Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | MONOLITHIC POWER SYSTEMS INC | |
Entity Central Index Key | 1,280,452 | |
Trading Symbol | mpwr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 41,265,113 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 76,826 | $ 112,703 |
Short-term investments | 201,815 | 155,521 |
Accounts receivable, net | 38,115 | 34,248 |
Inventories | 78,535 | 71,469 |
Other current assets | 11,045 | 9,043 |
Total current assets | 406,336 | 382,984 |
Property and equipment, net | 85,617 | 85,171 |
Long-term investments | 5,342 | 5,354 |
Goodwill | 6,571 | 6,571 |
Acquisition-related intangible assets, net | 2,489 | 3,002 |
Deferred tax assets, net | 641 | 633 |
Other long-term assets | 29,808 | 27,411 |
Total assets | 536,804 | 511,126 |
Current liabilities: | ||
Accounts payable | 22,637 | 17,427 |
Accrued compensation and related benefits | 10,454 | 12,578 |
Accrued liabilities | 22,917 | 22,916 |
Total current liabilities | 56,008 | 52,921 |
Income tax liabilities | 4,111 | 3,870 |
Other long-term liabilities | 25,557 | 23,219 |
Total liabilities | 85,676 | 80,010 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock and additional paid-in capital, $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 41,239 and 40,793 as of March 31, 2017 and December 31, 2016, respectively | 334,222 | 315,969 |
Retained earnings | 119,613 | 119,362 |
Accumulated other comprehensive loss | (2,707) | (4,215) |
Total stockholders’ equity | 451,128 | 431,116 |
Total liabilities and stockholders’ equity | $ 536,804 | $ 511,126 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000 | 150,000 |
Common stock, shares issued (in shares) | 41,239 | 40,793 |
Common stock, shares outstanding (in shares) | 41,239 | 40,793 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 100,362 | $ 84,512 |
Cost of revenue | 45,520 | 39,002 |
Gross profit | 54,842 | 45,510 |
Operating expenses: | ||
Research and development | 18,894 | 17,321 |
Selling, general and administrative | 22,092 | 17,768 |
Litigation expense | 286 | 45 |
Total operating expenses | 41,272 | 35,134 |
Income from operations | 13,570 | 10,376 |
Interest and other income, net | 1,381 | 543 |
Income before income taxes | 14,951 | 10,919 |
Income tax provision | 474 | 344 |
Net income | $ 14,477 | $ 10,575 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.35 | $ 0.26 |
Diluted (in dollars per share) | $ 0.33 | $ 0.25 |
Weighted-average shares outstanding: | ||
Basic (in shares) | 41,047 | 40,028 |
Diluted (in shares) | 43,268 | 41,646 |
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.20 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 14,477 | $ 10,575 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments, net of $0 tax in 2017 and 2016 | 1,306 | 498 |
Change in unrealized gain on available-for-sale securities, net of $0 tax in 2017 and 2016 | 202 | 210 |
Net current period other comprehensive income | 1,508 | 708 |
Comprehensive income | $ 15,985 | $ 11,283 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Change in unrealized losses on securities, tax | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 14,477 | $ 10,575 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangible assets | 4,044 | 3,320 |
(Gain) loss on sales or write-off of property and equipment | (3) | 58 |
Amortization of premium on available-for-sale investments, net | 507 | 171 |
Gain on employee deferred compensation plan investments | (733) | (302) |
Deferred taxes, net | 11 | |
Stock-based compensation expense | 11,662 | 8,979 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,865) | 1,998 |
Inventories | (7,057) | 851 |
Other assets | (1,465) | (181) |
Accounts payable | 4,927 | 3,342 |
Accrued compensation and related benefits | (2,251) | (270) |
Accrued liabilities | 2,402 | 344 |
Income tax liabilities | (753) | (26) |
Net cash provided by operating activities | 21,892 | 28,870 |
Cash flows from investing activities: | ||
Property and equipment purchases | (3,424) | (5,346) |
Proceeds from sales of property and equipment | 3 | |
Purchases of short-term investments | (71,989) | (66,803) |
Proceeds from maturities and sales of short-term investments | 25,400 | 37,353 |
Contributions to employee deferred compensation plan, net | (1,233) | (1,030) |
Net cash used in investing activities | (51,243) | (35,826) |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (250) | |
Proceeds from exercise of stock options | 61 | 464 |
Proceeds from shares issued under the employee stock purchase plan | 1,382 | 1,285 |
Dividends and dividend equivalents paid | (8,179) | (7,974) |
Net cash used in financing activities | (6,986) | (6,225) |
Effect of change in exchange rates | 460 | 129 |
Net decrease in cash and cash equivalents | (35,877) | (13,052) |
Cash and cash equivalents, beginning of period | 112,703 | 90,860 |
Cash and cash equivalents, end of period | 76,826 | 77,808 |
Supplemental disclosures for cash flow information: | ||
Cash paid for taxes and interest | 1,220 | 349 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 1,208 | 840 |
Liability accrued for dividends and dividend equivalents | $ 8,902 | $ 8,700 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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 accounting principles, 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 December 31, 2016, March 1, 2017. 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 may December 31, 2017 Summary of Significant Accounting Policies Other than those discussed in “Recent Accounting Pronouncements” below, there have been no changes to the Company’s significant accounting policies during the three March 31, 2017 10 December 31, 2016. Recent Accounting Pronouncements Stock-Based Compensation: In March 2016, 2016 09, Compensation—Stock Compensation (Topic 718): January 1, 2017 ● The Company elected to account for forfeitures of equity awards when they occur. The change was applied on a modified retrospective basis and the Company recorded a cumulative-effect adjustment of $5.1 on January 1, 2017 ● Excess tax benefits are recognized in the income tax provision in the Condensed Consolidated Statements of Operations prospectively, rather than in additional paid-in capital in the Condensed Consolidated Balance Sheets. The Company applied the modified retrospective method and there was no net cumulative-effect adjustment to retained earnings on January 1, 2017, 0.5 three March 31, 2017, ● The Company is presenting excess tax benefits as an operating activity in the Condensed Consolidated Statements of Cash Flows on a prospective basis. Revenue Recognition: In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606), five December 15, 2017. December 15, 2016. January 1, 2018. While the Company continues to assess the impact of the new standard on its accounting policies, processes and system requirements, the primary effects include the timing of recognition of revenue with certain distributors in the U.S. Currently, sales to these distributors are made under agreements which provide these distributors with price adjustment and other rights. The Company determines that uncertainties on the sales price exist under these arrangements primarily because the amount of price adjustments to be claimed by the distributors is not fixed or determinable. As a result, revenue and costs related to these sales are deferred until the Company receives notification from the distributors that products have been sold to the end customers and the amount of price adjustments is finalized. Under the new standard, the transaction price takes into consideration the effect of variable consideration, which is estimated at the time the promised goods are transferred to the customers. Accordingly, the Company will be required to recognize revenue at the time of shipment to the distributors, adjusted for an estimate of the price adjustments based on the information available at the time. Revenue from non-U.S. distributors, which make up the majority of the Company’s total distributor sales, is currently recognized at the time of shipment to the distributors because these arrangements do not contain price adjustments, or other amounts that are not fixed or determinable. The new standard permits adoption either by using (i) a full retrospective approach for all periods presented in the period of adoption or (ii) a modified retrospective approach with the cumulative effect of initially applying the new standard recognized at the date of initial application and providing certain additional disclosures. The Company has not yet made a final decision regarding the adoption method. While the Company continues to assess the potential impact of the provisions in the new standard, including the areas described above, the Company cannot reasonably estimate quantitative information related to the impact of the new standard on its financial statements at this time. Others: In February 2016, 2016 02, Leases (Topic 842), 12 December 15, 2018, In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326): December 15, 2019, December 15, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350): two December 15, 2019. January 1, 2017. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 2. 2014 “2014 The Board of Directors adopted the 2014 April 2013, June 2013. October 2014, 2014 2014 November 13, 2014 5.5 2014 November 13, 2024. March 31, 2017, 3.2 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended March 31, 2017 2016 Cost of revenue $ 358 $ 434 Research and development 3,498 3,698 Selling, general and administrative 7,806 4,847 Total $ 11,662 $ 8,979 In the first 2016, $2.9 three March 31, 2016. RSUs The Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market and performance conditions (“MPSUs”), and RSUs with market conditions (“MSUs”). Vesting of all awards requires continued service for the Company. In addition, vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals. A summary of RSU activity is presented in the table below (in thousands, except per-share amounts): Time-Based RSUs Weighted-Average Grant Date Fair Value Per Share PSUs and MPSUs 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 Outstanding at January 1, 2017 366 $ 51.35 2,284 $ 43.24 1,620 $ 23.57 4,270 $ 36.47 Granted 47 $ 89.37 527 (1) $ 62.86 - $ - 574 $ 65.02 Released (61 ) $ 46.83 (360 ) $ 43.71 - $ - (421 ) $ 44.16 Forfeited (5 ) $ 60.85 (3 ) $ 52.30 - $ - (8 ) $ 57.51 Outstanding at March 31, 2017 347 $ 57.12 2,448 $ 47.38 1,620 $ 23.57 4,415 $ 39.41 (1) Amount reflects the number of PSUs and MPSUs that may of the performance conditions at each reporting period. In addition, MPSUs are subject to the achievement of market conditions. The intrinsic value related to awards released was $37.4 $29.1 three March 31, 2017 2016, March 31, 2017, $373.3 $92.10. March 31, 2017, $110.1 four Time-Based RSUs: For the three March 31, 2017, 47,000 four one 2017 In February 2017, 200,000 two (2017 2018) two (“2017 300% 2017 50% 2017 first 2019 2017 two 2017 $36.3 In February 2017, 48,000 2018 two (2017 2018) two (“2017 200% 300% 2017 50% 2017 first 2019 2017 two 2017 $7.2 The 2017 2017 $30 2017 2017 $89.37, 2.6 28.6% 1.3%. 2015 On December 31, 2015, 127,000 (“2015 500% 2015 2015 four December 31, 2019. first five $71.36 $95.57 January 1, 2016 December 31, 2019. The second, third fourth five (1) 20 (2) second $89.56 $106.81 January 1, 2017 December 31, 2019. third December 31, 2017 January 1, 2018 December 31, 2019. fourth December 31, 2018 January 1, 2019 December 31, 2019. In addition, each of the second, third fourth one six 1. Successful implementation of full digital solutions vs. current analog topology for certain products. 2. Successful implementation, and adoption by a key player, of an integrated, software-based field-oriented-control with sensors to motor drivers. 3. Successful implementation of certain advanced power analog processes. 4. Successful design wins and achievement of a specific level of revenue with a global networking customer. 5. Achievement of a specific level of revenue with a global electronics manufacturer. 6. Achievement of a specific level of market share with certain core power products. Subject to the employees’ continued employment with the Company, the 2015 January 1, 2020 2015 two The Company determined the grant date fair value of the 2015 $61.35, 33.2%, 1.3%, 7.8% March 2016, 13,000 2015 2015 $24.6 $8.3 first $4.5 second $5.2 third $6.6 fourth For the first second, third fourth March 31, 2017, three six second, third fourth Stock Options No three March 31, 2017 2016. $0.3 $1.1 three March 31, 2017 2016, $0.1 $0.5 three March 31, 2017 2016, March 31, 2017, no Employee Stock Purchase Plan (“ESPP”) For the three March 31, 2017 2016, 22,000 29,000 March 31, 2017, 4.6 The intrinsic value of shares issued was $0.5 $0.4 three March 31, 2017 2016, March 31, 2017, $0.3 third 2017. Three Months Ended March 31, 2017 2016 Expected term (years) 0.5 0.5 Expected volatility 23.4 % 29.7 % Risk-free interest rate 0.7 % 0.4 % Dividend yield 0.9 % 1.4 % Cash proceeds from the shares issued under the ESPP were $1.4 $1.3 three March 31, 2017 2016, |
Note 3 - Balance Sheet Componen
Note 3 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3. Inventories Inventories consist of the following (in thousands): March 31, December 31, 2017 2016 Raw materials $ 15,640 $ 14,599 Work in process 32,903 26,048 Finished goods 29,992 30,822 Total $ 78,535 $ 71,469 Other Current Assets Other current assets consist of the following (in thousands): March 31, December 31, 2017 2016 Prepaid wafer purchase $ 5,000 $ 5,000 Other prepaid expense 3,281 2,249 Interest receivable 1,295 966 Other 1,469 828 Total $ 11,045 $ 9,043 Other Long-Term Assets Other long-term assets consist of the following (in thousands): March 31, December 31, 2017 2016 Deferred compensation plan assets $ 22,001 $ 20,288 Prepaid wafer purchase 5,000 5,000 Other prepaid expense 1,235 1,117 Other 1,572 1,006 Total $ 29,808 $ 27,411 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2017 2016 Dividends and dividend equivalents $ 9,437 $ 8,946 Deferred revenue and customer prepayments 5,496 6,799 Stock rotation reserve 3,481 1,937 Warranty 1,346 1,030 Commissions 1,007 1,008 Income tax payable 259 1,239 Other 1,891 1,957 Total $ 22,917 $ 22,916 A roll-forward of the warranty reserve is as follows (in thousands): Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 1,030 $ 289 Warranty provision for product sales 791 85 Settlements made (296 ) - Unused warranty provision (179 ) (38 ) Balance at end of period $ 1,346 $ 336 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, December 31, 2017 2016 Deferred compensation plan liabilities $ 21,777 $ 19,836 Dividend equivalents 3,708 3,294 Other 72 89 Total $ 25,557 $ 23,219 |
Note 4 - Goodwill and Acquisiti
Note 4 - Goodwill and Acquisition-related Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. There have been no changes in the balance of goodwill during the three March 31, 2017. Acquisition-related intangible assets consist of the following (in thousands): March 31, 2017 Gross Amount Accumulated Amortization Net Amount Know-how $ 1,018 $ (551 ) $ 467 Developed technologies 6,466 (4,444 ) 2,022 Total $ 7,484 $ (4,995 ) $ 2,489 December 31, 2016 Gross Amount Accumulated Amortization Net Amount Know-how $ 1,018 $ (500 ) $ 518 Developed technologies 6,466 (3,982 ) 2,484 Total $ 7,484 $ (4,482 ) $ 3,002 Amortization expense is recorded in cost of revenue in the Condensed Consolidated Statements of Operations. For both the three March 31, 2017 2016, $0.5 As of March 31, 2017, 2017 (remaining nine months) $ 1,538 2018 841 2019 110 Total $ 2,489 |
Note 5 - Net Income Per Share
Note 5 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. 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. Contingently issuable shares, including equity awards with performance conditions or market conditions, are considered outstanding common shares and included in the basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in the diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. The Company’s outstanding RSUs contain forfeitable rights to receive cash dividend equivalents, which are accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not fulfill their service requirement and the awards do not vest. 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 March 31, 2017 2016 Numerator: Net income $ 14,477 $ 10,575 Denominator: Weighted-average outstanding shares used to compute basic net income per share 41,047 40,028 Effect of dilutive securities 2,221 1,618 Weighted-average outstanding shares used to compute diluted net income per share 43,268 41,646 Net income per share: Basic $ 0.35 $ 0.26 Diluted $ 0.33 $ 0.25 |
Note 6 - Segment and Geographic
Note 6 - Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. The Company operates in one The Company sells its products primarily through third two 10% Three Months Ended March 31, Customer 2017 2016 Distributor A 18 % 20 % Distributor B 10 % * * Represents less than 10%. The following table summarizes two 10% March 31, December 31, Customer 2017 2016 Distributor A 20 % 19 % Distributor B 13 % 17 % Both of the customers are third may may The following is a summary of revenue by geographic regions (in thousands): Three Months Ended March 31, Country or Region 2017 2016 China $ 56,084 $ 52,388 Taiwan 14,875 8,855 Korea 8,161 7,093 Europe 7,907 6,985 Southeast Asia 6,372 4,338 Japan 4,825 2,650 United States 2,042 2,146 Other 96 57 Total $ 100,362 $ 84,512 The following is a summary of revenue by product family (in thousands): Three Months Ended March 31, Product Family 2017 2016 DC to DC $ 91,424 $ 77,118 Lighting Control 8,938 7,394 Total $ 100,362 $ 84,512 The following is a summary of long-lived assets by geographic regions (in thousands): March 31, December 31, Country 2017 2016 United States $ 52,270 $ 50,242 China 45,339 45,728 Bermuda 9,060 9,573 Taiwan 9,576 8,919 Other 433 571 Total $ 116,678 $ 115,033 |
Note 7 - Litigation
Note 7 - Litigation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 7. The Company is a party to actions and proceedings in the ordinary course of business, including potential litigation initiated by its shareholders, 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 As of March 31, 2017, |
Note 8 - Cash, Cash Equivalents
Note 8 - Cash, Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 8. The following is a summary of the Company’s cash, cash equivalents and short-term and long-term investments (in thousands): March 31, December 31, 2017 2016 Cash, cash equivalents and investments: Cash $ 68,552 $ 87,747 Money market funds 8,274 24,956 Certificates of deposit 7,256 - Corporate debt securities 170,389 109,644 U.S. treasuries and government agency bonds 24,170 45,877 Auction-rate securities backed by student-loan notes 5,342 5,354 Total $ 283,983 $ 273,578 March 31, December 31, 2017 2016 Reported as: Cash and cash equivalents $ 76,826 $ 112,703 Short-term investments 201,815 155,521 Long-term investments 5,342 5,354 Total $ 283,983 $ 273,578 The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands): March 31, December 31, 2017 2016 Due in less than 1 year $ 61,688 $ 47,568 Due in 1 - 5 years 140,127 107,953 Due in greater than 5 years 5,342 5,354 Total $ 207,157 $ 160,875 The following tables summarize the unrealized gain and loss positions related to the Company’s investments in marketable securities designated as available-for sale (in thousands): March 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 8,274 $ - $ - $ 8,274 $ - Certificates of deposit 7,256 - - 7,256 - Corporate debt securities 170,959 75 (645 ) 170,389 129,006 U.S. treasuries and government agency bonds 24,193 3 (26 ) 24,170 21,180 Auction-rate securities backed by student-loan notes 5,570 - (228 ) 5,342 5,342 Total $ 216,252 $ 78 $ (899 ) $ 215,431 $ 155,528 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 24,956 $ - $ - $ 24,956 $ - Corporate debt securities 110,429 65 (850 ) 109,644 91,938 U.S. treasuries and government agency bonds 45,899 - (22 ) 45,877 39,275 Auction-rate securities backed by student-loan notes 5,570 - (216 ) 5,354 5,354 Total $ 186,854 $ 65 $ (1,088 ) $ 185,831 $ 136,567 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. The following table details the fair value measurement of the financial assets (in thousands): Fair Value Measurement at March 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Money market funds $ 8,274 $ 8,274 $ - $ - Certificates of deposit 7,256 - 7,256 - Corporate debt securities 170,389 - 170,389 - U.S. treasuries and government agency bonds 24,170 - 24,170 - Auction-rate securities backed by student-loan notes 5,342 - - 5,342 Mutual funds under deferred compensation plan 13,514 13,514 - - Total $ 228,945 $ 21,788 $ 201,815 $ 5,342 Fair Value Measurement at December 31, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Money market funds $ 24,956 $ 24,956 $ - $ - Corporate debt securities 109,644 - 109,644 - U.S. treasuries and government agency bonds 45,877 - 45,877 - Auction-rate securities backed by student-loan notes 5,354 - - 5,354 Mutual funds under deferred compensation plan 12,108 12,108 - - Total $ 197,939 $ 37,064 $ 155,521 $ 5,354 ● Level 1—includes ● Level 2—includes assets or inputs other than quoted prices that are observable for the assets. The market inputs used to value these instruments generally consist of market yields, recently executed transactions, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Pricing sources may from large financial institutions, and other third ● Level 3—includes fair value measurement. The Company’s level 3 2008. Balance at January 1, 2017 $ 5,354 Change in unrealized loss included in other comprehensive income (12 ) Balance at March 31, 2017 $ 5,342 The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: March 31, December 31, 2017 2016 Time-to-liquidity (months) 24 24 Discount rate 4.2% - 9.2% 4.3% - 9.3% |
Note 10 - Deferred Compensation
Note 10 - Deferred Compensation Plan | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 10. 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. The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense (credit) in the Condensed Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies and mutual funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies and at the fair value of the mutual funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund investments are included in interest and other income, net in the Condensed Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances in the Condensed Consolidated Balance Sheets (in thousands): March 31, December 31, 2017 2016 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 8,487 $ 8,180 Fair value of mutual funds 13,514 12,108 Total $ 22,001 $ 20,288 Deferred compensation plan assets reported in: Other long-term assets $ 22,001 $ 20,288 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 341 $ 479 Other long-term liabilities 21,777 19,836 Total $ 22,118 $ 20,315 |
Note 11 - Interest and Other In
Note 11 - Interest and Other Income, Net | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 11. The components of interest and other income, net are as follows (in thousands): Three Months Ended March 31, 2017 2016 Interest income $ 1,264 $ 489 Amortization of premium on available-for-sale investments (507 ) (171 ) Gain on employee deferred compensation plan investments 733 302 Foreign currency exchange loss (109 ) (83 ) Other - 6 Total $ 1,381 $ 543 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The income tax provision for the three March 31, 2017 $0.5 3.2% . The income tax provision for the three March 31, 2016 $0.3 3.2% On July 27, 2015, Altera Corp. v. Commissioner December 2015, February 2016. March 31, 2017. Adoption of ASU No. 2016 09 Upon adoption of ASU No. 2016 09 January 1, 2017, January 1, 2017, three March 31, 2017, Unrecognized Tax Benefits As of March 31, 2017, $15.0 $3.8 December 31, 2016, $14.4 $3.5 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 may The Company recognizes interest and penalties, if any, related to uncertain tax positions in its income tax provision. As of March 31, 2017 December 31, 2016, $0.4 $0.3 |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13. The following table summarizes the changes in accumulated other comprehensive loss (in thousands): Unrealized Losses on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2017 $ (1,023 ) $ (3,192 ) $ (4,215 ) Other comprehensive income before reclassifications 202 1,306 1,508 Amounts reclassified from accumulated other comprehensive loss - - - Net current period other comprehensive income 202 1,306 1,508 Balance as of March 31, 2017 $ (821 ) $ (1,886 ) $ (2,707 ) |
Note 14 - Stock Repurchase
Note 14 - Stock Repurchase | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Common Stock Repurchases [Text Block] | 14. In February 2016, “2016 $50 December 31, 2016. December 2016, 2016 December 31, 2017. For the three March 31, 2017 2016, not 2016 March 31, 2017, $50 |
Note 15 - Dividends and Dividen
Note 15 - Dividends and Dividend Equivalents | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 15. Cash Dividend Program In June 2014, For the three March 31, 2017, $0.20 $8.2 three March 31, 2016, $0.20 $8.0 March 31, 2017 December 31, 2016, $8.2 The declaration of any future cash dividends is at the discretion of the Board of Directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, business conditions, statutory requirements of Delaware law, compliance with the terms of future indebtedness and credit facilities and other factors that the Board of Directors may may Cash Dividend Equivalent Rights Under the Company’s stock plans, outstanding RSUs 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 accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not fulfill their service requirement and the awards do not vest. As of March 31, 2017 December 31, 2016, $4.9 $4.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 accounting principles, 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 December 31, 2016, March 1, 2017. 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 may December 31, 2017 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Stock-Based Compensation: In March 2016, 2016 09, Compensation—Stock Compensation (Topic 718): January 1, 2017 ● The Company elected to account for forfeitures of equity awards when they occur. The change was applied on a modified retrospective basis and the Company recorded a cumulative-effect adjustment of $5.1 on January 1, 2017 ● Excess tax benefits and deficiencies are now recognized in the income tax provision in the Condensed Consolidated Statements of Operations prospectively, rather than in additional paid-in capital in the Condensed Consolidated Balance Sheets. In addition, the standard eliminated the requirement to defer recognition of excess tax benefits until they are realized through a reduction to income taxes payable. The Company applied the modified retrospective method and there was no net cumulative-effect adjustment to retained earnings on January 1, 2017, previously unrecognized excess tax benefits was fully offset by a valuation allowance. ● The Company is presenting excess tax benefits as an operating activity in the Condensed Consolidated Statements of Cash Flows on a prospective basis. Revenue Recognition: In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606), five December 15, 2017. December 15, 2016. January 1, 2018. While the Company continues to assess the new standard on its accounting policies, processes and system requirements, the primary impact includes the timing of recognition of revenue with certain distributors in the U.S. Currently, sales to these distributors are made under agreements which provide these distributors with price adjustment and other rights. The Company determines that uncertainties on the sales price exist under these arrangements primarily because the amount of price adjustments to be claimed by the distributors is not fixed or determinable. As a result, revenue and costs related to these sales are deferred until the Company receives notification from the distributors that products have been sold to the end customers and the amount of price adjustments is finalized. Under the new standard, the transaction price takes into consideration the effect of variable consideration, which is estimated at the time the promised goods are transferred to the customers. Accordingly, the Company will be required to recognize revenue at the time of shipment to the distributors, adjusted for an estimate of the price adjustments based on the information available at the time. Revenue from non-U.S. distributors, which make up the majority of the Company’s total distributor sales, is currently recognized at the time of shipment to the distributors because these arrangements do not contain price adjustments, or other amounts that are not fixed or determinable. The new standard permits adoption either by using (i) a full retrospective approach for all periods presented in the period of adoption or (ii) a modified retrospective approach with the cumulative effect of initially applying the new standard recognized at the date of initial application and providing certain additional disclosures. A final decision regarding the adoption method has not been finalized at this time. While the Company continues to assess the potential impact of the provisions in the new standard, including the areas described above, the Company cannot reasonably estimate quantitative information related to the impact of the new standard on its financial statements at this time. Others: In February 2016, 2016 02, Leases (Topic 842), 12 December 15, 2018, In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326): December 15, 2019, December 15, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350): two December 15, 2019. January 1, 2017. |
Note 2 - Stock-based Compensa24
Note 2 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months Ended March 31, 2017 2016 Cost of revenue $ 358 $ 434 Research and development 3,498 3,698 Selling, general and administrative 7,806 4,847 Total $ 11,662 $ 8,979 |
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 and MPSUs 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 Outstanding at January 1, 2017 366 $ 51.35 2,284 $ 43.24 1,620 $ 23.57 4,270 $ 36.47 Granted 47 $ 89.37 527 (1) $ 62.86 - $ - 574 $ 65.02 Released (61 ) $ 46.83 (360 ) $ 43.71 - $ - (421 ) $ 44.16 Forfeited (5 ) $ 60.85 (3 ) $ 52.30 - $ - (8 ) $ 57.51 Outstanding at March 31, 2017 347 $ 57.12 2,448 $ 47.38 1,620 $ 23.57 4,415 $ 39.41 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2017 2016 Expected term (years) 0.5 0.5 Expected volatility 23.4 % 29.7 % Risk-free interest rate 0.7 % 0.4 % Dividend yield 0.9 % 1.4 % |
Note 3 - Balance Sheet Compon25
Note 3 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2017 2016 Raw materials $ 15,640 $ 14,599 Work in process 32,903 26,048 Finished goods 29,992 30,822 Total $ 78,535 $ 71,469 |
Schedule of Other Current Assets [Table Text Block] | March 31, December 31, 2017 2016 Prepaid wafer purchase $ 5,000 $ 5,000 Other prepaid expense 3,281 2,249 Interest receivable 1,295 966 Other 1,469 828 Total $ 11,045 $ 9,043 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, December 31, 2017 2016 Deferred compensation plan assets $ 22,001 $ 20,288 Prepaid wafer purchase 5,000 5,000 Other prepaid expense 1,235 1,117 Other 1,572 1,006 Total $ 29,808 $ 27,411 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2017 2016 Dividends and dividend equivalents $ 9,437 $ 8,946 Deferred revenue and customer prepayments 5,496 6,799 Stock rotation reserve 3,481 1,937 Warranty 1,346 1,030 Commissions 1,007 1,008 Income tax payable 259 1,239 Other 1,891 1,957 Total $ 22,917 $ 22,916 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 1,030 $ 289 Warranty provision for product sales 791 85 Settlements made (296 ) - Unused warranty provision (179 ) (38 ) Balance at end of period $ 1,346 $ 336 |
Other Noncurrent Liabilities [Table Text Block] | March 31, December 31, 2017 2016 Deferred compensation plan liabilities $ 21,777 $ 19,836 Dividend equivalents 3,708 3,294 Other 72 89 Total $ 25,557 $ 23,219 |
Note 4 - Goodwill and Acquisi26
Note 4 - Goodwill and Acquisition-related Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | March 31, 2017 Gross Amount Accumulated Amortization Net Amount Know-how $ 1,018 $ (551 ) $ 467 Developed technologies 6,466 (4,444 ) 2,022 Total $ 7,484 $ (4,995 ) $ 2,489 December 31, 2016 Gross Amount Accumulated Amortization Net Amount Know-how $ 1,018 $ (500 ) $ 518 Developed technologies 6,466 (3,982 ) 2,484 Total $ 7,484 $ (4,482 ) $ 3,002 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 (remaining nine months) $ 1,538 2018 841 2019 110 Total $ 2,489 |
Note 5 - Net Income Per Share (
Note 5 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Numerator: Net income $ 14,477 $ 10,575 Denominator: Weighted-average outstanding shares used to compute basic net income per share 41,047 40,028 Effect of dilutive securities 2,221 1,618 Weighted-average outstanding shares used to compute diluted net income per share 43,268 41,646 Net income per share: Basic $ 0.35 $ 0.26 Diluted $ 0.33 $ 0.25 |
Note 6 - Segment and Geograph28
Note 6 - Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended March 31, Customer 2017 2016 Distributor A 18 % 20 % Distributor B 10 % * |
Schedule of Accounts Receivable by Major Customers by Reporting Segments [Table Text Block] | March 31, December 31, Customer 2017 2016 Distributor A 20 % 19 % Distributor B 13 % 17 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, Country or Region 2017 2016 China $ 56,084 $ 52,388 Taiwan 14,875 8,855 Korea 8,161 7,093 Europe 7,907 6,985 Southeast Asia 6,372 4,338 Japan 4,825 2,650 United States 2,042 2,146 Other 96 57 Total $ 100,362 $ 84,512 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, Product Family 2017 2016 DC to DC $ 91,424 $ 77,118 Lighting Control 8,938 7,394 Total $ 100,362 $ 84,512 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | March 31, December 31, Country 2017 2016 United States $ 52,270 $ 50,242 China 45,339 45,728 Bermuda 9,060 9,573 Taiwan 9,576 8,919 Other 433 571 Total $ 116,678 $ 115,033 |
Note 8 - Cash, Cash Equivalen29
Note 8 - Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, December 31, 2017 2016 Cash, cash equivalents and investments: Cash $ 68,552 $ 87,747 Money market funds 8,274 24,956 Certificates of deposit 7,256 - Corporate debt securities 170,389 109,644 U.S. treasuries and government agency bonds 24,170 45,877 Auction-rate securities backed by student-loan notes 5,342 5,354 Total $ 283,983 $ 273,578 March 31, December 31, 2017 2016 Reported as: Cash and cash equivalents $ 76,826 $ 112,703 Short-term investments 201,815 155,521 Long-term investments 5,342 5,354 Total $ 283,983 $ 273,578 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, December 31, 2017 2016 Due in less than 1 year $ 61,688 $ 47,568 Due in 1 - 5 years 140,127 107,953 Due in greater than 5 years 5,342 5,354 Total $ 207,157 $ 160,875 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 8,274 $ - $ - $ 8,274 $ - Certificates of deposit 7,256 - - 7,256 - Corporate debt securities 170,959 75 (645 ) 170,389 129,006 U.S. treasuries and government agency bonds 24,193 3 (26 ) 24,170 21,180 Auction-rate securities backed by student-loan notes 5,570 - (228 ) 5,342 5,342 Total $ 216,252 $ 78 $ (899 ) $ 215,431 $ 155,528 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 24,956 $ - $ - $ 24,956 $ - Corporate debt securities 110,429 65 (850 ) 109,644 91,938 U.S. treasuries and government agency bonds 45,899 - (22 ) 45,877 39,275 Auction-rate securities backed by student-loan notes 5,570 - (216 ) 5,354 5,354 Total $ 186,854 $ 65 $ (1,088 ) $ 185,831 $ 136,567 |
Note 9 - Fair Value Measureme30
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at March 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Money market funds $ 8,274 $ 8,274 $ - $ - Certificates of deposit 7,256 - 7,256 - Corporate debt securities 170,389 - 170,389 - U.S. treasuries and government agency bonds 24,170 - 24,170 - Auction-rate securities backed by student-loan notes 5,342 - - 5,342 Mutual funds under deferred compensation plan 13,514 13,514 - - Total $ 228,945 $ 21,788 $ 201,815 $ 5,342 Fair Value Measurement at December 31, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Money market funds $ 24,956 $ 24,956 $ - $ - Corporate debt securities 109,644 - 109,644 - U.S. treasuries and government agency bonds 45,877 - 45,877 - Auction-rate securities backed by student-loan notes 5,354 - - 5,354 Mutual funds under deferred compensation plan 12,108 12,108 - - Total $ 197,939 $ 37,064 $ 155,521 $ 5,354 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at January 1, 2017 $ 5,354 Change in unrealized loss included in other comprehensive income (12 ) Balance at March 31, 2017 $ 5,342 |
Schedule Of Level 3 Assumptions [Table Text Block] | March 31, December 31, 2017 2016 Time-to-liquidity (months) 24 24 Discount rate 4.2% - 9.2% 4.3% - 9.3% |
Note 10 - Deferred Compensati31
Note 10 - Deferred Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Deferred Compensation Plan [Table Text Block] | March 31, December 31, 2017 2016 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 8,487 $ 8,180 Fair value of mutual funds 13,514 12,108 Total $ 22,001 $ 20,288 Deferred compensation plan assets reported in: Other long-term assets $ 22,001 $ 20,288 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 341 $ 479 Other long-term liabilities 21,777 19,836 Total $ 22,118 $ 20,315 |
Note 11 - Interest and Other 32
Note 11 - Interest and Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, 2017 2016 Interest income $ 1,264 $ 489 Amortization of premium on available-for-sale investments (507 ) (171 ) Gain on employee deferred compensation plan investments 733 302 Foreign currency exchange loss (109 ) (83 ) Other - 6 Total $ 1,381 $ 543 |
Note 13 - Accumulated Other C33
Note 13 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2017 $ (1,023 ) $ (3,192 ) $ (4,215 ) Other comprehensive income before reclassifications 202 1,306 1,508 Amounts reclassified from accumulated other comprehensive loss - - - Net current period other comprehensive income 202 1,306 1,508 Balance as of March 31, 2017 $ (821 ) $ (1,886 ) $ (2,707 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - Accounting Standards Update 2016-09 [Member] - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Jan. 01, 2017 | |
Weighted Average Number Diluted Shares Outstanding Increase | 0.5 | |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 5.1 |
Note 2 - Stock-based Compensa35
Note 2 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Feb. 28, 2017USD ($)$ / sharesshares | Mar. 31, 2016shares | Dec. 31, 2015$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Nov. 13, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 574,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 300 | $ 1,100 | ||||
Proceeds from Stock Options Exercised | 61 | 464 | ||||
Proceeds from Stock Plans | $ 1,382 | $ 1,285 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 37,400 | $ 29,100 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 373,300 | |||||
Share Price | $ / shares | $ 92.10 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 110,100 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||||
Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 47,000 | |||||
2017 Executive PSUs and 2017 Non-executive PSUs [Member] | ||||||
Share Price | $ / shares | $ 89.37 | |||||
Purchase Price Per Share | $ / shares | $ 30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 219 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.60% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |||||
2015 MPSUs [Member] | ||||||
Share Price | $ / shares | $ 61.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 127,000 | |||||
PSUs Maximum Earn-Out | 500.00% | |||||
Maximum Stock Compensation Costs | $ 24,600 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.20% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |||||
Number of MPSU Tranches | 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Post-Award Vesting Period, Restriction Period on Sales | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 7.80% | |||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Maximum Stock Compensation Costs | 8,300 | |||||
Number of Price Targets | 5 | |||||
2015 MPSUs [Member] | Second, Third, and Fourth Tranches [Member] | ||||||
Number of Price Targets | 5 | |||||
Total number of performance conditions | 6 | |||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Maximum Stock Compensation Costs | 4,500 | |||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Maximum Stock Compensation Costs | 5,200 | |||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Maximum Stock Compensation Costs | 6,600 | |||||
2015 MPSUs [Member] | Minimum [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Market Awards Price Targets | $ / shares | $ 71.36 | |||||
2015 MPSUs [Member] | Minimum [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Market Awards Price Targets | $ / shares | 89.56 | |||||
2015 MPSUs [Member] | Maximum [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Market Awards Price Targets | $ / shares | 95.57 | |||||
2015 MPSUs [Member] | Maximum [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Market Awards Price Targets | $ / shares | $ 106.81 | |||||
Employee Stock Option [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0 | |||||
Proceeds from Stock Options Exercised | $ 100 | 500 | ||||
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Share-based Compensation Adjustment | $ 2,900 | |||||
Chief Financial Officer [Member] | 2015 MPSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares | 13,000 | |||||
Employees [Member] | Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Director [Member] | Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Executive Officer [Member] | 2017 Executive PSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
PSUs Maximum Earn-Out | 300.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Maximum Stock Compensation Costs | $ 36,300 | |||||
Non-Executive Employees [Member] | 2017 Non-Executive PSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 48,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Maximum Stock Compensation Costs | $ 7,200 | |||||
Non-Executive Employees [Member] | 2017 Non-Executive PSUs [Member] | Minimum [Member] | ||||||
PSUs Maximum Earn-Out, Second Tier | 200.00% | |||||
Non-Executive Employees [Member] | 2017 Non-Executive PSUs [Member] | Maximum [Member] | ||||||
PSUs Maximum Earn-Out, First Tier | 300.00% | |||||
The2014 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 5,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,200,000 | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 4,600,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 22,000 | 29,000 | ||||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ 500 | $ 400 | ||||
Proceeds from Stock Plans | $ 1,400 | $ 1,300 |
Note 2 - Stock-based Compensa36
Note 2 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share based compensation expense | $ 11,662 | $ 8,979 |
Cost of Sales [Member] | ||
Share based compensation expense | 358 | 434 |
Research and Development Expense [Member] | ||
Share based compensation expense | 3,498 | 3,698 |
Selling, General and Administrative Expenses [Member] | ||
Share based compensation expense | $ 7,806 | $ 4,847 |
Note 2 - Stock-based Compensa37
Note 2 - Stock-based Compensation - RSU Summary (Details) | 3 Months Ended | |
Mar. 31, 2017$ / sharesshares | ||
Beginning balance (in shares) | shares | 4,270,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 36.47 | |
Granted (in shares) | shares | 574,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 65.02 | |
Released (in shares) | shares | (421,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 44.16 | |
Forfeited (in shares) | shares | (8,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 57.51 | |
Ending balance (in shares) | shares | 4,415,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 39.41 | |
Time-Based RSUs [Member] | ||
Beginning balance (in shares) | shares | 366,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 51.35 | |
Granted (in shares) | shares | 47,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 89.37 | |
Released (in shares) | shares | (61,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 46.83 | |
Forfeited (in shares) | shares | (5,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 60.85 | |
Ending balance (in shares) | shares | 347,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 57.12 | |
PSUs and MPSUs [Member] | ||
Beginning balance (in shares) | shares | 2,284,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 43.24 | |
Granted (in shares) | shares | 527,000 | [1] |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 62.86 | |
Released (in shares) | shares | (360,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 43.71 | |
Forfeited (in shares) | shares | (3,000) | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 52.30 | |
Ending balance (in shares) | shares | 2,448,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 47.38 | |
MSUs [Member] | ||
Beginning balance (in shares) | shares | 1,620,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 23.57 | |
Forfeited (in shares) | shares | ||
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | ||
Ending balance (in shares) | shares | 1,620,000 | |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 23.57 | |
[1] | Amount reflects the number of PSUs and MPSUs that may ultimately be earned based on management's probability assessment of the performance conditions at each reporting period. In addition, MPSUs are subject to the achievement of market conditions. |
Note 2 - Stock-based Compensa38
Note 2 - Stock-based Compensation - Valuation Assumptions (Details) - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Expected term (years) (Year) | 182 days | 182 days |
Expected volatility | 23.40% | 29.70% |
Risk-free interest rate | 0.70% | 0.40% |
Dividend yield | 0.90% | 1.40% |
Note 3 - Balance Sheet Compon39
Note 3 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 15,640 | $ 14,599 |
Work in process | 32,903 | 26,048 |
Finished goods | 29,992 | 30,822 |
Total | $ 78,535 | $ 71,469 |
Note 3 - Balance Sheet Compon40
Note 3 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Prepaid wafer purchase | $ 5,000 | $ 5,000 |
Other prepaid expense | 3,281 | 2,249 |
Interest receivable | 1,295 | 966 |
Other | 1,469 | 828 |
Total | $ 11,045 | $ 9,043 |
Note 3 - Balance Sheet Compon41
Note 3 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred compensation plan assets | $ 22,001 | $ 20,288 |
Prepaid wafer purchase | 5,000 | 5,000 |
Other prepaid expense | 1,235 | 1,117 |
Other | 1,572 | 1,006 |
Total | $ 29,808 | $ 27,411 |
Note 3 - Balance Sheet Compon42
Note 3 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Dividends and dividend equivalents | $ 9,437 | $ 8,946 |
Deferred revenue and customer prepayments | 5,496 | 6,799 |
Stock rotation reserve | 3,481 | 1,937 |
Warranty | 1,346 | 1,030 |
Commissions | 1,007 | 1,008 |
Income tax payable | 259 | 1,239 |
Other | 1,891 | 1,957 |
Total | $ 22,917 | $ 22,916 |
Note 3 - Balance Sheet Compon43
Note 3 - Balance Sheet Components - Roll-forward of the Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 1,030 | $ 289 |
Warranty provision for product sales | 791 | 85 |
Settlements made | (296) | |
Unused warranty provision | (179) | (38) |
Balance | $ 1,346 | $ 336 |
Note 3 - Balance Sheet Compon44
Note 3 - Balance Sheet Components - Long-term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred compensation plan liabilities | $ 21,777 | $ 19,836 |
Dividend equivalents | 3,708 | 3,294 |
Other | 72 | 89 |
Total | $ 25,557 | $ 23,219 |
Note 4 - Goodwill and Acquisi45
Note 4 - Goodwill and Acquisition-related Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of Intangible Assets | $ 500 | $ 500 |
Goodwill, Period Increase (Decrease) | $ 0 |
Note 4 - Goodwill and Acquisi46
Note 4 - Goodwill and Acquisition-related Intangible Assets, Net - Acquisition-related Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Gross Amount | $ 7,484 | $ 7,484 |
Accumulated Amortization | (4,995) | (4,482) |
Net Amount | 2,489 | 3,002 |
Know-How [Member] | ||
Gross Amount | 1,018 | 1,018 |
Accumulated Amortization | (551) | (500) |
Net Amount | 467 | 518 |
Developed Technology Rights [Member] | ||
Gross Amount | 6,466 | 6,466 |
Accumulated Amortization | (4,444) | (3,982) |
Net Amount | $ 2,022 | $ 2,484 |
Note 4 - Goodwill and Acquisi47
Note 4 - Goodwill and Acquisition-related Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
2017 (remaining nine months) | $ 1,538 | |
2,018 | 841 | |
2,019 | 110 | |
Total | $ 2,489 | $ 3,002 |
Note 5 - Net Income Per Share -
Note 5 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net income | $ 14,477 | $ 10,575 |
Denominator: | ||
Weighted-average shares outstanding, basic (in shares) | 41,047 | 40,028 |
Effect of dilutive securities (in shares) | 2,221 | 1,618 |
Weighted-average shares outstanding, diluted (in shares) | 43,268 | 41,646 |
Net income per share: | ||
Earnings per share, basic (in dollars per share) | $ 0.35 | $ 0.26 |
Earnings per share, diluted (in dollars per share) | $ 0.33 | $ 0.25 |
Note 6 - Segment and Geograph49
Note 6 - Segment and Geographic Information (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 1 |
Note 6 - Segment and Geograph50
Note 6 - Segment and Geographic Information - Customers with Sales Greater than 10% (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Distributor A [Member] | |||
Concentration risk | 18.00% | 20.00% | |
Distributor B [Member] | |||
Concentration risk | 10.00% | [1] | |
[1] | Represents less than 10%. |
Note 6 - Segment and Geograph51
Note 6 - Segment and Geographic Information - Customers with Accounts Receivable Greater than 10% (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Distributor A [Member] | ||
Concentration risk | 20.00% | 19.00% |
Distributor B [Member] | ||
Concentration risk | 13.00% | 17.00% |
Note 6 - Segment and Geograph52
Note 6 - Segment and Geographic Information - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 100,362 | $ 84,512 |
CHINA | ||
Revenue | 56,084 | 52,388 |
TAIWAN, PROVINCE OF CHINA | ||
Revenue | 14,875 | 8,855 |
KOREA, REPUBLIC OF | ||
Revenue | 8,161 | 7,093 |
Europe [Member] | ||
Revenue | 7,907 | 6,985 |
South East Asia [Member] | ||
Revenue | 6,372 | 4,338 |
JAPAN | ||
Revenue | 4,825 | 2,650 |
UNITED STATES | ||
Revenue | 2,042 | 2,146 |
Other Region [Member] | ||
Revenue | $ 96 | $ 57 |
Note 6 - Segment and Geograph53
Note 6 - Segment and Geographic Information - Revenue by Product Family (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 100,362 | $ 84,512 |
DC To DC Products [Member] | ||
Revenue | 91,424 | 77,118 |
Lighting Control Products [Member] | ||
Revenue | $ 8,938 | $ 7,394 |
Note 6 - Segment and Geograph54
Note 6 - Segment and Geographic Information - Long Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Long lived assets by region | $ 116,678 | $ 115,033 |
UNITED STATES | ||
Long lived assets by region | 52,270 | 50,242 |
CHINA | ||
Long lived assets by region | 45,339 | 45,728 |
BERMUDA | ||
Long lived assets by region | 9,060 | 9,573 |
TAIWAN, PROVINCE OF CHINA | ||
Long lived assets by region | 9,576 | 8,919 |
Other Region [Member] | ||
Long lived assets by region | $ 433 | $ 571 |
Note 8 - Cash, Cash Equivalen55
Note 8 - Cash, Cash Equivalents and Investments - Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash | $ 68,552 | $ 87,747 | ||
Money market funds | 8,274 | 24,956 | ||
Certificates of deposit | 7,256 | |||
U.S. treasuries and government agency bonds | 24,170 | 45,877 | ||
Total | 283,983 | 273,578 | ||
Cash and cash equivalents | 76,826 | 112,703 | $ 77,808 | $ 90,860 |
Short-term investments | 201,815 | 155,521 | ||
Long-term investments | 5,342 | 5,354 | ||
Corporate Debt Securities [Member] | ||||
Available-for-sale securities | 170,389 | 109,644 | ||
Auction Rate Securities [Member] | ||||
Available-for-sale securities | $ 5,342 | $ 5,354 |
Note 8 - Cash, Cash Equivalen56
Note 8 - Cash, Cash Equivalents and Investments - Investment Maturity Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Due in less than 1 year | $ 61,688 | $ 47,568 |
Due in 1 - 5 years | 140,127 | 107,953 |
Due in greater than 5 years | 5,342 | 5,354 |
Total | $ 207,157 | $ 160,875 |
Note 8 - Cash, Cash Equivalen57
Note 8 - Cash, Cash Equivalents and Investments - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Adjusted Cost | $ 216,252 | $ 186,854 |
Total Fair Value | 215,431 | 185,831 |
Unrealized Gains | 78 | 65 |
Unrealized Losses | (899) | (1,088) |
Fair Value of Investments in Unrealized Loss Position | 155,528 | 136,567 |
Money Market Funds [Member] | ||
Adjusted Cost | 8,274 | 24,956 |
Total Fair Value | 8,274 | 24,956 |
Certificates of Deposit [Member] | ||
Adjusted Cost | 7,256 | |
Total Fair Value | 7,256 | |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 170,959 | 110,429 |
Total Fair Value | 170,389 | 109,644 |
Unrealized Gains | 75 | 65 |
Unrealized Losses | (645) | (850) |
Fair Value of Investments in Unrealized Loss Position | 129,006 | 91,938 |
US Government Agencies Short-term Debt Securities [Member] | ||
Adjusted Cost | 24,193 | 45,899 |
Total Fair Value | 24,170 | 45,877 |
Unrealized Gains | 3 | |
Unrealized Losses | (26) | (22) |
Fair Value of Investments in Unrealized Loss Position | 21,180 | 39,275 |
Auction Rate Securities [Member] | ||
Adjusted Cost | 5,570 | 5,570 |
Total Fair Value | 5,342 | 5,354 |
Unrealized Losses | (228) | (216) |
Fair Value of Investments in Unrealized Loss Position | $ 5,342 | $ 5,354 |
Note 9 - Fair Value Measureme58
Note 9 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total Fair Value | $ 215,431 | $ 185,831 |
Total Fair Value | 228,945 | 197,939 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 21,788 | 37,064 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 201,815 | 155,521 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 5,342 | 5,354 |
Money Market Funds [Member] | ||
Total Fair Value | 8,274 | 24,956 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 8,274 | 24,956 |
Certificates of Deposit [Member] | ||
Total Fair Value | 7,256 | |
Corporate Debt Securities [Member] | ||
Total Fair Value | 170,389 | 109,644 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 170,389 | 109,644 |
US Government Agencies Short-term Debt Securities [Member] | ||
Total Fair Value | 24,170 | 45,877 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 24,170 | 45,877 |
Auction Rate Securities [Member] | ||
Total Fair Value | 5,342 | 5,354 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 5,342 | 5,354 |
Mutual Fund [Member] | ||
Total Fair Value | 13,514 | 12,108 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | $ 13,514 | $ 12,108 |
Note 9 - Fair Value Measureme59
Note 9 - Fair Value Measurements - Level 3 Investments (Details) - Auction Rate Securities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Balance, auction rate securities | $ 5,354 |
Change in unrealized loss included in other comprehensive income | (12) |
Balance, auction rate securities | $ 5,342 |
Note 9 - Fair Value Measureme60
Note 9 - Fair Value Measurements - Discounted Cash Flow Assumptions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Time-to-liquidity (months) (Month) | 2 years | 2 years |
Minimum [Member] | ||
Discount rate | 4.20% | 4.30% |
Maximum [Member] | ||
Discount rate | 9.20% | 9.30% |
Note 10 - Deferred Compensati61
Note 10 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred compensation plan assets | $ 22,001 | $ 20,288 |
Deferred compensation plan liabilities | 22,118 | 20,315 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 22,001 | 20,288 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities | 341 | 479 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities | 21,777 | 19,836 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 8,487 | 8,180 |
Mutual Funds, Fair Value [Member] | ||
Deferred compensation plan assets | $ 13,514 | $ 12,108 |
Note 11 - Interest Income and O
Note 11 - Interest Income and Other Income, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | $ 1,264 | $ 489 |
Amortization of premium on available-for-sale investments | (507) | (171) |
Gain on employee deferred compensation plan investments | 733 | 302 |
Foreign currency exchange loss | (109) | (83) |
Other | 6 | |
Total | $ 1,381 | $ 543 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 474 | $ 344 | |
Effective Income Tax Rate Reconciliation, Percent | 3.20% | 3.20% | |
Unrecognized Tax Benefits | $ 15,000 | $ 14,400 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,800 | 3,500 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 400 | $ 300 |
Note 13 - Accumulated Other C64
Note 13 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ (4,215) | |
Amounts reclassified from accumulated other comprehensive loss | ||
Net current period other comprehensive income | 1,508 | $ 708 |
Balance | (2,707) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Available-for-sale Securities [Member] | ||
Balance | (3,192) | |
Other comprehensive income before reclassifications | 1,306 | |
Net current period other comprehensive income | 1,306 | |
Balance | (1,886) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Auction Rate Securities [Member] | ||
Balance | (1,023) | |
Other comprehensive income before reclassifications | 202 | |
Net current period other comprehensive income | 202 | |
Balance | (821) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (4,215) | |
Other comprehensive income before reclassifications | 1,508 | |
Net current period other comprehensive income | 1,508 | |
Balance | $ (2,707) |
Note 14 - Stock Repurchase (Det
Note 14 - Stock Repurchase (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Feb. 29, 2016 | |
Stock Repurchase Program, Authorized Amount | $ 50 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 50 | ||
Stock Repurchased and Retired During Period, Shares | 0 | 0 |
Note 15 - Dividends and Divid66
Note 15 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Common Stock, Dividends, Per Share, Declared | $ 0.20 | $ 0.20 | |
Dividends, Common Stock | $ 8.2 | $ 8 | |
Dividends Payable, Current | 8.2 | $ 8.2 | |
Accrued Dividend Equivalents | $ 4.9 | $ 4.1 |