Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MAXWELL TECHNOLOGIES INC | |
Entity Central Index Key | 319,815 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | mxwl | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,792,264 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 24,813 | $ 24,732 |
Restricted cash | 400 | 0 |
Trade and other accounts receivable, net of allowance for doubtful accounts of $244 and $143, at September 30, 2015 and December 31, 2014, respectively | 36,297 | 43,698 |
Inventories, net | 40,841 | 44,856 |
Prepaid expenses and other current assets | 3,378 | 2,426 |
Total current assets | 105,729 | 115,712 |
Property and equipment, net | 33,355 | 39,223 |
Goodwill | 24,049 | 23,599 |
Pension asset | 8,191 | 7,362 |
Other non-current assets | 533 | 704 |
Total assets | 171,857 | 186,600 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 29,616 | 27,011 |
Accrued employee compensation | 8,129 | 9,348 |
Deferred revenue and customer deposits | 1,206 | 703 |
Short-term borrowings and current portion of long-term debt | 47 | 15,549 |
Deferred tax liability | 1,203 | 1,111 |
Total current liabilities | 40,201 | 53,722 |
Deferred tax liability, long-term | 5,453 | 3,304 |
Long-term debt, excluding current portion | 59 | 20 |
Other long-term liabilities | 3,125 | 2,601 |
Total liabilities | $ 48,838 | $ 59,647 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.10 par value per share, 40,000 shares authorized; 31,792 and 29,846 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 3,176 | $ 2,982 |
Additional paid-in capital | 290,465 | 277,314 |
Accumulated deficit | (178,232) | (158,066) |
Accumulated other comprehensive income | 7,610 | 4,723 |
Total stockholders’ equity | 123,019 | 126,953 |
Total liabilities and stockholders’ equity | $ 171,857 | $ 186,600 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade and other accounts receivable, allowance | $ 244 | $ 143 |
Common stock, par value | $ 0.10 | $ 0.1000 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 31,792,000 | 29,846,000 |
Common stock, shares outstanding | 31,792,000 | 29,846,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 45,076 | $ 41,593 | $ 117,542 | $ 133,668 |
Cost of revenue | 30,820 | 26,113 | 80,830 | 83,728 |
Gross profit | 14,256 | 15,480 | 36,712 | 49,940 |
Operating expenses: | ||||
Selling, general and administrative | 9,070 | 10,839 | 30,169 | 32,192 |
Research and development | 5,781 | 6,923 | 19,629 | 19,317 |
Restructuring and exit costs | 56 | 0 | 2,396 | 0 |
Total operating expenses | 14,907 | 17,762 | 52,194 | 51,509 |
Loss from operations | (651) | (2,282) | (15,482) | (1,569) |
Interest expense, net | 25 | 49 | 189 | 116 |
Amortization of prepaid debt costs | 5 | 5 | 12 | 15 |
Foreign currency exchange gains and losses, net | (97) | (6) | 316 | 514 |
Loss from operations before income taxes | (584) | (2,330) | (15,999) | (2,214) |
Income tax provision | 865 | 962 | 4,167 | 1,940 |
Net loss | $ (1,449) | $ (3,292) | $ (20,166) | $ (4,154) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.05) | $ (0.11) | $ (0.66) | $ (0.14) |
Weighted average common shares outstanding: | ||||
Basic and diluted (in shares) | 31,529 | 29,284 | 30,440 | 29,146 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,449) | $ (3,292) | $ (20,166) | $ (4,154) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (2,750) | (7,119) | 2,776 | (6,487) |
Defined benefit pension plan, net of tax: | ||||
Amortization of deferred loss, net of tax benefit of $2 for the three months ended September 30, 2015; net of tax benefit of $6 for the nine months ended September 30, 2015 | 9 | 0 | 27 | 0 |
Amortization of prior service cost, net of tax benefit of $7 for each of the three months ended September 30, 2015 and 2014; net of tax benefit of $21 for each of the nine months ended September 30, 2015 and 2014 | 27 | 28 | 84 | 86 |
Other comprehensive income (loss), net of tax | (2,714) | (7,091) | 2,887 | (6,401) |
Comprehensive loss | $ (4,163) | $ (10,383) | $ (17,279) | $ (10,555) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit for amortization of deferred loss | $ 2 | $ 0 | $ 6 | $ 0 |
Tax benefit for amortization of prior service cost | $ 7 | $ 7 | $ 21 | $ 21 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (20,166) | $ (4,154) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 8,633 | 8,267 |
Amortization of intangible assets | 153 | 153 |
Amortization of prepaid debt costs | 12 | 15 |
Pension benefit | (60) | (77) |
Stock-based compensation expense | 2,906 | 2,934 |
Unrealized loss on foreign currency exchange rates | 2,240 | 0 |
Provision for losses on accounts receivable | 90 | (27) |
Provision for losses on inventory | 424 | 604 |
Provision for warranties | 854 | 594 |
Changes in operating assets and liabilities: | ||
Trade and other accounts receivable | 7,475 | (1,294) |
Inventories, net | 3,672 | (8,171) |
Prepaid expenses and other assets | (911) | (538) |
Pension asset | (487) | (554) |
Accounts payable and accrued liabilities | 1,750 | 4,906 |
Deferred revenue and customer deposits | 508 | 2,158 |
Accrued employee compensation | (1,236) | 1,561 |
Deferred tax liability, long term | 2,161 | 0 |
Other long-term liabilities | 512 | (126) |
Net cash provided by operating activities | 8,530 | 6,251 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (2,779) | (5,195) |
Net cash used in investing activities | (2,779) | (5,195) |
FINANCING ACTIVITIES: | ||
Principal payments on long-term debt and short-term borrowings | (18,833) | (4,626) |
Proceeds from long-term debt and short-term borrowings | 3,040 | 6,292 |
Proceeds from sale of common stock, net of offering costs | 9,565 | 0 |
Proceeds from issuance of common stock under equity compensation plans | 876 | 1,430 |
Restricted cash - compensating balance | (400) | 0 |
Net cash provided by (used in) financing activities | (5,752) | 3,096 |
Increase in cash and cash equivalents | (1) | 4,152 |
Effect of exchange rate changes on cash and cash equivalents | 82 | (4,001) |
Increase in cash and cash equivalents | 81 | 151 |
Cash and cash equivalents, beginning of period | 24,732 | 30,647 |
Cash and cash equivalents, end of period | $ 24,813 | $ 30,798 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation 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 one operating segment, which is comprised of three product lines: • Ultracapacitors: The Company’s 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. The Company’s ultracapacitor cells, multi-cell packs and modules provide highly reliable energy storage and power delivery solutions for applications in multiple industries, including automotive, bus, rail and truck in transportation and grid energy storage, and wind in renewable energy. • High-Voltage Capacitors: The Company’s CONDIS ® high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors and capacitive voltage dividers 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: The Company’s radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components, such as high-density memory and power 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 condensed 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. The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the standards of accounting measurement set forth in the Interim Reporting Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Consequently, the Company has not necessarily included in this Form 10-Q all information and footnotes required for audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements in this Form 10-Q contain all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary to present fairly the financial position, results of operations, and cash flows of Maxwell Technologies, Inc. for all periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for any subsequent period or for the entire year. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in the accompanying interim consolidated financial statements. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Reclassifications Foreign currency exchange gains and losses have been reclassified from "cost of revenue" and "selling, general and administrative" expenses to "foreign currency exchange gains and losses, net" in the condensed consolidated statement of operations for the three and nine months ended September 30, 2014 to conform to the current period presentation. These reclassifications do not impact reported net 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. Restricted Cash Restricted cash as of September 30, 2015 consists of a $400,000 cash balance on deposit to secure certain ongoing banking transactions. Income Taxes At September 30, 2015 , the Company has a cumulative valuation allowance recorded offsetting its worldwide net deferred tax assets of $64.2 million , of which the significant majority represents the valuation allowance on its U.S. net deferred tax asset. 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. Management periodically evaluates the recoverability of the deferred tax assets and at such time as it is determined that it is more likely than not that U.S. deferred tax assets are realizable, the valuation allowance will be reduced accordingly. Any such release would result in recording a tax benefit that would increase net income in the period the valuation is released. The Company records 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 the amount of foreign subsidiary earnings considered permanently reinvested, and recorded a deferred tax liability in 2014 for Swiss withholding taxes of $1.6 million associated with $31.8 million of undistributed earnings of our Swiss subsidiary that were no longer considered indefinitely reinvested. In June 2015, based on revisions to the Company's long term plans, the Company again changed its estimate of the amount of foreign earnings considered permanently reinvested. Therefore, in the quarter ended June 30, 2015, the Company recorded an additional deferred tax liability for Swiss withholding taxes of $2.1 million associated with an additional $41.7 million of undistributed earnings of our Swiss subsidiary that are no longer considered indefinitely reinvested. In the event that the Company repatriates these funds, these withholding taxes would become payable. Warranty Obligation The Company provides warranties on all product sales for terms ranging from one to eight years. 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 September 30, 2015 and December 31, 2014, the accrued warranty liability included in "accounts payable and accrued liabilities" in the consolidated balance sheets was $1.1 million and $716,000 , respectively. 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. 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. 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 September 30, 2015 and December 31, 2014 was $1.2 million and $703,000 , respectively, and 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. Revenue from production-type contracts, which represent less than five percent of total revenue, is recognized using the percentage of completion method. The degree of completion is determined based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated. Liquidity As of September 30, 2015 , the Company had approximately $24.8 million in cash and cash equivalents, and working capital of $65.5 million . In July 2015, the Company entered into a loan agreement with East West Bank (“EWB”), whereby EWB made available to the Company a secured credit facility in the form of a revolving line of credit which is available up to a maximum of the lesser of: (a) $25.0 million ; or (b) a certain percentage of domestic and foreign trade receivables. As of September 30, 2015 , there were no drawings under this revolving line of credit and the amount available was $20.4 million . Management believes the available cash balance, along with the available borrowings under the revolving line of credit, will be sufficient to fund operations, obligations as they become due, and capital investments for at least the next twelve months. Net 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 potentially dilutive 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 loss per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Net loss $ (1,449 ) $ (3,292 ) $ (20,166 ) $ (4,154 ) Denominator Weighted-average common shares outstanding 31,529 29,284 30,440 29,146 Net loss per share Basic and diluted $ (0.05 ) $ (0.11 ) $ (0.66 ) $ (0.14 ) The following table summarizes instruments that may be convertible into common shares that are not included in the denominator used in the diluted net loss per share calculation because to do so would be anti-dilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Outstanding options to purchase common stock 956 701 956 701 Unvested restricted stock awards 263 543 263 543 Unvested restricted stock unit awards 870 168 870 168 Restructuring and Exit Costs Restructuring and exit costs involve employee-related termination costs, facility exit costs and other costs associated with restructuring activities. The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation-Nonretirement Postemployment Benefits (“ASC 712”). The recognition of restructuring costs requires the Company to make certain assumptions related to the amounts of employee severance benefits, the time period over which leased facilities will remain vacant and expected sublease terms and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued in the consolidated balance sheet. 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 . 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. 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. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective date , which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for the Company in its first quarter of fiscal 2018. Early adoption is permitted but not before the original effective date of the new standard of the first quarter of fiscal 2017. The Company is in the process of evaluating the transition method that will be elected and 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. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The update changes the presentation of debt issuance costs to a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual and interim reporting periods ending after December 15, 2015. Early adoption is permitted, and the new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The new guidance was issued to more closely align the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards. The core principle of this updated guidance is that an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in ASU 2015-11 apply to inventory that is measured using the first-in, first-out or average cost methods. ASU 2015-11 is effective for annual and interim reporting periods ending after December 15, 2016, including interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Details | Balance Sheet Details (in thousands) Inventories, net September 30, December 31, Raw materials and purchased parts $ 22,803 $ 23,042 Work-in-process 3,398 2,522 Finished goods 18,097 23,311 Reserves (3,457 ) (4,019 ) Total inventories, net $ 40,841 $ 44,856 Goodwill The change in the carrying amount of goodwill from December 31, 2014 to September 30, 2015 is as follows: Balance at December 31, 2014 $ 23,599 Foreign currency translation adjustments 450 Balance at September 30, 2015 $ 24,049 Accumulated Other Comprehensive Income Foreign Defined Benefit Accumulated Affected Line Items in the Statement of Operations Balance as of December 31, 2014 $ 8,359 $ (3,636 ) $ 4,723 Other comprehensive income before reclassification 2,776 — 2,776 Amounts reclassified from accumulated other comprehensive income — 111 111 Cost of Sales, Selling, General and Administrative and Research and Development Expense Net other comprehensive income for the nine months ended September 30, 2015 2,776 111 2,887 Balance as of September 30, 2015 $ 11,135 $ (3,525 ) $ 7,610 |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Credit Facilities Revolving Line of Credit In July 2015, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with East West Bank (“EWB”), whereby EWB made available to the Company a secured credit facility in the form of a revolving line of credit (the “Revolving Line of Credit”). The Revolving Line of Credit is available up to a maximum of the lesser of: (a) $25.0 million ; or (b) a certain percentage of domestic and foreign trade receivables. As of September 30, 2015 the amount available under the Revolving Line of Credit was $20.4 million . In general, amounts borrowed under the Revolving Line of Credit are secured by a lien on all of the Company’s assets, including its intellectual property, as well as a pledge of 100% of its equity interests in the Company’s Swiss subsidiary. The obligations under the Loan Agreement are guaranteed by the Swiss Subsidiary. The Revolving Line of Credit will mature on July 3, 2018; however, repayment of amounts owed pursuant to the Loan Agreement may be accelerated in the event that the Company is in violation of the representations, warranties and covenants made in the Loan Agreement, including certain financial covenants set forth therein. The financial covenants that the Company is required to meet during the term of the credit agreement include a minimum four-quarter rolling EBITDA, a quarterly minimum quick ratio and a monthly cash requirement. Amounts borrowed under the Revolving Line of Credit bear interest, payable monthly. Such interest shall accrue based upon, at the Company’s election, subject to certain limitations, either a Prime Rate plus a margin ranging from 0% to 0.50% or the LIBOR Rate plus a margin ranging from 2.75% to 3.25% , the specific rate for each as determined based upon the Company’s leverage ratio from time to time. The Company is required to pay an annual commitment fee equal to $125,000 , and an unused commitment fee of the average daily unused amount of the Revolving Line of Credit, payable monthly, equal to a per annum rate in a range of 0.30% to 0.50% , as determined by the Company’s leverage ratio on the last day of the previous fiscal quarter. No amounts have been borrowed under this Revolving Line of Credit as of September 30, 2015 . Former Credit Facility In December 2011, the Company had obtained a secured credit facility in the form of a revolving line of credit (the “Former Revolving Line of Credit”) and an equipment term loan (the “Equipment Term Loan”) (together, the “Former Credit Facility”). Borrowings under the Former Credit Facility bore 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. 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. The balance of the Equipment Term Loan was paid in full by the maturity date of April 30, 2015. Concurrently with entering into the Loan Agreement described above, in July 2015, the Company repaid all outstanding loans under the Former Revolving Line of Credit and terminated the Former Credit Facility. The Company did not incur any early termination or prepayment penalties under the Former Credit Facility in connection with the above transactions. Other Long-term Borrowings The Company 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 3.9% . At September 30, 2015 and December 31, 2014 , $106,000 and $110,000 , respectively, was outstanding under these financing agreements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 September 30, 2015 , the financial instruments to which this topic applied were foreign currency forward contracts. As of September 30, 2015 , the fair value of these foreign currency forward contracts was a liability of $46,000 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 September 30, 2015 had approximately a one-month original maturity term and mature on November 3, 2015. 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. |
Foreign Currency Derivative Ins
Foreign Currency Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Derivative Instruments | Foreign Currency Derivative Instruments Maxwell uses forward contracts to hedge certain monetary assets and liabilities, primarily receivables, payables and cash balances, denominated in foreign currencies. The change in fair value of these forward contracts represents a natural hedge as gains and losses on these instruments partially offset the changes in the fair value of the underlying monetary assets and liabilities due to movements in currency exchange rates. These forward 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 instrument is recognized each period in the consolidated statement of operations. The net gains and losses on foreign currency forward contracts included in "foreign currency exchange gains and losses, net" in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Total gain (loss) $ (157 ) $ (2,715 ) $ 2,242 $ (3,055 ) The net gains and losses on foreign currency forward contracts were 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 "foreign currency exchange gains and losses, net" in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Total gain (loss) $ 254 $ 2,721 $ (2,558 ) $ 2,505 As of September 30, 2015 , the total notional amount of foreign currency forward contracts not designated as hedges was $899,000 . The following table presents gross amounts, amounts offset and net amounts presented in the condensed consolidated balance sheets for the Company's derivative instruments measured at fair value (in thousands): September 30, December 31, 2014 Gross amounts of recognized asset (liabilities) $ (59 ) $ (1,993 ) Gross amounts offset in the condensed consolidated balance sheets 13 350 Net amount of recognized liability presented in the condensed consolidated balance sheets $ (46 ) $ (1,643 ) The Company has the legal right to offset these recognized assets and liabilities upon settlement of the derivative instruments. For additional information, refer to Note 4 – Fair Value Measurements. |
Stock Plans
Stock Plans | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock Plans | Stock Plans The Company has two active stock-based compensation plans as of September 30, 2015 : the 2004 Employee Stock Purchase Plan and the 2013 Omnibus Equity Incentive Plan under which incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units can be granted to employees and non-employee directors. Prior to 2011, the Company had issued stock options as the primary form of equity award to its employees. From 2011 to 2014, the Company granted restricted stock awards to employees as the primary form of equity award. In the second quarter of 2014, the Company began issuing restricted stock units to employees instead of restricted stock awards as the primary form of equity award. In the first quarter of 2015, executives received three forms of equity awards, including stock options with time based vesting, restricted stock units with time based vesting and performance-based restricted stock units with vesting contingent on continued services and the achievement of specified financial performance targets. Non-executive employees received restricted stock units with time-based vesting. It is typical for the Company to issue the majority of employee stock compensation grants in the first quarter of the year; other grants issued during the year are typically for new employees. Stock Options During the three months ended September 30, 2015 , the Company granted 58,641 stock options which had an average grant date fair value per share of $4.72 . During the nine months ended September 30, 2015 , the Company granted 321,844 stock options which had an average grant date fair value per share of $6.72 . No stock options were granted during the three months and nine months ended September 30, 2014 . Compensation expense recognized for stock options for the three months ended September 30, 2015 and 2014 was $75,000 and $33,000 , respectively, and $156,000 and $74,000 , respectively, for the nine months ended September 30, 2015 and 2014 . The fair value of the stock options granted during three months and nine months ended September 30, 2015 was estimated using the Black-Scholes valuation model with the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2015 2015 Expected dividends $ — $ — Exercise price $ 4.72 $ 6.72 Expected volatility 60 % 61 % Average risk-free interest rate 1.60 % 1.59 % Expected life/term (in years) 5.0 5.0 Fair value per share $ 2.44 $ 2.32 Restricted Stock Awards 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. No restricted stock awards were issued during the three months and the nine months ended September 30, 2015 , or the three months ended September 30, 2014 . During the nine months ended September 30, 2014 , the Company granted 255,600 shares under restricted stock awards which had an average grant date fair value per share of $14.20 . The following table summarizes the amount of compensation expense recognized for restricted stock awards for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service-based restricted stock awards $ 546 $ 696 $ 1,545 $ 1,834 Performance-based restricted stock awards — 7 (44 ) 20 Total compensation expense recognized for restricted stock awards $ 546 $ 703 $ 1,501 $ 1,854 Restricted Stock Units Non-employee director restricted stock units Non-employee directors receive an annual restricted stock unit award, normally in February of each year, as part of their annual retainer compensation, which vests one year from the date of grant. Additionally, new directors normally receive restricted stock unit awards upon their election to the board. Each restricted stock unit represents the right to receive one unrestricted share of the Company’s common stock upon vesting. During the three months ended September 30, 2015 and 2014 , no restricted stock units were granted to non-employee directors. During the nine months ended September 30, 2015 and 2014 , non-employee directors were granted a total of 93,212 and 65,891 restricted stock units, respectively, with an average grant date fair value per share of $7.08 and $9.03 , respectively. Compensation expense recognized for non-employee director restricted stock units for the three months ended September 30, 2015 and 2014 was $171,000 and $146,000 , respectively, and $459,000 and $467,000 , respectively, for the nine months ended September 30, 2015 and 2014 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. The Company grants two forms of restricted stock units, service-based restricted stock units which typically vest in equal annual installments over four years of continuous service, and performance-based restricted stock units with vesting contingent on continued services and the achievement of specified financial targets. Each restricted stock unit represents the right to receive one unrestricted share of the Company’s common stock upon vesting. During the three months ended September 30, 2015 , the Company granted 40,190 service-based restricted stock units to employees with an average grant date value of $4.72 . During the nine months ended September 30, 2015 , the Company granted 715,073 restricted stock units to employees of which 500,242 were service-based restricted stock units with an average grant date value of $6.96 per share and 214,831 were performance-based restricted stock units with an average grant date fair value of $7.19 per share. During the nine months ended September 30, 2014 the Company granted 137,000 restricted stock units to employees of which 67,000 were service-based restricted stock units with an average grant date value of $15.17 per share and 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 the grant with an average grant date fair value of $7.71 per share. During the three months ended September 30, 2014 , the Company did not grant any employee restricted stock units. The following table summarizes the amount of compensation expense recognized for employee restricted stock units for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service-based restricted stock units $ 229 $ 51 $ 516 $ 83 Performance-based restricted stock units (60 ) — (28 ) $ — Market-condition restricted stock units 34 34 102 56 Total compensation expense recognized for employee restricted stock units $ 203 $ 85 $ 590 $ 139 Employee Stock Purchase Plan The 2004 Employee Stock Purchase Plan (“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. Compensation expense recognized for the ESPP for the three months ended September 30, 2015 and 2014 was $60,000 and $57,000 , respectively, and was $200,000 and $400,000 , respectively, for the nine months ended September 30, 2015 and 2014 . The fair value of the ESPP shares for the three and nine months ended September 30, 2015 and 2014 was estimated using the Black-Scholes valuation model for a call and a put option with the following weighted-average assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Expected dividends $ — $ — $ — $ — Exercise price $ 5.42 $ 8.72 $ 5.83 $ 8.09 Expected volatility 68 % 61 % 58 % 68 % Risk-free interest rate 0.01 % 0.02 % 0.08 % 0.05 % Expected life/term (in years) 0.25 0.3 0.44 0.5 Fair value per share $ 5.42 $ 2.37 $ 5.83 $ 5.89 Stock-Based Compensation Expense Compensation cost for restricted stock awards, restricted stock units, stock options and the ESPP included in cost of revenue; selling, general and administrative expense; and research and development expense is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Cost of revenue $ 186 $ 145 $ 539 $ 587 Selling, general and administrative 708 716 1,732 1,705 Research and development 161 150 635 642 Total stock-based compensation expense $ 1,055 $ 1,011 $ 2,906 $ 2,934 |
Shelf Registration Statement
Shelf Registration Statement | 9 Months Ended |
Sep. 30, 2015 | |
Shelf Registration Statement [Abstract] | |
Shelf Registration Statement | 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. On April 23, 2015, the Company entered into an At-the-Market Equity Offering Sales Agreement (“Sales Agreement”) with Cowen and Company, LLC (“Cowen”) pursuant to which the Company could sell, at its option, up to an aggregate of $10.0 million in shares of common stock through Cowen, as sales agent. Under the Sales Agreement, the Company agreed to pay Cowen a commission equal to 3.0% of the gross proceeds from the sale of shares of the Company’s common stock. On June 11, 2015 , the Company completed the sale of approximately $10.0 million of the company's common stock and terminated the offering. Approximately 1.83 million shares were sold in the offering at an average share price of $5.46 . The Company received net proceeds of $9.6 million after commissions and offering costs of $406,000 . |
Defined Benefit Plan
Defined Benefit Plan | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Plan | Defined Benefit Plan Maxwell SA, the Company's Swiss subsidiary, has a retirement plan that is classified as a defined benefit pension plan. The employee 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. This plan has a measurement date of December 31. Components of net periodic pension benefit are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost $ 239 $ 211 $ 726 $ 645 Interest cost 83 174 251 532 Expected return on plan assets (386 ) (446 ) (1,175 ) (1,361 ) Prior service cost amortization 34 35 105 107 Deferred loss amortization 11 — 33 — Net periodic pension benefit $ (19 ) $ (26 ) $ (60 ) $ (77 ) Employer contributions of $145,000 and $182,000 were paid during the three months ended September 30, 2015 and 2014 , respectively. Employer contributions of $485,000 and $553,000 were paid during the nine months ended September 30, 2015 and 2014 , respectively. Additional employer contributions of approximately $96,000 are expected to be paid during the remainder of fiscal 2015 . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2015 | |
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 paid the monetary penalties under these settlements in installments such that all monetary penalties were paid in full by January 2013. With respect to the DOJ charges, a judgment of dismissal was issued 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. Based upon the Company’s exposure to the case, 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. In late March 2015, the Company was informed that the Swiss prosecutor intended to inform the parties in April 2015 as to whether the prosecutor’s office will bring charges or abandon the proceedings. However, to date, the Swiss prosecutor has not issued its formal decision. At this 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. Government Investigations 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 ("SEC") related to its announcement that it intended to file restated financial statements for fiscal years 2011 and 2012. On June 11, 2015, the Company received a subpoena from the SEC requesting certain documents related to, among other things, the facts and circumstances surrounding the restated financial statements. The Company is providing information to the SEC in response to that subpoena and continues to cooperate with the SEC. At this stage, the Company cannot predict the ultimate outcome of this investigation or whether it will result in any 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. 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 named as defendants certain of the Company's current and former officers and directors and named the Company as a nominal defendant. The complaints alleged 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 asserted causes of action for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment. The lawsuits sought 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. The court issued an order consolidating the two actions on October 30, 2013 under the heading In re Maxwell Technologies, Inc. Derivative Litigation. 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. On December 10, 2014, the parties signed a stipulation of settlement and on March 16, 2015, the court granted final approval of the settlement and dismissed this action. On July 13, 2015, the court issued an order establishing a fee award of $1.1 million to be paid to the plaintiffs in exchange for the benefit bestowed upon the Company due to the corporate governance reforms, and on August 10, 2015, the Company’s insurance carrier paid this amount in full. Therefore, during the quarter ended September 30, 2015, the Company released an accrued liability it has previously recorded for the $1.1 million settlement amount, as well as a previously recorded receivable from its insurance carrier of $1.1 million as the Company’s insurance carrier was expected to cover this settlement. 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 named as defendants certain of the Company's current and former officers and directors as well as its former auditor McGladrey LLP. The Company was named as a nominal defendant. The complaints alleged 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 asserted 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 sought 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. On July 2, 2013, the Company filed a motion to stay the actions pending resolution of the federal derivative actions, which the state court granted on November 1, 2013. As a result of the settlement in the federal derivative action above, the parties filed a joint stipulation to dismiss this matter and, on May 13, 2015, the Court signed an order dismissing the matter with prejudice. The deadline to appeal this order lapsed on August 24, 2015. Shareholder Inspection Letter On April 9, 2013, Stephen Neville, a purported shareholder of the Company, sent a letter to the Company seeking 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. Pursuant to the stipulation of settlement in the federal shareholder derivative matter and following the settlement in the federal derivative action above, the parties filed a joint stipulation to dismiss this matter and, on May 12, 2015, the Court signed an order dismissing the matter with prejudice. The deadline to appeal this order lapsed on August 24, 2015. |
Restructuring and Exit costs
Restructuring and Exit costs | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Exit costs | Restructuring and Exit Costs The Company has initiated a restructuring plan to consolidate U.S. manufacturing operations and to reduce headcount and operating expenses in order to align the Company’s cost structure with the current business forecast and to improve operational efficiency. The plan also includes the potential divestiture of a product line. In connection with the restructuring plan, the Company expects to incur total restructuring and related charges of approximately $3.8 million . The anticipated charges include $2.1 million in facilities costs related to the consolidation of manufacturing operations, $1.2 million in employee severance costs, $375,000 in accelerated equipment depreciation expense and $125,000 in relocation costs. Upon completion of the plan, which is anticipated to be by the end of the first quarter of 2016, total cash expenditures related to restructuring activities are expected to be approximately $2.2 million . During the three and nine months ended September 30, 2015 , the Company paid $650,000 and $768,000 , respectively, in restructuring expenses. The Company accounts for charges resulting from restructuring and exit activities in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”), and, ASC Topic 712, Compensation-Nonretirement Postemployment Benefits (“ASC 712”) for employee termination benefits to be paid in accordance with its ongoing employee termination benefit arrangement. In June 2015, the Company had ceased use of approximately 60,000 square feet of its Peoria, AZ manufacturing facility, and determined this leased space would have no future economic benefit to the Company based on the current business forecast. As a result, in June 2015, the Company recorded a liability for the future rent obligation associated with this space, net of estimated sublease income, in accordance with ASC Topic 420. The liability recorded related to the exit of this leased space was $1.2 million , before tax, and is a component of the total expected restructuring charge. Restructuring charges for the three and nine months ended September 30, 2015 included $56,000 and $1.1 million , respectively, in employee severance costs for work force reductions. This amount included planned severance payments to be paid in consideration of past employee services under the Company’s ongoing employee termination benefit arrangement, which were probable of incurrence and estimable as of September 30, 2015. For the three and nine months ended September 30, 2015 , the Company recorded total charges related to its restructuring plan of $56,000 and $2.3 million , respectively, within "restructuring and exit costs", and recorded $ 125,000 and $310,000 , respectively, of accelerated depreciation expense, within “cost of revenue”, in the condensed consolidated statements of operations. As of September 30, 2015 , the Company had a $419,000 liability associated with employee severances recorded in “accrued employee compensation”, $277,000 of lease obligation costs recorded within “other current liabilities” and $845,000 of lease obligation costs recorded within "other long term liabilities” in the consolidated balance sheet. The following table summarizes the restructuring and exit costs for the nine months ended September 30, 2015 (in thousands): Employee Severance Costs Lease Obligation Costs Other Exit Costs Total Costs incurred for the quarter ended June 30, 2015 $ 1,132 $ 1,208 $ — $ 2,340 Amounts paid for the quarter ended June 30, 2015 (118 ) — — (118 ) Amounts reserved at June 30, 2015 1,014 1,208 — 2,222 Additional costs incurred for the quarter ended September 30, 2015 149 — — 149 Amounts paid for the quarter ended September 30, 2015 (650 ) — — (650 ) Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 (93 ) (86 ) — (179 ) Amounts reserved at September 30, 2015 $ 420 $ 1,122 $ — $ 1,542 |
Description of Business and B18
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | Financial Statement Presentation The accompanying condensed 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. The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q and the standards of accounting measurement set forth in the Interim Reporting Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Consequently, the Company has not necessarily included in this Form 10-Q all information and footnotes required for audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements in this Form 10-Q contain all adjustments (consisting only of normal recurring adjustments, except as otherwise indicated) necessary to present fairly the financial position, results of operations, and cash flows of Maxwell Technologies, Inc. for all periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for any subsequent period or for the entire year. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in the accompanying interim consolidated financial statements. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. |
Reclassifications | Reclassifications Foreign currency exchange gains and losses have been reclassified from "cost of revenue" and "selling, general and administrative" expenses to "foreign currency exchange gains and losses, net" in the condensed consolidated statement of operations for the three and nine months ended September 30, 2014 to conform to the current period presentation. These reclassifications do not impact reported net 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. |
Income Taxes | Income Taxes At September 30, 2015 , the Company has a cumulative valuation allowance recorded offsetting its worldwide net deferred tax assets of $64.2 million , of which the significant majority represents the valuation allowance on its U.S. net deferred tax asset. 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. Management periodically evaluates the recoverability of the deferred tax assets and at such time as it is determined that it is more likely than not that U.S. deferred tax assets are realizable, the valuation allowance will be reduced accordingly. Any such release would result in recording a tax benefit that would increase net income in the period the valuation is released. The Company records 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 the amount of foreign subsidiary earnings considered permanently reinvested, and recorded a deferred tax liability in 2014 for Swiss withholding taxes of $1.6 million associated with $31.8 million of undistributed earnings of our Swiss subsidiary that were no longer considered indefinitely reinvested. In June 2015, based on revisions to the Company's long term plans, the Company again changed its estimate of the amount of foreign earnings considered permanently reinvested. Therefore, in the quarter ended June 30, 2015, the Company recorded an additional deferred tax liability for Swiss withholding taxes of $2.1 million associated with an additional $41.7 million of undistributed earnings of our Swiss subsidiary that are no longer considered indefinitely reinvested. In the event that the Company repatriates these funds, these withholding taxes would become payable. |
Warranty Obligation | Warranty Obligation The Company provides warranties on all product sales for terms ranging from one to eight years. 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. |
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. 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. 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 September 30, 2015 and December 31, 2014 was $1.2 million and $703,000 , respectively, and 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. Revenue from production-type contracts, which represent less than five percent of total revenue, is recognized using the percentage of completion method. The degree of completion is determined based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated. |
Revenue recognition from production type contracts | Revenue from production-type contracts, which represent less than five percent of total revenue, is recognized using the percentage of completion method. The degree of completion is determined based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated. |
Liquidity | Liquidity As of September 30, 2015 , the Company had approximately $24.8 million in cash and cash equivalents, and working capital of $65.5 million . In July 2015, the Company entered into a loan agreement with East West Bank (“EWB”), whereby EWB made available to the Company a secured credit facility in the form of a revolving line of credit which is available up to a maximum of the lesser of: (a) $25.0 million ; or (b) a certain percentage of domestic and foreign trade receivables. As of September 30, 2015 , there were no drawings under this revolving line of credit and the amount available was $20.4 million . Management believes the available cash balance, along with the available borrowings under the revolving line of credit, will be sufficient to fund operations, obligations as they become due, and capital investments for at least the next twelve months. |
Net Loss per Share | Net 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 potentially dilutive 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. |
Restructuring and Exit Costs | Restructuring and Exit Costs Restructuring and exit costs involve employee-related termination costs, facility exit costs and other costs associated with restructuring activities. The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation-Nonretirement Postemployment Benefits (“ASC 712”). The recognition of restructuring costs requires the Company to make certain assumptions related to the amounts of employee severance benefits, the time period over which leased facilities will remain vacant and expected sublease terms and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued in the consolidated balance sheet. |
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 . 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. 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. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective date , which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for the Company in its first quarter of fiscal 2018. Early adoption is permitted but not before the original effective date of the new standard of the first quarter of fiscal 2017. The Company is in the process of evaluating the transition method that will be elected and 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. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The update changes the presentation of debt issuance costs to a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual and interim reporting periods ending after December 15, 2015. Early adoption is permitted, and the new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The new guidance was issued to more closely align the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards. The core principle of this updated guidance is that an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in ASU 2015-11 apply to inventory that is measured using the first-in, first-out or average cost methods. ASU 2015-11 is effective for annual and interim reporting periods ending after December 15, 2016, including interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. |
Fair Value Measurements and Disclosures | 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 September 30, 2015 , the financial instruments to which this topic applied were foreign currency forward contracts. As of September 30, 2015 , the fair value of these foreign currency forward contracts was a liability of $46,000 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. |
Derivatives and Hedging | Maxwell uses forward contracts to hedge certain monetary assets and liabilities, primarily receivables, payables and cash balances, denominated in foreign currencies. The change in fair value of these forward contracts represents a natural hedge as gains and losses on these instruments partially offset the changes in the fair value of the underlying monetary assets and liabilities due to movements in currency exchange rates. These forward 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 instrument is recognized each period in the consolidated statement of operations. |
Description of Business and B19
Description of Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 loss per share (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Net loss $ (1,449 ) $ (3,292 ) $ (20,166 ) $ (4,154 ) Denominator Weighted-average common shares outstanding 31,529 29,284 30,440 29,146 Net loss per share Basic and diluted $ (0.05 ) $ (0.11 ) $ (0.66 ) $ (0.14 ) |
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 loss per share calculation because to do so would be anti-dilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Outstanding options to purchase common stock 956 701 956 701 Unvested restricted stock awards 263 543 263 543 Unvested restricted stock unit awards 870 168 870 168 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of inventories | September 30, December 31, Raw materials and purchased parts $ 22,803 $ 23,042 Work-in-process 3,398 2,522 Finished goods 18,097 23,311 Reserves (3,457 ) (4,019 ) Total inventories, net $ 40,841 $ 44,856 |
Schedule of change in the carrying amount of goodwill | The change in the carrying amount of goodwill from December 31, 2014 to September 30, 2015 is as follows: Balance at December 31, 2014 $ 23,599 Foreign currency translation adjustments 450 Balance at September 30, 2015 $ 24,049 |
Schedule of accumulated other comprehensive income | Foreign Defined Benefit Accumulated Affected Line Items in the Statement of Operations Balance as of December 31, 2014 $ 8,359 $ (3,636 ) $ 4,723 Other comprehensive income before reclassification 2,776 — 2,776 Amounts reclassified from accumulated other comprehensive income — 111 111 Cost of Sales, Selling, General and Administrative and Research and Development Expense Net other comprehensive income for the nine months ended September 30, 2015 2,776 111 2,887 Balance as of September 30, 2015 $ 11,135 $ (3,525 ) $ 7,610 |
Foreign Currency Derivative I21
Foreign Currency Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of gains (losses) on foreign currency forward contracts | The net gains and losses on foreign currency forward contracts included in "foreign currency exchange gains and losses, net" in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Total gain (loss) $ (157 ) $ (2,715 ) $ 2,242 $ (3,055 ) |
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 "foreign currency exchange gains and losses, net" in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Total gain (loss) $ 254 $ 2,721 $ (2,558 ) $ 2,505 |
Offsetting Liabilities | The following table presents gross amounts, amounts offset and net amounts presented in the condensed consolidated balance sheets for the Company's derivative instruments measured at fair value (in thousands): September 30, December 31, 2014 Gross amounts of recognized asset (liabilities) $ (59 ) $ (1,993 ) Gross amounts offset in the condensed consolidated balance sheets 13 350 Net amount of recognized liability presented in the condensed consolidated balance sheets $ (46 ) $ (1,643 ) |
Stock Plans (Tables)
Stock Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expense | Compensation cost for restricted stock awards, restricted stock units, stock options and the ESPP included in cost of revenue; selling, general and administrative expense; and research and development expense is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Cost of revenue $ 186 $ 145 $ 539 $ 587 Selling, general and administrative 708 716 1,732 1,705 Research and development 161 150 635 642 Total stock-based compensation expense $ 1,055 $ 1,011 $ 2,906 $ 2,934 |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of employee stock purchase plan weighted-average assumptions | The following table summarizes the amount of compensation expense recognized for restricted stock awards for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service-based restricted stock awards $ 546 $ 696 $ 1,545 $ 1,834 Performance-based restricted stock awards — 7 (44 ) 20 Total compensation expense recognized for restricted stock awards $ 546 $ 703 $ 1,501 $ 1,854 |
Restricted stock unit awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expense | The following table summarizes the amount of compensation expense recognized for employee restricted stock units for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service-based restricted stock units $ 229 $ 51 $ 516 $ 83 Performance-based restricted stock units (60 ) — (28 ) $ — Market-condition restricted stock units 34 34 102 56 Total compensation expense recognized for employee restricted stock units $ 203 $ 85 $ 590 $ 139 |
Employee stock purchase plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expense | The fair value of the ESPP shares for the three and nine months ended September 30, 2015 and 2014 was estimated using the Black-Scholes valuation model for a call and a put option with the following weighted-average assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Expected dividends $ — $ — $ — $ — Exercise price $ 5.42 $ 8.72 $ 5.83 $ 8.09 Expected volatility 68 % 61 % 58 % 68 % Risk-free interest rate 0.01 % 0.02 % 0.08 % 0.05 % Expected life/term (in years) 0.25 0.3 0.44 0.5 Fair value per share $ 5.42 $ 2.37 $ 5.83 $ 5.89 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of valuation assumptions for fair value of stock options granted | The fair value of the stock options granted during three months and nine months ended September 30, 2015 was estimated using the Black-Scholes valuation model with the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2015 2015 Expected dividends $ — $ — Exercise price $ 4.72 $ 6.72 Expected volatility 60 % 61 % Average risk-free interest rate 1.60 % 1.59 % Expected life/term (in years) 5.0 5.0 Fair value per share $ 2.44 $ 2.32 |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of components of net periodic pension income | Components of net periodic pension benefit are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost $ 239 $ 211 $ 726 $ 645 Interest cost 83 174 251 532 Expected return on plan assets (386 ) (446 ) (1,175 ) (1,361 ) Prior service cost amortization 34 35 105 107 Deferred loss amortization 11 — 33 — Net periodic pension benefit $ (19 ) $ (26 ) $ (60 ) $ (77 ) |
Restructuring and Exit costs (T
Restructuring and Exit costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of severance and exit costs | The following table summarizes the restructuring and exit costs for the nine months ended September 30, 2015 (in thousands): Employee Severance Costs Lease Obligation Costs Other Exit Costs Total Costs incurred for the quarter ended June 30, 2015 $ 1,132 $ 1,208 $ — $ 2,340 Amounts paid for the quarter ended June 30, 2015 (118 ) — — (118 ) Amounts reserved at June 30, 2015 1,014 1,208 — 2,222 Additional costs incurred for the quarter ended September 30, 2015 149 — — 149 Amounts paid for the quarter ended September 30, 2015 (650 ) — — (650 ) Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 (93 ) (86 ) — (179 ) Amounts reserved at September 30, 2015 $ 420 $ 1,122 $ — $ 1,542 |
Description of Business and B25
Description of Business and Basis of Presentation (Details Textual) | 9 Months Ended | ||||
Sep. 30, 2015USD ($)manufacturing_locationcontract_manufacturerSegmentproduct_line | Jul. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Manufacturing locations | manufacturing_location | 3 | ||||
Operating segments | Segment | 1 | ||||
Cumulative valuation allowance | $ 64,200,000 | ||||
Warranty period, minimum, in years | 1 year | ||||
Warranty period, maximum, in years | 8 years | ||||
Accrued warranty liability | $ 1,091,000 | $ 716,000 | |||
Deferred revenue and customer deposits | 1,206,000 | 703,000 | |||
Cash and cash equivalents | 24,813,000 | 24,732,000 | $ 30,798,000 | $ 30,647,000 | |
Working capital amount | 65,500,000 | ||||
Revolving Credit Facility | East West Bank | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Revolving line of credit | $ 25,000,000 | ||||
Amount available under the Revolving Line of Credit | 20,400,000 | ||||
Drawings under revolving line of credit | $ 0 | ||||
Revenue from Production Type Contracts | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Percentage of total revenue from production type contracts (less than five percent) | 5.00% | ||||
Deposit | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Restricted cash balance on deposit | $ 400,000 | ||||
Scenario, Adjustment | Change in Estimate of Foreign Earnings Permanently Invested | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Deferred tax liability recorded associated with unremitted earnings of foreign subsidiary no longer considered indefinitely reinvested | 2,100,000 | 1,600,000 | |||
Unremitted earnings of foreign subsidiary | $ 41,700,000 | $ 31,800,000 | |||
High Reliability | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Number of product lines | product_line | 3 | ||||
China | |||||
Description of Business and Basis of Presentation (Textual) [Abstract] | |||||
Number of contract manufacturers | contract_manufacturer | 2 |
Description of Business and B26
Description of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of computation of basic and diluted net income (loss) per share | ||||
Net loss | $ (1,449) | $ (3,292) | $ (20,166) | $ (4,154) |
Weighted-average common shares outstanding | 31,529 | 29,284 | 30,440 | 29,146 |
Net loss per share | ||||
Basic and diluted (in dollars per share) | $ (0.05) | $ (0.11) | $ (0.66) | $ (0.14) |
Description of Business and B27
Description of Business and Basis of Presentation (Details 1) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Outstanding options to purchase common stock | ||||
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 | ||||
Anti-dilutive, shares | 956 | 701 | 956 | 701 |
Unvested restricted stock awards | ||||
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 | ||||
Anti-dilutive, shares | 263 | 543 | 263 | 543 |
Unvested restricted stock unit awards | ||||
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 | ||||
Anti-dilutive, shares | 870 | 168 | 870 | 168 |
Balance Sheet Details (Details)
Balance Sheet Details (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of inventories | ||
Raw materials and purchased parts | $ 22,803 | $ 23,042 |
Work-in-process | 3,398 | 2,522 |
Finished goods | 18,097 | 23,311 |
Reserves | (3,457) | (4,019) |
Total inventories, net | $ 40,841 | $ 44,856 |
Balance Sheet Details (Details
Balance Sheet Details (Details 1) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of change in the carrying amount of goodwill | |
Balance at December 31, 2014 | $ 23,599 |
Foreign currency translation adjustments | 450 |
Balance at September 30, 2015 | $ 24,049 |
Balance Sheet Details (Detail30
Balance Sheet Details (Details 2) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of accumulated other comprehensive income | |
Balance as of December 31, 2014 | $ 4,723 |
Other comprehensive income before reclassification | 2,776 |
Net other comprehensive income for the nine months ended September 30, 2015 | 2,887 |
Balance as of September 30, 2015 | 7,610 |
Foreign Currency Translation Adjustment | |
Schedule of accumulated other comprehensive income | |
Balance as of December 31, 2014 | 8,359 |
Other comprehensive income before reclassification | 2,776 |
Net other comprehensive income for the nine months ended September 30, 2015 | 2,776 |
Balance as of September 30, 2015 | 11,135 |
Defined Benefit Pension Plan | |
Schedule of accumulated other comprehensive income | |
Balance as of December 31, 2014 | (3,636) |
Other comprehensive income before reclassification | 0 |
Net other comprehensive income for the nine months ended September 30, 2015 | 111 |
Balance as of September 30, 2015 | (3,525) |
Cost of Sales, Selling, General and Administrative and Research and Development Expense | |
Schedule of accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income | 111 |
Cost of Sales, Selling, General and Administrative and Research and Development Expense | Foreign Currency Translation Adjustment | |
Schedule of accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income | 0 |
Cost of Sales, Selling, General and Administrative and Research and Development Expense | Defined Benefit Pension Plan | |
Schedule of accumulated other comprehensive income | |
Amounts reclassified from accumulated other comprehensive income | $ 111 |
Credit Facility (Details Textua
Credit Facility (Details Textual) - USD ($) | Jul. 03, 2015 | Dec. 31, 2011 | Sep. 30, 2015 | Apr. 30, 2012 | Jul. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest payable description | at either (i) the bank’s prime rate or (ii) LIBOR plus 2.25% | |||||
Financing Agreements | Vehicles | ||||||
Debt Instrument [Line Items] | ||||||
Repayment period (up to three years) | 3 years | |||||
Interest rate percentage, minimum | 1.90% | |||||
Interest rate percentage, maximum | 3.90% | |||||
Financing agreements | $ 106,000 | $ 110,000 | ||||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest payable description | applicable interest rate was LIBOR plus 2.25% (2.5% as of June 30, 2015) | |||||
LIBOR | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest related to Libor rate | 2.25% | |||||
East West Bank | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit | $ 25,000,000 | |||||
Amount available under the Revolving Line of Credit | $ 20,400,000 | |||||
Percentage of equity interests pledged | 100.00% | |||||
Annual commitment fee amount | $ 125,000 | |||||
East West Bank | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unused commitment fee percentage | 0.30% | |||||
East West Bank | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unused commitment fee percentage | 0.50% | |||||
East West Bank | Prime Rate | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest related to Libor rate | 0.00% | |||||
East West Bank | Prime Rate | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest related to Libor rate | 0.50% | |||||
East West Bank | LIBOR | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest related to Libor rate | 2.75% | |||||
East West Bank | LIBOR | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility, interest related to Libor rate | 3.25% | |||||
Equipment Term Loan | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of eligible equipment purchases financed | 80.00% | |||||
Amount borrowed under Equipment Term Loan | $ 5,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) $ in Thousands | Sep. 30, 2015USD ($) |
Fair Value Measurements (Textual) [Abstract] | |
Fair value of derivatives | $ (46) |
Foreign Currency Derivative I33
Foreign Currency Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of gains (losses) on foreign currency forward contracts | ||||
Net gains (loss) on foreign currency forward contracts | $ (157) | $ (2,715) | $ 2,242 | $ (3,055) |
Foreign Currency Derivative I34
Foreign Currency Derivative Instruments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of foreign currency gains and losses on underlying assets and liabilities | ||||
Net gains (loss) on foreign currency forward contracts were partially offset on assets and liabilities | $ 254 | $ 2,721 | $ (2,558) | $ 2,505 |
Foreign Currency Derivative I35
Foreign Currency Derivative Instruments (Details Textual) $ in Thousands | Sep. 30, 2015USD ($) |
Foreign Currency Derivative Instruments (Textual) [Abstract] | |
Notional amount of foreign currency forward contracts not designated as hedges | $ 899 |
Foreign Currency Derivative I36
Foreign Currency Derivative Instruments Foreign Currency Derivative Instruments (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts of recognized asset (liabilities) | $ (59) | $ (1,993) |
Gross amounts offset in the condensed consolidated balance sheets | 13 | 350 |
Net amount of recognized liability presented in the condensed consolidated balance sheets | $ (46) | $ (1,643) |
Stock Plans (Details Textual)
Stock Plans (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)share_based_compensation_plan$ / sharesshares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)share_based_compensation_planformshares$ / shares | Sep. 30, 2014USD ($)$ / sharesshares | |
Stock Plans (Textual) [Abstract] | ||||
Stock-based compensation plans | share_based_compensation_plan | 2 | 2 | ||
Stock options granted during the period | 58,641 | 321,844 | 0 | |
Average grant date fair value per share | $ / shares | $ 4.72 | $ 6.72 | ||
Stock-based compensation expense | $ | $ 2,906 | $ 2,934 | ||
Executives | ||||
Stock Plans (Textual) [Abstract] | ||||
Number of forms of equity awards | form | 3 | |||
Stock Options | ||||
Stock Plans (Textual) [Abstract] | ||||
Stock-based compensation expense | $ | $ 75 | $ 33 | $ 156 | $ 74 |
Fair value per share | $ / shares | $ 2.44 | $ 2.32 | ||
Restricted stock awards | ||||
Stock Plans (Textual) [Abstract] | ||||
Restricted stock granted | 255,600 | |||
Fair value per share | $ / shares | $ 14.20 | |||
Restricted stock unit awards | ||||
Stock Plans (Textual) [Abstract] | ||||
Number of forms of equity awards | form | 2 | |||
Restricted stock unit vesting period (in years) | 1 year | |||
Restricted stock unit, granted | 40,190 | 715,073 | 137,000 | |
Number of unrestricted shares of common stock received upon vesting | 1 | |||
Restricted stock unit awards | Share-based Compensation Award, Tranche One | ||||
Stock Plans (Textual) [Abstract] | ||||
Fair value per share | $ / shares | $ 4.72 | $ 6.96 | $ 15.17 | |
Restricted stock unit vesting period (in years) | 4 years | |||
Restricted stock unit, granted | 500,242 | 67,000 | ||
Restricted stock unit awards | Share-based Compensation Award, Tranche Three | ||||
Stock Plans (Textual) [Abstract] | ||||
Fair value per share | $ / shares | $ 7.19 | |||
Restricted stock unit, granted | 214,831 | |||
Restricted stock unit awards | Share-based Compensation Award, Tranche Two | ||||
Stock Plans (Textual) [Abstract] | ||||
Fair value per share | $ / shares | $ 7.71 | |||
Restricted stock unit vesting period (in years) | 3 years | |||
Restricted stock unit, granted | 70,000 | |||
Restricted stock unit awards | Non-employee directors | ||||
Stock Plans (Textual) [Abstract] | ||||
Stock-based compensation expense | $ | $ 171 | 146 | $ 459 | $ 467 |
Fair value per share | $ / shares | $ 7.08 | $ 9.03 | ||
Restricted stock unit, granted | 93,212 | 65,891 | ||
Employee stock purchase plan | ||||
Stock Plans (Textual) [Abstract] | ||||
Stock-based compensation expense | $ | $ 60 | $ 57 | $ 200 | $ 400 |
Discount rate from market value on offering date | 85.00% |
Stock Plans (Details)
Stock Plans (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee stock purchase plan | ||||
Schedule of stock options and employee stock purchase plan weighted-average assumptions | ||||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Exercise price | $ 5.42 | $ 8.72 | $ 5.83 | $ 8.09 |
Expected volatility | 68.00% | 61.00% | 58.00% | 68.00% |
Average risk-free interest rate | 0.01% | 0.02% | 0.08% | 0.05% |
Expected life/term (in years) | 3 months | 3 months 18 days | 5 months 9 days | 6 months |
Fair value per share | $ 5.42 | $ 2.37 | $ 5.83 | $ 5.89 |
Stock Options | ||||
Schedule of stock options and employee stock purchase plan weighted-average assumptions | ||||
Expected dividends | 0.00% | 0.00% | ||
Exercise price | $ 4.72 | $ 6.72 | ||
Expected volatility | 60.00% | 61.00% | ||
Average risk-free interest rate | 1.60% | 1.59% | ||
Expected life/term (in years) | 5 years | 5 years | ||
Fair value per share | $ 2.44 | $ 2.32 |
Stock Plans (Details 1)
Stock Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of stock-based compensation expense | ||||
Share-based Compensation | $ 2,906 | $ 2,934 | ||
Total stock-based compensation expense | $ 1,055 | $ 1,011 | 2,906 | 2,934 |
Restricted stock awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 546 | 703 | 1,501 | 1,854 |
Restricted stock unit awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 203 | 85 | 590 | 139 |
Restricted stock unit awards | Market-condition restricted stock units | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 34 | 34 | 102 | 56 |
Service-based restricted stock awards | Restricted stock awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 546 | 696 | 1,545 | 1,834 |
Service-based restricted stock awards | Restricted stock unit awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 229 | 51 | 516 | 83 |
Performance-based restricted stock awards | Restricted stock awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | 0 | 7 | (44) | 20 |
Performance-based restricted stock awards | Restricted stock unit awards | ||||
Schedule of stock-based compensation expense | ||||
Share-based Compensation | (60) | 0 | (28) | 0 |
Cost of revenue | ||||
Schedule of stock-based compensation expense | ||||
Total stock-based compensation expense | 186 | 145 | 539 | 587 |
Selling, general and administrative | ||||
Schedule of stock-based compensation expense | ||||
Total stock-based compensation expense | 708 | 716 | 1,732 | 1,705 |
Research and development | ||||
Schedule of stock-based compensation expense | ||||
Total stock-based compensation expense | $ 161 | $ 150 | $ 635 | $ 642 |
Shelf Registration Statement (D
Shelf Registration Statement (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | Jun. 11, 2015 | Apr. 23, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 03, 2014 |
Stock Offering (Textual) [Abstract] | |||||
Aggregate value of securities permitted for issuance (up to $125 million) | $ 125,000,000 | ||||
Proceeds from sale of common stock, net of offering costs | $ 9,565,000 | $ 0 | |||
Cowen and Company | Equity Offering Sales Agreement under Shelf Registration Statement | |||||
Stock Offering (Textual) [Abstract] | |||||
Number of shares the Company may sell per equity offering sales agreement (up to $10 million) | $ 10,000,000 | ||||
Percentage commission of gross proceeds | 3.00% | ||||
Amount of common stock sold | $ 10,000,000 | ||||
Common stock, shares issued | 1,830 | ||||
Average share price | $ 5.46 | ||||
Proceeds from sale of common stock, net of offering costs | $ 9,565,000 | ||||
Commissions and offering costs | $ 406,000 |
Defined Benefit Plan (Details)
Defined Benefit Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of components of net periodic pension income | ||||
Service cost | $ 239 | $ 211 | $ 726 | $ 645 |
Interest cost | 83 | 174 | 251 | 532 |
Expected return on plan assets | (386) | (446) | (1,175) | (1,361) |
Prior service cost amortization | 34 | 35 | 105 | 107 |
Deferred loss amortization | 11 | 0 | 33 | 0 |
Net periodic pension benefit | $ (19) | $ (26) | $ (60) | $ (77) |
Defined Benefit Plan (Details T
Defined Benefit Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan (Textual) [Abstract] | ||||
Employer contributions | $ 145 | $ 182 | $ 485 | $ 553 |
Additional employer contributions, expected to be paid during the remainder of fiscal year | $ 96 |
Legal Proceedings (Details Text
Legal Proceedings (Details Textual) $ in Millions | Jul. 13, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2013shareholder_class_action | Jun. 10, 2013shareholder_class_action | May. 07, 2013shareholder_class_action |
Federal Shareholder Derivative Settlement | |||||
Loss Contingencies [Line Items] | |||||
Number of shareholder class actions filed | 2 | ||||
Number of actions | 2 | ||||
Fee award amount | $ | $ 1.1 | ||||
Federal Shareholder Derivative Settlement | Accounts Payable and Accrued Liabilities | |||||
Loss Contingencies [Line Items] | |||||
Accrued liability released due to settlement | $ | $ 1.1 | ||||
Federal Shareholder Derivative Settlement | Trade and Other Accounts Receivable | |||||
Loss Contingencies [Line Items] | |||||
Receivable released due to settlement | $ | $ 1.1 | ||||
State Shareholder Derivative Matter | |||||
Loss Contingencies [Line Items] | |||||
Number of shareholder class actions filed | 2 | ||||
Number of actions | 2 |
Restructuring and Exit costs (N
Restructuring and Exit costs (Narrative) (Details) - Restructuring Plan ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)ft² | Sep. 30, 2015USD ($) | Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charge | $ 3,800 | $ 3,800 | ||
Employee severance costs paid | 650 | $ 118 | 768 | |
Amount of liability | 1,542 | 2,222 | 1,542 | |
Total charges related to restructuring plan | 149 | $ 2,340 | ||
Restructuring and exit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges related to restructuring plan | 56 | 2,300 | ||
Cost of goods sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated equipment depreciation expense | 125 | 310 | ||
Scenario, Forecast | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance costs paid | $ 2,200 | |||
Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charge | 2,100 | 2,100 | ||
Square feet of manufacturing facility | ft² | 60 | |||
Amount of liability | $ 1,200 | |||
Facility Closing | Other Current Liabilities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount of liability | 277 | 277 | ||
Employee Severance Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charge | 1,200 | 1,200 | ||
Employee severance costs paid | 650 | 118 | ||
Amount of liability | 420 | 1,014 | 420 | |
Employee severance costs | 56 | 1,100 | ||
Total charges related to restructuring plan | 149 | 1,132 | ||
Employee Severance Costs | Accrued Employee Compensation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount of liability | 419 | 419 | ||
Accelerated Depreciation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charge | 375 | 375 | ||
Relocation costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charge | 125 | 125 | ||
Lease Obligation Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance costs paid | 0 | 0 | ||
Amount of liability | 1,122 | 1,208 | 1,122 | |
Total charges related to restructuring plan | 0 | $ 1,208 | ||
Lease Obligation Costs | Other Long Term Liabilities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amount of liability | $ 845 | $ 845 |
Restructuring and Exit costs (S
Restructuring and Exit costs (Schedule of Severance and Exit Costs) (Details) - Restructuring Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Amounts reserved | $ 2,222 | ||
Costs incurred | 149 | $ 2,340 | |
Amounts paid | (650) | (118) | $ (768) |
Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 | (179) | ||
Amounts reserved | 1,542 | 2,222 | 1,542 |
Employee Severance Costs | |||
Restructuring Reserve [Roll Forward] | |||
Amounts reserved | 1,014 | ||
Costs incurred | 149 | 1,132 | |
Amounts paid | (650) | (118) | |
Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 | (93) | ||
Amounts reserved | 420 | 1,014 | 420 |
Lease Obligation Costs | |||
Restructuring Reserve [Roll Forward] | |||
Amounts reserved | 1,208 | ||
Costs incurred | 0 | 1,208 | |
Amounts paid | 0 | 0 | |
Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 | (86) | ||
Amounts reserved | 1,122 | 1,208 | 1,122 |
Other Exit Costs | |||
Restructuring Reserve [Roll Forward] | |||
Amounts reserved | 0 | ||
Costs incurred | 0 | 0 | |
Amounts paid | 0 | 0 | |
Amounts released and other non-cash adjustments for the quarter ended September 30, 2015 | 0 | ||
Amounts reserved | $ 0 | $ 0 | $ 0 |