Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001280452 | |
Entity Registrant Name | MONOLITHIC POWER SYSTEMS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-51026 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0466789 | |
Entity Address, Address Line One | 5808 Lake Washington Blvd. NE | |
Entity Address, City or Town | Kirkland | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98033 | |
City Area Code | 425 | |
Local Phone Number | 296-9956 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,942,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 316,210 | $ 189,265 |
Short-term investments | 419,837 | 535,817 |
Accounts receivable, net | 153,404 | 104,813 |
Inventories | 397,435 | 259,417 |
Other current assets | 36,571 | 35,540 |
Total current assets | 1,323,457 | 1,124,852 |
Property and equipment, net | 343,123 | 362,962 |
Goodwill | 6,571 | 6,571 |
Deferred tax assets, net | 23,905 | 21,917 |
Other long-term assets | 234,165 | 69,523 |
Total assets | 1,931,221 | 1,585,825 |
Current liabilities: | ||
Accounts payable | 78,673 | 83,027 |
Accrued compensation and related benefits | 103,253 | 62,635 |
Other accrued liabilities | 109,062 | 81,282 |
Total current liabilities | 290,988 | 226,944 |
Income tax liabilities | 49,963 | 47,669 |
Other long-term liabilities | 59,561 | 67,227 |
Total liabilities | 400,512 | 341,840 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 46,941 and 46,256, respectively | 938,993 | 803,226 |
Retained earnings | 633,640 | 424,879 |
Accumulated other comprehensive income (loss) | (41,924) | 15,880 |
Total stockholders’ equity | 1,530,709 | 1,243,985 |
Total liabilities and stockholders’ equity | $ 1,931,221 | $ 1,585,825 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 46,941 | 46,256 |
Common stock, shares outstanding (in shares) | 46,941 | 46,256 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 495,418 | $ 323,522 | $ 1,334,136 | $ 871,294 |
Cost of revenue | 204,516 | 137,211 | 553,393 | 379,709 |
Gross profit | 290,902 | 186,311 | 780,743 | 491,585 |
Operating expenses: | ||||
Research and development | 67,263 | 49,468 | 178,497 | 136,113 |
Selling, general and administrative | 69,717 | 56,291 | 207,538 | 164,982 |
Litigation expense | 2,051 | 3,421 | 4,815 | 6,645 |
Total operating expenses | 139,031 | 109,180 | 390,850 | 307,740 |
Operating income | 151,871 | 77,131 | 389,893 | 183,845 |
Other income (expense), net | 5 | 793 | (5,720) | 6,411 |
Income before income taxes | 151,876 | 77,924 | 384,173 | 190,256 |
Income tax expense | 27,539 | 9,154 | 65,591 | 20,904 |
Net income | $ 124,337 | $ 68,770 | $ 318,582 | $ 169,352 |
Net income per share | ||||
Basic (in dollars per share) | $ 2.66 | $ 1.50 | $ 6.83 | $ 3.70 |
Diluted (in dollars per share) | $ 2.57 | $ 1.44 | $ 6.60 | $ 3.55 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 46,829 | 45,970 | 46,643 | 45,754 |
Diluted (in shares) | 48,349 | 47,852 | 48,295 | 47,772 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 124,337 | $ 68,770 | $ 318,582 | $ 169,352 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (26,081) | (371) | (49,844) | 2,592 |
Change in unrealized loss on available-for-sale securities, net of tax of $130, $32, $865 and $177, respectively | (1,157) | (268) | (7,960) | (1,070) |
Other comprehensive income (loss), net of tax: | (27,238) | (639) | (57,804) | 1,522 |
Comprehensive income | $ 97,099 | $ 68,131 | $ 260,778 | $ 170,874 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Change in unrealized gain (loss) on available-for-sale securities, tax | $ 130 | $ 32 | $ 865 | $ 177 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 45,267 | |||
Balance at Dec. 31, 2020 | $ 657,701 | $ 298,746 | $ 10,140 | $ 966,587 |
Net income | 0 | 169,352 | 0 | 169,352 |
Other comprehensive income (loss) | 0 | 0 | 1,522 | 1,522 |
Dividends and dividend equivalents declared | $ 0 | (86,905) | 0 | (86,905) |
Common stock issued under the employee equity incentive plan (in shares) | 807 | |||
Common stock issued under the employee equity incentive plan | $ 15,147 | 0 | 0 | 15,147 |
Common stock issued under the employee stock purchase plan (in shares) | 17 | |||
Common stock issued under the employee stock purchase plan | $ 4,670 | 0 | 0 | 4,670 |
Stock-based compensation expense | 92,340 | 0 | 0 | 92,340 |
Other comprehensive loss | $ 0 | 0 | 1,522 | 1,522 |
Balance (in shares) at Sep. 30, 2021 | 46,091 | |||
Balance at Sep. 30, 2021 | $ 769,858 | 381,193 | 11,662 | 1,162,713 |
Balance (in shares) at Jun. 30, 2021 | 45,917 | |||
Balance at Jun. 30, 2021 | $ 733,672 | 341,382 | 12,301 | 1,087,355 |
Net income | 0 | 68,770 | 0 | 68,770 |
Other comprehensive income (loss) | 0 | 0 | (639) | (639) |
Dividends and dividend equivalents declared | $ 0 | (28,959) | 0 | (28,959) |
Common stock issued under the employee equity incentive plan (in shares) | 167 | |||
Common stock issued under the employee equity incentive plan | $ 2,227 | 0 | 0 | 2,227 |
Common stock issued under the employee stock purchase plan (in shares) | 7 | |||
Common stock issued under the employee stock purchase plan | $ 2,377 | 0 | 0 | 2,377 |
Stock-based compensation expense | 31,582 | 0 | 0 | 31,582 |
Other comprehensive loss | $ 0 | 0 | (639) | (639) |
Balance (in shares) at Sep. 30, 2021 | 46,091 | |||
Balance at Sep. 30, 2021 | $ 769,858 | 381,193 | 11,662 | $ 1,162,713 |
Balance (in shares) at Dec. 31, 2021 | 46,256 | 46,256 | ||
Balance at Dec. 31, 2021 | $ 803,226 | 424,879 | 15,880 | $ 1,243,985 |
Net income | 0 | 318,582 | 0 | 318,582 |
Other comprehensive income (loss) | 0 | 0 | (57,804) | (57,804) |
Dividends and dividend equivalents declared | $ 0 | (109,821) | 0 | (109,821) |
Common stock issued under the employee equity incentive plan (in shares) | 671 | |||
Common stock issued under the employee equity incentive plan | $ 4,345 | 0 | 0 | 4,345 |
Common stock issued under the employee stock purchase plan (in shares) | 14 | |||
Common stock issued under the employee stock purchase plan | $ 5,877 | 0 | 0 | 5,877 |
Stock-based compensation expense | 125,545 | 0 | 0 | 125,545 |
Other comprehensive loss | $ 0 | 0 | (57,804) | $ (57,804) |
Balance (in shares) at Sep. 30, 2022 | 46,941 | 46,941 | ||
Balance at Sep. 30, 2022 | $ 938,993 | 633,640 | (41,924) | $ 1,530,709 |
Balance (in shares) at Jun. 30, 2022 | 46,787 | |||
Balance at Jun. 30, 2022 | $ 891,888 | 545,920 | (14,686) | 1,423,122 |
Net income | 0 | 124,337 | 0 | 124,337 |
Other comprehensive income (loss) | 0 | 0 | (27,238) | (27,238) |
Dividends and dividend equivalents declared | $ 0 | (36,617) | 0 | (36,617) |
Common stock issued under the employee equity incentive plan (in shares) | 147 | |||
Common stock issued under the employee equity incentive plan | $ 1,014 | 0 | 0 | 1,014 |
Common stock issued under the employee stock purchase plan (in shares) | 7 | |||
Common stock issued under the employee stock purchase plan | $ 3,091 | 0 | 0 | 3,091 |
Stock-based compensation expense | 43,000 | 0 | 0 | 43,000 |
Other comprehensive loss | $ 0 | 0 | (27,238) | $ (27,238) |
Balance (in shares) at Sep. 30, 2022 | 46,941 | 46,941 | ||
Balance at Sep. 30, 2022 | $ 938,993 | $ 633,640 | $ (41,924) | $ 1,530,709 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends and dividend equivalents declared per share (in dollars per share) | $ 0.75 | $ 0.60 | $ 2.25 | $ 1.80 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 318,582 | $ 169,352 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,349 | 20,376 |
Amortization of premium on available-for-sale securities | 3,682 | 3,231 |
(Gain) loss on deferred compensation plan investments | 8,607 | (2,640) |
Deferred taxes, net | (1,217) | 1,004 |
Stock-based compensation expense | 125,723 | 92,282 |
Other | 97 | (8) |
Accounts receivable | (48,608) | (13,033) |
Inventories | (138,241) | (50,968) |
Other assets | (172,050) | (14,051) |
Accounts payable | 6,274 | 30,032 |
Accrued compensation and related benefits | 45,054 | 30,030 |
Income tax liabilities | 5,734 | 4,088 |
Other accrued liabilities | 12,485 | 22,109 |
Net cash provided by operating activities | 194,471 | 291,804 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (46,002) | (76,849) |
Purchases of short-term investments | (16,243) | (354,171) |
Purchases of long-term investments | (2,084) | 0 |
Maturities and sales of short-term investments | 104,666 | 94,192 |
Sales of long-term investments | 325 | 400 |
Contributions to deferred compensation plan, net | (2,993) | (1,917) |
Purchases of intangible assets | 0 | (793) |
Net cash provided by (used in) investing activities | 37,669 | (339,138) |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (1,587) | (2,049) |
Proceeds from common stock issued under the employee equity incentive plan | 4,345 | 15,147 |
Proceeds from common stock issued under the employee stock purchase plan | 5,877 | 4,670 |
Dividends and dividend equivalents paid | (101,564) | (80,725) |
Net cash used in financing activities | (92,929) | (62,957) |
Effect of change in exchange rates | (12,275) | 1,431 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 126,936 | (108,860) |
Cash, cash equivalents and restricted cash, beginning of period | 189,389 | 335,071 |
Cash, cash equivalents and restricted cash, end of period | 316,325 | 226,211 |
Supplemental disclosures for cash flow information: | ||
Cash paid for taxes | 61,430 | 16,217 |
Non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 4,710 | 7,144 |
Liability accrued for dividends and dividend equivalents | $ 39,672 | $ 31,911 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [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 generally accepted accounting principles 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, 2021, February 25, 2022. 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 Quarterly Report on Form 10 not may December 31, 2022 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these condensed consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. Actual results could differ from these estimates and assumptions, and any such differences may Neither the COVID- 19 three nine September 30, 2022. not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION Revenue from Product Sales The Company generates revenue primarily from product sales, which include assembled and tested integrated circuits (“ICs”), as well as dies in wafer form. These product sales accounted for 98% and 96% of the Company’s total revenue for the three September 30, 2022 2021 , nine September 30, 2022 2021, third not 7 The Company sells its products primarily through third three September 30, 2022 2021, nine September 30, 2022 2021, not The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company excludes taxes assessed by government authorities, such as sales taxes, from revenue. Product sales consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue from distributors and direct end customers when the following events have occurred: (a) the Company has transferred physical possession of the products, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. In accordance with the shipping terms specified in the contracts, these criteria are generally met when the products are shipped from the Company’s facilities (such as the “Ex Works” shipping term) or delivered to the customers’ locations (such as the “Delivered Duty Paid” shipping term). Under certain consignment agreements, revenue is not not Variable Consideration The Company accounts for price adjustment and stock rotation rights as variable consideration that reduces the transaction price and recognizes that reduction in the same period the associated revenue is recognized. Four U.S.-based distributors have price adjustment rights when they sell the Company’s products to their end customers at a price that is lower than the distribution price invoiced by the Company. When the Company receives claims from the distributors that products have been sold to the end customers at the lower prices, the Company issues the distributors credit memos for the price adjustments. The Company estimates the price adjustments using the expected value method based on an analysis of historical claims, at both the distributor and product level, as well as an assessment of any known trends of product sales mix. Other U.S. distributors and non-U.S. distributors do not Certain distributors have limited stock rotation rights that permit the return of a small percentage of the previous six Contract Balances Accounts Receivable: The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of September 30, 2022 December 31, 2021 , 30 90 not may not Contract Liabilities: For certain customers located in Asia, the Company requires cash payments two September 30, 2022 December 31, 2021 , nine September 30, 2022 nine September 30, 2022 , December 31, 2021 . Practical Expedients The Company has elected the practical expedient to expense sales commissions as incurred because the amortization period would have been one The Company’s standard payment terms generally require customers to pay 30 to 90 days after the Company satisfies the performance obligations. For those customers who are required to pay in advance, the Company satisfies the performance obligations generally within a quarter. The Company has elected not The Company’s unsatisfied performance obligations primarily include products held in consignment arrangements and customer purchase orders for products that the Company has not one not |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 3. 2014 In April 2013, 2014 “2014 June 2013. October 2014, 2014 2014 November 13, 2014 April 2020, 2014 2014 June 2020. 2014 June 11, 2020 2014 June 11, 2030. September 30, 2022, 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 1,186 $ 922 $ 3,691 $ 2,622 Research and development 9,287 6,646 26,875 19,564 Selling, general and administrative 32,524 24,004 95,157 70,096 Total stock-based compensation expense $ 42,997 $ 31,572 $ 125,723 $ 92,282 Tax benefit related to stock-based compensation (1) $ 654 $ 488 $ 1,879 $ 1,299 ( 1 Amount reflects the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. Equity awards granted to the Company’s executive officers are subject to the tax deduction limitations set by Section 162 Restricted Stock Units ( RSUs ) The Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions (“MSUs”), and RSUs with both market and performance conditions (“MPSUs”). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the “Compensation Committee”). All awards include service conditions which require continued employment with the Company. A summary of RSU activity is presented in the table below (in thousands, except per-share amounts): Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2022 125 $ 235.82 1,166 $ 222.78 1,218 $ 44.59 2,509 $ 136.87 Granted 44 $ 396.77 442 (1) $ 363.74 120 $ 270.15 606 $ 347.57 Vested (53 ) $ 188.73 (375 ) $ 141.02 (243 ) $ 23.57 (671 ) $ 102.22 Forfeited (6 ) $ 308.76 (1 ) $ 374.87 (6 ) $ 216.37 (13 ) $ 268.11 Outstanding at September 30, 2022 110 $ 318.11 1,232 $ 298.24 1,089 $ 73.23 2,431 $ 198.26 ( 1 Amount reflects the number of awards that may The intrinsic value related to vested RSUs was $62.3 million and $76.8 million for the three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022, September 30, 2022, two Cash proceeds from vested PSUs with a purchase price requirement totaled $4.3 million and $15.1 million for the nine September 30, 2022 2021, Time-Based RSUs: For the nine September 30, 2022, four one 2022 In February 2022, two “February 2022 first February 2022 two 2022 2023 two February 2022 first 2024 February 2022 two second February 2022 three February 2022 second first 2025 second one February 2022 In February 2022, 2023 two 2022 2023 two “2022 2022 2022 first 2024 2022 two 2022 The February 2022 2022 $30 20 2022 2023 $30 first 2022. February 2022 first 2022 four February 2022 second In October 2022, February 2022 three “October 2022 October 2022 three February 2022 October 2022 October 2022 October 2022 not 10 not 2022 In February 2022, “2022 2022 five February 3, 2022 February 3, 2025. third 2022. 2022 second third February 3, 2025. 2022 The Company determined the grant date fair value of the 2022 six 2004 ESPP ) For each of the three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022, The intrinsic value of the shares issued was $0.9 million and $1.0 million for the three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022, first 2023. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 63.2 % 43.0 % 50.6 % 43.2 % Risk-free interest rate 3.1 % 0.1 % 1.9 % 0.1 % Dividend yield 0.6 % 0.5 % 0.6 % 0.6 % Cash proceeds from the shares issued under the ESPP were $5.9 million and $4.7 million for the nine September 30, 2022 2021, |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Inventories Inventories consist of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 83,313 $ 29,478 Work in process 155,904 130,029 Finished goods 158,218 99,910 Total $ 397,435 $ 259,417 Other Current Assets Other current assets consist of the following (in thousands): September 30, December 31, 2022 2021 RSU tax withholding proceeds receivable $ 11,957 $ 16,224 Prepaid expenses 9,197 9,526 Accrued interest receivable 7,676 5,440 Assets for product returns 4,969 1,596 Other 2,772 2,754 Total $ 36,571 $ 35,540 Other Long-Term Assets Other long-term assets consist of the following (in thousands): September 30, December 31, 2022 2021 Deferred compensation plan assets $ 47,516 $ 53,172 Prepaid expenses 173,229 2,311 Other 13,420 14,040 Total $ 234,165 $ 69,523 As of September 30, 2022, 8 Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): September 30, December 31, 2022 2021 Dividends and dividend equivalents $ 40,823 $ 32,364 Warranty 22,644 20,989 Stock rotation and sales returns 22,757 5,748 Customer prepayments 3,417 4,300 Income tax payable 8,296 4,921 Other 11,125 12,960 Total $ 109,062 $ 81,282 As of September 30, 2022, December 31, 2021. Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): September 30, December 31, 2022 2021 Deferred compensation plan liabilities $ 49,417 $ 55,489 Dividend equivalents 8,267 8,470 Other 1,877 3,268 Total $ 59,561 $ 67,227 |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 5. Lessee The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one four two not The following table summarizes the balances of operating lease right-of-use (“ROU”) assets and liabilities (in thousands): September 30, December 31, Financial Statement Line Item 2022 2021 Operating lease ROU assets Other long-term assets $ 4,617 $ 6,297 Operating lease liabilities Other accrued liabilities $ 2,263 $ 2,539 Other long-term liabilities $ 1,877 $ 3,268 The following tables summarize certain information related to the leases (in thousands, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease costs: Operating lease costs $ 656 $ 623 $ 2,061 $ 1,694 Other 454 140 1,259 387 Total lease costs $ 1,110 $ 763 $ 3,320 $ 2,081 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 649 $ 612 $ 2,115 $ 1,622 ROU assets obtained in exchange for new operating lease liabilities $ 13 $ 793 $ 1,071 $ 4,477 September 30, December 31, 2022 2021 Weighted-average remaining lease term (in years) 2.3 2.8 Weighted-average discount rate 2.0 % 2.0 % As of September 30, 2022, 2022 (remaining three months) $ 674 2023 1,999 2024 967 2025 590 2026 7 Total remaining lease payments 4,237 Less: imputed interest (97 ) Total lease liabilities $ 4,140 As of September 30, 2022 , no not Lessor The Company owns certain office buildings and leases a portion of these properties to third one four five For the three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022, 2022 (remaining three months) $ 554 2023 1,557 2024 607 2025 102 2026 18 Total $ 2,838 |
Note 6 - Net Income Per Share
Note 6 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. 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 shares, 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 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 not not The following table sets forth the computation of basic and diluted net income per share (in thousands, except per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 124,337 $ 68,770 $ 318,582 $ 169,352 Denominator: Weighted-average outstanding shares - basic 46,829 45,970 46,643 45,754 Effect of dilutive securities 1,520 1,882 1,652 2,018 Weighted-average outstanding shares - diluted 48,349 47,852 48,295 47,772 Net income per share: Basic $ 2.66 $ 1.50 $ 6.83 $ 3.70 Diluted $ 2.57 $ 1.44 $ 6.60 $ 3.55 Anti-dilutive common stock equivalents were not |
Note 7 - Segment, Significant C
Note 7 - Segment, Significant Customers and Geographic Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the storage and computing, enterprise data, automotive, industrial, communications and consumer markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. 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 10% Three Months Ended September 30, Nine Months Ended September 30, Customer 2022 2021 2022 2021 Distributor A 25 % 24 % 24 % 26 % Distributor B 18 % 15 % 18 % 16 % Distributor C 10 % 12 % 11 % * * Represents less than 10%. The Company’s agreements with these third may may not The following table summarizes those customers with accounts receivable equal to 10% September 30, December 31, 2022 2021 Distributor A 27 % 26 % Distributor B 18 % 17 % Value-added reseller A * 12 % * Represents less than 10%. The following is a summary of revenue by geographic region (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Country or Region 2022 2021 2022 2021 China $ 265,053 $ 184,796 $ 720,911 $ 509,072 Taiwan 58,920 47,048 185,025 125,756 Europe 44,885 21,328 101,279 62,498 South Korea 52,613 24,442 136,031 62,721 Southeast Asia 26,458 14,820 64,460 38,506 Japan 22,399 20,944 63,690 47,546 United States 24,965 10,091 62,384 24,935 Other 125 53 356 260 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 The following is a summary of revenue by product family (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Product Family 2022 2021 2022 2021 Direct Current (“DC”) to DC $ 462,982 $ 307,368 $ 1,264,081 $ 827,605 Lighting Control 32,436 16,154 70,055 43,689 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 The following is a summary of long-lived assets by geographic region (in thousands): September 30, December 31, Country 2022 2021 China $ 194,811 $ 211,973 United States 112,982 113,805 Taiwan 18,787 19,607 Other 16,543 17,577 Total $ 343,123 $ 362,962 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Product Warranties The Company generally provides one two no not The changes in warranty reserves are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 25,209 $ 10,873 $ 20,989 $ 6,895 Warranty provision for product sales 1,141 7,757 11,531 12,954 Settlements made (306 ) (770 ) (1,825 ) (1,739 ) Unused warranty provision (3,400 ) (84 ) (8,051 ) (334 ) Balance at end of period $ 22,644 $ 17,776 $ 22,644 $ 17,776 The warranty and unused warranty provisions for product sales included net adjustments for changes in estimates to pre-existing claims of $(3.4) million and $1.4 million for the three September 30, 2022 2021, nine September 30, 2022 2021, Purchase Commitments The Company has outstanding purchase obligations with its suppliers and other parties that require the future purchases of goods or services, which primarily consist of wafer and other inventory purchases, assembly and other manufacturing services, construction of manufacturing and research and development facilities, purchases of production and other equipment, and license arrangements. In May 2022, four September 30, 2022, Total estimated future unconditional purchase commitments to all suppliers and other parties as of September 30, 2022 2022 (remaining three months) $ 303,070 2023 420,883 2024 285,813 2025 353,952 Total $ 1,363,718 Litigation The Company is a party to actions and proceedings in the ordinary course of business, including 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. The Company may may September 30, 2022 , no |
Note 9 - Cash, Cash Equivalents
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 9. The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands): September 30, December 31, 2022 2021 Cash $ 245,051 $ 174,937 Money market funds 71,159 14,328 Certificates of deposit 126,532 141,478 Corporate debt securities 286,065 386,883 U.S. treasuries and government agency bonds 7,240 7,456 Auction-rate securities backed by student-loan notes 2,083 2,401 Total $ 738,130 $ 727,483 September 30, December 31, 2022 2021 Reported as: Cash and cash equivalents $ 316,210 $ 189,265 Short-term investments 419,837 535,817 Investment within other long-term assets 2,083 2,401 Total $ 738,130 $ 727,483 The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of September 30, 2022 ( Amortized Cost Fair Value Due in less than 1 year $ 316,904 $ 313,134 Due in 1 - 5 years 113,002 106,703 Due in greater than 5 years 2,195 2,083 Total $ 432,101 $ 421,920 Gross realized gains and losses recognized on the sales of available-for-sale investments were not The following tables summarize the unrealized gain and loss positions related to the available-for sale investments (in thousands): September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 71,159 $ - $ - $ 71,159 Certificates of deposit 126,532 - - 126,532 Corporate debt securities 295,877 - (9,812 ) 286,065 U.S. treasuries and government agency bonds 7,497 - (257 ) 7,240 Auction-rate securities backed by student-loan notes 2,195 - (112 ) 2,083 Total $ 503,260 $ - $ (10,181 ) $ 493,079 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 14,328 $ - $ - $ 14,328 Certificates of deposit 141,478 - - 141,478 Corporate debt securities 388,081 570 (1,768 ) 386,883 U.S. treasuries and government agency bonds 7,495 - (39 ) 7,456 Auction-rate securities backed by student-loan notes 2,520 - (119 ) 2,401 Total $ 553,902 $ 570 $ (1,926 ) $ 552,546 The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 12 September 30, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 203,576 $ (6,236 ) $ 81,489 $ (3,576 ) $ 285,065 $ (9,812 ) U.S. treasuries and government agency bonds 3,361 (136 ) 3,879 (121 ) 7,240 (257 ) Auction-rate securities backed by student-loan notes - - 2,083 (112 ) 2,083 (112 ) Total $ 206,937 $ (6,372 ) $ 87,451 $ (3,809 ) $ 294,388 $ (10,181 ) December 31, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 285,954 $ (1,765 ) $ 4,760 $ (3 ) $ 290,714 $ (1,768 ) U.S. treasuries and government agency bonds 7,456 (39 ) - - 7,456 (39 ) Auction-rate securities backed by student-loan notes - - 2,401 (119 ) 2,401 (119 ) Total $ 293,410 $ (1,804 ) $ 7,161 $ (122 ) $ 300,571 $ (1,926 ) An impairment exists when the fair value of an investment is less than its amortized cost basis. As of September 30, 2022 December 31, 2021, not one not The Company’s auction-rate securities are backed by pools of student loans supported by guarantees by the U.S. Department of Education. The underlying maturities of these securities are up to 24 not not not Non-Marketable Equity Investment In November 2020 , April 2022, September 30, 2022 December 31, 2021 , not three nine September 30, 2022 . Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands): September 30, December 31, 2022 2021 Cash and cash equivalents $ 316,210 $ 189,265 Restricted cash included in other long-term assets 115 124 Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows $ 316,325 $ 189,389 As of September 30, 2022 December 31, 2021 , |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. The following tables summarize the fair value of the financial assets measured on a recurring basis (in thousands): September 30, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 71,159 $ 71,159 $ - $ - Certificates of deposit 126,532 - 126,532 - Corporate debt securities 286,065 - 286,065 - U.S. treasuries and government agency bonds 7,240 - 7,240 - Auction-rate securities backed by student-loan notes 2,083 - - 2,083 Mutual funds and money market funds under deferred compensation plan 29,140 29,140 - - Total $ 522,219 $ 100,299 $ 419,837 $ 2,083 December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 14,328 $ 14,328 $ - $ - Certificates of deposit 141,478 - 141,478 - Corporate debt securities 386,883 - 386,883 - U.S. treasuries and government agency bonds 7,456 - 7,456 - Auction-rate securities backed by student-loan notes 2,401 - - 2,401 Mutual funds and money market funds under deferred compensation plan 31,786 31,786 - - Total $ 584,332 $ 46,114 $ 535,817 $ 2,401 ● Level 1 ● Level 2 may third ● Level 3 Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 not |
Note 11 - Deferred Compensation
Note 11 - Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11. The following table summarizes the deferred compensation plan balances on the Condensed Consolidated Balance Sheets (in thousands): September 30, December 31, 2022 2021 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 18,376 $ 21,386 Fair value of mutual funds and money market funds 29,140 31,786 Total $ 47,516 $ 53,172 Deferred compensation plan assets reported in: Other long-term assets $ 47,516 $ 53,172 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 118 $ 282 Other long-term liabilities 49,417 55,489 Total $ 49,535 $ 55,771 |
Note 12 - Other Income (Expense
Note 12 - Other Income (Expense), Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 12. The components of other income (expense), net, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 3,584 $ 3,050 $ 10,378 $ 8,102 Amortization of premium on available-for-sale securities (1,102 ) (1,305 ) (3,682 ) (3,231 ) Gain (loss) on deferred compensation plan investments (1,330 ) (399 ) (8,607 ) 2,640 Foreign currency exchange gain (loss) 612 (171 ) 962 (544 ) Charitable contributions (1,700 ) (400 ) (4,700 ) (600 ) Other (59 ) 18 (71 ) 44 Total $ 5 $ 793 $ (5,720 ) $ 6,411 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. The income tax provision or benefit for interim periods is generally determined using an estimate of the Company’s annual effective tax rate and adjusted for discrete items, if any, in the relevant period. Each quarter the estimate of the annual effective tax rate is updated, and if the Company’s estimated tax rate changes, a cumulative adjustment is made. The income tax expense for the three September 30, 2022 nine September 30, 2022 The income tax expense for the three September 30, 2021 nine September 30, 2021 The Company’s uncertain tax positions relate to the allocation of income and deductions among its global entities and to the determination of the research and development tax credit. It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 not On August 9, 2022, 2022 August 16, 2022, 2022 15% 1% January 1, 2023. not December 31, 2022. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) (in thousands): Unrealized Losses on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2022 $ (1,063 ) $ 16,943 $ 15,880 Other comprehensive loss before reclassifications (5,970 ) (178 ) (6,148 ) Amounts reclassified from accumulated other comprehensive income 5 - 5 Tax effect 565 - 565 Net current period other comprehensive loss (5,400 ) (178 ) (5,578 ) Balance as of March 31, 2022 (6,463 ) 16,765 10,302 Other comprehensive loss before reclassifications (1,582 ) (23,585 ) (25,167 ) Amounts reclassified from accumulated other comprehensive loss 9 - 9 Tax effect 170 - 170 Net current period other comprehensive loss (1,403 ) (23,585 ) (24,988 ) Balance as of June 30, 2022 (7,866 ) (6,820 ) (14,686 ) Other comprehensive loss before reclassifications (1,369 ) (26,081 ) (27,450 ) Amounts reclassified from accumulated other comprehensive loss 82 - 82 Tax effect 130 - 130 Net current period other comprehensive loss (1,157 ) (26,081 ) (27,238 ) Balance as of September 30, 2022 $ (9,023 ) $ (32,901 ) $ (41,924 ) The amounts reclassified from accumulated other comprehensive income (loss) were recorded in other income (expense), net, on the Condensed Consolidated Statements of Operations. |
Note 15 - Dividends and Dividen
Note 15 - Dividends and Dividend Equivalents | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 15. Cash Dividend Program The Company has a dividend program approved by the Board of Directors, pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Based on the Company’s historical practice, stockholders of record as of the last business day of the quarter are entitled to receive the quarterly cash dividends when and if declared by the Board of Directors, which are payable to the stockholders in the following month. The Board of Directors declared the following cash dividends (in thousands, except per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend declared per share $ 0.75 $ 0.60 $ 2.25 $ 1.80 Total amount $ 35,145 $ 27,606 $ 105,082 $ 82,501 As of September 30, 2022 December 31, 2021, 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, and other factors that the Board of Directors may The Company anticipates that cash used for future dividend payments will come from its domestic cash, cash generated from ongoing U.S. operations, and cash repatriated from its Bermuda subsidiary. The Company also anticipates that earnings from other foreign subsidiaries will continue to be indefinitely reinvested. Cash Dividend Equivalent Rights The Company’s 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 not September 30, 2022 December 31, 2021 , |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 1,186 $ 922 $ 3,691 $ 2,622 Research and development 9,287 6,646 26,875 19,564 Selling, general and administrative 32,524 24,004 95,157 70,096 Total stock-based compensation expense $ 42,997 $ 31,572 $ 125,723 $ 92,282 Tax benefit related to stock-based compensation (1) $ 654 $ 488 $ 1,879 $ 1,299 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2022 125 $ 235.82 1,166 $ 222.78 1,218 $ 44.59 2,509 $ 136.87 Granted 44 $ 396.77 442 (1) $ 363.74 120 $ 270.15 606 $ 347.57 Vested (53 ) $ 188.73 (375 ) $ 141.02 (243 ) $ 23.57 (671 ) $ 102.22 Forfeited (6 ) $ 308.76 (1 ) $ 374.87 (6 ) $ 216.37 (13 ) $ 268.11 Outstanding at September 30, 2022 110 $ 318.11 1,232 $ 298.24 1,089 $ 73.23 2,431 $ 198.26 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 63.2 % 43.0 % 50.6 % 43.2 % Risk-free interest rate 3.1 % 0.1 % 1.9 % 0.1 % Dividend yield 0.6 % 0.5 % 0.6 % 0.6 % |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Raw materials $ 83,313 $ 29,478 Work in process 155,904 130,029 Finished goods 158,218 99,910 Total $ 397,435 $ 259,417 |
Schedule of Other Current Assets [Table Text Block] | September 30, December 31, 2022 2021 RSU tax withholding proceeds receivable $ 11,957 $ 16,224 Prepaid expenses 9,197 9,526 Accrued interest receivable 7,676 5,440 Assets for product returns 4,969 1,596 Other 2,772 2,754 Total $ 36,571 $ 35,540 |
Schedule of Other Assets, Noncurrent [Table Text Block] | September 30, December 31, 2022 2021 Deferred compensation plan assets $ 47,516 $ 53,172 Prepaid expenses 173,229 2,311 Other 13,420 14,040 Total $ 234,165 $ 69,523 |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Dividends and dividend equivalents $ 40,823 $ 32,364 Warranty 22,644 20,989 Stock rotation and sales returns 22,757 5,748 Customer prepayments 3,417 4,300 Income tax payable 8,296 4,921 Other 11,125 12,960 Total $ 109,062 $ 81,282 |
Other Noncurrent Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Deferred compensation plan liabilities $ 49,417 $ 55,489 Dividend equivalents 8,267 8,470 Other 1,877 3,268 Total $ 59,561 $ 67,227 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Balance Sheet Information [Table Text Block] | September 30, December 31, Financial Statement Line Item 2022 2021 Operating lease ROU assets Other long-term assets $ 4,617 $ 6,297 Operating lease liabilities Other accrued liabilities $ 2,263 $ 2,539 Other long-term liabilities $ 1,877 $ 3,268 |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease costs: Operating lease costs $ 656 $ 623 $ 2,061 $ 1,694 Other 454 140 1,259 387 Total lease costs $ 1,110 $ 763 $ 3,320 $ 2,081 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 649 $ 612 $ 2,115 $ 1,622 ROU assets obtained in exchange for new operating lease liabilities $ 13 $ 793 $ 1,071 $ 4,477 September 30, December 31, 2022 2021 Weighted-average remaining lease term (in years) 2.3 2.8 Weighted-average discount rate 2.0 % 2.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 (remaining three months) $ 674 2023 1,999 2024 967 2025 590 2026 7 Total remaining lease payments 4,237 Less: imputed interest (97 ) Total lease liabilities $ 4,140 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2022 (remaining three months) $ 554 2023 1,557 2024 607 2025 102 2026 18 Total $ 2,838 |
Note 6 - Net Income Per Share (
Note 6 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 124,337 $ 68,770 $ 318,582 $ 169,352 Denominator: Weighted-average outstanding shares - basic 46,829 45,970 46,643 45,754 Effect of dilutive securities 1,520 1,882 1,652 2,018 Weighted-average outstanding shares - diluted 48,349 47,852 48,295 47,772 Net income per share: Basic $ 2.66 $ 1.50 $ 6.83 $ 3.70 Diluted $ 2.57 $ 1.44 $ 6.60 $ 3.55 |
Note 7 - Segment, Significant_2
Note 7 - Segment, Significant Customers and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Customer 2022 2021 2022 2021 Distributor A 25 % 24 % 24 % 26 % Distributor B 18 % 15 % 18 % 16 % Distributor C 10 % 12 % 11 % * September 30, December 31, 2022 2021 Distributor A 27 % 26 % Distributor B 18 % 17 % Value-added reseller A * 12 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Country or Region 2022 2021 2022 2021 China $ 265,053 $ 184,796 $ 720,911 $ 509,072 Taiwan 58,920 47,048 185,025 125,756 Europe 44,885 21,328 101,279 62,498 South Korea 52,613 24,442 136,031 62,721 Southeast Asia 26,458 14,820 64,460 38,506 Japan 22,399 20,944 63,690 47,546 United States 24,965 10,091 62,384 24,935 Other 125 53 356 260 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Product Family 2022 2021 2022 2021 Direct Current (“DC”) to DC $ 462,982 $ 307,368 $ 1,264,081 $ 827,605 Lighting Control 32,436 16,154 70,055 43,689 Total $ 495,418 $ 323,522 $ 1,334,136 $ 871,294 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | September 30, December 31, Country 2022 2021 China $ 194,811 $ 211,973 United States 112,982 113,805 Taiwan 18,787 19,607 Other 16,543 17,577 Total $ 343,123 $ 362,962 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 25,209 $ 10,873 $ 20,989 $ 6,895 Warranty provision for product sales 1,141 7,757 11,531 12,954 Settlements made (306 ) (770 ) (1,825 ) (1,739 ) Unused warranty provision (3,400 ) (84 ) (8,051 ) (334 ) Balance at end of period $ 22,644 $ 17,776 $ 22,644 $ 17,776 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | 2022 (remaining three months) $ 303,070 2023 420,883 2024 285,813 2025 353,952 Total $ 1,363,718 |
Note 9 - Cash, Cash Equivalen_2
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, December 31, 2022 2021 Cash $ 245,051 $ 174,937 Money market funds 71,159 14,328 Certificates of deposit 126,532 141,478 Corporate debt securities 286,065 386,883 U.S. treasuries and government agency bonds 7,240 7,456 Auction-rate securities backed by student-loan notes 2,083 2,401 Total $ 738,130 $ 727,483 September 30, December 31, 2022 2021 Reported as: Cash and cash equivalents $ 316,210 $ 189,265 Short-term investments 419,837 535,817 Investment within other long-term assets 2,083 2,401 Total $ 738,130 $ 727,483 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in less than 1 year $ 316,904 $ 313,134 Due in 1 - 5 years 113,002 106,703 Due in greater than 5 years 2,195 2,083 Total $ 432,101 $ 421,920 |
Unrealized Gain (Loss) on Investments [Table Text Block] | September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 71,159 $ - $ - $ 71,159 Certificates of deposit 126,532 - - 126,532 Corporate debt securities 295,877 - (9,812 ) 286,065 U.S. treasuries and government agency bonds 7,497 - (257 ) 7,240 Auction-rate securities backed by student-loan notes 2,195 - (112 ) 2,083 Total $ 503,260 $ - $ (10,181 ) $ 493,079 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 14,328 $ - $ - $ 14,328 Certificates of deposit 141,478 - - 141,478 Corporate debt securities 388,081 570 (1,768 ) 386,883 U.S. treasuries and government agency bonds 7,495 - (39 ) 7,456 Auction-rate securities backed by student-loan notes 2,520 - (119 ) 2,401 Total $ 553,902 $ 570 $ (1,926 ) $ 552,546 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2022 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 203,576 $ (6,236 ) $ 81,489 $ (3,576 ) $ 285,065 $ (9,812 ) U.S. treasuries and government agency bonds 3,361 (136 ) 3,879 (121 ) 7,240 (257 ) Auction-rate securities backed by student-loan notes - - 2,083 (112 ) 2,083 (112 ) Total $ 206,937 $ (6,372 ) $ 87,451 $ (3,809 ) $ 294,388 $ (10,181 ) December 31, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 285,954 $ (1,765 ) $ 4,760 $ (3 ) $ 290,714 $ (1,768 ) U.S. treasuries and government agency bonds 7,456 (39 ) - - 7,456 (39 ) Auction-rate securities backed by student-loan notes - - 2,401 (119 ) 2,401 (119 ) Total $ 293,410 $ (1,804 ) $ 7,161 $ (122 ) $ 300,571 $ (1,926 ) |
Restrictions on Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2022 2021 Cash and cash equivalents $ 316,210 $ 189,265 Restricted cash included in other long-term assets 115 124 Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows $ 316,325 $ 189,389 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 71,159 $ 71,159 $ - $ - Certificates of deposit 126,532 - 126,532 - Corporate debt securities 286,065 - 286,065 - U.S. treasuries and government agency bonds 7,240 - 7,240 - Auction-rate securities backed by student-loan notes 2,083 - - 2,083 Mutual funds and money market funds under deferred compensation plan 29,140 29,140 - - Total $ 522,219 $ 100,299 $ 419,837 $ 2,083 December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 14,328 $ 14,328 $ - $ - Certificates of deposit 141,478 - 141,478 - Corporate debt securities 386,883 - 386,883 - U.S. treasuries and government agency bonds 7,456 - 7,456 - Auction-rate securities backed by student-loan notes 2,401 - - 2,401 Mutual funds and money market funds under deferred compensation plan 31,786 31,786 - - Total $ 584,332 $ 46,114 $ 535,817 $ 2,401 |
Note 11 - Deferred Compensati_2
Note 11 - Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] | September 30, December 31, 2022 2021 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 18,376 $ 21,386 Fair value of mutual funds and money market funds 29,140 31,786 Total $ 47,516 $ 53,172 Deferred compensation plan assets reported in: Other long-term assets $ 47,516 $ 53,172 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 118 $ 282 Other long-term liabilities 49,417 55,489 Total $ 49,535 $ 55,771 |
Note 12 - Other Income (Expen_2
Note 12 - Other Income (Expense), Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 3,584 $ 3,050 $ 10,378 $ 8,102 Amortization of premium on available-for-sale securities (1,102 ) (1,305 ) (3,682 ) (3,231 ) Gain (loss) on deferred compensation plan investments (1,330 ) (399 ) (8,607 ) 2,640 Foreign currency exchange gain (loss) 612 (171 ) 962 (544 ) Charitable contributions (1,700 ) (400 ) (4,700 ) (600 ) Other (59 ) 18 (71 ) 44 Total $ 5 $ 793 $ (5,720 ) $ 6,411 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 $ (1,063 ) $ 16,943 $ 15,880 Other comprehensive loss before reclassifications (5,970 ) (178 ) (6,148 ) Amounts reclassified from accumulated other comprehensive income 5 - 5 Tax effect 565 - 565 Net current period other comprehensive loss (5,400 ) (178 ) (5,578 ) Balance as of March 31, 2022 (6,463 ) 16,765 10,302 Other comprehensive loss before reclassifications (1,582 ) (23,585 ) (25,167 ) Amounts reclassified from accumulated other comprehensive loss 9 - 9 Tax effect 170 - 170 Net current period other comprehensive loss (1,403 ) (23,585 ) (24,988 ) Balance as of June 30, 2022 (7,866 ) (6,820 ) (14,686 ) Other comprehensive loss before reclassifications (1,369 ) (26,081 ) (27,450 ) Amounts reclassified from accumulated other comprehensive loss 82 - 82 Tax effect 130 - 130 Net current period other comprehensive loss (1,157 ) (26,081 ) (27,238 ) Balance as of September 30, 2022 $ (9,023 ) $ (32,901 ) $ (41,924 ) |
Note 15 - Dividends and Divid_2
Note 15 - Dividends and Dividend Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend declared per share $ 0.75 $ 0.60 $ 2.25 $ 1.80 Total amount $ 35,145 $ 27,606 $ 105,082 $ 82,501 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Lapse Period for Consignment (Day) | 60 days | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 153,404 | $ 153,404 | $ 104,813 | |||
Contract with Customer, Liability, Current | 3,417 | 3,417 | 4,300 | |||
Contract with Customer, Liability, Revenue Recognized | $ 4,100 | |||||
Minimum [Member] | ||||||
Contract with Customer, Payment Term (Day) | 30 days | |||||
Maximum [Member] | ||||||
Contract with Customer, Payment Term (Day) | 90 days | |||||
Certain Customers in China [Member] | ||||||
Contract with Customer, Payment Term Required Prior to Shipping Products (Week) | 14 days | |||||
Certain Customers in China [Member] | Accrued Liabilities, Current [Member] | ||||||
Contract with Customer, Liability, Current | $ 3,400 | $ 3,400 | $ 4,300 | |||
Product [Member] | ||||||
Percentage of Revenue | 98% | 96% | 98% | 96% | ||
Product Sales Through Distribution Arrangements [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Concentration Risk, Percentage | 83% | 89% | 83% | 89% |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jun. 11, 2020 shares | Feb. 28, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 | Sep. 30, 2021 USD ($) shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Nov. 13, 2014 shares | |
Share Price (in dollars per share) | $ / shares | $ 393.16 | $ 363.40 | $ 363.40 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,100 | $ 1,100 | ||||||
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Excluding Option Exercised | $ 4,345 | $ 15,147 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 606,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 347.57 | |||||||
Proceeds from Stock Plans | $ 5,877 | 4,670 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 62,300 | $ 76,800 | 277,900 | 297,700 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 881,100 | 881,100 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 239,300 | $ 239,300 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||||
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Excluding Option Exercised | $ 4,300 | $ 15,100 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 44,000 | |||||||
Time-Based RSUs [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 44,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 396.77 | |||||||
Time-Based RSUs [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
Time-Based RSUs [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | ||||||
PSU 2022 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Price Per Share Payable Upon Vesting of Equity Instruments Other than Options (in dollars per share) | $ / shares | $ 30 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 393.16 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 44.60% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 10.30% | |||||||
PSU 2022 [Member] | Executive Officer [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 81,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300% | |||||||
Maximum Stock Compensation Costs | $ 145,700 | |||||||
PSU 2022 [Member] | Executive Officer [Member] | Vesting First Quarter of 2023 if Performance Conditions are Met [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||
PSU 2022 [Member] | Non-Executive Employees [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 14,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Measurement Period of Relative Revenue Growth Rate to Industry Average (Year) | 2 years | |||||||
Maximum Stock Compensation Costs | $ 13,700 | |||||||
PSU 2022 [Member] | Non-Executive Employees [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 200% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Measurement Period of Relative Revenue Growth Rate to Industry Average (Year) | 2 years | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 200% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Vesting First Quarter of 2021 if Performance Conditions are Met [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Annual or Quarterly Vesting of Awards Not Based on Performance [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||
MSUs 2022 [Member] | ||||||||
Share Price (in dollars per share) | $ / shares | $ 393.16 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 500% | |||||||
Maximum Stock Compensation Costs | $ 31,300 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 39% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | |||||||
Total number of performance conditions | 6 | |||||||
MSUs 2022 [Member] | Minimum [Member] | ||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 472 | |||||||
MSUs 2022 [Member] | Maximum [Member] | ||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 590 | |||||||
MSUs 2022 [Member] | Executive Officer [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 24,000 | |||||||
The2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 5,500,000 | |||||||
Amended and Restated 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | shares | 10,500,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 5,000,000 | 5,000,000 | ||||||
The 2004 Employee Stock Purchase Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 4,500,000 | 4,500,000 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | shares | 7,000 | 7,000 | 14,000 | 17,000 | ||||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ 900 | $ 1,000 | $ 1,600 | $ 2,400 | ||||
Proceeds from Stock Plans | $ 5,900 | $ 4,700 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Share based compensation expense | $ 42,997 | $ 31,572 | $ 125,723 | $ 92,282 | |
Tax benefit related to stock-based compensation | [1] | 654 | 488 | 1,879 | 1,299 |
Cost of Sales [Member] | |||||
Share based compensation expense | 1,186 | 922 | 3,691 | 2,622 | |
Research and Development Expense [Member] | |||||
Share based compensation expense | 9,287 | 6,646 | 26,875 | 19,564 | |
Selling, General and Administrative Expenses [Member] | |||||
Share based compensation expense | $ 32,524 | $ 24,004 | $ 95,157 | $ 70,096 | |
[1]Amount reflects the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. Equity awards granted to the Company’s executive officers are subject to the tax deduction limitations set by Section 162(m) of the Internal Revenue Code. |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - RSU Summary (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Balance (in shares) | shares | 2,509 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 136.87 | |
Granted (in shares) | shares | 606 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 347.57 | |
Vested (in shares) | shares | (671) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 102.22 | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ (102.22) | |
Forfeited (in shares) | shares | (13) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 268.11 | |
Balance (in shares) | shares | 2,431 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 198.26 | |
Time-Based RSUs [Member] | ||
Balance (in shares) | shares | 125 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 235.82 | |
Granted (in shares) | shares | 44 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 396.77 | |
Vested (in shares) | shares | (53) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 188.73 | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ (188.73) | |
Forfeited (in shares) | shares | (6) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 308.76 | |
Balance (in shares) | shares | 110 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 318.11 | |
PSUs and MPSUs [Member] | ||
Balance (in shares) | shares | 1,166 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 222.78 | |
Granted (in shares) | shares | 442 | [1] |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 363.74 | |
Vested (in shares) | shares | (375) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 141.02 | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ (141.02) | |
Forfeited (in shares) | shares | (1) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 374.87 | |
Balance (in shares) | shares | 1,232 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 298.24 | |
MSUs [Member] | ||
Balance (in shares) | shares | 1,218 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 44.59 | |
Granted (in shares) | shares | 120 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 270.15 | |
Vested (in shares) | shares | (243) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 23.57 | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ (23.57) | |
Forfeited (in shares) | shares | (6) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 216.37 | |
Balance (in shares) | shares | 1,089 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 73.23 | |
[1]Amount reflects the number of awards that may ultimately be earned based on management’s probability assessment of the achievement of performance conditions at each reporting period. |
Note 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Valuation Assumptions (Details) - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Expected term (Year) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 63.20% | 43% | 50.60% | 43.20% |
Risk-free interest rate | 3.10% | 0.10% | 1.90% | 0.10% |
Dividend yield | 0.60% | 0.50% | 0.60% | 0.60% |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expenses, Deposit from Vendor | $ 170 | |
Inventory, Stock Rotation Reserve | $ 22.4 | $ 5.5 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 83,313 | $ 29,478 |
Work in process | 155,904 | 130,029 |
Finished goods | 158,218 | 99,910 |
Total | $ 397,435 | $ 259,417 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
RSU tax withholding proceeds receivable | $ 11,957 | $ 16,224 |
Prepaid expenses | 9,197 | 9,526 |
Accrued interest receivable | 7,676 | 5,440 |
Assets for product returns | 4,969 | 1,596 |
Other | 2,772 | 2,754 |
Total | $ 36,571 | $ 35,540 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred compensation plan assets | $ 47,516 | $ 53,172 |
Prepaid expenses | 173,229 | 2,311 |
Other | 13,420 | 14,040 |
Total | $ 234,165 | $ 69,523 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Dividends and dividend equivalents | $ 40,823 | $ 32,364 |
Warranty | 22,644 | 20,989 |
Stock rotation and sales returns | 22,757 | 5,748 |
Customer prepayments | 3,417 | 4,300 |
Income tax payable | 8,296 | 4,921 |
Other | 11,125 | 12,960 |
Total | $ 109,062 | $ 81,282 |
Note 4 - Balance Sheet Compon_8
Note 4 - Balance Sheet Components - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred compensation plan liabilities | $ 49,417 | $ 55,489 |
Dividend equivalents | 8,267 | 8,470 |
Other | 1,877 | 3,268 |
Total | $ 59,561 | $ 67,227 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Operating Lease, Lease Not yet Commenced, Future Lease Obligations | $ 0 | $ 0 | ||
Operating Lease, Lease Income, Lease Payments | $ 600 | $ 700 | $ 1,700 | $ 1,700 |
Minimum [Member] | ||||
Lessor, Operating Lease, Remaining Lease Term (Year) | 1 year | |||
Maximum [Member] | ||||
Lessor, Operating Lease, Remaining Lease Term (Year) | 4 years | |||
Lessee, Operating Lease, Renewal Term (Year) | 2 years | 2 years | ||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | 5 years |
Note 5 - Leases - Balance Sheet
Note 5 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Long-term Assets [Member] | ||
Operating lease ROU assets | $ 4,617 | $ 6,297 |
Other Accrued Liabilities [Member] | ||
Operating lease liabilities | 2,263 | 2,539 |
Other Long-term Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | $ 1,877 | $ 3,268 |
Note 5 - Leases - Leases Cost (
Note 5 - Leases - Leases Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Operating lease costs | $ 656 | $ 623 | $ 2,061 | $ 1,694 | ||
Other | 454 | 140 | 1,259 | 387 | ||
Total lease costs | 1,110 | 763 | 3,320 | 2,081 | ||
Operating cash flows from operating leases | 649 | 612 | 2,115 | 1,622 | ||
ROU assets obtained in exchange for new operating lease liabilities | [1] | $ 13 | $ 793 | $ 1,071 | $ 4,477 | |
Weighted-average remaining lease term (in years) (Year) | 2 years 3 months 18 days | 2 years 3 months 18 days | 2 years 9 months 18 days | |||
Weighted-average discount rate | 2% | 2% | 2% | |||
[1]For the year ended December 31, 2019, the amount includes $2.3 million for operating leases existing on January 1, 2019, the adoption date of ASU No. 2016-02, Leases (Topic 842). |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 (remaining three months) | $ 674 |
2023 | 1,999 |
2024 | 967 |
2025 | 590 |
2026 | 7 |
Total remaining lease payments | 4,237 |
Less: imputed interest | (97) |
Accrued Liabilities and Other Long-term Liabilities [Member] | |
Total lease liabilities | $ 4,140 |
Note 5 - Leases - Maturities _2
Note 5 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 (remaining three months) | $ 554 |
2023 | 1,557 |
2024 | 607 |
2025 | 102 |
2026 | 18 |
Total | $ 2,838 |
Note 6 - Net Income Per Share -
Note 6 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 124,337 | $ 68,770 | $ 318,582 | $ 169,352 |
Weighted-average outstanding shares - basic (in shares) | 46,829 | 45,970 | 46,643 | 45,754 |
Effect of dilutive securities (in shares) | 1,520 | 1,882 | 1,652 | 2,018 |
Weighted-average outstanding shares - diluted (in shares) | 48,349 | 47,852 | 48,295 | 47,772 |
Earnings per share, basic (in dollars per share) | $ 2.66 | $ 1.50 | $ 6.83 | $ 3.70 |
Earnings per share, diluted (in dollars per share) | $ 2.57 | $ 1.44 | $ 6.60 | $ 3.55 |
Note 7 - Segment, Significant_3
Note 7 - Segment, Significant Customers and Geographic Information (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Reportable Segments | 1 |
Note 7 - Segment, Significant_4
Note 7 - Segment, Significant Customers and Geographic Information - Customers with Sales and Accounts Receivable Greater Than 10% (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Distributor A [Member] | |||||
Concentration risk | 25% | 24% | 24% | 26% | |
Revenue Benchmark [Member] | Distributor B [Member] | |||||
Concentration risk | 18% | 15% | 18% | 16% | |
Revenue Benchmark [Member] | Distributor C [Member] | |||||
Concentration risk | 10% | 12% | 11% | ||
Accounts Receivable [Member] | Distributor A [Member] | |||||
Concentration risk | 27% | 26% | |||
Accounts Receivable [Member] | Distributor B [Member] | |||||
Concentration risk | 18% | 17% | |||
Accounts Receivable [Member] | Value Added Reseller A [Member] | |||||
Concentration risk | 12% |
Note 7 - Segment, Significant_5
Note 7 - Segment, Significant Customers and Geographic Information - Revenue By Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 495,418 | $ 323,522 | $ 1,334,136 | $ 871,294 |
CHINA | ||||
Revenue | 265,053 | 184,796 | 720,911 | 509,072 |
TAIWAN | ||||
Revenue | 58,920 | 47,048 | 185,025 | 125,756 |
Europe [Member] | ||||
Revenue | 44,885 | 21,328 | 101,279 | 62,498 |
KOREA, REPUBLIC OF | ||||
Revenue | 52,613 | 24,442 | 136,031 | 62,721 |
South East Asia [Member] | ||||
Revenue | 26,458 | 14,820 | 64,460 | 38,506 |
JAPAN | ||||
Revenue | 22,399 | 20,944 | 63,690 | 47,546 |
UNITED STATES | ||||
Revenue | 24,965 | 10,091 | 62,384 | 24,935 |
Other Region [Member] | ||||
Revenue | $ 125 | $ 53 | $ 356 | $ 260 |
Note 7 - Segment, Significant_6
Note 7 - Segment, Significant Customers and Geographic Information - Revenue By Product Family (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 495,418 | $ 323,522 | $ 1,334,136 | $ 871,294 |
DC To DC Products [Member] | ||||
Revenue | 462,982 | 307,368 | 1,264,081 | 827,605 |
Lighting Control Products [Member] | ||||
Revenue | $ 32,436 | $ 16,154 | $ 70,055 | $ 43,689 |
Note 7- Segment, Significant Cu
Note 7- Segment, Significant Customers and Geographic Information - Long Lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long lived assets by region | $ 343,123 | $ 362,962 |
CHINA | ||
Long lived assets by region | 194,811 | 211,973 |
UNITED STATES | ||
Long lived assets by region | 112,982 | 113,805 |
TAIWAN | ||
Long lived assets by region | 18,787 | 19,607 |
Other Region [Member] | ||
Long lived assets by region | $ 16,543 | $ 17,577 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ (3,400) | $ 1,400 | $ 1,900 | $ 2,200 | |
Purchase Obligation, Total | $ 1,363,718 | $ 1,363,718 | |||
Long-term Supply Agreement [Member] | |||||
Purchase Obligation, Total | $ 170,000 | $ 170,000 | |||
Minimum [Member] | |||||
Warranty Term (Year) | 1 year | ||||
Maximum [Member] | |||||
Warranty Term (Year) | 2 years |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 25,209 | $ 10,873 | $ 20,989 | $ 6,895 |
Warranty provision for product sales | 1,141 | 7,757 | 11,531 | 12,954 |
Settlements made | (306) | (770) | (1,825) | (1,739) |
Unused warranty provision | (3,400) | (84) | (8,051) | (334) |
Balance | $ 22,644 | $ 17,776 | $ 22,644 | $ 17,776 |
Note 8 - Commitments and Cont_5
Note 8 - Commitments and Contingencies - Estimated Future Unconditional Purchase Commitments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 (remaining three months) | $ 303,070 |
2023 | 420,883 |
2024 | 285,813 |
2025 | 353,952 |
Total | $ 1,363,718 |
Note 9 - Cash, Cash Equivalen_3
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Redemption, Auction Rate Securities to Date | $ 41,100 | |
Percentage of Auction Rate Securities Redeemed at Par Value | 95% | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 5,100 | $ 3,300 |
Note 9 - Cash, Cash Equivalen_4
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash, Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash | $ 245,051 | $ 174,937 |
Money market funds | 71,159 | 14,328 |
Certificates of deposit | 126,532 | 141,478 |
U.S. treasuries and government agency bonds | 7,240 | 7,456 |
Total | 738,130 | 727,483 |
Cash and cash equivalents | 316,210 | 189,265 |
Short-term investments | 419,837 | 535,817 |
Investment within other long-term assets | 2,083 | 2,401 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 286,065 | 386,883 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | $ 2,083 | $ 2,401 |
Note 9 - Cash, Cash Equivalen_5
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Due in less than 1 year, Amortized cost | $ 316,904 |
Due in less than 1 year, fair value | 313,134 |
Due in 1 - 5 years, Amortized cost | 113,002 |
Due in 1 - 5 years | 106,703 |
Due in greater than 5 years, Amortized cost | 2,195 |
Due in greater than 5 years | 2,083 |
Total, Amortized cost | 432,101 |
Total | $ 421,920 |
Note 9 - Cash, Cash Equivalen_6
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 503,260 | $ 553,902 |
Unrealized Gains | 0 | 570 |
Unrealized Losses | (10,181) | (1,926) |
Total Fair Value | 493,079 | 552,546 |
Money Market Funds [Member] | ||
Amortized Cost | 71,159 | 14,328 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 71,159 | 14,328 |
Certificates of Deposit [Member] | ||
Amortized Cost | 126,532 | 141,478 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 126,532 | 141,478 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 295,877 | 388,081 |
Unrealized Gains | 0 | 570 |
Unrealized Losses | (9,812) | (1,768) |
Total Fair Value | 286,065 | 386,883 |
US Government Agencies Short-Term Debt Securities [Member] | ||
Amortized Cost | 7,497 | 7,495 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (257) | (39) |
Total Fair Value | 7,240 | 7,456 |
Auction Rate Securities [Member] | ||
Amortized Cost | 2,195 | 2,520 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (112) | (119) |
Total Fair Value | $ 2,083 | $ 2,401 |
Note 9 - Cash, Cash Equivalen_7
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Continuous Unrealized Loss Position, Less than 12 Months | $ 206,937 | $ 293,410 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6,372) | (1,804) |
Continuous Unrealized Loss Position, 12 Months or Longer | 87,451 | 7,161 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,809) | (122) |
Unrealized Loss Position, Total | 294,388 | 300,571 |
Unrealized Loss Position, Accumulated Loss, Total | (10,181) | (1,926) |
Corporate Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 203,576 | 285,954 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6,236) | (1,765) |
Continuous Unrealized Loss Position, 12 Months or Longer | 81,489 | 4,760 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,576) | (3) |
Unrealized Loss Position, Total | 285,065 | 290,714 |
Unrealized Loss Position, Accumulated Loss, Total | (9,812) | (1,768) |
US Treasury and Government Short-Term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 3,361 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (136) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 3,879 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (121) | |
Unrealized Loss Position, Total | 7,240 | |
Unrealized Loss Position, Accumulated Loss, Total | (257) | |
US Government Agencies Short-Term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 7,456 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (39) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 7,456 | |
Unrealized Loss Position, Accumulated Loss, Total | (39) | |
Auction Rate Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Continuous Unrealized Loss Position, 12 Months or Longer | 2,083 | 2,401 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (112) | (119) |
Unrealized Loss Position, Total | 2,083 | 2,401 |
Unrealized Loss Position, Accumulated Loss, Total | $ (112) | $ (119) |
Note 9 - Cash, Cash Equivalen_8
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 316,210 | $ 189,265 | ||
Restricted cash included in other long-term assets | 115 | 124 | ||
Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows | $ 316,325 | $ 189,389 | $ 226,211 | $ 335,071 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total Fair Value | $ 493,079 | $ 552,546 |
Assets, fair value | 522,219 | 584,332 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 100,299 | 46,114 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 419,837 | 535,817 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 2,083 | 2,401 |
Money Market Funds [Member] | ||
Total Fair Value | 71,159 | 14,328 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 71,159 | 14,328 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Certificates of Deposit [Member] | ||
Total Fair Value | 126,532 | 141,478 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 126,532 | 141,478 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Total Fair Value | 286,065 | 386,883 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 286,065 | 386,883 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
US Government Agencies Short-Term Debt Securities [Member] | ||
Total Fair Value | 7,240 | 7,456 |
US Government Agencies Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
US Government Agencies Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 7,240 | 7,456 |
US Government Agencies Short-Term Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | ||
Total Fair Value | 2,083 | 2,401 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 2,083 | 2,401 |
Mutual Fund [Member] | ||
Total Fair Value | 29,140 | 31,786 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 29,140 | 31,786 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 0 | $ 0 |
Note 11 - Deferred Compensati_3
Note 11 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred compensation plan assets | $ 47,516 | $ 53,172 |
Deferred compensation plan liabilities | 49,535 | 55,771 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 47,516 | 53,172 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities | 118 | 282 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities | 49,417 | 55,489 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 18,376 | 21,386 |
Mutual Funds and Money Market Funds, Fair Value [Member] | ||
Deferred compensation plan assets | $ 29,140 | $ 31,786 |
Note 12 - Other Income (Expen_3
Note 12 - Other Income (Expense), Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | $ 3,584 | $ 3,050 | $ 10,378 | $ 8,102 |
Amortization of premium on available-for-sale securities | (1,102) | (1,305) | (3,682) | (3,231) |
Gain (loss) on deferred compensation plan investments | (1,330) | (399) | (8,607) | 2,640 |
Foreign currency exchange gain (loss) | 612 | (171) | 962 | (544) |
Charitable contributions | (1,700) | (400) | (4,700) | (600) |
Other | (59) | 18 | (71) | 44 |
Total | $ 5 | $ 793 | $ (5,720) | $ 6,411 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 27,539 | $ 9,154 | $ 65,591 | $ 20,904 |
Effective Income Tax Rate Reconciliation, Percent, Total | 18.10% | 11.70% | 17.10% | 11% |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Balance | $ 1,423,122 | $ 1,243,985 | |
Balance | 1,530,709 | $ 1,423,122 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (7,866) | (6,463) | (1,063) |
Other comprehensive loss before reclassifications | (1,369) | (1,582) | (5,970) |
Amounts reclassified from accumulated other comprehensive income | 82 | 9 | 5 |
Tax effect | 130 | 170 | 565 |
Net current period other comprehensive loss | (1,157) | (1,403) | (5,400) |
Balance | (9,023) | (7,866) | (6,463) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (6,820) | 16,765 | 16,943 |
Other comprehensive loss before reclassifications | (26,081) | (23,585) | (178) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Net current period other comprehensive loss | (26,081) | (23,585) | (178) |
Balance | (32,901) | (6,820) | 16,765 |
AOCI Attributable to Parent [Member] | |||
Balance | (14,686) | 10,302 | 15,880 |
Other comprehensive loss before reclassifications | (27,450) | (25,167) | (6,148) |
Amounts reclassified from accumulated other comprehensive income | 82 | 9 | 5 |
Tax effect | 130 | 170 | 565 |
Net current period other comprehensive loss | (27,238) | (24,988) | (5,578) |
Balance | $ (41,924) | $ (14,686) | $ 10,302 |
Note 15 - Dividends and Divid_3
Note 15 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Dividends Payable, Current | $ 35.1 | $ 27.7 |
Accrued Dividend Equivalents | $ 13.9 | $ 13.1 |
Note 15 - Dividends and Divid_4
Note 15 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividend declared per share (in dollars per share) | $ 0.75 | $ 0.60 | $ 2.25 | $ 1.80 |
Total amount | $ 35,145 | $ 27,606 | $ 105,082 | $ 82,501 |