Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MONOLITHIC POWER SYSTEMS INC | |
Trading Symbol | mpwr | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 39,601,382 | |
Amendment Flag | false | |
Entity Central Index Key | 1,280,452 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 80,868 | $ 126,266 |
Short-term investments | 150,166 | 112,452 |
Accounts receivable, net | 26,765 | 25,630 |
Inventories | 64,964 | 40,918 |
Prepaid expenses and other current assets | 2,554 | 2,880 |
Total current assets | 325,317 | 308,146 |
Property and equipment, net | 62,163 | 62,942 |
Long-term investments | 5,375 | 5,389 |
Goodwill | 6,571 | 6,571 |
Acquisition-related intangible assets, net | 6,078 | 6,812 |
Deferred tax assets, net | 1,053 | 1,049 |
Other long-term assets | 11,066 | 8,457 |
Total assets | 417,623 | 399,366 |
Current liabilities: | ||
Accounts payable | 16,596 | 13,138 |
Accrued compensation and related benefits | 11,236 | 9,020 |
Accrued liabilities | 18,402 | 14,703 |
Total current liabilities | 46,234 | 36,861 |
Deferred tax and other tax liabilities | 3,018 | 5,876 |
Other long-term liabilities | 13,609 | 10,204 |
Total liabilities | 62,861 | 52,941 |
Stockholders' equity: | ||
Common stock, $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 39,617 and 38,832 as of June 30, 2015 and December 31, 2014, respectively | 251,553 | 240,500 |
Retained earnings | 97,023 | 100,114 |
Accumulated other comprehensive income | 6,186 | 5,811 |
Total stockholders’ equity | 354,762 | 346,425 |
Total liabilities and stockholders’ equity | $ 417,623 | $ 399,366 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 39,617 | 38,832 |
Common stock, shares outstanding | 39,617 | 38,832 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 81,416 | $ 68,436 | $ 154,954 | $ 128,497 |
Cost of revenue | 37,287 | 31,337 | 71,142 | 59,301 |
Gross profit | 44,129 | 37,099 | 83,812 | 69,196 |
Operating expenses: | ||||
Research and development | 15,743 | 13,368 | 31,781 | 28,971 |
Selling, general and administrative | 17,964 | 16,853 | 35,482 | 32,962 |
Litigation expense (benefit), net | 311 | 274 | 581 | (8,426) |
Total operating expenses | 34,018 | 30,495 | 67,844 | 53,507 |
Income from operations | 10,111 | 6,604 | 15,968 | 15,689 |
Interest and other income, net | 235 | 295 | 877 | 485 |
Income before income taxes | 10,346 | 6,899 | 16,845 | 16,174 |
Income tax provision | 2,447 | 502 | 2,983 | 759 |
Net income | $ 7,899 | $ 6,397 | $ 13,862 | $ 15,415 |
Net income per share: | ||||
Basic (in Dollars per share) | $ 0.20 | $ 0.17 | $ 0.35 | $ 0.40 |
Diluted (in Dollars per share) | $ 0.19 | $ 0.16 | $ 0.34 | $ 0.39 |
Weighted-average shares outstanding: | ||||
Basic (in Shares) | 39,570 | 38,684 | 39,337 | 38,577 |
Diluted (in Shares) | 40,745 | 39,608 | 40,670 | 39,563 |
Cash dividends declared per common share (in Dollars per share) | $ 0.20 | $ 0.15 | $ 0.40 | $ 0.15 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 7,899 | $ 6,397 | $ 13,862 | $ 15,415 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 105 | 176 | 354 | (420) |
Total other comprehensive income (loss), net of tax | 90 | 188 | 375 | (420) |
Comprehensive income | 7,989 | 6,585 | 14,237 | 14,995 |
Available-for-sale Securities [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Change in unrealized losses on securities, net of tax | 4 | 7 | 35 | 12 |
Auction Rate Securities [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Change in unrealized losses on securities, net of tax | $ (19) | $ 5 | $ (14) | $ (12) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities [Member] | ||||
Change in unrealized losses on securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Auction Rate Securities [Member] | ||||
Change in unrealized losses on securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 13,862 | $ 15,415 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,092 | 6,300 |
Premium amortization and (gains) losses on investments | 256 | 134 |
Stock-based compensation | 18,716 | 16,013 |
Excess tax benefit from equity awards | (2,648) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,134) | 2,310 |
Inventories | (24,029) | (1,457) |
Prepaid expenses and other assets | 405 | (1,447) |
Accounts payable | 4,687 | 2,968 |
Accrued liabilities | 2,807 | (4,955) |
Income tax liabilities | 1,122 | 134 |
Accrued compensation and related benefits | 2,213 | 2,173 |
Net cash provided by operating activities | 23,349 | 37,588 |
Cash flows from investing activities: | ||
Property and equipment purchases | (6,655) | (5,958) |
Purchases of short-term investments | (129,663) | (86,558) |
Proceeds from sale of short-term investments | 91,962 | 78,502 |
Premiums paid on deferred compensation plan, net | (2,775) | (2,396) |
Net cash used in investing activities | (47,131) | (16,410) |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (150) | (250) |
Proceeds from exercise of stock options | 6,680 | 8,623 |
Proceeds from shares issued under the employee stock purchase plan | 1,121 | 1,053 |
Repurchases of common shares | (18,129) | (23,796) |
Dividends and dividend equivalents paid | (13,842) | |
Excess tax benefit from equity awards | 2,648 | |
Net cash used in financing activities | (21,672) | (14,370) |
Effect of change in exchange rates | 56 | (158) |
Net increase (decrease) in cash and cash equivalents | (45,398) | 6,650 |
Cash and cash equivalents, beginning of period | 126,266 | 101,213 |
Cash and cash equivalents, end of period | 80,868 | 107,863 |
Supplemental disclosures for cash flow information: | ||
Cash paid for taxes | 1,755 | 633 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 681 | 611 |
Liability accrued for dividends and dividend equivalents | $ 9,121 | $ 6,083 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014, filed with the SEC on March 2, 2015. 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, 2015 or for any other future periods. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies during the three and six months ended June 30, 2015 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2014. Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from 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 standard will be effective for annual reporting periods beginning after December 15, 2017. Entities have the option of using either a full retrospective or a modified retrospective application in the adoption of this standard. The Company is evaluating the transition method and the impact of the adoption on its consolidated financial position, results of operations and cash flows. |
Note 2 - Stock-Based Compensati
Note 2 - Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 2. STOCK-BASED COMPENSATION Stock Plan The Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”) in April 2013, and the stockholders approved it in June 2013. In October 2014, the Board of Directors approved certain amendments to the 2014 Plan. The 2014 Plan became effective on November 13, 2014. The 2014 Plan provides for the issuance of up to 5.5 million shares and will expire on November 13, 2024. As of June 30, 2015, 5.4 million shares remained available for future issuance. Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cost of revenue $ 284 $ 219 $ 526 $ 424 Research and development 2,503 2,245 5,123 4,250 Selling, general and administrative 6,710 5,951 13,067 11,339 Total $ 9,497 $ 8,415 $ 18,716 $ 16,013 Restricted Stock The Company’s restricted stock units (“RSUs”) include time-based RSUs, performance-based RSUs (“PSUs”) and market-based RSUs (“MSUs”). Time-based RSUs generally vest over one to four years, subject to continued employment with the Company. PSUs vest over four years and MSUs vest over ten years, subject to the achievement of pre-determined performance goals and continued employment with the Company. A summary of the RSUs is presented in the table below: Time-Based RSUs Weighted-Average Grant Date Fair Value Per Share PSUs Weighted-Average Grant Date Fair Value Per Share MSUs Weighted-Average Grant Date Fair Value Per Share Total Weighted-Average Grant Date Fair Value Per Share (in thousands) (in thousands) (in thousands) (in thousands) Outstanding at January 1, 2015 589 $ 28.48 1,659 $ 28.11 1,800 $ 23.57 4,048 $ 26.14 Granted (1) 252 $ 49.63 659 $ 48.53 - $ - 911 $ 48.83 Performance adjustment (2) - $ - (130 ) $ 43.45 - $ - (130 ) $ 43.45 Released (199 ) $ 24.52 (481 ) $ 23.77 - $ - (680 ) $ 23.99 Forfeited (38 ) $ 34.91 (25 ) $ 28.27 - $ - (63 ) $ 32.32 Outstanding at June 30, 2015 604 $ 38.24 1,682 $ 36.17 1,800 $ 23.57 4,086 $ 30.92 (1) Amount for PSUs reflects the maximum number of shares that can be earned assuming the achievement of the highest level of performance conditions. (2) Amount for PSUs reflects the number of shares that have not been earned or may not be earned based on management’s probability assessment. The intrinsic value related to awards released for the three months ended June 30, 2015 and 2014 was $8.4 million and $8.3 million, respectively. The intrinsic value related to awards released for the six months ended June 30, 2015 and 2014 was $33.9 million and $18.5 million, respectively. As of June 30, 2015, the total intrinsic value of outstanding awards, including RSUs, PSUs and MSUs, was $207.2 million, based on the closing stock price of $50.71. As of June 30, 2015, unamortized compensation expense related to outstanding awards, including RSUs, PSUs and MSUs, was approximately $89.6 million with a weighted-average remaining recognition period of approximately five years. 2015 PSUs: In February 2015, the Board of Directors granted to executive officers 172,000 shares of PSUs which represent a target number of RSUs to be awarded based on the Company’s average two-year (2015 and 2016) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2015 Executive PSUs”). The maximum number of 2015 Executive PSUs that an executive officer can ultimately earn is 300% of the target shares. 50% of the 2015 Executive PSUs will vest in February 2017 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 the employees’ continued employment with the Company. In February 2015, the Board of Directors granted to non-executive employees 58,000 shares of PSUs which represent a target number of RSUs to be awarded based on the Company’s 2016 revenue goals for certain regions or product line divisions, or the Company’s average two-year (2015 and 2016) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2015 Non-Executive PSUs”). The maximum number of 2015 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. 50% of the 2015 Non-Executive PSUs will vest in the first quarter of 2017 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 the employees’ continued employment with the Company. Stock Options A summary of stock option activity is presented in the table below: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2015 590 $ 15.80 1.2 $ 20,039 Exercised (425 ) $ 15.71 Forfeited and expired (1 ) $ 15.96 Outstanding at June 30, 2015 165 $ 16.05 1.5 $ 5,683 Options exercisable at June 30, 2015 and expected to vest 164 $ 16.05 1.5 $ 5,681 Options exercisable at June 30, 2015 159 $ 16.18 1.5 $ 5,481 Total intrinsic value of options exercised was $12.9 million and $4.9 million for the three months ended June 30, 2015 and 2014, respectively. Total intrinsic value of options exercised was $15.4 million and $11.8 million for the six months ended June 30, 2015 and 2014, respectively. The net cash proceeds from the exercise of stock options were $6.7 million and $8.6 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, unamortized compensation expense related to unvested options was not material. Employee Stock Purchase Plan (“ESPP”) No shares were issued under the ESPP for the three months ended June 30, 2015 and 2014. For the six months ended June 30, 2015 and 2014, 30,000 and 43,000 shares, respectively, were issued under the ESPP. As of June 30, 2015, 4.7 million shares were available for future issuance. The intrinsic value of shares issued was $0.4 million and $0.5 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the unamortized expense was $0.1 million, which will be recognized through the third quarter of 2015. The Black-Scholes model was used to value the employee stock purchase rights with the following weighted-average assumptions: Six Months Ended June 30, 2015 2014 Expected term (years) 0.5 0.5 Expected volatility 35.7 % 33.9 % Risk-free interest rate 0.1 % 0.1 % Dividend yield 1.2 % - Cash proceeds from the shares issued under the ESPP were $1.1 million for both the six months ended June 30, 2015 and 2014. |
Note 3 - Acquisition
Note 3 - Acquisition | 6 Months Ended |
Jun. 30, 2015 | |
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 Technology SA (“Sensima”), a company based in Switzerland that develops magnetic sensor technologies for angle measurements as well as three-dimensional magnetic field sensing. The acquisition creates new opportunities with customers by offering enhanced solutions in power management for key industries such as automotive, industrial and cloud computing. As a result of the acquisition, Sensima became a subsidiary of the Company and its results of operations have been included in the Company’s consolidated financial statements subsequent to the acquisition. 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 was held in an escrow account for a one-year period, which was subject to Sensima’s satisfaction of certain representations and warranties. The full amount was released from the escrow account on July 22, 2015. The contingent consideration arrangement requires the Company to pay up to an additional $8.9 million to 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 liabilities 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 to selling, general and administrative expenses. Purchase Consideration Allocation 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 by combining with Sensima’s magnetic sensor technologies. The goodwill is not expected to be deductible for tax purposes. 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. 50% 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 shares will vest over the following two years. The vesting is subject to the employees’ 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 of the Company’s results of operations on a pro forma basis, as if the Sensima acquisition had been consummated on January 1, 2014, is presented as follows (in thousands, except per-share amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2014 Revenue $ 68,461 $ 128,545 Net income $ 5,605 $ 13,914 Diluted net income per share $ 0.14 $ 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 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, stock-based compensation expense and the related tax effects. |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. BALANCE SHEET COMPONENTS Inventories Inventories consist of the following (in thousands): June 30, December 31, 2015 2014 Raw materials $ 12,562 $ 7,298 Work in process 24,242 18,950 Finished goods 28,160 14,670 Total $ 64,964 $ 40,918 Other Long-Term Assets Other long-term assets consist of the following (in thousands): June 30, December 31, 2015 2014 Deferred compensation plan assets $ 8,770 $ 6,084 Prepaid expense 1,277 1,418 Other 1,019 955 Total $ 11,066 $ 8,457 Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2015 2014 Dividends and dividend equivalents $ 8,389 $ 6,080 Deferred revenue and customer prepayments 3,849 3,908 Stock rotation reserve 1,691 1,757 Other 4,473 2,958 Total $ 18,402 $ 14,703 A roll-forward of the warranty reserve is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 296 $ 334 $ 240 $ 451 Warranty provision for product sales 81 68 155 128 Settlements made (154 ) - (154 ) (74 ) Unused warranty provision (18 ) (112 ) (36 ) (215 ) Balance at end of period $ 205 $ 290 $ 205 $ 290 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): June 30, December 31, 2015 2014 Deferred compensation plan liabilities $ 8,878 $ 6,177 Contingent consideration 2,507 2,507 Dividend equivalents 1,380 580 Other 844 940 Total $ 13,609 $ 10,204 |
Note 5 - Goodwill and Acquisiti
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET There have been no changes in the balance of goodwill during the three and six months ended June 30, 2015. Acquisition-related intangible assets consist of the following (in thousands): As of June 30, 2015 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (195 ) $ 823 Developed technologies 4,421 (1,211 ) 3,210 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (1,406 ) $ 6,078 As of December 31, 2014 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (93 ) $ 925 Developed technologies 4,421 (579 ) 3,842 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (672 ) $ 6,812 Amortization expense was recorded in cost of revenue in the Condensed Consolidated Statements of Operations and totaled $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively. No amortization expense was recorded for the three and six months ended June 30, 2014. Management currently expects the IPR&D will be completed in the next few quarters. Upon completion, the intangible assets will be subject to amortization over their useful lives. As of June 30, 2015, the estimated future amortization expense of intangible assets subject to amortization is as follows (in thousands): 2015 (remaining six months) $ 733 2016 1,467 2017 1,467 2018 and thereafter 366 Total $ 4,033 |
Note 6 - Net Income Per Share
Note 6 - Net Income Per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 are payable 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 7,899 $ 6,397 $ 13,862 $ 15,415 Denominator: Weighted-average outstanding shares used to compute basic net income per share 39,570 38,684 39,337 38,577 Effect of dilutive securities 1,175 924 1,333 986 Weighted-average outstanding shares used to compute diluted net income per share 40,745 39,608 40,670 39,563 Net income per share: Basic $ 0.20 $ 0.17 $ 0.35 $ 0.40 Diluted $ 0.19 $ 0.16 $ 0.34 $ 0.39 For the three and six months ended June 30, 2015, approximately 8,000 and 16,000 common stock equivalents, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2014, there were no anti-dilutive common stock equivalents. |
Note 7 - Segment and Geographic
Note 7 - Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 7. SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance power solutions for the cloud computing, telecommunications, industrial and automotive, and consumer markets. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis. 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: Three Months Ended June 30, Six Months Ended June 30, Customers 2015 2014 2015 2014 Distributor A 23 % 26 % 24 % 26 % Distributor B * * * 10 % * Represents less than 10%. The following table summarizes those customers with accounts receivable balances greater than 10% of the Company’s total accounts receivable: June 30, December 31, Customers 2015 2014 Distributor A 23 % 31 % Distributor B 10 % 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 these distributors 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 an agreement with the distributor. The following is a summary of revenue by geographic regions (in thousands): Three Months Ended June 30, Six Months Ended June 30, Country or Region 2015 2014 2015 2014 China $ 53,450 $ 43,931 $ 99,252 $ 80,789 Taiwan 10,143 9,638 21,172 18,701 Europe 5,317 4,574 10,432 9,165 Korea 5,109 3,890 9,354 6,626 Southeast Asia 3,336 1,407 7,075 3,421 Japan 2,412 1,713 4,297 3,854 United States 1,566 3,231 3,259 5,834 Other 83 52 113 107 Total $ 81,416 $ 68,436 $ 154,954 $ 128,497 The following is a summary of revenue by product family (in thousands): Three Months Ended June 30, Six Months Ended June 30, Product Family 2015 2014 2015 2014 DC to DC products $ 73,195 $ 61,173 $ 139,492 $ 115,108 Lighting control products 8,221 7,263 15,462 13,389 Total $ 81,416 $ 68,436 $ 154,954 $ 128,497 The following is a summary of long-lived assets by geographic regions (in thousands): June 30, December 31, Country 2015 2014 China $ 36,828 $ 37,147 United States 36,047 33,913 Bermuda 12,650 13,383 Other 353 339 Total $ 85,878 $ 84,782 |
Note 8- Litigation
Note 8- Litigation | 6 Months Ended |
Jun. 30, 2015 | |
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, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. 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 in October 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 award as a litigation benefit in the Condensed Consolidated Statements 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
Note 9 - Cash, Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, December 31, 2015 2014 Cash, cash equivalents and investments: Cash $ 46,179 $ 66,188 Money market funds 34,689 60,078 Certificates of deposit 23,093 22,778 U.S. treasuries and government agency bonds 127,073 89,674 Auction-rate securities backed by student-loan notes 5,375 5,389 Total $ 236,409 $ 244,107 June 30, December 31, Reported as: 2015 2014 Cash and cash equivalents $ 80,868 $ 126,266 Short-term investments 150,166 112,452 Long-term investments 5,375 5,389 Total $ 236,409 $ 244,107 The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands): June 30, December 31, 2015 2014 Due in less than 1 year $ 118,344 $ 91,335 Due in 1 - 5 years 31,822 21,117 Due in greater than 5 years 5,375 5,389 Total $ 155,541 $ 117,841 The following tables summarize unrealized gains and losses related to our investments in marketable securities designated as available-for sale (in thousands): As of June 30, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 34,689 $ - $ - $ 34,689 $ - Certificates of deposit 23,093 - - 23,093 - U.S. treasuries and government agency bonds 127,053 39 (19 ) 127,073 45,644 Auction-rate securities backed by student-loan notes 5,570 - (195 ) 5,375 5,375 Total $ 190,405 $ 39 $ (214 ) $ 190,230 $ 51,019 As of December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 60,078 $ - $ - $ 60,078 $ - Certificates of deposit 22,778 - - 22,778 - U.S. treasuries and government agency bonds 89,689 14 (29 ) 89,674 35,062 Auction-rate securities backed by student-loan notes 5,570 - (181 ) 5,389 5,389 Total $ 178,115 $ 14 $ (210 ) $ 177,919 $ 40,451 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUE MEASUREMENTS The following table details the fair value measurement of the financial assets and liabilities (in thousands): Fair Value Measurement at June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 34,689 $ 34,689 $ - $ - Certificates of deposit 23,093 - 23,093 - U.S. treasuries and government agency bonds 127,073 - 127,073 - Auction-rate securities backed by student-loan notes 5,375 - - 5,375 Mutual funds under deferred compensation plan 4,846 4,846 - - Total $ 195,076 $ 39,535 $ 150,166 $ 5,375 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 Fair Value Measurement at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 60,078 $ 60,078 $ - $ - Certificates of deposit 22,778 - 22,778 - U.S. treasuries and government agency bonds 89,674 - 89,674 - Auction-rate securities backed by student-loan notes 5,389 - - 5,389 Mutual funds under deferred compensation plan 2,236 2,236 - - Total $ 180,155 $ 62,314 $ 112,452 $ 5,389 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 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, 2015 $ 5,389 Change in unrealized loss included in other comprehensive income (14 ) Ending balance at June 30, 2015 $ 5,375 The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: June 30, December 31, 2015 2014 Time-to-liquidity (months) 24 24 Expected return 2.7% 2.9% Discount rate 3.9% - 6.9% 4.0% - 7.0% 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 Sensima’s former 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. Based on management’s assessment, there were no changes in the fair value of the contingent consideration for the three and six months ended June 30, 2015. |
Note 11 - Deferred Compensation
Note 11 - Deferred Compensation Plan | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. DEFERRED COMPENSATION PLAN The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including 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. Participants’ 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 June 30, 2015 and December 31, 2014, the plan assets totaled $8.8 million and $6.1 million, and the plan liabilities totaled $8.9 million and $6.2 million, respectively. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The income tax provision for the three and six months ended June 30, 2015 was $2.4 million, or 23.7% of the pre-tax income, and $3.0 million, or 17.7% of the pre-tax income, respectively. The Company recorded a one-time net charge of $2.7 million to the income tax provision related to the resolution of the income tax audits in the second quarter of 2015 (see “Income Tax Audits” below for further discussion). In addition to the impact of this charge, the effective tax rate differed from the federal statutory rate primarily because the foreign income was taxed at lower rates, and because of the benefit that the Company realized from stock option exercises and the release of RSUs, and from the release of an income tax reserve where the statute of limitations expired. In addition, the effective tax rate was impacted by changes in the valuation allowance. The income tax provision for the three and six months ended June 30, 2014 was $0.5 million, or 7.3% of pre-tax income, and $0.8 million, or 4.7% of the pre-tax income, respectively. The effective tax rate differed 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 as a result of stock option exercises and the release of RSUs. In addition, the effective tax rate was impacted by changes in the valuation allowance. Unrecognized Tax Benefits As of June 30, 2015, the Company had $11.7 million of unrecognized tax benefits, $2.2 million of which would affect its effective tax rate if recognized after considering the valuation allowance. As of December 31, 2014, the Company had $16.4 million of unrecognized tax benefits, $4.8 million of which would affect its 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 increases or decreases in its unrecognized tax benefits. However, it is not possible to determine either the magnitude or the range of 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 June 30, 2015 and December 31, 2014, the Company has approximately $0.1 million and $0.5 million of accrued interest related to uncertain tax positions, respectively, which were recorded in long-term tax liabilities in the Condensed Consolidated Balance Sheets. 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 were 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 payment, if the IRS were to prevail on all matters in dispute, was $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 2014 and both parties had been in continuous discussions for a resolution of the matter in the first quarter of 2015. Meanwhile, the Company granted 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 years 2005 through 2007 and the carryforwards, which would then reduce the value of such credits carried forward to subsequent tax years. In April 2015, the Company reached a final resolution with the IRS in connection with the income tax audits for the years 2005 through 2007. Under the agreement, the Company made a one-time buy-in payment of $1.2 million for taxes related primarily to the revaluation of a license for certain intellectual property rights of the Company to one of its international subsidiaries. This buy-in payment is final and no additional payment will be required with respect to the intellectual property license for the years under examination or for a previous or subsequent tax year. In addition, the Company expects to make a $1.1 million related interest payment in the next few months as well as a $0.2 million tax payment for the years 2008 to 2013. There were no penalties assessed on the Company as a result of the audits. For the second quarter of 2015, the Company's income tax provision included a one-time net charge of approximately $2.7 million reflecting the taxes and interest, partially offset by the reversal of previously accrued tax liabilities and valuation allowances. Of the $2.7 million charge, approximately $1.6 million relates to taxes and $1.1 million to interest. |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
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 on Auction-Rate Securities Unrealized Gains (Losses) on Other Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2015 $ (181 ) $ (15 ) $ 6,007 $ 5,811 Other comprehensive income before reclassifications 5 32 249 286 Amounts reclassified from accumulated other comprehensive income - (1 ) - (1 ) Net current period other comprehensive income 5 31 249 285 Balance as of March 31, 2015 (176 ) 16 6,256 6,096 Other comprehensive income (loss) before reclassifications (19 ) 7 105 93 Amounts reclassified from accumulated other comprehensive income - (3 ) - (3 ) Net current period other comprehensive income (loss) (19 ) 4 105 90 Balance as of June 30, 2015 $ (195 ) $ 20 $ 6,361 $ 6,186 The amounts reclassified from accumulated other comprehensive income were recorded in interest and other income, net, in the Condensed Consolidated Statement of Operations. |
Note 14 - Stock Repurchase Prog
Note 14 - Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2015 | |
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. In April 2015, the Board of Directors approved an extension of the program through December 31, 2015. All shares are retired upon repurchase. The following table summarizes the repurchase activities under the program (in thousands, except per-share amounts): Shares Repurchased Average Price Per Share Total Amount Cumulative balance at January 1, 2015 1,715 $ 36.04 $ 61,813 Repurchases 203 $ 51.33 10,405 Cumulative balance at March 31, 2015 1,918 $ 37.66 72,218 Repurchases 148 $ 52.19 7,724 Cumulative balance at June 30, 2015 2,066 $ 38.70 $ 79,942 As of June 30, 2015, $20.1 million remained available for future repurchases under the program. |
Note 15 - Dividends and Dividen
Note 15 - Dividends and Dividend Equivalents | 6 Months Ended |
Jun. 30, 2015 | |
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 when and if declared by the Board of Directors, which are generally payable on the 15th of the following month. The Board of Directors declared the following cash dividends in 2015 (in thousands, except per-share amounts): Dividend Declared Total per Share Amount First quarter $ 0.20 $ 7,854 Second quarter $ 0.20 $ 7,925 As of June 30, 2015, accrued dividends totaled $7.9 million, which was paid to stockholders on July 15, 2015. The declaration of any future cash dividends 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 Company’s stock plans, outstanding RSU awards contain rights to receive cash 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 are payable to the employees when the awards vest. Dividend equivalents accrued on the outstanding RSUs are forfeited if the employees do not fulfill their service requirement during the vesting periods. As of June 30, 2015 and December 31, 2014, accrued dividend equivalents totaled $1.8 million and $0.8 million, respectively. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, 2014, filed with the SEC on March 2, 2015. 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, 2015 or for any other future periods. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, Revenue from 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 standard will be effective for annual reporting periods beginning after December 15, 2017. Entities have the option of using either a full retrospective or a modified retrospective application in the adoption of this standard. The Company is evaluating the transition method and the impact of the adoption on its consolidated financial position, results of operations and cash flows. |
Note 2 - Stock-Based Compensa24
Note 2 - Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cost of revenue $ 284 $ 219 $ 526 $ 424 Research and development 2,503 2,245 5,123 4,250 Selling, general and administrative 6,710 5,951 13,067 11,339 Total $ 9,497 $ 8,415 $ 18,716 $ 16,013 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Time-Based RSUs Weighted-Average Grant Date Fair Value Per Share PSUs Weighted-Average Grant Date Fair Value Per Share MSUs Weighted-Average Grant Date Fair Value Per Share Total Weighted-Average Grant Date Fair Value Per Share (in thousands) (in thousands) (in thousands) (in thousands) Outstanding at January 1, 2015 589 $ 28.48 1,659 $ 28.11 1,800 $ 23.57 4,048 $ 26.14 Granted (1) 252 $ 49.63 659 $ 48.53 - $ - 911 $ 48.83 Performance adjustment (2) - $ - (130 ) $ 43.45 - $ - (130 ) $ 43.45 Released (199 ) $ 24.52 (481 ) $ 23.77 - $ - (680 ) $ 23.99 Forfeited (38 ) $ 34.91 (25 ) $ 28.27 - $ - (63 ) $ 32.32 Outstanding at June 30, 2015 604 $ 38.24 1,682 $ 36.17 1,800 $ 23.57 4,086 $ 30.92 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2015 590 $ 15.80 1.2 $ 20,039 Exercised (425 ) $ 15.71 Forfeited and expired (1 ) $ 15.96 Outstanding at June 30, 2015 165 $ 16.05 1.5 $ 5,683 Options exercisable at June 30, 2015 and expected to vest 164 $ 16.05 1.5 $ 5,681 Options exercisable at June 30, 2015 159 $ 16.18 1.5 $ 5,481 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2015 2014 Expected term (years) 0.5 0.5 Expected volatility 35.7 % 33.9 % Risk-free interest rate 0.1 % 0.1 % Dividend yield 1.2 % - |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, 2014 June 30, 2014 Revenue $ 68,461 $ 128,545 Net income $ 5,605 $ 13,914 Diluted net income per share $ 0.14 $ 0.35 |
Note 4 - Balance Sheet Compon26
Note 4 - Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2015 2014 Raw materials $ 12,562 $ 7,298 Work in process 24,242 18,950 Finished goods 28,160 14,670 Total $ 64,964 $ 40,918 |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, December 31, 2015 2014 Deferred compensation plan assets $ 8,770 $ 6,084 Prepaid expense 1,277 1,418 Other 1,019 955 Total $ 11,066 $ 8,457 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2015 2014 Dividends and dividend equivalents $ 8,389 $ 6,080 Deferred revenue and customer prepayments 3,849 3,908 Stock rotation reserve 1,691 1,757 Other 4,473 2,958 Total $ 18,402 $ 14,703 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 296 $ 334 $ 240 $ 451 Warranty provision for product sales 81 68 155 128 Settlements made (154 ) - (154 ) (74 ) Unused warranty provision (18 ) (112 ) (36 ) (215 ) Balance at end of period $ 205 $ 290 $ 205 $ 290 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | June 30, December 31, 2015 2014 Deferred compensation plan liabilities $ 8,878 $ 6,177 Contingent consideration 2,507 2,507 Dividend equivalents 1,380 580 Other 844 940 Total $ 13,609 $ 10,204 |
Note 5 - Goodwill and Acquisi27
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | As of June 30, 2015 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (195 ) $ 823 Developed technologies 4,421 (1,211 ) 3,210 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (1,406 ) $ 6,078 As of December 31, 2014 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (93 ) $ 925 Developed technologies 4,421 (579 ) 3,842 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (672 ) $ 6,812 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 (remaining six months) $ 733 2016 1,467 2017 1,467 2018 and thereafter 366 Total $ 4,033 |
Note 6 - Net Income Per Share (
Note 6 - Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 7,899 $ 6,397 $ 13,862 $ 15,415 Denominator: Weighted-average outstanding shares used to compute basic net income per share 39,570 38,684 39,337 38,577 Effect of dilutive securities 1,175 924 1,333 986 Weighted-average outstanding shares used to compute diluted net income per share 40,745 39,608 40,670 39,563 Net income per share: Basic $ 0.20 $ 0.17 $ 0.35 $ 0.40 Diluted $ 0.19 $ 0.16 $ 0.34 $ 0.39 |
Note 7 - Segment and Geograph29
Note 7 - Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Customers 2015 2014 2015 2014 Distributor A 23 % 26 % 24 % 26 % Distributor B * * * 10 % June 30, December 31, Customers 2015 2014 Distributor A 23 % 31 % Distributor B 10 % 10 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Country or Region 2015 2014 2015 2014 China $ 53,450 $ 43,931 $ 99,252 $ 80,789 Taiwan 10,143 9,638 21,172 18,701 Europe 5,317 4,574 10,432 9,165 Korea 5,109 3,890 9,354 6,626 Southeast Asia 3,336 1,407 7,075 3,421 Japan 2,412 1,713 4,297 3,854 United States 1,566 3,231 3,259 5,834 Other 83 52 113 107 Total $ 81,416 $ 68,436 $ 154,954 $ 128,497 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Product Family 2015 2014 2015 2014 DC to DC products $ 73,195 $ 61,173 $ 139,492 $ 115,108 Lighting control products 8,221 7,263 15,462 13,389 Total $ 81,416 $ 68,436 $ 154,954 $ 128,497 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 30, December 31, Country 2015 2014 China $ 36,828 $ 37,147 United States 36,047 33,913 Bermuda 12,650 13,383 Other 353 339 Total $ 85,878 $ 84,782 |
Note 9 - Cash, Cash Equivalen30
Note 9 - Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, December 31, 2015 2014 Cash, cash equivalents and investments: Cash $ 46,179 $ 66,188 Money market funds 34,689 60,078 Certificates of deposit 23,093 22,778 U.S. treasuries and government agency bonds 127,073 89,674 Auction-rate securities backed by student-loan notes 5,375 5,389 Total $ 236,409 $ 244,107 June 30, December 31, Reported as: 2015 2014 Cash and cash equivalents $ 80,868 $ 126,266 Short-term investments 150,166 112,452 Long-term investments 5,375 5,389 Total $ 236,409 $ 244,107 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, December 31, 2015 2014 Due in less than 1 year $ 118,344 $ 91,335 Due in 1 - 5 years 31,822 21,117 Due in greater than 5 years 5,375 5,389 Total $ 155,541 $ 117,841 |
Unrealized Gain (Loss) on Investments [Table Text Block] | As of June 30, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 34,689 $ - $ - $ 34,689 $ - Certificates of deposit 23,093 - - 23,093 - U.S. treasuries and government agency bonds 127,053 39 (19 ) 127,073 45,644 Auction-rate securities backed by student-loan notes 5,570 - (195 ) 5,375 5,375 Total $ 190,405 $ 39 $ (214 ) $ 190,230 $ 51,019 As of December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 60,078 $ - $ - $ 60,078 $ - Certificates of deposit 22,778 - - 22,778 - U.S. treasuries and government agency bonds 89,689 14 (29 ) 89,674 35,062 Auction-rate securities backed by student-loan notes 5,570 - (181 ) 5,389 5,389 Total $ 178,115 $ 14 $ (210 ) $ 177,919 $ 40,451 |
Note 10 - Fair Value Measurem31
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 34,689 $ 34,689 $ - $ - Certificates of deposit 23,093 - 23,093 - U.S. treasuries and government agency bonds 127,073 - 127,073 - Auction-rate securities backed by student-loan notes 5,375 - - 5,375 Mutual funds under deferred compensation plan 4,846 4,846 - - Total $ 195,076 $ 39,535 $ 150,166 $ 5,375 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 Fair Value Measurement at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 60,078 $ 60,078 $ - $ - Certificates of deposit 22,778 - 22,778 - U.S. treasuries and government agency bonds 89,674 - 89,674 - Auction-rate securities backed by student-loan notes 5,389 - - 5,389 Mutual funds under deferred compensation plan 2,236 2,236 - - Total $ 180,155 $ 62,314 $ 112,452 $ 5,389 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at January 1, 2015 $ 5,389 Change in unrealized loss included in other comprehensive income (14 ) Ending balance at June 30, 2015 $ 5,375 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | June 30, December 31, 2015 2014 Time-to-liquidity (months) 24 24 Expected return 2.7% 2.9% Discount rate 3.9% - 6.9% 4.0% - 7.0% |
Note 13 - Accumulated Other C32
Note 13 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Auction-Rate Securities Unrealized Gains (Losses) on Other Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2015 $ (181 ) $ (15 ) $ 6,007 $ 5,811 Other comprehensive income before reclassifications 5 32 249 286 Amounts reclassified from accumulated other comprehensive income - (1 ) - (1 ) Net current period other comprehensive income 5 31 249 285 Balance as of March 31, 2015 (176 ) 16 6,256 6,096 Other comprehensive income (loss) before reclassifications (19 ) 7 105 93 Amounts reclassified from accumulated other comprehensive income - (3 ) - (3 ) Net current period other comprehensive income (loss) (19 ) 4 105 90 Balance as of June 30, 2015 $ (195 ) $ 20 $ 6,361 $ 6,186 |
Note 14 - Stock Repurchase Pr33
Note 14 - Stock Repurchase Program (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | Shares Repurchased Average Price Per Share Total Amount Cumulative balance at January 1, 2015 1,715 $ 36.04 $ 61,813 Repurchases 203 $ 51.33 10,405 Cumulative balance at March 31, 2015 1,918 $ 37.66 72,218 Repurchases 148 $ 52.19 7,724 Cumulative balance at June 30, 2015 2,066 $ 38.70 $ 79,942 |
Note 15 - Dividends and Divid34
Note 15 - Dividends and Dividend Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Dividends And Dividend Equivalents [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | Dividend Declared Total per Share Amount First quarter $ 0.20 $ 7,854 Second quarter $ 0.20 $ 7,925 |
Note 2 - Stock-Based Compensa35
Note 2 - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Nov. 13, 2014 | ||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | [1] | 911,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 12,900 | $ 4,900 | $ 15,400 | $ 11,800 | |||
Proceeds from Stock Options Exercised | $ 6,680 | $ 8,623 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 0 | 0 | 30,000 | 43,000 | |||
Proceeds from Stock Plans | $ 1,121 | $ 1,053 | |||||
Time-Based RSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | [1] | 252,000 | |||||
PSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | [1] | 659,000 | |||||
PSUs [Member] | Executive Officer [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 172,000 | ||||||
PSUs [Member] | Non-Executive Employees [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 58,000 | ||||||
MSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | [1] | ||||||
Time-Based RSUs PSUs MSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 8,400 | $ 8,300 | $ 33,900 | 18,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 207,200 | $ 207,200 | |||||
Share Price (in Dollars per share) | $ 50.71 | $ 50.71 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 89,600 | $ 89,600 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||||
2015 Executive PSUs [Member] | Executive Officer [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | ||||||
2014 Plan [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
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, Number of Shares Available for Grant (in Shares) | 5,400,000 | 5,400,000 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 4,700,000 | 4,700,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 100 | $ 100 | |||||
Stock Issued During Period Shares Employee Stock Purchase Plans Intrinsic Value | 400 | 500 | |||||
Proceeds from Stock Plans | $ 1,100 | $ 1,100 | |||||
Share-based Compensation Award, Tranche One [Member] | 2015 Executive PSUs [Member] | Vesting in February 2017 [Member] | Executive Officer [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Share-based Compensation Award, Tranche One [Member] | 2015 Non-Executive PSUs [Member] | Vesting in The First Quarter of 2017 [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Share-based Compensation Award, Tranche Two [Member] | 2015 Executive PSUs [Member] | Executive Officer [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Share-based Compensation Award, Tranche Two [Member] | 2015 Non-Executive PSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Minimum [Member] | Time-Based RSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Minimum [Member] | 2015 Non-Executive PSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 200.00% | ||||||
Maximum [Member] | Time-Based RSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Maximum [Member] | 2015 Non-Executive PSUs [Member] | |||||||
Note 2 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | ||||||
[1] | Amount for PSUs reflects the maximum number of shares that can be earned assuming the achievement of the highest level of performance conditions. |
Note 2 - Stock-Based Compensa36
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ||||
Total | $ 9,497 | $ 8,415 | $ 18,716 | $ 16,013 |
Cost of Sales [Member] | ||||
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ||||
Share based compensation expense | 284 | 219 | 526 | 424 |
Research and Development Expense [Member] | ||||
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ||||
Share based compensation expense | 2,503 | 2,245 | 5,123 | 4,250 |
Selling, General and Administrative Expenses [Member] | ||||
Note 2 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | ||||
Share based compensation expense | $ 6,710 | $ 5,951 | $ 13,067 | $ 11,339 |
Note 2 - Stock-Based Compensa37
Note 2 - Stock-Based Compensation (Details) - RSU Summary - 6 months ended Jun. 30, 2015 - $ / shares shares in Thousands | Total | |
Note 2 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||
Shares | 4,048 | |
Weighted-Average Grant Date Fair Value Per Share | $ 26.14 | |
Granted (1) | [1] | 911 |
Granted (1) | [1] | $ 48.83 |
Performance adjustment (2) | [2] | (130) |
Performance adjustment (2) | [2] | $ 43.45 |
Released | (680) | |
Released | $ 23.99 | |
Forfeited | (63) | |
Forfeited | $ 32.32 | |
Shares | 4,086 | |
Weighted-Average Grant Date Fair Value Per Share | $ 30.92 | |
Time-Based RSUs [Member] | ||
Note 2 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||
Shares | 589 | |
Weighted-Average Grant Date Fair Value Per Share | $ 28.48 | |
Granted (1) | [1] | 252 |
Granted (1) | [1] | $ 49.63 |
Performance adjustment (2) | [2] | |
Performance adjustment (2) | [2] | |
Released | (199) | |
Released | $ 24.52 | |
Forfeited | (38) | |
Forfeited | $ 34.91 | |
Shares | 604 | |
Weighted-Average Grant Date Fair Value Per Share | $ 38.24 | |
PSUs [Member] | ||
Note 2 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||
Shares | 1,659 | |
Weighted-Average Grant Date Fair Value Per Share | $ 28.11 | |
Granted (1) | [1] | 659 |
Granted (1) | [1] | $ 48.53 |
Performance adjustment (2) | [2] | (130) |
Performance adjustment (2) | [2] | $ 43.45 |
Released | (481) | |
Released | $ 23.77 | |
Forfeited | (25) | |
Forfeited | $ 28.27 | |
Shares | 1,682 | |
Weighted-Average Grant Date Fair Value Per Share | $ 36.17 | |
MSUs [Member] | ||
Note 2 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||
Shares | 1,800 | |
Weighted-Average Grant Date Fair Value Per Share | $ 23.57 | |
Granted (1) | [1] | |
Granted (1) | [1] | |
Performance adjustment (2) | [2] | |
Performance adjustment (2) | [2] | |
Shares | 1,800 | |
Weighted-Average Grant Date Fair Value Per Share | $ 23.57 | |
[1] | Amount for PSUs reflects the maximum number of shares that can be earned assuming the achievement of the highest level of performance conditions. | |
[2] | Amount for PSUs reflects the number of shares that have not been earned or may not be earned based on management's probability assessment. |
Note 2 - Stock-Based Compensa38
Note 2 - Stock-Based Compensation (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stock Options [Abstract] | ||
Shares Outstanding | 165 | 590 |
Weighted-Average Exercise Price | $ 16.05 | $ 15.80 |
Weighted-Average Remaining Contractual Term | 1 year 6 months | 1 year 73 days |
Aggregate Intrinsic Value | $ 5,683 | $ 20,039 |
Exercised | (425) | |
Exercised | $ 15.71 | |
Forfeited and expired | (1) | |
Forfeited and expired | $ 15.96 | |
Options exercisable at June 30, 2015 and expected to vest | 164 | |
Options exercisable at June 30, 2015 and expected to vest | $ 16.05 | |
Options exercisable at June 30, 2015 and expected to vest | 1 year 6 months | |
Options exercisable at June 30, 2015 and expected to vest | $ 5,681 | |
Options exercisable at June 30, 2015 | 159 | |
Options exercisable at June 30, 2015 | $ 16.18 | |
Options exercisable at June 30, 2015 | 1 year 6 months | |
Options exercisable at June 30, 2015 | $ 5,481 |
Note 2 - Stock-Based Compensa39
Note 2 - Stock-Based Compensation (Details) - Valuation Assumptions - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Note 2 - Stock-Based Compensation (Details) - Valuation Assumptions [Line Items] | ||
Expected term (years) | 6 months | 6 months |
Expected volatility | 35.70% | 33.90% |
Risk-free interest rate | 0.10% | 0.10% |
Dividend yield | 1.20% |
Note 3 - Acquisition (Details)
Note 3 - Acquisition (Details) - USD ($) $ in Thousands | Jul. 22, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jul. 30, 2014 | |
Note 3 - Acquisition (Details) [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 2,507 | $ 2,507 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | [1] | 911,000 | |||
Restricted Stock Units (RSUs) [Member] | Former Sensima Employees [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 1,700 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 40,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Performance Share Units [Member] | Former Sensima Employees [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 2,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 47,000 | ||||
Maximum PSU Earn Out | $ 8,000 | ||||
Performance Share Units [Member] | Share-based Compensation Award, Tranche One [Member] | Former Sensima Employees [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
Performance Share Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Former Sensima Employees [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Sensima [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Escrow Deposit | $ 1,200 | ||||
Business Combination, Cash Held in Escrow Account, Period | 1 year | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8,900 | $ 8,900 | |||
Business Combination, Contingent Consideration, Liability | 2,500 | $ 2,507 | $ 2,500 | ||
Business Combination, Acquisition Related Costs | $ 600 | ||||
Minimum [Member] | Sensima [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Maximum [Member] | Sensima [Member] | |||||
Note 3 - Acquisition (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
[1] | Amount for PSUs reflects the maximum number of shares that can be earned assuming the achievement of the highest level of performance conditions. |
Note 3 - Acquisition (Details)
Note 3 - Acquisition (Details) - Fair Value of Purchase Consideration - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Jul. 30, 2014 | Jul. 22, 2014 | |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Contingent consideration | $ 2,507 | $ 2,507 | ||
Sensima [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Cash paid at the Acquisition Date | 11,735 | |||
Contingent consideration | 2,507 | $ 2,500 | $ 2,500 | |
Total | $ 14,242 |
Note 3 - Acquisition (Details42
Note 3 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Intangible assets: | ||
Goodwill | $ 6,571 | $ 6,571 |
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: | ||
Total identifiable net assets acquired | 7,671 | |
Goodwill | 6,571 | |
Total net assets acquired | 14,242 | |
Sensima [Member] | IPR&D [Member] | ||
Intangible assets: | ||
Intangible Assets | 2,045 | |
Know-How [Member] | Sensima [Member] | ||
Intangible assets: | ||
Intangible Assets | 1,018 | |
Developed Technology Rights [Member] | Sensima [Member] | ||
Intangible assets: | ||
Intangible Assets | $ 4,421 |
Note 3 - Acquisition (Details43
Note 3 - Acquisition (Details) - Supplemental Pro Forma Information (unaudited) - Jun. 30, 2014 - Sensima [Member] - USD ($) $ / shares in Units, $ in Thousands | Total | Total |
Note 3 - Acquisition (Details) - Supplemental Pro Forma Information (unaudited) [Line Items] | ||
Revenue | $ 68,461 | $ 128,545 |
Net income | $ 5,605 | $ 13,914 |
Diluted net income per share (in Dollars per share) | $ 0.14 | $ 0.35 |
Note 4 - Balance Sheet Compon44
Note 4 - Balance Sheet Components (Details) - Inventories - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 12,562 | $ 7,298 |
Work in process | 24,242 | 18,950 |
Finished goods | 28,160 | 14,670 |
Total | $ 64,964 | $ 40,918 |
Note 4 - Balance Sheet Compon45
Note 4 - Balance Sheet Components (Details) - Other Long-Term Assets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Long-Term Assets [Abstract] | ||
Deferred compensation plan assets | $ 8,770 | $ 6,084 |
Prepaid expense | 1,277 | 1,418 |
Other | 1,019 | 955 |
Total | $ 11,066 | $ 8,457 |
Note 4 - Balance Sheet Compon46
Note 4 - Balance Sheet Components (Details) - Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Dividends and dividend equivalents | $ 8,389 | $ 6,080 |
Deferred revenue and customer prepayments | 3,849 | 3,908 |
Stock rotation reserve | 1,691 | 1,757 |
Other | 4,473 | 2,958 |
Total | $ 18,402 | $ 14,703 |
Note 4 - Balance Sheet Compon47
Note 4 - Balance Sheet Components (Details) - Roll-Forward of the Warranty Reserve - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Roll-Forward of the Warranty Reserve [Abstract] | ||||
Balance at beginning of period | $ 296 | $ 334 | $ 240 | $ 451 |
Warranty provision for product sales | 81 | 68 | 155 | 128 |
Settlements made | (154) | (154) | (74) | |
Unused warranty provision | (18) | (112) | (36) | (215) |
Balance at end of period | $ 205 | $ 290 | $ 205 | $ 290 |
Note 4 - Balance Sheet Compon48
Note 4 - Balance Sheet Components (Details) - Long-Term Liabilities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Long-Term Liabilities [Abstract] | ||
Deferred compensation plan liabilities | $ 8,878 | $ 6,177 |
Contingent consideration | 2,507 | 2,507 |
Dividend equivalents | 1,380 | 580 |
Other | 844 | 940 |
Total | $ 13,609 | $ 10,204 |
Note 5 - Goodwill and Acquisi49
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cost Of Revenue [Member] | ||||
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) [Line Items] | ||||
Amortization of Intangible Assets | $ 0.4 | $ 0 | $ 0.7 | $ 0 |
Note 5 - Goodwill and Acquisi50
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Subject to amortization: | ||
Subject to Amortization, Accumulated Amortization | $ (1,406) | $ (672) |
Subject to Amortization, Net Amount | 4,033 | |
Not subject to amortization: | ||
Gross Amount | 7,484 | 7,484 |
Accumulated Amortization | (1,406) | (672) |
Net Amount | 6,078 | 6,812 |
IPR&D [Member] | ||
Not subject to amortization: | ||
Not Subject to Amortization, Gross Amount | 2,045 | 2,045 |
Not Subject to Amortization, Net Amount | 2,045 | 2,045 |
Know-How [Member] | ||
Subject to amortization: | ||
Subject to Amortization, Gross Amount | 1,018 | 1,018 |
Subject to Amortization, Accumulated Amortization | (195) | (93) |
Subject to Amortization, Net Amount | 823 | 925 |
Not subject to amortization: | ||
Accumulated Amortization | (195) | (93) |
Developed Technology Rights [Member] | ||
Subject to amortization: | ||
Subject to Amortization, Gross Amount | 4,421 | 4,421 |
Subject to Amortization, Accumulated Amortization | (1,211) | (579) |
Subject to Amortization, Net Amount | 3,210 | 3,842 |
Not subject to amortization: | ||
Accumulated Amortization | $ (1,211) | $ (579) |
Note 5 - Goodwill and Acquisi51
Note 5 - Goodwill and Acquisition-Related Intangible Assets, Net (Details) - Future Amortization Expense $ in Thousands | Jun. 30, 2015USD ($) |
Future Amortization Expense [Abstract] | |
2015 (remaining six months) | $ 733 |
2,016 | 1,467 |
2,017 | 1,467 |
2018 and thereafter | 366 |
Total | $ 4,033 |
Note 6 - Net Income Per Share52
Note 6 - Net Income Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,000 | 0 | 16,000 | 0 |
Note 6 - Net Income Per Share53
Note 6 - Net Income Per Share (Details) - Net Income Per Share Basic And Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net income (in Dollars) | $ 7,899 | $ 6,397 | $ 13,862 | $ 15,415 |
Denominator: | ||||
Weighted-average outstanding shares used to compute basic net income per share | 39,570 | 38,684 | 39,337 | 38,577 |
Effect of dilutive securities | 1,175 | 924 | 1,333 | 986 |
Weighted-average outstanding shares used to compute diluted net income per share | 40,745 | 39,608 | 40,670 | 39,563 |
Net income per share: | ||||
Basic (in Dollars per share) | $ 0.20 | $ 0.17 | $ 0.35 | $ 0.40 |
Diluted (in Dollars per share) | $ 0.19 | $ 0.16 | $ 0.34 | $ 0.39 |
Note 7 - Segment and Geograph54
Note 7 - Segment and Geographic Information (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Note 7 - Segment and Geograph55
Note 7 - Segment and Geographic Information (Details) - Customers with Sales and Accounts Receivable Greater than 10% - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Distributor A [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Major Customer | 23.00% | 26.00% | 24.00% | 26.00% | |
Distributor A [Member] | Accounts Receivable [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Major Customer | 23.00% | 31.00% | |||
Distributor B [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Major Customer | 10.00% | ||||
Distributor B [Member] | Accounts Receivable [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Major Customer | 10.00% | 10.00% | |||
[1] | Represents less than 10%. |
Note 7 - Segment and Geograph56
Note 7 - Segment and Geographic Information (Details) - Revenue by Region - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | $ 81,416 | $ 68,436 | $ 154,954 | $ 128,497 |
CHINA | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 53,450 | 43,931 | 99,252 | 80,789 |
TAIWAN, PROVINCE OF CHINA | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 10,143 | 9,638 | 21,172 | 18,701 |
Europe [Member] | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 5,317 | 4,574 | 10,432 | 9,165 |
KOREA, REPUBLIC OF | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 5,109 | 3,890 | 9,354 | 6,626 |
South East Asia [Member] | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 3,336 | 1,407 | 7,075 | 3,421 |
JAPAN | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 2,412 | 1,713 | 4,297 | 3,854 |
UNITED STATES | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | 1,566 | 3,231 | 3,259 | 5,834 |
Other Region [Member] | ||||
Note 7 - Segment and Geographic Information (Details) - Revenue by Region [Line Items] | ||||
Region | $ 83 | $ 52 | $ 113 | $ 107 |
Note 7 - Segment and Geograph57
Note 7 - Segment and Geographic Information (Details) - Revenue by Product Family - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue from External Customer [Line Items] | ||||
Product family | $ 81,416 | $ 68,436 | $ 154,954 | $ 128,497 |
DC To DC Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Product family | 73,195 | 61,173 | 139,492 | 115,108 |
Lighting Control Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Product family | $ 8,221 | $ 7,263 | $ 15,462 | $ 13,389 |
Note 7 - Segment and Geograph58
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region [Line Items] | ||
Long lived assets by region | $ 85,878 | $ 84,782 |
CHINA | ||
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region [Line Items] | ||
Long lived assets by region | 36,828 | 37,147 |
UNITED STATES | ||
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region [Line Items] | ||
Long lived assets by region | 36,047 | 33,913 |
BERMUDA | ||
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region [Line Items] | ||
Long lived assets by region | 12,650 | 13,383 |
Other Region [Member] | ||
Note 7 - Segment and Geographic Information (Details) - Long Lived Assets by Geographic Region [Line Items] | ||
Long lived assets by region | $ 353 | $ 339 |
Note 8- Litigation (Details)
Note 8- Litigation (Details) - O2 Micro [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | May. 03, 2012 | |
Note 8- Litigation (Details) [Line Items] | |||||
Proceeds from Legal Settlements | $ 9.5 | ||||
Loss Contingency, Estimate of Possible Loss | $ 9.5 | ||||
Loss Contingency, Accrual, Current | $ 9.5 | ||||
Gain (Loss) Related to Litigation Settlement | $ 9.5 | ||||
Litigation Settlement, Expense | $ 0.5 | ||||
Attorney Fees [Member] | |||||
Note 8- Litigation (Details) [Line Items] | |||||
Gain Contingency, Unrecorded Amount | $ 9.1 | ||||
Taxable Costs [Member] | |||||
Note 8- Litigation (Details) [Line Items] | |||||
Gain Contingency, Unrecorded Amount | $ 0.3 |
Note 9 - Cash, Cash Equivalen60
Note 9 - Cash, Cash Equivalents and Investments (Details) - Cash Equivalents, Short-term and Long-term Investments - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Cash, cash equivalents and investments: | ||||
Cash | $ 46,179 | $ 66,188 | ||
Money market funds | 34,689 | 60,078 | ||
Certificates of deposit | 23,093 | 22,778 | ||
U.S. treasuries and government agency bonds | 127,073 | 89,674 | ||
Total | 236,409 | 244,107 | ||
Cash and cash equivalents | 80,868 | 126,266 | $ 107,863 | $ 101,213 |
Short-term investments | 150,166 | 112,452 | ||
Long-term investments | 5,375 | 5,389 | ||
Auction Rate Securities [Member] | ||||
Cash, cash equivalents and investments: | ||||
Auction-rate securities backed by student-loan notes | $ 5,375 | $ 5,389 |
Note 9 - Cash, Cash Equivalen61
Note 9 - Cash, Cash Equivalents and Investments (Details) - Investment Maturity Classification - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Maturity Classification [Abstract] | ||
Due in less than 1 year | $ 118,344 | $ 91,335 |
Due in 1 - 5 years | 31,822 | 21,117 |
Due in greater than 5 years | 5,375 | 5,389 |
Total | $ 155,541 | $ 117,841 |
Note 9 - Cash, Cash Equivalen62
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | $ 190,405 | $ 178,115 |
Unrealized Gains | 39 | 14 |
Unrealized Losses | (214) | (210) |
Total Fair Value | 190,230 | 177,919 |
Fair Value of Investments in Unrealized Loss Position | 51,019 | 40,451 |
Money Market Funds [Member] | ||
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 34,689 | 60,078 |
Total Fair Value | 34,689 | 60,078 |
Certificates of Deposit [Member] | ||
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 23,093 | 22,778 |
Total Fair Value | 23,093 | 22,778 |
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 | 127,053 | 89,689 |
Unrealized Gains | 39 | 14 |
Unrealized Losses | (19) | (29) |
Total Fair Value | 127,073 | 89,674 |
Fair Value of Investments in Unrealized Loss Position | 45,644 | 35,062 |
Auction Rate Securities [Member] | ||
Note 9 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 5,570 | 5,570 |
Unrealized Losses | (195) | (181) |
Total Fair Value | 5,375 | 5,389 |
Fair Value of Investments in Unrealized Loss Position | $ 5,375 | $ 5,389 |
Note 10 - Fair Value Measurem63
Note 10 - Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jul. 30, 2014 | Jul. 22, 2014 |
Note 10 - Fair Value Measurements (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 2,507 | $ 2,507 | ||
Sensima [Member] | ||||
Note 10 - Fair Value Measurements (Details) [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8,900 | $ 8,900 | ||
Business Combination, Contingent Consideration, Liability | $ 2,507 | $ 2,500 | $ 2,500 |
Note 10 - Fair Value Measurem64
Note 10 - Fair Value Measurements (Details) - Financial Assets and Liabilities, Fair Value - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 195,076 | $ 180,155 |
Liabilities: | ||
Contingent consideration | 2,507 | 2,507 |
Total | 2,507 | 2,507 |
Money Market Funds [Member] | ||
Assets: | ||
Assets | 34,689 | 60,078 |
Certificates of Deposit [Member] | ||
Assets: | ||
Assets | 23,093 | 22,778 |
US Government Agencies Short-term Debt Securities [Member] | ||
Assets: | ||
Assets | 127,073 | 89,674 |
Auction Rate Securities [Member] | ||
Assets: | ||
Assets | 5,375 | 5,389 |
Equity Funds [Member] | ||
Assets: | ||
Assets | 4,846 | 2,236 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets | 39,535 | 62,314 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Assets | 34,689 | 60,078 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Assets: | ||
Assets | 4,846 | 2,236 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 150,166 | 112,452 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Assets | 23,093 | 22,778 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Short-term Debt Securities [Member] | ||
Assets: | ||
Assets | 127,073 | 89,674 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 5,375 | 5,389 |
Liabilities: | ||
Contingent consideration | 2,507 | 2,507 |
Total | 2,507 | 2,507 |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||
Assets: | ||
Assets | $ 5,375 | $ 5,389 |
Note 10 - Fair Value Measurem65
Note 10 - Fair Value Measurements (Details) - Level 3 Investments $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at January 1, 2015 | $ 5,389 |
Ending balance at June 30, 2015 | 5,375 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at January 1, 2015 | 5,389 |
Change in unrealized loss included in other comprehensive income | (14) |
Ending balance at June 30, 2015 | $ 5,375 |
Note 10 - Fair Value Measurem66
Note 10 - Fair Value Measurements (Details) - Discounted Cash Flow Assumptions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Time-to-liquidity (months) | 24 | 24 |
Expected return | 2.70% | 2.90% |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | 4.00% |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 6.90% | 7.00% |
Note 11 - Deferred Compensati67
Note 11 - Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Deferred Compensation Plan Assets | $ 8,770 | $ 6,084 |
Deferred Compensation Liability, Current and Noncurrent | $ 8,900 | $ 6,200 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Apr. 30, 2011 | |
Note 12 - Income Taxes (Details) [Line Items] | ||||||||
Income Tax Expense (Benefit) | $ 2,447,000 | $ 502,000 | $ 2,983,000 | $ 759,000 | ||||
Effective Income Tax Rate Reconciliation, Percent | 23.70% | 7.30% | 17.70% | 4.70% | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2,700,000 | |||||||
Unrecognized Tax Benefits | 11,700,000 | $ 11,700,000 | $ 16,400,000 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,200,000 | 2,200,000 | 4,800,000 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100,000 | 100,000 | $ 500,000 | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 10,500,000 | |||||||
Income Tax Examination Tax Payment | $ 1,200,000 | 1,600,000 | ||||||
Income Tax Examination, Interest Expense | 1,100,000 | |||||||
Income Tax Examination, Penalties Accrued | $ 0 | $ 0 | ||||||
Scenario, Forecast [Member] | ||||||||
Note 12 - Income Taxes (Details) [Line Items] | ||||||||
Income Tax Examination Tax Payment | $ 200,000 | |||||||
Income Tax Examination, Interest Expense | $ 1,100,000 |
Note 13 - Accumulated Other C69
Note 13 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 6,096 | $ 5,811 | $ 5,811 | ||
Other comprehensive income (loss) before reclassifications | 93 | 286 | |||
Amounts reclassified from accumulated other comprehensive income | (3) | (1) | |||
Net current period other comprehensive income (loss) | 90 | 285 | $ 188 | 375 | $ (420) |
Balance | 6,186 | 6,096 | 6,186 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | 6,256 | 6,007 | 6,007 | ||
Other comprehensive income (loss) before reclassifications | 105 | 249 | |||
Net current period other comprehensive income (loss) | 105 | 249 | |||
Balance | 6,361 | 6,256 | 6,361 | ||
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | 16 | (15) | (15) | ||
Other comprehensive income (loss) before reclassifications | 7 | 32 | |||
Amounts reclassified from accumulated other comprehensive income | (3) | (1) | |||
Net current period other comprehensive income (loss) | 4 | 31 | |||
Balance | 20 | 16 | 20 | ||
Auction Rate Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (176) | (181) | (181) | ||
Other comprehensive income (loss) before reclassifications | (19) | 5 | |||
Net current period other comprehensive income (loss) | (19) | 5 | |||
Balance | $ (195) | $ (176) | $ (195) |
Note 14 - Stock Repurchase Pr70
Note 14 - Stock Repurchase Program (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jul. 31, 2013 |
Disclosure Text Block [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 20.1 |
Note 14 - Stock Repurchase Pr71
Note 14 - Stock Repurchase Program (Details) - Stock Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Stock Repurchase Program [Abstract] | |||
Shares Repurchased, Cumulative Balance | 1,918 | 1,715 | |
RepurchaseStockAveragePricePerShare | $ 38.70 | $ 37.66 | $ 36.04 |
Total Amount, Cumulative Balance | $ 79,942 | $ 72,218 | $ 61,813 |
Repurchases | 148 | 203 | |
Repurchases, Average Price Per Share | $ 52.19 | $ 51.33 | |
Repurchases, Total Amount | $ 7,724 | $ 10,405 | |
Shares Repurchased, Cumulative Balance | 2,066 | 1,918 |
Note 15 - Dividends and Divid72
Note 15 - Dividends and Dividend Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Note 15 - Dividends and Dividend Equivalents (Details) [Line Items] | ||
Dividends Payable, Current | $ 7.9 | |
Restricted Stock Units (RSUs) [Member] | ||
Note 15 - Dividends and Dividend Equivalents (Details) [Line Items] | ||
Dividend Equivalents, Current | $ 1.8 | $ 0.8 |
Note 15 - Dividends and Divid73
Note 15 - Dividends and Dividend Equivalents (Details) - Cash Dividends - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Cash Dividends [Abstract] | ||
Dividend Declared per Share | $ 0.20 | $ 0.20 |
Total Amount | $ 7,925 | $ 7,854 |