Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 10, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MAXWELL TECHNOLOGIES INC | ||
Entity Central Index Key | 319815 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | mxwl | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Common Stock, Shares Outstanding | 29,891,268 | ||
Entity Public Float | $429,368,263 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $24,732 | $30,647 |
Trade and other accounts receivable, net of allowance for doubtful accounts of $143 and $134 at December 31, 2014 and 2013, respectively | 43,698 | 29,869 |
Inventories, net | 44,856 | 44,736 |
Prepaid expenses and other current assets | 2,426 | 2,314 |
Total current assets | 115,712 | 107,566 |
Property and equipment, net | 39,223 | 44,941 |
Goodwill | 23,599 | 25,978 |
Pension asset | 7,362 | 10,568 |
Other non-current assets | 704 | 1,034 |
Total assets | 186,600 | 190,087 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 27,011 | 25,616 |
Accrued employee compensation | 9,348 | 8,788 |
Deferred revenue and customer deposits | 703 | 1,043 |
Short-term borrowings and current portion of long-term debt | 15,549 | 7,914 |
Deferred tax liability | 1,111 | 890 |
Total current liabilities | 53,722 | 44,251 |
Deferred tax liability, long-term | 3,304 | 2,125 |
Long-term debt, excluding current portion | 20 | 100 |
Other long-term liabilities | 2,601 | 3,401 |
Total liabilities | 59,647 | 49,877 |
Commitments and contingencies (Note 10 and Note 12) | ||
Stockholders’ equity: | ||
Common stock, $0.10 par value per share, 40,000 shares authorized; 29,846 and 29,563 shares issued and outstanding at December 31, 2014 and 2013, respectively | 2,982 | 2,953 |
Additional paid-in capital | 277,314 | 271,928 |
Accumulated deficit | -158,066 | -151,794 |
Accumulated other comprehensive income | 4,723 | 17,123 |
Total stockholders’ equity | 126,953 | 140,210 |
Total liabilities and stockholders’ equity | $186,600 | $190,087 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Trade and other accounts receivable, allowance for doubtful accounts | $143 | $134 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 29,846,000 | 29,563,000 |
Common stock, shares outstanding | 29,846,000 | 29,563,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (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] | |||
Revenue | $186,586 | $193,534 | $159,258 |
Cost of revenue | 118,146 | 118,241 | 94,206 |
Gross profit | 68,440 | 75,293 | 65,052 |
Operating expenses: | |||
Selling, general and administrative | 43,857 | 44,195 | 33,656 |
Research and development | 26,320 | 22,542 | 21,700 |
Total operating expenses | 70,177 | 66,737 | 55,356 |
Income (loss) from operations | -1,737 | 8,556 | 9,696 |
Interest expense, net | 169 | 4 | 116 |
Amortization of debt discount and prepaid debt costs | 20 | 60 | 57 |
Income (loss) from operations before income taxes | -1,926 | 8,492 | 9,523 |
Income tax provision | 4,346 | 2,152 | 2,349 |
Net income (loss) | ($6,272) | $6,340 | $7,174 |
Net income (loss) per share: | |||
Basic (in dollars per share) | ($0.21) | $0.22 | $0.25 |
Diluted (in dollars per share) | ($0.21) | $0.22 | $0.25 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 29,216 | 28,869 | 28,568 |
Diluted (in shares) | 29,216 | 28,903 | 28,709 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | ($6,272) | $6,340 | $7,174 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -10,445 | 2,428 | 1,796 |
Defined benefit pension plan, net of tax: | |||
Actuarial gain (loss) on benefit obligation and plan assets, net of tax benefit of $922, tax provision of $597 and tax benefit of $39 for the years ended December 31, 2014, 2013 and 2012, respectively | -2,358 | 2,785 | -352 |
Amortization of deferred loss, net of tax benefit of $32 and $26 for the years ended December 31, 2013 and 2012, respectively | 0 | 148 | 190 |
Amortization of prior service cost, net of tax benefit of $39, $8 and $5 for the years ended December 31, 2014, 2013 and 2012, respectively | 101 | 36 | 39 |
Settlements and plan changes, net of tax provision of $118, tax benefit of $173 and tax provision of $30 for the years ended December 31, 2014, 2013 and 2012, respectively | 302 | -805 | 228 |
Other comprehensive income (loss), net of tax | -12,400 | 4,592 | 1,901 |
Comprehensive income (loss) | ($18,672) | $10,932 | $9,075 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax effect of actuarial (loss) gain on benefit obligation and plan assets | $922 | ($597) | $39 |
Tax effect of amortization of net loss recognized in net periodic benefit cost | 0 | -32 | -26 |
Tax effect of amortization of prior service cost recognized in net periodic benefit cost | -39 | -8 | -5 |
Tax effect of settlement | ($118) | $173 | ($30) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $101,044 | $2,815 | $252,907 | ($165,308) | $10,630 |
Balance, shares at Dec. 31, 2011 | 28,174 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued under employee benefit plans, shares | 227 | ||||
Common stock issued under employee benefit plans | 1,762 | 22 | 1,740 | ||
Share-based compensation, shares | 204 | ||||
Share-based compensation | 3,088 | 20 | 3,068 | ||
Proceeds from issuance of common stock, shares | 573 | ||||
Proceeds from issuance of common stock, net | 10,283 | 57 | 10,226 | ||
Repurchase and cancellation, shares | -16 | ||||
Repurchase and cancellation of shares | -319 | -1 | -318 | ||
Net income (loss) | 7,174 | 7,174 | |||
Other Comprehensive Income | |||||
Foreign currency translation adjustment | 1,796 | 1,796 | |||
Pension adjustment, net of tax provision (benefit) | 105 | 105 | |||
Balance at Dec. 31, 2012 | 124,933 | 2,913 | 267,623 | -158,134 | 12,531 |
Balance, shares at Dec. 31, 2012 | 29,162 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued under employee benefit plans, shares | 67 | ||||
Common stock issued under employee benefit plans | 412 | 7 | 405 | ||
Share-based compensation, shares | 359 | ||||
Share-based compensation | 3,980 | 36 | 3,944 | ||
Repurchase and cancellation, shares | -25 | ||||
Repurchase and cancellation of shares | -47 | -3 | -44 | ||
Net income (loss) | 6,340 | 6,340 | |||
Other Comprehensive Income | |||||
Foreign currency translation adjustment | 2,428 | 2,428 | |||
Pension adjustment, net of tax provision (benefit) | 2,164 | 2,164 | |||
Balance at Dec. 31, 2013 | 140,210 | 2,953 | 271,928 | -151,794 | 17,123 |
Balance, shares at Dec. 31, 2013 | 29,563 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued under employee benefit plans, shares | 175 | ||||
Common stock issued under employee benefit plans | 1,450 | 18 | 1,432 | ||
Share-based compensation, shares | 312 | ||||
Share-based compensation | 3,964 | 31 | 3,933 | ||
Repurchase and cancellation, shares | -204 | ||||
Repurchase and cancellation of shares | 1 | -20 | 21 | ||
Net income (loss) | -6,272 | -6,272 | |||
Other Comprehensive Income | |||||
Foreign currency translation adjustment | -10,445 | -10,445 | |||
Pension adjustment, net of tax provision (benefit) | -1,955 | -1,955 | |||
Balance at Dec. 31, 2014 | $126,953 | $2,982 | $277,314 | ($158,066) | $4,723 |
Balance, shares at Dec. 31, 2014 | 29,846 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Tax on pension adjustment | $765 | ($464) | ($22) |
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 |
Statement of Cash Flows [Abstract] | |||
Capital Expenditures Incurred but Not yet Paid | $889 | $575 | $593 |
Operating activities: | |||
Net income (loss) | -6,272 | 6,340 | 7,174 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation | 11,159 | 8,880 | 7,051 |
Amortization of intangible assets | 203 | 299 | 441 |
Amortization of debt discount and prepaid debt costs | 20 | 60 | 57 |
Pension (benefit) cost | 319 | 20 | 437 |
Stock-based compensation expense | 3,967 | 3,980 | 3,088 |
Foreign Currency Transaction Loss, before Tax | -2,126 | 0 | 0 |
Provision for (recovery of) losses on accounts receivable | 20 | -35 | -245 |
Provision for (recovery of) losses on inventory | 910 | 1,622 | -1,335 |
Provision for warranties | 717 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Trade and other accounts receivable | -15,100 | 3,729 | -4,914 |
Inventories | -1,520 | -4,568 | -6,955 |
Prepaid expenses and other assets | -99 | 129 | 333 |
Pension asset | -724 | 0 | 0 |
Deferred tax liability, long term | 2,250 | 994 | 550 |
Accounts payable and accrued liabilities | 144 | -2,559 | -8,500 |
Deferred revenue and customer deposits | 46 | -5,365 | 5,378 |
Accrued employee compensation | 651 | 4,018 | -1,699 |
Other long-term liabilities | -728 | 2,347 | -2,007 |
Net cash provided by (used in) operating activities | -6,163 | 19,891 | -1,146 |
Investing activities: | |||
Purchases of property and equipment | -6,975 | -16,850 | -15,200 |
Net cash used in investing activities | -6,975 | -16,850 | -15,200 |
Financing activities: | |||
Principal payments on long-term debt and short-term borrowings | -7,164 | -10,430 | -9,638 |
Proceeds from long-term and short-term borrowings | 15,279 | 8,709 | 13,481 |
Repurchase of shares | 0 | -47 | -319 |
Proceeds from issuance of common stock under equity compensation plans | 1,448 | 412 | 1,762 |
Proceeds from issuance of common stock under secondary security offering | 0 | 0 | 10,283 |
Net cash provided by (used in) financing activities | 9,563 | -1,356 | 15,569 |
Increase (decrease) in cash and cash equivalents from operations | -3,575 | 1,685 | -777 |
Effect of exchange rate changes on cash and cash equivalents | -2,340 | 223 | 227 |
Increase (decrease) in cash and cash equivalents | -5,915 | 1,908 | -550 |
Cash and cash equivalents at beginning of year | 30,647 | 28,739 | 29,289 |
Cash and cash equivalents at end of year | 24,732 | 30,647 | 28,739 |
Cash paid for: | |||
Interest | 223 | 190 | 174 |
Income taxes | $3,304 | $1,950 | $1,594 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies | ||||||||||||
Description of Business | |||||||||||||
Maxwell Technologies, Inc. is a Delaware corporation originally incorporated in 1965 under the name Maxwell Laboratories, Inc. In 1983, the Company completed an initial public offering, and in 1996, changed its name to Maxwell Technologies, Inc. The Company is headquartered in San Diego, California, has three manufacturing facilities located in San Diego, California; Rossens, Switzerland; and Peoria, Arizona. In addition, the Company has two contract manufacturers located in China. Maxwell operates as single operating segment, which is comprised of three product lines: | |||||||||||||
• | Ultracapacitors: Our primary focus, ultracapacitors, are energy storage devices that possess a unique combination of high power density, extremely long operational life and the ability to charge and discharge very rapidly. Our ultracapacitor cells and multi-cell packs and modules provide highly reliable energy storage and power delivery solutions for applications in multiple industries, including transportation, automotive, information technology, renewable energy and industrial electronics. | ||||||||||||
• | High-Voltage Capacitors: Our CONDIS® high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors and electronic voltage transformers that are used to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. | ||||||||||||
• | Radiation-Hardened Microelectronic Products: Our radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components, such as high-density memory and data conversion modules. Many of these products incorporate our proprietary RADPAK® packaging and shielding technology and novel architectures that enable them to withstand the effects of environmental radiation and perform reliably in space. | ||||||||||||
The Company’s products are designed and manufactured to perform reliably for the life of the products and systems into which they are integrated. The Company achieves high reliability through the application of proprietary technologies and rigorously controlled design, development, manufacturing and test processes. | |||||||||||||
Financial Statement Presentation | |||||||||||||
The accompanying consolidated financial statements include the accounts of Maxwell Technologies, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany transactions and account balances have been eliminated in consolidation. | |||||||||||||
Liquidity | |||||||||||||
As of December 31, 2014, the Company had approximately $24.7 million in cash and cash equivalents. Management believes the available cash balance will be sufficient to fund its operations, obligations as they become due, and capital investments for at least the next twelve months. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior period amounts in the consolidated balance sheets have been reclassified to conform to the current period presentation. These reclassifications include combining amounts that previously were separately disclosed as intangible assets, net with other non-current assets and amounts separately disclosed as accrued warranty with accounts payable and accrued liabilities. These reclassifications do not impact reported net income (loss) and do not otherwise have a material impact on the presentation of the overall financial statements. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and related disclosures. These estimates include, but are not limited to, assessing the collectability of accounts receivable, applied and unapplied production costs, production capacities, the usage and recoverability of inventories and long-lived assets, including deferred income taxes, the incurrence of warranty obligations, impairment of goodwill and other intangible assets, estimation of the cost to complete certain projects, accruals for estimated losses from legal matters, and estimation of the value of stock-based compensation awards, including the probability that the performance criteria of restricted stock awards will be met. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue is derived primarily from the sale of manufactured products directly to customers. Product revenue is recognized, according to the guidelines of the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) Numbers 101, Revenue Recognition in Financial Statements, and 104, Revenue Recognition, when all of the following criteria are met: (1) persuasive evidence of an arrangement exists (upon contract signing or receipt of an authorized purchase order from a customer); (2) title passes to the customer at either shipment from the Company’s facilities or receipt at the customer facility, depending on shipping terms; (3) customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collectability is reasonably assured. This policy has been consistently applied from period to period. | |||||||||||||
Beginning in the fourth quarter of 2011, for three distributors of the Company's products, the Company offered extended payment terms which allowed these distributors to pay the Company after they received payment from their customer, with respect to certain sales transactions. Also beginning in the fourth quarter of 2011, for one other distributor of the Company's products, the Company offered return rights and profit margin protection with respect to certain sales transactions. Therefore, for these four distributors, the Company determined that the revenue recognition criteria of SAB 101 and 104 were not met at the time of shipment, as there was no fixed or determinable price, nor was collection reasonably assured, at least with respect to certain sales transactions. As a result, for the three distributors provided with extended payment terms, which did not provide for a fixed or determinable price, the Company deferred the recognition of revenue on all sales beginning in the fourth quarter of 2011 to the period in which cash is received. For the one distributor provided with return rights and profit margin protection, for which the Company could not estimate exposure, the Company deferred the recognition of revenue on all sales beginning in the fourth quarter of 2011 until the distributor confirmed to the Company that it was not entitled to any further returns or credits. During the third quarter of 2013, this distributor confirmed to the Company that it was not entitled to any further returns or credits, therefore, previously unrecognized revenue related to this distributor was recognized in the quarter ended September 30, 2013. Although the Company had deferred revenue recognition for a significant amount of sales to these four distributors through the quarter ended September 30, 2013, subsequent to this date the amount of deferred revenue related to these distributors has been insignificant. | |||||||||||||
In addition to the deferred revenue arrangements discussed in the preceding paragraph, revenue is not recognized for sales that do not meet the revenue recognition criteria at the time of sale. Revenue is recognized once all of the criteria for revenue recognition are determined to have been met. For example, if the Company does not believe that collection of the sales price is reasonably assured at the time of sale, it defers revenue recognition until cash is received. | |||||||||||||
As of December 31, 2014 and December 31, 2013, cumulative sales totaling $445,000 and $4.5 million, respectively, had not yet been recognized as revenue. The Company has recorded the cost basis of inventory shipped to customers prior to the achievement of the revenue recognition criteria of approximately $184,000 and $2.5 million at December 31, 2014 and 2013, respectively, in "inventory" in the consolidated balance sheets. | |||||||||||||
If the Company receives cash payment from the customer prior to the achievement of the revenue recognition criteria, the amount received from the customer is recorded as deferred revenue in the consolidated balance sheets. Total deferred revenue and customer deposits in the consolidated balance sheets as of December 31, 2014 and 2013 of $703,000 and $1.0 million, respectively, relates to cash received from customers on sales for which the revenue recognition criteria had not been achieved, customer advances, as well as other less significant customer arrangements requiring the deferral of revenue. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company invests its excess cash in debt instruments of the U.S. Government and its agencies, bank certificates of deposit, commercial paper and high-quality corporate issuers. All highly liquid instruments with an original maturity of three months or less from purchase are considered cash equivalents. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Trade receivables are stated at gross invoiced amount less an allowance for uncollectible accounts. The allowance for doubtful accounts reflects management’s best estimate of probable losses inherent in the accounts receivable balance. Management determines the allowance for doubtful accounts based on known troubled accounts, historical experience and other currently available evidence. | |||||||||||||
Inventories, net | |||||||||||||
Inventories are stated at the lower of cost (first-in first-out basis) or market. Finished goods and work-in-process inventory values include the cost of raw materials, labor and manufacturing overhead. Consigned inventory includes finished goods delivered to customers for which the related sale has not met the revenue recognition criteria and revenue has not been recognized. Inventory when written down to market value establishes a new cost basis and its value is not subsequently increased based upon changes in underlying facts and circumstances. The Company makes adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess or obsolete inventories. Factors influencing these adjustments include inventories on-hand compared with historical and estimated future sales for existing and new products and assumptions about the likelihood of obsolescence. Unabsorbed costs are treated as expense in the period incurred. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are carried at cost and are depreciated using the straight-line method. Depreciation is provided over the estimated useful lives of the related assets (three to ten years). Leasehold improvements are depreciated over the shorter of their estimated useful life or the term of the lease. Leasehold improvements funded by landlords are recorded as property and equipment, which is depreciated over the shorter of the estimated useful life of the asset or the lease term, and deferred rent, which is amortized over the lease term. As of December 31, 2014 and 2013, the net book value of leasehold improvements funded by landlords was $2.5 million and $2.7 million, respectively. As of December 31, 2014 and 2013, the unamortized balance of deferred rent related to landlord funding of leasehold improvements was $2.7 million, which is included in "accounts payable and accrued liabilities" and "other long-term liabilities" in the consolidated balance sheets. | |||||||||||||
Goodwill | |||||||||||||
Goodwill, which represents the excess of the cost of an acquired business over the net fair value assigned to its assets and liabilities, is not amortized. Instead, goodwill is assessed for impairment under the Intangibles—Goodwill and Other Topic of the FASB ASC. The Company has established December 31 as the annual impairment test date. The Company first makes a qualitative assessment as to whether goodwill is impaired and if it is more likely than not that goodwill is impaired, the Company performs a two-step quantitative impairment analysis to determine if goodwill is impaired. The Company may also determine to skip the qualitative assessment in any year and move directly to the quantitative test. No impairments of goodwill were reported during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If the Company determines that the carrying value of the asset is not recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. No impairments of property and equipment were recorded during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Warranty Obligation | |||||||||||||
The Company provides warranties on all product sales. The majority of the Company’s warranties are for one to four years in the normal course of business. The Company accrues for the estimated warranty costs at the time of sale based on historical warranty experience plus any known or expected changes in warranty exposure. As of December 31, 2014 and 2013, the accrued warranty liability included in "accounts payable and accrued liabilities" in the consolidated balance sheets was $716,000 and $180,000, respectively. | |||||||||||||
Income Taxes | |||||||||||||
Deferred income taxes are provided on a liability method in accordance with the Income Taxes Topic of the FASB ASC, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their reported amounts at each period end. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The guidance also provides criteria for the recognition, measurement, presentation and disclosures of uncertain tax positions. A tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable based solely on its technical merits. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company maintains cash balances at various financial institutions primarily in California and in Switzerland. In California, cash balances commonly exceed the $250,000 Federal Deposit Insurance Corporation insurance limit. In Switzerland, the banks where the Company has cash deposits are either government-owned, or in the case of cash deposited with non-government banks, deposits are insured up to 100,000 Swiss Francs. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to any significant credit risk with respect to such cash and cash equivalents. | |||||||||||||
Financial instruments, which subject the Company to potential concentrations of credit risk, consist principally of the Company’s accounts receivable. The Company’s accounts receivable result from product sales to customers in various industries and in various geographical areas, both domestic and foreign. The Company performs credit evaluations of its customers and generally requires no collateral. One customer, Shenzhen Xinlikang Supply China Management Co. LTD., accounted for 20% of total revenues in 2014, 22% of total revenues in 2013, and 18% of total revenues in 2012. There were no customers that accounted for more than 10% of accounts receivable as of December 31, 2014. Two customers, Shenzhen Xinlikang Supply China Management Co. LTD and Continental Automotive Hungary Kft., accounted for 13% and 11%, respectively, of total accounts receivable as of December 31, 2013. | |||||||||||||
Research and Development Expense | |||||||||||||
Research and development expenditures are expensed in the period incurred. Third-party funding of research and development expense under cost-sharing arrangements is recorded as an offset to research and development expense in the period the expenses are incurred. Research and development expense was $26.3 million, $22.5 million and $21.7 million, net of third-party funding under cost-sharing arrangements of $1.0 million, $1.3 million and $1.9 million, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Expense | |||||||||||||
Advertising costs are expensed in the period incurred. Advertising expense was $1.4 million, $884,000 and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Shipping and Handling Expense | |||||||||||||
The Company recognizes shipping and handling expenses as a component of cost of revenue. Total shipping and handling expense included in cost of revenue was $1.5 million, $1.3 million, and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Foreign Currencies | |||||||||||||
The Company’s primary foreign currency exposure is related to its subsidiary in Switzerland, which has Euro and local currency (Swiss Franc) revenue and operating expenses, and local currency loans. Changes in these currency exchange rates impact the reported U.S. dollar amount of revenue, expenses and debt. The functional currency of the Swiss subsidiary is the Swiss Franc. Assets and liabilities of the Swiss subsidiary are translated at month-end exchange rates, and revenues, expenses, gains and losses are translated at rates of exchange that approximate the rate in effect at the time of the transaction. Any translation adjustments resulting from this process are presented separately as a component of accumulated other comprehensive income within stockholders’ equity in the consolidated balance sheets. Foreign currency transaction gains and losses are reported in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations. | |||||||||||||
Foreign Currency Derivative Instruments | |||||||||||||
As part of its risk management strategy, the Company uses forward contracts to hedge certain foreign currency exposures. The Company's objective is to partially offset gains or losses resulting from these exposures with opposing gains or losses on the forward contracts, thereby reducing volatility of earnings created by these foreign currency exposures. In accordance with the Derivatives and Hedging Topic of the FASB ASC, the fair values of the forward contracts are estimated at each period end based on quoted market prices and are recorded as a net asset or liability on the consolidated balance sheets. Any gains or losses recognized on these contracts are recorded in “cost of revenue” and “selling, general and administrative” expense in the consolidated statements of operations. | |||||||||||||
Net Income (Loss) per Share | |||||||||||||
In accordance with the Earnings Per Share Topic of the FASB ASC, basic net income (loss) per share is calculated using the weighted average number of common shares outstanding during the period. Diluted net income per share includes the impact of additional common shares that would have been outstanding if dilutive potential common shares were issued. Potentially dilutive securities are not considered in the calculation of diluted net loss per share, as their inclusion would be anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income (loss) | $ | (6,272 | ) | $ | 6,340 | $ | 7,174 | ||||||
Denominator | |||||||||||||
Weighted average common shares outstanding | 29,216 | 28,869 | 28,568 | ||||||||||
Effect of potentially dilutive securities | |||||||||||||
Options to purchase common stock | — | 16 | 115 | ||||||||||
Restricted stock awards | — | 3 | 10 | ||||||||||
Restricted stock unit awards | — | 14 | 2 | ||||||||||
Employee stock purchase plan | — | 1 | 14 | ||||||||||
Weighted average common shares outstanding, assuming dilution | 29,216 | 28,903 | 28,709 | ||||||||||
Net income (loss) per share | |||||||||||||
Basic | $ | (0.21 | ) | $ | 0.22 | $ | 0.25 | ||||||
Diluted | $ | (0.21 | ) | $ | 0.22 | $ | 0.25 | ||||||
The following table summarizes instruments that may be convertible into common shares that are not included in the denominator used in the diluted net income (loss) per share calculation because to do so would be anti-dilutive (in thousands): | |||||||||||||
Common Stock | 2014 | 2013 | 2012 | ||||||||||
Outstanding options to purchase common stock | 672 | 790 | 504 | ||||||||||
Unvested restricted stock awards | 528 | 424 | 319 | ||||||||||
Unvested restricted stock unit awards | 224 | — | 20 | ||||||||||
Employee stock purchase plan awards | 9 | 1 | — | ||||||||||
Stock-Based Compensation | |||||||||||||
The Company has issued stock-based compensation awards to its employees and non-employee directors, including stock options, restricted stock, restricted stock units, and shares under an employee stock purchase plan. The Company records compensation expense for stock-based awards in accordance with the criteria set forth in the Stock Compensation Subtopic of the FASB ASC. Although the Company has not granted stock options since 2013, the Company used the Black-Scholes option pricing model to estimate the fair value of historical stock option grants. The determination of the fair value of stock options utilizing the Black-Scholes model was affected by the Company’s stock price and a number of assumptions, including expected volatility, expected term, risk-free interest rate and expected dividends. | |||||||||||||
The fair value of restricted stock and restricted stock units with service-based or performance-based vesting is based on the closing market price of the Company’s common stock on the date of grant. Compensation expense equal to the fair value of each restricted stock award is recognized ratably over the requisite service period. For restricted stock and restricted stock unit awards with vesting contingent on Company performance conditions, the Company uses the requisite service period that is most likely to occur. The requisite service period is estimated based on the expected achievement date of the performance condition. If it is unlikely that a performance condition will be achieved, no compensation expense is recognized unless is later determined that achievement of the performance condition is likely. The requisite service period may be adjusted for changes in the expected outcomes of the related performance conditions, with the impact of such changes recognized as a cumulative adjustment in the consolidated statement of operations in the period in which the expectation changes. | |||||||||||||
In 2014, the Company issued market-condition restricted stock units to certain members of executive management. Since the vesting of the market-condition restricted stock units is dependent on stock price performance, the fair values of these awards were estimated using a Monte-Carlo valuation model. The determination of the fair value of market-condition restricted stock units utilizing a Monte-Carlo valuation model was affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. | |||||||||||||
Share-based compensation expense recognized in the consolidated statement of operations is based on equity awards ultimately expected to vest. The FASB ASC requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods with a cumulative catch up adjustment if actual forfeitures differ from those estimates. For market-condition awards, because the effect of the market-condition is reflected as a discount to the awards fair value at grant date, subsequent forfeitures do not result in a reversal of expense. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The standard provides companies with a single model for accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is in the process of evaluating the impact of adoption on its consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. | |||||||||||||
Business Enterprise Information | |||||||||||||
The Company operates as a single operating segment. According to the FASB ASC Topic Disclosures about Segments of an Enterprise and Related Information, operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer who evaluates the Company’s financial information and resources and assesses performance on a consolidated basis. | |||||||||||||
Revenues by product line and geographic area are presented below (in thousands): | |||||||||||||
Year ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues by product line: | |||||||||||||
Ultracapacitors | $ | 135,637 | $ | 136,277 | $ | 95,953 | |||||||
High-voltage capacitors | 40,361 | 43,339 | 45,574 | ||||||||||
Microelectronic products | 10,588 | 13,918 | 17,731 | ||||||||||
Total | $ | 186,586 | $ | 193,534 | $ | 159,258 | |||||||
Year ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues from external customers located in: | |||||||||||||
China | $ | 89,143 | $ | 92,817 | $ | 74,054 | |||||||
United States | 23,758 | 29,090 | 26,473 | ||||||||||
Germany | 16,384 | 25,935 | 25,119 | ||||||||||
All other countries (1) | 57,301 | 45,692 | 33,612 | ||||||||||
Total | $ | 186,586 | $ | 193,534 | $ | 159,258 | |||||||
_____________ | |||||||||||||
-1 | Revenue from external customers located in countries included in “All other countries” do not individually comprise more than 10% of total revenues for any of the years presented. | ||||||||||||
Long-lived assets by geographic location are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 28,013 | $ | 33,740 | $ | 24,239 | |||||||
China | 4,991 | 5,444 | 6,340 | ||||||||||
Switzerland | 5,663 | 6,422 | 5,862 | ||||||||||
Total | $ | 38,667 | $ | 45,606 | $ | 36,441 | |||||||
Balance_Sheet_Details
Balance Sheet Details | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||
Balance Sheet Details | Balance Sheet Details (in thousands): | ||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Inventories, net: | |||||||||||||||
Raw material and purchased parts | $ | 23,042 | $ | 18,921 | |||||||||||
Work-in-process | 2,522 | 2,374 | |||||||||||||
Finished goods | 23,127 | 24,521 | |||||||||||||
Consigned finished goods | 184 | 2,490 | |||||||||||||
Reserves | (4,019 | ) | (3,570 | ) | |||||||||||
Total inventories, net | $ | 44,856 | $ | 44,736 | |||||||||||
Property and equipment, net: | |||||||||||||||
Machinery, furniture and office equipment | $ | 72,323 | $ | 63,528 | |||||||||||
Computer hardware and software | 12,003 | 10,672 | |||||||||||||
Leasehold improvements | 16,661 | 10,576 | |||||||||||||
Construction in progress | 2,715 | 15,701 | |||||||||||||
Property and equipment, gross | 103,702 | 100,477 | |||||||||||||
Less accumulated depreciation and amortization | (64,479 | ) | (55,536 | ) | |||||||||||
Total property and equipment, net | $ | 39,223 | $ | 44,941 | |||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||
Accounts payable | $ | 12,544 | $ | 15,356 | |||||||||||
Income tax payable | 1,852 | 2,366 | |||||||||||||
Accrued warranty | 716 | 180 | |||||||||||||
Other accrued liabilities | 11,899 | 7,714 | |||||||||||||
Total accounts payable and accrued liabilities | $ | 27,011 | $ | 25,616 | |||||||||||
Foreign | Defined Benefit | Accumulated | Affected Line Item | ||||||||||||
Currency | Pension Plan | Other | in the | ||||||||||||
Translation | Comprehensive | Statement of Operations | |||||||||||||
Adjustment | Income | ||||||||||||||
Accumulated other comprehensive income: | |||||||||||||||
Balance at December 31, 2013 | $ | 18,804 | $ | (1,681 | ) | $ | 17,123 | ||||||||
Other comprehensive income before reclassification | (10,445 | ) | — | (10,445 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,955 | ) | (1,955 | ) | Cost of Sales, Selling, General and Administrative and Research and Development Expense | |||||||||
Net other comprehensive income for the year ended December 31, 2014 | (10,445 | ) | (1,955 | ) | (12,400 | ) | |||||||||
Balance at December 31, 2014 | $ | 8,359 | $ | (3,636 | ) | $ | 4,723 | ||||||||
Goodwill
Goodwill | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | Goodwill | |||
The Company reviews goodwill for impairment annually according to the Intangibles—Goodwill and Other Topic of the FASB ASC. The Company makes a qualitative evaluation about the likelihood of goodwill impairment and if it concludes that it is more likely than not that the carrying amount of a reporting unit is greater than its fair value, then it will be required to perform the first step of the two-step quantitative impairment test. Otherwise, performing the two-step impairment test is unnecessary. The first step consists of estimating the fair value and comparing the estimated fair value with the carrying value of the reporting unit. If the fair value is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an implied fair value of goodwill. The implied fair value of goodwill is the residual fair value derived by deducting the fair value of a reporting unit’s assets and liabilities from its estimated total fair value, which was calculated in step one. An impairment charge would represent the excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of the goodwill. The guidance requires goodwill to be reviewed annually at the same time every year or when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The Company selected December 31 as its annual testing date. As a result of the Company’s annual assessments as of December 31, 2014, 2013, and 2012, no impairment was indicated. | ||||
The change in the carrying amount of goodwill during 2013 and 2014 was as follows (in thousands): | ||||
Balance at December 31, 2012 | $ | 25,416 | ||
Foreign currency translation adjustments | 562 | |||
Balance at December 31, 2013 | 25,978 | |||
Foreign currency translation adjustments | (2,379 | ) | ||
Balance at December 31, 2014 | $ | 23,599 | ||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurement |
The Company records certain financial instruments at fair value in accordance with the Fair Value Measurements and Disclosures Topic of the FASB ASC. As of December 31, 2014, the financial instruments to which this topic applied were financial instruments for foreign currency forward contracts. As of December 31, 2014, the fair value of these foreign currency forward contracts was a liability of $1.6 million, which is recorded in “accounts payable and accrued liabilities” in the consolidated balance sheet. The fair value of these derivative instruments is measured using models following quoted market prices in active markets for identical instruments, which is a Level 2 input under the fair value hierarchy of the Fair Value Measurements and Disclosures Topic of the FASB ASC. All forward contracts as of December 31, 2014 matured on January 5, 2015 or February 3, 2015. Also see Note 6, Foreign Currency Derivative Instruments and Note 11, Pension and Other Postretirement Benefit Plans, of this Annual Report on Form 10-K, for further discussion of fair value measurements. | |
The carrying value of short-term and long-term borrowings approximates fair value because of the relative short maturity of these instruments and the interest rates the Company could currently obtain. |
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Borrowings | Borrowings | ||||||||
Credit facility | |||||||||
In December 2011, the Company obtained a secured credit facility in the form of a revolving line of credit (the “Revolving Line of Credit”) and an equipment term loan (the “Equipment Term Loan”) (together, the “Credit Facility”). As amended, the Revolving Line of Credit is available up to a maximum of $10.0 million. In general, amounts borrowed under the Credit Facility are secured by a lien on all of the Company’s assets other than its intellectual property. In addition, under the credit agreement, as amended, the Company pledged 100% of its equity interests in its Swiss subsidiary. The Company has also agreed not to encumber any of its intellectual property. The agreement contains certain restrictive covenants that limit the Company’s ability to, amongst other things; (i) incur additional indebtedness or guarantees; (ii) create liens or other encumbrances on its property; (iii) enter into a merger or similar transaction; (iv) invest in another entity; (v) declare or pay dividends; and (vi) invest in fixed assets in excess of a defined dollar amount. Repayment of amounts owed pursuant to the Credit Facility may be accelerated in the event that the Company is in violation of any of the representations, warranties and covenants made in the credit agreement, including certain financial covenants. The financial covenants that the Company must meet during the term of the credit agreement, as amended, include quarterly minimum liquidity ratios, quarterly cash requirements and quarterly net loss targets. Borrowings under the Credit Facility bear interest, payable monthly, at either (i) the bank's prime rate or (ii) LIBOR plus 2.25%, at the Company's option subject to certain limitations. Further, the Company incurs an unused commitment fee, payable quarterly, equal to 0.25% per annum of the average daily unused amount of the Revolving Line of Credit. | |||||||||
The Equipment Term Loan was available to finance 80% of eligible equipment purchases made between April 1, 2011 and April 30, 2012. During this period, the Company borrowed $5.0 million under the Equipment Term Loan. During 2014, the Company borrowed $9.9 million under the Revolving Line of Credit. | |||||||||
As of December 31, 2013, the Company was not in compliance with the financial covenant pertaining to the quarterly EBITDA target for the quarter ended December 31, 2013. As a result of this noncompliance, borrowings outstanding under the Credit Facility were classified as a current obligation in the consolidated balance sheet as of December 31, 2013. | |||||||||
As of December 31, 2014, we were not in compliance with the financial covenant pertaining to the quarterly net loss target of not more than $1.0 million for the quarter ended December 31, 2014. As a result of this noncompliance, borrowings outstanding under the Credit Facility are immediately callable by the bank. The Revolving Line of Credit was otherwise scheduled to expire on February 28, 2015, and the Equipment Term Loan was scheduled to mature on April 30, 2015. | |||||||||
As of December 31, 2014, $9.9 million was outstanding under the Revolving Line of Credit and the applicable interest rate was LIBOR plus 3.00% (3.25% as of December 31, 2014). The amount outstanding under the Revolving Line of Credit is scheduled to be repaid by February 28, 2015. As of December 31, 2014, $559,000 was outstanding under the Equipment Term Loan and the applicable interest rate was LIBOR plus 2.25% (2.5% as of December 31, 2014). Principal and interest under the Equipment Term Loan are payable in 36 equal monthly installments such that the Equipment Term Loan is fully repaid by the maturity date of April 30, 2015, but may be prepaid in whole or in part at any time. | |||||||||
Short-term borrowings | |||||||||
Maxwell’s Swiss subsidiary, Maxwell SA, has a 3.0 million Swiss Franc-denominated (approximately $3.0 million as of December 31, 2014) short-term loan agreement with a Swiss bank, which renews semi-annually and bears interest at 1.4%. Borrowings under the short-term loan agreement are unsecured and as of December 31, 2014 and 2013, the full amount of the loan was drawn. In addition, Maxwell SA has a 2.0 million Swiss Franc-denominated (approximately $2.0 million as of December 31, 2014) credit agreement with the same Swiss bank, which renews annually and bears interest at 1.7%. Borrowings under the credit agreement are unsecured and as of December 31, 2014 and 2013, the full amount available under the credit line was drawn. | |||||||||
Maxwell SA also has a 1.0 million Swiss Franc-denominated (approximately $1.0 million as of December 31, 2014) credit agreement with another Swiss bank, and the available balance of the line can be withdrawn or reduced by the bank at any time. As of December 31, 2014 and 2013, no amounts were drawn under the credit line. Interest rates applicable to any draws on the line will be determined at the time of draw. | |||||||||
Other long-term borrowings | |||||||||
Maxwell SA has various financing agreements for vehicles. These agreements are for up to an original three-year repayment period with interest rates ranging from 1.9% to 5.1%. At December 31, 2014 and 2013, $82,000 and $179,000, respectively, was outstanding under these agreements. | |||||||||
The following table summarizes debt outstanding (in thousands): | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Revolving Line of Credit | $ | 9,900 | $ | — | |||||
Equipment Term Loan | $ | 559 | $ | 2,236 | |||||
Maxwell SA short-term loan | 3,017 | 3,359 | |||||||
Maxwell SA credit agreement | 2,011 | 2,240 | |||||||
Maxwell SA auto leases | 82 | 179 | |||||||
Total debt | 15,569 | 8,014 | |||||||
Less current portion | (15,549 | ) | (7,914 | ) | |||||
Total debt, excluding current portion | $ | 20 | $ | 100 | |||||
Contractually scheduled payments due on borrowings subsequent to December 31, 2014 are as follows (in thousands): | |||||||||
2015 | $ | 15,549 | |||||||
2016 | 20 | ||||||||
Total debt | $ | 15,569 | |||||||
Foreign_Currency_Derivative_In
Foreign Currency Derivative Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Foreign Currency Derivatives [Abstract] | |||||||||||||
Foreign Currency Derivative Instruments | Foreign Currency Derivative Instruments | ||||||||||||
Maxwell uses forward contracts to hedge certain monetary assets and liabilities, primarily receivables and payables, denominated in a foreign currency. The change in fair value of these instruments represents a natural hedge as gains and losses offset the changes in the fair value of the underlying monetary assets and liabilities due to movements in currency exchange rates. These contracts generally expire in one month. These contracts are considered economic hedges but are not designated as hedges under the Derivatives and Hedging Topic of the FASB ASC, therefore, the change in the fair value of the instruments is recognized currently in the consolidated statement of operations. | |||||||||||||
The net gains and losses on foreign currency forward contracts included in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations are as follows (in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of revenue | $ | 9 | $ | 27 | $ | (2 | ) | ||||||
Selling, general and administrative | (5,274 | ) | 332 | 395 | |||||||||
Total gain (loss) | $ | (5,265 | ) | $ | 359 | $ | 393 | ||||||
The net gains and losses on foreign currency derivative contracts were partially offset by net gains and losses on the underlying monetary assets and liabilities. Foreign currency gains and losses on those underlying monetary assets and liabilities included in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations are as follows (in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of revenue | $ | (13 | ) | $ | (24 | ) | $ | 13 | |||||
Selling, general and administrative | 4,404 | (985 | ) | (997 | ) | ||||||||
Total gain (loss) | $ | 4,391 | $ | (1,009 | ) | $ | (984 | ) | |||||
As of December 31, 2014, the total notional amount of foreign currency forward contracts not designated as hedges was $54.2 million. | |||||||||||||
The following table presents gross amounts, amounts offset and net amounts presented in the consolidated balance sheets for the Company's derivative instruments measured at fair value (in thousands): | |||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||
Gross amounts of recognized asset (liability) | $ | (1,993 | ) | $ | 373 | ||||||||
Gross amounts offset in the consolidated balance sheets | 350 | 9 | |||||||||||
Net amount of recognized asset (liability) presented in the consolidated balance sheets | $ | (1,643 | ) | $ | 382 | ||||||||
The Company has the legal right to offset these recognized assets and liabilities upon settlement of the derivative instruments. All of the forward contracts outstanding at December 31, 2014 matured on January 5, 2015 or February 3, 2015. For additional information, refer to Note 4, Fair Value Measurements. |
Stock_Plans
Stock Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Plans | Stock Plans | |||||||||||||
Equity Incentive Plans | ||||||||||||||
The Company has two active share-based compensation plans as of December 31, 2014: the 2004 Employee Stock Purchase Plan (“ESPP”) and the 2013 Omnibus Equity Incentive Plan (the “Incentive Plan”), as approved by the stockholders. Under the Incentive Plan, incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units have been granted to employees and non-employee directors. Generally, these awards vest over periods of one to four years. In addition, equity awards have been issued to senior management where vesting of the award is tied to Company performance or market conditions. The Company’s policy is to issue new shares of its common stock upon the exercise of stock options, vesting of restricted stock units or granting of restricted stock awards to employees. | ||||||||||||||
The Company’s Incentive Plan currently provides for an equity incentive pool of 3,750,000 shares. Shares reserved for issuance are replenished by forfeited shares. Additionally, equity awards forfeited under the Company’s 2005 equity incentive plan and 1995 stock option plan are added to the total shares available for issuance under the Incentive Plan. | ||||||||||||||
For the year ended December 31, 2014, the tax benefit associated with stock option exercises, restricted stock unit vesting, restricted stock grants, and disqualifying dispositions of both incentive stock options and stock issued under the Company’s ESPP, was approximately $2.2 million. No tax benefit was recognized in 2014, 2013 or 2012, because excess tax benefits were not realized by the Company. | ||||||||||||||
Stock Options | ||||||||||||||
Beginning in 2011, the Company ceased granting stock options to its employees as part of its annual equity incentive award program. However, during 2013, the Company granted a total of 175,306 stock options, of which 100,306 were one-time stock option awards to various employees. The remaining 75,000 stock options issued in 2013 related to the retention of a chief operating officer, of which 56,250 unvested options were cancelled upon his resignation in the third quarter of 2014. There were no stock options granted in 2014. The Company may determine to grant stock options in the future under the Incentive Plan. | ||||||||||||||
The following table summarizes total aggregate stock option activity for the period December 31, 2013 through December 31, 2014: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(in years) | ||||||||||||||
Balance at December 31, 2013 | 862,306 | $ | 11.24 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (102,795 | ) | 9.43 | |||||||||||
Canceled | (87,500 | ) | 7.55 | |||||||||||
Balance at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
Vested or expected to vest at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
Exercisable at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
The number of shares exercisable at December 31, 2014, 2013 and 2012 was 672,011, 759,936 and 807,146, respectively, with weighted average exercise prices of $12.00, $11.51 and $11.53, respectively. | ||||||||||||||
The weighted-average grant date fair value of stock options granted during the year ended December 31, 2013 was $7.56. No stock options were granted during the years ended December 31, 2014 and 2012. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $638,000, $18,000 and $1.5 million, respectively. Cash proceeds from option exercises for the year ended December 31, 2014 was $970,000. | ||||||||||||||
As of December 31, 2014, there was $172,000, or $133,000 adjusted for estimated forfeitures, of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of less than one year. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
In the first quarter of 2011, the Company began granting restricted stock awards to its employees as part of its annual equity incentive award program, in replacement of stock options which had historically been broadly granted to employees. Generally, vesting of restricted stock awards is contingent upon a period of service, typically four years. In addition, the Company granted restricted stock awards to executive management with vesting contingent upon specified Company performance conditions. Beginning in the second quarter of 2014, the Company ceased granting restricted stock awards and began granting restricted stock unit awards to employees and executive management as part of its annual equity incentive award program. | ||||||||||||||
The following table summarizes restricted stock award activity for the period December 31, 2013 through December 31, 2014 (in thousands, except for per share dollar amounts): | ||||||||||||||
Nonvested Shares | Shares | Weighted Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at December 31, 2013 | 524 | $ | 12.88 | |||||||||||
Granted | 256 | 14.21 | ||||||||||||
Vested | (136 | ) | 15.82 | |||||||||||
Forfeited | (116 | ) | 8.31 | |||||||||||
Nonvested at December 31, 2014 | 528 | $ | 13.77 | |||||||||||
The weighted average grant date fair value of restricted stock awards granted during the years ended December 31, 2014, 2013 and 2012 was $14.21, $10.20 and $20.60, respectively. For the year ended December 31, 2014, the total grant date fair value of service-based restricted stock awards granted was $3.6 million. No performance-based restricted stock awards were granted in 2014. | ||||||||||||||
Share awards released during the years ended December 31, 2014, 2013 and 2012 were 136,000, 98,000 and 77,000 respectively. Service-based share awards vested in 2014, 2013 and 2012 had a vest date fair value of $1.2 million, $916,000 and $1.1 million, respectively. No performance-based share awards vested in 2014, 2013 or 2012. As of December 31, 2014, there was $821,000 of unrecognized compensation cost, or $643,000 net of estimated forfeitures, related to nonvested restricted stock awards. The cost is expected to be recognized over a weighted average period of 2.2 years. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
Non-employee director restricted stock units | ||||||||||||||
Non-employee directors receive an annual restricted stock unit award (“RSU”), normally in February of each year, as partial consideration for their annual retainer compensation. These awards vest in full one year from the date of grant provided the non-employee director provides continued service. | ||||||||||||||
The total grant date fair value of service-based restricted stock unit awards granted during the year ended December 31, 2014 to non-employee directors was $595,000. The weighted average grant date fair value of these restricted stock unit awards granted during the years ended December 31, 2014, 2013 and 2012 was $9.03, $10.25 and $20.65, respectively. As of December 31, 2014, there was $86,000 of unrecognized compensation cost related to nonvested restricted stock unit awards granted to non-employee directors. The Company estimates that none of these outstanding RSU awards will be forfeited. The cost is expected to be recognized over a weighted average period of 0.2 year. | ||||||||||||||
Employee restricted stock units | ||||||||||||||
Beginning in the second quarter of 2014, the Company ceased granting restricted stock awards and began granting restricted stock units to employees as part of its annual equity incentive award program. Each restricted stock unit represents the right to receive one unrestricted share of the Company’s common stock upon vesting. During the year ended December 31, 2014, the Company granted 193,000 restricted stock unit awards to employees of which 73,000 were service-based restricted stock units vesting in equal installments over four years of continuous service with an average grant date value of $14.81 per share, 70,000 were market-condition restricted stock units vesting upon the achievement of certain stock price thresholds and the completion of three years of continuous employment from the date of grant with an average grant date fair value of $15.03 per share, and 50,000 were performance-based restricted stock units vesting contingent upon specified Company performance conditions with an average grant date fair value of $10.85 per share. Since the vesting of the market-condition restricted stock units is dependent on stock price performance, the fair values of these awards were estimated using a Monte-Carlo valuation model with the following weighted-average assumptions: | ||||||||||||||
Market price at grant per share | $ | 15.03 | ||||||||||||
Expected dividends | $ | — | ||||||||||||
Expected volatility | 65 | % | ||||||||||||
Risk-free interest rate | 0.86 | % | ||||||||||||
Fair value per unit | $ | 7.71 | ||||||||||||
The following table summarizes the amount of compensation expense recognized for employee restricted stock unit awards for the years ended December 31, 2014. No restricted stock unit awards were granted to employees in 2013 and 2012 (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | ||||||||||||||
Service-based restricted stock units | $ | 137 | ||||||||||||
Performance-based restricted stock units | 28 | |||||||||||||
Market-condition restricted stock units | 90 | |||||||||||||
Total compensation expense recognized for employee restricted stock units | $ | 255 | ||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
In 2013, the Company amended and restated the 2004 Employee Stock Purchase Plan (“ESPP”). Pursuant to the ESPP, the aggregate number of shares of common stock which may be purchased shall not exceed 1,000,000 shares of common stock of the Company. As of December 31, 2014, the Company has issued a total of 525,252 shares of common stock from the current ESPP. For the years ended December 31, 2014 and 2013, the Company issued 93,588 and 28,464 shares, respectively, under the ESPP. | ||||||||||||||
The ESPP permits substantially all employees to purchase common stock through payroll deductions, at 85% of the lower of the trading price of the stock at the beginning or at the end of each six-month offering period commencing on January 1 and July 1. The number of shares purchased is based on participants’ contributions made during the offering period. | ||||||||||||||
The fair value of the “look back” option for ESPP shares issued during the offering period is estimated using the Black-Scholes valuation model for a call and a put option. The share price used for the model is a 15% discount on the stock price on the first day of the offering period; the number of shares to be purchased is calculated based on employee contributions, and by using the following weighted-average assumptions: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected dividends | $ | — | $ | — | $ | — | ||||||||
Stock price on valuation date | 8.47 | 7.77 | 11.96 | |||||||||||
Expected volatility | 77 | % | 46 | % | 71 | % | ||||||||
Risk-free interest rate | 0.08 | % | 0.07 | % | 0.1 | % | ||||||||
Expected life (in years) | 0.4 | 0.3 | 0.5 | |||||||||||
Fair value per share | $ | 4.56 | $ | 2.45 | $ | 4.16 | ||||||||
The intrinsic value of shares of the Company’s stock purchased pursuant to the ESPP for offering periods within the years ended December 31, 2014, 2013 and 2012 was $449,000, $33,000 and $191,000, respectively. | ||||||||||||||
Stock-based Compensation Expense | ||||||||||||||
Compensation cost for stock options, restricted stock, restricted stock units and the ESPP is as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Stock options | $ | 52 | $ | 827 | $ | 978 | ||||||||
Restricted stock | 2,536 | 2,491 | 1,427 | |||||||||||
Restricted stock units | 867 | 592 | 421 | |||||||||||
ESPP | 512 | 70 | 262 | |||||||||||
Total stock-based compensation expense | $ | 3,967 | $ | 3,980 | $ | 3,088 | ||||||||
Stock-based compensation cost included in cost of revenue; selling, general and administrative expense; and research and development expense is as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cost of revenue | $ | 740 | $ | 1,079 | $ | 701 | ||||||||
Selling, general and administrative | 2,362 | 2,140 | 1,835 | |||||||||||
Research and development | 865 | 761 | 552 | |||||||||||
Total stock-based compensation expense | $ | 3,967 | $ | 3,980 | $ | 3,088 | ||||||||
Share Reservations | ||||||||||||||
The following table summarizes the reservation of shares under the Company's stock-based compensation plans as of December 31, 2014: | ||||||||||||||
2013 Omnibus Equity Incentive Plan | 1,574,258 | |||||||||||||
2004 Employee Stock Purchase Plan | 474,748 | |||||||||||||
2005 Omnibus Equity Incentive Plan | 672,011 | |||||||||||||
Total | 2,721,017 | |||||||||||||
Stock_Offering
Stock Offering | 12 Months Ended |
Dec. 31, 2014 | |
Stock Offering [Abstract] | |
Stock offering | Shelf Registration Statement |
On June 3, 2014, the Company filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission ("SEC") to, from time to time, sell up to an aggregate of $125 million of any combination of its common stock, warrants, debt securities or units. On June 30, 2014, the registration statement was declared effective by the SEC, which will allow the Company to access the capital markets for the three year period following this effective date. As of December 31, 2014, no securities have been issued under the Company's shelf registration statement. Net proceeds, terms and pricing of each offering of securities issued under the shelf registration statement will be determined at the time of such offerings. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
For financial reporting purposes, net income before income taxes includes the following components (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (19,301 | ) | $ | (5,270 | ) | $ | (5,994 | ) | ||||
Foreign | 17,375 | 13,762 | 15,517 | ||||||||||
Total | $ | (1,926 | ) | $ | 8,492 | $ | 9,523 | ||||||
The provision for income taxes based on income before income taxes is as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | |||||||||||||
Current | $ | — | $ | (258 | ) | $ | (190 | ) | |||||
Deferred | (5,608 | ) | 222 | 6,873 | |||||||||
(5,608 | ) | (36 | ) | 6,683 | |||||||||
State: | |||||||||||||
Current | 6 | 6 | 7 | ||||||||||
Deferred | 853 | 88 | 1,653 | ||||||||||
859 | 94 | 1,660 | |||||||||||
Foreign: | |||||||||||||
Current | 2,453 | 2,022 | 2,135 | ||||||||||
Deferred | 1,944 | 311 | (95 | ) | |||||||||
4,397 | 2,333 | 2,040 | |||||||||||
(Decrease) increase in valuation allowance | 4,698 | (239 | ) | (8,034 | ) | ||||||||
Tax provision | $ | 4,346 | $ | 2,152 | $ | 2,349 | |||||||
The provision for income taxes in the accompanying consolidated statements of operations differs from the amount calculated by applying the statutory income tax rate to income (loss) from continuing operations before income taxes. The primary components of such difference are as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes at federal statutory rate | $ | (655 | ) | $ | 2,888 | $ | 3,054 | ||||||
State taxes, net of federal benefit | (90 | ) | (29 | ) | (23 | ) | |||||||
Effect of tax rate differential for foreign subsidiary | (3,570 | ) | (2,531 | ) | (2,695 | ) | |||||||
Valuation allowance, including tax benefits of stock activity | 4,698 | (239 | ) | (8,034 | ) | ||||||||
Foreign taxes on unremitted earnings | 1,590 | — | — | ||||||||||
Stock-based compensation | 621 | 460 | 242 | ||||||||||
Prior year true-up Subpart F income | — | — | 2,484 | ||||||||||
Return to provision adjustments | 536 | (920 | ) | 3,568 | |||||||||
Subpart F income inclusion | 1,167 | 2,446 | 3,110 | ||||||||||
Other | 49 | 77 | 643 | ||||||||||
Tax provision | $ | 4,346 | $ | 2,152 | $ | 2,349 | |||||||
The Company has established a valuation allowance against its U.S. federal and state deferred tax assets due to the uncertainty surrounding the realization of such assets as evidenced by the cumulative losses from operations through December 31, 2014. Management periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced accordingly and recorded as a tax benefit, with the exception of $15.5 million which will impact additional paid in capital as discussed below. The Company has recorded a valuation allowance of $64.2 million as of December 31, 2014 to reflect the estimated amount of deferred tax assets that may not be realized. The Company increased its valuation allowance by $4.7 million for the year ended December 31, 2014. | |||||||||||||
At December 31, 2014, the Company has federal and state net operating loss carryforwards of approximately $157.7 million and $64.6 million, respectively. The federal tax loss carryforwards will begin to expire in 2020 and the state tax loss carryforwards will begin to expire in 2015. In addition, the Company has research and development and other tax credit carryforwards for federal and state income tax purposes as of December 31, 2014 of $5.1 million and $6.6 million, respectively. The federal credits will begin to expire in 2019 unless utilized and the state credits have an indefinite life. Pursuant to Internal Revenue Code Sections 382 and 383, use of the Company’s federal net operating loss and credit carryforwards may be limited due to a cumulative change in ownership of more than 50% within a three-year period. | |||||||||||||
Excess tax benefits associated with stock option exercises, restricted stock grants, and disqualifying dispositions of both incentive stock options and stock issued from the Company’s Employee Stock Purchase Plan in the amount of $4.1 million and $3.4 million, for 2014 and 2013, respectively, did not reduce current income taxes payable and, accordingly, are not included in the deferred tax asset relating to net operating loss carryforwards, but are included with the federal and state net operating loss carryforwards disclosed in this footnote. The tax benefits associated with stock option deductions from 1998 to 2005 in the amount of $15.5 million were not recorded in additional paid-in capital because their realization was not more likely than not to occur and, consequently, a valuation allowance was recorded against the entire benefit. | |||||||||||||
The Company has been granted a tax holiday in Switzerland, which is effective as of January 1, 2012 for 10 years. The tax holiday is conditional upon the Company meeting certain employment and investment thresholds. The impact of this tax holiday decreased foreign taxes by $665,000 and $733,000 for 2014 and 2013, respectively. The benefit of the tax holiday on net income per diluted share was $0.02 and $0.03 for 2014 and 2013, respectively. | |||||||||||||
The Company records U.S. income taxes on the undistributed earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered indefinitely reinvested outside of the U.S. As a result of changes in business circumstances, the Company changed its' estimate of amounts considered permanently reinvested. As a result, in 2014, the Company recorded a deferred tax liability of $1.6 million associated with $31.8 million of unremitted earnings of a foreign subsidiary that are no longer considered indefinitely reinvested. In the event that the Company repatriates these funds, this withholding tax would become payable. As of December 31, 2014, the cumulative amount of undistributed earnings considered indefinitely reinvested was $39.2 million. Determination of the amount of any unrecognized deferred income tax liability on the excess of the financial reporting basis over the tax basis of investments in foreign subsidiaries is not practicable because of the complexities of the hypothetical calculation. | |||||||||||||
Items that give rise to significant portions of the deferred tax accounts are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax loss carryforwards | $ | 54,551 | $ | 55,109 | |||||||||
Tax credit carryforwards | 19 | 19 | |||||||||||
Uniform capitalization, contract and inventory related reserves | 1,728 | 1,493 | |||||||||||
Accrued vacation | 669 | 632 | |||||||||||
Stock-based compensation | 1,428 | 1,235 | |||||||||||
Intangible assets | 1,364 | 1,032 | |||||||||||
Deferred revenue | 149 | 179 | |||||||||||
Unrealized gains and losses | 1,780 | — | |||||||||||
Other | 2,668 | 1,721 | |||||||||||
Total | 64,356 | 61,420 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Inventory deduction | (206 | ) | (290 | ) | |||||||||
Pension assets | (1,476 | ) | (2,125 | ) | |||||||||
Allowance for doubtful accounts | (407 | ) | (405 | ) | |||||||||
Tax basis depreciation less book depreciation | (192 | ) | (1,989 | ) | |||||||||
Withholding tax on undistributed earnings of foreign subsidiary | (1,590 | ) | — | ||||||||||
Other | (241 | ) | (1 | ) | |||||||||
Total | (4,112 | ) | (4,810 | ) | |||||||||
Net deferred tax assets before valuation allowance | 60,244 | 56,610 | |||||||||||
Valuation allowance | (64,199 | ) | (59,501 | ) | |||||||||
Net deferred tax liabilities | $ | (3,955 | ) | $ | (2,891 | ) | |||||||
As of December 31, 2014 and 2013, deferred tax assets of $460,000 and $124,000, respectively were included in other non-current assets in the consolidated balance sheet. | |||||||||||||
The Company adopted the provisions of section 740-10 of the Accounting for Uncertainty in Income Taxes Topic of the FASB ASC on January 1, 2007. Of the total unrecognized tax benefits at December 31, 2014, approximately $11.7 million was recorded as a reduction to deferred tax assets, which caused a corresponding reduction in the Company’s valuation allowance of $11.7 million. To the extent unrecognized tax benefits are recognized at a time when a valuation allowance does not exist, the recognition of the tax benefit would reduce the effective tax rate. The Company does not anticipate that the amount of unrecognized tax benefits as of December 31, 2014 will change materially within the 12 month period following December 31, 2014. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at December 31, 2013 | $ | 12,634 | |||||||||||
Increase in current period positions | 890 | ||||||||||||
Decrease in prior period positions | (1,585 | ) | |||||||||||
Balance at December 31, 2014 | $ | 11,939 | |||||||||||
The Company recognizes interest and penalties as a component of income tax expense. Interest and penalties for the years ended December 31, 2014 and 2013 were $34,000, and $126,000, respectively, and for the year ended December 31, 2012 interest and penalties were insignificant. | |||||||||||||
The Company’s U.S. federal income tax returns for tax years subsequent to 2009 are subject to examination by the Internal Revenue Service and its state income tax returns subsequent to 2008 are subject to examination by state tax authorities. The Company’s foreign tax returns subsequent to 2004 are subject to examination by the foreign tax authorities. | |||||||||||||
Net operating losses from years for which the statute of limitations has expired (2008 and prior for federal and 2007 and prior for state) could be adjusted in the event that the taxing jurisdictions challenge the amounts of net operating loss carryforwards from such years. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Leases | Leases | |||
Rental expense amounted to $5.6 million, $5.1 million and $3.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, and was incurred primarily for facility leases. Future annual minimum rental commitments as of December 31, 2014 are as follows (in thousands): | ||||
Fiscal Years | ||||
2015 | $ | 4,278 | ||
2016 | 4,307 | |||
2017 | 3,650 | |||
2018 | 2,273 | |||
2019 | 2,298 | |||
Thereafter | 3,673 | |||
Total | $ | 20,479 | ||
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans | ||||||||||||||||
Foreign Plan | |||||||||||||||||
The Compensation—Retirement Benefits Subtopic of the FASB ASC requires balance sheet recognition of the total over funded or underfunded status of pension and postretirement benefit plans. Under the guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized as a component of accumulated other comprehensive income within stockholders’ equity, net of tax effects, until they are amortized as a component of net periodic benefit cost (income). | |||||||||||||||||
The Company’s plan is regulated by the Swiss Government and is funded by the employees and the Company. The pension benefit is based on compensation, length of service and credited investment earnings. The plan guarantees both a minimum rate of return as well as minimum annuity purchase rates. The Company’s funding policy with respect to the pension plan is to contribute the amount required by Swiss law, using the required percentage applied to the employee’s compensation. In addition, participating employees are required to contribute to the pension plan. The Company made pension contributions of $720,000, $722,000 and $732,000 in 2014, 2013 and 2012, respectively; 45% of the total contributions to the plan each year are made by the employees. This plan has a measurement date of December 31. The Company does not have any rights to the assets of the plan. | |||||||||||||||||
The net pension asset decreased from $10.6 million to $7.4 million during the year ended December 31, 2014. The decrease in plan assets was a result of a significant number of employee departures and the corresponding benefits paid from account balances, and the effect of foreign currency translation on the fair value of the plan at year end. The increase in the benefit obligation was affected by a substantial actuarial loss resulting from assumption changes made to reflect current market conditions. This loss was offset by the both the large amount of benefits paid and the effect of foreign currency translation on the projected benefit obligation at year end. The accumulated benefit obligation was approximately $31.3 million and $30.8 million as of December 31, 2014 and 2013, respectively. The plan is fully funded and continues to be in a surplus condition. | |||||||||||||||||
The following table reflects changes in the pension benefit obligation and plan assets for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Years ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 32,577 | $ | 29,956 | |||||||||||||
Service cost | 846 | 831 | |||||||||||||||
Interest cost | 697 | 504 | |||||||||||||||
Plan participant contributions | 593 | 602 | |||||||||||||||
Benefits paid | (3,018 | ) | (717 | ) | |||||||||||||
Actuarial loss (gain) | 4,974 | (405 | ) | ||||||||||||||
Administrative expenses paid | — | 978 | |||||||||||||||
Effect of foreign currency translation | (3,663 | ) | 828 | ||||||||||||||
Projected benefit obligation at end of year | 33,006 | 32,577 | |||||||||||||||
Changes in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 43,145 | 36,895 | |||||||||||||||
Actual return on plan assets | 3,478 | 4,532 | |||||||||||||||
Company contributions | 720 | 722 | |||||||||||||||
Plan participant contributions | 593 | 602 | |||||||||||||||
Benefits paid | (3,018 | ) | (717 | ) | |||||||||||||
Effect of foreign currency translation | (4,550 | ) | 1,111 | ||||||||||||||
Fair value of plan assets at end of year | 40,368 | 43,145 | |||||||||||||||
Funded status at end of year | $ | 7,362 | $ | 10,568 | |||||||||||||
Amounts recognized in the consolidated balance sheets consist of (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net long-term pension asset | $ | 7,362 | $ | 10,568 | |||||||||||||
Accumulated other comprehensive loss consists of the following: | |||||||||||||||||
Net prior service cost | 853 | 865 | |||||||||||||||
Net loss | 3,897 | 1,430 | |||||||||||||||
Accumulated other comprehensive loss before taxes | $ | 4,750 | $ | 2,295 | |||||||||||||
The components of net periodic pension cost (income) and other amounts recognized in other comprehensive income (loss) before taxes are as follows (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 846 | $ | 831 | $ | 671 | |||||||||||
Interest cost | 697 | 504 | 651 | ||||||||||||||
Expected return on plan assets | (1,784 | ) | (1,539 | ) | (1,403 | ) | |||||||||||
Prior service cost amortization | 140 | 44 | 44 | ||||||||||||||
Deferred loss amortization | — | 180 | 216 | ||||||||||||||
Settlement cost | 420 | — | 258 | ||||||||||||||
Net periodic pension cost | $ | 319 | $ | 20 | $ | 437 | |||||||||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | |||||||||||||||||
Prior service cost amortization | $ | (140 | ) | $ | (44 | ) | $ | (44 | ) | ||||||||
Gain on value of plan assets | (1,695 | ) | (2,977 | ) | (1,268 | ) | |||||||||||
Actuarial (gain) loss on benefit obligation | 4,975 | (405 | ) | 1,659 | |||||||||||||
Plan change | — | 978 | — | ||||||||||||||
Settlement | (420 | ) | — | (258 | ) | ||||||||||||
Deferred loss amortization | — | (180 | ) | (216 | ) | ||||||||||||
Total recognized in other comprehensive income (loss), before taxes | $ | 2,720 | $ | (2,628 | ) | $ | (127 | ) | |||||||||
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes | $ | 3,039 | $ | (2,608 | ) | $ | 310 | ||||||||||
Assumptions used to determine the benefit obligation and net periodic pension cost are as follows: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | |||||||||||||||||
Discount rate | 1 | % | 2.25 | % | |||||||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | |||||||||||||
Measurement date | 12/31/14 | 12/31/13 | |||||||||||||||
Weighted-average assumptions used to determine net periodic pension cost: | |||||||||||||||||
Discount rate | 2.25 | % | 1.75 | % | |||||||||||||
Expected long-term return on plan assets | 4.25 | % | 4.25 | % | |||||||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | |||||||||||||
Percentage of the fair value of total plan assets held in each major category of plan assets: | |||||||||||||||||
Equity securities | 33 | % | 36 | % | |||||||||||||
Debt securities | 22 | % | 21 | % | |||||||||||||
Real estate | 40 | % | 40 | % | |||||||||||||
Other | 5 | % | 3 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
The pension plan’s overall strategy and investment policy is managed by the board of the plan. The overall long-term rate is based on the target asset allocation of 15% Swiss bonds, 10% non-Swiss hedged bonds, 10% Swiss equities, 15% global equities, 40% real estate, 5% emerging market equities, 4% alternative investments and 1% cash and other short-term investments. | |||||||||||||||||
The 2015 expected future long-term rate of return is estimated to be 3.75%, which is based on historical asset rates of returns for each asset allocation classification at a 0.8% rate for Swiss bonds, 1.0% for hedged foreign bonds, 3.7% for real estate, 4.1% for Swiss equities, 5.5% for unhedged global equities, 5.3% unhedged emerging markets, 2.33% for alternative investments and 1.3% for cash. The 2014 expected long-term rate of return was 4.25% and was based on the historical asset rates of return of 0.4% for Swiss bonds, 7.40% for unhedged emerging markets, 1.0% for hedged foreign bonds, 4.8% for real property, 5.6% for Swiss equities and 6.5% for unhedged global equities, 2.8% for alternative investments and 1.4% for cash. | |||||||||||||||||
Expected amortization during the year ending December 31, 2015 is as follows (in thousands): | |||||||||||||||||
Amortization of net prior service costs | $ | 132 | |||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): | |||||||||||||||||
2015 | $ | 1,823 | |||||||||||||||
2016 | 1,813 | ||||||||||||||||
2017 | 1,437 | ||||||||||||||||
2018 | 1,563 | ||||||||||||||||
2019 | 1,342 | ||||||||||||||||
Years 2020 through 2024 | 7,027 | ||||||||||||||||
Total | $ | 15,005 | |||||||||||||||
The Company expects to contribute approximately $555,000 to the pension plan in 2015. | |||||||||||||||||
Investment objectives: | |||||||||||||||||
The primary investment goal of the pension plan is to achieve a total annualized return of 3.75% over the long-term. The investments are evaluated, compared and benchmarked to plans with similar investment strategies. The plan also attempts to minimize risk by not having any single security or class of securities with a disproportionate impact on the plan. As a guideline, assets are diversified by asset classes (equity, fixed income, real estate, and alternative investments). | |||||||||||||||||
The fair values of the plans assets at December 31, 2014, by asset category, are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Total | Active | Significant | Significant | ||||||||||||||
Market | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Asset category | |||||||||||||||||
Cash: | |||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 973 | $ | 973 | $ | — | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Investment funds | 23,320 | 23,320 | — | — | |||||||||||||
Real estate investment fund | 16,049 | — | — | 16,049 | |||||||||||||
Fixed income / Bond Securities | |||||||||||||||||
Fixed income / Bond securities: | — | — | — | — | |||||||||||||
Real estate investments: | |||||||||||||||||
Real estate investment in specific properties 100% owned by the plan | — | — | — | — | |||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 26 | — | 26 | — | |||||||||||||
Net assets of pension plan | $ | 40,368 | $ | 24,293 | $ | 26 | $ | 16,049 | |||||||||
Fair Value of Assets | |||||||||||||||||
Level 1: Observable inputs such as quoted prices in active markets for identical assets. | |||||||||||||||||
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. These investments can include; real estate owned by the Pension Plan stated at fair market valuations provided by a third-party independent to the Plan and the Company; real estate investment that has potential long term investment liquidation processes; hedge funds that might have monthly, quarterly or annual restraints on redemptions or may require advance notice for a redemption | |||||||||||||||||
For those financial instruments with significant Level 3 inputs, the following table summarizes the activity for the year by investment type: | |||||||||||||||||
Description | Real estate | ||||||||||||||||
investments | |||||||||||||||||
Beginning balance, December 31, 2013 | $ | 16,405 | |||||||||||||||
Total unrealized gains included in net gain (1) | 1,431 | ||||||||||||||||
Foreign currency translation adjustments | (1,787 | ) | |||||||||||||||
Beginning balance, December 31, 2014 | $ | 16,049 | |||||||||||||||
_____________ | |||||||||||||||||
-1 | Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. | ||||||||||||||||
U.S. Plan | |||||||||||||||||
The Company has a postretirement benefit plan covering its employees in the United States. Substantially all U.S. employees are eligible to elect coverage under a contributory employee savings plan which provides for Company matching contributions based on one-half of employee contributions up to certain plan limits. The Company’s matching contributions under this plan totaled $547,000, $506,000 and $486,000 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings |
Although the Company expects to incur significant legal fees in connection with the below legal proceedings, the Company is unable to estimate the amount of such legal fees and therefore, such fees will be expensed in the period the legal services are performed. | |
FCPA Matter | |
As a result of being publicly traded in the U.S., the Company is subject to the U.S. Foreign Corrupt Practices Act (“FCPA”), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or retaining business. Beginning in 2009, the Company conducted an internal review into payments made to its former independent sales agent in China with respect to sales of its high-voltage capacitor products produced by its Swiss subsidiary. In January 2011, the Company reached settlements with the SEC and the U.S. Department of Justice (“DOJ”) with respect to charges asserted by the SEC and DOJ relating to the anti-bribery, books and records, internal controls, and disclosure provisions of the FCPA and other securities laws violations. The Company settled civil charges with the SEC, agreeing to an injunction against further violations of the FCPA. Under the terms of the settlement with the SEC, the Company agreed to pay a total of approximately $6.4 million in profit disgorgement and prejudgment interest. The Company settled civil and criminal charges with the DOJ by entering into a three-year deferred prosecution agreement (“DPA”) and agreeing to pay a total of $8.0 million in penalties. Further, under the terms of each agreement, the Company has submitted periodic reports to the SEC and DOJ on its internal compliance program concerning anti-bribery. As of January 25, 2013, all monetary penalties had been paid in full for each settlement described above and, in early February 2014, the DPA expired on its own terms. A judgment of dismissal was issued by the District Judge for the matter in the U.S. District Court for the Southern District of California on March 28, 2014. | |
On October 15, 2013, the Company received an informal notice from the DOJ that an indictment against the former Senior Vice President and General Manager of its Swiss subsidiary had been filed in the United States District Court for the Southern District of California. The indictment is against the individual, a former officer, and not against the Company and the Company does not foresee that further penalties or fines could be assessed against it as a corporate entity for this matter. However, the Company may be required throughout the term of the action to advance the legal fees and costs incurred by the individual defendant and to incur other financial obligations. While the Company maintains directors’ and officers’ insurance policies which are intended to cover legal expenses related to its indemnification obligations in situations such as these, the Company cannot determine if and to what extent the insurance policy will cover the legal fees for this matter. Accordingly, the legal fees that may be incurred by the Company in defending this former officer could have a material impact on its financial condition and results of operation. | |
Swiss Bribery Matter | |
In August 2013, the Company's Swiss subsidiary was served with a search warrant from the Swiss federal prosecutor’s office. At the end of the search, the Swiss federal prosecutor presented the Company with a listing of the materials gathered by the representatives and then removed the materials from its premises for keeping at the prosecutor’s office. By reviewing the items to be seized on the search warrant presented by the Swiss prosecutor’s office, the Company believes this action to be related to the same or similar facts and circumstances as the FCPA action previously settled with the SEC and the DOJ. During initial discussions, the Swiss prosecutor has acknowledged both the existence of the Company's DPA with the DOJ and its cooperation efforts thereunder, both of which should have a positive impact on discussions going forward. Additionally, other than the activities previously reviewed in conjunction with the SEC and DOJ matters under the FCPA, the Company has no reason to believe that additional facts or circumstances are under review by the Swiss authorities. At such an early stage in the investigation, the Company is currently unable to determine the extent to which it will be subject to fines in accordance with Swiss bribery laws and what additional expenses will be incurred in order to defend this matter. As such, the Company cannot determine whether there is a reasonable possibility that a loss will be incurred nor can it estimate the range of any such potential loss. Accordingly, the Company has not accrued an amount for any potential loss associated with this action, but an adverse result could have a material adverse impact on its financial condition and results of operation. | |
Securities Matter | |
In early 2013, the Company voluntarily provided information to the United States Attorney's Office for the Southern District of California and the U.S. Securities and Exchange Commission related to its announcement that it intended to file restated financial statements for fiscal years 2011 and 2012. The Company is currently cooperating with the US authorities in connection with these investigations. At this preliminary stage, the Company cannot predict the ultimate outcome of this action, nor can it estimate the range of potential loss. Accordingly, the Company has not accrued an amount for any potential loss associated with this action, but an adverse result could have a material adverse impact on its financial condition and results of operation. | |
Securities Class Action Matter | |
From March 13, 2013 through April 19, 2013, four purported shareholder class actions were filed in the United States District Court for the Southern District of California against the Company and certain of its current and former officers. These actions were entitled Foster v. Maxwell Technologies, Inc., et al., Case No. 13-cv-0580 (S.D. Cal. filed March 13, 2013), Weinstein v. Maxwell Technologies, Inc., et al., No. 13-cv-0686 (S.D. Cal. filed March 21, 2013), Abanades v. Maxwell Technologies, Inc., et al., No. 13-cv-0867 (S.D. Cal. filed April 11, 2013), and Mebarak v. Maxwell Technologies, Inc., et al., No. 13-cv-0942 (S.D. Cal. filed April 19, 2013). The complaints alleged that the defendants made false and misleading statements regarding its financial performance and business prospects and overstated the Company's reported revenue. The complaints purported to assert claims for violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 on behalf of all persons who purchased the Company's common stock between April 28, 2011 and March 7, 2013, inclusive. The complaints sought unspecified monetary damages and attorneys' fees and costs. On May 13, 2013, four prospective lead plaintiffs filed motions to consolidate the four actions and to be appointed lead plaintiff and, on October 24, 2013, the court issued a written order consolidating the case under the heading In re Maxwell Technologies, Inc., Securities Litigation. On January 16, 2014, the lead plaintiff filed a consolidated and amended complaint which slightly adjusted the class period to April 29, 2011 to March 19, 2013. In response, the Company and the individual defendants filed a motion to dismiss the complaint, which the lead plaintiff opposed. On May 5, 2014, the court granted the Company’s motion to dismiss but granted the lead plaintiff leave to amend its complaint. The lead plaintiff filed an amended complaint on June 4, 2014, adding an additional claim under Section 10(b) alleging that the defendants were involved in a scheme to violate federal securities laws. The Company and individual defendants filed motions to dismiss on July 10, 2014. On October 6, 2014, the parties executed a stipulation of settlement, which included an all-in settlement value of $3.3 million. On November 3, 2014, the court granted preliminary approval of the settlement. At a hearing on February 5, 2015, the court granted final approval of the settlement. Based on this settlement, the Company has an accrued liability recorded of $3.3 million, which is included in “accounts payable and accrued liabilities,” as of December 31, 2014. As the Company’s insurance carrier would cover this potential settlement, the Company has a corresponding receivable from the insurance carrier recorded in the amount of $3.3 million, which is included in “trade and other accounts receivable,” as of December 31, 2014. | |
Federal Shareholder Derivative Matter | |
On April 23, 2013 and May 7, 2013, two shareholder derivative actions were filed in the United States District Court for the Southern District of California, entitled Kienzle v. Schramm, et al., Case No. 13-cv-0966 (S.D. Cal. filed April 23, 2013) and Agrawal v. Cortes, et al., Case No. 13-cv-1084 (S.D. Cal. filed May 7, 2013). The complaints name as defendants certain of the Company's current and former officers and directors and names the Company as a nominal defendant. The complaints allege that the individual defendants caused or allowed the Company to issue false and misleading statements about its financial condition, operations, management, and internal controls and falsely represented that it maintained adequate controls. The complaints assert causes of action for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment. The lawsuits seek unspecified damages, an order directing the Company to take all necessary actions to reform and improve its corporate governance and internal procedures, restitution and disgorgement of profits, benefits, and other compensation, attorneys' and experts' fees, and costs and expenses. On June 10, 2013, the parties filed a joint motion to consolidate the two actions. On September 26, 2013, the plaintiffs filed a motion to stay this case until the resolution of the similar derivative action pending in the California Superior Court for the County of San Diego. The Company and individual defendants opposed this motion to stay. On October 30, 2013, the court issued two orders consolidating the two cases under the heading In re Maxwell Technologies, Inc. Derivative Litigation, which had been mutually agreed upon by all parties, and denying the plaintiffs’ motion to stay their own federal derivative case. The lead plaintiffs filed their consolidated and amended complaint on January 30, 2014. In response, the Company and the individual defendants filed motions to dismiss the complaint, which the lead plaintiffs opposed. On May 28, 2014, the court granted the Company’s motion to dismiss but granted the lead plaintiffs leave to amend their complaint. The lead plaintiffs filed an amended complaint on July 11, 2014, to which the Company and individual defendants filed motions to dismiss on August 18, 2014. On September 19, 2014, the parties entered into a memorandum of understanding concerning settlement of this matter related to certain corporate governance reforms to be implemented and/or maintained by the Company. This memorandum of understanding does not address any monetary amounts to be paid to the lead plaintiffs in exchange for the benefit conferred to the Company as a result of the corporate governance reforms. Negotiations have been initiated with respect to the monetary amounts to be paid to lead plaintiffs and such preliminary amounts have been in the range of $650,000 to $1.5 million. However, negotiations regarding the monetary amounts to be paid to the lead plaintiffs reached an impasse and the lead plaintiffs elected to proceed with submitting to the court for determination of the applicable fee to be paid. On December 10, 2014, the parties signed a stipulation of settlement, which did not include the monetary amounts to be paid to the lead plaintiffs. On January 6, 2015, the court granted preliminary approval of the settlement. This preliminary approval triggered requirements for the Company to issue certain notices, each of which have been completed. A hearing is scheduled for March 16, 2015, for the court to determine if final approval of the settlement should be granted. As the Company believes that settlement within this range is probable, but does not believe that a specific amount within this range represents a better estimate, the Company has an accrued liability recorded for the low end of this range in the amount of $650,000, which is included in “accounts payable and accrued liabilities” as of December 31, 2014. As the Company’s insurance carrier would cover this potential settlement, the Company has a corresponding receivable from the insurance carrier recorded in the amount of $650,000, which is included in “trade and other accounts receivable,” as of December 31, 3014. | |
State Shareholder Derivative Matter | |
On April 11, 2013 and April 18, 2013, two shareholder derivative actions were filed in California Superior Court for the County of San Diego, entitled Warsh v. Schramm, et al., Case No. 37-2013-00043884 (San Diego Sup. Ct. filed April 11, 2013) and Neville v. Cortes, et al., Case No. 37-2013-00044911-CU-BT-CTL (San Diego Sup. Ct. filed April 18, 2013). The complaints name as defendants certain of the Company's current and former officers and directors as well as its former auditor McGladrey LLP. The Company is named as a nominal defendant. The complaints allege that the individual defendants made or caused the Company to make false and/or misleading statements regarding its financial condition, and failed to disclose material adverse facts about its business, operations and prospects. The complaints assert causes of action for breaches of fiduciary duty for disseminating false and misleading information, failing to maintain internal controls, and failing to properly oversee and manage the Company, as well as for unjust enrichment, abuse of control, gross mismanagement, professional negligence and accounting malpractice, and aiding and abetting breaches of fiduciary duty. The lawsuits seek unspecified damages, an order directing the Company to take all necessary actions to reform and improve its corporate governance and internal procedures, restitution and disgorgement of profits, benefits and other compensation, attorneys' and experts' fees, and costs and expenses. On May 7, 2013, the court consolidated the two actions. The Company filed a motion to stay the consolidated action on July 2, 2013. On September 27, 2013, the court heard oral arguments on the motion to stay and continued the hearing on this motion until the resolution of the motion to stay pending in the federal derivative action referenced above. Given the outcome of the above-detailed federal derivative lawsuit, the Company informed the state court of the federal court order denying the federal plaintiffs’ motion to stay. Consequently, on November 1, 2013, the state court stayed the state derivative action pending before it until the resolution of the federal derivative case. The stipulation of settlement in the federal shareholder derivative matter contemplates that this action will be dismissed with prejudice in the event that settlement receives final approval by the federal court. | |
Shareholder Demand Letter Matter | |
On April 9, 2013, Stephen Neville, a purported shareholder of the Company, sent a demand letter to the Company to inspect its books and records pursuant to California Corporations Code Section 1601. The demand sought inspection of documents related to the Company's March 7, 2013 announcement that it would be restating its previously-issued financial statements for 2011 and 2012, board minutes and committee materials, and other documents related to its board or management discussions regarding revenue recognition from January 1, 2011 to the present. The Company responded by letter dated April 19, 2013, explaining why it believed that the demand did not appear to be proper. Following receipt of a second letter from Mr. Neville dated April 23, 2013, the Company explained by letter dated April 29, 2013 why it continues to believe that the inspection demand appears improper. The Company has not received a further response from Mr. Neville regarding the inspection demand. In conjunction with the state court derivative action referenced above, Mr. Neville filed two motions to compel production of the documents and materials originally sought in the demand letter. On September 27, 2013, the court heard oral arguments on the motions to compel and, in line with the continuance on the motion to stay in the state shareholder derivative matter referenced above, likewise continued the hearing on the motions to compel, pending resolution of the motions to stay in both the federal and state derivative actions referenced above. On November 15, 2013, the purported shareholder, Mr. Neville, filed a petition for writ of mandate requesting that the state court order the Company to comply with the inspection demand. The Company responded to this writ on January 15, 2014, claiming that the inspection demand is improper on numerous grounds and simultaneously filing a demurrer to the shareholder inspection demand action in its entirety. On July 18, 2014, the court ruled against the Company’s demurrer but left open issues pertaining to the documents to be provided, if any, under the purported shareholder inspection demand. The court set a further hearing in this matter for April 10, 2015. The stipulation of settlement in the federal shareholder derivative matter contemplates that this action will be dismissed with prejudice in the event that settlement receives final approval by the federal court. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information | ||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||
Total revenue | $ | 46,001 | $ | 46,074 | $ | 41,593 | $ | 52,918 | |||||||||||||||||
Gross profit | 17,870 | 16,600 | 15,470 | 18,500 | |||||||||||||||||||||
Net income (loss) | 319 | (a) | (1,181 | ) | (b) | (3,292 | ) | (c) | (2,118 | ) | (d) | ||||||||||||||
Basic and diluted net income (loss) per share | $ | 0.01 | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.07 | ) | ||||||||||||||
Quarter Ended | |||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||
Total revenue | $ | 47,748 | $ | 55,610 | $ | 51,197 | $ | 38,979 | |||||||||||||||||
Gross profit | 18,230 | 21,576 | 21,113 | 14,374 | |||||||||||||||||||||
Net income (loss) | (278 | ) | (e) | 3,405 | (f) | 6,027 | (g) | (2,814 | ) | (h) | |||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.01 | ) | $ | 0.12 | $ | 0.21 | $ | (0.10 | ) | |||||||||||||||
_____________ | |||||||||||||||||||||||||
(a) | Includes a non-cash expense for stock-based compensation of $755,000. | ||||||||||||||||||||||||
(b) | Includes a non-cash expense for stock-based compensation of $1.2 million. | ||||||||||||||||||||||||
(c) | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(d) | Includes a non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(e) | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(f) | Includes a non-cash expense for stock-based compensation of $946,000. | ||||||||||||||||||||||||
(g) | Includes a non-cash expense for stock-based compensation of $719,000. | ||||||||||||||||||||||||
(h) | Includes a non-cash expense for stock-based compensation of $1.4 million. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II Valuation and Qualifying Accounts | Schedule II | |||||||||||||||
Valuation and Qualifying Accounts (in thousands) | ||||||||||||||||
Balance at the | Charged to | Acquisitions/ | Write-offs | Balance at | ||||||||||||
Beginning of | Expense ($) | Transfers | Net of | the End of | ||||||||||||
the Year ($) | and | Recoveries ($) | the Year ($) | |||||||||||||
Other ($) | ||||||||||||||||
Allowance for Doubtful Accounts: | ||||||||||||||||
31-Dec-12 | 450 | 193 | 2 | (488 | ) | 157 | ||||||||||
31-Dec-13 | 157 | 22 | — | (45 | ) | 134 | ||||||||||
31-Dec-14 | 134 | 61 | — | (52 | ) | 143 | ||||||||||
Allowance for Excess and Obsolete Inventories: | ||||||||||||||||
31-Dec-12 | 3,276 | 963 | 8 | (2,306 | ) | 1,941 | ||||||||||
31-Dec-13 | 1,941 | 2,023 | 12 | (406 | ) | 3,570 | ||||||||||
31-Dec-14 | 3,570 | 892 | (24 | ) | (419 | ) | 4,019 | |||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | Financial Statement Presentation |
The accompanying consolidated financial statements include the accounts of Maxwell Technologies, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany transactions and account balances have been eliminated in consolidation. | |
Liquidity | Liquidity |
As of December 31, 2014, the Company had approximately $24.7 million in cash and cash equivalents. Management believes the available cash balance will be sufficient to fund its operations, obligations as they become due, and capital investments for at least the next twelve months. | |
Reclassification | Reclassifications |
Certain prior period amounts in the consolidated balance sheets have been reclassified to conform to the current period presentation. These reclassifications include combining amounts that previously were separately disclosed as intangible assets, net with other non-current assets and amounts separately disclosed as accrued warranty with accounts payable and accrued liabilities. These reclassifications do not impact reported net income (loss) and do not otherwise have a material impact on the presentation of the overall financial statements. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and related disclosures. These estimates include, but are not limited to, assessing the collectability of accounts receivable, applied and unapplied production costs, production capacities, the usage and recoverability of inventories and long-lived assets, including deferred income taxes, the incurrence of warranty obligations, impairment of goodwill and other intangible assets, estimation of the cost to complete certain projects, accruals for estimated losses from legal matters, and estimation of the value of stock-based compensation awards, including the probability that the performance criteria of restricted stock awards will be met. | |
Revenue Recognition | Revenue Recognition |
Revenue is derived primarily from the sale of manufactured products directly to customers. Product revenue is recognized, according to the guidelines of the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) Numbers 101, Revenue Recognition in Financial Statements, and 104, Revenue Recognition, when all of the following criteria are met: (1) persuasive evidence of an arrangement exists (upon contract signing or receipt of an authorized purchase order from a customer); (2) title passes to the customer at either shipment from the Company’s facilities or receipt at the customer facility, depending on shipping terms; (3) customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collectability is reasonably assured. This policy has been consistently applied from period to period. | |
Beginning in the fourth quarter of 2011, for three distributors of the Company's products, the Company offered extended payment terms which allowed these distributors to pay the Company after they received payment from their customer, with respect to certain sales transactions. Also beginning in the fourth quarter of 2011, for one other distributor of the Company's products, the Company offered return rights and profit margin protection with respect to certain sales transactions. Therefore, for these four distributors, the Company determined that the revenue recognition criteria of SAB 101 and 104 were not met at the time of shipment, as there was no fixed or determinable price, nor was collection reasonably assured, at least with respect to certain sales transactions. As a result, for the three distributors provided with extended payment terms, which did not provide for a fixed or determinable price, the Company deferred the recognition of revenue on all sales beginning in the fourth quarter of 2011 to the period in which cash is received. For the one distributor provided with return rights and profit margin protection, for which the Company could not estimate exposure, the Company deferred the recognition of revenue on all sales beginning in the fourth quarter of 2011 until the distributor confirmed to the Company that it was not entitled to any further returns or credits. During the third quarter of 2013, this distributor confirmed to the Company that it was not entitled to any further returns or credits, therefore, previously unrecognized revenue related to this distributor was recognized in the quarter ended September 30, 2013. Although the Company had deferred revenue recognition for a significant amount of sales to these four distributors through the quarter ended September 30, 2013, subsequent to this date the amount of deferred revenue related to these distributors has been insignificant. | |
In addition to the deferred revenue arrangements discussed in the preceding paragraph, revenue is not recognized for sales that do not meet the revenue recognition criteria at the time of sale. Revenue is recognized once all of the criteria for revenue recognition are determined to have been met. For example, if the Company does not believe that collection of the sales price is reasonably assured at the time of sale, it defers revenue recognition until cash is received. | |
As of December 31, 2014 and December 31, 2013, cumulative sales totaling $445,000 and $4.5 million, respectively, had not yet been recognized as revenue. The Company has recorded the cost basis of inventory shipped to customers prior to the achievement of the revenue recognition criteria of approximately $184,000 and $2.5 million at December 31, 2014 and 2013, respectively, in "inventory" in the consolidated balance sheets. | |
If the Company receives cash payment from the customer prior to the achievement of the revenue recognition criteria, the amount received from the customer is recorded as deferred revenue in the consolidated balance sheets. Total deferred revenue and customer deposits in the consolidated balance sheets as of December 31, 2014 and 2013 of $703,000 and $1.0 million, respectively, relates to cash received from customers on sales for which the revenue recognition criteria had not been achieved, customer advances, as well as other less significant customer arrangements requiring the deferral of revenue. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company invests its excess cash in debt instruments of the U.S. Government and its agencies, bank certificates of deposit, commercial paper and high-quality corporate issuers. All highly liquid instruments with an original maturity of three months or less from purchase are considered cash equivalents. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts |
Trade receivables are stated at gross invoiced amount less an allowance for uncollectible accounts. The allowance for doubtful accounts reflects management’s best estimate of probable losses inherent in the accounts receivable balance. Management determines the allowance for doubtful accounts based on known troubled accounts, historical experience and other currently available evidence. | |
Inventories | Inventories, net |
Inventories are stated at the lower of cost (first-in first-out basis) or market. Finished goods and work-in-process inventory values include the cost of raw materials, labor and manufacturing overhead. Consigned inventory includes finished goods delivered to customers for which the related sale has not met the revenue recognition criteria and revenue has not been recognized. Inventory when written down to market value establishes a new cost basis and its value is not subsequently increased based upon changes in underlying facts and circumstances. The Company makes adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess or obsolete inventories. Factors influencing these adjustments include inventories on-hand compared with historical and estimated future sales for existing and new products and assumptions about the likelihood of obsolescence. Unabsorbed costs are treated as expense in the period incurred. | |
Property and Equipment | Property and Equipment |
Property and equipment are carried at cost and are depreciated using the straight-line method. Depreciation is provided over the estimated useful lives of the related assets (three to ten years). Leasehold improvements are depreciated over the shorter of their estimated useful life or the term of the lease. Leasehold improvements funded by landlords are recorded as property and equipment, which is depreciated over the shorter of the estimated useful life of the asset or the lease term, and deferred rent, which is amortized over the lease term. As of December 31, 2014 and 2013, the net book value of leasehold improvements funded by landlords was $2.5 million and $2.7 million, respectively. As of December 31, 2014 and 2013, the unamortized balance of deferred rent related to landlord funding of leasehold improvements was $2.7 million, which is included in "accounts payable and accrued liabilities" and "other long-term liabilities" in the consolidated balance sheets. | |
Goodwill | Goodwill |
Goodwill, which represents the excess of the cost of an acquired business over the net fair value assigned to its assets and liabilities, is not amortized. Instead, goodwill is assessed for impairment under the Intangibles—Goodwill and Other Topic of the FASB ASC. The Company has established December 31 as the annual impairment test date. The Company first makes a qualitative assessment as to whether goodwill is impaired and if it is more likely than not that goodwill is impaired, the Company performs a two-step quantitative impairment analysis to determine if goodwill is impaired. The Company may also determine to skip the qualitative assessment in any year and move directly to the quantitative test. No impairments of goodwill were reported during the years ended December 31, 2014, 2013 and 2012. | |
The Company reviews goodwill for impairment annually according to the Intangibles—Goodwill and Other Topic of the FASB ASC. The Company makes a qualitative evaluation about the likelihood of goodwill impairment and if it concludes that it is more likely than not that the carrying amount of a reporting unit is greater than its fair value, then it will be required to perform the first step of the two-step quantitative impairment test. Otherwise, performing the two-step impairment test is unnecessary. The first step consists of estimating the fair value and comparing the estimated fair value with the carrying value of the reporting unit. If the fair value is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an implied fair value of goodwill. The implied fair value of goodwill is the residual fair value derived by deducting the fair value of a reporting unit’s assets and liabilities from its estimated total fair value, which was calculated in step one. An impairment charge would represent the excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of the goodwill. The guidance requires goodwill to be reviewed annually at the same time every year or when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist. The Company selected December 31 as its annual testing date. | |
Long-Lived Assets and Intangible Assets | Impairment of Long-Lived Assets |
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If the Company determines that the carrying value of the asset is not recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. No impairments of property and equipment were recorded during the years ended December 31, 2014, 2013 and 2012. | |
Warranty Obligation | Warranty Obligation |
The Company provides warranties on all product sales. The majority of the Company’s warranties are for one to four years in the normal course of business. The Company accrues for the estimated warranty costs at the time of sale based on historical warranty experience plus any known or expected changes in warranty exposure. | |
Income Tax | Income Taxes |
Deferred income taxes are provided on a liability method in accordance with the Income Taxes Topic of the FASB ASC, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Under this method, deferred income taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their reported amounts at each period end. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The guidance also provides criteria for the recognition, measurement, presentation and disclosures of uncertain tax positions. A tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable based solely on its technical merits. | |
Concentration of Credit Risk | Concentration of Credit Risk |
The Company maintains cash balances at various financial institutions primarily in California and in Switzerland. In California, cash balances commonly exceed the $250,000 Federal Deposit Insurance Corporation insurance limit. In Switzerland, the banks where the Company has cash deposits are either government-owned, or in the case of cash deposited with non-government banks, deposits are insured up to 100,000 Swiss Francs. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to any significant credit risk with respect to such cash and cash equivalents. | |
Financial instruments, which subject the Company to potential concentrations of credit risk, consist principally of the Company’s accounts receivable. The Company’s accounts receivable result from product sales to customers in various industries and in various geographical areas, both domestic and foreign. The Company performs credit evaluations of its customers and generally requires no collateral. | |
Research and Development Expense | Research and Development Expense |
Research and development expenditures are expensed in the period incurred. Third-party funding of research and development expense under cost-sharing arrangements is recorded as an offset to research and development expense in the period the expenses are incurred. | |
Advertising Costs | Advertising Expense |
Advertising costs are expensed in the period incurred. | |
Shipping and Handling Expense | Shipping and Handling Expense |
The Company recognizes shipping and handling expenses as a component of cost of revenue. | |
Foreign Currencies | Foreign Currencies |
The Company’s primary foreign currency exposure is related to its subsidiary in Switzerland, which has Euro and local currency (Swiss Franc) revenue and operating expenses, and local currency loans. Changes in these currency exchange rates impact the reported U.S. dollar amount of revenue, expenses and debt. The functional currency of the Swiss subsidiary is the Swiss Franc. Assets and liabilities of the Swiss subsidiary are translated at month-end exchange rates, and revenues, expenses, gains and losses are translated at rates of exchange that approximate the rate in effect at the time of the transaction. Any translation adjustments resulting from this process are presented separately as a component of accumulated other comprehensive income within stockholders’ equity in the consolidated balance sheets. Foreign currency transaction gains and losses are reported in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations. | |
Foreign Currency Derivatives Instruments | Foreign Currency Derivative Instruments |
As part of its risk management strategy, the Company uses forward contracts to hedge certain foreign currency exposures. The Company's objective is to partially offset gains or losses resulting from these exposures with opposing gains or losses on the forward contracts, thereby reducing volatility of earnings created by these foreign currency exposures. In accordance with the Derivatives and Hedging Topic of the FASB ASC, the fair values of the forward contracts are estimated at each period end based on quoted market prices and are recorded as a net asset or liability on the consolidated balance sheets. Any gains or losses recognized on these contracts are recorded in “cost of revenue” and “selling, general and administrative” expense in the consolidated statements of operations. | |
Net Income (Loss) per Share | Net Income (Loss) per Share |
In accordance with the Earnings Per Share Topic of the FASB ASC, basic net income (loss) per share is calculated using the weighted average number of common shares outstanding during the period. Diluted net income per share includes the impact of additional common shares that would have been outstanding if dilutive potential common shares were issued. Potentially dilutive securities are not considered in the calculation of diluted net loss per share, as their inclusion would be anti-dilutive. | |
Share-based Compensation | Stock-Based Compensation |
The Company has issued stock-based compensation awards to its employees and non-employee directors, including stock options, restricted stock, restricted stock units, and shares under an employee stock purchase plan. The Company records compensation expense for stock-based awards in accordance with the criteria set forth in the Stock Compensation Subtopic of the FASB ASC. Although the Company has not granted stock options since 2013, the Company used the Black-Scholes option pricing model to estimate the fair value of historical stock option grants. The determination of the fair value of stock options utilizing the Black-Scholes model was affected by the Company’s stock price and a number of assumptions, including expected volatility, expected term, risk-free interest rate and expected dividends. | |
The fair value of restricted stock and restricted stock units with service-based or performance-based vesting is based on the closing market price of the Company’s common stock on the date of grant. Compensation expense equal to the fair value of each restricted stock award is recognized ratably over the requisite service period. For restricted stock and restricted stock unit awards with vesting contingent on Company performance conditions, the Company uses the requisite service period that is most likely to occur. The requisite service period is estimated based on the expected achievement date of the performance condition. If it is unlikely that a performance condition will be achieved, no compensation expense is recognized unless is later determined that achievement of the performance condition is likely. The requisite service period may be adjusted for changes in the expected outcomes of the related performance conditions, with the impact of such changes recognized as a cumulative adjustment in the consolidated statement of operations in the period in which the expectation changes. | |
In 2014, the Company issued market-condition restricted stock units to certain members of executive management. Since the vesting of the market-condition restricted stock units is dependent on stock price performance, the fair values of these awards were estimated using a Monte-Carlo valuation model. The determination of the fair value of market-condition restricted stock units utilizing a Monte-Carlo valuation model was affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. | |
Share-based compensation expense recognized in the consolidated statement of operations is based on equity awards ultimately expected to vest. The FASB ASC requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods with a cumulative catch up adjustment if actual forfeitures differ from those estimates. For market-condition awards, because the effect of the market-condition is reflected as a discount to the awards fair value at grant date, subsequent forfeitures do not result in a reversal of expense. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The standard provides companies with a single model for accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is in the process of evaluating the impact of adoption on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. | |
Business Enterprise Information | Business Enterprise Information |
The Company operates as a single operating segment. According to the FASB ASC Topic Disclosures about Segments of an Enterprise and Related Information, operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer who evaluates the Company’s financial information and resources and assesses performance on a consolidated basis. | |
Fair Value Measurement | Fair Value Measurement |
The Company records certain financial instruments at fair value in accordance with the Fair Value Measurements and Disclosures Topic of the FASB ASC. As of December 31, 2014, the financial instruments to which this topic applied were financial instruments for foreign currency forward contracts. As of December 31, 2014, the fair value of these foreign currency forward contracts was a liability of $1.6 million, which is recorded in “accounts payable and accrued liabilities” in the consolidated balance sheet. The fair value of these derivative instruments is measured using models following quoted market prices in active markets for identical instruments, which is a Level 2 input under the fair value hierarchy of the Fair Value Measurements and Disclosures Topic of the FASB ASC. All forward contracts as of December 31, 2014 matured on January 5, 2015 or February 3, 2015. Also see Note 6, Foreign Currency Derivative Instruments and Note 11, Pension and Other Postretirement Benefit Plans, of this Annual Report on Form 10-K, for further discussion of fair value measurements. | |
The carrying value of short-term and long-term borrowings approximates fair value because of the relative short maturity of these instruments and the interest rates the Company could currently obtain. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Schedule of computation of basic and diluted net income (loss) per share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share data): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income (loss) | $ | (6,272 | ) | $ | 6,340 | $ | 7,174 | ||||||
Denominator | |||||||||||||
Weighted average common shares outstanding | 29,216 | 28,869 | 28,568 | ||||||||||
Effect of potentially dilutive securities | |||||||||||||
Options to purchase common stock | — | 16 | 115 | ||||||||||
Restricted stock awards | — | 3 | 10 | ||||||||||
Restricted stock unit awards | — | 14 | 2 | ||||||||||
Employee stock purchase plan | — | 1 | 14 | ||||||||||
Weighted average common shares outstanding, assuming dilution | 29,216 | 28,903 | 28,709 | ||||||||||
Net income (loss) per share | |||||||||||||
Basic | $ | (0.21 | ) | $ | 0.22 | $ | 0.25 | ||||||
Diluted | $ | (0.21 | ) | $ | 0.22 | $ | 0.25 | ||||||
Schedule of instruments convertible into common shares that are not included in the denominator used in the diluted net income (loss) per share calculation because to do so would be anti-dilutive | The following table summarizes instruments that may be convertible into common shares that are not included in the denominator used in the diluted net income (loss) per share calculation because to do so would be anti-dilutive (in thousands): | ||||||||||||
Common Stock | 2014 | 2013 | 2012 | ||||||||||
Outstanding options to purchase common stock | 672 | 790 | 504 | ||||||||||
Unvested restricted stock awards | 528 | 424 | 319 | ||||||||||
Unvested restricted stock unit awards | 224 | — | 20 | ||||||||||
Employee stock purchase plan awards | 9 | 1 | — | ||||||||||
Revenues by product line and geographic area | Revenues by product line and geographic area are presented below (in thousands): | ||||||||||||
Year ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues by product line: | |||||||||||||
Ultracapacitors | $ | 135,637 | $ | 136,277 | $ | 95,953 | |||||||
High-voltage capacitors | 40,361 | 43,339 | 45,574 | ||||||||||
Microelectronic products | 10,588 | 13,918 | 17,731 | ||||||||||
Total | $ | 186,586 | $ | 193,534 | $ | 159,258 | |||||||
Year ending December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues from external customers located in: | |||||||||||||
China | $ | 89,143 | $ | 92,817 | $ | 74,054 | |||||||
United States | 23,758 | 29,090 | 26,473 | ||||||||||
Germany | 16,384 | 25,935 | 25,119 | ||||||||||
All other countries (1) | 57,301 | 45,692 | 33,612 | ||||||||||
Total | $ | 186,586 | $ | 193,534 | $ | 159,258 | |||||||
_____________ | |||||||||||||
-1 | Revenue from external customers located in countries included in “All other countries” do not individually comprise more than 10% of total revenues for any of the years presented. | ||||||||||||
Long-lived assets by geographic location | Long-lived assets by geographic location are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 28,013 | $ | 33,740 | $ | 24,239 | |||||||
China | 4,991 | 5,444 | 6,340 | ||||||||||
Switzerland | 5,663 | 6,422 | 5,862 | ||||||||||
Total | $ | 38,667 | $ | 45,606 | $ | 36,441 | |||||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||
Schedule of Balance Sheet related disclosures | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Inventories, net: | |||||||||||||||
Raw material and purchased parts | $ | 23,042 | $ | 18,921 | |||||||||||
Work-in-process | 2,522 | 2,374 | |||||||||||||
Finished goods | 23,127 | 24,521 | |||||||||||||
Consigned finished goods | 184 | 2,490 | |||||||||||||
Reserves | (4,019 | ) | (3,570 | ) | |||||||||||
Total inventories, net | $ | 44,856 | $ | 44,736 | |||||||||||
Property and equipment, net: | |||||||||||||||
Machinery, furniture and office equipment | $ | 72,323 | $ | 63,528 | |||||||||||
Computer hardware and software | 12,003 | 10,672 | |||||||||||||
Leasehold improvements | 16,661 | 10,576 | |||||||||||||
Construction in progress | 2,715 | 15,701 | |||||||||||||
Property and equipment, gross | 103,702 | 100,477 | |||||||||||||
Less accumulated depreciation and amortization | (64,479 | ) | (55,536 | ) | |||||||||||
Total property and equipment, net | $ | 39,223 | $ | 44,941 | |||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||
Accounts payable | $ | 12,544 | $ | 15,356 | |||||||||||
Income tax payable | 1,852 | 2,366 | |||||||||||||
Accrued warranty | 716 | 180 | |||||||||||||
Other accrued liabilities | 11,899 | 7,714 | |||||||||||||
Total accounts payable and accrued liabilities | $ | 27,011 | $ | 25,616 | |||||||||||
Schedule of accumulated other comprehensive income | |||||||||||||||
Foreign | Defined Benefit | Accumulated | Affected Line Item | ||||||||||||
Currency | Pension Plan | Other | in the | ||||||||||||
Translation | Comprehensive | Statement of Operations | |||||||||||||
Adjustment | Income | ||||||||||||||
Accumulated other comprehensive income: | |||||||||||||||
Balance at December 31, 2013 | $ | 18,804 | $ | (1,681 | ) | $ | 17,123 | ||||||||
Other comprehensive income before reclassification | (10,445 | ) | — | (10,445 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (1,955 | ) | (1,955 | ) | Cost of Sales, Selling, General and Administrative and Research and Development Expense | |||||||||
Net other comprehensive income for the year ended December 31, 2014 | (10,445 | ) | (1,955 | ) | (12,400 | ) | |||||||||
Balance at December 31, 2014 | $ | 8,359 | $ | (3,636 | ) | $ | 4,723 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Change in the carrying amount of goodwill | The change in the carrying amount of goodwill during 2013 and 2014 was as follows (in thousands): | |||
Balance at December 31, 2012 | $ | 25,416 | ||
Foreign currency translation adjustments | 562 | |||
Balance at December 31, 2013 | 25,978 | |||
Foreign currency translation adjustments | (2,379 | ) | ||
Balance at December 31, 2014 | $ | 23,599 | ||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of debt | The following table summarizes debt outstanding (in thousands): | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Revolving Line of Credit | $ | 9,900 | $ | — | |||||
Equipment Term Loan | $ | 559 | $ | 2,236 | |||||
Maxwell SA short-term loan | 3,017 | 3,359 | |||||||
Maxwell SA credit agreement | 2,011 | 2,240 | |||||||
Maxwell SA auto leases | 82 | 179 | |||||||
Total debt | 15,569 | 8,014 | |||||||
Less current portion | (15,549 | ) | (7,914 | ) | |||||
Total debt, excluding current portion | $ | 20 | $ | 100 | |||||
Subsequent payments due on borrowings | Contractually scheduled payments due on borrowings subsequent to December 31, 2014 are as follows (in thousands): | ||||||||
2015 | $ | 15,549 | |||||||
2016 | 20 | ||||||||
Total debt | $ | 15,569 | |||||||
Foreign_Currency_Derivative_In1
Foreign Currency Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Foreign Currency Derivatives [Abstract] | |||||||||||||
Schedule of gains (losses) on foreign currency forward contracts | The net gains and losses on foreign currency forward contracts included in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of revenue | $ | 9 | $ | 27 | $ | (2 | ) | ||||||
Selling, general and administrative | (5,274 | ) | 332 | 395 | |||||||||
Total gain (loss) | $ | (5,265 | ) | $ | 359 | $ | 393 | ||||||
Schedule of foreign currency gains and losses on underlying assets and liabilities | Foreign currency gains and losses on those underlying monetary assets and liabilities included in "cost of revenue" and "selling, general and administrative" expense in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of revenue | $ | (13 | ) | $ | (24 | ) | $ | 13 | |||||
Selling, general and administrative | 4,404 | (985 | ) | (997 | ) | ||||||||
Total gain (loss) | $ | 4,391 | $ | (1,009 | ) | $ | (984 | ) | |||||
Offsetting Liabilities | The following table presents gross amounts, amounts offset and net amounts presented in the consolidated balance sheets for the Company's derivative instruments measured at fair value (in thousands): | ||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||
Gross amounts of recognized asset (liability) | $ | (1,993 | ) | $ | 373 | ||||||||
Gross amounts offset in the consolidated balance sheets | 350 | 9 | |||||||||||
Net amount of recognized asset (liability) presented in the consolidated balance sheets | $ | (1,643 | ) | $ | 382 | ||||||||
Stock_Plans_Tables
Stock Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes total aggregate stock option activity for the period December 31, 2013 through December 31, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(in years) | ||||||||||||||
Balance at December 31, 2013 | 862,306 | $ | 11.24 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (102,795 | ) | 9.43 | |||||||||||
Canceled | (87,500 | ) | 7.55 | |||||||||||
Balance at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
Vested or expected to vest at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
Exercisable at December 31, 2014 | 672,011 | $ | 12 | 3.23 | $ | 315,561 | ||||||||
Nonvested Restricted Stock Shares Activity | The following table summarizes restricted stock award activity for the period December 31, 2013 through December 31, 2014 (in thousands, except for per share dollar amounts): | |||||||||||||
Nonvested Shares | Shares | Weighted Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at December 31, 2013 | 524 | $ | 12.88 | |||||||||||
Granted | 256 | 14.21 | ||||||||||||
Vested | (136 | ) | 15.82 | |||||||||||
Forfeited | (116 | ) | 8.31 | |||||||||||
Nonvested at December 31, 2014 | 528 | $ | 13.77 | |||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The share price used for the model is a 15% discount on the stock price on the first day of the offering period; the number of shares to be purchased is calculated based on employee contributions, and by using the following weighted-average assumptions: | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected dividends | $ | — | $ | — | $ | — | ||||||||
Stock price on valuation date | 8.47 | 7.77 | 11.96 | |||||||||||
Expected volatility | 77 | % | 46 | % | 71 | % | ||||||||
Risk-free interest rate | 0.08 | % | 0.07 | % | 0.1 | % | ||||||||
Expected life (in years) | 0.4 | 0.3 | 0.5 | |||||||||||
Fair value per share | $ | 4.56 | $ | 2.45 | $ | 4.16 | ||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Compensation cost for stock options, restricted stock, restricted stock units and the ESPP is as follows (in thousands): | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Stock options | $ | 52 | $ | 827 | $ | 978 | ||||||||
Restricted stock | 2,536 | 2,491 | 1,427 | |||||||||||
Restricted stock units | 867 | 592 | 421 | |||||||||||
ESPP | 512 | 70 | 262 | |||||||||||
Total stock-based compensation expense | $ | 3,967 | $ | 3,980 | $ | 3,088 | ||||||||
Stock-based compensation cost included in cost of revenue; selling, general and administrative expense; and research and development expense is as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Cost of revenue | $ | 740 | $ | 1,079 | $ | 701 | ||||||||
Selling, general and administrative | 2,362 | 2,140 | 1,835 | |||||||||||
Research and development | 865 | 761 | 552 | |||||||||||
Total stock-based compensation expense | $ | 3,967 | $ | 3,980 | $ | 3,088 | ||||||||
Schedule of Stock Plan Shares Reserved for Future Issuance | The following table summarizes the reservation of shares under the Company's stock-based compensation plans as of December 31, 2014: | |||||||||||||
2013 Omnibus Equity Incentive Plan | 1,574,258 | |||||||||||||
2004 Employee Stock Purchase Plan | 474,748 | |||||||||||||
2005 Omnibus Equity Incentive Plan | 672,011 | |||||||||||||
Total | 2,721,017 | |||||||||||||
Restricted Stock Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | Since the vesting of the market-condition restricted stock units is dependent on stock price performance, the fair values of these awards were estimated using a Monte-Carlo valuation model with the following weighted-average assumptions: | |||||||||||||
Market price at grant per share | $ | 15.03 | ||||||||||||
Expected dividends | $ | — | ||||||||||||
Expected volatility | 65 | % | ||||||||||||
Risk-free interest rate | 0.86 | % | ||||||||||||
Fair value per unit | $ | 7.71 | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the amount of compensation expense recognized for employee restricted stock unit awards for the years ended December 31, 2014. No restricted stock unit awards were granted to employees in 2013 and 2012 (in thousands): | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | ||||||||||||||
Service-based restricted stock units | $ | 137 | ||||||||||||
Performance-based restricted stock units | 28 | |||||||||||||
Market-condition restricted stock units | 90 | |||||||||||||
Total compensation expense recognized for employee restricted stock units | $ | 255 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income before income tax | For financial reporting purposes, net income before income taxes includes the following components (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (19,301 | ) | $ | (5,270 | ) | $ | (5,994 | ) | ||||
Foreign | 17,375 | 13,762 | 15,517 | ||||||||||
Total | $ | (1,926 | ) | $ | 8,492 | $ | 9,523 | ||||||
Income tax expense (benefit) | The provision for income taxes based on income before income taxes is as follows (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | |||||||||||||
Current | $ | — | $ | (258 | ) | $ | (190 | ) | |||||
Deferred | (5,608 | ) | 222 | 6,873 | |||||||||
(5,608 | ) | (36 | ) | 6,683 | |||||||||
State: | |||||||||||||
Current | 6 | 6 | 7 | ||||||||||
Deferred | 853 | 88 | 1,653 | ||||||||||
859 | 94 | 1,660 | |||||||||||
Foreign: | |||||||||||||
Current | 2,453 | 2,022 | 2,135 | ||||||||||
Deferred | 1,944 | 311 | (95 | ) | |||||||||
4,397 | 2,333 | 2,040 | |||||||||||
(Decrease) increase in valuation allowance | 4,698 | (239 | ) | (8,034 | ) | ||||||||
Tax provision | $ | 4,346 | $ | 2,152 | $ | 2,349 | |||||||
Tax rate reconciliation | The primary components of such difference are as follows (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes at federal statutory rate | $ | (655 | ) | $ | 2,888 | $ | 3,054 | ||||||
State taxes, net of federal benefit | (90 | ) | (29 | ) | (23 | ) | |||||||
Effect of tax rate differential for foreign subsidiary | (3,570 | ) | (2,531 | ) | (2,695 | ) | |||||||
Valuation allowance, including tax benefits of stock activity | 4,698 | (239 | ) | (8,034 | ) | ||||||||
Foreign taxes on unremitted earnings | 1,590 | — | — | ||||||||||
Stock-based compensation | 621 | 460 | 242 | ||||||||||
Prior year true-up Subpart F income | — | — | 2,484 | ||||||||||
Return to provision adjustments | 536 | (920 | ) | 3,568 | |||||||||
Subpart F income inclusion | 1,167 | 2,446 | 3,110 | ||||||||||
Other | 49 | 77 | 643 | ||||||||||
Tax provision | $ | 4,346 | $ | 2,152 | $ | 2,349 | |||||||
Deferred tax assets and liabilities | Items that give rise to significant portions of the deferred tax accounts are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax loss carryforwards | $ | 54,551 | $ | 55,109 | |||||||||
Tax credit carryforwards | 19 | 19 | |||||||||||
Uniform capitalization, contract and inventory related reserves | 1,728 | 1,493 | |||||||||||
Accrued vacation | 669 | 632 | |||||||||||
Stock-based compensation | 1,428 | 1,235 | |||||||||||
Intangible assets | 1,364 | 1,032 | |||||||||||
Deferred revenue | 149 | 179 | |||||||||||
Unrealized gains and losses | 1,780 | — | |||||||||||
Other | 2,668 | 1,721 | |||||||||||
Total | 64,356 | 61,420 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Inventory deduction | (206 | ) | (290 | ) | |||||||||
Pension assets | (1,476 | ) | (2,125 | ) | |||||||||
Allowance for doubtful accounts | (407 | ) | (405 | ) | |||||||||
Tax basis depreciation less book depreciation | (192 | ) | (1,989 | ) | |||||||||
Withholding tax on undistributed earnings of foreign subsidiary | (1,590 | ) | — | ||||||||||
Other | (241 | ) | (1 | ) | |||||||||
Total | (4,112 | ) | (4,810 | ) | |||||||||
Net deferred tax assets before valuation allowance | 60,244 | 56,610 | |||||||||||
Valuation allowance | (64,199 | ) | (59,501 | ) | |||||||||
Net deferred tax liabilities | $ | (3,955 | ) | $ | (2,891 | ) | |||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
Balance at December 31, 2013 | $ | 12,634 | |||||||||||
Increase in current period positions | 890 | ||||||||||||
Decrease in prior period positions | (1,585 | ) | |||||||||||
Balance at December 31, 2014 | $ | 11,939 | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future annual minimum rental commitments | Future annual minimum rental commitments as of December 31, 2014 are as follows (in thousands): | |||
Fiscal Years | ||||
2015 | $ | 4,278 | ||
2016 | 4,307 | |||
2017 | 3,650 | |||
2018 | 2,273 | |||
2019 | 2,298 | |||
Thereafter | 3,673 | |||
Total | $ | 20,479 | ||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Changes in the pension benefit obligation and plan assets | The following table reflects changes in the pension benefit obligation and plan assets for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Pension Benefits | |||||||||||||||||
Years ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 32,577 | $ | 29,956 | |||||||||||||
Service cost | 846 | 831 | |||||||||||||||
Interest cost | 697 | 504 | |||||||||||||||
Plan participant contributions | 593 | 602 | |||||||||||||||
Benefits paid | (3,018 | ) | (717 | ) | |||||||||||||
Actuarial loss (gain) | 4,974 | (405 | ) | ||||||||||||||
Administrative expenses paid | — | 978 | |||||||||||||||
Effect of foreign currency translation | (3,663 | ) | 828 | ||||||||||||||
Projected benefit obligation at end of year | 33,006 | 32,577 | |||||||||||||||
Changes in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 43,145 | 36,895 | |||||||||||||||
Actual return on plan assets | 3,478 | 4,532 | |||||||||||||||
Company contributions | 720 | 722 | |||||||||||||||
Plan participant contributions | 593 | 602 | |||||||||||||||
Benefits paid | (3,018 | ) | (717 | ) | |||||||||||||
Effect of foreign currency translation | (4,550 | ) | 1,111 | ||||||||||||||
Fair value of plan assets at end of year | 40,368 | 43,145 | |||||||||||||||
Funded status at end of year | $ | 7,362 | $ | 10,568 | |||||||||||||
Amounts recognized in balance sheet | Amounts recognized in the consolidated balance sheets consist of (in thousands): | ||||||||||||||||
As of | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net long-term pension asset | $ | 7,362 | $ | 10,568 | |||||||||||||
Accumulated other comprehensive loss consists of the following: | |||||||||||||||||
Net prior service cost | 853 | 865 | |||||||||||||||
Net loss | 3,897 | 1,430 | |||||||||||||||
Accumulated other comprehensive loss before taxes | $ | 4,750 | $ | 2,295 | |||||||||||||
Net benefit cost and amounts recognized in other comprehensive income (loss) | The components of net periodic pension cost (income) and other amounts recognized in other comprehensive income (loss) before taxes are as follows (in thousands): | ||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 846 | $ | 831 | $ | 671 | |||||||||||
Interest cost | 697 | 504 | 651 | ||||||||||||||
Expected return on plan assets | (1,784 | ) | (1,539 | ) | (1,403 | ) | |||||||||||
Prior service cost amortization | 140 | 44 | 44 | ||||||||||||||
Deferred loss amortization | — | 180 | 216 | ||||||||||||||
Settlement cost | 420 | — | 258 | ||||||||||||||
Net periodic pension cost | $ | 319 | $ | 20 | $ | 437 | |||||||||||
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | |||||||||||||||||
Prior service cost amortization | $ | (140 | ) | $ | (44 | ) | $ | (44 | ) | ||||||||
Gain on value of plan assets | (1,695 | ) | (2,977 | ) | (1,268 | ) | |||||||||||
Actuarial (gain) loss on benefit obligation | 4,975 | (405 | ) | 1,659 | |||||||||||||
Plan change | — | 978 | — | ||||||||||||||
Settlement | (420 | ) | — | (258 | ) | ||||||||||||
Deferred loss amortization | — | (180 | ) | (216 | ) | ||||||||||||
Total recognized in other comprehensive income (loss), before taxes | $ | 2,720 | $ | (2,628 | ) | $ | (127 | ) | |||||||||
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes | $ | 3,039 | $ | (2,608 | ) | $ | 310 | ||||||||||
Assumptions used to determine the benefit obligation and net periodic benefit cost | Assumptions used to determine the benefit obligation and net periodic pension cost are as follows: | ||||||||||||||||
Pension Benefits | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | |||||||||||||||||
Discount rate | 1 | % | 2.25 | % | |||||||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | |||||||||||||
Measurement date | 12/31/14 | 12/31/13 | |||||||||||||||
Weighted-average assumptions used to determine net periodic pension cost: | |||||||||||||||||
Discount rate | 2.25 | % | 1.75 | % | |||||||||||||
Expected long-term return on plan assets | 4.25 | % | 4.25 | % | |||||||||||||
Rate of compensation increase | 2.5 | % | 2.5 | % | |||||||||||||
Percentage of the fair value of total plan assets held in each major category of plan assets: | |||||||||||||||||
Equity securities | 33 | % | 36 | % | |||||||||||||
Debt securities | 22 | % | 21 | % | |||||||||||||
Real estate | 40 | % | 40 | % | |||||||||||||
Other | 5 | % | 3 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Net prior service costs amortization expense for next fiscal year | |||||||||||||||||
Expected amortization during the year ending December 31, 2015 is as follows (in thousands): | |||||||||||||||||
Amortization of net prior service costs | $ | 132 | |||||||||||||||
Expected benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): | ||||||||||||||||
2015 | $ | 1,823 | |||||||||||||||
2016 | 1,813 | ||||||||||||||||
2017 | 1,437 | ||||||||||||||||
2018 | 1,563 | ||||||||||||||||
2019 | 1,342 | ||||||||||||||||
Years 2020 through 2024 | 7,027 | ||||||||||||||||
Total | $ | 15,005 | |||||||||||||||
Fair values of the plans assets | The fair values of the plans assets at December 31, 2014, by asset category, are as follows (in thousands): | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Total | Active | Significant | Significant | ||||||||||||||
Market | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Asset category | |||||||||||||||||
Cash: | |||||||||||||||||
Held in Swiss Franc, Euro and USD | $ | 973 | $ | 973 | $ | — | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Investment funds | 23,320 | 23,320 | — | — | |||||||||||||
Real estate investment fund | 16,049 | — | — | 16,049 | |||||||||||||
Fixed income / Bond Securities | |||||||||||||||||
Fixed income / Bond securities: | — | — | — | — | |||||||||||||
Real estate investments: | |||||||||||||||||
Real estate investment in specific properties 100% owned by the plan | — | — | — | — | |||||||||||||
Other assets (accounts receivable, assets at real estate management company) | 26 | — | 26 | — | |||||||||||||
Net assets of pension plan | $ | 40,368 | $ | 24,293 | $ | 26 | $ | 16,049 | |||||||||
Level three defined benefit plan assets | For those financial instruments with significant Level 3 inputs, the following table summarizes the activity for the year by investment type: | ||||||||||||||||
Description | Real estate | ||||||||||||||||
investments | |||||||||||||||||
Beginning balance, December 31, 2013 | $ | 16,405 | |||||||||||||||
Total unrealized gains included in net gain (1) | 1,431 | ||||||||||||||||
Foreign currency translation adjustments | (1,787 | ) | |||||||||||||||
Beginning balance, December 31, 2014 | $ | 16,049 | |||||||||||||||
_____________ | |||||||||||||||||
-1 | Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Unaudited quarterly results of operations | |||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||
Total revenue | $ | 46,001 | $ | 46,074 | $ | 41,593 | $ | 52,918 | |||||||||||||||||
Gross profit | 17,870 | 16,600 | 15,470 | 18,500 | |||||||||||||||||||||
Net income (loss) | 319 | (a) | (1,181 | ) | (b) | (3,292 | ) | (c) | (2,118 | ) | (d) | ||||||||||||||
Basic and diluted net income (loss) per share | $ | 0.01 | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.07 | ) | ||||||||||||||
Quarter Ended | |||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||
Total revenue | $ | 47,748 | $ | 55,610 | $ | 51,197 | $ | 38,979 | |||||||||||||||||
Gross profit | 18,230 | 21,576 | 21,113 | 14,374 | |||||||||||||||||||||
Net income (loss) | (278 | ) | (e) | 3,405 | (f) | 6,027 | (g) | (2,814 | ) | (h) | |||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.01 | ) | $ | 0.12 | $ | 0.21 | $ | (0.10 | ) | |||||||||||||||
_____________ | |||||||||||||||||||||||||
(a) | Includes a non-cash expense for stock-based compensation of $755,000. | ||||||||||||||||||||||||
(b) | Includes a non-cash expense for stock-based compensation of $1.2 million. | ||||||||||||||||||||||||
(c) | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(d) | Includes a non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(e) | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||||||||
(f) | Includes a non-cash expense for stock-based compensation of $946,000. | ||||||||||||||||||||||||
(g) | Includes a non-cash expense for stock-based compensation of $719,000. | ||||||||||||||||||||||||
(h) | Includes a non-cash expense for stock-based compensation of $1.4 million. |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Textual) (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | CHF | High Reliability [Member] | China [Member] | Minimum [Member] | Maximum [Member] | |
Distributor | manufacturing_location | product_line | contract_manufacturer | ||||||
Segment | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Manufacturing locations | 3 | ||||||||
Number of contract manufacturers | 2 | ||||||||
Number of product lines | 3 | ||||||||
Cash and cash equivalents | $29,289,000 | $24,732,000 | $30,647,000 | $28,739,000 | |||||
Number of distributors that the company offered extended payment terms | 3 | ||||||||
Number of distributors offered return rights and profit margin protection | 1 | ||||||||
Number of distributors that the company determined that revenue recognition criteria of SAB 101 and 104 were not met | 4 | ||||||||
Cumulative sales that have not yet been recognized as revenue | 445,000 | 4,500,000 | |||||||
Consigned finished goods | 184,000 | 2,490,000 | |||||||
Total deferred revenue and customer deposits | 703,000 | 1,043,000 | |||||||
Estimated useful lives of property and equipment | 3 years | 10 years | |||||||
Leasehold improvements funded by landlords | 2,500,000 | 2,700,000 | |||||||
Deferred rent related to leasehold improvements funding by landlords | 2,700,000 | 2,700,000 | |||||||
Standard product warranty, term, minimum | 1 year | ||||||||
Standard product warranty, term, maximum | 4 years | ||||||||
FDIC insurance limit | 250,000 | ||||||||
Switzerland non-government financial institutions insured amount | 100,000 | ||||||||
Research and development expense | 26,320,000 | 22,542,000 | 21,700,000 | ||||||
Third party funding offset | 1,000,000 | 1,300,000 | 1,900,000 | ||||||
Advertising expense | 1,400,000 | 884,000 | 1,200,000 | ||||||
Shipping and handling expense | 1,500,000 | 1,300,000 | 1,400,000 | ||||||
Number of operating segments | 1 | ||||||||
Product Warranty Accrual, Current | $716,000 | $180,000 |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Sales [Member] | |||
Concentration Risk [Line Items] | |||
Number of customer | 1 | ||
Sales [Member] | Shenzhen Xinlikang [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage of sales | 20.00% | 22.00% | 18.00% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Number of customer | 2 | ||
Accounts Receivable [Member] | Shenzhen Xinlikang [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage of sales | 13.00% | ||
Accounts Receivable [Member] | Contintental Automotive Hungary Kft. [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage of sales | 11.00% |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies (Computation of basic and diluted net income (loss) per share) (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 | ||||||||
Schedule of computation of basic and diluted net income (loss) per share | |||||||||||||||||||
Net income (loss) | ($2,118) | [1] | ($3,292) | [2] | ($1,181) | [3] | $319 | [4] | ($2,814) | [5] | $6,027 | [6] | $3,405 | [7] | ($278) | [2] | ($6,272) | $6,340 | $7,174 |
Weighted average common shares outstanding | 29,216 | 28,869 | 28,568 | ||||||||||||||||
Effect of potentially dilutive securities | |||||||||||||||||||
Weighted average common shares outstanding, assuming dilution | 29,216 | 28,903 | 28,709 | ||||||||||||||||
Net income (loss) per share: | |||||||||||||||||||
Basic (in dollars per share) | ($0.21) | $0.22 | $0.25 | ||||||||||||||||
Diluted (in dollars per share) | ($0.21) | $0.22 | $0.25 | ||||||||||||||||
Options to purchase common stock [Member] | |||||||||||||||||||
Effect of potentially dilutive securities | |||||||||||||||||||
Effect of potentially dilutive securities | 0 | 16 | 115 | ||||||||||||||||
Restricted Stock Awards [Member] | |||||||||||||||||||
Effect of potentially dilutive securities | |||||||||||||||||||
Effect of potentially dilutive securities | 0 | 3 | 10 | ||||||||||||||||
Restricted stock unit awards [Member] | |||||||||||||||||||
Effect of potentially dilutive securities | |||||||||||||||||||
Effect of potentially dilutive securities | 0 | 14 | 2 | ||||||||||||||||
Employee Stock Purchase Plan [Member] | |||||||||||||||||||
Effect of potentially dilutive securities | |||||||||||||||||||
Effect of potentially dilutive securities | 0 | 1 | 14 | ||||||||||||||||
[1] | Includes a non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||
[2] | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||
[3] | Includes a non-cash expense for stock-based compensation of $1.2 million. | ||||||||||||||||||
[4] | Includes a non-cash expense for stock-based compensation of $755,000. | ||||||||||||||||||
[5] | Includes a non-cash expense for stock-based compensation of $1.4 million. | ||||||||||||||||||
[6] | Includes a non-cash expense for stock-based compensation of $719,000. | ||||||||||||||||||
[7] | Includes a non-cash expense for stock-based compensation of $946,000 |
Description_of_Business_and_Su6
Description of Business and Summary of Significant Accounting Policies (Antidilutive securities excluded from computation of earnings per share) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Options to purchase common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, shares | 672 | 790 | 504 |
Restricted stock awards outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, shares | 528 | 424 | 319 |
Restricted stock unit awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, shares | 224 | 0 | 20 |
Employee stock purchase plan awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, shares | 9 | 1 | 0 |
Description_of_Business_and_Su7
Description of Business and Summary of Significant Accounting Policies (Revenues by product line and geographic area) (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 | |||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | $52,918 | $41,593 | $46,074 | $46,001 | $38,979 | $51,197 | $55,610 | $47,748 | $186,586 | $193,534 | $159,258 | |||
China [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 89,143 | 92,817 | 74,054 | |||||||||||
United States [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 23,758 | 29,090 | 26,473 | |||||||||||
Germany [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 16,384 | 25,935 | 25,119 | |||||||||||
All other countries [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 57,301 | [1] | 45,692 | [1] | 33,612 | [1] | ||||||||
Ultracapacitors [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 135,637 | 136,277 | 95,953 | |||||||||||
High-Voltage Capacitors [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | 40,361 | 43,339 | 45,574 | |||||||||||
Microelectronic Products [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Total | $10,588 | $13,918 | $17,731 | |||||||||||
[1] | Revenue from external customers located in countries included in “All other countries†do not individually comprise more than 10% of total revenues for any of the years presented. |
Description_of_Business_and_Su8
Description of Business and Summary of Significant Accounting Policies (Long-lived assets by geographic location) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Long-Lived Assets [Line Items] | |||
Total | $38,667 | $45,606 | $36,441 |
United States [Member] | |||
Long-Lived Assets [Line Items] | |||
Total | 28,013 | 33,740 | 24,239 |
China [Member] | |||
Long-Lived Assets [Line Items] | |||
Total | 4,991 | 5,444 | 6,340 |
Switzerland [Member] | |||
Long-Lived Assets [Line Items] | |||
Total | $5,663 | $6,422 | $5,862 |
Balance_Sheet_Details_Details
Balance Sheet Details (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory | ||
Raw material and purchased parts | $23,042 | $18,921 |
Work-in-process | 2,522 | 2,374 |
Finished goods | 23,127 | 24,521 |
Consigned finished goods | 184 | 2,490 |
Reserves | -4,019 | -3,570 |
Total inventories, net | 44,856 | 44,736 |
Property and equipment, net: | ||
Property and equipment, gross | 103,702 | 100,477 |
Less accumulated depreciation and amortization | -64,479 | -55,536 |
Total property and equipment, net | 39,223 | 44,941 |
Accounts payable and accrued liabilities: | ||
Accounts payable | 12,544 | 15,356 |
Income tax payable | 1,852 | 2,366 |
Accrued warranty | 716 | 180 |
Other accrued liabilities | 11,899 | 7,714 |
Total accounts payable and accrued liabilities | 27,011 | 25,616 |
Machinery, furniture and office equipment [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 72,323 | 63,528 |
Computer hardware and software [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 12,003 | 10,672 |
Leasehold improvements [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | 16,661 | 10,576 |
Construction in progress [Member] | ||
Property and equipment, net: | ||
Property and equipment, gross | $2,715 | $15,701 |
Balance_Sheet_Details_Accumula
Balance Sheet Details (Accumulated other comprehensive income) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accumulated other comprehensive income | |
Balance at December 31, 2013 | $17,123 |
Other comprehensive income before reclassification | -10,445 |
Net other comprehensive income for the year ended December 31, 2014 | -12,400 |
Balance at December 31, 2014 | 4,723 |
Foreign Currency Translation Adjustment [Member] | |
Accumulated other comprehensive income | |
Balance at December 31, 2013 | 18,804 |
Other comprehensive income before reclassification | -10,445 |
Net other comprehensive income for the year ended December 31, 2014 | -10,445 |
Balance at December 31, 2014 | 8,359 |
Defined Benefit Pension Plan [Member] | |
Accumulated other comprehensive income | |
Balance at December 31, 2013 | -1,681 |
Other comprehensive income before reclassification | 0 |
Net other comprehensive income for the year ended December 31, 2014 | -1,955 |
Balance at December 31, 2014 | -3,636 |
Cost of Sales, Selling General and Administrative and Research and Development Expense [Member] | |
Accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,955 |
Cost of Sales, Selling General and Administrative and Research and Development Expense [Member] | Foreign Currency Translation Adjustment [Member] | |
Accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Cost of Sales, Selling General and Administrative and Research and Development Expense [Member] | Defined Benefit Pension Plan [Member] | |
Accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income (loss) | ($1,955) |
Goodwill_Goodwill_rollforward_
Goodwill (Goodwill rollforward) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $25,978 | $25,416 |
Foreign currency translation adjustments | -2,379 | 562 |
Balance, end of period | $23,599 | $25,978 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Fair value of foreign currency forward contracts | $1,643 |
Borrowings_Credit_facility_Det
Borrowings (Credit facility) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 13 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2012 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ||||
Required pledge of equity interests in subsidiary, percent | 100.00% | 100.00% | ||
LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable rate | 2.25% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving line of credit, maximum | 10,000,000 | $10,000,000 | ||
Unused commitment fee, percentage | 0.25% | |||
Borrowings under Revolving Line of Credit | 9,900,000 | 9,900,000 | 0 | |
Quarterly net loss target | 1,000,000 | |||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable rate | 3.00% | |||
Debt instrument, interest rate at period end | 3.30% | 3.30% | ||
Secured Debt [Member] | Equipment Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Eligible equipment purchase, percentage | 80.00% | |||
Debt instrument, amount borrowed | 5,000,000 | |||
Long-term borrowings | 559,000 | $559,000 | ||
Debt instrument, term | 36 months | |||
Secured Debt [Member] | Equipment Term Loan [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, variable rate | 2.25% | |||
Debt instrument, interest rate at period end | 2.50% | 2.50% |
Borrowings_Shortterm_borrowing
Borrowings (Short-term borrowings) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Maxwell SA short-term loan [Member] | Maxwell SA short-term loan [Member] | Maxwell SA short-term loan [Member] | Maxwell SA credit agreement [Member] | Maxwell SA credit agreement [Member] | Maxwell SA credit agreement [Member] | Maxwell SA credit agreement [Member] | Maxwell SA credit agreement [Member] | |
USD ($) | CHF | Maxwell SA Line of Credit Agreement, Annual Renewal, 2.35% Interest [Member] | Maxwell SA Line of Credit Agreement, Annual Renewal, 2.35% Interest [Member] | Maxwell SA Line of Credit Agreement, Annual Renewal, 2.35% Interest [Member] | Maxwell SA Line of Credit Agreement, No Contractual Renewal [Member] | Maxwell SA Line of Credit Agreement, No Contractual Renewal [Member] | ||
USD ($) | CHF | USD ($) | CHF | |||||
Short-term Debt [Line Items] | ||||||||
Short-term loan agreement, amount | $3,000,000 | 3,000,000 | ||||||
Stated interest rate | 1.44% | 1.44% | 1.44% | 1.70% | 1.70% | 1.70% | ||
Credit agreement maximum borrowing | $2,000,000 | 2,000,000 | $1,000,000 | 1,000,000 |
Borrowings_Other_longterm_borr
Borrowings (Other long-term borrowings) (Details) (Financing Agreements [Member], Maxwell SA auto leases [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Agreements [Member] | Maxwell SA auto leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 3 years | |
Stated interest rate, minimum | 1.90% | |
Stated interest rate, maximum | 5.10% | |
Long-term borrowings | $82 | $179 |
Borrowings_Debt_outstanding_lo
Borrowings (Debt outstanding - long-term) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $15,569 | $8,014 |
Less current portion | -15,549 | -7,914 |
Total debt, excluding current portion | 20 | 100 |
Maxwell SA short-term loan [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 3,017 | 3,359 |
Maxwell SA credit agreement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 2,011 | 2,240 |
Secured Debt [Member] | Equipment Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | 559 | 2,236 |
Financing Agreements [Member] | Maxwell SA auto leases [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 82 | 179 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $9,900 | $0 |
Borrowings_Subsequent_payments
Borrowings (Subsequent payments due on borrowings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $15,549 | |
2016 | 20 | |
Total debt | $15,569 | $8,014 |
Foreign_Currency_Derivative_In2
Foreign Currency Derivative Instruments (Gains and losses on foreign currency forward contracts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | ($5,265) | $359 | $393 |
Cost of revenue [Member] | |||
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | 9 | 27 | -2 |
Selling, general and administrative [Member] | |||
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | ($5,274) | $332 | $395 |
Foreign_Currency_Derivative_In3
Foreign Currency Derivative Instruments (Gains and losses on foreign currency derivative contracts partially offset by net gains and losses on underlying monetary assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | $4,391 | ($1,009) | ($984) |
Cost of revenue [Member] | |||
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | -13 | -24 | 13 |
Selling, general and administrative [Member] | |||
Foreign Currency Derivatives [Abstract] | |||
Total gain (loss) | $4,404 | ($985) | ($997) |
Foreign_Currency_Derivative_In4
Foreign Currency Derivative Instruments (Textual) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of foreign currency forward contracts not designated as hedges | $54.20 |
Foreign_Currency_Derivative_In5
Foreign Currency Derivative Instruments Foreign Currency Derivative Instruments (Schedule of Gross Amounts, Amounts Offset, and Net Amounts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts of recognized asset (liability) | ($1,993) | |
Gross amounts of recognized asset (liability) | 373 | |
Gross amounts offset in the consolidated balance sheets | 350 | 9 |
Net amount of recognized asset (liability) presented in the consolidated balance sheets | -1,643 | |
Net amount of recognized asset (liability) presented in the consolidated balance sheets | $382 |
Stock_Plans_Textual_Details
Stock Plans (Textual) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 132 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | |
share_based_compensation_plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of active share-based compensation plans | 2 | 2 | |||
Tax benefit associated with stock option exercises | $2,200,000 | ||||
Tax benefit realized on stock-based compensation | 0 | 0 | 0 | ||
Number of shares granted | 0 | ||||
Unvested options cancelled upon resignation | 87,500 | ||||
Number of shares exercisable | 672,011 | 759,936 | 807,146 | 672,011 | |
Weighted average exercise price per share | $12 | $11.51 | $11.53 | 12 | |
Weighted average grant date fair value of stock options granted | $7.56 | ||||
Total intrinsic value of options exercised | 638,000 | 18,000 | 1,500,000 | ||
Cash proceeds from options exercises | 970,000 | ||||
Chief Operating Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted | 75,000 | ||||
Unvested options cancelled upon resignation | 56,250 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 4 years | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares included in equity incentive pool | 1,000,000 | 1,000,000 | |||
Number of shares granted | 175,306 | ||||
Number of shares issued during period | 93,588 | 28,464 | 525,252 | ||
Percentage of trading price of stock | 85.00% | ||||
Offering period under ESPP | 6 months | ||||
Percentage discount on the stock price | 15.00% | ||||
Intrinsic value of stock purchased pursuant to ESPP | 449,000 | 33,000 | 191,000 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted | 100,306 | ||||
Total unrecognized compensation cost | 172,000 | 172,000 | |||
Total unrecognized compensation cost adjusted for estimated forfeitures | 133,000 | 133,000 | |||
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 4 years | ||||
Total unrecognized compensation cost | 821,000 | 821,000 | |||
Total unrecognized compensation cost adjusted for estimated forfeitures | 643,000 | 643,000 | |||
Fair value per unit | $14.21 | $10.20 | $20.60 | ||
Total grant date fair value of service based restricted stock awards granted | 3,600,000 | ||||
Share awards released during the period (shares) | 136,000 | 98,000 | 77,000 | ||
Service-based share awards vest date fair value | 1,200,000 | 916,000 | 1,100,000 | ||
Unrecognized compensation cost, weighted average recognition period | 2 years 2 months 25 days | ||||
Number of shares granted | 256,000 | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 1 year | ||||
Total unrecognized compensation cost | 86,000 | 86,000 | |||
Fair value per unit | $9.03 | $10.25 | $20.65 | ||
Total grant date fair value of service based restricted stock awards granted | $595,000 | ||||
Unrecognized compensation cost, weighted average recognition period | 1 month 25 days | ||||
Number of unrestricted shares of common stock received upon vesting | 1 | ||||
Number of shares granted | 193,000 | ||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 4 years | ||||
Fair value per unit | $14.81 | ||||
Number of shares granted | 73,000 | ||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period of option vesting | 3 years | ||||
Fair value per unit | $15.03 | ||||
Number of shares granted | 70,000 | ||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value per unit | $10.85 | ||||
Number of shares granted | 50,000 | ||||
Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares included in equity incentive pool | 3,750,000 | 3,750,000 |
Stock_Plans_Stock_Option_Activ
Stock Plans (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | |||
Balance at December 31, 2013 | 862,306 | ||
Granted | 0 | ||
Exercised | -102,795 | ||
Canceled | -87,500 | ||
Balance at December 31, 2014 | 672,011 | ||
Vested or expected to vest at December 31, 2014 | 672,011 | ||
Exercisable at December 31, 2014 | 672,011 | 759,936 | 807,146 |
Weighted Average Exercise Price | |||
Balance at December 31, 2013 | $11.24 | ||
Granted | $0 | ||
Exercised | $9.43 | ||
Canceled | $7.55 | ||
Balance at December 31, 2014 | $12 | ||
Vested or expected to vest at December 31, 2014 | $12 | ||
Exercisable at December 31, 2014 | $12 | $11.51 | $11.53 |
Additional Disclosures | |||
Balance at period end, Weighted Average Remaining Contractual Term (in years) | 3 years 2 months 23 days | ||
Balance at period end, Aggregate Intrinsic Value | $315,561 | ||
Vested or expected to vest, Weighted Average Contractual Term (in years) | 3 years 2 months 23 days | ||
Vested or expected to vest, Aggregate Intrinsic Value | 315,561 | ||
Exercisable, Weighted Average Contractual Term (in years) | 3 years 2 months 23 days | ||
Exercisable, Aggregate Intrinsic Value | $315,561 |
Stock_Plans_Restricted_Stock_A
Stock Plans (Restricted Stock Award Activity) (Details) (Restricted Stock Awards [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Awards [Member] | |||
Shares | |||
Nonvested at December 31, 2013 | 524 | ||
Granted | 256 | ||
Vested | -136 | ||
Forfeited | -116 | ||
Nonvested at December 31, 2014 | 528 | 524 | |
Weighted Average Grant Date Fair Value | |||
Nonvested at December 31, 2013 | $12.88 | ||
Granted | $14.21 | $10.20 | $20.60 |
Vested | $15.82 | ||
Forfeited | $8.31 | ||
Nonvested at December 31, 2014 | $13.77 | $12.88 |
Stock_Plans_Fair_Value_of_Stoc
Stock Plans (Fair Value of Stock Options Weighted-Average Assumptions) (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Market price at grant per share | $15.03 |
Expected dividends | 0.00% |
Expected volatility | 65.00% |
Risk-free interest rate | 0.86% |
Fair value per unit | $7.71 |
Stock_Plans_Stockbased_Compens
Stock Plans (Stock-based Compensation Expense) (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 |
Schedule of stock-based compensation expense | |||||||||||
Stock-based compensation expense | $1,035 | $1,011 | $1,166 | $755 | $1,358 | $719 | $946 | $957 | $3,967 | $3,980 | $3,088 |
Total stock-based compensation expense | 3,967 | 3,980 | 3,088 | ||||||||
Cost of revenue [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | 740 | 1,079 | 701 | ||||||||
Selling, general and administrative [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | 2,362 | 2,140 | 1,835 | ||||||||
Research and development [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | 865 | 761 | 552 | ||||||||
Restricted Stock Units [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Stock-based compensation expense | 255 | ||||||||||
Total stock-based compensation expense | 867 | 592 | 421 | ||||||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Stock-based compensation expense | 137 | ||||||||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Stock-based compensation expense | 28 | ||||||||||
Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Stock-based compensation expense | 90 | ||||||||||
Employee Stock Option [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | 52 | 827 | 978 | ||||||||
Restricted Stock Awards [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | 2,536 | 2,491 | 1,427 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Schedule of stock-based compensation expense | |||||||||||
Total stock-based compensation expense | $512 | $70 | $262 |
Stock_Plans_Fair_Value_of_Look
Stock Plans (Fair Value of "Look Back" Option for ESPP Weighted-Average Assumptions) (Details) (Employee Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Purchase Plan [Member] | |||
Schedule of stock options and employee stock purchase plan weighted-average assumptions | |||
Expected dividends | 0.00% | 0.00% | 0.00% |
Stock price on valuation date | $8.47 | $7.77 | $11.96 |
Expected volatility | 77.00% | 46.00% | 71.00% |
Risk-free interest rate | 0.08% | 0.07% | 0.10% |
Expected life (in years) | 0 years 4 months 25 days | 3 months | 6 months |
Fair value per unit | $4.56 | $2.45 | $4.16 |
Stock_Plans_Reservation_of_Sha
Stock Plans (Reservation of Shares for Issuance) (Details) | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total reservation of shares under stock compensation plans | 2,721,017 |
Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total reservation of shares under stock compensation plans | 1,574,258 |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total reservation of shares under stock compensation plans | 474,748 |
Omnibus Equity Incentive Plan 2005 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total reservation of shares under stock compensation plans | 672,011 |
Stock_Offering_Stock_Offering_
Stock Offering Stock Offering (Textual) (Details) (USD $) | Jun. 03, 2014 |
In Millions, unless otherwise specified | |
Stock Offering [Abstract] | |
Value of Securities Permitted For Issuance Under Shelf Registration | $125 |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($19,301) | ($5,270) | ($5,994) |
Foreign | 17,375 | 13,762 | 15,517 |
Income (loss) from operations before income taxes | ($1,926) | $8,492 | $9,523 |
Income_Taxes_Income_Taxes_Prov
Income Taxes - Income Taxes Provision (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal, current | $0 | ($258) | ($190) |
Federal, deferred | -5,608 | 222 | 6,873 |
Federal, total | -5,608 | -36 | 6,683 |
State, current | 6 | 6 | 7 |
State, deferred | 853 | 88 | 1,653 |
State, total | 859 | 94 | 1,660 |
Foreign, current | 2,453 | 2,022 | 2,135 |
Foreign, deferred | 1,944 | 311 | -95 |
Foreign, total | 4,397 | 2,333 | 2,040 |
Valuation allowance | 4,698 | -239 | -8,034 |
Tax provision | $4,346 | $2,152 | $2,349 |
Income_Taxes_Reconciliation_De
Income Taxes - Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Taxes at federal statutory rate | ($655) | $2,888 | $3,054 |
State taxes, net of federal benefit | -90 | -29 | -23 |
Effect of tax rate differential for foreign subsidiary | -3,570 | -2,531 | -2,695 |
Valuation allowance, including tax benefits of stock activity | 4,698 | -239 | -8,034 |
Foreign taxes on unremitted earnings | 1,590 | 0 | 0 |
Stock-based compensation | 621 | 460 | 242 |
Prior year true-up Subpart F income | 0 | 0 | 2,484 |
Return to provision adjustments | 536 | -920 | 3,568 |
Subpart F income inclusion | 1,167 | 2,446 | 3,110 |
Other | 49 | 77 | 643 |
Tax provision | $4,346 | $2,152 | $2,349 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $64,199,000 | $59,501,000 | ||
Decreased in valuation allowance | 4,700,000 | |||
Operating loss carryforwards, federal | 157,700,000 | |||
Operating loss carryforwards, state | 64,600,000 | |||
Tax credit carryforwards research and development and other, federal | 5,100,000 | |||
Tax credit carryforwards research and development and other, state | 6,600,000 | |||
Excess tax benefits from employee stock purchase plan | 4,100,000 | 3,400,000 | ||
Decrease in foreign tax | 665,000 | 733,000 | ||
Benefit of the tax holiday on net income per share (diluted) | $0.02 | $0.03 | ||
Unremitted earnings from foreign subsidiaries | 39,200,000 | |||
Total unrecognized tax benefits | 11,700,000 | |||
Interest and penalties | 34,000 | 126,000 | ||
Repatriation of Foreign Earnings, Amount | 1,590,000 | 0 | 0 | |
Deferred tax assets: | ||||
Tax loss carryforwards | 54,551,000 | 55,109,000 | ||
Tax credit carryforwards | 19,000 | 19,000 | ||
Uniform capitalization, contract and inventory related reserves | 1,728,000 | 1,493,000 | ||
Accrued vacation | 669,000 | 632,000 | ||
Stock-based compensation | 1,428,000 | 1,235,000 | ||
Intangible assets | 1,364,000 | 1,032,000 | ||
Deferred revenue | 149,000 | 179,000 | ||
Unrealized gains and losses | 1,780,000 | 0 | ||
Other | 2,668,000 | 1,721,000 | ||
Total | 64,356,000 | 61,420,000 | ||
Deferred tax liabilities: | ||||
Inventory deduction | -206,000 | -290,000 | ||
Pension assets | -1,476,000 | -2,125,000 | ||
Allowance for doubtful accounts | -407,000 | -405,000 | ||
Tax basis depreciation less book depreciation | -192,000 | -1,989,000 | ||
Withholding tax on undistributed earnings of foreign subsidiary | -1,590,000 | 0 | ||
Other | -241,000 | -1,000 | ||
Total | -4,112,000 | -4,810,000 | ||
Net deferred tax assets before valuation allowance | 60,244,000 | 56,610,000 | ||
Valuation allowance | -64,199,000 | -59,501,000 | ||
Net deferred tax liabilities | -3,955,000 | -2,891,000 | ||
Undistributed Earnings Of Domestic Subsidiaries Not Considered Indefinitely Reinvested | 31,800,000 | |||
Deferred tax asset stock option deductions [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 15,500,000 | 15,500,000 | ||
Deferred tax liabilities: | ||||
Valuation allowance | ($15,500,000) | ($15,500,000) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefit (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at December 31, 2013 | $12,634 |
Increase in current period positions | 890 |
Decrease in prior period positions | -1,585 |
Balance at December 31, 2014 | $11,939 |
Leases_Future_annual_minimum_r
Leases (Future annual minimum rental commitments) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases [Abstract] | |||
Rental expense | $5,600,000 | $5,100,000 | $3,700,000 |
Future annual minimum rental commitments | |||
2015 | 4,278,000 | ||
2016 | 4,307,000 | ||
2017 | 3,650,000 | ||
2018 | 2,273,000 | ||
2019 | 2,298,000 | ||
Thereafter | 3,673,000 | ||
Total | $20,479,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans (Textual) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total contributions made by employees | 45.00% | ||
Pension asset | $7,362,000 | $10,568,000 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 720,000 | 722,000 | 732,000 |
Pension asset | 7,362,000 | 10,568,000 | |
Accumulated benefit obligation | 31,300,000 | 30,800,000 | |
Estimated future employer contributions in 2015 | $555,000 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans (Changes in the pension benefit obligation and plan assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in plan assets: | |||
Funded status at end of year | $7,362 | $10,568 | |
Foreign Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 32,577 | 29,956 | |
Service cost | 846 | 831 | 671 |
Interest cost | 697 | 504 | 651 |
Plan participant contributions | 593 | 602 | |
Benefits paid | -3,018 | -717 | |
Actuarial loss (gain) | 4,974 | -405 | |
Administrative expenses paid | 0 | 978 | |
Effect of foreign currency translation | -3,663 | 828 | |
Projected benefit obligation at end of year | 33,006 | 32,577 | 29,956 |
Changes in plan assets: | |||
Fair value of plan assets at beginning of year | 43,145 | 36,895 | |
Actual return on plan assets | 3,478 | 4,532 | |
Company contributions | 720 | 722 | 732 |
Plan participant contributions | 593 | 602 | |
Benefits paid | -3,018 | -717 | |
Effect of foreign currency translation | -4,550 | 1,111 | |
Fair value of plan assets at end of year | 40,368 | 43,145 | 36,895 |
Funded status at end of year | $7,362 | $10,568 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans (Amounts recognized in balance sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net long-term pension asset | $7,362 | $10,568 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net long-term pension asset | 7,362 | 10,568 |
Accumulated other comprehensive loss consists of the following: | ||
Net prior service cost | 853 | 865 |
Net loss | 3,897 | 1,430 |
Accumulated other comprehensive loss before taxes | $4,750 | $2,295 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans (Net periodic pension cost (income) and other amounts recognized in other comprehensive income (loss) before taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of net periodic pension cost: | |||
Net periodic pension cost | $319 | $20 | $437 |
Foreign Plan [Member] | |||
Components of net periodic pension cost: | |||
Service cost | 846 | 831 | 671 |
Interest cost | 697 | 504 | 651 |
Expected return on plan assets | -1,784 | -1,539 | -1,403 |
Prior service cost amortization | 140 | 44 | 44 |
Deferred loss amortization | 0 | 180 | 216 |
Settlement cost | 420 | 0 | 258 |
Net periodic pension cost | 319 | 20 | 437 |
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows: | |||
Prior service cost amortization | -140 | -44 | -44 |
Gain on value of plan assets | -1,695 | -2,977 | -1,268 |
Actuarial (gain) loss on benefit obligation | 4,975 | -405 | 1,659 |
Actuarial (gain) loss on benefit obligation | 0 | 978 | 0 |
Settlement | -420 | 0 | -258 |
Deferred loss amortization | 0 | -180 | -216 |
Total recognized in other comprehensive income (loss), before taxes | 2,720 | -2,628 | -127 |
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes | $3,039 | ($2,608) | $310 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans (Assumptions used to determine the benefit obligation and net periodic benefit cost) (Details) (Foreign Plan [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average assumptions used to determine benefit obligation: | ||
Discount rate | 1.00% | 2.25% |
Rate of compensation increase | 2.50% | 2.50% |
Weighted-average assumptions used to determine net periodic pension cost: | ||
Discount rate | 2.25% | 1.75% |
Expected long-term return on plan assets | 4.25% | 4.25% |
Rate of compensation increase | 2.50% | 2.50% |
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | 100.00% | 100.00% |
Equity Securities [Member] | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | 33.00% | 36.00% |
Debt Securities [Member] | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | 22.00% | 21.00% |
Real Estate [Member] | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | 40.00% | 40.00% |
Other [Member] | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | ||
Percentage of the fair value of total plan assets held in each major category of plan assets: | 5.00% | 3.00% |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefit Plans (Plan assets) (Details) (Foreign Plan [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected future long-term rate of return on plan assets, percent | 3.75% | 4.25% |
Swiss bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 15.00% | |
Historical asset rates of return (percentage) | 0.80% | 0.40% |
Non-Swiss hedged bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 10.00% | |
Swiss equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 10.00% | |
Historical asset rates of return (percentage) | 4.10% | 5.60% |
Global equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 15.00% | |
Hedged Foreign Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Historical asset rates of return (percentage) | 1.00% | 1.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 40.00% | |
Historical asset rates of return (percentage) | 3.70% | 4.80% |
Unhedged Global Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Historical asset rates of return (percentage) | 5.50% | 6.50% |
Emerging Market Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 5.00% | |
Historical asset rates of return (percentage) | 5.30% | 7.40% |
Alernative investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 4.00% | |
Historical asset rates of return (percentage) | 2.33% | 2.80% |
Cash and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation, percentage | 1.00% | |
Historical asset rates of return (percentage) | 1.30% | 1.40% |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefit Plans (Amounts that will be amortized in next fiscal year) (Details) (Foreign Plan [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Foreign Plan [Member] | |
Expected amortization during the year ending December 31, 2013 is as follows (in thousands): | |
Amortization of net prior service costs | $132 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefit Plans (Expected benefit payments) (Details) (Foreign Plan [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $1,823 |
2016 | 1,813 |
2017 | 1,437 |
2018 | 1,563 |
2019 | 1,342 |
Years 2020 through 2024 | 7,027 |
Total | $15,005 |
Recovered_Sheet1
Pension and Other Postretirement Benefit Plans (Fair values of the plans assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial instruments with significant Level 3 inputs | ||||
Foreign currency translation adjustment | ($10,445) | $2,428 | $1,796 | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 40,368 | 43,145 | 36,895 | |
Financial instruments with significant Level 3 inputs | ||||
Beginning balance, December 31, 2013 | 16,405 | |||
Total unrealized gains included in net gain | 1,431 | [1] | ||
Foreign currency translation adjustment | -1,787 | |||
Beginning balance, December 31, 2014 | 16,049 | |||
Foreign Plan [Member] | Held in Swiss Franc, Euro and USD [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 973 | |||
Foreign Plan [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 23,320 | |||
Foreign Plan [Member] | Real estate investment fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 16,049 | |||
Foreign Plan [Member] | Fixed income / Bond securities: | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Real estate investment in specific properties 100% owned by the plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 26 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 24,293 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Held in Swiss Franc, Euro and USD [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 973 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 23,320 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Real estate investment fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Fixed income / Bond securities: | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Real estate investment in specific properties 100% owned by the plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Active Market Prices (Level 1) | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 26 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Held in Swiss Franc, Euro and USD [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Real estate investment fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Fixed income / Bond securities: | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Real estate investment in specific properties 100% owned by the plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Observable Inputs (Level 2) | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 26 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 16,049 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Held in Swiss Franc, Euro and USD [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Real estate investment fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 16,049 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Fixed income / Bond securities: | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Real estate investment in specific properties 100% owned by the plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | 0 | |||
Foreign Plan [Member] | Significant Unobservable Inputs (Level 3) | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net assets of pension plan | $0 | |||
[1] | Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. |
Recovered_Sheet2
Pension and Other Postretirement Benefit Plans (Contributory employee savings plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan Disclosure [Line Items] | |||
Matching contribution, contributory employee savings plan, amount | $547 | $506 | $486 |
Postretirement Benefit Plan [Member] | United States [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company matching contribution percentage | 50.00% |
Legal_Proceedings_Textual_Deta
Legal Proceedings (Textual) (Details) (USD $) | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Jan. 31, 2011 | 13-May-13 | Apr. 19, 2013 | Dec. 31, 2014 | Jun. 30, 2013 | Oct. 30, 2013 | Jun. 10, 2013 | 7-May-13 | |
plaintiff | shareholder_class_action | shareholder_derivative_actions | shareholder_derivative_actions | shareholder_derivative_actions | shareholder_derivative_actions | |||
shareholder_class_action | court_order | |||||||
SEC Penalties Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total settlement consideration | $6,400,000 | |||||||
Duration of deferred prosecution agreement | 3 years | |||||||
DOJ Penalties Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total settlement consideration | 8,000,000 | |||||||
Securities Class Action Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total settlement consideration | 3,300,000 | |||||||
Number of shareholder class actions filed | 4 | |||||||
Number of plaintiffs | 4 | |||||||
Number of actions | 4 | |||||||
Accrued liability for low end of range in amount | 3,300,000 | |||||||
Amount of insurance receivable from carrier | 3,300,000 | |||||||
Federal Shareholder Derivative Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of shareholder class actions filed | 2 | |||||||
Number of actions | 2 | 2 | ||||||
Number of court orders issued | 2 | |||||||
Preliminary amounts of settlement, minimum | 650,000 | |||||||
Preliminary amounts of settlement, maximum | 1,500,000 | |||||||
Accrued liability for low end of range in amount | 650,000 | |||||||
Amount of insurance receivable from carrier | $650,000 | |||||||
State Shareholder Derivative Matter [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of shareholder class actions filed | 2 | |||||||
Number of actions | 2 | |||||||
Shareholder Demand Letter Matter [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of shareholder class actions filed | 2 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Information (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 | ||||||||
Operating Income (Loss) [Abstract] | |||||||||||||||||||
Revenue | $52,918 | $41,593 | $46,074 | $46,001 | $38,979 | $51,197 | $55,610 | $47,748 | $186,586 | $193,534 | $159,258 | ||||||||
Gross profit | 18,500 | 15,470 | 16,600 | 17,870 | 14,374 | 21,113 | 21,576 | 18,230 | 68,440 | 75,293 | 65,052 | ||||||||
Net income (loss) | -2,118 | [1] | -3,292 | [2] | -1,181 | [3] | 319 | [4] | -2,814 | [5] | 6,027 | [6] | 3,405 | [7] | -278 | [2] | -6,272 | 6,340 | 7,174 |
Basic and diluted net income (loss) per share | ($0.07) | ($0.11) | ($0.04) | $0.01 | ($0.10) | $0.21 | $0.12 | ($0.01) | |||||||||||
Stock-based compensation expense | 1,035 | 1,011 | 1,166 | 755 | 1,358 | 719 | 946 | 957 | 3,967 | 3,980 | 3,088 | ||||||||
Withholding tax on undistributed earnings of foreign subsidiary | ($1,590) | $0 | ($1,590) | $0 | |||||||||||||||
[1] | Includes a non-cash deferred tax expense of $1.6 million in connection with the probable repatriation of a portion of the unremitted earnings of a foreign subsidiary and a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||
[2] | Includes a non-cash expense for stock-based compensation of $1.0 million. | ||||||||||||||||||
[3] | Includes a non-cash expense for stock-based compensation of $1.2 million. | ||||||||||||||||||
[4] | Includes a non-cash expense for stock-based compensation of $755,000. | ||||||||||||||||||
[5] | Includes a non-cash expense for stock-based compensation of $1.4 million. | ||||||||||||||||||
[6] | Includes a non-cash expense for stock-based compensation of $719,000. | ||||||||||||||||||
[7] | Includes a non-cash expense for stock-based compensation of $946,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at the Beginning of the Year ($) | $134 | $157 | $450 |
Charged to Expense ($) | 61 | 22 | 193 |
Acquisitions/ Transfers and Other ($) | 0 | 0 | 2 |
Write-offs Net of Recoveries ($) | -52 | -45 | -488 |
Balance at the End of the Year ($) | 143 | 134 | 157 |
Allowance for Excess and Obsolete Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at the Beginning of the Year ($) | 3,570 | 1,941 | 3,276 |
Charged to Expense ($) | 892 | 2,023 | 963 |
Acquisitions/ Transfers and Other ($) | -24 | 12 | 8 |
Write-offs Net of Recoveries ($) | -419 | -406 | -2,306 |
Balance at the End of the Year ($) | $4,019 | $3,570 | $1,941 |