |
Note_9_Cash_Cash_Equivalents_a2
Note 9 - Cash, Cash Equivalents and Investments (Details) - Current Assets Fair Market Value (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash | $72,709 | $62,625 |
Money market funds | 29,103 | 35,588 |
U.S. treasuries and government agency bonds | 126,849 | 128,126 |
Total | 238,456 | 236,199 |
Auction Rate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Auction-rate securities backed by student-loan notes | $9,795 | $9,860 |
Note_9_Cash_Cash_Equivalents_a3
Note 9 - Cash, Cash Equivalents and Investments (Details) - Current Assets Reported As (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Reported as: | ' | ' | ' | ' |
Cash and cash equivalents | $101,812 | $101,213 | $110,446 | $75,104 |
Short-term investments | 126,849 | 125,126 | ' | ' |
Long-term investments | 9,795 | 9,860 | ' | ' |
Total | $238,456 | $236,199 | ' | ' |
Note_9_Cash_Cash_Equivalents_a4
Note 9 - Cash, Cash Equivalents and Investments (Details) - Investment Maturity Classification (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Maturity Classification [Abstract] | ' | ' |
Due in less than 1 year | $79,562 | $95,509 |
Due in 1 - 5 years | 47,287 | 29,617 |
Due in greater than 5 years | 9,795 | 9,860 |
Total | $136,644 | $134,986 |
Note_9_Cash_Cash_Equivalents_a5
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains And Losses On Investments (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains And Losses On Investments [Line Items] | ' | ' |
Adjusted Cost | $166,184 | $173,931 |
Unrealized Gains | 37 | 26 |
Unrealized Losses | -474 | -383 |
Total Fair Value | 165,747 | 173,574 |
Fair Value of Investments in Unrealized Loss Position | 47,250 | 52,740 |
Money Market Funds [Member] | ' | ' |
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains And Losses On Investments [Line Items] | ' | ' |
Adjusted Cost | 29,103 | 35,588 |
Unrealized Gains | 0 | 0 |
Total Fair Value | 29,103 | 35,588 |
US Government Agencies Short-term Debt Securities [Member] | ' | ' |
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains And Losses On Investments [Line Items] | ' | ' |
Adjusted Cost | 126,861 | 128,123 |
Unrealized Gains | 37 | 26 |
Unrealized Losses | -49 | -23 |
Total Fair Value | 126,849 | 128,126 |
Fair Value of Investments in Unrealized Loss Position | 37,455 | 42,880 |
Auction Rate Securities [Member] | ' | ' |
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains And Losses On Investments [Line Items] | ' | ' |
Adjusted Cost | 10,220 | 10,220 |
Unrealized Losses | -425 | -360 |
Total Fair Value | 9,795 | 9,860 |
Fair Value of Investments in Unrealized Loss Position | $9,795 | $9,860 |
Note_10_Deferred_Compensation_1
Note 10 - Deferred Compensation Plan (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Deferred Compensation Plan Assets | $5,490,000 | $607,000 |
Deferred Compensation Liability, Current and Noncurrent | $5,400,000 | $600,000 |
Note_11_Fair_Value_Measurement2
Note 11 - Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Jul. 30, 2014 | Jul. 22, 2014 |
Sensima [Member] | Sensima [Member] | ||
Note 11 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | $8,900,000 | $8,900,000 |
Business Combination, Contingent Consideration, Liability | $2,507,000 | $2,500,000 | $2,507,000 |
Note_11_Fair_Value_Measurement3
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Money market funds | $29,103 | $35,588 |
U.S. treasuries and government agency bonds | 126,849 | 128,126 |
Total | 165,747 | 173,574 |
Contingent consideration | 2,507 | ' |
Total | 2,507 | ' |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Money market funds | 29,103 | 35,588 |
Money Market Funds [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Money market funds | 29,103 | 35,588 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
U.S. treasuries and government agency bonds | 126,849 | 128,126 |
US Government Agencies Short-term Debt Securities [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
U.S. treasuries and government agency bonds | 126,849 | 128,126 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Auction-rate securities backed by student-loan notes | 9,795 | 9,860 |
Auction Rate Securities [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Auction-rate securities backed by student-loan notes | 9,795 | 9,860 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Total | 29,103 | 35,588 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Total | 126,849 | 128,126 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value [Line Items] | ' | ' |
Total | 9,795 | 9,860 |
Contingent consideration | 2,507 | ' |
Total | $2,507 | ' |
Note_11_Fair_Value_Measurement4
Note 11 - Fair Value Measurements (Details) - Level 3 Investments (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Level 3 Investments [Abstract] | ' |
Balance at January 1, 2014 | $9,860 |
Change in unrealized loss included in other comprehensive income | -65 |
Ending balance at September 30, 2014 | $9,795 |
Note_11_Fair_Value_Measurement5
Note 11 - Fair Value Measurements (Details) - Discounted Cash Flow Assumptions | Sep. 30, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Time-to-liquidity (months) | 24 | 24 |
Expected return | 2.90% | 2.50% |
Minimum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.10% | 3.30% |
Maximum [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 7.10% | 8.10% |
Note_11_Fair_Value_Measurement6
Note 11 - Fair Value Measurements (Details) - Projected Liabilities Based on Future Revenue (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Note 11 - Fair Value Measurements (Details) - Projected Liabilities Based on Future Revenue [Line Items] | ' |
Discount rate | 9.00% |
Minimum [Member] | ' |
Note 11 - Fair Value Measurements (Details) - Projected Liabilities Based on Future Revenue [Line Items] | ' |
Project revenue in 2016 (in Dollars) | 2.1 |
Probability of occurrence | 20.00% |
Maximum [Member] | ' |
Note 11 - Fair Value Measurements (Details) - Projected Liabilities Based on Future Revenue [Line Items] | ' |
Project revenue in 2016 (in Dollars) | 3.8 |
Probability of occurrence | 50.00% |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($573,000) | $1,187,000 | $186,000 | $625,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | -5.40% | 13.80% | 0.70% | 3.90% | ' | ' |
Unrecognized Tax Benefits | 15,100,000 | ' | 15,100,000 | ' | 14,900,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,200,000 | ' | 4,200,000 | ' | 5,000,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 400,000 | ' | 400,000 | ' | 800,000 | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | ' | ' | ' | ' | $10,500,000 |
Note_13_Accumulated_Other_Comp2
Note 13 - Accumulated Other Comprehensive Income (Details) - Accumulated Balances of Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Balance as of January 1, 2014 | $6,196 | $6,020 | $6,616 | ' | $6,616 | ' |
Balance as of January 1, 2014 | 5,840 | 5,652 | 6,260 | ' | 6,260 | ' |
Foreign Currency Translation Adjustments | 6,098 | 6,196 | 6,020 | ' | 6,098 | ' |
Total | 5,661 | 5,840 | 5,652 | ' | 5,661 | ' |
Foreign Currency Translation Adjustments | -98 | 176 | -596 | ' | ' | ' |
Total | -179 | 189 | -608 | ' | ' | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | ' | -1 | ' | ' | ' | ' |
Total | ' | -1 | ' | ' | ' | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | ' | ' | -65 | ' |
Foreign Currency Translation Adjustments | -98 | 176 | -596 | ' | ' | ' |
Total | -179 | 188 | -608 | 614 | -599 | 1,724 |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Balance as of January 1, 2014 | 16 | 9 | 4 | ' | 4 | ' |
Unrealized Gain (Loss) on Securities | -12 | 16 | 9 | ' | -12 | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | -28 | 8 | 5 | ' | ' | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | ' | -1 | ' | ' | ' | ' |
Total | ' | -1 | ' | ' | ' | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | -28 | 7 | 5 | ' | ' | ' |
Auction Rate Securities [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Balance as of January 1, 2014 | -372 | -377 | -360 | ' | -360 | ' |
Unrealized Gain (Loss) on Securities | -425 | -372 | -377 | ' | -425 | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | -53 | 5 | -17 | ' | ' | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | ($53) | $5 | ($17) | $149 | ($65) | $117 |
Note_14_Stock_Repurchase_Progr2
Note 14 - Stock Repurchase Program (Details) (USD $) | Sep. 30, 2014 | Jul. 31, 2013 |
In Millions, unless otherwise specified | ||
Disclosure Text Block [Abstract] | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | $100 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $46.40 | ' |
Note_14_Stock_Repurchase_Progr3
Note 14 - Stock Repurchase Program (Details) - Stock Repurchase Program (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Stock Repurchase Program [Abstract] | ' | ' | ' | ' |
Cumulative balance at January 1, 2014 | 1,309,355 | 987,591 | ' | 663,802 |
Cumulative balance at January 1, 2014 | $35.22 | $33.92 | $32.38 | $31.06 |
Cumulative balance at January 1, 2014 | $44,411 | $31,973 | ' | $20,615 |
Shares Repurchased | 212,035 | 321,764 | 323,789 | ' |
Average Price Per Share | $43.29 | $38.65 | $35.08 | ' |
Amount Repurchased | 9,180 | 12,438 | 11,358 | ' |
Shares Repurchased | 1,521,390 | 1,309,355 | 987,591 | ' |
Average Price Per Share | $35.22 | $33.92 | $32.38 | $31.06 |
Amount Repurchased | $53,591 | $44,411 | $31,973 | ' |
Note_15_Dividends_and_Dividend2
Note 15 - Dividends and Dividend Equivalents (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Note 15 - Dividends and Dividend Equivalents (Details) [Line Items] | ' |
Dividends Payable, Current | $5.80 |
Restricted Stock Units (RSUs) [Member] | ' |
Note 15 - Dividends and Dividend Equivalents (Details) [Line Items] | ' |
Dividend Equivalents, Current | $0.50 |
Note_15_Dividends_and_Dividend3
Note 15 - Dividends and Dividend Equivalents (Details) - Quarterly Dividends (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
Quarterly Dividends [Abstract] | ' | ' |
Dividends Declared Per Share | $0.15 | $0.15 |
Total Amounts | $5,823 | $5,817 |
Note_16_Subsequent_Event_Detai
Note 16 - Subsequent Event (Details) (Performance Based Restricted Stock Unit [Member], Subsequent Event [Member]) | Oct. 31, 2014 |
Executive Officer [Member] | ' |
Note 16 - Subsequent Event (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 337,000 |
Non-Executive Employees [Member] | ' |
Note 16 - Subsequent Event (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 218,000 |