Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document type | 10-K | ||
Document period end date | 31-Dec-14 | ||
Amendment flag | FALSE | ||
Entity registrant name | DIODES INC /DEL/ | ||
Entity central index key | 29002 | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Current fiscal year end date | -19 | ||
Entity filer category | Large Accelerated Filer | ||
Entity well known seasoned issuer | Yes | ||
Entity common stock shares outstanding | 47,644,240 | ||
Entity public float | $1,121,111,712 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DIOD |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $243,000 | $196,635 |
Short-term investments | 11,726 | 22,922 |
Accounts receivable, net | 188,248 | 192,267 |
Inventories | 182,026 | 180,396 |
Deferred income taxes, current | 11,295 | 10,513 |
Prepaid expenses and other | 50,510 | 47,352 |
Total current assets | 686,805 | 650,085 |
PROPERTY, PLANT AND EQUIPMENT, net | 309,931 | 322,013 |
DEFERRED INCOME TAXES, non-current | 32,550 | 28,237 |
OTHER ASSETS | ||
Goodwill | 81,229 | 84,714 |
Intangible assets, net | 45,028 | 53,571 |
Other | 23,614 | 23,638 |
Total assets | 1,179,157 | 1,162,258 |
CURRENT LIABILITIES | ||
Lines of credit and short-term debt | 1,064 | 5,814 |
Accounts payable | 79,390 | 89,212 |
Accrued liabilities | 60,436 | 60,684 |
Income tax payable | 8,381 | 1,206 |
Total current liabilities | 149,271 | 156,916 |
LONG-TERM DEBT, net of current portion | 140,787 | 182,799 |
OTHER LONG-TERM LIABILITIES | 78,932 | 78,866 |
Total liabilities | 368,990 | 418,581 |
COMMITMENTS AND CONTINGENCIES (see Note 16) | ||
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; 47,591,092 and 46,680,973 issued and outstanding at December 31, 2014 and 2013, respectively | 31,729 | 31,120 |
Additional paid-in capital | 314,942 | 289,668 |
Retained earnings | 490,006 | 426,328 |
Accumulated other comprehensive loss | -68,402 | -44,374 |
Total Diodes Incorporated stockholders' equity | 768,275 | 702,742 |
Noncontrolling interest | 41,892 | 40,935 |
Total equity | 810,167 | 743,677 |
Total liabilities and equity | $1,179,157 | $1,162,258 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||
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 | $0.66 | $0.66 |
Common stock shares authorized | 70,000,000 | 70,000,000 |
Common stock shares issued | 47,591,092 | 46,680,973 |
Common stock shares outstanding | 47,591,092 | 46,680,973 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
NET SALES | $890,651 | $826,846 | $633,806 |
COST OF GOODS SOLD | 613,372 | 589,010 | 472,220 |
Gross profit | 277,279 | 237,836 | 161,586 |
OPERATING EXPENSES | |||
Selling, general and administrative | 133,701 | 132,106 | 101,363 |
Research and development | 52,136 | 48,302 | 33,761 |
Amortization of acquisition related intangible assets | 7,914 | 8,078 | 5,122 |
Impairment of goodwill | 5,318 | ||
Restructuring | 1,535 | ||
Loss (gain) on sale of assets | -983 | 216 | -3,556 |
Total operating expenses | 192,768 | 195,555 | 136,690 |
Income from operations | 84,511 | 42,281 | 24,896 |
OTHER INCOME (EXPENSES) | |||
Interest income | 1,470 | 1,274 | 778 |
Interest expense | -4,332 | -5,580 | -876 |
Gain on securities carried at fair value | 1,364 | 601 | 7,100 |
Other | 2,979 | 9 | -1,091 |
Total other income (expenses) | 1,481 | -3,696 | 5,911 |
Income before income taxes and noncontrolling interest | 85,992 | 38,585 | 30,807 |
INCOME TAX PROVISION | 20,359 | 14,481 | 4,825 |
NET INCOME | 65,633 | 24,104 | 25,982 |
Less: NET (INCOME) LOSS attributable to noncontrolling interest | -1,955 | 2,428 | -1,830 |
NET INCOME attributable to common stockholders | $63,678 | $26,532 | $24,152 |
EARNINGS PER SHARE attributable to common stockholders | |||
Basic | $1.35 | $0.57 | $0.53 |
Diluted | $1.31 | $0.56 | $0.51 |
Number of shares used in computation | |||
Basic | 47,184 | 46,363 | 45,780 |
Diluted | 48,594 | 47,658 | 46,899 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |||
Net income | $65,633 | $24,104 | $25,982 |
Foreign currency translation adjustment | -16,473 | 6,453 | 7,317 |
Unrealized loss on defined benefit plan, net of tax | -7,555 | -16,971 | -5,411 |
Comprehensive income | 41,605 | 13,586 | 27,888 |
Less: Comprehensive (income) loss attributable to noncontrolling interest | -1,955 | 2,428 | -1,830 |
Total comprehensive income attributable to common stockholders | $39,650 | $16,014 | $26,058 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total Diodes Incorporated Stockholders' equity | Noncontrolling interest |
In Thousands, except Share data | |||||||
BALANCE at Dec. 31, 2011 | $648,715 | $30,423 | $263,455 | $375,644 | ($35,762) | $633,760 | $14,955 |
Common stock shares beginning at Dec. 31, 2011 | 45,432,000 | ||||||
Total comprehensive income | 27,888 | 24,152 | 1,906 | 26,058 | 1,830 | ||
Acquisition of noncontrolling interest | 26,470 | 26,470 | |||||
Common stock issued for share-based plans | 1,325 | 251 | 1,074 | 1,325 | |||
Common stock issued for share-based plans, shares | 579,000 | ||||||
Excess tax benefit from share-based compensation | 1,644 | 1,644 | 1,644 | ||||
Share-based compensation | 14,398 | 14,398 | 14,398 | ||||
BALANCE at Dec. 31, 2012 | 720,440 | 30,674 | 280,571 | 399,796 | -33,856 | 677,185 | 43,255 |
Common stock shares ending at Dec. 31, 2012 | 46,011,000 | ||||||
Total comprehensive income | 13,586 | 26,532 | -10,518 | 16,014 | -2,428 | ||
Acquisition of noncontrolling interest | 108 | 108 | |||||
Common stock issued for share-based plans | 2,635 | 446 | 2,189 | 2,635 | |||
Common stock issued for share-based plans, shares | 670,000 | ||||||
Excess tax benefit from share-based compensation | -6,643 | -6,643 | -6,643 | ||||
Share-based compensation | 13,551 | 13,551 | 13,551 | ||||
BALANCE at Dec. 31, 2013 | 743,677 | 31,120 | 289,668 | 426,328 | -44,374 | 702,742 | 40,935 |
Common stock shares ending at Dec. 31, 2013 | 46,680,973 | 46,681,000 | |||||
Total comprehensive income | 41,605 | 63,678 | -24,028 | 39,650 | 1,955 | ||
Acquisition of noncontrolling interest | 338 | 338 | |||||
Common stock issued for share-based plans | 5,761 | 609 | 5,152 | 5,761 | |||
Common stock issued for share-based plans, shares | 910,000 | ||||||
Excess tax benefit from share-based compensation | 6,018 | 6,018 | 6,018 | ||||
Share-based compensation | 14,104 | 14,104 | 14,104 | ||||
Dividend to noncontrolling interest | -1,336 | -1,336 | |||||
BALANCE at Dec. 31, 2014 | $810,167 | $31,729 | $314,942 | $490,006 | ($68,402) | $768,275 | $41,892 |
Common stock shares ending at Dec. 31, 2014 | 47,591,092 | 47,591,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $65,633 | $24,104 | $25,982 |
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions: | |||
Depreciation | 68,857 | 65,529 | 59,063 |
Amortization of intangibles | 7,914 | 8,078 | 5,130 |
Impairment of goodwill | 5,318 | ||
Amortization of debt issuance costs | 531 | 531 | |
Share-based compensation | 14,104 | 13,551 | 14,398 |
Excess tax benefit from share-based compensation | -6,018 | 6,643 | -1,644 |
Loss (gain) on disposal of property, plant and equipment | -963 | 270 | -3,554 |
Gain on securities carried at fair value | -1,364 | -601 | -7,100 |
Deferred income taxes | -3,611 | -1,959 | -13,051 |
Other | 3,624 | 2,538 | -334 |
Changes in operating assets: | |||
Accounts receivable | 1,810 | -18,241 | -6,360 |
Inventories | -2,750 | 14,860 | -5,492 |
Prepaid expenses and other current assets | -10,537 | -3,803 | 3,162 |
Changes in operating liabilities: | |||
Accounts payable | -9,512 | -8,594 | -7,440 |
Accrued liabilities | 2,187 | 171 | 2,257 |
Other liabilities | -3,584 | 1,957 | -4,179 |
Income taxes payable | 7,951 | -461 | 3,378 |
Net cash provided by operating activities | 134,272 | 109,891 | 64,216 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisitions, net of cash acquired | -124,916 | -20,048 | |
Decrease in restricted cash | 2,872 | 6,886 | |
Purchases of short-term investments | -18,839 | -22,922 | |
Sales of short-term investments | 29,583 | ||
Purchases of equity securities | -1,842 | -5,393 | -3,413 |
Proceeds from sale of equity securities | 1,660 | 7,458 | |
Purchases of property, plant and equipment | -57,766 | -47,054 | -58,166 |
Proceeds from sales of property, plant and equipment | 1,480 | 59 | 1,969 |
Proceeds from sales of intangibles | 2,122 | ||
Other | 84 | -520 | 117 |
Net cash used in investing activities | -42,768 | -186,402 | -77,419 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Advance on lines of credit and short term debt | 6,778 | 15,101 | 3,659 |
Repayments on lines of credit and short-term debt | -11,400 | -34,573 | -9,556 |
Net proceeds from the issuance of common stock | 5,761 | 2,635 | 1,318 |
Excess tax benefit from share-based compensation | 6,018 | -6,643 | 1,644 |
Proceeds from long-term debt | 181,000 | 71,720 | |
Repayments of long-term debt | -42,677 | -42,145 | -30,445 |
Repayments of capital lease obligations | -246 | -627 | -295 |
Other | 7 | -2,387 | 502 |
Net cash provided by (used in) financing activities | -35,759 | 112,361 | 38,547 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -9,380 | 3,664 | 2,267 |
INCREASE IN CASH AND CASH EQUIVALENTS | 46,365 | 39,514 | 27,611 |
CASH AND CASH EQUIVALENTS, beginning of year | 196,635 | 157,121 | 129,510 |
CASH AND CASH EQUIVALENTS, end of year | 243,000 | 196,635 | 157,121 |
Cash paid during the year for: | |||
Interest | 3,276 | 4,373 | 914 |
Income taxes | 14,059 | 10,396 | 17,086 |
Non-cash activities: | |||
Property, plant and equipment purchased on accounts payable | -1,167 | 2,714 | -1,957 |
Acquisition: | |||
Fair value of assets acquired | 247,012 | 76,438 | |
Liabilities assumed | -92,277 | -13,924 | |
Cash acquired | -29,819 | 6,108 | |
Net assets acquired | 124,916 | 68,622 | |
Noncontrolling interest | |||
Non-cash activities: | |||
Dividend accrued for noncontrolling interest | ($1,336) |
Summary_of_Operations_and_Sign
Summary of Operations and Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||
Summary of Operations and Significant Accounting Policies | NOTE 1 – SUMMARY OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Nature of operations – Diodes Incorporated and its subsidiaries (collectively, the “Company” or “we” or “our”) is a leading global designer, 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. Our primary focus is on low pin count semiconductor devices with one or more active and/or passive components. Our products include diodes, rectifiers, transistors, MOSFETs, protection devices, functional specific arrays, single gate, dual gate and standard logic, amplifiers and comparators, Hall-effect and temperature sensors, power management devices including LED drivers, AC-DC and DC-DC switching, linear voltage regulators, and voltage references along with special function devices, such as USB power switches, load switches, voltage supervisors and motor controllers. Our products are sold primarily throughout Asia, North America and Europe. | ||||||||||||
Principles of consolidation – The consolidated financial statements include the accounts of Diodes Incorporated, its wholly-owned subsidiaries and its controlled majority-owned subsidiaries. We account for equity investments in companies over which we have the ability to exercise significant influence, but do not hold a controlling interest, under the equity method, and we record our proportionate share of income or losses in interest and other, net in the consolidated statements of income. All significant intercompany balances and transactions have been eliminated. | ||||||||||||
Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires that management make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results may differ from these estimates in amounts that may be material to the consolidated financial statements and accompanying notes. | ||||||||||||
Revenue recognition – Net sales (revenue) are recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are met when title to the products is passed to the buyers, which is generally when product is shipped to the customers. Generally, we recognize net sales upon shipment to manufacturers (direct ship) as well as upon sales to distributors using the “sell in” model, which is when product is shipped to the distributors (point of purchase). | ||||||||||||
Certain customers have limited rights of return and/or are entitled to price adjustments on products held in their inventory or upon sale to their end customers. We reduce net sales in the period of sale for estimates of product returns, distributor price adjustments and other allowances. Our reserve estimates are based upon historical data as well as projections of sales, distributor inventories, price adjustments, average selling prices and market conditions. | ||||||||||||
We record allowances/reserves for the following items: (i) ship and debit, which arise when we, from time to time based on market conditions, issue credit to certain distributors upon their shipments to their end customers; (ii) stock rotation, which are contractual obligations that permit certain distributors, up to four times a year, to return a portion of their inventory based on historical shipments to them in exchange for an equal and offsetting order; and (iii) price protection, which arise when market conditions cause average selling prices to decrease and we issue credit to certain distributors on their inventory. | ||||||||||||
Ship and debit reserves are recorded as a reduction to net sales with a corresponding reduction to accounts receivable. Stock rotation reserves are recorded as a reduction to net sales with a corresponding reduction to cost of goods sold for the estimated cost of inventory that is expected to be returned. Price protection reserves are recorded as a reduction to net sales with a corresponding increase in accrued liabilities. Net sales are reduced in the period of sale for estimates of product returns and other allowances including distributor adjustments, which were approximately $86 million, $68 million and $48 million in 2014, 2013 and 2012, respectively. | ||||||||||||
Product warranty – We generally warrant our products for a period of one year from the date of sale. Historically, warranty expense has not been material. | ||||||||||||
Cash, cash equivalents, and short-term investments – We consider all highly liquid investments with maturity of three months or less at the date of purchase to be cash equivalents. We currently maintain substantially all of our day-to-day operating cash balances with major financial institutions. We hold short-term investments consisting of time deposits, which are highly liquid with maturity dates greater than three months at the date of purchase. Generally, we can access these investments in a relatively short amount of time but in doing so we generally forfeit a portion of interest income. The short-term investments are valued under the fair value hierarchy using Level 2 Inputs. | ||||||||||||
Allowance for doubtful accounts – We evaluate the collectability of our accounts receivable based upon a combination of factors, including the current business environment and historical experience. If we are aware of a customer’s inability to meet its financial obligations, we record an allowance to reduce the receivable to the amount we reasonably believe will be collected from the customer. For all other customers, we record an allowance based upon the amount of time the receivables are past due. If actual accounts receivable collections differ from these estimates, an adjustment to the allowance may be necessary with a resulting effect on operating expense. Accounts receivable are presented net of valuation allowance, which were approximately $2 million in 2014, 2013 and 2012. | ||||||||||||
Inventories – Inventories are stated at the lower of cost or market value. Cost is determined principally by the first-in, first-out method. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Any write-down of inventory to the lower of cost or market at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. On an on-going basis, we evaluate inventory for obsolescence and slow-moving items. This evaluation includes analysis of sales levels, sales projections, and purchases by item, as well as raw material usage related to our manufacturing facilities. If our review indicates a reduction in utility below carrying value, we reduce inventory to a new cost basis. If future demand or market conditions are different than our current estimates, an inventory adjustment to write down inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. | ||||||||||||
Property, plant and equipment – Purchased property, plant and equipment is recorded at historical cost, and acquired property, plant and equipment is recorded at fair value on the date of acquisition. Property, plant and equipment is depreciated using straight-line methods over the estimated useful lives, which range from 20 to 55 years for buildings and 3 to 10 years for machinery and equipment. The estimated lives of leasehold improvements range from 3 to 5 years, and are amortized over the shorter of the remaining lease term or their estimated useful lives. | ||||||||||||
Goodwill and other indefinite lived intangible assets – Goodwill is tested for impairment on an annual basis, on October 1, and between annual tests if indicators of potential impairment exist. We use the simplified goodwill impairment test, which allows us to first assess qualitatively whether it is necessary to perform step one of the two-step annual goodwill impairment test. We are required to perform step one and calculate the fair value of our reporting units only if we conclude that it is more likely than not (that is, a likelihood of more than 50%) that a reporting unit’s fair value is less than its carrying value. The qualitative analysis, which is referred to as step zero, was performed and we considered all relevant factors specific to our reporting units. Some factors considered in step zero were macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, events affecting a reporting unit and other relevant entity-specific events. | ||||||||||||
For 2014, our step zero conclusion was that goodwill is more likely than not to be not impaired and no further testing is required until the next annual test date (or sooner if conditions or events before that date raise concerns of potential impairment in the business) for all reporting units. | ||||||||||||
For 2013, our step zero conclusion was that goodwill is more likely than not to be not impaired and no further testing is required until the next annual test date (or sooner if conditions or events before that date raise concerns of potential impairment in the business) for all reporting units except for one. The reporting unit for Eris Technology Corporation failed the step zero test. Therefore, its goodwill and other indefinite lived intangible assets were tested using the two-step process. The first step required comparison of the fair value of the reporting unit to the respective carrying value. The reporting unit failed step one as the fair value of the reporting unit was less than the carrying value. The second step was then performed to compute the amount of impairment, if any. In the second step, the impairment was computed by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. In this case, the carrying amount of the reporting unit’s goodwill exceeded its implied fair value, and therefore an impairment loss was recognized for the excess in the amount of $5 million. In addition, all the other indefinite lived assets, such as trade name for Eris were not impaired. | ||||||||||||
Impairment of long-lived assets – Our long-lived assets are reviewed whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We consider assets to be impaired if the carrying value exceeds the undiscounted projected cash flows from operations. If impairment exists, the assets are written down to fair value or to the projected discounted cash flows from related operations. As of December 31, 2014, we expect the remaining carrying value of assets to be recoverable. No impairment of long-lived assets has been identified during any of the periods presented. The weighted average amortization period for amortizable intangible assets is approximately 8 years. | ||||||||||||
Business combinations – We recognize all the assets acquired and liabilities assumed in the transaction and establish the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain accounting provisions prescribe, among other things, the determination of acquisition-date fair value of consideration paid in a business combination (including contingent consideration) and the exclusion of transaction and acquisition-related restructuring costs from acquisition accounting. | ||||||||||||
Income taxes – Income taxes are accounted for using an asset and liability approach whereby deferred tax assets and liabilities are recorded for differences in the financial reporting bases and tax bases of our assets and liabilities. If it is more likely than not that some portion of deferred tax assets will not be realized, a valuation allowance is recorded. | ||||||||||||
GAAP prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. | ||||||||||||
Research and development costs – Internally-developed research and development costs are expensed as incurred. Acquired in-process research and development (“IPR&D”) is capitalized as an indefinite-lived intangible asset and evaluated periodically for impairment. When the project is completed, an expected life is determined and the IPR&D is amortized as an expense over the expected life. | ||||||||||||
Shipping and handling costs – Shipping and handling costs for products shipped to customers, which are included in selling, general and administrative expenses, were approximately $11 million, $10 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Concentration of credit risk – Financial instruments, which potentially subject us to concentrations of credit risk, include trade accounts receivable. Credit risk is limited by the dispersion of our customers over various geographic areas, operating primarily in electronics manufacturing and distribution. We perform on-going credit evaluations of our customers, and generally require no collateral. Historically, credit losses have not been significant. | ||||||||||||
We currently maintain substantially all of our day-to-day cash balances and short-term investments with major financial institutions. Cash balances are usually in excess of Federal and/or foreign deposit insurance limits. | ||||||||||||
Valuation of financial instruments – The carrying value of our financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable, credit line, and long-term debt approximate fair value due to their current market conditions, maturity dates and other factors. | ||||||||||||
Earnings per share – Basic earnings per share is calculated by dividing net earnings 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 are computed using the “treasury stock method.” | ||||||||||||
For the three years ended December 31, 2014, 2013 and 2012, options and share grants outstanding totaling approximately 2 million shares have been excluded from the computation of diluted earnings per share because their effect was anti-dilutive. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Basic earnings per share attributable to common stockholders | $ | 1.35 | $ | 0.57 | $ | 0.53 | ||||||
Diluted | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Add: Assumed exercise of stock options and stock awards | 1,410 | 1,295 | 1,119 | |||||||||
Weighted average number of common shares outstanding used in computing diluted earnings per share | 48,594 | 47,658 | 46,899 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Diluted earnings per share attributable to common stockholders | $ | 1.31 | $ | 0.56 | $ | 0.51 | ||||||
Share-based compensation – We use the Black-Scholes-Merton model to determine the fair value of stock options on the date of grant and recognize compensation expense for stock options on a straight-line basis. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period. | ||||||||||||
The amount of compensation expense recognized using the Black-Scholes-Merton model requires us to exercise judgment and make assumptions relating to the factors that determine the fair value of our stock option grants. The fair value calculated by this model is a function of several factors, including the grant price, the expected future volatility, the expected term of the option and the risk-free interest rate of the option. The expected term and expected future volatility of the options require judgment. In addition, we are required to estimate the expected forfeiture rate and only recognize expense for those stock options expected to vest. We estimate the forfeiture rate based on historical experience, and to the extent our actual forfeiture rate is different from our estimate, share-based compensation expense is adjusted accordingly. | ||||||||||||
Functional currencies and foreign currency translation – We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates on the balance sheet date. Net sales and expense for these subsidiaries are translated at the weighted-average exchange rate during the period presented. Resulting translation adjustments are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity in the consolidated balance sheets. Included in other income are foreign exchange losses of $2 million, $1 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Defined benefit plan – We maintain pension plans covering certain of our employees in the U.K. The overfunded or underfunded status of pension and postretirement benefit plans are recognized on the balance sheet. Actuarial gains and losses, and prior service costs or credits, are recognized in other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. For financial reporting purposes, the net pension and supplemental retirement benefit obligations and the related periodic pension costs are calculated based upon, among other things, assumptions of the discount rate for plan obligations, estimated return on pension 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. The expected long-term return on plan assets was determined based on historical and expected future returns of the various asset classes. The plan’s investment policy includes a mandate to diversify assets and invest in a variety of asset classes to achieve its expected long-term return and is currently invested in a variety of funds representing most standard equity and debt security classes. Trustees of the plan may make changes at any time. | ||||||||||||
Investment in joint ventures – Investment in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least 20 percent owned are stated at cost plus equity in undistributed net income (loss) of the joint venture. These investments are evaluated for impairment, in which an impairment loss would be recorded whenever a decline in the value of an equity investment below its carrying amount is determined to be “other than temporary.” In judging “other than temporary,” we consider the length of time and extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining the investment in the investee. | ||||||||||||
Noncontrolling interest - Noncontrolling interest (previously referred to as minority interest) primarily relates to the minority investors’ share of the earnings of certain China and Taiwan subsidiaries. Noncontrolling interests are a separate component of equity and not a liability. Increases or decreases in noncontrolling interest, due to changes in our ownership interest of the subsidiaries that leave control intact, are recorded as equity transactions. The noncontrolling interest in our subsidiaries and their equity balances are reported separately in the consolidated financial statements, and activities of these subsidiaries are included therein. | ||||||||||||
Contingencies – From time to time, we may be involved in a variety of legal matters that arise in the normal course of business. Based on information available, we evaluate the likelihood of potential outcomes. We record the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, we do not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. | ||||||||||||
Comprehensive income (loss) – GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss. The components of accumulated other comprehensive income or loss include foreign currency translation adjustments and unrealized gain or loss on defined benefit plan. Accumulated other comprehensive loss was approximately $(68) million, $(44) million and $(34) million at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
There is no income tax expense or benefit associated with each component of comprehensive income. As of December 31, 2014, the accumulated balance for each component of comprehensive income is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Translation adjustment | $ | (32,683 | ) | $ | (16,210 | ) | ||||||
Unrealized loss on defined benefit plan | $ | (35,719 | ) | $ | (28,164 | ) | ||||||
Reclassifications – Certain immaterial amounts from prior periods have been reclassified to conform to the current years’ presentation such as schedules included in the notes to consolidated financial statements. | ||||||||||||
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 our 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. We have not yet selected a transition method and are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | ||||||||||||
In November 2014, FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. This ASU provides companies with the option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The election to apply pushdown accounting can be made either in the period in which the change of control occurred, or in a subsequent period. This ASU is effective as of November 18, 2014. We will evaluate this standard in the event of a future business combination. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
[FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract] | ||||||||||||||||||||
Fair Value Measurements | NOTE 2 – FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||||||
We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. These two types of inputs create a three-tier fair value hierarchy that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | ||||||||||||||||||||
Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||||||
Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||||||||||
Level 3 Inputs - Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||||||
As of December 31, 2014, we had investments in trading securities and short-term investments. Trading securities were purchased on the open market and unrealized gains and losses are included in other income (expense). The trading securities are valued under the fair value hierarchy using Level 1 Inputs. Short-term investments of $12 million consist of investments such as time deposits, which are highly liquid with maturity dates greater than three months at the date of purchase. Generally, we can access these investments in a relatively short amount of time but in doing so we generally forfeit a portion of earned and future interest income. The short-term investments are valued under the fair value hierarchy using Level 2 Inputs. | ||||||||||||||||||||
Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the following table: | ||||||||||||||||||||
Description | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||
Trading securities | $ | 7,180 | $ | 7,180 | $ | - | $ | - | $ | 1,364 | ||||||||||
Short-term investments | 11,726 | - | 11,726 | - | - | |||||||||||||||
Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the following table: | ||||||||||||||||||||
Description | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||
Trading securities | $ | 5,634 | $ | 5,634 | $ | - | $ | - | $ | 235 | ||||||||||
Short-term investments | 22,922 | - | 22,922 | - | - | |||||||||||||||
Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). We believe our long-term debt under our revolving credit facility approximates fair value and is valued under the fair value hierarchy using Level 2 Inputs. Financial assets and financial liabilities measured at fair value on a non-recurring basis were not significant at December 31, 2014 and 2013. Certain non-financial assets and non-financial liabilities that are measured at fair value on a recurring and non-recurring basis include goodwill, other intangible assets and other non-financial long-lived assets. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | NOTE 3 – INVENTORIES | |||||||
Inventories, stated at the lower of cost or market value, at December 31 were: | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 66,045 | $ | 67,487 | ||||
Work-in-progress | 42,417 | 43,031 | ||||||
Raw materials | 73,564 | 69,878 | ||||||
$ | 182,026 | $ | 180,396 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property, Plant and Equipment | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment at December 31 were: | ||||||||
2014 | 2013 | |||||||
Buildings and leasehold improvements | $ | 124,920 | $ | 107,342 | ||||
Machinery and equipment | 577,402 | 549,971 | ||||||
702,322 | 657,313 | |||||||
Less: Accumulated depreciation and amortization | (437,792 | ) | (386,455 | ) | ||||
264,530 | 270,858 | |||||||
Construction in-progress | 26,202 | 34,922 | ||||||
Land | 19,199 | 16,233 | ||||||
$ | 309,931 | $ | 322,013 | |||||
Depreciation and amortization of property, plant and equipment was $69 million, $66 million and $59 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Intangible Assets Net Excluding Goodwill [Abstract] | ||||||||||||||||||||
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS | |||||||||||||||||||
Intangible assets subject to amortization at December 31 were as follows: | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Intangible Assets | Useful life | Gross Carrying Amount | Accumulated Amortization | Currency Exchange | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents | 5-15 years | $ | 11,815 | $ | (7,014 | ) | $ | (249 | ) | $ | 4,552 | |||||||||
Software license | 3 years | 1,212 | (1,149 | ) | (63 | ) | - | |||||||||||||
Developed product technology | 2-10 years | 53,509 | (25,799 | ) | (5,808 | ) | 21,902 | |||||||||||||
Customer relationships | 12 years | 20,393 | (6,202 | ) | (1,351 | ) | 12,839 | |||||||||||||
Total amortized intangible assets: | $ | 86,928 | $ | (40,164 | ) | $ | (7,471 | ) | $ | 39,293 | ||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks and trade names | Indefinite | $ | 6,403 | $ | - | $ | (668 | ) | $ | 5,735 | ||||||||||
Total Intangible assets with indefinite lives: | $ | 6,403 | $ | - | $ | (668 | ) | $ | 5,735 | |||||||||||
Total intangible assets: | $ | 93,331 | $ | (40,164 | ) | $ | (8,139 | ) | $ | 45,028 | ||||||||||
31-Dec-13 | ||||||||||||||||||||
Intangible Assets | Useful life | Gross Carrying Amount | Accumulated Amortization | Currency Exchange and Other | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents | 5-15 years | $ | 11,812 | $ | (6,274 | ) | $ | (228 | ) | $ | 5,310 | |||||||||
Software license | 3 years | 1,212 | (1,149 | ) | (63 | ) | - | |||||||||||||
Developed product technology | 2-10 years | 53,508 | (20,654 | ) | (5,516 | ) | 27,338 | |||||||||||||
Customer relationships | 12 years | 20,393 | (4,168 | ) | (1,193 | ) | 15,032 | |||||||||||||
Total amortized intangible assets: | $ | 86,925 | $ | (32,245 | ) | $ | (7,000 | ) | $ | 47,680 | ||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks and trade names | Indefinite | $ | 6,403 | $ | - | $ | (512 | ) | $ | 5,891 | ||||||||||
Total Intangible assets with indefinite lives: | $ | 6,403 | $ | - | $ | (512 | ) | $ | 5,891 | |||||||||||
Total intangible assets: | $ | 93,328 | $ | (32,245 | ) | $ | (7,512 | ) | $ | 53,571 | ||||||||||
Amortization expense related to intangible assets subject to amortization was $8 million, $8 million and $5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Amortization of intangible assets through 2019 is as follows: | ||||||||||||||||||||
Years | ||||||||||||||||||||
2015 | $ | 7,429 | ||||||||||||||||||
2016 | 7,010 | |||||||||||||||||||
2017 | 6,356 | |||||||||||||||||||
2018 | 5,338 | |||||||||||||||||||
2019 | 4,764 | |||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill | NOTE 6 – GOODWILL | |||
Changes in goodwill for the years ended December 31 were as follows: | ||||
Balance at December 31, 2012 | $ | 87,359 | ||
Acquisitions | 2,518 | |||
Impairment | (5,318 | ) | ||
Currency exchange | 155 | |||
Balance at December 31, 2013 | $ | 84,714 | ||
Currency exchange and other | (3,485 | ) | ||
Balance at December 31, 2014 | $ | 81,229 | ||
Bank_Credit_Agreements_and_Lon
Bank Credit Agreements and Long-Term Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Long Term Debt By Current And Noncurrent [Abstract] | |||||||||||
Bank Credit Agreements and Other Debt | NOTE 7 – BANK CREDIT AGREEMENTS AND OTHER SHORT-TERM AND LONG-TERM DEBT | ||||||||||
Lines of Credit – We maintain lines of credit with several financial institutions through our entities worldwide totaling $92 million. In some cases, our foreign credit lines are unsecured, uncommitted and may be repayable on demand. | |||||||||||
Revolving Senior Credit Facility—On January 8, 2013, we and Diodes International B.V. (the “Foreign Borrower” and collectively with us, the “Borrowers”) and certain subsidiaries of ours as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. (“Bank of America”) and other participating lenders (collectively, the “Lenders”). | |||||||||||
The Credit Agreement provides for a five-year, $300 million revolving senior credit facility (the “Revolver”), which includes $10 million swing line sublimit, a $10 million letter of credit sublimit, and $20 million alternative currency sublimit. The Borrowers may from time to time request increases in the aggregate commitment under the Credit Agreement of up to $200 million, subject to the Lenders electing to increase their commitments or by means of the addition of new Lenders, and subject to at least half of each increase in aggregate commitment being in the form of term loans (“Incremental Term Loans”), with the remaining amount of each being an increase the amount of the Revolver. Incremental Term Loans will be on pricing and amortization terms to be agreed upon. | |||||||||||
The Revolver matures on January 8, 2018 (the “Revolver Maturity Date”). Incremental Term Loans mature no earlier than the Revolver Maturity Date. The proceeds under the Revolver and the Incremental Term Loans may be used for the purposes of refinancing certain existing debt, for working capital and capital expenditures, and for general corporate purposes, including financing permitted acquisitions. | |||||||||||
The Foreign Borrower’s obligations under the Credit Agreement are guaranteed by us. Each Borrower’s obligations under the Credit Agreement are guaranteed by certain of that Borrower’s subsidiaries. The Borrower’s obligations under the Credit Agreement are secured by substantially all assets of the Borrowers and certain of their subsidiaries. | |||||||||||
Under the Revolver, the Borrowers may borrow in United States Dollars (“USD”), Euros, British Pounds Sterling or another currency approved by the Lenders. Borrowed amounts bear interest at a rate per annum equal to the sum of (a) the highest of (i) the Federal Funds Rate plus 1⁄2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (iii) the Eurocurrency Rate plus 1.00%, plus (b) an amount between 0.50% per annum and 1.25% per annum, based upon the Borrowers’ and their subsidiaries’ Consolidated Leverage Ratio. Eurocurrency loans bear interest at LIBOR plus an amount between 1.50% and 2.25% per annum, based upon the Borrowers’ and their subsidiaries’ Consolidated Leverage Ratio. | |||||||||||
The Credit Agreement contains certain financial and non-financial covenants, including, but not limited to, a maximum Consolidated Leverage Ratio, a minimum Consolidated Fixed Charge Coverage Ratio, and restrictions on liens, indebtedness, investments, fundamental changes, dispositions, and restrictive payments (including dividends). As of December 31, 2014, we were in compliance with the bank covenants. | |||||||||||
In connection with the acquisition of BCD, we drew down on the Revolver to fund the acquisition and pay for costs associated with the acquisition. We have been paying down the balance on the Revolver, and as of December 31, 2014, the outstanding balance of the Revolver is $139 million. | |||||||||||
The unused and available credit under the various facilities as of December 31, 2014, was approximately $89 million (net of approximately $3 million credit used for import and export guarantee), as follows: | |||||||||||
2014 | Outstanding at December 31, | ||||||||||
Lines of Credit | Terms | 2014 | 2013 | ||||||||
$ | 92,440 | Unsecured, interest at LIBOR plus margin, due | $ | 1,064 | $ | 5,814 | |||||
quarterly | |||||||||||
Long-term debt – The balances as of December 31, consist of the following: | |||||||||||
2014 | 2013 | ||||||||||
Notes payable to Taiwan bank, principal amount of TWD 158 million, variable interest (approximately 2.0% and 2.1% as of December 31, 2014 and 2013, respectively), of which TWD 132 million matures on July 6, 2021, and TWD 26 million matured July 6, 2013, secured by land and building. | 2,074 | 2,500 | |||||||||
Notes payable to Taiwan banks, variable interest between 1.8% and 2.5% as of December 31, 2013, maturity dates range from 2013 to 2023, secured by land, building and equipment. | - | 2,426 | |||||||||
Revolver | 139,000 | 179,000 | |||||||||
Total long-term debt | 141,074 | 183,926 | |||||||||
Less: Current portion | (287 | ) | (1,127 | ) | |||||||
Long-term debt, net of current portion | $ | 140,787 | $ | 182,799 | |||||||
The annual contractual maturities of long-term debt at December 31, 2014 are as follows: | |||||||||||
2015 | 287 | ||||||||||
2016 | 292 | ||||||||||
2017 | 298 | ||||||||||
2018 | 304 | ||||||||||
2019 | 139,310 | ||||||||||
Thereafter | 583 | ||||||||||
Total long-term debt | $ | 141,074 | |||||||||
Capital_Lease_Obligations
Capital Lease Obligations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Capital Lease Obligations [Abstract] | ||||
Capital Lease Obligations | NOTE 8 – CAPITAL LEASE OBLIGATIONS | |||
Future minimum lease payments under capital lease agreements are summarized as follows: | ||||
For years ending December 31, | ||||
2015 | $ | 195 | ||
2016 | 185 | |||
2017 | 19 | |||
2018 | - | |||
Thereafter | - | |||
399 | ||||
Less: Interest | (15 | ) | ||
Present value of minimum lease payments | 384 | |||
Less: Current portion | (185 | ) | ||
Long-term portion | $ | 199 | ||
At December 31, 2014, property under capital leases had a cost of approximately $3 million, and the related accumulated depreciation was approximately $2 million. Depreciation of assets held under capital lease is included in depreciation expense. | ||||
Accrued_Liabilities_and_Other_
Accrued Liabilities and Other Long-Term Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities Current And Noncurrent [Abstract] | ||||||||
Accrued Liabilities and Other Long-Term Liabilities | NOTE 9 – ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES | |||||||
Accrued liabilities and other current liabilities at December 31 were: | ||||||||
2014 | 2013 | |||||||
Accrued expenses | $ | 27,384 | $ | 23,159 | ||||
Compensation and payroll taxes | 19,423 | 22,414 | ||||||
Equipment purchases | 8,563 | 7,395 | ||||||
Accrued pricing adjustments | 2,328 | 2,891 | ||||||
Accrued professional services | 1,978 | 2,215 | ||||||
Other | 760 | 2,610 | ||||||
$ | 60,436 | $ | 60,684 | |||||
Other long-term liabilities at December 31 were: | ||||||||
2014 | 2013 | |||||||
Accrued defined benefit plan | $ | 37,618 | $ | 32,749 | ||||
Unrecognized tax benefits | 15,425 | 20,710 | ||||||
Income tax contingencies | 10,210 | 9,829 | ||||||
Deferred compensation | 4,978 | 3,535 | ||||||
Other | 10,701 | 12,043 | ||||||
$ | 78,932 | $ | 78,866 | |||||
Stockholders_Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders Equity Note [Abstract] | |
Stockholder's Equity | NOTE 10 – STOCKHOLDERS’ EQUITY |
We have never declared or paid cash dividends on our Common Stock. Our credit agreement, dated January 8, 2013, with Bank of America N.A. and other lenders parties permits us to pay dividends up to $1.5 million per fiscal year to its stockholders so long as we have not defaulted and are in continuing operation at the time of such dividend. The payment of dividends is within the discretion of our Board of Directors. See Note 7 for additional information regarding our credit agreements. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | NOTE 11 – INCOME TAXES | ||||||||||||||||||||
Income (loss) before income taxes | 2014 | 2013 | 2012 | ||||||||||||||||||
U.S. | $ | 392 | $ | (12,936 | ) | $ | (24,411 | ) | |||||||||||||
Foreign | 85,600 | 51,521 | 55,218 | ||||||||||||||||||
Total | $ | 85,992 | $ | 38,585 | $ | 30,807 | |||||||||||||||
The components of the income tax provision (benefit) are as follows for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current tax provision (benefit) | |||||||||||||||||||||
Federal | $ | 285 | $ | 1,315 | $ | 1,424 | |||||||||||||||
Foreign | 21,783 | 9,270 | 10,756 | ||||||||||||||||||
State | 44 | (187 | ) | 142 | |||||||||||||||||
22,112 | 10,398 | 12,322 | |||||||||||||||||||
Deferred tax provision (benefit) | |||||||||||||||||||||
Federal | 2,996 | (1,531 | ) | (8,784 | ) | ||||||||||||||||
Foreign | (4,244 | ) | (2,197 | ) | (3,247 | ) | |||||||||||||||
State | 51 | 9 | 317 | ||||||||||||||||||
(1,197 | ) | (3,719 | ) | (11,714 | ) | ||||||||||||||||
Liability for unrecognized tax benefits | (556 | ) | 7,802 | 4,217 | |||||||||||||||||
Total income tax provision | $ | 20,359 | $ | 14,481 | $ | 4,825 | |||||||||||||||
Effective Tax Rate Reconciliation | |||||||||||||||||||||
Reconciliation between the effective tax rate and the statutory tax rates for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Percent | Percent | Percent | |||||||||||||||||||
of pretax | of pretax | of pretax | |||||||||||||||||||
Amount | earnings | Amount | earnings | Amount | earnings | ||||||||||||||||
Federal tax | $ | 30,097 | 35 | $ | 13,501 | 35 | $ | 10,783 | 35 | ||||||||||||
State income taxes, net of federal tax | 18 | 0 | 29 | 0.1 | 213 | 0.7 | |||||||||||||||
provision | |||||||||||||||||||||
Foreign income taxed at lower tax rates | (9,421 | ) | (11.0 | ) | (8,363 | ) | (21.7 | ) | (15,515 | ) | (50.4 | ) | |||||||||
U.S. tax impact of foreign operations | 365 | 0.4 | 608 | 1.6 | 3,631 | 11.8 | |||||||||||||||
Foreign withholding taxes (1) | 3,694 | 4.3 | 866 | 2.2 | - | - | |||||||||||||||
Goodwill impairment | - | - | 904 | 2.3 | - | - | |||||||||||||||
Research and development | (2,666 | ) | (3.1 | ) | (2,294 | ) | (5.9 | ) | - | - | |||||||||||
Liability for unrecognized tax benefits | (556 | ) | (0.6 | ) | 7,802 | 20.2 | 4,217 | 13.7 | |||||||||||||
Provision-to-return adjustments | (1,925 | ) | (2.2 | ) | 554 | 1.4 | (102 | ) | (0.3 | ) | |||||||||||
Other | 753 | 0.9 | 874 | 2.3 | 1,598 | 5.2 | |||||||||||||||
Income tax provision | $ | 20,359 | 23.7 | $ | 14,481 | 37.5 | $ | 4,825 | 15.7 | ||||||||||||
-1 | Certain Items have been reclassified for 2012 and 2013 for consistency in presentation with 2014. | ||||||||||||||||||||
Uncertain Tax Positions | |||||||||||||||||||||
In accordance with the provisions related to accounting for uncertainty in income taxes, we recognize the benefit of a tax position if the position is “more likely than not” to prevail upon examination by the relevant tax authority. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance at January 1, | $ | 20,710 | $ | 14,591 | $ | 10,177 | |||||||||||||||
Additions based on tax positions related to the | 2,729 | 3,659 | 1,593 | ||||||||||||||||||
current year | |||||||||||||||||||||
Additions for prior years tax positions | 424 | 10,206 | 3,945 | ||||||||||||||||||
Reductions for prior years tax positions | (4,375 | ) | (7,746 | ) | (1,124 | ) | |||||||||||||||
Balance at December 31, | $ | 19,488 | $ | 20,710 | $ | 14,591 | |||||||||||||||
The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was approximately $19 million at December 31, 2014. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of our unrecognized tax positions will significantly increase or decrease within the next 12 months. These changes may be the result of settlements of ongoing audits or competent authority proceedings. At this time, an estimate of the range of the reasonably possible outcomes cannot be made. | |||||||||||||||||||||
We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2007, or for the 2010 tax year. We are no longer subject to China income tax examinations by tax authorities for tax years before 2004. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, we are no longer subject to income tax audits for years before 2011. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest and penalties, if any, have been provided for in our reserve for any adjustments that may result from future tax audits. We recognize accrued interest and penalties, if any, related to unrecognized tax benefits in interest expense. We had an immaterial amount of accrued interest and penalties at December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Deferred Taxes | |||||||||||||||||||||
At December 31, 2014 and 2013, our deferred tax assets and liabilities are comprised of the following items: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets, current | |||||||||||||||||||||
Inventory cost | $ | 6,878 | $ | 6,113 | |||||||||||||||||
Accrued expenses and accounts receivable | 2,042 | 2,422 | |||||||||||||||||||
Share based compensation and others | 2,375 | 1,978 | |||||||||||||||||||
Total deferred tax assets, current | $ | 11,295 | $ | 10,513 | |||||||||||||||||
Deferred tax assets, non-current | |||||||||||||||||||||
Foreign tax credits | $ | 19,806 | $ | 20,911 | |||||||||||||||||
Research and development tax credits | 6,034 | 5,460 | |||||||||||||||||||
Net operating loss carryforwards | 14,706 | 13,130 | |||||||||||||||||||
Accrued pension | 22,283 | 17,110 | |||||||||||||||||||
Share based compensation and others | 18,280 | 18,371 | |||||||||||||||||||
81,109 | 74,982 | ||||||||||||||||||||
Valuation allowances | (41,163 | ) | (35,908 | ) | |||||||||||||||||
Total deferred tax assets, non-current | 39,946 | 39,074 | |||||||||||||||||||
Deferred tax liabilities, non-current | |||||||||||||||||||||
Plant, equipment and intangible assets | (3,334 | ) | (10,837 | ) | |||||||||||||||||
Total deferred tax liabilities, non-current | (3,334 | ) | (10,837 | ) | |||||||||||||||||
Net deferred tax assets, non-current | $ | 36,612 | $ | 28,237 | |||||||||||||||||
We prospectively adopted ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, effective in the first quarter of 2014. ASU No. 2013-11 provides that an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The $44 million net deferred tax asset presented on the balance sheet is net of $4 million of unrecognized tax benefits. The $48 million net deferred tax asset presented above is prior to the net balance sheet presentation required by ASU 2013-11. | |||||||||||||||||||||
At December 31, 2014, we had federal and state tax credit carryforwards of approximately $26 million and $1 million, respectively, which are available to offset future income tax liabilities. The federal tax credit carryforwards begin to expire in 2014 and the state tax credit carryforwards will begin to expire in 2020. We determined that it is more likely than not that a portion of our federal foreign tax credit and federal and state research credit carryforwards will expire before they are utilized. The valuation allowances recorded against the related deferred tax assets totaled $16 million as of December 31, 2014. | |||||||||||||||||||||
At December 31, 2013, we had federal and state net operating loss (“NOL”) carryforwards of approximately $30 million and $17 million, respectively, and foreign NOL carryforwards of $14 million which are available to offset future taxable income. The federal NOL carryforwards will begin to expire in 2018. We determined that it is more likely than not that the U.S. federal NOL carryforwards will be utilized; thus, no valuation allowance has been recorded. The foreign and U.S. state NOL carryforwards will begin to expire in 2020 and 2015, respectively. We determined that it is more likely than not that the foreign and U.S. state NOL carryforwards will expire before they are fully utilized and recorded a full valuation allowance on the related deferred tax assets. | |||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||
Funds repatriated from foreign subsidiaries to the U.S. may be subject to federal and state income taxes. We intend to permanently reinvest overseas all of our earnings from our foreign subsidiaries, except to the extent such undistributed earnings have previously been subject to U.S. tax; accordingly, U.S. taxes are not being recorded on undistributed foreign earnings. As of December 31, 2013, we had undistributed earnings from its non-U.S. operations of approximately $408 million (including approximately $36 million of restricted earnings which are not available for dividends). Undistributed earnings of our China subsidiaries comprise $341 million of this total. Additional federal and state income taxes of approximately $109 million would be required should such earnings be repatriated to the U.S. as dividends. | |||||||||||||||||||||
The impact of tax holidays decreased our tax expense by approximately $2 million, $2 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The benefit of the tax holidays on both basic and diluted earnings per share for the years ended December 31, 2014 and 2013 was approximately $0.05. The benefit of the tax holidays on basic and diluted earnings per share for the year ended December 31, 2012 was approximately $0.14 and $0.13, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||||||||||||||||
Employee Benefit Plans | NOTE 12 – EMPLOYEE BENEFIT PLANS | |||||||||||||||
Defined Benefit Plan | ||||||||||||||||
In connection with the Zetex acquisition, we adopted a contributory defined benefit plan that covers certain employees in the U.K. The defined benefit plan is closed to new entrants and frozen with respect to future benefit accruals. The retirement benefit is based on the final average compensation and service of each eligible employee. We determined the fair value of the defined benefit plan assets and utilizes an annual measurement date of December 31. At subsequent measurement dates, defined benefit plan assets will be determined based on fair value. Defined benefit plan assets consist primarily of high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions of 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 period benefit costs associated with the defined benefit were approximately $1 million and less than $1 million for the years ended December 31, 2014 and 2013, respectively. All unrecognized actuarial gains and losses, prior service costs and accumulated other comprehensive income are eliminated and the balance sheet liability is set equal to the funded status of the defined benefit plan at acquisition date. | ||||||||||||||||
The following table summarizes the net periodic benefit costs of the plan for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Defined Benefit Plan | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 329 | $ | 313 | ||||||||||||
Interest cost | 6,733 | 5,384 | ||||||||||||||
Recognized actuarial loss | 1,036 | 239 | ||||||||||||||
Expected return on plan assets | (6,781 | ) | (5,556 | ) | ||||||||||||
Net periodic benefit cost | $ | 1,317 | $ | 380 | ||||||||||||
The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31: | ||||||||||||||||
Defined Benefit Plan | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning balance | $ | 149,316 | $ | 124,751 | ||||||||||||
Acquisition | - | - | ||||||||||||||
Service cost | 329 | 313 | ||||||||||||||
Interest cost | 6,733 | 5,384 | ||||||||||||||
Actuarial gain (loss) | 17,650 | 21,765 | ||||||||||||||
Benefits paid | (4,511 | ) | (6,719 | ) | ||||||||||||
Settlements | - | 240 | ||||||||||||||
Currency changes | (9,802 | ) | 3,582 | |||||||||||||
Benefit obligation at December 31 | $ | 159,715 | $ | 149,316 | ||||||||||||
Change in plan assets: | ||||||||||||||||
Beginning balance - fair value | $ | 116,567 | $ | 106,898 | ||||||||||||
Employer contribution | 2,569 | 2,960 | ||||||||||||||
Actual return on plan assets | 15,701 | 10,987 | ||||||||||||||
Benefits paid | (4,511 | ) | (6,719 | ) | ||||||||||||
Currency changes | (7,546 | ) | 2,441 | |||||||||||||
Fair value of plan assets at December 31 | $ | 122,780 | $ | 116,567 | ||||||||||||
Underfunded status at December 31 | $ | (36,935 | ) | $ | (32,749 | ) | ||||||||||
Based on an actuarial study performed as of December 31, 2014, the plan is underfunded by approximately $37 million and the liability is reflected in our consolidated balance sheets as a noncurrent liability and the amount recognized in accumulated other comprehensive loss was approximately $36 million. The majority of the increase of the underfunded status in 2014 was caused by the change in discount rates, and partially offset by the better than expected investment returns and a decrease in future inflation expectations. | ||||||||||||||||
We apply the “10% corridor” approach to amortize unrecognized actuarial gains (losses). Under this approach, only actuarial gains (losses) that exceed 10% of the greater of the projected benefit obligation or the market-related value of the plan assets are amortized. For the year ended December 31, 2014, the plan’s total recognized loss increased by approximately $7 million. The variance between the actual and expected return to plan assets during 2014 increased the total unrecognized net loss by approximately $9 million. The total unrecognized net loss is more than 10% of the projected benefit obligation and 10% of the plan assets. Therefore, the excess amount will be amortized over the average term to retirement of plan participants not yet in receipt of pension, which as of December 31, 2014 the average term was approximately 13 years. The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.70% | 4.60% | ||||||||||||||
Expected long-term return on plan assets | 5.20% | 5.90% | ||||||||||||||
The following weighted-average assumption was used to determine the benefit obligations for the year ended December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.70% | 4.60% | ||||||||||||||
The expected long-term return on plan assets was determined based on historical and expected future returns of the various asset classes. The plan’s investment policy includes a mandate to diversify assets and invest in a variety of asset classes to achieve its expected long-term return and is currently invested in a variety of funds representing most standard equity and debt security classes. Trustees of the plan may make changes at any time. The following summarizes the plan asset allocations of the assets in the plan and expected long-term return by asset category: | ||||||||||||||||
Asset category | Expected long-term return | Assets allocation | ||||||||||||||
Cash | 0.5 | % | 2 | % | ||||||||||||
Equity securities | 7.2 | % | 42 | % | ||||||||||||
Gilt securities | 2.4 | % | 19 | % | ||||||||||||
Corporate bond securities | 3.4 | % | 25 | % | ||||||||||||
Target return funds | 7.2 | % | 12 | % | ||||||||||||
Total | 5.2 | % | 100 | % | ||||||||||||
Benefit plan payments are primarily made from funded benefit plan trusts and current assets. The following summarizes the expected future benefit payments, including future benefit accrual, as of December 31, 2014: | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 3,727 | ||||||||||||||
2016 | 4,273 | |||||||||||||||
2017 | 4,327 | |||||||||||||||
2018 | 4,475 | |||||||||||||||
2019 | 4,756 | |||||||||||||||
2020-2024 | 31,070 | |||||||||||||||
We adopted a payment plan with the trustees of the defined benefit plan, in which we will pay approximately GBP2 million every year from 2012 through 2019. We are currently in negotiations with the trustees related to a new payment plan. | ||||||||||||||||
Our overall defined benefit plan investment strategy is to achieve a mix of investments for long-term growth and for near-term benefit payments with a wide diversification of asset types and fund strategies. The target allocations for plan assets are 48% equity securities, 40% corporate bonds and government securities, and 12% to absolute return funds. Equity securities primarily include investments in large-cap and mid-cap companies primarily located in the U.K. Fixed income securities include corporate bonds of companies from diversified industries, and U.K. government bonds. The absolute return fund is mainly invested in a mixture of equities and bonds. | ||||||||||||||||
The plan’s trustees appoint fund managers to carry out all the day-to-day functions relating to the management of the fund and its administration. The fund managers must invest their portion of the plan’s assets in accordance with their investment manager agreement agreed by the trustees. The trustees are responsible for agreeing these investment manager agreements and for deciding on the portion of the plan’s assets that will be invested with each fund manager. When making decisions, the trustees take advice from experts including the plan’s actuary and also consult with us. | ||||||||||||||||
The following table summarizes the major categories of the plan assets: | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Assets Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash | $ | 2,534 | $ | - | $ | - | $ | 2,534 | ||||||||
Equity securities: | ||||||||||||||||
U.K. | 25,236 | - | - | 25,236 | ||||||||||||
North America | 9,623 | - | - | 9,623 | ||||||||||||
Europe (excluding U.K.) | 8,621 | - | - | 8,621 | ||||||||||||
Japan | 3,872 | - | - | 3,872 | ||||||||||||
Pacific Basin (excluding Japan) | 3,259 | - | - | 3,259 | ||||||||||||
Emerging markets | 950 | - | - | 950 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate bonds | - | 31,035 | - | 31,035 | ||||||||||||
Index linked securities: | ||||||||||||||||
U.K. Treasuries | 23,669 | - | - | 23,669 | ||||||||||||
Other types of investments: | ||||||||||||||||
Absolute return funds | 13,981 | - | - | 13,981 | ||||||||||||
Total | $ | 91,745 | $ | 31,035 | $ | - | $ | 122,780 | ||||||||
Fair value is taken to mean the bid value of securities, as supplied by the fund managers. All the plan’s securities are publically traded and highly liquid. Therefore, the majority of the securities are valued using Level 1 Inputs and one security is valued using Level 2 Inputs using quoted prices for identical or similar securities. The plan does not hold any Level 3 securities. See Note 2 for additional information regarding fair value and Levels 1, 2 and 3. | ||||||||||||||||
The investment manager agreements require the fund managers to invest in a diverse range of stocks and bonds across each particular asset class. The stocks held by the plan in a particular asset class should therefore match closely the underlying stocks in the relevant index. We believe that this leads to minimal concentration of risk within each asset class; although we recognize that some asset classes are inherently more risky than others. | ||||||||||||||||
We also have 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, not included in the amounts or assumptions above. | ||||||||||||||||
401(k) Retirement Plan | ||||||||||||||||
We maintain a 401(k) retirement plan (“the Plan”) for the benefit of qualified employees at our U.S. locations. Employees who participate may elect to make salary deferral contributions to the Plan up to 100% of the employees’ eligible payroll subject to annual Internal Revenue Code maximum limitations. We currently makes a matching contribution of $1 for every $2 contributed by the participant up to 6% (3% maximum matching) of the participant’s eligible payroll, which vests over four years. In addition, we may make a discretionary contribution to the entire qualified employee pool, in accordance with the Plan. | ||||||||||||||||
As stipulated by the regulations of China, we maintain a retirement plan pursuant to the local municipal government for the employees in China. We are required to make contributions to the retirement plan at a rate between 10% and 22% of the employee’s eligible payroll. Pursuant to the Taiwan Labor Standard Law and Factory Law, we maintain a retirement plan for the employees in Taiwan, whereby we make contributions at a rate of 6% of the employee’s eligible payroll. | ||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, total amounts expensed under these plans were approximately $13 million, $6 million and $5 million, respectively. | ||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||
We maintain 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. We offset our 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 December 31, 2014, these investments totaled approximately $5 million. All gains and losses in these investments are materially offset by corresponding gains and losses in the deferred compensation plan liabilities. | ||||||||||||||||
Share-Based Plans | ||||||||||||||||
We maintain share-based compensation plans for our Board, officers and key employees, which provide for stock options and stock awards under our equity incentive plans. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
NOTE 13 - SHARE-BASED COMPENSATION | ||||||||||||||||
The following table shows the total compensation cost charged as an expense for share-based compensation plans, including stock options and share grants, recognized in the statements of income for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cost of goods sold | $ | 438 | $ | 522 | $ | 458 | ||||||||||
Selling, general and administrative expense | 12,438 | 11,645 | 12,715 | |||||||||||||
Research and development expense | 1,228 | 1,384 | 1,225 | |||||||||||||
Total share-based compensation expense | $ | 14,104 | $ | 13,551 | $ | 14,398 | ||||||||||
Stock Options – Stock options under our 2001 Omnibus Equity Incentive Plan (“2001 Plan”) generally vest in equal annual installments over a four-year period and expire ten years after the grant date. | ||||||||||||||||
In May 2013, our stockholders approved our 2013 Equity Incentive Plan (“2013 Plan”). Since the approval of the 2013 Plan, all stock options are granted under the 2013 Plan, and we will not grant any further stock options under our 2001 Plan. Stock options under the 2013 Plan generally vest in equal annual installments over a four-year period and expire eight years after the grant date. The number of shares authorized to be awarded under the 2013 Plan is 6 million shares. For additional information on the 2013 Plan, see our definitive proxy statement filed with the SEC. | ||||||||||||||||
Share-based compensation expense for stock options granted during 2014, 2013 and 2012 was calculated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected volatility | 53.36 | % | 53.36 | % | 53.86 | % | ||||||||||
Expected term (years) | 7.2 | 7.2 | 7.5 | |||||||||||||
Risk free interest rate | 2.08 | % | 1.49 | % | 1.16 | % | ||||||||||
Forfeiture rate | 0 | % | 0.78 | % | 0.76 | % | ||||||||||
Expected volatility – We estimate expected volatility using historical volatility. Public trading volume on options in our stock is not material. As a result, we determined that utilizing an implied volatility factor would not be appropriate. We calculate historical volatility for the period that is commensurate with the option’s expected term assumption. For 2014, the expected volatility for grants to officers and the Board is 53.36%, while the expected volatility for grants to all other employees is 56.91%. | ||||||||||||||||
Expected term – We have evaluated expected term based on history and exercise patterns across our demographic population. We believe that this historical data is the best estimate of the expected term of a new option. For 2014, the expected term for grants to officers and the Board is approximately 7 years, while the expected term for grants to all other employees is approximately 5 years. | ||||||||||||||||
Risk free interest rate – We estimate the risk-free interest rate based on zero-coupon U.S. treasury securities for a period that is commensurate with the expected term assumption. | ||||||||||||||||
Forfeiture rate - The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest as forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinguished from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. This analysis will be re-evaluated at least annually, and the forfeiture rate for all grants will be adjusted as necessary. | ||||||||||||||||
Dividend yield – We historically have not paid a cash dividend on our common stock; therefore this input is zero. | ||||||||||||||||
The weighted-average grant-date fair value of options granted during 2014, 2013 and 2012 was $15.68, $12.88, and $10.60, respectively. The total cash received from option exercises was approximately $6 million, $3 million and $1 million during 2014, 2013 and 2012, respectively. | ||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, stock option expense was approximately $3 million, $4 million and $5 million, respectively. | ||||||||||||||||
At December 31, 2014, unamortized compensation expense related to unvested options, net of estimated forfeitures, was approximately $5 million. The weighted average period over which share-based compensation expense related to these options will be recognized is approximately 2 years. | ||||||||||||||||
A summary of our stock option plans is as follows: | ||||||||||||||||
Stock Options | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1, 2012 | 3,587 | $ | 16.69 | |||||||||||||
Granted | 402 | 19.31 | ||||||||||||||
Exercised | (274 | ) | 4.81 | |||||||||||||
Forfeited or expired | (2 | ) | 20.1 | |||||||||||||
Outstanding at December 31, 2012 | 3,713 | 17.85 | ||||||||||||||
Exercisable at December 31, 2012 | 2,715 | 16.48 | ||||||||||||||
Outstanding at January 1, 2013 | 3,713 | 17.85 | ||||||||||||||
Granted | 186 | 23.35 | ||||||||||||||
Exercised | (341 | ) | 7.7 | |||||||||||||
Forfeited or expired (1) | (432 | ) | 20.34 | |||||||||||||
Outstanding at December 31, 2013 | 3,126 | 18.93 | ||||||||||||||
Exercisable at December 31, 2013 | 2,509 | 18.01 | ||||||||||||||
Outstanding at January 1, 2014 | 3,126 | 18.93 | ||||||||||||||
Granted | 176 | 27.92 | ||||||||||||||
Exercised | (564 | ) | 10.37 | $ | 10,090 | |||||||||||
Forfeited or expired | (2 | ) | 29.21 | |||||||||||||
Outstanding at December 31, 2014 | 2,736 | $ | 21.26 | 4 | $ | 17,840 | ||||||||||
Exercisable at December 31, 2014 | 2,205 | $ | 20.49 | 3.3 | $ | 16,036 | ||||||||||
-1 | The Compensation Committee of the Board of Directors reviewed the grants of stock options to the Chief Executive Officer (“CEO”) in 2009, 2010, 2011 and 2012 (each such annual grant, an “Option Grant”), and approved a Confirmation Agreement, dated April 1, 2013, in which we and our CEO agreed and confirmed that our CEO 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 our Common Stock, and that each Option Grant document be deemed amended to reflect the foregoing 100,000 share limitation. | |||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | ||||||||||||||||
Plan | Range of exercise prices | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price | ||||||||||||
2001 Plan | $ | 11.53-29.21 | 2,377 | 3.6 | $ | 20.61 | ||||||||||
2013 Plan | $ | 23.35-27.92 | 358 | 6.9 | $ | 25.6 | ||||||||||
The following summarizes information about stock options exercisable at December 31, 2014: | ||||||||||||||||
Plan | Range of exercise prices | Number exercisable | Weighted average remaining contractual life (years) | Weighted average exercise price | ||||||||||||
2001 Plan | $ | 11.53-29.21 | 2,160 | 3.2 | $ | 20.43 | ||||||||||
2013 Plan | $ | 23.35 | 46 | 6.4 | $ | 23.35 | ||||||||||
Share Grants—Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. | ||||||||||||||||
Since the approval of the 2013 Plan, all new grants are granted under the 2013 Plan, and we will not grant any further grants under our 2001 Plan. | ||||||||||||||||
A summary of our non-vested share grants in 2014, 2013 and 2012 are presented below: | ||||||||||||||||
Restricted Stock Grants | Shares | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | |||||||||||||
Nonvested at January 1, 2012 | 1,024 | $ | 21.48 | |||||||||||||
Granted | 482 | 18.95 | ||||||||||||||
Vested | (305 | ) | 21.48 | |||||||||||||
Forfeited | (37 | ) | 21.67 | |||||||||||||
Nonvested at December 31, 2012 | 1,164 | $ | 20.42 | |||||||||||||
Nonvested at January 1, 2013 | 1,164 | $ | 20.42 | |||||||||||||
Granted | 453 | 24.66 | ||||||||||||||
Vested | (428 | ) | 19.9 | |||||||||||||
Forfeited | (58 | ) | 21.66 | |||||||||||||
Nonvested at December 31, 2013 | 1,131 | $ | 22.35 | |||||||||||||
Nonvested at January 1, 2014 | 1,131 | $ | 22.35 | |||||||||||||
Granted | 788 | 25.08 | ||||||||||||||
Vested | (346 | ) | 22.34 | $ | 9,974 | |||||||||||
Forfeited | (38 | ) | 24.98 | |||||||||||||
Nonvested at December 31, 2014 | 1,535 | $ | 27.58 | $ | 42,324 | |||||||||||
For each of the years ended December 31 of 2014, 2013 and 2012, share-based compensation expense related to restricted stock arrangements granted was approximately $11 million, $9 million and $9 million, respectively. The total unrecognized share-based compensation expense as of December 31, 2014 was approximately $19 million, which is expected to be recognized over a weighted average period of approximately 3 years. | ||||||||||||||||
On September 22, 2009, we entered into an employment agreement (the “Agreement”) with Dr. Keh-Shew Lu, President and Chief Executive Officer (the “Employee”), pursuant to which he will continue to be employed by us in such positions for an additional six-year term. As part of the Agreement, we and the Employee entered into a Stock Award Agreement that provides that: (i) we shall grant to the Employee 100,000 shares of Common Stock in the form of restricted stock awards on each of April 14, 2010, 2011, 2012, 2013, 2014 and 2015; (ii) each such installment would vest only if we achieved $1 billion net sales; (iii) upon the termination of the Employee’s employment, our obligation to grant any subsequent installment would terminate; and (iv) any granted shares would be automatically forfeited and returned to us if the Employee’s employment with us is terminated before we achieve the specified target amount of net sales, except in the case of death or disability (as defined) in which case the granted shares would become fully vested on the date of death or disability. The estimated fair value of this grant is approximately $12 million and is being expensed on a straight line basis through April 14, 2015. As of December 31, 2014, five annual installments have been granted and are included in the above table as granted but not vested. As of December 31, 2014, no installments have vested. | ||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | NOTE 14 – RELATED PARTY TRANSACTIONS | |||||||||||
We conduct business with a related party company, Lite-On Semiconductor Corporation, and its subsidiaries and affiliates (“LSC”), and Nuvoton Technology Corporation and its subsidiaries and affiliates (collectively, “Nuvoton”). LSC is our largest stockholder, owning approximately 17% of our outstanding Common Stock as of December 31, 2014, and is a member of the Lite-On Group of companies. Raymond Soong, the Chairman of the Board of Directors, is the Chairman of LSC, and is the Chairman of Lite-On Technology Corporation (“LTC”), a significant shareholder of LSC. C.H. Chen, our former President and Chief Executive Officer and currently the Vice Chairman of the Board of Directors, is also Vice Chairman of LSC and a board member of LTC. Dr. Keh-Shew Lu, our President and Chief Executive Officer and a member of our Board of Directors, is a board member of LTC, and a board member of Nuvoton. L.P. Hsu, a member of our Board of Directors serves as a consultant to LTC, and is a supervisor of the board of Nuvoton. We consider our relationships with LSC, a member of the Lite-On Group of companies, and Nuvoton to be mutually beneficial and we plan to continue our strategic alliance with LSC and Nuvoton. | ||||||||||||
We also conduct business with a significant company, Keylink International (B.V.I.) Inc. and its subsidiaries and affiliates (“Keylink”). Keylink is our 5% joint venture partner in our Shanghai assembly and test facilities. In addition, Chengdu Ya Guang Electronic Company Limited (“Ya Guang”) is our 5% joint venture partner in our two Chengdu assembly and test facilities, however, we have no material transactions with Ya Guang. The Audit Committee of the Board reviews all related party transactions for potential conflict of interest situations on an ongoing basis, all in accordance with such procedures as the Audit Committee may adopt from time to time. | ||||||||||||
Lite-On Semiconductor Corporation (LSC) – We sold products to LSC totaling approximately 1% of our net sales for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Net sales to, and purchases from, LSC were as follows for years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 751 | $ | 770 | $ | 1,054 | ||||||
Purchases | $ | 31,588 | $ | 35,329 | $ | 33,928 | ||||||
Keylink International (B.V.I.) Inc. – We sell products to, and purchase inventory from, companies owned by Keylink. We sold products to companies owned by Keylink, totaling 1%, 1% and 3% of net sales for the years ended December 31, 2014, 2013 and 2012, respectively. In addition, our subsidiaries in China lease their manufacturing facilities in Shanghai from, and subcontract a portion of our manufacturing process (metal plating and environmental services) to, Keylink. We also pay a consulting fee to Keylink. The aggregate amounts for these services for the years ended December 31, 2014, 2013 and 2012 were approximately $19 million, $17 million and $19 million, respectively. | ||||||||||||
Net sales to, and purchases from, companies owned by Keylink were as follows for years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 9,465 | $ | 10,559 | $ | 19,336 | ||||||
Purchases | $ | 8,122 | $ | 8,030 | $ | 7,826 | ||||||
Nuvoton Technology Corporation – We purchase wafers from Nuvoton that we use in the production of finished goods. | ||||||||||||
Net purchases from Nuvoton are as follows (in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Purchases | $ | 12,697 | $ | 8,317 | ||||||||
Accounts receivable from, and accounts payable to, LSC, Keylink, and Nuvoton were as follows as of December 31: | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable | ||||||||||||
LSC | $ | 215 | $ | 140 | ||||||||
Keylink | 4,142 | 4,927 | ||||||||||
$ | 4,357 | $ | 5,067 | |||||||||
Accounts payable | ||||||||||||
LSC | $ | 4,458 | $ | 5,670 | ||||||||
Keylink | $ | 6,472 | $ | 6,505 | ||||||||
Nuvoton | $ | 1,167 | $ | 770 | ||||||||
$ | 12,097 | $ | 12,945 | |||||||||
Segment_Information_and_Enterp
Segment Information and Enterprise-Wide Disclosure | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information and Enterprise-Wide Disclosures | NOTE 15 – SEGMENT INFORMATION AND ENTERPRISE-WIDE DISCLOSURES | ||||||||||||||||
An operating segment is defined as a component of an enterprise about which separate financial information is available that is evaluated regularly by the chief decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief decision-making group consists of the President and CEO, Chief Financial Officer, Senior Vice President of Operations and Senior Vice President of Sales and Marketing. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. We aggregate our products in a single segment because the products have similar economic characteristics, are similar in production process and manufacture flow, and share the same customers and target end-equipment markets. | |||||||||||||||||
Our primary operations include the operations in Asia, North America and Europe. Net sales are attributed to geographic areas based on the location of subsidiaries producing the net sales: | |||||||||||||||||
2014 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 814,589 | $ | 154,861 | $ | 179,021 | $ | 1,148,471 | |||||||||
Inter-company sales | (106,728 | ) | (63,945 | ) | (87,147 | ) | (257,820 | ) | |||||||||
Net sales | $ | 707,861 | $ | 90,916 | $ | 91,874 | $ | 890,651 | |||||||||
Property, plant and equipment | $ | 262,582 | $ | 26,363 | $ | 20,986 | $ | 309,931 | |||||||||
Assets | $ | 874,331 | $ | 128,174 | $ | 176,652 | $ | 1,179,157 | |||||||||
2013 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 750,339 | $ | 143,251 | $ | 165,179 | $ | 1,058,769 | |||||||||
Inter-company sales | (75,731 | ) | (65,947 | ) | (90,245 | ) | (231,923 | ) | |||||||||
Net sales | $ | 674,608 | $ | 77,304 | $ | 74,934 | $ | 826,846 | |||||||||
Property, plant and equipment | $ | 268,196 | $ | 30,040 | $ | 23,777 | $ | 322,013 | |||||||||
Assets | $ | 858,114 | $ | 120,104 | $ | 184,040 | $ | 1,162,258 | |||||||||
2012 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 573,085 | $ | 133,973 | $ | 154,955 | $ | 862,013 | |||||||||
Inter-company sales | (75,230 | ) | (66,626 | ) | (86,351 | ) | (228,207 | ) | |||||||||
Net sales | $ | 497,855 | $ | 67,347 | $ | 68,604 | $ | 633,806 | |||||||||
Property, plant and equipment | $ | 186,563 | $ | 31,309 | $ | 25,424 | $ | 243,296 | |||||||||
Assets | $ | 554,603 | $ | 136,261 | $ | 229,199 | $ | 920,063 | |||||||||
The accounting policies of the operating entities are the same as those described in the summary of significant accounting policies. | |||||||||||||||||
Geographic Information - Historically, we reported net sales “billed to” customers located in various countries. In 2013, we changed to net sales “shipped to” customer locations as we believe the change better represents where our customers business activities occur. All years presented reflect this change. | |||||||||||||||||
Net sales were derived from (shipped to) customers located in the following countries. “All others” represents countries with less than 3% of total net sales each: | |||||||||||||||||
% of Total | |||||||||||||||||
2014 | Net Sales | Net Sales | |||||||||||||||
China | $ | 555,478 | 62 | % | |||||||||||||
U.S. | 82,599 | 9 | % | ||||||||||||||
Korea | 66,772 | 7 | % | ||||||||||||||
Germany | 59,240 | 7 | % | ||||||||||||||
Singapore | 49,191 | 6 | % | ||||||||||||||
Taiwan | 27,207 | 3 | % | ||||||||||||||
All others | 50,164 | 6 | % | ||||||||||||||
Total | $ | 890,651 | 100 | % | |||||||||||||
% of Total | |||||||||||||||||
2013 | Net Sales | Net Sales | |||||||||||||||
China | $ | 522,587 | 63 | % | |||||||||||||
U.S. | 72,232 | 9 | % | ||||||||||||||
Korea | 68,693 | 8 | % | ||||||||||||||
Germany | 45,631 | 6 | % | ||||||||||||||
Singapore | 43,066 | 5 | % | ||||||||||||||
Taiwan | 30,233 | 4 | % | ||||||||||||||
All others | 44,404 | 5 | % | ||||||||||||||
Total | $ | 826,846 | 100 | % | |||||||||||||
% of Total | |||||||||||||||||
2012 | Net Sales | Net Sales | |||||||||||||||
China | $ | 381,307 | 60 | % | |||||||||||||
U.S. | 62,862 | 10 | % | ||||||||||||||
Korea | 52,670 | 8 | % | ||||||||||||||
Germany | 41,037 | 6 | % | ||||||||||||||
Singapore | 26,877 | 4 | % | ||||||||||||||
Taiwan | 20,973 | 3 | % | ||||||||||||||
All others | 48,080 | 9 | % | ||||||||||||||
Total | $ | 633,806 | 100 | % | |||||||||||||
Major customers – No customer accounted for 10% or greater of our total net sales in 2014, 2013, and 2012. | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||
Commitments and Contingencies | NOTE 16 – COMMITMENTS AND CONTINGENCIES | |||||
Operating leases – We lease offices, manufacturing plants and warehouses under operating lease agreements expiring through December 2020. Rental expense amounted to approximately $10 million, $9 million and $7 million for the years ended December 31, 2014, 2013 and 2012, respectively. We do not have purchase options related to the operating lease agreements.Future minimum lease payments under non-cancelable operating leases at December 31, 2014 are approximately: | ||||||
2015 | $ | 9,585 | ||||
2016 | 7,372 | |||||
2017 | 6,495 | |||||
2018 | 2,947 | |||||
2019 | 1,930 | |||||
Thereafter | 594 | |||||
$ | 28,923 | |||||
In addition, we have a 50-year land right lease in Chengdu, China, (which expires in 2061) and in Shanghai, China (which expires in 2056). Neither lease requires a rental payment. | ||||||
Purchase commitments – We have entered into non-cancelable purchase contracts for capital expenditures, primarily for manufacturing equipment, for approximately $35 million at December 31, 2014. | ||||||
Contingencies - From time to time, we are involved in various legal proceedings that arise in the normal course of business. While we intend to defend any lawsuit vigorously, we presently believe that the ultimate outcome of any current pending legal proceeding will not have any material adverse effect on our financial position, cash flows or operating results. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, which could impact on our business and operating results for the period in which the ruling occurs or future periods. Based on information available, we evaluate the likelihood of potential outcomes. We record the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, we do not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. Legal proceedings that we believe are material are disclosed below. | ||||||
On September 9, 2014, the United States District Court for the District of Delaware issued an order regarding the purported stockholder derivative action, entitled Scherer v. Keh-Shew Lu, Civil Action No. 1:13-cv-00358-UNA (D. Del. filed Mar. 5, 2013), granting in part plaintiff’s motion for attorneys’ fees. On or about December 19, 2014, the parties entered into a Settlement Agreement and Release, pursuant to which the parties agreed to dismiss the litigation with prejudice. Plaintiff agreed to release all claims arising out of the conduct alleged in the action and defendants agreed to pay a total of $1.1 million. | ||||||
On September 15, 2014, the United States District Court for the Eastern District of Texas issued an order regarding the putative securities class action 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”), granting defendants’ motion to dismiss the Class Action with prejudice. On October 13, 2014, plaintiffs filed a notice of appeal to the order dismissing the Class Action to the United States Court of Appeals for the Fifth Circuit. Plaintiff-appellants filed their opening brief to the Fifth Circuit on January 14, 2015. No hearing date has been set. Defendants-respondents intend to continue 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, entitledPersson 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 Board 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 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. On October 2, 2014, the Court granted the parties’ unopposed motion to extend the stay of this action until 30 days after either the expiration of the appeal period or a final decision by the highest court of appeals regarding the defendants’ motion to dismiss in the Class Action. The defendants intend to defend the action vigorously. |
Business_Combination
Business Combination | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination | NOTE 17 – BUSINESS COMBINATION | ||||
BCD Semiconductor Manufacturing Limited | |||||
On March 5, 2013, we completed the acquisition of all the outstanding ordinary shares, par value $0.001 per share, of BCD (the “Shares”), including Shares represented by American Depository Shares (“ADSs”), which were cancelled in exchange for the right to receive $1.33-1/3 in cash per Share, without interest. Each ADS represented six Shares and was converted into the right to receive $8.00 in cash, without interest. The aggregate consideration was approximately $155 million, excluding acquisition costs, fees and expenses. In addition, a $5 million retention plan for BCD employees, payable at the 12, 18 and 24 month anniversaries of the acquisition, was established. The employee retention plan was intended to benefit us and not the selling shareholders, and therefore was excluded from the determination of the purchase price. The acquisition was funded by drawings on our revolving senior credit facility. | |||||
The purchase price for BCD and related costs were estimated as follows: | |||||
Purchase price (cost of shares) | $ | 154,735 | |||
Acquisition related costs (included in selling, general and | 2,075 | ||||
administrative expenses) | |||||
Total purchase price | $ | 156,810 | |||
The results of operations of BCD are included in the consolidated financial statements from March 1, 2013. The consolidated revenue and earnings of BCD included in our consolidated financial statements for the year ended December 31, 2013 were approximately $155 million and $6 million, respectively, which include acquisition accounting adjustments. The purpose of the acquisition was to further our strategy of expanding market and growth opportunities through select strategic acquisitions. | |||||
Under the accounting guidance for step acquisitions, we were required to record all assets acquired and liabilities assumed at fair value, and recognize goodwill of the acquired business. The step acquisition guidelines also require us to remeasure the preexisting investment in BCD at fair value, and recognize any gains or losses from such remeasurement. The fair value of our interest immediately before the closing date was $7 million, which resulted in us recognizing a non-cash gain of approximately $4 million within other income (expense) for the year ended December 31, 2013. The shares of BCD common stock were valued under the fair value hierarchy as a Level 1 Input. | |||||
The following summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | |||||
1-Mar-13 | |||||
Acquisition | |||||
Method | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 29,819 | |||
Accounts receivable, net | 20,862 | ||||
Inventory | 42,909 | ||||
Prepaid expenses and other current assets | 27,205 | ||||
Property, plant and equipment, net | 99,390 | ||||
Deferred tax assets | 1,612 | ||||
Other long-term assets | 5,497 | ||||
Other intangible assets | 17,200 | ||||
Goodwill | 2,518 | ||||
Total assets acquired | $ | 247,012 | |||
Liabilities assumed: | |||||
Lines of credit | $ | 17,336 | |||
Accounts payable | 34,758 | ||||
Accrued liabilities and other | 16,703 | ||||
Deferred tax liability | 5,055 | ||||
Other liabilities | 18,425 | ||||
Total liabilities assumed | 92,277 | ||||
Total net assets acquired, net of cash acquired | $ | 154,735 | |||
The fair value of the significant identified intangible assets was estimated by using the market approach, income approach and cost approach valuation methodologies. Inputs used in the methodologies primarily included projected future cash flows, discounted at a rate commensurate with the risk involved. The total amount of intangible assets acquired subject to amortization expense was $17 million, which had a residual value of zero and weighted-average amortization period of 6 years. Goodwill arising from the acquisition is attributable to future income from new customer contracts, synergy of combined operations, the acquired workforce and future technology that has yet to be designed or even conceived. In addition, goodwill is not deductible for income tax purposes. | |||||
We estimated the fair value of acquired receivables to be $21 million with a gross contractual amount of $21million. We expected to collect substantially all of the acquired receivables. We evaluated and adjusted the acquired inventory for a reasonable profit allowance, which is intended to permit us to report only the profits normally associated with the activities following the acquisition as it relates to the work-in-progress and finished goods inventory. As such, we increased the inventory acquired from BCD by approximately $5 million, and recorded that increase into cost of goods sold, of which approximately $2 million was recorded in the first quarter of 2013 and $3 million was recorded in the second quarter of 2013 as the acquired work-in-progress and finished goods inventory was sold. | |||||
The following unaudited pro forma consolidated results of operations for the year ended December 31, 2013 have been prepared as if the acquisition of BCD had occurred at January 1, 2012: | |||||
Twelve Months Ended | |||||
December 31, | |||||
2013 | |||||
Net revenues | $ | 847,947 | |||
Net income attributable to common stockholders | $ | 25,513 | |||
Earnings per share—Basic | $ | 0.55 | |||
Earnings per share—Diluted | $ | 0.54 | |||
The unaudited pro forma consolidated results of operations do not purport to be indicative of the results that would have been obtained if the above acquisition had actually occurred as of the dates indicated or of those results that may be obtained in the future. These unaudited pro forma consolidated results of operations were derived, in part, from the historical consolidated financial statements of BCD and other available information and assumptions believed to be reasonable under the circumstances. | |||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data | NOTE 18 – SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||
Quarter Ended | ||||||||||||||||
Mar. 31 | Jun. 30 | Sept. 30 | Dec. 31 | |||||||||||||
Fiscal 2014 | ||||||||||||||||
Net sales | $ | 209,986 | $ | 223,217 | $ | 233,777 | $ | 223,671 | ||||||||
Gross profit | 61,581 | 70,304 | 74,732 | 70,662 | ||||||||||||
Net income attributable to common | 10,202 | 17,385 | 19,427 | 16,665 | ||||||||||||
shareholders | ||||||||||||||||
Earnings per share attributable to common | ||||||||||||||||
shareholders | ||||||||||||||||
Basic | $ | 0.22 | $ | 0.37 | $ | 0.41 | $ | 0.35 | ||||||||
Diluted | 0.21 | 0.36 | 0.4 | 0.34 | ||||||||||||
Quarter Ended | ||||||||||||||||
Mar. 31 | Jun. 30 | Sept. 30 | Dec. 31 | |||||||||||||
Fiscal 2013 | ||||||||||||||||
Net sales | $ | 176,964 | $ | 214,379 | $ | 224,510 | $ | 210,993 | ||||||||
Gross profit | 46,183 | 61,293 | 69,559 | 60,801 | ||||||||||||
Net income (loss) attributable to common | (1,926 | ) | 8,635 | 13,619 | 6,204 | |||||||||||
shareholders | ||||||||||||||||
Earnings (loss) per share attributable to | ||||||||||||||||
common shareholders | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.19 | $ | 0.29 | $ | 0.13 | |||||||
Diluted | (0.04 | ) | 0.18 | 0.28 | 0.13 | |||||||||||
Note: The sum of the quarterly earnings per share may not equal the full year amount, as the computations of the weighted average number of common shares outstanding for each quarter and for the full year are performed independently. |
Summary_of_Operations_and_Sign1
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Principles of consolidation | Principles of consolidation – The consolidated financial statements include the accounts of Diodes Incorporated, its wholly-owned subsidiaries and its controlled majority-owned subsidiaries. We account for equity investments in companies over which we have the ability to exercise significant influence, but do not hold a controlling interest, under the equity method, and we record our proportionate share of income or losses in interest and other, net in the consolidated statements of income. All significant intercompany balances and transactions have been eliminated. | |||||||||||
Use of estimates | Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires that management make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results may differ from these estimates in amounts that may be material to the consolidated financial statements and accompanying notes. | |||||||||||
Revenue recognition | Revenue recognition – Net sales (revenue) are recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are met when title to the products is passed to the buyers, which is generally when product is shipped to the customers. Generally, we recognize net sales upon shipment to manufacturers (direct ship) as well as upon sales to distributors using the “sell in” model, which is when product is shipped to the distributors (point of purchase). | |||||||||||
Certain customers have limited rights of return and/or are entitled to price adjustments on products held in their inventory or upon sale to their end customers. We reduce net sales in the period of sale for estimates of product returns, distributor price adjustments and other allowances. Our reserve estimates are based upon historical data as well as projections of sales, distributor inventories, price adjustments, average selling prices and market conditions. | ||||||||||||
We record allowances/reserves for the following items: (i) ship and debit, which arise when we, from time to time based on market conditions, issue credit to certain distributors upon their shipments to their end customers; (ii) stock rotation, which are contractual obligations that permit certain distributors, up to four times a year, to return a portion of their inventory based on historical shipments to them in exchange for an equal and offsetting order; and (iii) price protection, which arise when market conditions cause average selling prices to decrease and we issue credit to certain distributors on their inventory. | ||||||||||||
Ship and debit reserves are recorded as a reduction to net sales with a corresponding reduction to accounts receivable. Stock rotation reserves are recorded as a reduction to net sales with a corresponding reduction to cost of goods sold for the estimated cost of inventory that is expected to be returned. Price protection reserves are recorded as a reduction to net sales with a corresponding increase in accrued liabilities. Net sales are reduced in the period of sale for estimates of product returns and other allowances including distributor adjustments, which were approximately $86 million, $68 million and $48 million in 2014, 2013 and 2012, respectively. | ||||||||||||
Product warranty | Product warranty – We generally warrant our products for a period of one year from the date of sale. Historically, warranty expense has not been material. | |||||||||||
Cash, cash equivalents, and short-term investments | Cash, cash equivalents, and short-term investments – We consider all highly liquid investments with maturity of three months or less at the date of purchase to be cash equivalents. We currently maintain substantially all of our day-to-day operating cash balances with major financial institutions. We hold short-term investments consisting of time deposits, which are highly liquid with maturity dates greater than three months at the date of purchase. Generally, we can access these investments in a relatively short amount of time but in doing so we generally forfeit a portion of interest income. The short-term investments are valued under the fair value hierarchy using Level 2 Inputs. | |||||||||||
Allowance for doubtful accounts | Allowance for doubtful accounts – We evaluate the collectability of our accounts receivable based upon a combination of factors, including the current business environment and historical experience. If we are aware of a customer’s inability to meet its financial obligations, we record an allowance to reduce the receivable to the amount we reasonably believe will be collected from the customer. For all other customers, we record an allowance based upon the amount of time the receivables are past due. If actual accounts receivable collections differ from these estimates, an adjustment to the allowance may be necessary with a resulting effect on operating expense. Accounts receivable are presented net of valuation allowance, which were approximately $2 million in 2014, 2013 and 2012. | |||||||||||
Inventories | Inventories – Inventories are stated at the lower of cost or market value. Cost is determined principally by the first-in, first-out method. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Any write-down of inventory to the lower of cost or market at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. On an on-going basis, we evaluate inventory for obsolescence and slow-moving items. This evaluation includes analysis of sales levels, sales projections, and purchases by item, as well as raw material usage related to our manufacturing facilities. If our review indicates a reduction in utility below carrying value, we reduce inventory to a new cost basis. If future demand or market conditions are different than our current estimates, an inventory adjustment to write down inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. | |||||||||||
Property, plant and equipment | Property, plant and equipment – Purchased property, plant and equipment is recorded at historical cost, and acquired property, plant and equipment is recorded at fair value on the date of acquisition. Property, plant and equipment is depreciated using straight-line methods over the estimated useful lives, which range from 20 to 55 years for buildings and 3 to 10 years for machinery and equipment. The estimated lives of leasehold improvements range from 3 to 5 years, and are amortized over the shorter of the remaining lease term or their estimated useful lives. | |||||||||||
Goodwill and other indefinite lived intangible assets | Goodwill and other indefinite lived intangible assets – Goodwill is tested for impairment on an annual basis, on October 1, and between annual tests if indicators of potential impairment exist. We use the simplified goodwill impairment test, which allows us to first assess qualitatively whether it is necessary to perform step one of the two-step annual goodwill impairment test. We are required to perform step one and calculate the fair value of our reporting units only if we conclude that it is more likely than not (that is, a likelihood of more than 50%) that a reporting unit’s fair value is less than its carrying value. The qualitative analysis, which is referred to as step zero, was performed and we considered all relevant factors specific to our reporting units. Some factors considered in step zero were macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, events affecting a reporting unit and other relevant entity-specific events. | |||||||||||
For 2014, our step zero conclusion was that goodwill is more likely than not to be not impaired and no further testing is required until the next annual test date (or sooner if conditions or events before that date raise concerns of potential impairment in the business) for all reporting units. | ||||||||||||
For 2013, our step zero conclusion was that goodwill is more likely than not to be not impaired and no further testing is required until the next annual test date (or sooner if conditions or events before that date raise concerns of potential impairment in the business) for all reporting units except for one. The reporting unit for Eris Technology Corporation failed the step zero test. Therefore, its goodwill and other indefinite lived intangible assets were tested using the two-step process. The first step required comparison of the fair value of the reporting unit to the respective carrying value. The reporting unit failed step one as the fair value of the reporting unit was less than the carrying value. The second step was then performed to compute the amount of impairment, if any. In the second step, the impairment was computed by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. In this case, the carrying amount of the reporting unit’s goodwill exceeded its implied fair value, and therefore an impairment loss was recognized for the excess in the amount of $5 million. In addition, all the other indefinite lived assets, such as trade name for Eris were not impaired. | ||||||||||||
Impairment of long-lived assets | Impairment of long-lived assets – Our long-lived assets are reviewed whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We consider assets to be impaired if the carrying value exceeds the undiscounted projected cash flows from operations. If impairment exists, the assets are written down to fair value or to the projected discounted cash flows from related operations. As of December 31, 2014, we expect the remaining carrying value of assets to be recoverable. No impairment of long-lived assets has been identified during any of the periods presented. The weighted average amortization period for amortizable intangible assets is approximately 8 years. | |||||||||||
Business combinations | Business combinations – We recognize all the assets acquired and liabilities assumed in the transaction and establish the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain accounting provisions prescribe, among other things, the determination of acquisition-date fair value of consideration paid in a business combination (including contingent consideration) and the exclusion of transaction and acquisition-related restructuring costs from acquisition accounting. | |||||||||||
Income taxes | Income taxes – Income taxes are accounted for using an asset and liability approach whereby deferred tax assets and liabilities are recorded for differences in the financial reporting bases and tax bases of our assets and liabilities. If it is more likely than not that some portion of deferred tax assets will not be realized, a valuation allowance is recorded. | |||||||||||
GAAP prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. | ||||||||||||
Research and development costs | Research and development costs – Internally-developed research and development costs are expensed as incurred. Acquired in-process research and development (“IPR&D”) is capitalized as an indefinite-lived intangible asset and evaluated periodically for impairment. When the project is completed, an expected life is determined and the IPR&D is amortized as an expense over the expected life. | |||||||||||
Shipping and handling costs | Shipping and handling costs – Shipping and handling costs for products shipped to customers, which are included in selling, general and administrative expenses, were approximately $11 million, $10 million and $6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Concentration of credit risk | Concentration of credit risk – Financial instruments, which potentially subject us to concentrations of credit risk, include trade accounts receivable. Credit risk is limited by the dispersion of our customers over various geographic areas, operating primarily in electronics manufacturing and distribution. We perform on-going credit evaluations of our customers, and generally require no collateral. Historically, credit losses have not been significant. | |||||||||||
We currently maintain substantially all of our day-to-day cash balances and short-term investments with major financial institutions. Cash balances are usually in excess of Federal and/or foreign deposit insurance limits. | ||||||||||||
Valuation of financial instruments | Valuation of financial instruments – The carrying value of our financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable, credit line, and long-term debt approximate fair value due to their current market conditions, maturity dates and other factors. | |||||||||||
Earnings per share | Earnings per share – Basic earnings per share is calculated by dividing net earnings 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 are computed using the “treasury stock method.” | |||||||||||
For the three years ended December 31, 2014, 2013 and 2012, options and share grants outstanding totaling approximately 2 million shares have been excluded from the computation of diluted earnings per share because their effect was anti-dilutive. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Basic earnings per share attributable to common stockholders | $ | 1.35 | $ | 0.57 | $ | 0.53 | ||||||
Diluted | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Add: Assumed exercise of stock options and stock awards | 1,410 | 1,295 | 1,119 | |||||||||
Weighted average number of common shares outstanding used in computing diluted earnings per share | 48,594 | 47,658 | 46,899 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Diluted earnings per share attributable to common stockholders | $ | 1.31 | $ | 0.56 | $ | 0.51 | ||||||
Share-based compensation | Share-based compensation – We use the Black-Scholes-Merton model to determine the fair value of stock options on the date of grant and recognize compensation expense for stock options on a straight-line basis. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period. | |||||||||||
The amount of compensation expense recognized using the Black-Scholes-Merton model requires us to exercise judgment and make assumptions relating to the factors that determine the fair value of our stock option grants. The fair value calculated by this model is a function of several factors, including the grant price, the expected future volatility, the expected term of the option and the risk-free interest rate of the option. The expected term and expected future volatility of the options require judgment. In addition, we are required to estimate the expected forfeiture rate and only recognize expense for those stock options expected to vest. We estimate the forfeiture rate based on historical experience, and to the extent our actual forfeiture rate is different from our estimate, share-based compensation expense is adjusted accordingly. | ||||||||||||
Functional currencies and foreign currency translation | Functional currencies and foreign currency translation – We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates on the balance sheet date. Net sales and expense for these subsidiaries are translated at the weighted-average exchange rate during the period presented. Resulting translation adjustments are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity in the consolidated balance sheets. Included in other income are foreign exchange losses of $2 million, $1 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Defined benefit plan | Defined benefit plan – We maintain pension plans covering certain of our employees in the U.K. The overfunded or underfunded status of pension and postretirement benefit plans are recognized on the balance sheet. Actuarial gains and losses, and prior service costs or credits, are recognized in other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. For financial reporting purposes, the net pension and supplemental retirement benefit obligations and the related periodic pension costs are calculated based upon, among other things, assumptions of the discount rate for plan obligations, estimated return on pension 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. The expected long-term return on plan assets was determined based on historical and expected future returns of the various asset classes. The plan’s investment policy includes a mandate to diversify assets and invest in a variety of asset classes to achieve its expected long-term return and is currently invested in a variety of funds representing most standard equity and debt security classes. Trustees of the plan may make changes at any time. | |||||||||||
Investment in joint ventures | Investment in joint ventures – Investment in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least 20 percent owned are stated at cost plus equity in undistributed net income (loss) of the joint venture. These investments are evaluated for impairment, in which an impairment loss would be recorded whenever a decline in the value of an equity investment below its carrying amount is determined to be “other than temporary.” In judging “other than temporary,” we consider the length of time and extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining the investment in the investee. | |||||||||||
Noncontrolling interest | Noncontrolling interest - Noncontrolling interest (previously referred to as minority interest) primarily relates to the minority investors’ share of the earnings of certain China and Taiwan subsidiaries. Noncontrolling interests are a separate component of equity and not a liability. Increases or decreases in noncontrolling interest, due to changes in our ownership interest of the subsidiaries that leave control intact, are recorded as equity transactions. The noncontrolling interest in our subsidiaries and their equity balances are reported separately in the consolidated financial statements, and activities of these subsidiaries are included therein. | |||||||||||
Contingencies | Contingencies – From time to time, we may be involved in a variety of legal matters that arise in the normal course of business. Based on information available, we evaluate the likelihood of potential outcomes. We record the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, we do not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. | |||||||||||
Comprehensive income (loss) | Comprehensive income (loss) – GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss. The components of accumulated other comprehensive income or loss include foreign currency translation adjustments and unrealized gain or loss on defined benefit plan. Accumulated other comprehensive loss was approximately $(68) million, $(44) million and $(34) million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||
There is no income tax expense or benefit associated with each component of comprehensive income. As of December 31, 2014, the accumulated balance for each component of comprehensive income is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Translation adjustment | $ | (32,683 | ) | $ | (16,210 | ) | ||||||
Unrealized loss on defined benefit plan | $ | (35,719 | ) | $ | (28,164 | ) | ||||||
Reclassifications | Reclassifications – Certain immaterial amounts from prior periods have been reclassified to conform to the current years’ presentation such as schedules included in the notes to consolidated financial statements. | |||||||||||
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 our 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. We have not yet selected a transition method and are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | ||||||||||||
In November 2014, FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. This ASU provides companies with the option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The election to apply pushdown accounting can be made either in the period in which the change of control occurred, or in a subsequent period. This ASU is effective as of November 18, 2014. We will evaluate this standard in the event of a future business combination. |
Summary_of_Operations_and_Sign2
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Comprehensive Income Net Of Tax [Abstract] | ||||||||||||
Component of Comprehensive Income | There is no income tax expense or benefit associated with each component of comprehensive income. As of December 31, 2014, the accumulated balance for each component of comprehensive income is as follows: | |||||||||||
2014 | 2013 | |||||||||||
Translation adjustment | $ | (32,683 | ) | $ | (16,210 | ) | ||||||
Unrealized loss on defined benefit plan | $ | (35,719 | ) | $ | (28,164 | ) | ||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | For the three years ended December 31, 2014, 2013 and 2012, options and share grants outstanding totaling approximately 2 million shares have been excluded from the computation of diluted earnings per share because their effect was anti-dilutive. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Basic earnings per share attributable to common stockholders | $ | 1.35 | $ | 0.57 | $ | 0.53 | ||||||
Diluted | ||||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | |||||||||
Add: Assumed exercise of stock options and stock awards | 1,410 | 1,295 | 1,119 | |||||||||
Weighted average number of common shares outstanding used in computing diluted earnings per share | 48,594 | 47,658 | 46,899 | |||||||||
Net income attributable to common stockholders | $ | 63,678 | $ | 26,532 | $ | 24,152 | ||||||
Diluted earnings per share attributable to common stockholders | $ | 1.31 | $ | 0.56 | $ | 0.51 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
[FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract] | ||||||||||||||||||||
Schedule of Financial Assets At Fair Value | Financial assets and liabilities carried at fair value as of December 31, 2014 are classified in the following table: | |||||||||||||||||||
Description | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||
Trading securities | $ | 7,180 | $ | 7,180 | $ | - | $ | - | $ | 1,364 | ||||||||||
Short-term investments | 11,726 | - | 11,726 | - | - | |||||||||||||||
Financial assets and liabilities carried at fair value as of December 31, 2013 are classified in the following table: | ||||||||||||||||||||
Description | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||
Trading securities | $ | 5,634 | $ | 5,634 | $ | - | $ | - | $ | 235 | ||||||||||
Short-term investments | 22,922 | - | 22,922 | - | - | |||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule Of Inventory Current | Inventories, stated at the lower of cost or market value, at December 31 were: | |||||||
2014 | 2013 | |||||||
Finished goods | $ | 66,045 | $ | 67,487 | ||||
Work-in-progress | 42,417 | 43,031 | ||||||
Raw materials | 73,564 | 69,878 | ||||||
$ | 182,026 | $ | 180,396 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Schedule of Property Plant And Equipment | ||||||||
2014 | 2013 | |||||||
Buildings and leasehold improvements | $ | 124,920 | $ | 107,342 | ||||
Machinery and equipment | 577,402 | 549,971 | ||||||
702,322 | 657,313 | |||||||
Less: Accumulated depreciation and amortization | (437,792 | ) | (386,455 | ) | ||||
264,530 | 270,858 | |||||||
Construction in-progress | 26,202 | 34,922 | ||||||
Land | 19,199 | 16,233 | ||||||
$ | 309,931 | $ | 322,013 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Intangible Assets Net Excluding Goodwill [Abstract] | ||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets subject to amortization at December 31 were as follows: | |||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Intangible Assets | Useful life | Gross Carrying Amount | Accumulated Amortization | Currency Exchange | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents | 5-15 years | $ | 11,815 | $ | (7,014 | ) | $ | (249 | ) | $ | 4,552 | |||||||||
Software license | 3 years | 1,212 | (1,149 | ) | (63 | ) | - | |||||||||||||
Developed product technology | 2-10 years | 53,509 | (25,799 | ) | (5,808 | ) | 21,902 | |||||||||||||
Customer relationships | 12 years | 20,393 | (6,202 | ) | (1,351 | ) | 12,839 | |||||||||||||
Total amortized intangible assets: | $ | 86,928 | $ | (40,164 | ) | $ | (7,471 | ) | $ | 39,293 | ||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks and trade names | Indefinite | $ | 6,403 | $ | - | $ | (668 | ) | $ | 5,735 | ||||||||||
Total Intangible assets with indefinite lives: | $ | 6,403 | $ | - | $ | (668 | ) | $ | 5,735 | |||||||||||
Total intangible assets: | $ | 93,331 | $ | (40,164 | ) | $ | (8,139 | ) | $ | 45,028 | ||||||||||
31-Dec-13 | ||||||||||||||||||||
Intangible Assets | Useful life | Gross Carrying Amount | Accumulated Amortization | Currency Exchange and Other | Net | |||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Patents | 5-15 years | $ | 11,812 | $ | (6,274 | ) | $ | (228 | ) | $ | 5,310 | |||||||||
Software license | 3 years | 1,212 | (1,149 | ) | (63 | ) | - | |||||||||||||
Developed product technology | 2-10 years | 53,508 | (20,654 | ) | (5,516 | ) | 27,338 | |||||||||||||
Customer relationships | 12 years | 20,393 | (4,168 | ) | (1,193 | ) | 15,032 | |||||||||||||
Total amortized intangible assets: | $ | 86,925 | $ | (32,245 | ) | $ | (7,000 | ) | $ | 47,680 | ||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks and trade names | Indefinite | $ | 6,403 | $ | - | $ | (512 | ) | $ | 5,891 | ||||||||||
Total Intangible assets with indefinite lives: | $ | 6,403 | $ | - | $ | (512 | ) | $ | 5,891 | |||||||||||
Total intangible assets: | $ | 93,328 | $ | (32,245 | ) | $ | (7,512 | ) | $ | 53,571 | ||||||||||
Schedule of Expected Amortization Expense | Amortization of intangible assets through 2019 is as follows: | |||||||||||||||||||
Years | ||||||||||||||||||||
2015 | $ | 7,429 | ||||||||||||||||||
2016 | 7,010 | |||||||||||||||||||
2017 | 6,356 | |||||||||||||||||||
2018 | 5,338 | |||||||||||||||||||
2019 | 4,764 | |||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Schedule of Changes in Goodwill | Changes in goodwill for the years ended December 31 were as follows: | |||
Balance at December 31, 2012 | $ | 87,359 | ||
Acquisitions | 2,518 | |||
Impairment | (5,318 | ) | ||
Currency exchange | 155 | |||
Balance at December 31, 2013 | $ | 84,714 | ||
Currency exchange and other | (3,485 | ) | ||
Balance at December 31, 2014 | $ | 81,229 | ||
Bank_Credit_Agreements_and_Lon1
Bank Credit Agreements and Long-Term Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Long Term Debt By Current And Noncurrent [Abstract] | |||||||||||
Schedule of Line of Credit Facilities | |||||||||||
2014 | Outstanding at December 31, | ||||||||||
Lines of Credit | Terms | 2014 | 2013 | ||||||||
$ | 92,440 | Unsecured, interest at LIBOR plus margin, due | $ | 1,064 | $ | 5,814 | |||||
quarterly | |||||||||||
Schedule of Debt | Long-term debt – The balances as of December 31, consist of the following: | ||||||||||
2014 | 2013 | ||||||||||
Notes payable to Taiwan bank, principal amount of TWD 158 million, variable interest (approximately 2.0% and 2.1% as of December 31, 2014 and 2013, respectively), of which TWD 132 million matures on July 6, 2021, and TWD 26 million matured July 6, 2013, secured by land and building. | 2,074 | 2,500 | |||||||||
Notes payable to Taiwan banks, variable interest between 1.8% and 2.5% as of December 31, 2013, maturity dates range from 2013 to 2023, secured by land, building and equipment. | - | 2,426 | |||||||||
Revolver | 139,000 | 179,000 | |||||||||
Total long-term debt | 141,074 | 183,926 | |||||||||
Less: Current portion | (287 | ) | (1,127 | ) | |||||||
Long-term debt, net of current portion | $ | 140,787 | $ | 182,799 | |||||||
Schedule of Maturities of Long Term Debt | The annual contractual maturities of long-term debt at December 31, 2014 are as follows: | ||||||||||
2015 | 287 | ||||||||||
2016 | 292 | ||||||||||
2017 | 298 | ||||||||||
2018 | 304 | ||||||||||
2019 | 139,310 | ||||||||||
Thereafter | 583 | ||||||||||
Total long-term debt | $ | 141,074 | |||||||||
Capital_Lease_Obligations_Tabl
Capital Lease Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Capital Lease Obligations [Abstract] | ||||
Summary of Future Minimum Lease Payments under Capital Lease Agreements | Future minimum lease payments under capital lease agreements are summarized as follows: | |||
For years ending December 31, | ||||
2015 | $ | 195 | ||
2016 | 185 | |||
2017 | 19 | |||
2018 | - | |||
Thereafter | - | |||
399 | ||||
Less: Interest | (15 | ) | ||
Present value of minimum lease payments | 384 | |||
Less: Current portion | (185 | ) | ||
Long-term portion | $ | 199 | ||
Accrued_Liabilities_and_Other_1
Accrued Liabilities and Other Long-Term Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities Current And Noncurrent [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued liabilities and other current liabilities at December 31 were: | |||||||
2014 | 2013 | |||||||
Accrued expenses | $ | 27,384 | $ | 23,159 | ||||
Compensation and payroll taxes | 19,423 | 22,414 | ||||||
Equipment purchases | 8,563 | 7,395 | ||||||
Accrued pricing adjustments | 2,328 | 2,891 | ||||||
Accrued professional services | 1,978 | 2,215 | ||||||
Other | 760 | 2,610 | ||||||
$ | 60,436 | $ | 60,684 | |||||
Schedule Of Other Long Term Liabilities | Other long-term liabilities at December 31 were: | |||||||
2014 | 2013 | |||||||
Accrued defined benefit plan | $ | 37,618 | $ | 32,749 | ||||
Unrecognized tax benefits | 15,425 | 20,710 | ||||||
Income tax contingencies | 10,210 | 9,829 | ||||||
Deferred compensation | 4,978 | 3,535 | ||||||
Other | 10,701 | 12,043 | ||||||
$ | 78,932 | $ | 78,866 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule Of Components Of Income Tax Expense Benefit | Income (loss) before income taxes | 2014 | 2013 | 2012 | |||||||||||||||||
U.S. | $ | 392 | $ | (12,936 | ) | $ | (24,411 | ) | |||||||||||||
Foreign | 85,600 | 51,521 | 55,218 | ||||||||||||||||||
Total | $ | 85,992 | $ | 38,585 | $ | 30,807 | |||||||||||||||
The components of the income tax provision (benefit) are as follows for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current tax provision (benefit) | |||||||||||||||||||||
Federal | $ | 285 | $ | 1,315 | $ | 1,424 | |||||||||||||||
Foreign | 21,783 | 9,270 | 10,756 | ||||||||||||||||||
State | 44 | (187 | ) | 142 | |||||||||||||||||
22,112 | 10,398 | 12,322 | |||||||||||||||||||
Deferred tax provision (benefit) | |||||||||||||||||||||
Federal | 2,996 | (1,531 | ) | (8,784 | ) | ||||||||||||||||
Foreign | (4,244 | ) | (2,197 | ) | (3,247 | ) | |||||||||||||||
State | 51 | 9 | 317 | ||||||||||||||||||
(1,197 | ) | (3,719 | ) | (11,714 | ) | ||||||||||||||||
Liability for unrecognized tax benefits | (556 | ) | 7,802 | 4,217 | |||||||||||||||||
Total income tax provision | $ | 20,359 | $ | 14,481 | $ | 4,825 | |||||||||||||||
Schedule Of Effective Income Tax Rate Reconciliation | Reconciliation between the effective tax rate and the statutory tax rates for the years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Percent | Percent | Percent | |||||||||||||||||||
of pretax | of pretax | of pretax | |||||||||||||||||||
Amount | earnings | Amount | earnings | Amount | earnings | ||||||||||||||||
Federal tax | $ | 30,097 | 35 | $ | 13,501 | 35 | $ | 10,783 | 35 | ||||||||||||
State income taxes, net of federal tax | 18 | 0 | 29 | 0.1 | 213 | 0.7 | |||||||||||||||
provision | |||||||||||||||||||||
Foreign income taxed at lower tax rates | (9,421 | ) | (11.0 | ) | (8,363 | ) | (21.7 | ) | (15,515 | ) | (50.4 | ) | |||||||||
U.S. tax impact of foreign operations | 365 | 0.4 | 608 | 1.6 | 3,631 | 11.8 | |||||||||||||||
Foreign withholding taxes (1) | 3,694 | 4.3 | 866 | 2.2 | - | - | |||||||||||||||
Goodwill impairment | - | - | 904 | 2.3 | - | - | |||||||||||||||
Research and development | (2,666 | ) | (3.1 | ) | (2,294 | ) | (5.9 | ) | - | - | |||||||||||
Liability for unrecognized tax benefits | (556 | ) | (0.6 | ) | 7,802 | 20.2 | 4,217 | 13.7 | |||||||||||||
Provision-to-return adjustments | (1,925 | ) | (2.2 | ) | 554 | 1.4 | (102 | ) | (0.3 | ) | |||||||||||
Other | 753 | 0.9 | 874 | 2.3 | 1,598 | 5.2 | |||||||||||||||
Income tax provision | $ | 20,359 | 23.7 | $ | 14,481 | 37.5 | $ | 4,825 | 15.7 | ||||||||||||
-1 | Certain Items have been reclassified for 2012 and 2013 for consistency in presentation with 2014. | ||||||||||||||||||||
Summary Of Positions For Which Significant Change In Unrecognized Tax Benefits Is Reasonably Possible | In accordance with the provisions related to accounting for uncertainty in income taxes, we recognize the benefit of a tax position if the position is “more likely than not” to prevail upon examination by the relevant tax authority. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance at January 1, | $ | 20,710 | $ | 14,591 | $ | 10,177 | |||||||||||||||
Additions based on tax positions related to the | 2,729 | 3,659 | 1,593 | ||||||||||||||||||
current year | |||||||||||||||||||||
Additions for prior years tax positions | 424 | 10,206 | 3,945 | ||||||||||||||||||
Reductions for prior years tax positions | (4,375 | ) | (7,746 | ) | (1,124 | ) | |||||||||||||||
Balance at December 31, | $ | 19,488 | $ | 20,710 | $ | 14,591 | |||||||||||||||
Schedule Of Deferred Tax Assets And Liabilities | At December 31, 2014 and 2013, our deferred tax assets and liabilities are comprised of the following items: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets, current | |||||||||||||||||||||
Inventory cost | $ | 6,878 | $ | 6,113 | |||||||||||||||||
Accrued expenses and accounts receivable | 2,042 | 2,422 | |||||||||||||||||||
Share based compensation and others | 2,375 | 1,978 | |||||||||||||||||||
Total deferred tax assets, current | $ | 11,295 | $ | 10,513 | |||||||||||||||||
Deferred tax assets, non-current | |||||||||||||||||||||
Foreign tax credits | $ | 19,806 | $ | 20,911 | |||||||||||||||||
Research and development tax credits | 6,034 | 5,460 | |||||||||||||||||||
Net operating loss carryforwards | 14,706 | 13,130 | |||||||||||||||||||
Accrued pension | 22,283 | 17,110 | |||||||||||||||||||
Share based compensation and others | 18,280 | 18,371 | |||||||||||||||||||
81,109 | 74,982 | ||||||||||||||||||||
Valuation allowances | (41,163 | ) | (35,908 | ) | |||||||||||||||||
Total deferred tax assets, non-current | 39,946 | 39,074 | |||||||||||||||||||
Deferred tax liabilities, non-current | |||||||||||||||||||||
Plant, equipment and intangible assets | (3,334 | ) | (10,837 | ) | |||||||||||||||||
Total deferred tax liabilities, non-current | (3,334 | ) | (10,837 | ) | |||||||||||||||||
Net deferred tax assets, non-current | $ | 36,612 | $ | 28,237 | |||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs | The following table summarizes the net periodic benefit costs of the plan for the years ended December 31, 2014 and 2013: | |||||||||||||||
Defined Benefit Plan | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 329 | $ | 313 | ||||||||||||
Interest cost | 6,733 | 5,384 | ||||||||||||||
Recognized actuarial loss | 1,036 | 239 | ||||||||||||||
Expected return on plan assets | (6,781 | ) | (5,556 | ) | ||||||||||||
Net periodic benefit cost | $ | 1,317 | $ | 380 | ||||||||||||
Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of the Companybs Plan | The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31: | |||||||||||||||
Defined Benefit Plan | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning balance | $ | 149,316 | $ | 124,751 | ||||||||||||
Acquisition | - | - | ||||||||||||||
Service cost | 329 | 313 | ||||||||||||||
Interest cost | 6,733 | 5,384 | ||||||||||||||
Actuarial gain (loss) | 17,650 | 21,765 | ||||||||||||||
Benefits paid | (4,511 | ) | (6,719 | ) | ||||||||||||
Settlements | - | 240 | ||||||||||||||
Currency changes | (9,802 | ) | 3,582 | |||||||||||||
Benefit obligation at December 31 | $ | 159,715 | $ | 149,316 | ||||||||||||
Change in plan assets: | ||||||||||||||||
Beginning balance - fair value | $ | 116,567 | $ | 106,898 | ||||||||||||
Employer contribution | 2,569 | 2,960 | ||||||||||||||
Actual return on plan assets | 15,701 | 10,987 | ||||||||||||||
Benefits paid | (4,511 | ) | (6,719 | ) | ||||||||||||
Currency changes | (7,546 | ) | 2,441 | |||||||||||||
Fair value of plan assets at December 31 | $ | 122,780 | $ | 116,567 | ||||||||||||
Underfunded status at December 31 | $ | (36,935 | ) | $ | (32,749 | ) | ||||||||||
Schedule of Assumptions Used | The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.70% | 4.60% | ||||||||||||||
Expected long-term return on plan assets | 5.20% | 5.90% | ||||||||||||||
The following weighted-average assumption was used to determine the benefit obligations for the year ended December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 3.70% | 4.60% | ||||||||||||||
Schedule of Allocation Of Plan Assets | The following summarizes the plan asset allocations of the assets in the plan and expected long-term return by asset category | |||||||||||||||
Asset category | Expected long-term return | Assets allocation | ||||||||||||||
Cash | 0.5 | % | 2 | % | ||||||||||||
Equity securities | 7.2 | % | 42 | % | ||||||||||||
Gilt securities | 2.4 | % | 19 | % | ||||||||||||
Corporate bond securities | 3.4 | % | 25 | % | ||||||||||||
Target return funds | 7.2 | % | 12 | % | ||||||||||||
Total | 5.2 | % | 100 | % | ||||||||||||
Schedule of Expected Benefit Payments | Benefit plan payments are primarily made from funded benefit plan trusts and current assets. The following summarizes the expected future benefit payments, including future benefit accrual, as of December 31, 2014 | |||||||||||||||
Year | ||||||||||||||||
2015 | $ | 3,727 | ||||||||||||||
2016 | 4,273 | |||||||||||||||
2017 | 4,327 | |||||||||||||||
2018 | 4,475 | |||||||||||||||
2019 | 4,756 | |||||||||||||||
2020-2024 | 31,070 | |||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the major categories of the plan assets | |||||||||||||||
31-Dec-14 | ||||||||||||||||
Assets Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash | $ | 2,534 | $ | - | $ | - | $ | 2,534 | ||||||||
Equity securities: | ||||||||||||||||
U.K. | 25,236 | - | - | 25,236 | ||||||||||||
North America | 9,623 | - | - | 9,623 | ||||||||||||
Europe (excluding U.K.) | 8,621 | - | - | 8,621 | ||||||||||||
Japan | 3,872 | - | - | 3,872 | ||||||||||||
Pacific Basin (excluding Japan) | 3,259 | - | - | 3,259 | ||||||||||||
Emerging markets | 950 | - | - | 950 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate bonds | - | 31,035 | - | 31,035 | ||||||||||||
Index linked securities: | ||||||||||||||||
U.K. Treasuries | 23,669 | - | - | 23,669 | ||||||||||||
Other types of investments: | ||||||||||||||||
Absolute return funds | 13,981 | - | - | 13,981 | ||||||||||||
Total | $ | 91,745 | $ | 31,035 | $ | - | $ | 122,780 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||
Schedule of Share-Based Compensation Expense | The following table shows the total compensation cost charged as an expense for share-based compensation plans, including stock options and share grants, recognized in the statements of income for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cost of goods sold | $ | 438 | $ | 522 | $ | 458 | ||||||||||
Selling, general and administrative expense | 12,438 | 11,645 | 12,715 | |||||||||||||
Research and development expense | 1,228 | 1,384 | 1,225 | |||||||||||||
Total share-based compensation expense | $ | 14,104 | $ | 13,551 | $ | 14,398 | ||||||||||
Schedule of Share Based Payment Award Stock Options Valuation Assumptions | Share-based compensation expense for stock options granted during 2014, 2013 and 2012 was calculated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected volatility | 53.36 | % | 53.36 | % | 53.86 | % | ||||||||||
Expected term (years) | 7.2 | 7.2 | 7.5 | |||||||||||||
Risk free interest rate | 2.08 | % | 1.49 | % | 1.16 | % | ||||||||||
Forfeiture rate | 0 | % | 0.78 | % | 0.76 | % | ||||||||||
Schedule of Share Based Compensation Stock Options Activity | A summary of our stock option plans is as follows: | |||||||||||||||
Stock Options | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1, 2012 | 3,587 | $ | 16.69 | |||||||||||||
Granted | 402 | 19.31 | ||||||||||||||
Exercised | (274 | ) | 4.81 | |||||||||||||
Forfeited or expired | (2 | ) | 20.1 | |||||||||||||
Outstanding at December 31, 2012 | 3,713 | 17.85 | ||||||||||||||
Exercisable at December 31, 2012 | 2,715 | 16.48 | ||||||||||||||
Outstanding at January 1, 2013 | 3,713 | 17.85 | ||||||||||||||
Granted | 186 | 23.35 | ||||||||||||||
Exercised | (341 | ) | 7.7 | |||||||||||||
Forfeited or expired (1) | (432 | ) | 20.34 | |||||||||||||
Outstanding at December 31, 2013 | 3,126 | 18.93 | ||||||||||||||
Exercisable at December 31, 2013 | 2,509 | 18.01 | ||||||||||||||
Outstanding at January 1, 2014 | 3,126 | 18.93 | ||||||||||||||
Granted | 176 | 27.92 | ||||||||||||||
Exercised | (564 | ) | 10.37 | $ | 10,090 | |||||||||||
Forfeited or expired | (2 | ) | 29.21 | |||||||||||||
Outstanding at December 31, 2014 | 2,736 | $ | 21.26 | 4 | $ | 17,840 | ||||||||||
Exercisable at December 31, 2014 | 2,205 | $ | 20.49 | 3.3 | $ | 16,036 | ||||||||||
-1 | The Compensation Committee of the Board of Directors reviewed the grants of stock options to the Chief Executive Officer (“CEO”) in 2009, 2010, 2011 and 2012 (each such annual grant, an “Option Grant”), and approved a Confirmation Agreement, dated April 1, 2013, in which we and our CEO agreed and confirmed that our CEO 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 our Common Stock, and that each Option Grant document be deemed amended to reflect the foregoing 100,000 share limitation. | |||||||||||||||
Schedule of Share Based Compensation by Plan | The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||||||
Plan | Range of exercise prices | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price | ||||||||||||
2001 Plan | $ | 11.53-29.21 | 2,377 | 3.6 | $ | 20.61 | ||||||||||
2013 Plan | $ | 23.35-27.92 | 358 | 6.9 | $ | 25.6 | ||||||||||
The following summarizes information about stock options exercisable at December 31, 2014: | ||||||||||||||||
Plan | Range of exercise prices | Number exercisable | Weighted average remaining contractual life (years) | Weighted average exercise price | ||||||||||||
2001 Plan | $ | 11.53-29.21 | 2,160 | 3.2 | $ | 20.43 | ||||||||||
2013 Plan | $ | 23.35 | 46 | 6.4 | $ | 23.35 | ||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of our non-vested share grants in 2014, 2013 and 2012 are presented below: | |||||||||||||||
Restricted Stock Grants | Shares | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | |||||||||||||
Nonvested at January 1, 2012 | 1,024 | $ | 21.48 | |||||||||||||
Granted | 482 | 18.95 | ||||||||||||||
Vested | (305 | ) | 21.48 | |||||||||||||
Forfeited | (37 | ) | 21.67 | |||||||||||||
Nonvested at December 31, 2012 | 1,164 | $ | 20.42 | |||||||||||||
Nonvested at January 1, 2013 | 1,164 | $ | 20.42 | |||||||||||||
Granted | 453 | 24.66 | ||||||||||||||
Vested | (428 | ) | 19.9 | |||||||||||||
Forfeited | (58 | ) | 21.66 | |||||||||||||
Nonvested at December 31, 2013 | 1,131 | $ | 22.35 | |||||||||||||
Nonvested at January 1, 2014 | 1,131 | $ | 22.35 | |||||||||||||
Granted | 788 | 25.08 | ||||||||||||||
Vested | (346 | ) | 22.34 | $ | 9,974 | |||||||||||
Forfeited | (38 | ) | 24.98 | |||||||||||||
Nonvested at December 31, 2014 | 1,535 | $ | 27.58 | $ | 42,324 | |||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule of Account Receivable and Payable of Related Party Transactions | Accounts receivable from, and accounts payable to, LSC, Keylink, and Nuvoton were as follows as of December 31: | |||||||||||
2014 | 2013 | |||||||||||
Accounts receivable | ||||||||||||
LSC | $ | 215 | $ | 140 | ||||||||
Keylink | 4,142 | 4,927 | ||||||||||
$ | 4,357 | $ | 5,067 | |||||||||
Accounts payable | ||||||||||||
LSC | $ | 4,458 | $ | 5,670 | ||||||||
Keylink | $ | 6,472 | $ | 6,505 | ||||||||
Nuvoton | $ | 1,167 | $ | 770 | ||||||||
$ | 12,097 | $ | 12,945 | |||||||||
Lite On Semiconductor | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | Net sales to, and purchases from, LSC were as follows for years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 751 | $ | 770 | $ | 1,054 | ||||||
Purchases | $ | 31,588 | $ | 35,329 | $ | 33,928 | ||||||
Keylink | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | Net sales to, and purchases from, companies owned by Keylink were as follows for years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 9,465 | $ | 10,559 | $ | 19,336 | ||||||
Purchases | $ | 8,122 | $ | 8,030 | $ | 7,826 | ||||||
Nuvoton | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule Net Sales and Purchases of Related Party Transactions | Nuvoton Technology Corporation – We purchase wafers from Nuvoton that we use in the production of finished goods. | |||||||||||
Net purchases from Nuvoton are as follows (in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Purchases | $ | 12,697 | $ | 8,317 | ||||||||
Segment_Information_and_Enterp1
Segment Information and Enterprise-Wide Disclosure (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Net Sales from External Customers and Long Lived Assets by Geographical Areas | Our primary operations include the operations in Asia, North America and Europe. Net sales are attributed to geographic areas based on the location of subsidiaries producing the net sales: | ||||||||||||||||
2014 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 814,589 | $ | 154,861 | $ | 179,021 | $ | 1,148,471 | |||||||||
Inter-company sales | (106,728 | ) | (63,945 | ) | (87,147 | ) | (257,820 | ) | |||||||||
Net sales | $ | 707,861 | $ | 90,916 | $ | 91,874 | $ | 890,651 | |||||||||
Property, plant and equipment | $ | 262,582 | $ | 26,363 | $ | 20,986 | $ | 309,931 | |||||||||
Assets | $ | 874,331 | $ | 128,174 | $ | 176,652 | $ | 1,179,157 | |||||||||
2013 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 750,339 | $ | 143,251 | $ | 165,179 | $ | 1,058,769 | |||||||||
Inter-company sales | (75,731 | ) | (65,947 | ) | (90,245 | ) | (231,923 | ) | |||||||||
Net sales | $ | 674,608 | $ | 77,304 | $ | 74,934 | $ | 826,846 | |||||||||
Property, plant and equipment | $ | 268,196 | $ | 30,040 | $ | 23,777 | $ | 322,013 | |||||||||
Assets | $ | 858,114 | $ | 120,104 | $ | 184,040 | $ | 1,162,258 | |||||||||
2012 | Asia | North America | Europe | Consolidated | |||||||||||||
Total sales | $ | 573,085 | $ | 133,973 | $ | 154,955 | $ | 862,013 | |||||||||
Inter-company sales | (75,230 | ) | (66,626 | ) | (86,351 | ) | (228,207 | ) | |||||||||
Net sales | $ | 497,855 | $ | 67,347 | $ | 68,604 | $ | 633,806 | |||||||||
Property, plant and equipment | $ | 186,563 | $ | 31,309 | $ | 25,424 | $ | 243,296 | |||||||||
Assets | $ | 554,603 | $ | 136,261 | $ | 229,199 | $ | 920,063 | |||||||||
Schedule of Net Sales by Countries | Net sales were derived from (shipped to) customers located in the following countries. “All others” represents countries with less than 3% of total net sales each: | ||||||||||||||||
% of Total | |||||||||||||||||
2014 | Net Sales | Net Sales | |||||||||||||||
China | $ | 555,478 | 62 | % | |||||||||||||
U.S. | 82,599 | 9 | % | ||||||||||||||
Korea | 66,772 | 7 | % | ||||||||||||||
Germany | 59,240 | 7 | % | ||||||||||||||
Singapore | 49,191 | 6 | % | ||||||||||||||
Taiwan | 27,207 | 3 | % | ||||||||||||||
All others | 50,164 | 6 | % | ||||||||||||||
Total | $ | 890,651 | 100 | % | |||||||||||||
% of Total | |||||||||||||||||
2013 | Net Sales | Net Sales | |||||||||||||||
China | $ | 522,587 | 63 | % | |||||||||||||
U.S. | 72,232 | 9 | % | ||||||||||||||
Korea | 68,693 | 8 | % | ||||||||||||||
Germany | 45,631 | 6 | % | ||||||||||||||
Singapore | 43,066 | 5 | % | ||||||||||||||
Taiwan | 30,233 | 4 | % | ||||||||||||||
All others | 44,404 | 5 | % | ||||||||||||||
Total | $ | 826,846 | 100 | % | |||||||||||||
% of Total | |||||||||||||||||
2012 | Net Sales | Net Sales | |||||||||||||||
China | $ | 381,307 | 60 | % | |||||||||||||
U.S. | 62,862 | 10 | % | ||||||||||||||
Korea | 52,670 | 8 | % | ||||||||||||||
Germany | 41,037 | 6 | % | ||||||||||||||
Singapore | 26,877 | 4 | % | ||||||||||||||
Taiwan | 20,973 | 3 | % | ||||||||||||||
All others | 48,080 | 9 | % | ||||||||||||||
Total | $ | 633,806 | 100 | % | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases at December 31, 2014 are approximately: | |||||
2015 | $ | 9,585 | ||||
2016 | 7,372 | |||||
2017 | 6,495 | |||||
2018 | 2,947 | |||||
2019 | 1,930 | |||||
Thereafter | 594 | |||||
$ | 28,923 | |||||
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition | The purchase price for BCD and related costs were estimated as follows: | ||||
Purchase price (cost of shares) | $ | 154,735 | |||
Acquisition related costs (included in selling, general and | 2,075 | ||||
administrative expenses) | |||||
Total purchase price | $ | 156,810 | |||
Schedule of Purchase Price Allocation | The following summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition: | ||||
1-Mar-13 | |||||
Acquisition | |||||
Method | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 29,819 | |||
Accounts receivable, net | 20,862 | ||||
Inventory | 42,909 | ||||
Prepaid expenses and other current assets | 27,205 | ||||
Property, plant and equipment, net | 99,390 | ||||
Deferred tax assets | 1,612 | ||||
Other long-term assets | 5,497 | ||||
Other intangible assets | 17,200 | ||||
Goodwill | 2,518 | ||||
Total assets acquired | $ | 247,012 | |||
Liabilities assumed: | |||||
Lines of credit | $ | 17,336 | |||
Accounts payable | 34,758 | ||||
Accrued liabilities and other | 16,703 | ||||
Deferred tax liability | 5,055 | ||||
Other liabilities | 18,425 | ||||
Total liabilities assumed | 92,277 | ||||
Total net assets acquired, net of cash acquired | $ | 154,735 | |||
Business Acquisition, Pro Forma Information | The following unaudited pro forma consolidated results of operations for the year ended December 31, 2013 have been prepared as if the acquisition of BCD had occurred at January 1, 2012: | ||||
Twelve Months Ended | |||||
December 31, | |||||
2013 | |||||
Net revenues | $ | 847,947 | |||
Net income attributable to common stockholders | $ | 25,513 | |||
Earnings per share—Basic | $ | 0.55 | |||
Earnings per share—Diluted | $ | 0.54 | |||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Data | ||||||||||||||||
Quarter Ended | ||||||||||||||||
Mar. 31 | Jun. 30 | Sept. 30 | Dec. 31 | |||||||||||||
Fiscal 2014 | ||||||||||||||||
Net sales | $ | 209,986 | $ | 223,217 | $ | 233,777 | $ | 223,671 | ||||||||
Gross profit | 61,581 | 70,304 | 74,732 | 70,662 | ||||||||||||
Net income attributable to common | 10,202 | 17,385 | 19,427 | 16,665 | ||||||||||||
shareholders | ||||||||||||||||
Earnings per share attributable to common | ||||||||||||||||
shareholders | ||||||||||||||||
Basic | $ | 0.22 | $ | 0.37 | $ | 0.41 | $ | 0.35 | ||||||||
Diluted | 0.21 | 0.36 | 0.4 | 0.34 | ||||||||||||
Quarter Ended | ||||||||||||||||
Mar. 31 | Jun. 30 | Sept. 30 | Dec. 31 | |||||||||||||
Fiscal 2013 | ||||||||||||||||
Net sales | $ | 176,964 | $ | 214,379 | $ | 224,510 | $ | 210,993 | ||||||||
Gross profit | 46,183 | 61,293 | 69,559 | 60,801 | ||||||||||||
Net income (loss) attributable to common | (1,926 | ) | 8,635 | 13,619 | 6,204 | |||||||||||
shareholders | ||||||||||||||||
Earnings (loss) per share attributable to | ||||||||||||||||
common shareholders | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.19 | $ | 0.29 | $ | 0.13 | |||||||
Diluted | (0.04 | ) | 0.18 | 0.28 | 0.13 | |||||||||||
Summary_of_Operations_and_Sign3
Summary of Operations and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Sales Returns And Allowances Goods | $86,000,000 | $68,000,000 | $48,000,000 |
Allowance for doubtful accounts | 2,000,000 | 2,000,000 | 2,000,000 |
Goodwill Impairment Loss | 5,318,000 | ||
Weighted average amortization period for amortizable intangible assets | 8 years | ||
Impairment of long-lived assets | 0 | ||
Shipping, Handling and Transportation Costs | 11,000,000 | 10,000,000 | 6,000,000 |
Options and share grants outstanding | 2 | 2 | 2 |
Foreign exchange transaction losses | 2,000,000 | 1,000,000 | 2,000,000 |
Accumulated other comprehensive loss | ($68,402,000) | ($44,374,000) | ($34,000,000) |
Restricted Stock | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Requisite service period | 4 years | ||
Building | Minimum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 20 years | ||
Building | Maximum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 55 years | ||
Machinery and Equipment | Minimum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Machinery and Equipment | Maximum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Leaseholds and Leasehold Improvements | Minimum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Leaseholds and Leasehold Improvements | Maximum | |||
Summary Of Operations And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years |
Summary_of_Operations_and_Sign4
Summary of Operations and Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic | |||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | ||||||||
Net income attributable to common stockholders | $16,665 | $19,427 | $17,385 | $10,202 | $6,204 | $13,619 | $8,635 | ($1,926) | $63,678 | $26,532 | $24,152 |
Basic earnings per share attributable to common stockholders | $0.35 | $0.41 | $0.37 | $0.22 | $0.13 | $0.29 | $0.19 | ($0.04) | $1.35 | $0.57 | $0.53 |
Diluted | |||||||||||
Weighted average number of common shares outstanding used in computing basic earnings per share | 47,184 | 46,363 | 45,780 | ||||||||
Add: Assumed exercise of stock options and stock awards | 1,410 | 1,295 | 1,119 | ||||||||
Weighted average number of common shares outstanding used in computing diluted earnings per share | 48,594 | 47,658 | 46,899 | ||||||||
Net income attributable to common stockholders | $16,665 | $19,427 | $17,385 | $10,202 | $6,204 | $13,619 | $8,635 | ($1,926) | $63,678 | $26,532 | $24,152 |
Diluted earnings per share attributable to common stockholders | $0.34 | $0.40 | $0.36 | $0.21 | $0.13 | $0.28 | $0.18 | ($0.04) | $1.31 | $0.56 | $0.51 |
Summary_of_Operations_and_Sign5
Summary of Operations and Significant Accounting Policies - Component of Comprehensive Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Translation adjustment | ($32,683) | ($16,210) |
Unrealized loss on defined benefit plan | ($35,719) | ($28,164) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
[FairValueDisclosuresAbstract] | ||
Short-term investments | $11,726 | $22,922 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | $7,180 | $5,634 |
Short-term investments | 11,726 | 22,922 |
Trading Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Changes in Fair Value, Gain (Loss) | 1,364 | 235 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | 7,180 | 5,634 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $11,726 | $22,922 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $66,045 | $67,487 |
Work-in-progress | 42,417 | 43,031 |
Raw materials | 73,564 | 69,878 |
Total | $182,026 | $180,396 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property Plant And Equipment [Abstract] | |||
Buildings and leasehold improvements, Gross | $124,920 | $107,342 | |
Machinery and equipment | 577,402 | 549,971 | |
Property, plant and equipment, gross, total | 702,322 | 657,313 | |
Less: Accumulated depreciation and amortization | -437,792 | -386,455 | |
Net | 264,530 | 270,858 | |
Construction in-progress | 26,202 | 34,922 | |
Land | 19,199 | 16,233 | |
Property, plant and equipment, net, total | $309,931 | $322,013 | $243,296 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Depreciation | $68,857 | $65,529 | $59,063 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible assets subject to amortization [Line Items] | ||
Useful life | 8 years | |
Gross Carrying Amount | $86,928 | $86,925 |
Accumulated Amortization | -40,164 | -32,245 |
Currency Exchange | -7,471 | -7,000 |
Net | 39,293 | 47,680 |
Gross Carrying Amount | 6,403 | 6,403 |
Currency Exchange | -668 | -512 |
Net | 5,735 | 5,891 |
Total Intangible Assets - Gross Carrying Amount | 93,331 | 93,328 |
Total Intangible Assets - Accumulated Amortization | -40,164 | -32,245 |
Total Intangible Assets - Currency Exchange and Other | -8,139 | -7,512 |
Intangible assets, net | 45,028 | 53,571 |
Trademarks and Trade Names | ||
Intangible assets subject to amortization [Line Items] | ||
Gross Carrying Amount | 6,403 | 6,403 |
Currency Exchange | -668 | -512 |
Net | 5,735 | 5,891 |
Patents | ||
Intangible assets subject to amortization [Line Items] | ||
Gross Carrying Amount | 11,815 | 11,812 |
Accumulated Amortization | -7,014 | -6,274 |
Currency Exchange | -249 | -228 |
Net | 4,552 | 5,310 |
Patents | Minimum | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 5 years | 5 years |
Patents | Maximum | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 15 years | 15 years |
Software License | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 3 years | 3 years |
Gross Carrying Amount | 1,212 | 1,212 |
Accumulated Amortization | -1,149 | -1,149 |
Currency Exchange | -63 | -63 |
Developed Technology | ||
Intangible assets subject to amortization [Line Items] | ||
Gross Carrying Amount | 53,509 | 53,508 |
Accumulated Amortization | -25,799 | -20,654 |
Currency Exchange | -5,808 | -5,516 |
Net | 21,902 | 27,338 |
Developed Technology | Minimum | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 2 years | 2 years |
Developed Technology | Maximum | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 10 years | 10 years |
Customer Relationships | ||
Intangible assets subject to amortization [Line Items] | ||
Useful life | 12 years | 12 years |
Gross Carrying Amount | 20,393 | 20,393 |
Accumulated Amortization | -6,202 | -4,168 |
Currency Exchange | -1,351 | -1,193 |
Net | $12,839 | $15,032 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets Net Excluding Goodwill [Abstract] | |||
Amortization of intangibles | $7,914 | $8,078 | $5,130 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Expected Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2015 | $7,429 |
2016 | 7,010 |
2017 | 6,356 |
2018 | 5,338 |
2019 | $4,764 |
Goodwill_Schedule_of_Changes_i
Goodwill - Schedule of Changes in Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill | ||
Goodwill beginning balance | $84,714 | $87,359 |
Acquisitions | 2,518 | |
Impairment | -5,318 | |
Currency exchange | 155 | |
Goodwill ending balance | 81,229 | 84,714 |
Currency exchange and other | ($3,485) |
Bank_Credit_Agreements_and_Oth
Bank Credit Agreements and Other Short-Term and Long-Term Debt - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jan. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line Of Credit Facility [Line Items] | |||
Lines of credit unused and available | $89,000,000 | ||
Line of Credit Facility Credit Used For Guarantee | 3,000,000 | ||
Maximum | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility additional increase in borrowing capacity | 200,000,000 | ||
Revolver | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit maximum borrowing capacity | 300,000,000 | ||
Debt Instrument, Issuance Date | 8-Jan-13 | ||
Line of Credit Facility, Affiliated Borrower | Diodes International B.V | ||
Line of credit, credit term | 5 years | ||
Line of Credit Facility, Expiration Date | 8-Jan-18 | ||
Term Loan, Interest Rate Terms | Borrowed amounts bear interest at a rate per annum equal to the sum of (a) the highest of (i) the Federal Funds Rate plus 1b2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its bprime rate,b and (iii) the Eurocurrency Rate plus 1.00%, plus (b) an amount between 0.50% per annum and 1.25% per annum, based upon the Borrowersb and their subsidiariesb Consolidated Leverage Ratio. Eurocurrency loans bear interest at LIBOR plus an amount between 1.50% and 2.25% per annum, based upon the Borrowersb and their subsidiariesb Consolidated Leverage Ratio. | ||
Line of Credit Facility, Covenant Terms | The Credit Agreement contains certain financial and non-financial covenants, including, but not limited to, a maximum Consolidated Leverage Ratio, a minimum Consolidated Fixed Charge Coverage Ratio, and restrictions on liens, indebtedness, investments, fundamental changes, dispositions, and restrictive payments (including dividends). As of December 31, 2014, we were in compliance with the bank covenants. | ||
Long-term Debt, Gross | 139,000,000 | 179,000,000 | |
Swing Line Sublimit | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit maximum borrowing capacity | 10,000,000 | ||
Letter Of Credit Sublimit | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit maximum borrowing capacity | 10,000,000 | ||
Alternative Currency Sublimit | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit maximum borrowing capacity | 20,000,000 | ||
Unsecured | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit maximum borrowing capacity | $92,440,000 |
Bank_Credit_Agreements_and_Oth1
Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Line of Credit Facilities (Details) (Unsecured, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Unsecured | ||
Debt Instrument [Line Items] | ||
Lines of credit maximum borrowing capacity | $92,440,000 | |
Lines of credit amount outstanding | $1,064,000 | $5,814,000 |
Bank_Credit_Agreements_and_Oth2
Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Debt (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 2 | Revolver | Revolver |
USD ($) | TWD | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $2,074 | 158,000 | $2,500 | $2,426 | $139,000 | $179,000 | ||
Total long-term debt | 141,074 | 183,926 | ||||||
Current portion of long-term debt | -287 | -1,127 | ||||||
Long-term debt, net of current portion | $140,787 | $182,799 |
Bank_Credit_Agreements_and_Oth3
Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Debt (Parenthetical) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 2 | Notes Payable To Bank 2 | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |
USD ($) | TWD | USD ($) | Note 1 | Note 1 | USD ($) | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 2 | Notes Payable To Bank 1 | Notes Payable To Bank 1 | Notes Payable To Bank 2 | ||
Note 1 | Note 2 | Note 2 | Note 1 | Note 2 | Note 2 | ||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $2,074 | 158,000 | $2,500 | $2,426 | |||||||||
Long-term variable interest rate | 2.00% | 2.10% | 1.80% | 2.50% | |||||||||
Debt Instrument, Maturity Date, Description | TWD 132 million matures on July 6, 2021, and TWD 26 million matured July 6, 2013 | TWD 132 million matures on July 6, 2021, and TWD 26 million matured July 6, 2013 | maturity dates range from 2013 to 2023 | ||||||||||
Debt instrument, maturity date | 6-Jul-13 | 6-Jul-21 | |||||||||||
Debt instrument, maturity year | 2013 | 2023 |
Bank_Credit_Agreements_and_Oth4
Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Term Debt By Current And Noncurrent [Abstract] | ||
Maturities in next year | $287 | |
Maturities in year 2 | 292 | |
Maturities in year 3 | 298 | |
Maturities in year 4 | 304 | |
Maturities in year 5 | 139,310 | |
Maturities in after year 5 | 583 | |
Total long-term debt | $141,074 | $183,926 |
Capital_Lease_Obligations_Summ
Capital Lease Obligations - Summary of Future Minimum Lease Payments under Capital Lease Agreement (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Lease Obligations [Abstract] | |
2015 | $195 |
2016 | 185 |
2017 | 19 |
Capital leases, future minimum payment, total | 399 |
Less: Interest | -15 |
Present value of minimum lease payments | 384 |
Less: Current portion | -185 |
Long-term portion | $199 |
Capital_Lease_Obligations_Addi
Capital Lease Obligations - Additional Information (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Capital Lease Obligations [Abstract] | |
Capital leases costs | $3 |
Capital leases, accumulated depreciation | $2 |
Accrued_Liabilities_and_Other_2
Accrued Liabilities and Other Long Term Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued expenses | $27,384 | $23,159 |
Compensation and payroll taxes | 19,423 | 22,414 |
Equipment purchases | 8,563 | 7,395 |
Accrued pricing adjustments | 2,328 | 2,891 |
Accrued professional services | 1,978 | 2,215 |
Other | 760 | 2,610 |
Accrued Liabilities, Current, Total | 60,436 | 60,684 |
Liabilities, Noncurrent [Abstract] | ||
Accrued defined benefit plan | 37,618 | 32,749 |
Unrecognized tax benefits, net | 15,425 | 20,710 |
Income tax contingencies | 10,210 | 9,829 |
Deferred compensation | 4,978 | 3,535 |
Other | 10,701 | 12,043 |
Liabilities, Noncurrent, Total | $78,932 | $78,866 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders Equity Note [Abstract] | |
Other Restrictions on Payment of Dividends | Our credit agreement, dated January 8, 2013, with Bank of America N.A. and other lenders parties permits us to pay dividends up to $1.5 million per fiscal year to its stockholders so long as we have not defaulted and are in continuing operation at the time of such dividend. |
Income_Taxes_Income_income_tax
Income Taxes (Income, income tax provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | $392 | ($12,936) | ($24,411) |
Foreign | 85,600 | 51,521 | 55,218 |
Income before income taxes and noncontrolling interest | 85,992 | 38,585 | 30,807 |
Current tax provision (benefit) | |||
Federal | 285 | 1,315 | 1,424 |
Foreign | 21,783 | 9,270 | 10,756 |
State | 44 | -187 | 142 |
Current tax provision (benefit), Total | 22,112 | 10,398 | 12,322 |
Deferred tax provision (benefit) | |||
Federal | 2,996 | -1,531 | -8,784 |
Foreign | -4,244 | -2,197 | -3,247 |
State | 51 | 9 | 317 |
Deferred Income Tax Expense (Benefit), Total | -1,197 | -3,719 | -11,714 |
Liability for unrecognized tax benefits | -556 | 7,802 | 4,217 |
Total income tax provision | $20,359 | $14,481 | $4,825 |
Income_Taxes_Effective_tax_rat
Income Taxes (Effective tax rate reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Federal tax | $30,097 | $13,501 | $10,783 |
State income taxes, net of federal tax provision (benefit) | 18 | 29 | 213 |
Foreign income taxed at lower tax rates | -9,421 | -8,363 | -15,515 |
U.S. tax impact of foreign operations | 365 | 608 | 3,631 |
Foreign withholding taxes | 3,694 | 866 | |
Goodwill impairment | 904 | ||
Research and development | -2,666 | -2,294 | |
Liability for unrecognized tax benefits | -556 | 7,802 | 4,217 |
Provision-to-return adjustments | -1,925 | 554 | -102 |
Other | 753 | 874 | 1,598 |
Total income tax provision | $20,359 | $14,481 | $4,825 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Income tax rate, Federal tax | 35.00% | 35.00% | 35.00% |
Income tax rate, State income taxes | 0.00% | 0.10% | 0.70% |
Income tax rate, Foreign income taxed at lower tax rates | -11.00% | -21.70% | -50.40% |
Income tax rate, U.S. tax impact of foreign operations | 0.40% | 1.60% | 11.80% |
Income tax rate, Foreign withholding taxes | 4.30% | 2.20% | |
Income tax rate, Goodwill impairment | 2.30% | ||
Income tax rate, Research and development | -3.10% | -5.90% | |
Income tax rate, Liability for unrecognized tax benefits | -0.60% | 20.20% | 13.70% |
Income tax rate, Provision-to-return adjustment | -2.20% | 1.40% | -0.30% |
Income tax rate, Other | 0.90% | 2.30% | 5.20% |
Income tax rate, Total | 23.70% | 37.50% | 15.70% |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of unrecognized tax benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Beginning Balance | $20,710 | $14,591 | $10,177 |
Additions based on tax positions related to the current year | 2,729 | 3,659 | 1,593 |
Additions for prior years tax positions | 424 | 10,206 | 3,945 |
Reductions for prior years tax positions | -4,375 | -7,746 | -1,124 |
Ending Balance | $19,488 | $20,710 | $14,591 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ||||
Significant Change in Unrecognized Tax Benefits, Nature of Event | The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was approximately $19 million at December 31, 2014. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of our 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 | These changes may be the result of settlements of ongoing audits or competent authority proceedings. At this time, an estimate of the range of the reasonably possible outcomes cannot be made. | |||
Unrecognized tax benefits | $19,488,000 | $20,710,000 | $14,591,000 | $10,177,000 |
Income Tax Examination, Description | We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2007, or for the 2010 tax year. We are no longer subject to China income tax examinations by tax authorities for tax years before 2004. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, we are no longer subject to income tax audits for years before 2011. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest and penalties, if any, have been provided for in our reserve for any adjustments that may result from future tax audits. We recognize accrued interest and penalties, if any, related to unrecognized tax benefits in interest expense. We had an immaterial amount of accrued interest and penalties at December 31, 2014, 2013 and 2012. | |||
Deferred Tax Assets, Net of Valuation Allowance | 48,000,000 | |||
Deferred Tax Assets Operating Loss Carryforwards | 4,000,000 | |||
Deferred Tax Assets Excluding Tax Benefits For Operating Loss Carryforwards | 44,000,000 | |||
Tax Credit Carryforward, Valuation Allowance | 16,000,000 | |||
Income Taxes Supplemental Information [Abstract] | ||||
Statutory Accounting Practices, Retained Earnings Not Available for Dividends | 36,000,000 | |||
Additional Tax On Undistributed Foreign Earnings | 109,000,000 | |||
Income Tax Holiday, Aggregate Dollar Amount | 2,000,000 | 2,000,000 | 6,000,000 | |
Income Tax Holiday Income Tax Benefits Per Share Basic | $0.05 | $0.05 | $0.14 | |
Income Tax Holiday Income Tax Benefits Per Share Diluted | $0.05 | $0.05 | $0.13 | |
CHINA | ||||
Income Taxes Supplemental Information [Abstract] | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 341,000,000 | |||
Federal | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | 26,000,000 | |||
Tax Credit Carryforward, Expiration Dates | 1-Jan-14 | |||
Operating Loss Carryforward [Abstract] | ||||
Operating Loss Carryforwards | 30,000,000 | |||
Operating Loss Carryforwards, Expiration Dates | 1-Jan-18 | |||
State and Local Jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | 1,000,000 | |||
Tax Credit Carryforward, Expiration Dates | 1-Jan-20 | |||
Operating Loss Carryforward [Abstract] | ||||
Operating Loss Carryforwards | 17,000,000 | |||
Operating Loss Carryforwards, Expiration Dates | 1-Jan-15 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforward [Abstract] | ||||
Operating Loss Carryforwards | 14,000,000 | |||
Operating Loss Carryforwards, Expiration Dates | 1-Jan-20 | |||
Income Taxes Supplemental Information [Abstract] | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $408,000,000 |
Income_Taxes_Deferred_tax_asse
Income Taxes (Deferred tax assets and liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets, current | ||
Inventory cost | $6,878 | $6,113 |
Accrued expenses and accounts receivable | 2,042 | 2,422 |
Share based compensation and others | 2,375 | 1,978 |
Total deferred tax assets, current | 11,295 | 10,513 |
Deferred tax assets, non-current | ||
Foreign tax credits | 19,806 | 20,911 |
Research and development tax credits | 6,034 | 5,460 |
Net operating loss carryforwards | 14,706 | 13,130 |
Accrued pension | 22,283 | 17,110 |
Share based compensation and others | 18,280 | 18,371 |
Total deferred tax assets, include valuation allowance | 81,109 | 74,982 |
Valuation allowances | -41,163 | -35,908 |
Total deferred tax assets, non-current | 39,946 | 39,074 |
Deferred tax liabilities, non-current | ||
Plant, equipment and intangible assets | -3,334 | -10,837 |
Total deferred tax liabilities, non-current | -3,334 | -10,837 |
Net deferred tax assets, non-current | $36,612 | $28,237 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Deferred Compensation Share Based Payments | UNITED STATES | TAIWAN, PROVINCE OF CHINA | CHINA | Equity Securities | Debt Securities | Equity Funds | Maximum | Minimum | Pension Plan, Defined Benefit | Pension Plan, Defined Benefit | Pension Plan, Defined Benefit | |
USD ($) | USD ($) | CHINA | USD ($) | GBP (£) | Maximum | ||||||||||
USD ($) | |||||||||||||||
Employee Benefit Plans Additional Information [Abstract] | |||||||||||||||
Defined Benefit Plans, General Information | In connection with the Zetex acquisition, we adopted a contributory defined benefit plan that covers certain employees in the U.K. The defined benefit plan is closed to new entrants and frozen with respect to future benefit accruals. The retirement benefit is based on the final average compensation and service of each eligible employee. We determined the fair value of the defined benefit plan assets and utilizes an annual measurement date of December 31. At subsequent measurement dates, defined benefit plan assets will be determined based on fair value. Defined benefit plan assets consist primarily of high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions. | ||||||||||||||
Net period benefit costs | $1,317,000 | $380,000 | $1,000,000 | $1,000,000 | |||||||||||
Accumulated Comprehensive loss Defined Benefit Plan | 35,719,000 | 28,164,000 | |||||||||||||
Underfunded pension and postretirement obligation, Noncurrent | 37,000,000 | ||||||||||||||
Defined Benefit Plan Recognized Gain Loss Increase Decrease | 7,000,000 | ||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 9,000,000 | ||||||||||||||
Defined Benefit Plan Amortization Of Net Gains Losses Average Term | 13 years | ||||||||||||||
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. | ||||||||||||||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||||||||||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year, Description | We adopted a payment plan with the trustees of the defined benefit plan, in which we will pay approximately GBP2 million every year from 2012 through 2019. | ||||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 3,727,000 | 2,000,000 | |||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,273,000 | 2,000,000 | |||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,327,000 | 2,000,000 | |||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 4,475,000 | 2,000,000 | |||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 4,756,000 | 2,000,000 | |||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Three Fiscal Years Thereafter | 2,000,000 | ||||||||||||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 48.00% | 40.00% | 12.00% | ||||||||||||
Employer matching contribution percentage | 6.00% | 6.00% | 22.00% | 10.00% | |||||||||||
Employee salary deferral contributions percentage | 100.00% | ||||||||||||||
Employer matching contribution percent of match | 3.00% | ||||||||||||||
Employer matching contribution amount of match | 1 | ||||||||||||||
Defined contribution plan employer matching contribution amount | 2 | ||||||||||||||
401 (k) Retirement Plan [Abstract] | |||||||||||||||
Description of Defined Contribution Pension and Other Postretirement Plans | We maintain a 401(k) retirement plan (bthe Planb) for the benefit of qualified employees at our U.S. locations. Employees who participate may elect to make salary deferral contributions to the Plan up to 100% of the employeesb eligible payroll subject to annual Internal Revenue Code maximum limitations. We currently makes a matching contribution of $1 for every $2 contributed by the participant up to 6% (3% maximum matching) of the participantbs eligible payroll, which vests over four years. In addition, we may make a discretionary contribution to the entire qualified employee pool, in accordance with the Plan. | Pursuant to the Taiwan Labor Standard Law and Factory Law, we maintain a retirement plan for the employees in Taiwan, whereby we make contributions at a rate of 6% of the employeebs eligible payroll. | As stipulated by the regulations of China, we maintain a retirement plan pursuant to the local municipal government for the employees in China. We are required to make contributions to the retirement plan at a rate between 10% and 22% of the employeebs eligible payroll. | ||||||||||||
Defined Contribution Plan, Cost Recognized | 13,000,000 | 6,000,000 | 5,000,000 | ||||||||||||
Deferred Compensation Plan [Abstract] | |||||||||||||||
Deferred Compensation Arrangements, Overall, Description | We maintain 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. We offset our 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 December 31, 2014, these investments totaled approximately $5 million. All gains and losses in these investments are materially offset by corresponding gains and losses in the deferred compensation plan liabilities. | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | We maintain share-based compensation plans for our Board, officers and key employees, which provide for stock options and stock awards under our equity incentive plans. | ||||||||||||||
Deferred Compensation Plan Assets | $5,000,000 |
Employee_Benefit_Plans_Net_per
Employee Benefit Plans - Net periodic benefit costs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $329 | $313 |
Interest cost | 6,733 | 5,384 |
Recognized actuarial loss | 1,036 | 239 |
Expected return on plan assets | -6,781 | -5,556 |
Net periodic benefit cost | $1,317 | $380 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Change in Benefit Obligation [Roll Forward] | ||
Service cost | $329 | $313 |
Interest cost | 6,733 | 5,384 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets - ending | 122,780 | |
Pension Plan, Defined Benefit | ||
Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation - beginning | 149,316 | 124,751 |
Service cost | 329 | 313 |
Interest cost | 6,733 | 5,384 |
Actuarial gain (loss) | 17,650 | 21,765 |
Benefits paid | -4,511 | -6,719 |
Settlements | 240 | |
Currency changes | -9,802 | 3,582 |
Benefit obligation - ending | 159,715 | 149,316 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets - beginning | 116,567 | 106,898 |
Employer contribution | 2,569 | 2,960 |
Actual return | 15,701 | 10,987 |
Benefits paid | -4,511 | -6,719 |
Currency changes | -7,546 | 2,441 |
Fair value of plan assets - ending | 122,780 | 116,567 |
Underfunded status | ($36,935) | ($32,749) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit plan, Weighted average assumptions used in calculating net periodic benefit cost [Abstract] | ||
Expected long-term return on plan assets | 5.20% | |
Pension Plan, Defined Benefit | ||
Defined benefit plan, Weighted average assumptions used in calculating net periodic benefit cost [Abstract] | ||
Discount rate | 3.70% | 4.60% |
Expected long-term return on plan assets | 5.20% | 5.90% |
Defined benefit plan, Weighted average assumptions used in calculating benefit obligation [Abstract] | ||
Discount rate | 3.70% | 4.60% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans - Expected long-term return by asset category (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 5.20% |
Assets allocation [Abstract] | |
Assets allocation | 100.00% |
Gilt Securities | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 2.40% |
Assets allocation [Abstract] | |
Assets allocation | 19.00% |
Cash | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 0.50% |
Assets allocation [Abstract] | |
Assets allocation | 2.00% |
Equity Securities | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 7.20% |
Assets allocation [Abstract] | |
Assets allocation | 42.00% |
Corporate Bond Securities | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 3.40% |
Assets allocation [Abstract] | |
Assets allocation | 25.00% |
Target Return Funds | |
Expected Long Term Return [Abstract] | |
Expected long-term return | 7.20% |
Assets allocation [Abstract] | |
Assets allocation | 12.00% |
Employee_Benefit_Plans_Expecte1
Employee Benefit Plans - Expected future benefit payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
2015 | $3,727 |
2016 | 4,273 |
2017 | 4,327 |
2018 | 4,475 |
2019 | 4,756 |
2020-2024 | $31,070 |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans - Plan Assets by major categories (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | $122,780 |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 2,534 |
Equity Securities | UK | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 25,236 |
Equity Securities | Europe Excluding UK | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 8,621 |
Equity Securities | JP | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,872 |
Equity Securities | Pacific Basin Excluding JP | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,259 |
Equity Securities | Emerging Markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 950 |
Equity Securities | North America | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 9,623 |
Fair Value, Inputs, Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 91,745 |
Fair Value, Inputs, Level 1 | Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 2,534 |
Fair Value, Inputs, Level 1 | Equity Securities | UK | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 25,236 |
Fair Value, Inputs, Level 1 | Equity Securities | Europe Excluding UK | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 8,621 |
Fair Value, Inputs, Level 1 | Equity Securities | JP | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,872 |
Fair Value, Inputs, Level 1 | Equity Securities | Pacific Basin Excluding JP | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,259 |
Fair Value, Inputs, Level 1 | Equity Securities | Emerging Markets | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 950 |
Fair Value, Inputs, Level 1 | Equity Securities | North America | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 9,623 |
Fair Value, Inputs, Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 31,035 |
Corporate Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 31,035 |
Corporate Bonds | Fair Value, Inputs, Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 31,035 |
UK Treasury Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 23,669 |
UK Treasury Securities | Fair Value, Inputs, Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 23,669 |
Absolute Return Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 13,981 |
Absolute Return Funds | Fair Value, Inputs, Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | $13,981 |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation expense | $14,104 | $13,551 | $14,398 |
Cost of Goods Sold | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation expense | 438 | 522 | 458 |
Selling, General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation expense | 12,438 | 11,645 | 12,715 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation expense | $1,228 | $1,384 | $1,225 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Share-based compensation expense for stock options granted during 2014, 2013 and 2012 was calculated on the date of grant using the Black-Scholes-Merton option-pricing model | |||
Dividend yield | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.68 | $12.88 | $10.60 | |
Cash proceeds received from stock option exercises | $6 | $3 | $1 | |
Stock Option Expense | 3 | 4 | 5 | |
Restricted Stock Expense | 11 | 9 | 9 | |
Officer and Board | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 53.36% | |||
Expected term (years) | 7 years | |||
All Other Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 56.91% | |||
Expected term (years) | 5 years | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 53.36% | 53.36% | 53.86% | |
Expected term (years) | 7 years 2 months 12 days | 7 years 2 months 12 days | 7 years 6 months | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 5 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Stock Options | Plan 2001 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Stock options under our 2001 Omnibus Equity Incentive Plan (b2001 Planb) generally vest in equal annual installments over a four-year period and expire ten 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 | 10 years | |||
Stock Options | Plan 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Stock options under the 2013 Plan 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 | 8 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000,000 | |||
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 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 19 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||
Restricted Stock | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation arrangement with individual, description | On September 22, 2009, we entered into an employment agreement (the bAgreementb) with Dr. Keh-Shew Lu, President and Chief Executive Officer (the bEmployeeb), pursuant to which he will continue to be employed by us in such positions for an additional six-year term. As part of the Agreement, we and the Employee entered into a Stock Award Agreement that provides that: (i) we shall grant to the Employee 100,000 shares of Common Stock in the form of restricted stock awards on each of April 14, 2010, 2011, 2012, 2013, 2014 and 2015; (ii) each such installment would vest only if we achieved $1 billion net sales; (iii) upon the termination of the Employeebs employment, our obligation to grant any subsequent installment would terminate; and (iv) any granted shares would be automatically forfeited and returned to us if the Employeebs employment with us is terminated before we achieve the specified target amount of net sales, except in the case of death or disability (as defined) in which case the granted shares would become fully vested on the date of death or disability. The estimated fair value of this grant is approximately $12 million and is being expensed on a straight line basis through April 14, 2015. As of December 31, 2014, five annual installments have been granted and are included in the above table as granted but not vested. As of December 31, 2014, no installments have vested. | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 6 years | |||
Deferred compensation arrangement with individual shares granted year one on April 14, 2010 | 100,000 | |||
Deferred compensation arrangement with individual shares granted year two on April 14, 2011 | 100,000 | |||
Deferred compensation arrangement with individual shares granted year three on April 14, 2012 | 100,000 | |||
Deferred compensation arrangement with individual shares granted year four on April 14, 2013 | 100,000 | |||
Deferred compensation arrangement with individual shares granted year five on April 14, 2014 | 100,000 | |||
Deferred compensation arrangement with individual shares granted year six on April 14, 2015 | 100,000 | |||
Deferred Compensation Arrangement With Individual Shares Granted Estimated Fair Value | $12 | |||
Number of annual installments | 5 |
Share_Based_Compensation_Total
Share Based Compensation - Total Compensation Cost Charged, Weighted Average Assumptions (Details) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Expected volatility | 53.36% | 53.36% | 53.86% |
Expected term (years) | 7 years 2 months 12 days | 7 years 2 months 12 days | 7 years 6 months |
Risk free interest rate | 2.08% | 1.49% | 1.16% |
Forfeiture rate | 0.00% | 0.78% | 0.76% |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Share Based Compensation Stock Options Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options, Shares: | |||
Outstanding Beginning Shares | 3,126 | 3,713 | 3,587 |
Granted Shares | 176 | 186 | 402 |
Exercised Shares | -564 | -341 | -274 |
Forfeited or Expired Shares | -2 | -432 | -2 |
Outstanding Ending Shares | 2,736 | 3,126 | 3,713 |
Shares Exercisable | 2,205 | 2,509 | 2,715 |
Weighted Average Exercise Price: | |||
Outstanding Beginning Weighted Average Exercise Price | $18.93 | $17.85 | $16.69 |
Granted Weighted Average Exercise Price | $27.92 | $23.35 | $19.31 |
Exercised Weighted Average Exercise Price | $10.37 | $7.70 | $4.81 |
Forfeited or Expired Weighted Average Exercise Price | $29.21 | $20.34 | $20.10 |
Outstanding Ending Weighted Average Exercise Price | $21.26 | $18.93 | $17.85 |
Exercisable Weighted Average Exercise Price | $20.49 | $18.01 | $16.48 |
Weighted Average Remaining Contractual Term: | |||
Outstanding Weighted Average Remaining Contractual Term | 4 years | ||
Exercisable Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | ||
Aggregate Intrinsic Value : | |||
Outstanding Intrinsic Value | $17,840 | ||
Exercised Intrinsic Value | 10,090 | ||
Exercisable Intrinsic Value | $16,036 |
ShareBased_Compensation_Schedu2
Share-Based Compensation - Schedule of Share Based Compensation Stock Options Activity (Parenthetical) (Details) (Stock Options, Chief Executive Officer) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Date of confirmation agreement | 1-Apr-13 | ||||
Number of option grant claim for common stock | 0 | 0 | 0 | 0 | |
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of common stock to purchase for option grant | 100,000 |
Share_Based_Compensation_Stock
Share Based Compensation - Stock Options Outstanding and Exercisable (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options Outstanding [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,736 | 3,126 | 3,713 | 3,587 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $21.26 | $18.93 | $17.85 | $16.69 |
Stock Options Exercisable [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,205 | 2,509 | 2,715 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $20.49 | $18.01 | $16.48 | |
Plan 2001 | ||||
Stock Options Outstanding [Abstract] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $11.53 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $29.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,377 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.61 | |||
Stock Options Exercisable [Abstract] | ||||
Share Based Compensation Shares Exercisable Under Stock Option Plans Exercise Price Range Lower Range Limit | $11.53 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $29.21 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,160 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $20.43 | |||
Plan 2013 | ||||
Stock Options Outstanding [Abstract] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $23.35 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $27.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 358 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $25.60 | |||
Stock Options Exercisable [Abstract] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $23.35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 46 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.35 |
ShareBased_Compensation_Schedu3
Share-Based Compensation - Schedule Of Nonvested Restricted Stock Units Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of the status of non vested share grants [Roll Forward] | |||
Beginning balance nonvested | 1,131 | 1,164 | 1,024 |
Granted | 788 | 453 | 482 |
Vested | -346 | -428 | -305 |
Forfeited | -38 | -58 | -37 |
Ending balance nonvested | 1,535 | 1,131 | 1,164 |
Weighted-Average Grant-Date Fair Value [Roll Forward] | |||
Beginning balance nonvested | $22.35 | $20.42 | $21.48 |
Granted | $25.08 | $24.66 | $18.95 |
Vested | $22.34 | $19.90 | $21.48 |
Forfeited | $24.98 | $21.66 | $21.67 |
Ending balance nonvested | $27.58 | $22.35 | $20.42 |
Aggregate Intrinsic Value | |||
Vested | $9,974 | ||
Balance nonvested | $42,324 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lite On Semiconductor | |||
Related Party Transaction [Line Items] | |||
Related Party ownership of common stock | 17.00% | ||
Related Party Transaction, Description of Transaction | LSC is our largest stockholder, owning approximately 17% of our outstanding Common Stock as of December 31, 2014, and is a member of the Lite-On Group of companies. | ||
Related Party Transaction Revenues Percentage from Transactions with Related Party | 1.00% | 1.00% | 1.00% |
Keylink | |||
Related Party Transaction [Line Items] | |||
Related Party ownership of common stock | 5.00% | ||
Related Party Transaction, Description of Transaction | Keylink is our 5% joint venture partner in our Shanghai assembly and test facilities. | ||
Related Party Transaction Revenues Percentage from Transactions with Related Party | 1.00% | 1.00% | 3.00% |
Related Party Transaction Consulting Fees from Transactions with Related Party | 19 | 17 | 19 |
Chengdu Ya Guang Electronic Company Limited (bYa Guangb) | |||
Related Party Transaction [Line Items] | |||
Related Party ownership of common stock | 5.00% | ||
Related Party Transaction, Description of Transaction | In addition, Chengdu Ya Guang Electronic Company Limited (bYa Guangb) is our 5% joint venture partner in our two Chengdu assembly and test facilities |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule Net Sales and Purchases of Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lite On Semiconductor | |||
Related Party Transaction [Line Items] | |||
Net sales from related parties | $751 | $770 | $1,054 |
Purchases from related parties | 31,588 | 35,329 | 33,928 |
Keylink | |||
Related Party Transaction [Line Items] | |||
Net sales from related parties | 9,465 | 10,559 | 19,336 |
Purchases from related parties | 8,122 | 8,030 | 7,826 |
Nuvoton | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | $12,697 | $8,317 |
Related_Party_Transactions_Sch1
Related Party Transactions - Schedule of Account Receivable and Payable of Related Party Transactions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | $4,357 | $5,067 |
Accounts payable | 12,097 | 12,945 |
Lite On Semiconductor | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 215 | 140 |
Accounts payable | 4,458 | 5,670 |
Keylink | ||
Related Party Transaction [Line Items] | ||
Accounts receivable | 4,142 | 4,927 |
Accounts payable | 6,472 | 6,505 |
Nuvoton | ||
Related Party Transaction [Line Items] | ||
Accounts payable | $1,167 | $770 |
Segment_Information_and_Enterp2
Segment Information and Enterprise-Wide Disclosure - Schedule of Net Sales from External Customers and Long Lived Assets by Geographical Areas (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | $223,671 | $233,777 | $223,217 | $209,986 | $210,993 | $224,510 | $214,379 | $176,964 | $890,651 | $826,846 | $633,806 |
PROPERTY, PLANT AND EQUIPMENT, net | 309,931 | 322,013 | 309,931 | 322,013 | 243,296 | ||||||
Total assets | 1,179,157 | 1,162,258 | 1,179,157 | 1,162,258 | 920,063 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 1,148,471 | 1,058,769 | 862,013 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | -257,820 | -231,923 | -228,207 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 707,861 | 674,608 | 497,855 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 262,582 | 268,196 | 262,582 | 268,196 | 186,563 | ||||||
Total assets | 874,331 | 858,114 | 874,331 | 858,114 | 554,603 | ||||||
Asia | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 814,589 | 750,339 | 573,085 | ||||||||
Asia | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | -106,728 | -75,731 | -75,230 | ||||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 90,916 | 77,304 | 67,347 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 26,363 | 30,040 | 26,363 | 30,040 | 31,309 | ||||||
Total assets | 128,174 | 120,104 | 128,174 | 120,104 | 136,261 | ||||||
North America | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 154,861 | 143,251 | 133,973 | ||||||||
North America | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | -63,945 | -65,947 | -66,626 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 91,874 | 74,934 | 68,604 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 20,986 | 23,777 | 20,986 | 23,777 | 25,424 | ||||||
Total assets | 176,652 | 184,040 | 176,652 | 184,040 | 229,199 | ||||||
Europe | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 179,021 | 165,179 | 154,955 | ||||||||
Europe | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | ($87,147) | ($90,245) | ($86,351) |
Segment_Information_and_Enterp3
Segment Information and Enterprise-Wide Disclosure - Schedule of Net Sales by Countries (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | $223,671 | $233,777 | $223,217 | $209,986 | $210,993 | $224,510 | $214,379 | $176,964 | $890,651 | $826,846 | $633,806 |
Percentage of net sales | 100.00% | 100.00% | 100.00% | ||||||||
CHINA | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 555,478 | 522,587 | 381,307 | ||||||||
Percentage of net sales | 62.00% | 63.00% | 60.00% | ||||||||
UNITED STATES | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 82,599 | 72,232 | 62,862 | ||||||||
Percentage of net sales | 9.00% | 9.00% | 10.00% | ||||||||
Korea | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 66,772 | 68,693 | 52,670 | ||||||||
Percentage of net sales | 7.00% | 8.00% | 8.00% | ||||||||
Germany | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 59,240 | 45,631 | 41,037 | ||||||||
Percentage of net sales | 7.00% | 6.00% | 6.00% | ||||||||
Singapore | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 49,191 | 43,066 | 26,877 | ||||||||
Percentage of net sales | 6.00% | 5.00% | 4.00% | ||||||||
TAIWAN, PROVINCE OF CHINA | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | 27,207 | 30,233 | 20,973 | ||||||||
Percentage of net sales | 3.00% | 4.00% | 3.00% | ||||||||
All Others | |||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||||||||
NET SALES | $50,164 | $44,404 | $48,080 | ||||||||
Percentage of net sales | 6.00% | 5.00% | 9.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies [Line Items] | |||
Lease Expiration Date | 31-Dec-20 | ||
Operating Leases, Rent Expense, Net | $10 | $9 | $7 |
Purchase Commitments | 35 | ||
Stockholder Derivative Action | |||
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 | ||
Amount the defendants agreed to pay | $1.10 | ||
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 | ||
Tag Along Stockholder Derivative Action | |||
Commitments And Contingencies [Line Items] | |||
Loss Contingency, Name of Defendant | Keh-Shew Lu | ||
Loss Contingency, Lawsuit Filing Date | Feb. 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 Board 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. | ||
Number of days given to extend stay of an action after either expiration of an appeal period or a final decision | 30 days | ||
Chengdu, China | |||
Commitments And Contingencies [Line Items] | |||
Land right lease term | 50 years | ||
Land Right Lease, Expiration Year | 2061 | ||
Shanghai, China | |||
Commitments And Contingencies [Line Items] | |||
Land right lease term | 50 years | ||
Land Right Lease, Expiration Year | 2056 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Commitments (Future Minimum Payment) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | |
2015 | $9,585 |
2016 | 7,372 |
2017 | 6,495 |
2018 | 2,947 |
2019 | 1,930 |
Thereafter | 594 |
Operating Leases, Future Minimum Payment, Total | $28,923 |
Business_Combination_Additiona
Business Combination - Additional Information (Details) (BCD Semiconductor Manufacturing Limited, USD $) | 0 Months Ended | 12 Months Ended | |||
Mar. 05, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | 5-Mar-13 | ||||
Business Acquisition, Cost of Acquired Entity, Description of Purchase Price Components | we completed the acquisition of all the outstanding ordinary shares, par value $0.001 per share, of BCD (the bSharesb), including Shares represented by American Depository Shares (bADSsb), which were cancelled in exchange for the right to receive $1.33-1/3 in cash per Share, without interest. Each ADS represented six Shares and was converted into the right to receive $8.00 in cash, without interest. The aggregate consideration was approximately $155 million, excluding acquisition costs, fees and expenses. In addition, a $5 million retention plan for BCD employees, payable at the 12, 18 and 24 month anniversaries of the acquisition, was established. | ||||
Retention Payable | $5,000,000 | ||||
Business Acquisition, Share Price | $0.00 | ||||
Exchange Rights Value Of Shares | $8 | ||||
Aggregate consideration, excluding acquisition costs, fees and expenses | 154,735,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 155,000,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 6,000,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Description | The step acquisition guidelines also require us to remeasure the preexisting investment in BCD at fair value, and recognize any gains or losses from such remeasurement. The fair value of our interest immediately before the closing date was $7 million, which resulted in us recognizing a non-cash gain of approximately $4 million within other income (expense) for the year ended December 31, 2013. | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 7,000,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 4,000,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Valuation Techniques | The shares of BCD common stock were valued under the fair value hierarchy as a Level 1 Input. | ||||
Business Acquisition, Purchase Price Allocation, Methodology | The fair value of the significant identified intangible assets was estimated by using the market approach, income approach and cost approach valuation methodologies. Inputs used in the methodologies primarily included projected future cash flows, discounted at a rate commensurate with the risk involved. | ||||
Acquired Finite-lived Intangible Asset, Amount | 17,000,000 | ||||
Acquired Finite-lived Intangible Asset, Residual Value | 0 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | ||||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount, Description | goodwill is not deductible for income tax purposes. | ||||
Business Combination, Acquired Receivables, Fair Value | 21,000,000 | ||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 21,000,000 | ||||
Acquired Inventory Adjustments | 5,000,000 | ||||
Acquired Inventory Expenses To Cost Of Goods Sold | $3,000,000 | $2,000,000 | |||
Business Combination, Acquired Receivables, Description | We estimated the fair value of acquired receivables to be $21 million with a gross contractual amount of $21million. We expected to collect substantially all of the acquired receivables. | ||||
Acquired Inventory Reasonable Profit Allowance | We evaluated and adjusted the acquired inventory for a reasonable profit allowance, which is intended to permit us to report only the profits normally associated with the activities following the acquisition as it relates to the work-in-progress and finished goods inventory. As such, we increased the inventory acquired from BCD by approximately $5 million, and recorded that increase into cost of goods sold, of which approximately $2 million was recorded in the first quarter of 2013 and $3 million was recorded in the second quarter of 2013 as the acquired work-in-progress and finished goods inventory was sold. | ||||
Business Acquisition, Pro Forma Information, Description | The following unaudited pro forma consolidated results of operations for the year ended December 31, 2013 have been prepared as if the acquisition of BCD had occurred at January 1,2012. The unaudited pro forma consolidated results of operations do not purport to be indicative of the results that would have been obtained if the above acquisition had actually occurred as of the dates indicated or of those results that may be obtained in the future. These unaudited pro forma consolidated results of operations were derived, in part, from the historical consolidated financial statements of BCD and other available information and assumptions believed to be reasonable under the circumstances. | ||||
Maximum | |||||
Business Acquisition [Line Items] | |||||
Right to receive, cash per Share | $1.33 | ||||
Minimum | |||||
Business Acquisition [Line Items] | |||||
Right to receive, cash per Share | $0.33 |
Business_Combination_Schedule_
Business Combination - Schedule of Business Acquisitions by Acquisition (Details) (BCD Semiconductor Manufacturing Limited, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Mar. 05, 2013 |
BCD Semiconductor Manufacturing Limited | |
Business Acquisition [Line Items] | |
Aggregate consideration, excluding acquisition costs, fees and expenses | $154,735 |
Acquisition related costs (included in selling, general and administrative expenses) | 2,075 |
Total purchase price | $156,810 |
Business_Combination_Schedule_1
Business Combination - Schedule of Purchase Price Allocation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 |
In Thousands, unless otherwise specified | ||||
Assets acquired: | ||||
Goodwill | $81,229 | $84,714 | $87,359 | |
BCD Semiconductor Manufacturing Limited | ||||
Assets acquired: | ||||
Cash and cash equivalents | 29,819 | |||
Accounts receivable, net | 20,862 | |||
Inventory | 42,909 | |||
Prepaid expenses and other current assets | 27,205 | |||
Property, plant and equipment, net | 99,390 | |||
Deferred tax assets | 1,612 | |||
Other long-term assets | 5,497 | |||
Other intangible assets | 17,200 | |||
Goodwill | 2,518 | |||
Total assets acquired | 247,012 | |||
Liabilities assumed: | ||||
Lines of credit | 17,336 | |||
Accounts payable | 34,758 | |||
Accrued liabilities and other | 16,703 | |||
Deferred tax liability | 5,055 | |||
Other liabilities | 18,425 | |||
Total liabilities assumed | 92,277 | |||
Total net assets acquired, net of cash acquired | $154,735 |
Business_Combination_Business_
Business Combination - Business Acquisition Pro Forma Information (Details) (BCD Semiconductor Manufacturing Limited, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
BCD Semiconductor Manufacturing Limited | |
Business Acquisition [Line Items] | |
Net revenues | $847,947 |
Net income attributable to common stockholders | $25,513 |
Earnings per sharebBasic | $0.55 |
Earnings per sharebDiluted | $0.54 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $223,671 | $233,777 | $223,217 | $209,986 | $210,993 | $224,510 | $214,379 | $176,964 | $890,651 | $826,846 | $633,806 |
Gross profit | 70,662 | 74,732 | 70,304 | 61,581 | 60,801 | 69,559 | 61,293 | 46,183 | 277,279 | 237,836 | 161,586 |
Net income (loss) attributable to common shareholders | $16,665 | $19,427 | $17,385 | $10,202 | $6,204 | $13,619 | $8,635 | ($1,926) | $63,678 | $26,532 | $24,152 |
Earnings (loss) per share attributable to common shareholders | |||||||||||
Basic | $0.35 | $0.41 | $0.37 | $0.22 | $0.13 | $0.29 | $0.19 | ($0.04) | $1.35 | $0.57 | $0.53 |
Diluted | $0.34 | $0.40 | $0.36 | $0.21 | $0.13 | $0.28 | $0.18 | ($0.04) | $1.31 | $0.56 | $0.51 |