Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Line Items] | ' | ' |
Document type | '10-Q | ' |
Document period end date | 30-Jun-14 | ' |
Amendment flag | 'false | ' |
Entity registrant name | 'DIODES INC /DEL/ | ' |
Entity central index key | '0000029002 | ' |
Current fiscal year end date | '--12-31 | ' |
Entity filer category | 'Large Accelerated Filer | ' |
Entity common stock shares outstanding | ' | 47,565,351 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $235,465 | $196,635 |
Short-term investments | 17,656 | 22,922 |
Accounts receivable, net | 187,839 | 192,267 |
Inventories | 182,781 | 180,396 |
Deferred income taxes, current | 9,823 | 10,513 |
Prepaid expenses and other | 54,628 | 47,352 |
Total current assets | 688,192 | 650,085 |
PROPERTY, PLANT AND EQUIPMENT, net | 312,542 | 322,013 |
DEFERRED INCOME TAXES, non-current | 22,360 | 28,237 |
OTHER ASSETS | ' | ' |
Goodwill | 85,960 | 84,714 |
Intangible assets, net | 49,976 | 53,571 |
Other | 26,705 | 23,638 |
Total assets | 1,185,735 | 1,162,258 |
CURRENT LIABILITIES | ' | ' |
Lines of credit | 2,487 | 5,814 |
Accounts payable | 101,050 | 89,212 |
Accrued liabilities | 63,134 | 60,684 |
Income tax payable | 1,241 | 1,206 |
Total current liabilities | 167,912 | 156,916 |
LONG-TERM DEBT, net of current portion | 162,702 | 182,799 |
OTHER LONG-TERM LIABILITIES | 74,324 | 78,866 |
Total liabilities | 404,938 | 418,581 |
COMMITMENTS AND CONTINGENCIES (See Note H) | ' | ' |
Diodes Incorporated stockholders' equity | ' | ' |
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding | ' | ' |
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; 47,078,198 and 46,680,973 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 31,387 | 31,120 |
Additional paid-in capital | 298,920 | 289,668 |
Retained earnings | 453,915 | 426,328 |
Accumulated other comprehensive loss | -45,070 | -44,374 |
Total Diodes Incorporated stockholders' equity | 739,152 | 702,742 |
Noncontrolling interest | 41,645 | 40,935 |
Total equity | 780,797 | 743,677 |
Total liabilities and equity | $1,185,735 | $1,162,258 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Preferred stock par value | $1 | $1 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $0.67 | $0.67 |
Common stock shares authorized | 70,000,000 | 70,000,000 |
Common stock shares issued | 47,078,198 | 46,680,973 |
Common stock shares outstanding | 47,078,198 | 46,680,973 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
NET SALES | $223,217 | $214,379 | $433,203 | $391,343 |
COST OF GOODS SOLD | 152,913 | 153,086 | 301,318 | 283,867 |
Gross profit | 70,304 | 61,293 | 131,885 | 107,476 |
OPERATING EXPENSES | ' | ' | ' | ' |
Selling, general and administrative | 33,291 | 35,080 | 65,621 | 65,456 |
Research and development | 12,781 | 12,145 | 25,701 | 22,225 |
Other operating expenses | 1,089 | 3,830 | 3,077 | 5,781 |
Total operating expenses | 47,161 | 51,055 | 94,399 | 93,462 |
Income from operations | 23,143 | 10,238 | 37,486 | 14,014 |
OTHER INCOME (EXPENSES) | 359 | 277 | -991 | 798 |
Income before income taxes and noncontrolling interest | 23,502 | 10,515 | 36,495 | 14,812 |
INCOME TAX PROVISION | 5,651 | 1,475 | 8,198 | 8,049 |
NET INCOME | 17,851 | 9,040 | 28,297 | 6,763 |
Less: NET INCOME attributable to noncontrolling interest | -466 | -405 | -710 | -54 |
NET INCOME attributable to common stockholders | $17,385 | $8,635 | $27,587 | $6,709 |
EARNINGS PER SHARE attributable to common stockholders | ' | ' | ' | ' |
Basic | $0.37 | $0.19 | $0.59 | $0.15 |
Diluted | $0.36 | $0.18 | $0.57 | $0.14 |
Number of shares used in computation | ' | ' | ' | ' |
Basic | 46,889 | 46,148 | 46,794 | 46,085 |
Diluted | 48,423 | 47,507 | 48,223 | 47,383 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $17,851 | $9,040 | $28,297 | $6,763 |
Translation adjustment | 3,712 | -859 | -145 | -8,395 |
Unrealized gain (loss) on defined benefit plan, net of tax | -1,816 | 2,659 | -550 | 1,181 |
Comprehensive income (loss) | 19,747 | 10,840 | 27,602 | -451 |
Less: Comprehensive income attributable to noncontrolling interest | -466 | -405 | -710 | -54 |
Total comprehensive income (loss) attributable to common stockholders | $19,281 | $10,435 | $26,892 | ($505) |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net cash provided by operating activities | $80,066 | $61,173 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition, net of cash acquired | ' | -124,916 |
Purchases of property, plant and equipment | -23,668 | -23,751 |
Proceeds from sales of property, plant and equipment | 1,428 | 51 |
Proceeds from maturity of short-term investments | 5,380 | ' |
Purchases of equity securities | -1,842 | ' |
Proceeds from sale of equity securities | ' | 7,458 |
Other | 1,280 | -3,799 |
Net cash used by investing activities | -17,422 | -144,957 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Advances on lines of credit | 4,335 | 4,963 |
Repayments on lines of credit | -7,622 | -25,711 |
Borrowings of long-term debt | ' | 181,002 |
Repayments of long-term debt | -20,710 | -15,536 |
Net proceeds from issuance of common stock | 2,913 | 1,366 |
Other | -147 | -2,844 |
Net cash provided by (used by) financing activities | -21,231 | 143,240 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -2,583 | -3,031 |
INCREASE IN CASH AND CASH EQUIVALENTS | 38,830 | 56,425 |
CASH AND CASH EQUIVALENTS, beginning of period | 196,635 | 157,121 |
CASH AND CASH EQUIVALENTS, end of period | 235,465 | 213,546 |
Non-cash financing activities: | ' | ' |
Property, plant and equipment purchased on accounts payable | -1,968 | -330 |
Acquisition: | ' | ' |
Fair value of assets acquired | ' | 247,012 |
Liabilities assumed | ' | -92,277 |
Cash acquired | ' | -29,819 |
Net assets acquired | ' | $124,916 |
Nature_of_Operations_Basis_of_
Nature of Operations, Basis of Presentation and Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Operations, Basis of Presentation and Recently Issued Accounting Pronouncements | ' |
NOTE A – Nature of Operations, Basis of Presentation and Recently Issued Accounting Pronouncements | |
Nature of Operations | |
Diodes Incorporated, together with its subsidiaries (collectively, the “Company”), is a leading global manufacturer and supplier of high-quality, application specific standard products within the broad discrete, logic and analog semiconductor markets, serving the consumer electronics, computing, communications, industrial and automotive markets throughout Asia, North America and Europe. | |
Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2014. The consolidated condensed financial data at December 31, 2013 is derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 27, 2014. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter. | |
Certain prior year’s balances have been reclassified to conform to the current financial statement presentation. | |
Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations, which could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. ASU 2014-08 also expands the disclosure requirements for disposals of operations to include more information about assets, liabilities, income and expenses and requires entities to disclose information about disposals of individually significant components. ASU 2014-08 is effective in the first quarter of 2015, with early adoption permitted and could impact the Company’s consolidated financial results in the event of a transaction as described above. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective in the first quarter of 2017, with early adoption not permitted and requires either a retrospective or a modified retrospective approach to adoption. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share | ' | |||||||||||||||
NOTE B – Earnings Per Share | ||||||||||||||||
Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. | ||||||||||||||||
The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
BASIC | ||||||||||||||||
Weighted average number of common shares outstanding | 46,889 | 46,148 | 46,794 | 46,085 | ||||||||||||
used in computing basic earnings per share | ||||||||||||||||
Net income attributable to common stockholders | $ | 17,385 | $ | 8,635 | $ | 27,587 | $ | 6,709 | ||||||||
Earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.19 | $ | 0.59 | $ | 0.15 | ||||||||
DILUTED | ||||||||||||||||
Weighted average number of common shares outstanding | 46,889 | 46,148 | 46,794 | 46,085 | ||||||||||||
used in computing basic earnings per share | ||||||||||||||||
Add: Dilutive effect of stock options and stock awards outstanding | 1,534 | 1,359 | 1,429 | 1,298 | ||||||||||||
48,423 | 47,507 | 48,223 | 47,383 | |||||||||||||
Net income attributable to common stockholders | $ | 17,385 | $ | 8,635 | $ | 27,587 | $ | 6,709 | ||||||||
Earnings per share attributable to common stockholders | $ | 0.36 | $ | 0.18 | $ | 0.57 | $ | 0.14 | ||||||||
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
NOTE C – Inventories | ||||||||
Inventories stated at the lower of cost or market value are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 71,197 | $ | 69,878 | ||||
Work-in-progress | 46,540 | 43,031 | ||||||
Finished goods | 65,044 | 67,487 | ||||||
Total | $ | 182,781 | $ | 180,396 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets | ' | |||||||
NOTE D – Goodwill and Intangible Assets | ||||||||
Changes in goodwill are as follows (in thousands): | ||||||||
Balance at December 31, 2013 | $ | 84,714 | ||||||
Translation adjustment | 1,246 | |||||||
Balance at June 30, 2014 | $ | 85,960 | ||||||
Intangible assets are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Intangible assets subject to amortization: | ||||||||
Gross carrying amount | $ | 86,929 | $ | 86,925 | ||||
Accumulated amortization | (36,220 | ) | (32,245 | ) | ||||
Translation adjustment | (6,710 | ) | (7,000 | ) | ||||
Total | 43,999 | 47,680 | ||||||
Intangible assets with indefinite lives: | ||||||||
Gross carrying amount | 6,403 | 6,403 | ||||||
Translation adjustment | (426 | ) | (512 | ) | ||||
Total | 5,977 | 5,891 | ||||||
Total intangible assets, net | $ | 49,976 | $ | 53,571 | ||||
Amortization expense related to intangible assets subject to amortization was approximately $2 million for both the three months ended June 30, 2014 and 2013, and approximately $4 million for both the six months ended June 30, 2014 and 2013. |
Income_Tax_Provision
Income Tax Provision | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Provision | ' |
NOTE E – Income Tax Provision | |
Income tax expense of approximately $6 million and $1 million was recorded for the three months ended June 30, 2014 and 2013, respectively, and income tax expense of approximately $8 million was recorded for both the six months ended June 30, 2014 and 2013. This resulted in an effective tax rate of 22% for the six months ended June 30, 2014, as compared to 54% in the same period last year and compared to 38% for the full year of 2013. The effective tax rate for the six months ended June 30, 2014 includes a $2 million benefit for discrete items, primarily resulting from the conclusion of a tax audit. The effective tax rate for the six months ended June 30, 2013 includes a $6 million charge for discrete items during the period, primarily resulting from a tax audit by the China tax authorities. The estimated annual tax rate for 2014 is expected to be approximately 28%, excluding discrete items. The Company’s effective tax rates for the six months ended June 30, 2014 and 2013, excluding discrete items, were lower than the U.S. statutory tax rate of 35%, principally from the impact of income in lower-taxed jurisdictions. | |
For the three months ended June 30, 2014, the Company reported domestic and foreign pre-tax income of approximately $1 million and $23 million, respectively. For the six months ended June 30, 2014, the Company reported domestic and foreign pre-tax income of approximately $4 million and $32 million, respectively. Funds repatriated from foreign subsidiaries to the U.S. may be subject to federal and state income taxes. The Company intends to permanently reinvest overseas all of its earnings from its foreign subsidiaries, except to the extent such undistributed earnings have previously been subject to US tax; accordingly, deferred U.S. taxes are not recorded on undistributed foreign earnings. | |
The impact of tax holidays decreased the Company’s tax expense by approximately $1 million and $2 million for the six months ended June 30, 2014 and 2013, respectively. The benefit of the tax holidays on both basic and diluted earnings per share for the six months ended June 30, 2014 was approximately $0.03. The benefit of the tax holidays on both basic and diluted earnings per share for the six months ended June 30, 2013 was approximately $0.04. | |
The Company files income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2007, or for the 2010 tax year. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, the Company is no longer subject to income tax audits for years before 2006. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense. As of June 30, 2014, the gross amount of unrecognized tax benefits was approximately $21 million. | |
It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions will significantly increase or decrease within the next 12 months. At this time, an estimate of the range of the reasonably possible outcomes cannot be made. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
NOTE F – Share-Based Compensation | |||||||||||||||||
The following table shows the total compensation expensed for share-based compensation plans, including stock options and share grants, recognized in the statements of operations (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 107 | $ | 126 | $ | 203 | $ | 249 | |||||||||
Selling and administrative expense | 2,979 | 2,877 | 5,829 | 5,720 | |||||||||||||
Research and development expense | 305 | 301 | 578 | 591 | |||||||||||||
Total share-based compensation expense | $ | 3,391 | $ | 3,304 | $ | 6,610 | $ | 6,560 | |||||||||
Stock Options. Stock options generally vest in equal annual installments over a four-year period and expire eight years after the grant date, and expense was estimated on the date of grant using the Black-Scholes-Merton option pricing model. | |||||||||||||||||
The total net cash proceeds received from stock option exercises during the six months ended June 30, 2014 was approximately $3 million. Stock option expense was approximately $1 million for both the three months ended June 30, 2014 and 2013, and $2 million for both the six months ended June 30, 2014 and 2013. | |||||||||||||||||
A summary of the stock option grants is as follows: | |||||||||||||||||
Stock Options | Shares (000) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (yrs) | Aggregate Intrinsic Value ($000) | |||||||||||||
Outstanding at January 1, 2014 | 3,126 | $ | 18.93 | 4 | $ | 17,461 | |||||||||||
Granted | 176 | 27.92 | |||||||||||||||
Exercised | (304 | ) | 9.66 | 5,422 | |||||||||||||
Forfeited or expired | (2 | ) | 29.21 | ||||||||||||||
Outstanding at June 30, 2014 | 2,996 | $ | 20.39 | 4 | $ | 25,754 | |||||||||||
Exercisable at June 30, 2014 | 2,406 | $ | 19.43 | 3 | $ | 22,967 | |||||||||||
The aggregate intrinsic value in the table above is before applicable income taxes and represents the amount option holders would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price. | |||||||||||||||||
As of June 30, 2014, total unrecognized share-based compensation expense related to unvested stock options, net of forfeitures, was approximately $7 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 3 years. | |||||||||||||||||
Share Grants. Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. | |||||||||||||||||
Share grant expense for the three months ended June 30, 2014 and 2013 was approximately $3 million and $2 million, respectively, and share grant expense for both the six months ended June 30, 2014 and 2013 was approximately $5 million. | |||||||||||||||||
A summary of the Company’s non-vested share grants is as follows: | |||||||||||||||||
Share Grants | Shares (000) | Weighted Average Grant-Date Fair Value | Aggregate Intrinsic Value ($000) | ||||||||||||||
Non-vested at January 1, 2014 | 1,131 | $ | 22.35 | $ | 26,656 | ||||||||||||
Granted | 234 | 27.46 | |||||||||||||||
Vested | (95 | ) | 22.42 | 2,606 | |||||||||||||
Forfeited | (12 | ) | 21.81 | ||||||||||||||
Non-vested at June 30, 2014 | 1,258 | $ | 23.32 | $ | 30,650 | ||||||||||||
As of June 30, 2014, total unrecognized share-based compensation expense related to non-vested stock awards, net of forfeitures, was approximately $20 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 3 years. |
Segment_Information_and_Enterp
Segment Information and Enterprise-Wide Disclosure | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Information and Enterprise-Wide Disclosure | ' | |||||||||||||||
NOTE G – Segment Information and Enterprise-Wide Disclosure | ||||||||||||||||
For financial reporting purposes, the Company operates in a single segment, standard semiconductor products, through the Company’s various manufacturing and distribution facilities. The Company aggregates its products because the products are similar and have similar economic characteristics, and the products are similar in production process and share the same customer type. | ||||||||||||||||
The Company’s primary operations include the domestic operations in Asia, North America and Europe. | ||||||||||||||||
Revenues are attributed to geographic areas based on the location of subsidiaries producing the revenues (in thousands): | ||||||||||||||||
Three Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-14 | ||||||||||||||||
Total sales | $ | 200,955 | $ | 38,304 | $ | 47,383 | $ | 286,642 | ||||||||
Inter-company sales | (25,518 | ) | (15,650 | ) | (22,257 | ) | (63,425 | ) | ||||||||
Net sales | $ | 175,437 | $ | 22,654 | $ | 25,126 | $ | 223,217 | ||||||||
Three Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-13 | ||||||||||||||||
Total sales | $ | 195,735 | $ | 37,253 | $ | 39,993 | $ | 272,981 | ||||||||
Inter-company sales | (18,873 | ) | (18,657 | ) | (21,072 | ) | (58,602 | ) | ||||||||
Net sales | $ | 176,862 | $ | 18,596 | $ | 18,921 | $ | 214,379 | ||||||||
As of and for the Six Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-14 | ||||||||||||||||
Total sales | $ | 390,322 | $ | 75,089 | $ | 88,929 | $ | 554,340 | ||||||||
Inter-company sales | (48,802 | ) | (30,387 | ) | (41,948 | ) | (121,137 | ) | ||||||||
Net sales | $ | 341,520 | $ | 44,702 | $ | 46,981 | $ | 433,203 | ||||||||
Property, plant and equipment, net | $ | 262,186 | $ | 28,016 | $ | 22,340 | $ | 312,542 | ||||||||
Total assets | $ | 866,715 | $ | 130,085 | $ | 188,935 | $ | 1,185,735 | ||||||||
As of and for the Six Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-13 | ||||||||||||||||
Total sales | $ | 352,535 | $ | 72,061 | $ | 77,630 | $ | 502,226 | ||||||||
Inter-company sales | (34,896 | ) | (35,424 | ) | (40,563 | ) | (110,883 | ) | ||||||||
Net sales | $ | 317,639 | $ | 36,637 | $ | 37,067 | $ | 391,343 | ||||||||
Property, plant and equipment, net | $ | 277,608 | $ | 30,579 | $ | 23,100 | $ | 331,287 | ||||||||
Total assets | $ | 837,332 | $ | 150,733 | $ | 183,509 | $ | 1,171,574 | ||||||||
Geographic Information | ||||||||||||||||
Revenues were derived from (shipped to) customers located in the following countries (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
for the Three Months | Percentage of | |||||||||||||||
Ended June 30, | Net Sales | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
China | $ | 139,703 | $ | 139,113 | 63 | % | 65 | % | ||||||||
United States | 21,765 | 16,604 | 10 | % | 8 | % | ||||||||||
Germany | 16,372 | 12,263 | 7 | % | 6 | % | ||||||||||
Korea | 14,110 | 16,119 | 6 | % | 8 | % | ||||||||||
Singapore | 12,498 | 12,784 | 6 | % | 6 | % | ||||||||||
Taiwan | 6,698 | 6,763 | 3 | % | 3 | % | ||||||||||
All Others (1) | 12,071 | 10,733 | 5 | % | 5 | % | ||||||||||
Total | $ | 223,217 | $ | 214,379 | 100 | % | 100 | % | ||||||||
Net Sales | ||||||||||||||||
for the Six Months | Percentage of | |||||||||||||||
Ended June 30, | Net Sales | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
China | $ | 267,160 | $ | 246,757 | 62 | % | 63 | % | ||||||||
United States | 41,406 | 34,021 | 10 | % | 9 | % | ||||||||||
Korea | 34,235 | 31,566 | 8 | % | 8 | % | ||||||||||
Germany | 31,199 | 23,291 | 7 | % | 6 | % | ||||||||||
Singapore | 22,116 | 21,719 | 5 | % | 6 | % | ||||||||||
Taiwan | 13,581 | 11,916 | 3 | % | 3 | % | ||||||||||
All Others (1) | 23,506 | 22,073 | 5 | % | 6 | % | ||||||||||
Total | $ | 433,203 | $ | 391,343 | 100 | % | 100 | % | ||||||||
(1) | Represents countries with less than 3% of the total revenues each. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies | ' |
NOTE H – Commitments and Contingencies | |
Purchase commitments – As of June 30, 2014, the Company had approximately $17 million in non-cancelable purchase contracts related to capital expenditures, primarily for manufacturing equipment in China. | |
Contingencies – From time to time, the Company may be involved in a variety of legal matters that arise in the normal course of business. Based on information available, the Company evaluates the likelihood of potential outcomes. The Company records the appropriate liability when it is considered probable and the amount is reasonably estimable. In addition, the Company does not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. | |
The Company is currently a party to a purported stockholder derivative action in the United States District Court for the District of Delaware, entitled Scherer v. Keh-Shew Lu, Civil Action No. 1:13-cv-00358-UNA (D. Del. filed Mar. 5, 2013), on behalf of the Company against its directors, in which plaintiff alleges that (a) the Board approved awards of stock options to Dr. Keh-Shew Lu, our President and Chief Executive Officer, in 2009, 2010, 2011 and 2012 that exceeded the limitation on the number of shares of the Company’s Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Company’s 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009; (b) the Company’s disclosures in its 2010, 2011 and 2012 proxy statements regarding the limitation on the number of shares of the Company’s Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Company’s 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009 were inaccurate; and (c) the Company’s disclosures in its 2010, 2011 and 2012 proxy statements that the grants of stock options to Dr. Lu in 2009, 2010, 2011 and 2012 complied with the terms of the Company’s 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009 were incorrect. The Compensation Committee reviewed the grants of stock options to Dr. Lu in 2009, 2010, 2011 and 2012 (each such annual grant, an “Option Grant”), and approved a Confirmation Agreement, dated April 1, 2013, in which the Company and Dr. Lu agreed and confirmed that Dr. Lu will assert no claim that any Option Grant in 2009, 2010, 2011 or 2012 provided for the purchase of more than 100,000 shares of the Company’s Common Stock, and that each Option Grant document be deemed amended to reflect the foregoing 100,000 share limitation. On April 3, 2013, defendants and the Company filed answers to the complaint. On May 8, 2013, defendants filed a motion for judgment on the pleadings dismissing the action on the ground that the claims are moot. On June 24, 2013, the Court approved the parties’ stipulation providing for the withdrawal of the motion for judgment on the pleadings and the dismissal of the action as moot upon the filing and adjudication of plaintiff’s motion for an award of attorney’s fees and costs. On July 29, 2013, plaintiff filed a motion for an award of attorneys’ fees and costs. On September 20, 2013, the Company filed its opposition to plaintiff’s motion. On October 11, 2013, plaintiff filed her reply in further support of her motion. No hearing date has been set for this motion. | |
The Company is also currently a party to a putative securities class action in the United States District Court for the Eastern District of Texas, entitled Local 731 I.B. of T. Excavators and Pavers Pension Trust Fund v. Diodes, Inc., Civil Action No. 6:13-cv-00247 (E.D. Tex. filed Mar. 15, 2013), (the “Class Action”) against the Company, Dr. Lu and Richard D. White. In this action, plaintiff purportedly on behalf of a class of investors who purchased the Company’s Common Stock between February 9, 2011 and June 9, 2011, alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b-5 promulgated thereunder by making allegedly misleading public statements during the class period regarding the labor market in China and its impact on the Company’s business and prospects. On June 14, 2013, the Court entered an order appointing Local 731 I.B. of T. Excavators and Pavers Pension Trust Fund as lead plaintiff and approved lead plaintiff’s selection of Robbins Geller Rudman & Dowd as lead plaintiff’s counsel and the Ward & Smith Law Firm as lead plaintiff’s liaison counsel. On August 1, 2013, lead plaintiff filed an amended complaint reiterating the same claims for relief against the same defendants as asserted in the original complaint. On September 16, 2013, defendants filed a motion to dismiss the amended complaint. Lead plaintiff’s opposition to defendants’ motion to dismiss was filed on October 31, 2013. No hearing date has been set for this motion. Pursuant to the Private Securities Litigation Reform Act of 1995, all discovery and other proceedings are stayed pending a ruling on any motion to dismiss. The defendants intend to defend this action vigorously. | |
On February 20, 2014, a purported stockholder derivative action was filed in the United States District Court for the Eastern District of Texas, entitled Persson v. Keh-Shew Lu, Case No. 4:14-cv-00108-RC-ALM (E.D. Tex. filed Feb. 20, 2014), on behalf of the Company against its directors, in which plaintiff alleges that the directors breached their fiduciary duties by allowing the Company to make allegedly misleading public statements in 2011 regarding the labor market in China and its impact on the Company’s business and prospects, by failing to maintain internal controls and by selling shares of Diodes stock while allegedly in possession of material nonpublic information regarding the labor market in China and its impact on the Company’s business and prospects. The complaint does not seek any damages or other relief from the Company. On March 3, 2014, defendants accepted service of the complaint in this action. On April 2, 2014, this action was transferred to the judge presiding over the Class Action. On April 3, 2014, the Court granted defendants’ unopposed motion to extend their time to respond to the complaint to May 28, 2014. On April 17, 2014, the Court granted the parties’ unopposed motion to stay this action until such time that the Court rules on defendants’ motion to dismiss in the Class Action. The defendants intend to defend the action vigorously. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Employee Benefit Plans | ' | |||
NOTE I – Employee Benefit Plans | ||||
Defined Benefit Plan | ||||
The Company has a contributory defined benefit plan that covers certain employees in the United Kingdom (“U.K.”). The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions regarding the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions. The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses. | ||||
Net periodic benefit costs associated with the defined benefit plan were approximately $0 million for both the three months ended June 30, 2014 and 2013, and $1 million and $0 million for the six months ended June 30, 2014 and 2013, respectively. | ||||
The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Company’s plan (in thousands): | ||||
Defined Benefit Plan | ||||
Change in benefit obligation: | ||||
Balance at December 31, 2013 | $ | 149,316 | ||
Service cost | 167 | |||
Interest cost | 3,436 | |||
Actuarial loss | 1,447 | |||
Benefits paid | (2,308 | ) | ||
Settlements | - | |||
Currency changes | 4,919 | |||
Benefit obligation at June 30, 2014 | $ | 156,977 | ||
Change in plan assets: | ||||
Fair value of plan assets at December 31, 2013 | $ | 116,568 | ||
Actual return on plan assets | 3,851 | |||
Employer contribution | 334 | |||
Benefits paid | (2,308 | ) | ||
Currency changes | 3,834 | |||
Fair value of plan assets at June 30, 2014 | $ | 122,279 | ||
Underfunded status at June 30, 2014 | $ | (34,698 | ) | |
Based on an actuarial study performed as of June 30, 2014, the plan is underfunded and a liability is reflected in the Company’s consolidated financial statements as a long-term liability. The weighted-average discount rate assumption used to determine benefit obligations as of June 30, 2014 was 4.5%. | ||||
The following weighted-average assumptions were used to determine net periodic benefit costs for the six months ended June 30, 2014: | ||||
Discount rate | 4.6 | % | ||
Expected long-term return on plan assets | 5.9 | % | ||
During the second quarter of 2012, the Company adopted a payment plan with the trustees of the defined benefit plan, in which the Company will pay approximately ₤2 million British Pound Sterling (“GBP”) (approximately $3 million based on a USD:GBP exchange rate of 1.6:1) every year from 2012 through 2019. As part of the required pension review, which occurs every three years under the United Kingdom pension regulations, the Company is currently in discussions with the trustees regarding future contributions for the pension scheme. | ||||
The Company also has pension plans in Asia for which the benefit obligation, fair value of the plan assets and the funded status amounts are deemed immaterial and therefore, are not included in the figures or assumptions above. | ||||
Deferred Compensation | ||||
The Company maintains a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) for executive officers, key employees and members of the Board of Directors (the “Board”). The Deferred Compensation Plan allows eligible participants to defer the receipt of eligible compensation, including equity awards, until designated future dates. The Company offsets its obligations under the Deferred Compensation Plan by investing in the actual underlying investments. These investments are classified as trading securities and are carried at fair value. At June 30, 2014, these investments totaled approximately $4 million. All gains and losses in these investments are materially offset by corresponding gains and losses in the Deferred Compensation Plan liabilities. |
Related_Parties
Related Parties | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Parties | ' | |||||||||||||||
NOTE J – Related Parties | ||||||||||||||||
The Company conducts business with three related companies: Lite-On Semiconductor Corporation and its subsidiaries and affiliates (collectively, “LSC”), Keylink International (B.V.I.) Inc. and its subsidiaries and affiliates (collectively, “Keylink”) and Nuvoton Technology Corporation and its subsidiaries and affiliates (collectively, “Nuvoton”). LSC owned approximately 18% of the Company’s outstanding Common Stock as of June 30, 2014. Keylink is the Company’s 5% joint venture partner in two of the Company’s Shanghai manufacturing facilities. A member of the Company’s Board of Directors who is also the Company’s President and Chief Executive Officer is a member of the Board of Directors of Nuvoton. In addition, another member of the Company’s Board of Directors is a Supervisor of the Board of Directors of Nuvoton. | ||||||||||||||||
The Audit Committee of the Company’s Board reviews all related party arrangements for potential conflict of interest situations on an ongoing basis, in accordance with such procedures as the Audit Committee may adopt from time to time. | ||||||||||||||||
Lite-On Semiconductor Corporation – The Company sells products to LSC and purchases semiconductor products from LSC for subsequent sale, making LSC one of the Company’s largest suppliers. | ||||||||||||||||
Net sales to, and purchases from, LSC are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 164 | $ | 296 | $ | 279 | $ | 399 | ||||||||
Purchases | $ | 8,374 | $ | 9,650 | $ | 15,712 | $ | 17,159 | ||||||||
Keylink International (B.V.I.) Inc. – The Company sells products to Keylink and purchases semiconductor products for subsequent sale. In addition, two of the Company’s subsidiaries in China lease their manufacturing facilities from, and subcontract a portion of their manufacturing process (including, but not limited to, metal plating and environmental services) to Keylink. The Company also pays a consulting fee to Keylink. The aggregate amounts for these services for both the three months ended June 30, 2014 and 2013 were approximately $5 million. The aggregate amounts for these services for both the six months ended June 30, 2014 and 2013 were approximately $9 million. | ||||||||||||||||
Net sales to, and purchases from, Keylink are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 2,116 | $ | 1,561 | $ | 4,380 | $ | 5,209 | ||||||||
Purchases | $ | 2,070 | $ | 2,138 | $ | 3,716 | $ | 3,666 | ||||||||
Nuvoton Technology Corporation – The Company purchases wafers from Nuvoton that it uses in the production of finished goods. | ||||||||||||||||
Net purchases from Nuvoton are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Purchases | $ | 3,237 | $ | 3,248 | $ | 6,573 | $ | 5,095 | ||||||||
Accounts receivable from, and accounts payable to, LSC, Keylink and Nuvoton are as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Accounts receivable | ||||||||||||||||
LSC | $ | 155 | $ | 140 | ||||||||||||
Keylink | 3,400 | 4,927 | ||||||||||||||
$ | 3,555 | $ | 5,067 | |||||||||||||
Accounts payable | ||||||||||||||||
LSC | $ | 5,919 | $ | 5,670 | ||||||||||||
Keylink | 6,230 | 6,505 | ||||||||||||||
Nuvoton | 1,154 | 770 | ||||||||||||||
$ | 13,303 | $ | 12,945 | |||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Event | ' |
Zetex (Chengdu) Electronics Co., Ltd (“ZCEL”) was established in 1995; in which one of the Company’s subsidiaries became a 33% equity owner of ZCEL. The Company has historically treated the investment under the equity method of accounting. On July 7, 2014, the Company increased its equity ownership in ZCEL to 95% when it paid $4 million for an additional 62% of equity. | |
The Company purchased the additional equity from a subsidiary of our joint venture partner, Chengdu Ya Guang Electric Company Limited, with whom the Company established a semiconductor manufacturing facility for surface-mounted component production, assembly and test in Chengdu, China and who owns 5% of the joint venture. | |
The Company acquired the additional equity in ZCEL to secure local plating services for its joint venture manufacturing facility in Chengdu, China where the Company can have its plating services completed locally. The Company intends to account for the additional equity purchase as a business combination achieved in stages and will consolidate ZCEL as of July 1, 2014, which is not materially different from July 7, 2014. |
Nature_of_Operations_Basis_of_1
Nature of Operations, Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Operations | ' |
Nature of Operations | |
Diodes Incorporated, together with its subsidiaries (collectively, the “Company”), is a leading global manufacturer and supplier of high-quality, application specific standard products within the broad discrete, logic and analog semiconductor markets, serving the consumer electronics, computing, communications, industrial and automotive markets throughout Asia, North America and Europe. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2014. The consolidated condensed financial data at December 31, 2013 is derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 27, 2014. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter. | |
Certain prior year’s balances have been reclassified to conform to the current financial statement presentation. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations, which could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. ASU 2014-08 also expands the disclosure requirements for disposals of operations to include more information about assets, liabilities, income and expenses and requires entities to disclose information about disposals of individually significant components. ASU 2014-08 is effective in the first quarter of 2015, with early adoption permitted and could impact the Company’s consolidated financial results in the event of a transaction as described above. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective in the first quarter of 2017, with early adoption not permitted and requires either a retrospective or a modified retrospective approach to adoption. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
BASIC | ||||||||||||||||
Weighted average number of common shares outstanding | 46,889 | 46,148 | 46,794 | 46,085 | ||||||||||||
used in computing basic earnings per share | ||||||||||||||||
Net income attributable to common stockholders | $ | 17,385 | $ | 8,635 | $ | 27,587 | $ | 6,709 | ||||||||
Earnings per share attributable to common stockholders | $ | 0.37 | $ | 0.19 | $ | 0.59 | $ | 0.15 | ||||||||
DILUTED | ||||||||||||||||
Weighted average number of common shares outstanding | 46,889 | 46,148 | 46,794 | 46,085 | ||||||||||||
used in computing basic earnings per share | ||||||||||||||||
Add: Dilutive effect of stock options and stock awards outstanding | 1,534 | 1,359 | 1,429 | 1,298 | ||||||||||||
48,423 | 47,507 | 48,223 | 47,383 | |||||||||||||
Net income attributable to common stockholders | $ | 17,385 | $ | 8,635 | $ | 27,587 | $ | 6,709 | ||||||||
Earnings per share attributable to common stockholders | $ | 0.36 | $ | 0.18 | $ | 0.57 | $ | 0.14 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Schedule Of Inventory Current | ' | |||||||
Inventories stated at the lower of cost or market value are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 71,197 | $ | 69,878 | ||||
Work-in-progress | 46,540 | 43,031 | ||||||
Finished goods | 65,044 | 67,487 | ||||||
Total | $ | 182,781 | $ | 180,396 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||
Changes in goodwill are as follows (in thousands): | ||||||||
Balance at December 31, 2013 | $ | 84,714 | ||||||
Translation adjustment | 1,246 | |||||||
Balance at June 30, 2014 | $ | 85,960 | ||||||
Intangible assets are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Intangible assets subject to amortization: | ||||||||
Gross carrying amount | $ | 86,929 | $ | 86,925 | ||||
Accumulated amortization | (36,220 | ) | (32,245 | ) | ||||
Translation adjustment | (6,710 | ) | (7,000 | ) | ||||
Total | 43,999 | 47,680 | ||||||
Intangible assets with indefinite lives: | ||||||||
Gross carrying amount | 6,403 | 6,403 | ||||||
Translation adjustment | (426 | ) | (512 | ) | ||||
Total | 5,977 | 5,891 | ||||||
Total intangible assets, net | $ | 49,976 | $ | 53,571 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Share-Based Compensation Expense | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 107 | $ | 126 | $ | 203 | $ | 249 | |||||||||
Selling and administrative expense | 2,979 | 2,877 | 5,829 | 5,720 | |||||||||||||
Research and development expense | 305 | 301 | 578 | 591 | |||||||||||||
Total share-based compensation expense | $ | 3,391 | $ | 3,304 | $ | 6,610 | $ | 6,560 | |||||||||
Schedule of Share Based Compensation Stock Options Activity | ' | ||||||||||||||||
Stock Options | Shares (000) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (yrs) | Aggregate Intrinsic Value ($000) | |||||||||||||
Outstanding at January 1, 2014 | 3,126 | $ | 18.93 | 4 | $ | 17,461 | |||||||||||
Granted | 176 | 27.92 | |||||||||||||||
Exercised | (304 | ) | 9.66 | 5,422 | |||||||||||||
Forfeited or expired | (2 | ) | 29.21 | ||||||||||||||
Outstanding at June 30, 2014 | 2,996 | $ | 20.39 | 4 | $ | 25,754 | |||||||||||
Exercisable at June 30, 2014 | 2,406 | $ | 19.43 | 3 | $ | 22,967 | |||||||||||
Schedule Of Nonvested Restricted Stock Units Activity | ' | ||||||||||||||||
Share Grants | Shares (000) | Weighted Average Grant-Date Fair Value | Aggregate Intrinsic Value ($000) | ||||||||||||||
Non-vested at January 1, 2014 | 1,131 | $ | 22.35 | $ | 26,656 | ||||||||||||
Granted | 234 | 27.46 | |||||||||||||||
Vested | (95 | ) | 22.42 | 2,606 | |||||||||||||
Forfeited | (12 | ) | 21.81 | ||||||||||||||
Non-vested at June 30, 2014 | 1,258 | $ | 23.32 | $ | 30,650 | ||||||||||||
Segment_Information_and_Enterp1
Segment Information and Enterprise-Wide Disclosure (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Revenues from External Customers and Long Lived Assets by Geographical Areas | ' | |||||||||||||||
Revenues are attributed to geographic areas based on the location of subsidiaries producing the revenues (in thousands): | ||||||||||||||||
Three Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-14 | ||||||||||||||||
Total sales | $ | 200,955 | $ | 38,304 | $ | 47,383 | $ | 286,642 | ||||||||
Inter-company sales | (25,518 | ) | (15,650 | ) | (22,257 | ) | (63,425 | ) | ||||||||
Net sales | $ | 175,437 | $ | 22,654 | $ | 25,126 | $ | 223,217 | ||||||||
Three Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-13 | ||||||||||||||||
Total sales | $ | 195,735 | $ | 37,253 | $ | 39,993 | $ | 272,981 | ||||||||
Inter-company sales | (18,873 | ) | (18,657 | ) | (21,072 | ) | (58,602 | ) | ||||||||
Net sales | $ | 176,862 | $ | 18,596 | $ | 18,921 | $ | 214,379 | ||||||||
As of and for the Six Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-14 | ||||||||||||||||
Total sales | $ | 390,322 | $ | 75,089 | $ | 88,929 | $ | 554,340 | ||||||||
Inter-company sales | (48,802 | ) | (30,387 | ) | (41,948 | ) | (121,137 | ) | ||||||||
Net sales | $ | 341,520 | $ | 44,702 | $ | 46,981 | $ | 433,203 | ||||||||
Property, plant and equipment, net | $ | 262,186 | $ | 28,016 | $ | 22,340 | $ | 312,542 | ||||||||
Total assets | $ | 866,715 | $ | 130,085 | $ | 188,935 | $ | 1,185,735 | ||||||||
As of and for the Six Months Ended | Asia | North America | Europe | Consolidated | ||||||||||||
30-Jun-13 | ||||||||||||||||
Total sales | $ | 352,535 | $ | 72,061 | $ | 77,630 | $ | 502,226 | ||||||||
Inter-company sales | (34,896 | ) | (35,424 | ) | (40,563 | ) | (110,883 | ) | ||||||||
Net sales | $ | 317,639 | $ | 36,637 | $ | 37,067 | $ | 391,343 | ||||||||
Property, plant and equipment, net | $ | 277,608 | $ | 30,579 | $ | 23,100 | $ | 331,287 | ||||||||
Total assets | $ | 837,332 | $ | 150,733 | $ | 183,509 | $ | 1,171,574 | ||||||||
Schedule of Revenue by Countries | ' | |||||||||||||||
Revenues were derived from (shipped to) customers located in the following countries (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
for the Three Months | Percentage of | |||||||||||||||
Ended June 30, | Net Sales | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
China | $ | 139,703 | $ | 139,113 | 63 | % | 65 | % | ||||||||
United States | 21,765 | 16,604 | 10 | % | 8 | % | ||||||||||
Germany | 16,372 | 12,263 | 7 | % | 6 | % | ||||||||||
Korea | 14,110 | 16,119 | 6 | % | 8 | % | ||||||||||
Singapore | 12,498 | 12,784 | 6 | % | 6 | % | ||||||||||
Taiwan | 6,698 | 6,763 | 3 | % | 3 | % | ||||||||||
All Others (1) | 12,071 | 10,733 | 5 | % | 5 | % | ||||||||||
Total | $ | 223,217 | $ | 214,379 | 100 | % | 100 | % | ||||||||
Net Sales | ||||||||||||||||
for the Six Months | Percentage of | |||||||||||||||
Ended June 30, | Net Sales | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
China | $ | 267,160 | $ | 246,757 | 62 | % | 63 | % | ||||||||
United States | 41,406 | 34,021 | 10 | % | 9 | % | ||||||||||
Korea | 34,235 | 31,566 | 8 | % | 8 | % | ||||||||||
Germany | 31,199 | 23,291 | 7 | % | 6 | % | ||||||||||
Singapore | 22,116 | 21,719 | 5 | % | 6 | % | ||||||||||
Taiwan | 13,581 | 11,916 | 3 | % | 3 | % | ||||||||||
All Others (1) | 23,506 | 22,073 | 5 | % | 6 | % | ||||||||||
Total | $ | 433,203 | $ | 391,343 | 100 | % | 100 | % | ||||||||
(1) | Represents countries with less than 3% of the total revenues each. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Schedule of Changes in Fair Value of Plan Assets | ' | |||
The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Company’s plan (in thousands): | ||||
Defined Benefit Plan | ||||
Change in benefit obligation: | ||||
Balance at December 31, 2013 | $ | 149,316 | ||
Service cost | 167 | |||
Interest cost | 3,436 | |||
Actuarial loss | 1,447 | |||
Benefits paid | (2,308 | ) | ||
Settlements | - | |||
Currency changes | 4,919 | |||
Benefit obligation at June 30, 2014 | $ | 156,977 | ||
Change in plan assets: | ||||
Fair value of plan assets at December 31, 2013 | $ | 116,568 | ||
Actual return on plan assets | 3,851 | |||
Employer contribution | 334 | |||
Benefits paid | (2,308 | ) | ||
Currency changes | 3,834 | |||
Fair value of plan assets at June 30, 2014 | $ | 122,279 | ||
Underfunded status at June 30, 2014 | $ | (34,698 | ) | |
Schedule of Assumptions Used | ' | |||
The following weighted-average assumptions were used to determine net periodic benefit costs for the six months ended June 30, 2014: | ||||
Discount rate | 4.6 | % | ||
Expected long-term return on plan assets | 5.9 | % | ||
Related_Parties_Tables
Related Parties (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Schedule of Account Receivable and Payable of Related Party Transactions | ' | |||||||||||||||
Accounts receivable from, and accounts payable to, LSC, Keylink and Nuvoton are as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Accounts receivable | ||||||||||||||||
LSC | $ | 155 | $ | 140 | ||||||||||||
Keylink | 3,400 | 4,927 | ||||||||||||||
$ | 3,555 | $ | 5,067 | |||||||||||||
Accounts payable | ||||||||||||||||
LSC | $ | 5,919 | $ | 5,670 | ||||||||||||
Keylink | 6,230 | 6,505 | ||||||||||||||
Nuvoton | 1,154 | 770 | ||||||||||||||
$ | 13,303 | $ | 12,945 | |||||||||||||
Lite On Semiconductor | ' | |||||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | ' | |||||||||||||||
Net sales to, and purchases from, LSC are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 164 | $ | 296 | $ | 279 | $ | 399 | ||||||||
Purchases | $ | 8,374 | $ | 9,650 | $ | 15,712 | $ | 17,159 | ||||||||
Keylink | ' | |||||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | ' | |||||||||||||||
Net sales to, and purchases from, Keylink are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 2,116 | $ | 1,561 | $ | 4,380 | $ | 5,209 | ||||||||
Purchases | $ | 2,070 | $ | 2,138 | $ | 3,716 | $ | 3,666 | ||||||||
Nuvoton | ' | |||||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | ' | |||||||||||||||
Net purchases from Nuvoton are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Purchases | $ | 3,237 | $ | 3,248 | $ | 6,573 | $ | 5,095 | ||||||||
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Line Items] | ' |
Earnings per share reconciliation disclosure | 'Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
BASIC | ' | ' | ' | ' |
Weighted average number of common shares outstanding used in computing basic earnings per share | 46,889 | 46,148 | 46,794 | 46,085 |
Net income attributable to common stockholders | $17,385 | $8,635 | $27,587 | $6,709 |
Earnings per share attributable to common stockholders | $0.37 | $0.19 | $0.59 | $0.15 |
DILUTED | ' | ' | ' | ' |
Weighted average number of common shares outstanding used in computing basic earnings per share | 46,889 | 46,148 | 46,794 | 46,085 |
Add: Dilutive effect of stock options and stock awards outstanding | 1,534 | 1,359 | 1,429 | 1,298 |
Diluted shares | 48,423 | 47,507 | 48,223 | 47,383 |
Net income attributable to common stockholders | $17,385 | $8,635 | $27,587 | $6,709 |
Earnings per share attributable to common stockholders | $0.36 | $0.18 | $0.57 | $0.14 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $71,197 | $69,878 |
Work-in-progress | 46,540 | 43,031 |
Finished goods | 65,044 | 67,487 |
Total | $182,781 | $180,396 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill | ' | ' |
Goodwill beginning balance | $84,714 | ' |
Translation adjustment | 1,246 | ' |
Goodwill ending balance | 85,960 | 84,714 |
Finite-Lived Intangible Assets, Net | ' | ' |
Gross carrying amount | 86,929 | 86,925 |
Accumulated amortization | -36,220 | -32,245 |
Translation adjustment | -6,710 | -7,000 |
Total | 43,999 | 47,680 |
Intangible assets with indefinite lives | ' | ' |
Gross carrying amount | 6,403 | 6,403 |
Translation adjustment | -426 | -512 |
Total | 5,977 | 5,891 |
Total intangible assets, net | $49,976 | $53,571 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $2 | $2 | $4 | $4 |
Income_Tax_Provision_Additiona
Income Tax Provision - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Income Tax Provisions [Line Items] | ' | ' | ' | ' | ' |
Income tax expense | $5,651,000 | $1,475,000 | $8,198,000 | $8,049,000 | ' |
Effective tax rate | ' | ' | 22.00% | 54.00% | 38.00% |
Estimated Annual Income Tax Rate | ' | ' | 28.00% | ' | ' |
Charges for Discrete Items | ' | ' | 2,000,000 | 6,000,000 | ' |
U.S. statutory tax rate | ' | ' | 35.00% | 35.00% | ' |
Domestic pre-tax income | 1,000,000 | ' | 4,000,000 | ' | ' |
Foreign pre-tax income | 23,000,000 | ' | 32,000,000 | ' | ' |
Tax holidays | ' | ' | 1,000,000 | 2,000,000 | ' |
Tax holidays basic EPS | ' | ' | $0.03 | $0.04 | ' |
Tax holidays diluted EPS | ' | ' | $0.03 | $0.04 | ' |
Unrecognized tax benefits | $21,000,000 | ' | $21,000,000 | ' | ' |
Significant Change in Unrecognized Tax Benefits, Nature of Event | ' | ' | 'It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Companybs unrecognized tax positions will significantly increase or decrease within the next 12 months. | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range Not Possible | ' | ' | 'At this time, an estimate of the range of the reasonably possible outcomes cannot be made. | ' | ' |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $3,391 | $3,304 | $6,610 | $6,560 |
Cost of Sales | ' | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 107 | 126 | 203 | 249 |
Selling and Administrative Expense | ' | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 2,979 | 2,877 | 5,829 | 5,720 |
Research and Development Expense | ' | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $305 | $301 | $578 | $591 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Cash proceeds received from stock option exercises | ' | ' | $3 | ' |
Stock Option Expense | 1 | 1 | 2 | 2 |
Restricted Stock Expense | 3 | 2 | 5 | 5 |
Stock Options | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award | ' | ' | 'Expense was estimated on the date of grant using the Black-Scholes-Merton option pricing model | ' |
Share Based Compensation Arrangement By Share Based Payment Award Description | ' | ' | 'Stock options generally vest in equal annual installments over a four-year period and expire eight years after the grant date | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years | ' |
Share-based compensation arrangement by share-based payment award expiration period after the grant date | ' | ' | '8 years | ' |
Unrecognized share-based compensation expense related to unvested stock awards, net of forfeitures | 7 | ' | 7 | ' |
Unrecognized share-based compensation expense, weighted average recognition period | ' | ' | '3 years | ' |
Restricted Stock | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years | ' |
Unrecognized share-based compensation expense related to unvested stock awards, net of forfeitures | $20 | ' | $20 | ' |
Unrecognized share-based compensation expense, weighted average recognition period | ' | ' | '3 years | ' |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Share Based Compensation Stock Options Activity (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Stock Options, Shares: | ' | ' |
Outstanding Beginning Shares | 3,126 | ' |
Granted Shares | 176 | ' |
Exercised Shares | -304 | ' |
Forfeited or Expired Shares | -2 | ' |
Outstanding Ending Shares | 2,996 | 3,126 |
Shares Exercisable | 2,406 | ' |
Weighted Average Exercise Price: | ' | ' |
Outstanding Beginning Weighted Average Exercise Price | $18.93 | ' |
Granted Weighted Average Exercise Price | $27.92 | ' |
Exercised Weighted Average Exercise Price | $9.66 | ' |
Forfeited or Expired Weighted Average Exercise Price | $29.21 | ' |
Outstanding Ending Weighted Average Exercise Price | $20.39 | $18.93 |
Exercisable Weighted Average Exercise Price | $19.43 | ' |
Weighted Average Remaining Contractual Term: | ' | ' |
Outstanding Beginning Weighted Average Remaining Contractual Term | '4 years | '4 years |
Outstanding Ending Weighted Average Remaining Contractual Term | '4 years | '4 years |
Exercisable Weighted Average Remaining Contractual Term | '3 years | ' |
Aggregate Intrinsic Value : | ' | ' |
Outstanding Beginning Intrinsic Value | $17,461 | ' |
Exercised Intrinsic Value | 5,422 | ' |
Outstanding Ending Intrinsic Value | 25,754 | 17,461 |
Exercisable Intrinsic Value | $22,967 | ' |
ShareBased_Compensation_Schedu2
Share-Based Compensation - Schedule Of Nonvested Restricted Stock Units Activity (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Summary of the status of non vested share grants [Roll Forward] | ' |
Beginning balance nonvested | 1,131 |
Granted | 234 |
Vested | -95 |
Forfeited | -12 |
Ending balance nonvested | 1,258 |
Weighted-Average Grant-Date Fair Value and Aggregate Intrinsic Value [Roll Forward] | ' |
Beginning balance nonvested | $22.35 |
Granted | $27.46 |
Vested | $22.42 |
Forfeited | $21.81 |
Ending balance nonvested | $23.32 |
Beginning balance nonvested | $26,656 |
Vested | 2,606 |
Ending balance nonvested | $30,650 |
Segment_Information_and_Enterp2
Segment Information and Enterprise-Wide Disclosure - Schedule of Revenues from External Customers and Long Lived Assets by Geographical Areas (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total sales | $286,642 | $272,981 | $554,340 | $502,226 | ' |
Inter-company sales | -63,425 | -58,602 | -121,137 | -110,883 | ' |
NET SALES | 223,217 | 214,379 | 433,203 | 391,343 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 312,542 | 331,287 | 312,542 | 331,287 | 322,013 |
Total assets | 1,185,735 | 1,171,574 | 1,185,735 | 1,171,574 | 1,162,258 |
Asia | ' | ' | ' | ' | ' |
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total sales | 200,955 | 195,735 | 390,322 | 352,535 | ' |
Inter-company sales | -25,518 | -18,873 | -48,802 | -34,896 | ' |
NET SALES | 175,437 | 176,862 | 341,520 | 317,639 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 262,186 | 277,608 | 262,186 | 277,608 | ' |
Total assets | 866,715 | 837,332 | 866,715 | 837,332 | ' |
North America | ' | ' | ' | ' | ' |
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total sales | 38,304 | 37,253 | 75,089 | 72,061 | ' |
Inter-company sales | -15,650 | -18,657 | -30,387 | -35,424 | ' |
NET SALES | 22,654 | 18,596 | 44,702 | 36,637 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 28,016 | 30,579 | 28,016 | 30,579 | ' |
Total assets | 130,085 | 150,733 | 130,085 | 150,733 | ' |
Europe | ' | ' | ' | ' | ' |
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' |
Total sales | 47,383 | 39,993 | 88,929 | 77,630 | ' |
Inter-company sales | -22,257 | -21,072 | -41,948 | -40,563 | ' |
NET SALES | 25,126 | 18,921 | 46,981 | 37,067 | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 22,340 | 23,100 | 22,340 | 23,100 | ' |
Total assets | $188,935 | $183,509 | $188,935 | $183,509 | ' |
Segment_Information_and_Enterp3
Segment Information and Enterprise-Wide Disclosure - Schedule of Revenue by Countries (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | $223,217 | $214,379 | $433,203 | $391,343 | ||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% | ||||
China | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 139,703 | 139,113 | 267,160 | 246,757 | ||||
Percentage of net sales | 63.00% | 65.00% | 62.00% | 63.00% | ||||
United States | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 21,765 | 16,604 | 41,406 | 34,021 | ||||
Percentage of net sales | 10.00% | 8.00% | 10.00% | 9.00% | ||||
Germany | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 16,372 | 12,263 | 31,199 | 23,291 | ||||
Percentage of net sales | 7.00% | 6.00% | 7.00% | 6.00% | ||||
Korea | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 14,110 | 16,119 | 34,235 | 31,566 | ||||
Percentage of net sales | 6.00% | 8.00% | 8.00% | 8.00% | ||||
Singapore | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 12,498 | 12,784 | 22,116 | 21,719 | ||||
Percentage of net sales | 6.00% | 6.00% | 5.00% | 6.00% | ||||
Taiwan | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | 6,698 | 6,763 | 13,581 | 11,916 | ||||
Percentage of net sales | 3.00% | 3.00% | 3.00% | 3.00% | ||||
All Others | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
NET SALES | $12,071 | [1] | $10,733 | [1] | $23,506 | [1] | $22,073 | [1] |
Percentage of net sales | 5.00% | [1] | 5.00% | [1] | 5.00% | [1] | 6.00% | [1] |
[1] | Represents countries with less than 3% of the total revenues each. |
Segment_Information_and_Enterp4
Segment Information and Enterprise-Wide Disclosure - Schedule of Revenue by Countries (Parenthetical) (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Sales revenue net percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
All Others | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Sales revenue net percentage | 5.00% | [1] | 5.00% | [1] | 5.00% | [1] | 6.00% | [1] |
All Others | Maximum | ' | ' | ' | ' | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Sales revenue net percentage | ' | ' | 3.00% | ' | ||||
[1] | Represents countries with less than 3% of the total revenues each. |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Commitments And Contingencies [Line Items] | ' |
Purchase Commitments | 17 |
Stockholder Derivative Action 1 | ' |
Commitments And Contingencies [Line Items] | ' |
Loss Contingency, Name of Defendant | 'Keh-Shew Lu |
Loss Contingency, Lawsuit Filing Date | 'Mar. 5, 2013 |
Loss Contingency, Name of Plaintiff | 'Scherer |
Loss Contingency, Allegations | 'plaintiff alleges that (a) the Board approved awards of stock options to Dr. Keh-Shew Lu, our President and Chief Executive Officer, in 2009, 2010, 2011 and 2012 that exceeded the limitation on the number of shares of the Companybs Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Companybs 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009; (b) the Companybs disclosures in its 2010, 2011 and 2012 proxy statements regarding the limitation on the number of shares of the Companybs Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Companybs 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009 were inaccurate; and (c) the Companybs disclosures in its 2010, 2011 and 2012 proxy statements that the grants of stock options to Dr. Lu in 2009, 2010, 2011 and 2012 complied with the terms of the Companybs 2001 Omnibus Equity Incentive Plan as amended by the stockholders on May 28, 2009 were incorrect. |
Number of shares as a settlement alternative | 100,000 |
Putative Securities Class Action | ' |
Commitments And Contingencies [Line Items] | ' |
Loss Contingency, Name of Defendant | 'Diodes, Inc. |
Loss Contingency, Lawsuit Filing Date | 'Mar. 15, 2013 |
Loss Contingency, Name of Plaintiff | 'Local 731 I.B. of T. Excavators and Pavers Pension Trust Fund |
Loss Contingency, Allegations | 'alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b-5 promulgated thereunder by making allegedly misleading public statements during the class period regarding the labor market in China and its impact on the Companybs business and prospects. |
Stockholder Derivative Action 2 | ' |
Commitments And Contingencies [Line Items] | ' |
Loss Contingency, Name of Defendant | 'Keh-Shew Lu |
Loss Contingency, Lawsuit Filing Date | 'February 20, 2014 |
Loss Contingency, Name of Plaintiff | 'Persson |
Loss Contingency, Allegations | 'on behalf of the Company against its directors, in which plaintiff alleges that the directors breached their fiduciary duties by allowing the Company to make allegedly misleading public statements in 2011 regarding the labor market in China and its impact on the Companybs business and prospects, by failing to maintain internal controls and by selling shares of Diodes stock while allegedly in possession of material nonpublic information regarding the labor market in China and its impact on the Companybs business and prospects. |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | Pension Plan, Defined Benefit | Pension Plan, Defined Benefit | |
Employee Benefit Plans Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans, General Information | ' | ' | 'The Company has a contributory defined benefit plan that covers certain employees in the United Kingdom (bU.K.b). The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions regarding the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions. | ' | ' | ' | ' | ' |
Defined Benefit Plan, Pension, Method to Determine Vested Benefit Obligation | ' | ' | 'The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses. | ' | ' | ' | ' | ' |
Net period benefit costs | $0 | $0 | $1 | $0 | ' | ' | ' | ' |
Deferred Compensation Plan Assets | 4 | ' | 4 | ' | ' | ' | ' | ' |
Deferred Compensation Arrangements, Overall, Description | ' | ' | 'The Company maintains a Non-Qualified Deferred Compensation Plan (the bDeferred Compensation Planb) for executive officers, key employees and members of the Board of Directors (the bBoardb). The Deferred Compensation Plan allows eligible participants to defer the receipt of eligible compensation, including equity awards, until designated future dates. The Company offsets its obligations under the Deferred Compensation Plan by investing in the actual underlying investments. These investments are classified as trading securities and are carried at fair value. At June 30, 2014, these investments totaled approximately $4 million. All gains and losses in these investments are materially offset by corresponding gains and losses in the Deferred Compensation Plan liabilities. | ' | ' | ' | ' | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average discount rate benefit obligations | ' | ' | ' | ' | ' | ' | 4.50% | ' |
Estimated Future Pension Benefit Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year, Description | ' | ' | 'During the second quarter of 2012, the Company adopted a payment plan with the trustees of the defined benefit plan, in which the Company will pay approximately b$2 million British Pound Sterling (bGBPb) (approximately $3 million based on a USD:GBP exchange rate of 1.6:1) every year from 2012 through 2019. As part of the required pension review, which occurs every three years under the United Kingdom pension regulations, the Company is currently in discussions with the trustees regarding future contributions for the pension scheme. | ' | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments | ' | ' | ' | ' | ' | 2 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | ' | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | ' | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | ' | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | ' | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | ' | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Three Fiscal Years Thereafter | ' | ' | ' | ' | $3 | ' | ' | ' |
USD:GBP exchange rate | ' | ' | ' | ' | ' | ' | ' | 0.625 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) (Pension Plan, Defined Benefit, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Pension Plan, Defined Benefit | ' |
Change in Benefit Obligation [Roll Forward] | ' |
Benefit obligation - beginning | $149,316 |
Service cost | 167 |
Interest cost | 3,436 |
Actuarial gain | 1,447 |
Benefits paid | -2,308 |
Settlements | 0 |
Currency changes | 4,919 |
Benefit obligation - ending | 156,977 |
Change in Plan Assets [Roll Forward] | ' |
Fair value of plan assets - beginning | 116,568 |
Actual return | 3,851 |
Employer contribution | 334 |
Benefits paid | -2,308 |
Currency changes | 3,834 |
Fair value of plan assets - ending | 122,279 |
Funded status | ($34,698) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Defined benefit plan, Weighted average assumptions used in calculating net periodic benefit cost [Abstract] | ' |
Discount rate | 4.60% |
Expected long-term return on plan assets | 5.90% |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Lite On Semiconductor | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related Party ownership of common stock | 18.00% | ' | 18.00% | ' |
Related Party Transaction, Description of Transaction | ' | ' | 'LSC owned approximately 18% of the Companybs outstanding Common Stock as of June 30, 2014. | ' |
Keylink | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related Party ownership of common stock | 5.00% | ' | 5.00% | ' |
Related Party Transaction, Description of Transaction | ' | ' | 'Keylink is the Companybs 5% joint venture partner in two of the Companybs Shanghai manufacturing facilities. | ' |
Related Party Transaction Consulting Fees From Transactions With Related Party | $5 | $5 | $9 | $9 |
Nuvoton | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Description of Transaction | ' | ' | 'A member of the Companybs Board of Directors who is also the Companybs President and Chief Executive Officer is a member of the Board of Directors of Nuvoton. In addition, another member of the Companybs Board of Directors is a Supervisor of the Board of Directors of Nuvoton. | ' |
Related_Parties_Schedule_Net_S
Related Parties - Schedule Net Sales and Purchases of Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Lite On Semiconductor | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue from related parties | $164 | $296 | $279 | $399 |
Purchases from related parties | 8,374 | 9,650 | 15,712 | 17,159 |
Keylink | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue from related parties | 2,116 | 1,561 | 4,380 | 5,209 |
Purchases from related parties | 2,070 | 2,138 | 3,716 | 3,666 |
Nuvoton | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Purchases from related parties | $3,237 | $3,248 | $6,573 | $5,095 |
Related_Parties_Schedule_of_Ac
Related Parties - Schedule of Account Receivable and Payable of Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | $3,555 | $5,067 |
Accounts payable | 13,303 | 12,945 |
Lite On Semiconductor | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 155 | 140 |
Accounts payable | 5,919 | 5,670 |
Keylink | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable | 3,400 | 4,927 |
Accounts payable | 6,230 | 6,505 |
Nuvoton | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable | $1,154 | $770 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Details) (USD $) | Jun. 30, 2014 | Jul. 07, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ZCEL | ZCEL | Chengdu Ya Guang Electric Company Limited |
Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Equity ownership percentage | 33.00% | 95.00% | 5.00% |
Increase in additional ownership percentage | ' | 62.00% | ' |
Cash paid for additional ownership | ' | $4 | ' |