Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Dec. 31, 2014 | Jan. 21, 2015 | |
DEI Information [Abstract] | ||
Entity Registrant Name | MICROCHIP TECHNOLOGY INC | |
Entity Central Index Key | 827054 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 201,448,608 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $456,339 | $466,603 |
Short-term investments | 666,119 | 878,182 |
Accounts receivable, net | 242,595 | 242,405 |
Inventories | 276,143 | 262,725 |
Prepaid expenses | 35,111 | 31,756 |
Deferred tax assets | 50,490 | 67,490 |
Assets held for sale | 13,985 | 0 |
Other current assets | 42,697 | 20,238 |
Total current assets | 1,783,479 | 1,969,399 |
Property, plant and equipment, net | 577,123 | 531,967 |
Long-term investments | 1,107,224 | 798,712 |
Goodwill | 565,290 | 276,097 |
Intangible assets, net | 551,210 | 445,499 |
Other assets | 44,591 | 45,956 |
Total assets | 4,628,917 | 4,067,630 |
LIABILITIES AND EQUITY | ||
Accounts payable | 76,933 | 74,050 |
Accrued liabilities | 104,389 | 96,731 |
Short-term borrowings | 17,500 | 17,500 |
Deferred Income on Shipments to Distributors | 154,264 | 147,798 |
Total current liabilities | 353,086 | 336,079 |
Junior convertible debentures | 379,263 | 371,873 |
Long-term line of credit | 644,375 | 300,000 |
Long-term borrowings, net | 318,457 | 331,385 |
Long-term income tax payable | 138,388 | 179,966 |
Long-term deferred tax liability | 468,842 | 375,316 |
Other long-term liabilities | 44,228 | 37,550 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; authorized 5,000,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; authorized 450,000,000 shares; 218,789,994 shares issued and 201,444,488 shares outstanding at December 31, 2014; 218,789,994 shares issued and 200,002,736 shares outstanding at March 31, 2014 | 201 | 200 |
Additional paid-in capital | 1,252,902 | 1,244,583 |
Common stock held in treasury: 17,345,506 shares at December 31, 2014; 18,787,258 shares at March 31, 2014 | -534,562 | -577,382 |
Accumulated other comprehensive income | 15,563 | 1,051 |
Retained earnings | 1,522,185 | 1,467,009 |
Microchip Technology stockholders' equity | 2,256,289 | 2,135,461 |
Noncontrolling interests | 25,989 | 0 |
Total equity | 2,282,278 | 2,135,461 |
Total liabilities and equity | $4,628,917 | $4,067,630 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares, Issued | 218,789,994 | 218,789,994 |
Common Stock, Shares, Outstanding | 201,444,488 | 200,002,736 |
Treasury Stock, Shares | 17,345,506 | 18,787,258 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Income Statement | ||||||||
Net sales | $528,710 | $482,372 | $1,603,829 | $1,437,833 | ||||
Cost of sales (1) | 226,751 | [1] | 199,652 | [1] | 687,897 | [1] | 599,676 | [1] |
Gross profit | 301,959 | 282,720 | 915,932 | 838,157 | ||||
Operating expenses: | ||||||||
Research and development (1) | 88,697 | [1] | 76,341 | [1] | 261,881 | [1] | 227,680 | [1] |
Selling, general and administrative (1) | 66,668 | [1] | 66,856 | [1] | 207,037 | [1] | 201,934 | [1] |
Amortization of acquired intangible assets | 47,582 | 21,804 | 129,659 | 73,225 | ||||
Special charges | 1,003 | 801 | 2,082 | 2,491 | ||||
Total operating expenses | 203,950 | 165,802 | 600,659 | 505,330 | ||||
Operating income | 98,009 | 116,918 | 315,273 | 332,827 | ||||
(Losses) gains on equity method investments | -62 | 150 | -129 | -211 | ||||
Other income (expense): | ||||||||
Interest income | 4,924 | 4,241 | 14,197 | 12,176 | ||||
Interest expense | -14,223 | -12,545 | -41,920 | -36,755 | ||||
Other (expense) income, net | -2,457 | 3,824 | -3,535 | 6,093 | ||||
Income before income taxes | 86,191 | 112,588 | 283,886 | 314,130 | ||||
Income tax provision | 1,393 | 7,187 | 17,141 | 30,344 | ||||
Net income | 84,798 | 105,401 | 266,745 | 283,786 | ||||
Less: Net loss attributable to noncontrolling interests | 1,259 | 0 | 2,862 | 0 | ||||
Net income attributable to Microchip Technology | 86,057 | 105,401 | 269,607 | 283,786 | ||||
Basic net income per common share attributable to Microchip Technology stockholders | $0.43 | $0.53 | $1.34 | $1.43 | ||||
Diluted net income per common share attributable to Microchip Technology stockholders | $0.39 | $0.48 | $1.20 | $1.31 | ||||
Dividends declared per common share | $0.36 | $0.35 | $1.07 | $1.06 | ||||
Basic common shares outstanding | 201,203 | 198,759 | 200,673 | 197,845 | ||||
Diluted common shares outstanding | 223,487 | 219,089 | 224,433 | 215,943 | ||||
Allocated Share-based Compensation Expense | 11,187 | 12,209 | 36,528 | 36,874 | ||||
Cost of Sales [Member] | ||||||||
Other income (expense): | ||||||||
Allocated Share-based Compensation Expense | 2,290 | [2] | 1,841 | [2] | 6,985 | [2] | 5,674 | [2] |
Research and Development Expense [Member] | ||||||||
Other income (expense): | ||||||||
Allocated Share-based Compensation Expense | 7,075 | 6,141 | 20,645 | 18,762 | ||||
Selling, General and Administrative Expenses [Member] | ||||||||
Other income (expense): | ||||||||
Allocated Share-based Compensation Expense | $5,454 | $5,737 | $15,783 | $16,939 | ||||
[1] | Includes share-based compensation expense as follows:Cost of sales 2,290 1,841 6,985 5,674 Research and development 7,075 6,141 20,645 18,762 Selling, general and administrative 5,454 5,737 15,783 16,939 | |||||||
[2] | During the three and nine months ended DecemberB 31, 2014, $1.7 million and $5.0 million, respectively, of share-based compensation expense was capitalized to inventory and $2.3 million and $7.0 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. During the three and nine months ended DecemberB 31, 2013, $1.9 million and $5.7 million, respectively, of share-based compensation expense was capitalized to inventory and $1.8 million and $5.7 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $11,187 | $12,209 | $36,528 | $36,874 | ||||
Cost of Sales [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 2,290 | [1] | 1,841 | [1] | 6,985 | [1] | 5,674 | [1] |
Research and Development Expense [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 7,075 | 6,141 | 20,645 | 18,762 | ||||
Selling General And Administrative Member | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $5,454 | $5,737 | $15,783 | $16,939 | ||||
[1] | During the three and nine months ended DecemberB 31, 2014, $1.7 million and $5.0 million, respectively, of share-based compensation expense was capitalized to inventory and $2.3 million and $7.0 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. During the three and nine months ended DecemberB 31, 2013, $1.9 million and $5.7 million, respectively, of share-based compensation expense was capitalized to inventory and $1.8 million and $5.7 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net income | $84,798 | $105,401 | $266,745 | $283,786 |
Less: Net loss attributable to noncontrolling interests | 1,259 | 0 | 2,862 | 0 |
Net income attributable to Microchip Technology | 86,057 | 105,401 | 269,607 | 283,786 |
Unrealized holding gains (losses), net of tax effect of $12,380, $0, $12,392 and $497, respectively | 19,844 | 59 | 19,439 | -8,011 |
Reclassification of realized transactions, net of tax effect of $0, $0, $12 and $776, respectively | -73 | -113 | -157 | -1,503 |
Change in net foreign currency translation adjustment | 1,046 | 0 | -5,188 | 0 |
Other comprehensive income (loss), net of taxes | 20,817 | -54 | 14,094 | -9,514 |
Less: Other comprehensive (income) loss attributable to noncontrolling interests | -149 | 0 | 866 | 0 |
Other comprehensive income (loss) attributable to Microchip Technology | 20,668 | -54 | 14,960 | -9,514 |
Comprehensive income | 105,615 | 105,347 | 280,839 | 274,272 |
Less: Comprehensive loss attributable to noncontrolling interests | -1,110 | 0 | -3,728 | 0 |
Comprehensive income attributable to Microchip Technology | $106,725 | $105,347 | $284,567 | $274,272 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $12,380 | $0 | $12,392 | $497 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities | ||
Net income | $266,745 | $283,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 205,112 | 143,704 |
Deferred income taxes | 5,795 | 24,190 |
Share-based compensation expense related to equity incentive plans | 43,413 | 41,375 |
Excess tax benefit from share-based compensation | -1,100 | 0 |
Convertible debt derivatives - revaluation and amortization | 79 | -449 |
Amortization of debt discount on convertible debentures | 7,311 | 6,682 |
Amortization of debt issuance costs | 1,632 | 1,416 |
Losses on equity method investments | 129 | 211 |
Loss on write-down of fixed assets | 285 | 0 |
Impairment of intangible assets | 1,861 | 350 |
Amortization of premium on available-for-sale investments | 7,561 | 8,067 |
Special income, net | 0 | -999 |
Gain on shares of acquired company | 0 | -2,438 |
Changes In Operating Assets And Liabilities | ||
Decrease in accounts receivable | 15,449 | 5,624 |
Decrease (increase) in inventories | 28,684 | -30,588 |
Increase in deferred income on shipments to distributors | 6,466 | 4,363 |
Decrease in accounts payable and accrued liabilities | -39,001 | -21,870 |
Change in other assets and liabilities | -7,749 | 9,799 |
Net cash provided by operating activities | 542,672 | 473,223 |
Cash flows from investing activities | ||
Purchases of available-for-sale investments | -721,861 | -950,560 |
Sales and maturities of available-for-sale investments | 821,160 | 584,186 |
Acquisition of ISSC, net of cash acquired | -252,469 | 0 |
Purchase of additional controlling interest in ISSC | -22,934 | 0 |
Acquisition of Supertex, net of cash acquired | -375,365 | 0 |
Other business acquisitions, net of cash acquired | 0 | -11,187 |
Investments in other assets | -5,274 | -7,462 |
Proceeds from sale of assets | 0 | 16,200 |
Capital expenditures | -120,014 | -79,536 |
Net cash used in investing activities | -676,757 | -448,359 |
Cash flows from financing activities: | ||
Repayments of revolving loan under previous credit facility | 0 | -650,000 |
Repayments of revolving loan under new credit facility | -427,900 | -153,500 |
Proceeds from borrowings on revolving loan under previous credit facility | 0 | 30,000 |
Proceeds from borrowings on revolving loan under new credit facility | 772,275 | 453,500 |
Proceeds from issuance of long-term borrowings | 0 | 350,000 |
Repayments of long-term borrowings | -13,125 | 0 |
Deferred financing costs | 0 | -7,515 |
Payment of cash dividends | -214,431 | -210,322 |
Proceeds from sale of common stock | 20,829 | 42,517 |
Tax payments related to shares withheld for vested restricted stock units | -14,276 | -17,765 |
Contingent consideration payment | 0 | -14,700 |
Capital lease payments | -450 | -313 |
Excess tax benefit from share-based compensation | 1,100 | 0 |
Net cash provided by (used in) financing activities | 124,022 | -178,098 |
Effect of foreign exchange rate changes on cash and cash equivalents | -201 | 0 |
Net decrease in cash and cash equivalents | -10,264 | -153,234 |
Cash and cash equivalents at beginning of period | 466,603 | 528,334 |
Cash and cash equivalents at end of period | $456,339 | $375,100 |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements include the accounts of Microchip Technology Incorporated and its majority-owned subsidiaries (the Company).  The Company owns 100% of the outstanding stock in all of its subsidiaries with the exception of its recent acquisition of ISSC Technologies Corporation (ISSC) as further discussed in Note 2. The noncontrolling interests in the Company's net income from ISSC have been excluded from net income attributable to the Company in the Company's condensed consolidated statements of income. All intercompany balances and transactions have been eliminated in consolidation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC).  The information furnished herein reflects all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods reported. Certain information and footnote disclosures normally included in audited consolidated financial statements have been condensed or omitted pursuant to such SEC rules and regulations.  It is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014.  The results of operations for the nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015 or for any other period. |
Business_Acquisitions_Notes
Business Acquisitions (Notes) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Business Acquisitions | Business Acquisitions | |||||||||||||||
Acquisition of ISSC | ||||||||||||||||
On July 17, 2014, the Company acquired an 83.5% interest in Taiwan based ISSC, a leading provider of low power Bluetooth and advanced wireless solutions for the Internet of Things (IoT) market. The total purchase price paid for the 83.5% interest was approximately $267.6 million and was financed with existing cash and investment balances. The Company's primary reason for this acquisition was to expand the Company's range of solutions, products and capabilities in the wireless and IoT areas by extending its served available market. The Company acquired the 83.5% ownership interest through a tender offer process and expects to acquire the remaining shares through a follow-on merger which is expected to close in the first quarter of fiscal 2016. As of December 31, 2014, the Company's ownership percentage in ISSC was approximately 91.1%. | ||||||||||||||||
The acquisition was accounted for under the acquisition method of accounting, with the Company identified as the acquirer. Since the Company's acquired ownership interest in ISSC represents a controlling interest, the operating results of ISSC have been included in the Company's condensed consolidated financial statements as of the closing date of the acquisition with the noncontrolling interest deducted to arrive at net income. The fair value of the noncontrolling interest at the acquisition date was calculated based on the expected purchase price of the remaining shares available. As the Company purchases additional shares of ISSC, the noncontrolling interest will be reduced and any gain or loss on the shares purchased will be reflected in the stockholders' equity of the Company. Under the acquisition method of accounting, the aggregate amount of consideration paid by the Company was allocated to ISSC's net tangible assets and intangible assets based on their estimated fair values as of July 17, 2014. The excess of the purchase price over the value of the net tangible assets and intangible assets was recorded to goodwill. The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. The goodwill has been allocated to the Company's semiconductor products reporting segment. None of the goodwill related to the ISSC acquisition is deductible for tax purposes. The Company retained an independent third-party appraiser to assist management in its valuation; however, the purchase price allocation has not been finalized. This could result in adjustments to the carrying value of the assets acquired and liabilities assumed, the useful lives of intangible assets and the residual amount allocated to goodwill. The preliminary allocation of the purchase price is based on the best estimates of management and is subject to revision based on the final valuations and estimates of useful lives. | ||||||||||||||||
The table below represents the preliminary allocation of the purchase price, including adjustments to the purchase price allocation from the originally reported figures at September 30, 2014, to the net assets acquired based on their estimated fair values as of July 17, 2014, as well as the associated estimated useful lives of the acquired intangible assets at that date (amounts in thousands): | ||||||||||||||||
Assets acquired | Previously Reported September 30, 2014 | Adjustments | 31-Dec-14 | |||||||||||||
Cash and cash equivalents | $ | 15,120 | $ | — | $ | 15,120 | ||||||||||
Short-term investments | 27,063 | — | 27,063 | |||||||||||||
Accounts receivable, net | 8,792 | — | 8,792 | |||||||||||||
Inventories | 19,160 | (2,618 | ) | 16,542 | ||||||||||||
Prepaid expenses and other current assets | 2,501 | — | 2,501 | |||||||||||||
Property, plant and equipment, net | 2,637 | — | 2,637 | |||||||||||||
Goodwill | 152,243 | 2,156 | 154,399 | |||||||||||||
Purchased intangible assets | 147,800 | — | 147,800 | |||||||||||||
Other assets | 1,370 | — | 1,370 | |||||||||||||
Total assets acquired | 376,686 | (462 | ) | 376,224 | ||||||||||||
Liabilities assumed | ||||||||||||||||
Accounts payable | (9,860 | ) | — | (9,860 | ) | |||||||||||
Other current liabilities | (16,997 | ) | 462 | (16,535 | ) | |||||||||||
Long-term income tax payable | (4,402 | ) | — | (4,402 | ) | |||||||||||
Deferred tax liability | (25,126 | ) | — | (25,126 | ) | |||||||||||
Other long-term liabilities | (245 | ) | — | (245 | ) | |||||||||||
Total liabilities assumed | (56,630 | ) | 462 | (56,168 | ) | |||||||||||
Net assets acquired including noncontrolling interest | 320,056 | — | 320,056 | |||||||||||||
Less: noncontrolling interest | (52,467 | ) | — | (52,467 | ) | |||||||||||
Net assets acquired | $ | 267,589 | $ | — | $ | 267,589 | ||||||||||
The amount of cash paid by the Company, net of cash and short-term investments acquired from ISSC of approximately $42.2 million, was $225.4 million. | ||||||||||||||||
Purchased Intangible Assets | Useful Life | 1-Apr-14 | ||||||||||||||
(in years) | (in thousands) | |||||||||||||||
Core/developed technology | 10 | $ | 68,900 | |||||||||||||
In-process technology | 10 | 27,200 | ||||||||||||||
Customer-related | 3 | 51,100 | ||||||||||||||
Backlog | 1 | 600 | ||||||||||||||
$ | 147,800 | |||||||||||||||
Purchased intangible assets include core and developed technology, in-process technology, customer-related intangibles and acquisition-date backlog. The estimated fair values of the core and developed technology and in-process technology were determined based on the present value of the expected cash flows to be generated by the respective existing technology or future technology. The core and developed technology intangible assets are being amortized commensurate with the expected cash flows used in the initial determination of fair value. In-process technology is capitalized until such time the related projects are completed or abandoned at which time the capitalized amounts will begin to be amortized or written off. | ||||||||||||||||
Customer-related intangible assets consist of ISSC's contractual relationships and customer loyalty related to its distributor and end-customer relationships, and the fair values of the customer-related intangibles were determined based on ISSC's projected revenues. An analysis of expected attrition and revenue growth for existing customers was prepared from ISSC's historical customer information. Customer relationships are being amortized in a manner consistent with the estimated cash flows associated with the existing customers and anticipated retention rates. Backlog relates to the value of orders not yet shipped by ISSC at the acquisition date, and the preliminary fair values were based on the estimated profit associated with those orders. Backlog related assets are being recognized commensurate with recognition of the revenue for the orders on which the backlog intangible assets were determined. Amortization expense associated with acquired intangible assets is not deductible for tax purposes. Thus, approximately $25.1 million was established as a net deferred tax liability for the future amortization of the intangible assets. | ||||||||||||||||
The amount of ISSC net sales and net loss attributable to the Company included in the Company's condensed consolidated statements of income for the three months ended December 31, 2014 was approximately $8.7 million and $10.0 million, respectively. The amount of ISSC net sales and net loss attributable to the Company included in the Company's condensed consolidated statements of income for the nine months ended December 31, 2014 was approximately $25.6 million and $18.2 million, respectively. The amount of ISSC net sales in the three months ended December 31, 2014 was negatively impacted by approximately $7.1 million due to the Company changing the contractual relationships with the ISSC distribution network to a sell through revenue recognition model. | ||||||||||||||||
The following unaudited pro-forma consolidated results of operations for the three and nine months ended December 31, 2014 and 2013 assume the ISSC acquisition occurred as of April 1, 2013. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2013 or of results that may occur in the future (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 528,710 | $ | 497,585 | $ | 1,626,183 | $ | 1,490,776 | ||||||||
Net income attributable to Microchip Technology | 86,683 | 97,470 | 265,412 | 260,386 | ||||||||||||
Net income attributable to Microchip Technology common stockholders per share - basic | $ | 0.43 | $ | 0.49 | $ | 1.32 | $ | 1.32 | ||||||||
Net income attributable to Microchip Technology common stockholders per share - diluted | $ | 0.39 | $ | 0.44 | $ | 1.18 | $ | 1.21 | ||||||||
Acquisition of Supertex | ||||||||||||||||
On April 1, 2014, the Company acquired Supertex Inc., a publicly traded company based in Sunnyvale, California, for $33.00 per share and the exchange of certain share-based payment awards, for a total of $391.8 million. The Company financed the transaction using borrowings under its existing credit agreement. As a result of the acquisition, Supertex became a wholly owned subsidiary of the Company. Supertex is a leader in high voltage analog and mixed signal technologies, with a strong position in the medical, lighting and industrial control markets. The Company's primary reason for this acquisition was to expand the Company's range of solutions, products and capabilities in these areas by extending its served available market. | ||||||||||||||||
The acquisition was accounted for under the acquisition method of accounting, with the Company identified as the acquirer, and the operating results of Supertex have been included in the Company's condensed consolidated financial statements as of the closing date of the acquisition. Under the acquisition method of accounting, the aggregate amount of consideration paid by the Company was allocated to Supertex's net tangible assets and intangible assets based on their estimated fair values as of April 1, 2014. The excess of the purchase price over the value of the net tangible assets and intangible assets was recorded to goodwill. The factors contributing to the recognition of goodwill were based upon the Company's conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. The goodwill has been allocated to the Company's semiconductor products reporting segment. None of the goodwill related to the Supertex acquisition is deductible for tax purposes. The Company retained an independent third-party appraiser to assist management in its valuation; however, the purchase price allocation has not been finalized. This could result in adjustments to the carrying value of the assets acquired and liabilities assumed, the useful lives of intangible assets and the residual amount allocated to goodwill. The preliminary allocation of the purchase price is based on the best estimates of management and is subject to revision based on the final valuations and estimates of useful lives. | ||||||||||||||||
The table below represents the preliminary allocation of the purchase price, including adjustments to the purchase price allocation from the originally reported figures at June 30, 2014, to the net assets acquired based on their estimated fair values as of April 1, 2014 (amounts in thousands): | ||||||||||||||||
Assets acquired | Previously Reported June 30, 2014 | Adjustments | 31-Dec-14 | |||||||||||||
Cash and cash equivalents | $ | 14,790 | $ | — | $ | 14,790 | ||||||||||
Short-term investments | 140,984 | — | 140,984 | |||||||||||||
Accounts receivable, net | 7,047 | — | 7,047 | |||||||||||||
Inventories | 27,630 | — | 27,630 | |||||||||||||
Prepaid expenses | 1,493 | — | 1,493 | |||||||||||||
Deferred tax assets | 3,997 | — | 3,997 | |||||||||||||
Other current assets | 16,113 | — | 16,113 | |||||||||||||
Property, plant and equipment, net | 15,679 | — | 15,679 | |||||||||||||
Goodwill | 133,713 | 3,465 | 137,178 | |||||||||||||
Purchased intangible assets | 89,600 | — | 89,600 | |||||||||||||
Other assets | 325 | — | 325 | |||||||||||||
Total assets acquired | 451,371 | 3,465 | 454,836 | |||||||||||||
Liabilities assumed | ||||||||||||||||
Accounts payable | (8,481 | ) | — | (8,481 | ) | |||||||||||
Accrued liabilities | (19,345 | ) | (25 | ) | (19,370 | ) | ||||||||||
Long-term income tax payable | (3,796 | ) | — | (3,796 | ) | |||||||||||
Deferred tax liability | (27,972 | ) | (3,440 | ) | (31,412 | ) | ||||||||||
Total liabilities assumed | (59,594 | ) | (3,465 | ) | (63,059 | ) | ||||||||||
Net assets acquired | $ | 391,777 | $ | — | $ | 391,777 | ||||||||||
The total purchase price allocated of $391.8 million includes approximately $1.6 million of non cash consideration for the exchange of certain share-based payment awards of Supertex for stock awards of the Company. The amount of cash paid by the Company, net of cash and short-term investments acquired from Supertex of approximately $155.8 million, was $234.4 million. | ||||||||||||||||
Purchased Intangible Assets | Useful Life | 1-Apr-14 | ||||||||||||||
(in years) | (in thousands) | |||||||||||||||
Core/developed technology | 10 | $ | 68,900 | |||||||||||||
In-process technology | 10 | 1,900 | ||||||||||||||
Customer-related | 2 | 17,700 | ||||||||||||||
Backlog | 1 | 1,100 | ||||||||||||||
$ | 89,600 | |||||||||||||||
Purchased intangible assets include core and developed technology, in-process technology, customer-related intangibles and acquisition-date backlog. The estimated fair values of the core and developed technology and in-process technology were determined based on the present value of the expected cash flows to be generated by the respective existing technology or future technology. The core and developed technology intangible assets are being amortized commensurate with the expected cash flows used in the initial determination of fair value. In-process technology is capitalized until such time the related projects are completed or abandoned at which time the capitalized amounts will begin to be amortized or written off. | ||||||||||||||||
Customer-related intangible assets consist of Supertex's contractual relationships and customer loyalty related to its distributor and end-customer relationships, and the fair values of the customer-related intangibles were determined based on Supertex's projected revenues. An analysis of expected attrition and revenue growth for existing customers was prepared from Supertex's historical customer information. Customer relationships are being amortized in a manner consistent with the estimated cash flows associated with the existing customers and anticipated retention rates. Backlog relates to the value of orders not yet shipped by Supertex at the acquisition date, and the preliminary fair values were based on the estimated profit associated with those orders. Backlog related assets are being recognized commensurate with recognition of the revenue for the orders on which the backlog intangible assets were determined. Amortization expense associated with acquired intangible assets is not deductible for tax purposes. Thus, approximately $22.8 million was established as a net deferred tax liability for the future amortization of the intangible assets. | ||||||||||||||||
The amount of Supertex net sales included in the Company's condensed consolidated statements of income for the three months ended December 31, 2014 was approximately $18.6 million. The amount of Supertex net sales included in the Company's condensed consolidated statements of income for the nine months ended December 31, 2014 was approximately $53.0 million. The operations of Supertex were fully integrated into the Company's operations as of July 1, 2014 and as such, cost of sales and operating expenses were no longer segregated in the three or nine months ended December 31, 2014. | ||||||||||||||||
The following unaudited pro-forma consolidated results of operations for the three and nine months ended December 31, 2014 and 2013 assume the Supertex acquisition occurred as of April 1, 2013. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2013 or of results that may occur in the future (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 528,710 | $ | 499,722 | $ | 1,606,298 | $ | 1,486,661 | ||||||||
Net income | 87,392 | 99,741 | 291,288 | 251,976 | ||||||||||||
Basic earnings per share | $ | 0.43 | $ | 0.5 | $ | 1.45 | $ | 1.27 | ||||||||
Diluted earnings per share | $ | 0.39 | $ | 0.46 | $ | 1.3 | $ | 1.17 | ||||||||
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. The amendments in this ASU provide explicit guidance on whether a performance target contained in a share-based payment award that could be achieved after the requisite service period should be treated (i) as a performance condition that affects vesting or (ii) as a nonvesting condition that affects the grant-date fair value of the award. The amendments require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition rather than as a nonvesting condition. Accordingly, such performance targets are not reflected in the estimation of the grant date fair value of the award.  Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments in this update are effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Early adoption is permitted. The Company does not anticipate adoption of this ASU will have a material impact on its consolidated financial statements. | |
In July 2013, FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11) to provide guidance on the presentation of unrecognized tax benefits. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for the Company's first quarter of fiscal 2015 with earlier adoption permitted. ASU 2013-11 should be applied prospectively with retroactive application permitted. There was no income statement impact to the Company as a result of adopting this accounting standard. | |
In May 2014, the FASB issued ASU 2014-09-Revenue from Contracts with Customers, which will supersede nearly all existing revenue recognition guidance under US GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is evaluating its existing revenue recognition policies to determine whether any contracts in the scope of the guidance will be materially affected by the new requirements. The effects may include identifying performance obligations in existing arrangements, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard is effective beginning with the first quarter of the Company's 2018 fiscal year. Early adoption is not permitted. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements.  The Company is currently evaluating the transition method that will be elected. |
Special_Charges_Notes
Special Charges (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Other Nonrecurring (Income) Expense [Abstract] | |
Special charges | Special Charges |
The Company incurred special charges related to severance, office closing and other costs associated with its acquisition activity of $1.0 million and $2.1 million for the three and nine months ended December 31, 2014, respectively, and $0.8 million and $2.5 million for the three and nine months ended December 31, 2013, respectively. |
Segment_Information_Notes
Segment Information (Notes) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
The Company's reportable segments are semiconductor products and technology licensing.  The Company does not allocate operating expenses, interest income, interest expense, other income or expense, or provision for or benefit from income taxes to these segments for internal reporting purposes, as the Company does not believe that allocating these expenses is beneficial in evaluating segment performance.  Additionally, the Company does not allocate assets to segments for internal reporting purposes as it does not manage its segments by such metrics. | ||||||||||||||||
The following table represents net sales and gross profit for each segment for the three and nine months ended December 31, 2014 (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2014 | December 31, 2014 | |||||||||||||||
Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||
Semiconductor products | $ | 505,763 | $ | 279,012 | $ | 1,537,861 | $ | 849,964 | ||||||||
Technology licensing | 22,947 | 22,947 | 65,968 | 65,968 | ||||||||||||
$ | 528,710 | $ | 301,959 | $ | 1,603,829 | $ | 915,932 | |||||||||
The following table represents net sales and gross profit for each segment for the three and nine months ended December 31, 2013 (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||
Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||
Semiconductor products | $ | 458,298 | $ | 258,646 | $ | 1,366,415 | $ | 766,739 | ||||||||
Technology licensing | 24,074 | 24,074 | 71,418 | 71,418 | ||||||||||||
$ | 482,372 | $ | 282,720 | $ | 1,437,833 | $ | 838,157 | |||||||||
Investments_Notes
Investments (Notes) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||
The Company's investments are intended to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relationship to the Company's investment guidelines and market conditions.  The following is a summary of available-for-sale securities at December 31, 2014 (amounts in thousands): | ||||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 736,615 | $ | 113 | $ | (1,866 | ) | $ | 734,862 | |||||||||||||||
Municipal bonds | 45,140 | 74 | (32 | ) | 45,182 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Time deposits (1) | 8,699 | — | — | 8,699 | ||||||||||||||||||||
Corporate bonds and debt | 938,331 | 927 | (1,397 | ) | 937,861 | |||||||||||||||||||
Marketable equity securities | 3,600 | 33,314 | — | 36,914 | ||||||||||||||||||||
$ | 1,742,210 | $ | 34,428 | $ | (3,295 | ) | $ | 1,773,343 | ||||||||||||||||
(1) Time deposits in various financial institutions with maturities greater than three months that will mature within one year. | ||||||||||||||||||||||||
The following is a summary of available-for-sale securities at March 31, 2014 (amounts in thousands): | ||||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 684,451 | $ | 114 | $ | (3,171 | ) | $ | 681,394 | |||||||||||||||
Municipal bonds | 41,622 | 101 | (14 | ) | 41,709 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Corporate bonds and debt | 941,524 | 3,247 | (805 | ) | 943,966 | |||||||||||||||||||
$ | 1,677,422 | $ | 3,462 | $ | (3,990 | ) | $ | 1,676,894 | ||||||||||||||||
At December 31, 2014, the Company's available-for-sale securities are presented on the condensed consolidated balance sheets as short-term investments of $666.1 million and long-term investments of $1,107.2 million.  At March 31, 2014, the Company's available-for-sale securities are presented on the condensed consolidated balance sheets as short-term investments of $878.2 million and long-term investments of $798.7 million. | ||||||||||||||||||||||||
The Company's marketable equity securities consist of an investment in Hua Hong Semiconductor Limited (Hua Hong), which effected its initial public offering on the Hong Kong stock exchange on October 15, 2014. This investment was previously classified as a non-marketable cost-method investment, and had a carrying value of $3.6 million. | ||||||||||||||||||||||||
The following tables show all investments in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (amounts in thousands): | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 568,466 | $ | (1,561 | ) | $ | 64,695 | $ | (305 | ) | $ | 633,161 | $ | (1,866 | ) | |||||||||
Municipal bonds | 13,533 | (32 | ) | — | — | 13,533 | (32 | ) | ||||||||||||||||
Corporate bonds and debt | 460,372 | (1,363 | ) | 5,988 | (34 | ) | 466,360 | (1,397 | ) | |||||||||||||||
$ | 1,042,371 | $ | (2,956 | ) | $ | 70,683 | $ | (339 | ) | $ | 1,113,054 | $ | (3,295 | ) | ||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 522,159 | $ | (3,172 | ) | $ | — | $ | — | $ | 522,159 | $ | (3,172 | ) | ||||||||||
Municipal bonds | 2,625 | (13 | ) | 1,196 | (1 | ) | 3,821 | (14 | ) | |||||||||||||||
Corporate bonds and debt | 256,717 | (804 | ) | — | — | 256,717 | (804 | ) | ||||||||||||||||
$ | 781,501 | $ | (3,989 | ) | $ | 1,196 | $ | (1 | ) | $ | 782,697 | $ | (3,990 | ) | ||||||||||
Management does not believe any of the unrealized losses represent an other-than-temporary impairment based on its evaluation of available evidence as of December 31, 2014 and the Company's intent is to hold these investments until these assets are no longer impaired, except for certain auction rate securities (ARS).  For those debt securities not scheduled to mature until after December 31, 2015, such recovery is not anticipated to occur in the next year and these investments have been classified as long-term investments. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of the available-for-sale securities at December 31, 2014, by contractual maturity, excluding marketable equity securities of $36.9 million and corporate debt of $6.2 million, which have no contractual maturity, are shown below (amounts in thousands).  Expected maturities can differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale securities as available for current operations. | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||
Due in one year or less | $ | 216,444 | $ | 258 | $ | (9 | ) | $ | 216,693 | |||||||||||||||
Due after one year and through five years | 1,428,901 | 835 | (3,081 | ) | 1,426,655 | |||||||||||||||||||
Due after five years and through ten years | 77,250 | 21 | (205 | ) | 77,066 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,732,420 | $ | 1,114 | $ | (3,295 | ) | $ | 1,730,239 | ||||||||||||||||
The Company had no material realized gains or losses from the sale of available-for-sale marketable equity securities or debt securities during each of the three and nine-month periods ended December 31, 2014 and 2013. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
Accounting rules for fair value clarify that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1- | Observable inputs such as quoted prices in active markets; | ||||||||||||||||
Level 2- | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3- | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
Marketable Debt Instruments | |||||||||||||||||
Marketable debt instruments include instruments such as corporate bonds and debt, government agency bonds, bank deposits, municipal bonds, and money market mutual funds. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
Assets measured at fair value on a recurring basis at December 31, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market mutual funds | $ | 51,677 | $ | — | $ | — | $ | 51,677 | |||||||||
Marketable equity securities | 36,914 | — | — | 36,914 | |||||||||||||
Corporate bonds and debt | — | 931,671 | 6,190 | 937,861 | |||||||||||||
Time deposits (1) | — | 8,699 | — | 8,699 | |||||||||||||
Government agency bonds | — | 734,862 | — | 734,862 | |||||||||||||
Deposit accounts | — | 404,662 | — | 404,662 | |||||||||||||
Municipal bonds | — | 45,182 | — | 45,182 | |||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | |||||||||||||
Total assets measured at fair value | $ | 88,591 | $ | 2,125,076 | $ | 16,015 | $ | 2,229,682 | |||||||||
(1) Time deposits in various financial institutions with maturities greater than three months that will mature within one year. | |||||||||||||||||
Assets measured at fair value on a recurring basis at March 31, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for Identical Instruments | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Money market mutual funds | $ | 192,159 | $ | — | $ | — | $ | 192,159 | |||||||||
Corporate bonds and debt | — | 937,776 | 6,190 | 943,966 | |||||||||||||
Government agency bonds | — | 681,394 | — | 681,394 | |||||||||||||
Deposit accounts | — | 274,444 | — | 274,444 | |||||||||||||
Municipal bonds | — | 41,709 | — | 41,709 | |||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | |||||||||||||
Total assets measured at fair value | $ | 192,159 | $ | 1,935,323 | $ | 16,015 | $ | 2,143,497 | |||||||||
There were no transfers between Level 1 and Level 2 during the three and nine-month periods ended December 31, 2014 or the year ended March 31, 2014. | |||||||||||||||||
At December 31, 2014 and at March 31, 2014, the Company's ARS for which recent auctions were unsuccessful are made up of securities related to the insurance industry valued at $9.8 million with a par value of $22.4 million. The Company estimated the fair value of its ARS, which are classified as Level 3 securities, based on the following: (i) the underlying structure of each security; (ii) the present value of future principal and interest payments discounted at rates considered to reflect current market conditions; (iii) consideration of the probabilities of default, auction failure, or repurchase at par for each period; and (iv) estimates of the recovery rates in the event of default for each security. The significant unobservable inputs used in the fair value measurement of the insurance sector ARS as of December 31, 2014 were estimated risk free discount rates, liquidity risk premium, and the liquidity horizon. The risk free discount rate applied to these securities was 2% to 2.5% adjusted for the liquidity risk premium which ranged from 9.1% to 29.5%. The anticipated liquidity horizon ranged from 7 to 10 years. A significant increase in the liquidity premium or discount rate, in isolation, would lead to a significantly lower fair value measurement. A significant increase in the liquidity horizon, in isolation, would lead to a significantly lower fair value measurement. Each quarter the Company investigates material changes in the fair value measurements of its ARS. | |||||||||||||||||
The following tables present a reconciliation for all assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the year ended March 31, 2014 (amounts in thousands): | |||||||||||||||||
Year ended March 31, 2014 | Auction Rate | Corporate | Contingent | Total Losses | |||||||||||||
Securities | Debt | Consideration | |||||||||||||||
Balance at March 31, 2013 | $ | 33,791 | $ | 6,190 | $ | (19,100 | ) | ||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||
Included in earnings | 1,101 | — | (1,370 | ) | $ | (269 | ) | ||||||||||
  Included in other comprehensive income | (332 | ) | — | — | (332 | ) | |||||||||||
Purchases, sales, issuances, and settlements, net | (24,735 | ) | — | 20,470 | |||||||||||||
Balance at March 31, 2014 | $ | 9,825 | $ | 6,190 | $ | — | |||||||||||
Gains and losses recognized in earnings using Level 3 inputs for ARS are credited or charged to Other Income (Expense) on the condensed consolidated statements of income. Gains and losses recognized in earnings using Level 3 inputs related to the revaluation of contingent consideration are credited or charged to Special Charges on the condensed consolidated statements of income. | |||||||||||||||||
Assets measured at fair value on a recurring basis are presented/classified on the condensed consolidated balance sheets at December 31, 2014 as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
 in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 51,677 | $ | 404,662 | $ | — | $ | 456,339 | |||||||||
Short-term investments | 36,914 | 629,205 | — | 666,119 | |||||||||||||
Long-term investments | — | 1,091,209 | 16,015 | 1,107,224 | |||||||||||||
Total assets measured at fair value | $ | 88,591 | $ | 2,125,076 | $ | 16,015 | $ | 2,229,682 | |||||||||
Assets measured at fair value on a recurring basis are presented/classified in the condensed consolidated balance sheets at March 31, 2014 as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | Â (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 192,159 | $ | 274,444 | $ | — | $ | 466,603 | |||||||||
Short-term investments | — | 878,182 | — | 878,182 | |||||||||||||
Long-term investments | — | 782,697 | 16,015 | 798,712 | |||||||||||||
Total assets measured at fair value | $ | 192,159 | $ | 1,935,323 | $ | 16,015 | $ | 2,143,497 | |||||||||
Financial Assets Not Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The Company's non-marketable equity and cost-method investments are not recorded at fair value on a recurring basis.  These investments are monitored on a quarterly basis for impairment charges.  The investments will only be recorded at fair value when an impairment charge is recognized.  There were no impairment charges recognized on these investments during the three and nine-month periods ended December 31, 2014 and December 31, 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The carrying amount of cash equivalents approximates fair value because their maturity is less than three months. Management believes the carrying amount of the equity and cost-method investments materially approximated fair value at December 31, 2014 based upon unobservable inputs. The fair values of these investments have been determined as Level 3 fair value measurements. The fair values of the Company's line of credit and short-term and long-term borrowings are estimated using discounted cash flow analyses, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements and approximate carrying value. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company's line of credit and long-term borrowings at December 31, 2014 approximated book value and are considered Level 2 in the fair value hierarchy described in Note 7. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term maturity of the amounts.  The fair value of the Company's junior subordinated convertible debentures was $2.051 billion at December 31, 2014 and $2.138 billion at March 31, 2014 based on observable market prices for these debentures, which are traded in less active markets and are therefore classified as Level 2 securities. See Note 16 for more information regarding the Company's junior subordinated convertible debentures. |
Accounts_Receivable_Notes
Accounts Receivable (Notes) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable | Accounts Receivable | |||||||
Accounts receivable consists of the following (amounts in thousands): | ||||||||
December 31, 2014 | March 31, 2014 | |||||||
Trade accounts receivable | $ | 242,437 | $ | 243,383 | ||||
Other | 3,069 | 1,940 | ||||||
245,506 | 245,323 | |||||||
Less allowance for doubtful accounts | 2,911 | 2,918 | ||||||
$ | 242,595 | $ | 242,405 | |||||
Inventories_Notes
Inventories (Notes) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
The components of inventories consist of the following (amounts in thousands): | ||||||||
December 31, 2014 | March 31, 2014 | |||||||
Raw materials | $ | 14,301 | $ | 9,734 | ||||
Work in process | 190,573 | 179,692 | ||||||
Finished goods | 71,269 | 73,299 | ||||||
$ | 276,143 | $ | 262,725 | |||||
Inventories are valued at the lower of cost or market using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable. |
Assets_Held_for_Sale_Notes
Assets Held for Sale (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Assets Held for Sale | Assets Held for Sale |
During the three months ended December 31, 2014, the Company began to actively market property it acquired as part of the Supertex acquisition.  The Company expects to sell the property within one year. As of December 31, 2014, the Company classified the assets as held for sale on its condensed consolidated balance sheet at its fair value of approximately $14.3 million, net of the estimated cost to sell of approximately $0.3 million. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Notes) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||
Property, plant and equipment consists of the following (amounts in thousands): | ||||||||
December 31, 2014 | March 31, 2014 | |||||||
Land | $ | 55,624 | $ | 55,624 | ||||
Building and building improvements | 430,695 | 411,149 | ||||||
Machinery and equipment | 1,549,999 | 1,465,255 | ||||||
Projects in process | 75,800 | 68,991 | ||||||
2,112,118 | 2,001,019 | |||||||
Less accumulated depreciation and amortization | 1,534,995 | 1,469,052 | ||||||
$ | 577,123 | $ | 531,967 | |||||
Depreciation expense attributed to property, plant and equipment was $24.7 million and $72.3 million for the three and nine months ended December 31, 2014, respectively, and $22.2 million and $66.7 million for the three and nine months ended December 31, 2013, respectively. |
Noncontrolling_Interests_Notes
Noncontrolling Interests (Notes) | 9 Months Ended | |||
Dec. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ||||
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests | |||
The following table presents the changes in the components of noncontrolling interests for the nine months ended December 31, 2014 (amounts in thousands): | ||||
Noncontrolling Interests | ||||
Balance at March 31, 2014 | $ | — | ||
Additions due to acquisition of controlling interest in ISSC | 52,467 | |||
Net loss attributable to noncontrolling interests | (2,862 | ) | ||
Other comprehensive loss attributable to noncontrolling interests | (866 | ) | ||
Purchase of additional interests | (23,054 | ) | ||
Other | 304 | |||
Balance at December 31, 2014 | $ | 25,989 | ||
The following table presents the effect of changes in the Company's ownership interest in ISSC on the Company's stockholders' equity for the nine months ended December 31, 2014 (amounts in thousands): | ||||
Nine Months Ended | ||||
31-Dec-14 | ||||
Net income attributable to Microchip Technology stockholders | $ | 269,607 | ||
   Increase in paid-in capital for purchase of additional interests | 568 | |||
   Increase in paid-in capital for converted stock options | 1,094 | |||
Transfers from noncontrolling interest | 1,662 | |||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interest | $ | 271,269 | ||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill (Notes) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill | ||||||||||||
Intangible assets consist of the following (amounts in thousands): | |||||||||||||
December 31, 2014 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 563,272 | $ | (185,391 | ) | $ | 377,881 | ||||||
Customer-related | 263,969 | (170,719 | ) | 93,250 | |||||||||
Trademarks and trade names | 15,730 | (8,926 | ) | 6,804 | |||||||||
Backlog | 26,302 | (25,818 | ) | 484 | |||||||||
In-process technology | 72,442 | — | 72,442 | ||||||||||
Distribution rights | 5,585 | (5,236 | ) | 349 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 947,700 | $ | (396,490 | ) | $ | 551,210 | |||||||
March 31, 2014 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 402,669 | $ | (117,222 | ) | $ | 285,447 | ||||||
Customer-related | 195,800 | (109,170 | ) | 86,630 | |||||||||
Trademarks and trade names | 15,730 | (7,118 | ) | 8,612 | |||||||||
Backlog | 24,610 | (24,610 | ) | — | |||||||||
In-process technology | 64,396 | — | 64,396 | ||||||||||
Distribution rights | 5,585 | (5,171 | ) | 414 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 709,190 | $ | (263,691 | ) | $ | 445,499 | |||||||
The Company amortizes intangible assets over their expected useful lives, which range between 1 and 15 years. During the nine months ended December 31, 2014, $20.7 million of in-process technology reached technological feasibility and was reclassified as developed technology and began being amortized over its estimated useful life. The following is an expected amortization schedule for the intangible assets for the remainder of fiscal 2015 through fiscal 2019, absent any future acquisitions or impairment charges (amounts in thousands): | |||||||||||||
Year ending | Projected Amortization | ||||||||||||
March 31, | Expense | ||||||||||||
2015 | $48,377 | ||||||||||||
2016 | 146,898 | ||||||||||||
2017 | 91,833 | ||||||||||||
2018 | 69,488 | ||||||||||||
2019 | 62,732 | ||||||||||||
Amortization expense attributed to intangible assets was $48.6 million and $132.8 million for the three and nine months ended December 31, 2014, respectively. Amortization expense attributed to intangible assets was $23.0 million and $77.0 million for the three and nine months ended December 31, 2013, respectively. In the three and nine months ended December 31, 2014, approximately $0.9 million and $2.9 million was charged to cost of sales, respectively, and approximately $47.7 million and $129.9 million was charged to operating expenses, respectively. In the three and nine months ended December 31, 2013, approximately $1.2 million and $3.7 million was charged to cost of sales, respectively, and approximately $21.8 million and $73.3 million was charged to operating expenses, respectively. The Company recognized impairment charges of $1.3 million and $1.9 million in the three and nine months ended December 31, 2014, respectively. The Company recognized impairment charges of $0.4 million in the nine months ended December 31, 2013. The Company did not recognize any impairment charges in the three months ended December 31, 2013. | |||||||||||||
Goodwill activity for the nine months ended December 31, 2014 was as follows (amounts in thousands): | |||||||||||||
Semiconductor Products | Technology | ||||||||||||
Reporting Unit | Licensing | ||||||||||||
Reporting Unit | |||||||||||||
Balance at March 31, 2014 | $ | 256,897 | $ | 19,200 | |||||||||
Additions due to the acquisition of Supertex | 137,178 | — | |||||||||||
Additions due to acquisition of controlling interest in ISSC | 154,399 | — | |||||||||||
Adjustments due to other acquisitions | 625 | — | |||||||||||
Foreign currency translation adjustments | (3,009 | ) | — | ||||||||||
Balance at December 31, 2014 | $ | 546,090 | $ | 19,200 | |||||||||
At December 31, 2014, $546.1 million of goodwill was recorded in the Company's semiconductor products reporting unit and $19.2 million was recorded in the Company's technology licensing reporting unit. At March 31, 2014, the Company applied a qualitative goodwill impairment screen to its two reporting units, concluding it was not more likely than not that goodwill was impaired. Through December 31, 2014, the Company had never recorded an impairment charge against its goodwill balance. |
Income_taxes_Notes
Income taxes (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The provision for income taxes reflects tax on foreign earnings and federal and state tax on U.S. earnings.  The Company had an effective tax rate of 6.0% for the nine-month period ended December 31, 2014 and 9.7% for the nine-month period ended December 31, 2013.  The Company's effective tax rate for nine-month period ended December 31, 2014 is lower compared to the prior year primarily due to closure of statute of limitations, certain audit settlements with taxing authorities and a change in judgment regarding certain state valuation allowances. During the three-month period ended December 31, 2014, approximately $1.9 million of prior year tax positions were released which increased each of the basic and diluted net income per common share for the three-month period ended December 31, 2014 by approximately $0.01. During the nine-month period ended December 31, 2014, approximately $9.3 million of prior year tax positions were released which increased each of the basic and diluted net income per common share for the nine-month period ended December 31, 2014 by approximately $0.04. The Company's effective tax rate is lower than statutory rates in the U.S. due primarily to its mix of earnings in foreign jurisdictions with lower tax rates. | |
At December 31, 2014, the Company had $222.0 million of unrecognized tax benefits.  Unrecognized tax benefits increased by $42.0 million compared to March 31, 2014 primarily as a result of unrecognized tax benefits from the Company's acquisitions of Supertex and ISSC, the ongoing accrual for uncertain tax positions and the accrual of deficiency interest on these positions. The majority of the increase in the uncertain tax position does not result in a change in the Company's effective tax rate. The Company evaluated the impact of the adoption of ASU 2013-11 on its condensed consolidated financial statements and determined that $83.6 million of unrecognized tax benefits can be presented as a reduction to deferred tax assets for net operating loss carryforward and other tax credit carryforwards. There was no income statement impact as a result of adopting this accounting standard. | |
The Company files U.S. federal, U.S. state, and foreign income tax returns.  For U.S. federal, and in general for U.S. state tax returns, the fiscal 2011 and later tax years remain open for examination by tax authorities. The U.S. Internal Revenue Service (IRS) is currently auditing Microchip's and Standard Microsystems Corporation's (SMSC) 2011 and 2012 tax years.  For foreign tax returns, the Company is generally no longer subject to income tax examinations for years prior to fiscal 2006. | |
The Company recognizes liabilities for anticipated tax audit issues in the U.S. and other domestic and international tax jurisdictions based on its estimate of whether, and the extent to which, additional tax payments are more likely than not.  The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. | |
The Company believes it maintains appropriate reserves to offset any potential income tax liabilities that may arise upon final resolution of matters for open tax years.  If such reserve amounts ultimately prove to be unnecessary, the resulting reversal of such reserves would result in tax benefits being recorded in the period the reserves are no longer deemed necessary.  If such amounts prove to be less than an ultimate assessment, a future charge to expense would be recorded in the period in which the assessment is determined.  Although the timing of the resolution and/or closure of audits is highly uncertain, the Company does not believe it is reasonably possible that the unrecognized tax benefits would materially change in the next 12 months. |
2125_Junior_subordinated_conve
2.125% Junior subordinated convertible debentures (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Convertible Debt [Abstract] | |
Junior subordinated convertible debentures | 2.125% Junior Subordinated Convertible Debentures |
The Company's $1.15 billion principal amount of 2.125% junior subordinated convertible debentures due December 15, 2037, are subordinated in right of payment to any future senior debt of the Company and are effectively subordinated in right of payment to the liabilities of the Company's subsidiaries.  The debentures are convertible, subject to certain conditions, into shares of the Company's common stock at an initial conversion rate of 29.2783 shares of common stock per $1,000 principal amount of debentures, representing an initial conversion price of approximately $34.16 per share of common stock.  As of December 31, 2014, the holders of the debentures have the right to convert their debentures between January 1, 2015 and March 31, 2015 because for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2014, the Company's common stock had a last reported sale price greater than 130% of the conversion price. As of December 31, 2014, a holder could realize more economic value by selling its debentures in the over the counter market | |
than from converting its debentures. As a result of cash dividends paid since the issuance of the debentures, the conversion rate has been adjusted to 39.5749 shares of common stock per $1,000 of principal amount of debentures, representing a conversion price of approximately $25.27 per share of common stock. The debentures include a contingent interest mechanism that begins in December 2017. The terms of the contingent interest include a 0.25% interest rate if the debentures are trading at less than $40 and 0.5% if the debentures are trading at greater than $150. Based on the current trading price of the debentures, the contingent interest rate in calendar year 2017 would be 0.5%. | |
As the debentures can be settled in cash upon conversion, for accounting purposes, the debentures were bifurcated into a liability component and an equity component, which are both initially recorded at fair value.  The carrying value of the equity component at December 31, 2014 and at March 31, 2014 was $822.4 million.  The estimated fair value of the liability component of the debentures at the issuance date was $327.6 million, resulting in a debt discount of $822.4 million.  The unamortized debt discount was $769.9 million at December 31, 2014 and $777.2 million at March 31, 2014.  The carrying value of the debentures was $379.3 million at December 31, 2014 and $371.9 million at March 31, 2014.  The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 23 years.  In the three and nine months ended December 31, 2014, the Company recognized $2.5 million and $7.3 million, respectively, in non-cash interest expense related to the amortization of the debt discount.  In the three and nine months ended December 31, 2013, the Company recognized $2.3 million and $6.7 million, respectively, in non-cash interest expense related to the amortization of the debt discount.  The Company recognized $6.1 million and $18.3 million of interest expense related to the 2.125% coupon on the debentures in each of the three and nine-month periods ended December 31, 2014 and December 31, 2013, respectively. |
Credit_facility_Notes
Credit facility (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Line of Credit Facility [Abstract] | |
Credit Facility | Credit Facility |
On June 27, 2013, the Company entered into a $2.0 billion credit agreement among the Company, the lenders from time to time that are parties thereto and JPMorgan Chase Bank, N.A., as administrative agent (the Credit Agreement). The Credit Agreement provides for a $350 million term loan and a $1.65 billion revolving credit facility, with a $125 million foreign currency sublimit, a $35 million letter of credit sublimit and a $25 million swingline loan sublimit, terminating on June 27, 2018 (the Maturity Date). The Credit Agreement also contains an increase option permitting the Company, subject to certain requirements, to arrange with existing lenders and/or new lenders for them to provide up to an aggregate of $300 million in additional commitments, which may be for revolving loans or term loans. Proceeds of loans made under the Credit Agreement may be used for working capital and general corporate purposes. The Credit Agreement replaced another credit agreement the Company had in place since August 2011. At December 31, 2014, $981.3 million of borrowings were outstanding under the Credit Agreement consisting of $644.4 million of a revolving line of credit and $336.9 million of a term loan, net of $1.0 million of debt discount resulting from amounts paid to the lenders. | |
The loans under the Credit Agreement bear interest, at the Company's option, at the base rate plus a spread of 0.25% to 1.25% or an adjusted LIBOR rate (based on one, two, three, or six-month interest periods) plus a spread of 1.25% to 2.25%, in each case with such spread being determined based on the consolidated leverage ratio for the preceding four fiscal quarter period. The base rate means the highest of JPMorgan Chase Bank, N.A.'s prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 1-month interest period plus a margin equal to 1.00%. Swingline loans accrue interest at a per annum rate based on the base rate plus the applicable margin for base rate loans. Base rate loans may only be made in U.S. dollars. The Company is also obligated to pay other customary administration fees and letter of credit fees for a credit facility of this size and type. | |
Interest is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of an interest period (or at each three-month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the adjusted LIBOR rate. Interest expense related to the Credit Agreement was approximately $5.3 million and $15.4 million in the three and nine months ended December 31, 2014, respectively, and approximately $4.1 million and $11.5 million in the three and nine months ended December 31, 2013, respectively. Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date. The weighted average interest rate on short-term borrowings outstanding at December 31, 2014 related to the Credit Agreement was 1.67%. The Company also pays a quarterly commitment fee on the available but unused portion of its line of credit which is calculated on the average daily available balance during the period. The Company may prepay the loans and terminate the commitments, in whole or in part, at any time without premium or penalty, subject to certain conditions including minimum amounts in the case of commitment reductions and reimbursement of certain costs in the case of prepayments of LIBOR loans. | |
The Company's obligations under the Credit Agreement are guaranteed by certain of its subsidiaries meeting materiality thresholds set forth in the Credit Agreement. To secure the Company's obligations under the Credit Agreement, the Company and its domestic subsidiaries will be required to pledge the equity securities of certain of their respective material subsidiaries, subject to certain exceptions and limitations. | |
The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur subsidiary indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, repurchase stock, enter into restrictive agreements and enter into sale and leaseback transactions, in each case subject to customary exceptions for a credit facility of this size and type. The Company is also required to maintain compliance with a consolidated leverage ratio and a consolidated interest coverage ratio. At December 31, 2014, the Company was in compliance with these covenants. | |
The Credit Agreement includes customary events of default that include, among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, cross default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults and a change of control default. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Credit Agreement at a per annum rate equal to 2.00% above the applicable interest rate for any overdue principal and 2.00% above the rate applicable for base rate loans for any other overdue amounts. |
Contingencies_Notes
Contingencies (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
In the ordinary course of the Company's business, it is involved in a limited number of legal actions, both as plaintiff and defendant, and could incur uninsured liability in any one or more of them.  The Company also periodically receives notifications from various third parties alleging infringement of patents, intellectual property rights or other matters.  With respect to pending legal actions to which the Company is a party, although the outcomes of these actions are not generally determinable, the Company believes that the ultimate resolution of these matters will not have a material adverse effect on its financial position, cash flows or results of operations.  Litigation relating to the semiconductor industry is not uncommon, and the Company is, and from time to time has been, subject to such litigation.  No assurances can be given with respect to the extent or outcome of any such litigation in the future. | |
The Company's technology license agreements generally include an indemnification clause that indemnifies the licensee against liability and damages (including legal defense costs) arising from any claims of patent, copyright, trademark or trade secret infringement by the Company's proprietary technology.  The terms of these indemnification provisions approximate the terms of the outgoing technology license agreements, which are typically perpetual unless terminated by either party for breach.  The possible amount of future payments the Company could be required to make based on agreements that specify indemnification limits, if such indemnifications were required on all of these agreements, is approximately $138 million. There are some licensing agreements in place that do not specify indemnification limits.  The Company had not recorded any liabilities related to these indemnification obligations as of December 31, 2014. |
Derivative_Instruments_Notes
Derivative Instruments (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments |
The Company has international operations and is thus subject to foreign currency rate fluctuations.  To help manage the risk of changes in foreign currency rates, the Company periodically enters into derivative contracts comprised of foreign currency forward contracts to hedge its asset and liability foreign currency exposure and a portion of its foreign currency operating expenses.  Approximately 99% of the Company's sales are U.S. dollar denominated.  To date, the exposure related to foreign exchange rate volatility has not been material to the Company's operating results.  As of December 31, 2014 and March 31, 2014, the Company had no foreign currency forward contracts outstanding. The Company recognized an immaterial amount of net realized gains and losses on foreign currency forward contracts in each of the three and nine months ended December 31, 2014 and 2013. Gains and losses from changes in the fair value of these foreign currency forward contracts are credited or charged to Other Income (Expense). The Company does not apply hedge accounting to its foreign currency derivative instruments. |
Comprehensive_Income_Notes
Comprehensive Income (Notes) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||
Comprehensive Income | Comprehensive Income | ||||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income (AOCI) for the nine months ended December 31, 2014 (amounts in thousands): | |||||||||||||||||||
Unrealized | Minimum | Foreign | Total | ||||||||||||||||
holding gains (losses) | pension | Currency | |||||||||||||||||
available-for-sale securities | liability | ||||||||||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | ||||||||||
Other comprehensive income (loss) before reclassifications | 19,439 | — | (4,322 | ) | 15,117 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (157 | ) | — | — | (157 | ) | |||||||||||||
Net other comprehensive income (loss) | 19,282 | — | (4,322 | ) | 14,960 | ||||||||||||||
Purchase of shares from noncontrolling interest | — | — | (448 | ) | (448 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 18,754 | $ | 140 | $ | (3,331 | ) | $ | 15,563 | ||||||||||
The table below details where reclassifications of realized transactions out of AOCI are recorded on the condensed consolidated statements of income (amounts in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
Description of AOCI Component | 2014 | 2013 | 2014 | 2013 | Related Statement | ||||||||||||||
 of Income Line | |||||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 73 | $ | 113 | $ | 169 | $ | 2,279 | Other income | ||||||||||
Taxes | — | — | (12 | ) | (776 | ) | Provision for income taxes | ||||||||||||
Reclassification of realized transactions, net of taxes | $ | 73 | $ | 113 | $ | 157 | $ | 1,503 | Net income | ||||||||||
ShareBased_Compensation_Notes
Share-Based Compensation (Notes) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity incentive plans | Share-Based Compensation | ||||||||||||||||
The following table presents the details of the Company's share-based compensation expense (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 2,290 | (1)Â | $ | 1,841 | (1)Â | $ | 6,985 | (1)Â | $ | 5,674 | (1)Â | |||||
Research and development | 7,075 | 6,141 | 20,645 | 18,762 | |||||||||||||
Selling, general and administrative | 5,454 | 5,737 | 15,783 | 16,939 | |||||||||||||
Pre-tax effect of share-based compensation | 14,819 | 13,719 | 43,413 | 41,375 | |||||||||||||
Income tax benefit | 3,632 | 1,510 | 6,885 | 4,501 | |||||||||||||
Net income effect of share-based compensation | $ | 11,187 | $ | 12,209 | $ | 36,528 | $ | 36,874 | |||||||||
(1) During the three and nine months ended December 31, 2014, $1.7 million and $5.0 million, respectively, of share-based compensation expense was capitalized to inventory and $2.3 million and $7.0 million, respectively, of previously capitalized share-based compensation expense in inventory was sold.  During the three and nine months ended December 31, 2013, $1.9 million and $5.7 million, respectively, of share-based compensation expense was capitalized to inventory and $1.8 million and $5.7 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. |
Net_income_per_common_share_No
Net income per common share (Notes) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net income per common share | Net Income Per Common Share Attributable to Microchip Technology Stockholders | |||||||||||||||
The following table sets forth the computation of basic and diluted net income per common share attributable to Microchip Technology stockholders (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to Microchip Technology | $ | 86,057 | $ | 105,401 | $ | 269,607 | $ | 283,786 | ||||||||
Weighted average common shares outstanding | 201,203 | 198,759 | 200,673 | 197,845 | ||||||||||||
Dilutive effect of stock options and RSUs | 3,396 | 3,834 | 3,652 | 3,882 | ||||||||||||
Dilutive effect of convertible debt | 18,888 | 16,496 | 20,108 | 14,216 | ||||||||||||
Weighted average common and potential common shares outstanding | 223,487 | 219,089 | 224,433 | 215,943 | ||||||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $ | 0.43 | $ | 0.53 | $ | 1.34 | $ | 1.43 | ||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $ | 0.39 | $ | 0.48 | $ | 1.2 | $ | 1.31 | ||||||||
The Company computed basic earnings per common share attributable to its stockholders using net income available to common stockholders and the weighted average number of common shares outstanding during the period. The Company computed diluted earnings per common share attributable to its stockholders using net income available to stockholders and the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. | ||||||||||||||||
Potentially dilutive common shares from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding RSUs. | ||||||||||||||||
Diluted net income per common share attributable to stockholders for the three and nine months ended December 31, 2014 includes 18,888,013 shares and 20,107,818 shares, respectively, issuable upon the exchange of debentures (see Note 16).  Diluted net income per common share attributable to stockholders for the three and nine months ended December 31, 2013 includes 16,496,384 shares and 14,215,573 shares, respectively, issuable upon the exchange of debentures.  The debentures have no impact on diluted net income per common share unless the average price of the Company's common stock exceeds the conversion price because the principal amount of the debentures will be settled in cash upon conversion.  Prior to conversion, the Company will include, in the diluted net income per common share calculation, the effect of the additional shares that may be issued when the Company's common stock price exceeds the conversion price using the treasury stock method.  The weighted average conversion price per share used in calculating the dilutive effect of the convertible debt for the three and nine-month periods ended December 31, 2014 was $25.39 and $25.57, respectively. The weighted average conversion price per share used in calculating the dilutive effect of the convertible debt for the three and nine-month periods ended December 31, 2013 was $26.19 and $26.43, respectively. | ||||||||||||||||
Weighted average common shares exclude the effect of option shares which are not dilutive.  For each of the three and nine months ended December 31, 2014, the number of option shares that were antidilutive was 46,959. There were no antidilutive option shares for the three and nine months ended December 31, 2013. |
Dividends_Notes
Dividends (Notes) | 9 Months Ended |
Dec. 31, 2014 | |
Dividends [Abstract] | |
Dividends | Dividends |
A quarterly cash dividend of $0.3565 per share was paid on December 5, 2014 in the aggregate amount of $71.8 million.  Through the first nine months of fiscal 2015, cash dividends of $1.068 per share have been paid in the aggregate amount of $214.4 million. A quarterly cash dividend of $0.357 per share was declared on January 29, 2015 and will be paid on March 9, 2015 to stockholders of record as of February 23, 2015. The Company expects the March 2015 payment of its quarterly cash dividend to be approximately $72.0 million. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
ISSC Technologies Corporation [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below represents the preliminary allocation of the purchase price, including adjustments to the purchase price allocation from the originally reported figures at September 30, 2014, to the net assets acquired based on their estimated fair values as of July 17, 2014, as well as the associated estimated useful lives of the acquired intangible assets at that date (amounts in thousands): | |||||||||||||||
Assets acquired | Previously Reported September 30, 2014 | Adjustments | 31-Dec-14 | |||||||||||||
Cash and cash equivalents | $ | 15,120 | $ | — | $ | 15,120 | ||||||||||
Short-term investments | 27,063 | — | 27,063 | |||||||||||||
Accounts receivable, net | 8,792 | — | 8,792 | |||||||||||||
Inventories | 19,160 | (2,618 | ) | 16,542 | ||||||||||||
Prepaid expenses and other current assets | 2,501 | — | 2,501 | |||||||||||||
Property, plant and equipment, net | 2,637 | — | 2,637 | |||||||||||||
Goodwill | 152,243 | 2,156 | 154,399 | |||||||||||||
Purchased intangible assets | 147,800 | — | 147,800 | |||||||||||||
Other assets | 1,370 | — | 1,370 | |||||||||||||
Total assets acquired | 376,686 | (462 | ) | 376,224 | ||||||||||||
Liabilities assumed | ||||||||||||||||
Accounts payable | (9,860 | ) | — | (9,860 | ) | |||||||||||
Other current liabilities | (16,997 | ) | 462 | (16,535 | ) | |||||||||||
Long-term income tax payable | (4,402 | ) | — | (4,402 | ) | |||||||||||
Deferred tax liability | (25,126 | ) | — | (25,126 | ) | |||||||||||
Other long-term liabilities | (245 | ) | — | (245 | ) | |||||||||||
Total liabilities assumed | (56,630 | ) | 462 | (56,168 | ) | |||||||||||
Net assets acquired including noncontrolling interest | 320,056 | — | 320,056 | |||||||||||||
Less: noncontrolling interest | (52,467 | ) | — | (52,467 | ) | |||||||||||
Net assets acquired | $ | 267,589 | $ | — | $ | 267,589 | ||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ||||||||||||||||
Purchased Intangible Assets | Useful Life | 1-Apr-14 | ||||||||||||||
(in years) | (in thousands) | |||||||||||||||
Core/developed technology | 10 | $ | 68,900 | |||||||||||||
In-process technology | 10 | 27,200 | ||||||||||||||
Customer-related | 3 | 51,100 | ||||||||||||||
Backlog | 1 | 600 | ||||||||||||||
$ | 147,800 | |||||||||||||||
Business Acquisition, Pro Forma Information | The following unaudited pro-forma consolidated results of operations for the three and nine months ended December 31, 2014 and 2013 assume the ISSC acquisition occurred as of April 1, 2013. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2013 or of results that may occur in the future (amounts in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 528,710 | $ | 497,585 | $ | 1,626,183 | $ | 1,490,776 | ||||||||
Net income attributable to Microchip Technology | 86,683 | 97,470 | 265,412 | 260,386 | ||||||||||||
Net income attributable to Microchip Technology common stockholders per share - basic | $ | 0.43 | $ | 0.49 | $ | 1.32 | $ | 1.32 | ||||||||
Net income attributable to Microchip Technology common stockholders per share - diluted | $ | 0.39 | $ | 0.44 | $ | 1.18 | $ | 1.21 | ||||||||
Supertex Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below represents the preliminary allocation of the purchase price, including adjustments to the purchase price allocation from the originally reported figures at June 30, 2014, to the net assets acquired based on their estimated fair values as of April 1, 2014 (amounts in thousands): | |||||||||||||||
Assets acquired | Previously Reported June 30, 2014 | Adjustments | 31-Dec-14 | |||||||||||||
Cash and cash equivalents | $ | 14,790 | $ | — | $ | 14,790 | ||||||||||
Short-term investments | 140,984 | — | 140,984 | |||||||||||||
Accounts receivable, net | 7,047 | — | 7,047 | |||||||||||||
Inventories | 27,630 | — | 27,630 | |||||||||||||
Prepaid expenses | 1,493 | — | 1,493 | |||||||||||||
Deferred tax assets | 3,997 | — | 3,997 | |||||||||||||
Other current assets | 16,113 | — | 16,113 | |||||||||||||
Property, plant and equipment, net | 15,679 | — | 15,679 | |||||||||||||
Goodwill | 133,713 | 3,465 | 137,178 | |||||||||||||
Purchased intangible assets | 89,600 | — | 89,600 | |||||||||||||
Other assets | 325 | — | 325 | |||||||||||||
Total assets acquired | 451,371 | 3,465 | 454,836 | |||||||||||||
Liabilities assumed | ||||||||||||||||
Accounts payable | (8,481 | ) | — | (8,481 | ) | |||||||||||
Accrued liabilities | (19,345 | ) | (25 | ) | (19,370 | ) | ||||||||||
Long-term income tax payable | (3,796 | ) | — | (3,796 | ) | |||||||||||
Deferred tax liability | (27,972 | ) | (3,440 | ) | (31,412 | ) | ||||||||||
Total liabilities assumed | (59,594 | ) | (3,465 | ) | (63,059 | ) | ||||||||||
Net assets acquired | $ | 391,777 | $ | — | $ | 391,777 | ||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ||||||||||||||||
Purchased Intangible Assets | Useful Life | 1-Apr-14 | ||||||||||||||
(in years) | (in thousands) | |||||||||||||||
Core/developed technology | 10 | $ | 68,900 | |||||||||||||
In-process technology | 10 | 1,900 | ||||||||||||||
Customer-related | 2 | 17,700 | ||||||||||||||
Backlog | 1 | 1,100 | ||||||||||||||
$ | 89,600 | |||||||||||||||
Business Acquisition, Pro Forma Information | The following unaudited pro-forma consolidated results of operations for the three and nine months ended December 31, 2014 and 2013 assume the Supertex acquisition occurred as of April 1, 2013. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2013 or of results that may occur in the future (amounts in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 528,710 | $ | 499,722 | $ | 1,606,298 | $ | 1,486,661 | ||||||||
Net income | 87,392 | 99,741 | 291,288 | 251,976 | ||||||||||||
Basic earnings per share | $ | 0.43 | $ | 0.5 | $ | 1.45 | $ | 1.27 | ||||||||
Diluted earnings per share | $ | 0.39 | $ | 0.46 | $ | 1.3 | $ | 1.17 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Revenues and gross profit for each segment | The following table represents net sales and gross profit for each segment for the three and nine months ended December 31, 2014 (amounts in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2014 | December 31, 2014 | |||||||||||||||
Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||
Semiconductor products | $ | 505,763 | $ | 279,012 | $ | 1,537,861 | $ | 849,964 | ||||||||
Technology licensing | 22,947 | 22,947 | 65,968 | 65,968 | ||||||||||||
$ | 528,710 | $ | 301,959 | $ | 1,603,829 | $ | 915,932 | |||||||||
The following table represents net sales and gross profit for each segment for the three and nine months ended December 31, 2013 (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||
Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||
Semiconductor products | $ | 458,298 | $ | 258,646 | $ | 1,366,415 | $ | 766,739 | ||||||||
Technology licensing | 24,074 | 24,074 | 71,418 | 71,418 | ||||||||||||
$ | 482,372 | $ | 282,720 | $ | 1,437,833 | $ | 838,157 | |||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Summary of available-for-sale securities | The following is a summary of available-for-sale securities at December 31, 2014 (amounts in thousands): | |||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 736,615 | $ | 113 | $ | (1,866 | ) | $ | 734,862 | |||||||||||||||
Municipal bonds | 45,140 | 74 | (32 | ) | 45,182 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Time deposits (1) | 8,699 | — | — | 8,699 | ||||||||||||||||||||
Corporate bonds and debt | 938,331 | 927 | (1,397 | ) | 937,861 | |||||||||||||||||||
Marketable equity securities | 3,600 | 33,314 | — | 36,914 | ||||||||||||||||||||
$ | 1,742,210 | $ | 34,428 | $ | (3,295 | ) | $ | 1,773,343 | ||||||||||||||||
(1) Time deposits in various financial institutions with maturities greater than three months that will mature within one year. | ||||||||||||||||||||||||
The following is a summary of available-for-sale securities at March 31, 2014 (amounts in thousands): | ||||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 684,451 | $ | 114 | $ | (3,171 | ) | $ | 681,394 | |||||||||||||||
Municipal bonds | 41,622 | 101 | (14 | ) | 41,709 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Corporate bonds and debt | 941,524 | 3,247 | (805 | ) | 943,966 | |||||||||||||||||||
$ | 1,677,422 | $ | 3,462 | $ | (3,990 | ) | $ | 1,676,894 | ||||||||||||||||
Summary of available-for-sale securities in a continuous unrealized loss position | The following tables show all investments in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (amounts in thousands): | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 568,466 | $ | (1,561 | ) | $ | 64,695 | $ | (305 | ) | $ | 633,161 | $ | (1,866 | ) | |||||||||
Municipal bonds | 13,533 | (32 | ) | — | — | 13,533 | (32 | ) | ||||||||||||||||
Corporate bonds and debt | 460,372 | (1,363 | ) | 5,988 | (34 | ) | 466,360 | (1,397 | ) | |||||||||||||||
$ | 1,042,371 | $ | (2,956 | ) | $ | 70,683 | $ | (339 | ) | $ | 1,113,054 | $ | (3,295 | ) | ||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 522,159 | $ | (3,172 | ) | $ | — | $ | — | $ | 522,159 | $ | (3,172 | ) | ||||||||||
Municipal bonds | 2,625 | (13 | ) | 1,196 | (1 | ) | 3,821 | (14 | ) | |||||||||||||||
Corporate bonds and debt | 256,717 | (804 | ) | — | — | 256,717 | (804 | ) | ||||||||||||||||
$ | 781,501 | $ | (3,989 | ) | $ | 1,196 | $ | (1 | ) | $ | 782,697 | $ | (3,990 | ) | ||||||||||
Summary of amortized cost and estimated fair value of available-for-sale securities, by maturity | The amortized cost and estimated fair value of the available-for-sale securities at December 31, 2014, by contractual maturity, excluding marketable equity securities of $36.9 million and corporate debt of $6.2 million, which have no contractual maturity, are shown below (amounts in thousands).  Expected maturities can differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale securities as available for current operations. | |||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||
Due in one year or less | $ | 216,444 | $ | 258 | $ | (9 | ) | $ | 216,693 | |||||||||||||||
Due after one year and through five years | 1,428,901 | 835 | (3,081 | ) | 1,426,655 | |||||||||||||||||||
Due after five years and through ten years | 77,250 | 21 | (205 | ) | 77,066 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,732,420 | $ | 1,114 | $ | (3,295 | ) | $ | 1,730,239 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets measured at fair value on a recurring basis at December 31, 2014 are as follows (amounts in thousands): | ||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market mutual funds | $ | 51,677 | $ | — | $ | — | $ | 51,677 | |||||||||
Marketable equity securities | 36,914 | — | — | 36,914 | |||||||||||||
Corporate bonds and debt | — | 931,671 | 6,190 | 937,861 | |||||||||||||
Time deposits (1) | — | 8,699 | — | 8,699 | |||||||||||||
Government agency bonds | — | 734,862 | — | 734,862 | |||||||||||||
Deposit accounts | — | 404,662 | — | 404,662 | |||||||||||||
Municipal bonds | — | 45,182 | — | 45,182 | |||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | |||||||||||||
Total assets measured at fair value | $ | 88,591 | $ | 2,125,076 | $ | 16,015 | $ | 2,229,682 | |||||||||
(1) Time deposits in various financial institutions with maturities greater than three months that will mature within one year. | |||||||||||||||||
Assets measured at fair value on a recurring basis at March 31, 2014 are as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for Identical Instruments | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Money market mutual funds | $ | 192,159 | $ | — | $ | — | $ | 192,159 | |||||||||
Corporate bonds and debt | — | 937,776 | 6,190 | 943,966 | |||||||||||||
Government agency bonds | — | 681,394 | — | 681,394 | |||||||||||||
Deposit accounts | — | 274,444 | — | 274,444 | |||||||||||||
Municipal bonds | — | 41,709 | — | 41,709 | |||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | |||||||||||||
Total assets measured at fair value | $ | 192,159 | $ | 1,935,323 | $ | 16,015 | $ | 2,143,497 | |||||||||
Reconciliation of assets and liabilities measured at fair value on a recurring basis | The following tables present a reconciliation for all assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the year ended March 31, 2014 (amounts in thousands): | ||||||||||||||||
Year ended March 31, 2014 | Auction Rate | Corporate | Contingent | Total Losses | |||||||||||||
Securities | Debt | Consideration | |||||||||||||||
Balance at March 31, 2013 | $ | 33,791 | $ | 6,190 | $ | (19,100 | ) | ||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||
Included in earnings | 1,101 | — | (1,370 | ) | $ | (269 | ) | ||||||||||
  Included in other comprehensive income | (332 | ) | — | — | (332 | ) | |||||||||||
Purchases, sales, issuances, and settlements, net | (24,735 | ) | — | 20,470 | |||||||||||||
Balance at March 31, 2014 | $ | 9,825 | $ | 6,190 | $ | — | |||||||||||
Fair Value, by Balance Sheet Grouping | Assets measured at fair value on a recurring basis are presented/classified on the condensed consolidated balance sheets at December 31, 2014 as follows (amounts in thousands): | ||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
 in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 51,677 | $ | 404,662 | $ | — | $ | 456,339 | |||||||||
Short-term investments | 36,914 | 629,205 | — | 666,119 | |||||||||||||
Long-term investments | — | 1,091,209 | 16,015 | 1,107,224 | |||||||||||||
Total assets measured at fair value | $ | 88,591 | $ | 2,125,076 | $ | 16,015 | $ | 2,229,682 | |||||||||
Assets measured at fair value on a recurring basis are presented/classified in the condensed consolidated balance sheets at March 31, 2014 as follows (amounts in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | Balance | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | Â (Level 3) | |||||||||||||||
Instruments | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 192,159 | $ | 274,444 | $ | — | $ | 466,603 | |||||||||
Short-term investments | — | 878,182 | — | 878,182 | |||||||||||||
Long-term investments | — | 782,697 | 16,015 | 798,712 | |||||||||||||
Total assets measured at fair value | $ | 192,159 | $ | 1,935,323 | $ | 16,015 | $ | 2,143,497 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable Schedule | Accounts receivable consists of the following (amounts in thousands): | |||||||
December 31, 2014 | March 31, 2014 | |||||||
Trade accounts receivable | $ | 242,437 | $ | 243,383 | ||||
Other | 3,069 | 1,940 | ||||||
245,506 | 245,323 | |||||||
Less allowance for doubtful accounts | 2,911 | 2,918 | ||||||
$ | 242,595 | $ | 242,405 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of inventories | The components of inventories consist of the following (amounts in thousands): | |||||||
December 31, 2014 | March 31, 2014 | |||||||
Raw materials | $ | 14,301 | $ | 9,734 | ||||
Work in process | 190,573 | 179,692 | ||||||
Finished goods | 71,269 | 73,299 | ||||||
$ | 276,143 | $ | 262,725 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following (amounts in thousands): | |||||||
December 31, 2014 | March 31, 2014 | |||||||
Land | $ | 55,624 | $ | 55,624 | ||||
Building and building improvements | 430,695 | 411,149 | ||||||
Machinery and equipment | 1,549,999 | 1,465,255 | ||||||
Projects in process | 75,800 | 68,991 | ||||||
2,112,118 | 2,001,019 | |||||||
Less accumulated depreciation and amortization | 1,534,995 | 1,469,052 | ||||||
$ | 577,123 | $ | 531,967 | |||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||
Dec. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ||||
Schedule of changes in the components of noncontrolling interest | The following table presents the changes in the components of noncontrolling interests for the nine months ended December 31, 2014 (amounts in thousands): | |||
Noncontrolling Interests | ||||
Balance at March 31, 2014 | $ | — | ||
Additions due to acquisition of controlling interest in ISSC | 52,467 | |||
Net loss attributable to noncontrolling interests | (2,862 | ) | ||
Other comprehensive loss attributable to noncontrolling interests | (866 | ) | ||
Purchase of additional interests | (23,054 | ) | ||
Other | 304 | |||
Balance at December 31, 2014 | $ | 25,989 | ||
Schedule of changes in the Company's ownership interest in ISSC | The following table presents the effect of changes in the Company's ownership interest in ISSC on the Company's stockholders' equity for the nine months ended December 31, 2014 (amounts in thousands): | |||
Nine Months Ended | ||||
31-Dec-14 | ||||
Net income attributable to Microchip Technology stockholders | $ | 269,607 | ||
   Increase in paid-in capital for purchase of additional interests | 568 | |||
   Increase in paid-in capital for converted stock options | 1,094 | |||
Transfers from noncontrolling interest | 1,662 | |||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interest | $ | 271,269 | ||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | Intangible assets consist of the following (amounts in thousands): | ||||||||||||
December 31, 2014 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 563,272 | $ | (185,391 | ) | $ | 377,881 | ||||||
Customer-related | 263,969 | (170,719 | ) | 93,250 | |||||||||
Trademarks and trade names | 15,730 | (8,926 | ) | 6,804 | |||||||||
Backlog | 26,302 | (25,818 | ) | 484 | |||||||||
In-process technology | 72,442 | — | 72,442 | ||||||||||
Distribution rights | 5,585 | (5,236 | ) | 349 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 947,700 | $ | (396,490 | ) | $ | 551,210 | |||||||
March 31, 2014 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 402,669 | $ | (117,222 | ) | $ | 285,447 | ||||||
Customer-related | 195,800 | (109,170 | ) | 86,630 | |||||||||
Trademarks and trade names | 15,730 | (7,118 | ) | 8,612 | |||||||||
Backlog | 24,610 | (24,610 | ) | — | |||||||||
In-process technology | 64,396 | — | 64,396 | ||||||||||
Distribution rights | 5,585 | (5,171 | ) | 414 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 709,190 | $ | (263,691 | ) | $ | 445,499 | |||||||
Projected Amortization Expense | The following is an expected amortization schedule for the intangible assets for the remainder of fiscal 2015 through fiscal 2019, absent any future acquisitions or impairment charges (amounts in thousands): | ||||||||||||
Year ending | Projected Amortization | ||||||||||||
March 31, | Expense | ||||||||||||
2015 | $48,377 | ||||||||||||
2016 | 146,898 | ||||||||||||
2017 | 91,833 | ||||||||||||
2018 | 69,488 | ||||||||||||
2019 | 62,732 | ||||||||||||
Goodwill Activity | Goodwill activity for the nine months ended December 31, 2014 was as follows (amounts in thousands): | ||||||||||||
Semiconductor Products | Technology | ||||||||||||
Reporting Unit | Licensing | ||||||||||||
Reporting Unit | |||||||||||||
Balance at March 31, 2014 | $ | 256,897 | $ | 19,200 | |||||||||
Additions due to the acquisition of Supertex | 137,178 | — | |||||||||||
Additions due to acquisition of controlling interest in ISSC | 154,399 | — | |||||||||||
Adjustments due to other acquisitions | 625 | — | |||||||||||
Foreign currency translation adjustments | (3,009 | ) | — | ||||||||||
Balance at December 31, 2014 | $ | 546,090 | $ | 19,200 | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive income (AOCI) for the nine months ended December 31, 2014 (amounts in thousands): | ||||||||||||||||||
Unrealized | Minimum | Foreign | Total | ||||||||||||||||
holding gains (losses) | pension | Currency | |||||||||||||||||
available-for-sale securities | liability | ||||||||||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | ||||||||||
Other comprehensive income (loss) before reclassifications | 19,439 | — | (4,322 | ) | 15,117 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (157 | ) | — | — | (157 | ) | |||||||||||||
Net other comprehensive income (loss) | 19,282 | — | (4,322 | ) | 14,960 | ||||||||||||||
Purchase of shares from noncontrolling interest | — | — | (448 | ) | (448 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 18,754 | $ | 140 | $ | (3,331 | ) | $ | 15,563 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The table below details where reclassifications of realized transactions out of AOCI are recorded on the condensed consolidated statements of income (amounts in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
Description of AOCI Component | 2014 | 2013 | 2014 | 2013 | Related Statement | ||||||||||||||
 of Income Line | |||||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 73 | $ | 113 | $ | 169 | $ | 2,279 | Other income | ||||||||||
Taxes | — | — | (12 | ) | (776 | ) | Provision for income taxes | ||||||||||||
Reclassification of realized transactions, net of taxes | $ | 73 | $ | 113 | $ | 157 | $ | 1,503 | Net income | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-based compensation expense | The following table presents the details of the Company's share-based compensation expense (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 2,290 | (1)Â | $ | 1,841 | (1)Â | $ | 6,985 | (1)Â | $ | 5,674 | (1)Â | |||||
Research and development | 7,075 | 6,141 | 20,645 | 18,762 | |||||||||||||
Selling, general and administrative | 5,454 | 5,737 | 15,783 | 16,939 | |||||||||||||
Pre-tax effect of share-based compensation | 14,819 | 13,719 | 43,413 | 41,375 | |||||||||||||
Income tax benefit | 3,632 | 1,510 | 6,885 | 4,501 | |||||||||||||
Net income effect of share-based compensation | $ | 11,187 | $ | 12,209 | $ | 36,528 | $ | 36,874 | |||||||||
Net_income_per_common_share_Ta
Net income per common share (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted net income per common share attributable to Microchip Technology stockholders (in thousands, except per share amounts): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to Microchip Technology | $ | 86,057 | $ | 105,401 | $ | 269,607 | $ | 283,786 | ||||||||
Weighted average common shares outstanding | 201,203 | 198,759 | 200,673 | 197,845 | ||||||||||||
Dilutive effect of stock options and RSUs | 3,396 | 3,834 | 3,652 | 3,882 | ||||||||||||
Dilutive effect of convertible debt | 18,888 | 16,496 | 20,108 | 14,216 | ||||||||||||
Weighted average common and potential common shares outstanding | 223,487 | 219,089 | 224,433 | 215,943 | ||||||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $ | 0.43 | $ | 0.53 | $ | 1.34 | $ | 1.43 | ||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $ | 0.39 | $ | 0.48 | $ | 1.2 | $ | 1.31 | ||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | Dec. 31, 2014 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Percentage Of Outstanding Stock Of All Subsidiaries Owned | 100.00% |
Business_Acquisitions_Narrativ
Business Acquisitions (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 17, 2014 | Dec. 31, 2014 | Apr. 01, 2014 | |
Business Acquisition [Line Items] | |||||
Amount of cash paid, net of cash and short-term investments acquired | $375,365,000 | $0 | |||
ISSC Technologies Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest acquired in acquisition | 83.50% | ||||
Purchased price paid | 267,600,000 | ||||
Net deferred tax liability for future amortization expense of acquired intangible assets | 25,100,000 | ||||
Revenue of acquiree included in statement of income since the acquisition date | 25,600,000 | 8,700,000 | |||
Net income (loss) of acquiree included in statement of income since the acquisition date | -18,200,000 | -10,000,000 | |||
Reduction in net sales due to contractual change in distributor agreements | 7,100,000 | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 91.10% | 91.10% | |||
Supertex Inc. | |||||
Business Acquisition [Line Items] | |||||
Tendered offer price per share | $33 | ||||
Consideration transferred | 391,800,000 | ||||
Non cash consideration of certain share-based payment awards | 1,600,000 | ||||
Cash and short-term investments acquired | 155,800,000 | ||||
Amount of cash paid, net of cash and short-term investments acquired | 234,400,000 | ||||
Net deferred tax liability for future amortization expense of acquired intangible assets | 22,800,000 | ||||
Revenue of acquiree included in statement of income since the acquisition date | $53,000,000 | $18,600,000 |
Business_Acquisitions_Schedule
Business Acquisitions Schedule of Preliminary Allocation of Purchase Price (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | |||||
Goodwill | $565,290,000 | $565,290,000 | $276,097,000 | ||
ISSC Technologies Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 15,120,000 | 15,120,000 | 15,120,000 | ||
Short-term investments | 27,063,000 | 27,063,000 | 27,063,000 | ||
Accounts receivable, net | 8,792,000 | 8,792,000 | 8,792,000 | ||
Inventories | 16,542,000 | 16,542,000 | 19,160,000 | ||
Prepaid expenses and other current assets | 2,501,000 | 2,501,000 | 2,501,000 | ||
Property, plant and equipment, net | 2,637,000 | 2,637,000 | 2,637,000 | ||
Goodwill | 154,399,000 | 154,399,000 | 152,243,000 | ||
Purchased intangible assets | 147,800,000 | 147,800,000 | 147,800,000 | ||
Other assets | 1,370,000 | 1,370,000 | 1,370,000 | ||
Total assets acquired | 376,224,000 | 376,224,000 | 376,686,000 | ||
Accounts payable | -9,860,000 | -9,860,000 | -9,860,000 | ||
Other current liabilities | -16,535,000 | -16,535,000 | -16,997,000 | ||
Long-term income tax payable | -4,402,000 | -4,402,000 | -4,402,000 | ||
Deferred tax liability | -25,126,000 | -25,126,000 | -25,126,000 | ||
Other long-term liabilities | -245,000 | -245,000 | -245,000 | ||
Total liabilities assumed | -56,168,000 | -56,168,000 | -56,630,000 | ||
Net assets acquired | 320,056,000 | 320,056,000 | 320,056,000 | ||
Less: noncontrolling interest | -52,467,000 | -52,467,000 | -52,467,000 | ||
Net assets acquired | 267,589,000 | 267,589,000 | 267,589,000 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Inventories | -2,618,000 | ||||
Goodwill | 2,156,000 | ||||
Total assets acquired | -462,000 | ||||
Accrued liabilities | 462,000 | ||||
Total liabilities assumed | 462,000 | ||||
Supertex Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 14,790,000 | 14,790,000 | 14,790,000 | ||
Short-term investments | 140,984,000 | 140,984,000 | 140,984,000 | ||
Accounts receivable, net | 7,047,000 | 7,047,000 | 7,047,000 | ||
Inventories | 27,630,000 | 27,630,000 | 27,630,000 | ||
Prepaid expenses | 1,493,000 | 1,493,000 | 1,493,000 | ||
Deferred tax assets | 3,997,000 | 3,997,000 | 3,997,000 | ||
Other current assets | 16,113,000 | 16,113,000 | 16,113,000 | ||
Property, plant and equipment, net | 15,679,000 | 15,679,000 | 15,679,000 | ||
Goodwill | 137,178,000 | 137,178,000 | 133,713,000 | ||
Purchased intangible assets | 89,600,000 | 89,600,000 | 89,600,000 | ||
Other assets | 325,000 | 325,000 | 325,000 | ||
Total assets acquired | 454,836,000 | 454,836,000 | 451,371,000 | ||
Accounts payable | -8,481,000 | -8,481,000 | -8,481,000 | ||
Accrued liabilities | -19,370,000 | -19,370,000 | -19,345,000 | ||
Long-term income tax payable | -3,796,000 | -3,796,000 | -3,796,000 | ||
Deferred tax liability | -31,412,000 | -31,412,000 | -27,972,000 | ||
Total liabilities assumed | -63,059,000 | -63,059,000 | -59,594,000 | ||
Net assets acquired | 391,777,000 | 391,777,000 | 391,777,000 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |||||
Goodwill | 3,465,000 | ||||
Total assets acquired | 3,465,000 | ||||
Accrued liabilities | -25,000 | ||||
Deferred tax liability | -3,440,000 | ||||
Total liabilities assumed | ($3,465,000) |
Business_Acquisitions_Schedule1
Business Acquisitions (Schedule of Purchased Intangible Assets) (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jul. 17, 2014 | Apr. 01, 2014 |
ISSC Technologies Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Purchased Intangible Assets | $147,800 | |
ISSC Technologies Corporation [Member] | Core/developed technology | ||
Business Acquisition [Line Items] | ||
Useful Life | 10 years | |
Purchased Intangible Assets | 68,900 | |
ISSC Technologies Corporation [Member] | In-process technology | ||
Business Acquisition [Line Items] | ||
Useful Life | 10 years | |
Purchased Intangible Assets | 27,200 | |
ISSC Technologies Corporation [Member] | Customer-related | ||
Business Acquisition [Line Items] | ||
Useful Life | 3 years | |
Purchased Intangible Assets | 51,100 | |
ISSC Technologies Corporation [Member] | Backlog | ||
Business Acquisition [Line Items] | ||
Useful Life | 1 year | |
Purchased Intangible Assets | 600 | |
Supertex Inc. | ||
Business Acquisition [Line Items] | ||
Purchased Intangible Assets | 89,600 | |
Supertex Inc. | Core/developed technology | ||
Business Acquisition [Line Items] | ||
Useful Life | 10 years | |
Purchased Intangible Assets | 68,900 | |
Supertex Inc. | In-process technology | ||
Business Acquisition [Line Items] | ||
Useful Life | 10 years | |
Purchased Intangible Assets | 1,900 | |
Supertex Inc. | Customer-related | ||
Business Acquisition [Line Items] | ||
Useful Life | 2 years | |
Purchased Intangible Assets | 17,700 | |
Supertex Inc. | Backlog | ||
Business Acquisition [Line Items] | ||
Useful Life | 1 year | |
Purchased Intangible Assets | $1,100 |
Business_Acquisitions_Schedule2
Business Acquisitions (Schedule of Proforma Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
ISSC Technologies Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Net sales | $528,710 | $497,585 | $1,626,183 | $1,490,776 |
Net income | 86,683 | 97,470 | 265,412 | 260,386 |
Basic earnings per share | $0.43 | $0.49 | $1.32 | $1.32 |
Diluted earnings per share | $0.39 | $0.44 | $1.18 | $1.21 |
Supertex Inc. | ||||
Business Acquisition [Line Items] | ||||
Net sales | 528,710 | 499,722 | 1,606,298 | 1,486,661 |
Net income | $87,392 | $99,741 | $291,288 | $251,976 |
Basic earnings per share | $0.43 | $0.50 | $1.45 | $1.27 |
Diluted earnings per share | $0.39 | $0.46 | $1.30 | $1.17 |
Special_Charges_Details
Special Charges (Details) (Unusual or Infrequent Item [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Unusual or Infrequent Item [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Other Nonrecurring Expense | $1 | $0.80 | $2.10 | $2.50 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment reporting information [Line Items] | ||||
Net sales | $528,710 | $482,372 | $1,603,829 | $1,437,833 |
Gross Profit | 301,959 | 282,720 | 915,932 | 838,157 |
Semiconductor products [Member] | ||||
Segment reporting information [Line Items] | ||||
Net sales | 505,763 | 458,298 | 1,537,861 | 1,366,415 |
Gross Profit | 279,012 | 258,646 | 849,964 | 766,739 |
Technology licensing [Member] | ||||
Segment reporting information [Line Items] | ||||
Net sales | 22,947 | 24,074 | 65,968 | 71,418 |
Gross Profit | $22,947 | $24,074 | $65,968 | $71,418 |
Summary_of_Available_for_Sale_
Summary of Available for Sale (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | $1,742,210 | $1,677,422 |
Available-for-sale, gross unrealized gains | 34,428 | 3,462 |
Available-for-sale, gross unrealized losses | -3,295 | -3,990 |
Available-for-sale, estimated fair value | 1,773,343 | 1,676,894 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than Twelve Months | 1,042,371 | 781,501 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Twelve Months or Longer | 70,683 | 1,196 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position | 1,113,054 | 782,697 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than 12 Months | -2,956 | -3,989 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, 12 Months or Longer | -339 | -1 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position | -3,295 | -3,990 |
Government agency bonds [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 736,615 | 684,451 |
Available-for-sale, gross unrealized gains | 113 | 114 |
Available-for-sale, gross unrealized losses | -1,866 | -3,171 |
Available-for-sale, estimated fair value | 734,862 | 681,394 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than Twelve Months | 568,466 | 522,159 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Twelve Months or Longer | 64,695 | 0 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position | 633,161 | 522,159 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than 12 Months | -1,561 | -3,172 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, 12 Months or Longer | -305 | 0 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position | -1,866 | -3,172 |
Municipal bonds [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 45,140 | 41,622 |
Available-for-sale, gross unrealized gains | 74 | 101 |
Available-for-sale, gross unrealized losses | -32 | -14 |
Available-for-sale, estimated fair value | 45,182 | 41,709 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than Twelve Months | 13,533 | 2,625 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Twelve Months or Longer | 0 | 1,196 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position | 13,533 | 3,821 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than 12 Months | -32 | -13 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, 12 Months or Longer | 0 | -1 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position | -32 | -14 |
Auction rate securities [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 9,825 | 9,825 |
Available-for-sale, gross unrealized gains | 0 | 0 |
Available-for-sale, gross unrealized losses | 0 | 0 |
Available-for-sale, estimated fair value | 9,825 | 9,825 |
Time Deposits [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 8,699 | |
Available-for-sale, gross unrealized gains | 0 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | 8,699 | |
Corporate bonds and debt [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 938,331 | 941,524 |
Available-for-sale, gross unrealized gains | 927 | 3,247 |
Available-for-sale, gross unrealized losses | -1,397 | -805 |
Available-for-sale, estimated fair value | 937,861 | 943,966 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than Twelve Months | 460,372 | 256,717 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position, Twelve Months or Longer | 5,988 | 0 |
Fair Value of Available-for-sale Securities in a Continuous Unrealized Loss Position | 466,360 | 256,717 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, Less than 12 Months | -1,363 | -804 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position, 12 Months or Longer | -34 | 0 |
Aggregate Loss, Available-for-sale Securities in a Continuous Unrealized Loss Position | -1,397 | -804 |
Equity Securities [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 3,600 | |
Available-for-sale, gross unrealized gains | 33,314 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | $36,914 |
Investments_AFS_Details
Investments AFS (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Investments [Abstract] | ||
Amount of short-term investments | $666,119,000 | $878,182,000 |
Amount of long-term investments | 1,107,224,000 | 798,712,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,113,054,000 | 782,697,000 |
Amount of corporate debt securities with no contractual maturity excluded from estimated fair value of available-for-sale securities | $6,200,000 |
AFS_Debt_Maturities_Details
AFS, Debt Maturities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | $1,742,210 | $1,677,422 |
Available-for-sale, gross unrealized gains | 34,428 | 3,462 |
Available-for-sale, gross unrealized losses | -3,295 | -3,990 |
Available-for-sale, estimated fair value | 1,773,343 | 1,676,894 |
Due in one year or less [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 216,444 | |
Available-for-sale, gross unrealized gains | 258 | |
Available-for-sale, gross unrealized losses | -9 | |
Available-for-sale, estimated fair value | 216,693 | |
Due after one year and through five years [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 1,428,901 | |
Available-for-sale, gross unrealized gains | 835 | |
Available-for-sale, gross unrealized losses | -3,081 | |
Available-for-sale, estimated fair value | 1,426,655 | |
Due after five years and through ten years [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 77,250 | |
Available-for-sale, gross unrealized gains | 21 | |
Available-for-sale, gross unrealized losses | -205 | |
Available-for-sale, estimated fair value | 77,066 | |
Due after ten years [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 9,825 | |
Available-for-sale, gross unrealized gains | 0 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | 9,825 | |
Total Maturities [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 1,732,420 | |
Available-for-sale, gross unrealized gains | 1,114 | |
Available-for-sale, gross unrealized losses | -3,295 | |
Available-for-sale, estimated fair value | $1,730,239 |
Measured_on_Recurring_Basis_De
Measured on Recurring Basis (Details) (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Money market mutual funds | 51,677,000 | $192,159,000 | ||
Marketable equity securities | 36,914,000 | |||
Corporate bonds and debt | 937,861,000 | 943,966,000 | ||
Time deposits (1) | 8,699,000 | |||
Government agency bonds | 734,862,000 | 681,394,000 | ||
Deposit accounts | 404,662,000 | 274,444,000 | ||
Municipal bonds | 45,182,000 | 41,709,000 | ||
Auction rate securities | 9,825,000 | 9,825,000 | ||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 456,339,000 | 466,603,000 | 375,100,000 | 528,334,000 |
Short-term investments | 666,119,000 | 878,182,000 | ||
Long-term investments | 1,107,224,000 | 798,712,000 | ||
Total assets measured at fair value | 2,229,682,000 | 2,143,497,000 | ||
Insurance Sector Auction Rate Securities [Member] | ||||
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||||
Value of auction rate securities for which recent auctions were unsuccessful | 9,800,000 | |||
Auction Rate Securities Par Value | 22,400,000 | |||
Insurance Sector Auction Rate Securities [Member] | Minimum [Member] | ||||
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||||
Discount rate | 2.00% | |||
Liquidity risk premium (percentage) | 9.10% | |||
Anticipated liquidity horizon | 7 years | |||
Insurance Sector Auction Rate Securities [Member] | Maximum [Member] | ||||
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||||
Discount rate | 2.50% | |||
Liquidity risk premium (percentage) | 29.50% | |||
Anticipated liquidity horizon | 10 years | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Money market mutual funds | 51,677,000 | 192,159,000 | ||
Marketable equity securities | 36,914,000 | |||
Corporate bonds and debt | 0 | 0 | ||
Time deposits (1) | 0 | |||
Government agency bonds | 0 | 0 | ||
Deposit accounts | 0 | 0 | ||
Municipal bonds | 0 | 0 | ||
Auction rate securities | 0 | 0 | ||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 51,677,000 | 192,159,000 | ||
Short-term investments | 36,914,000 | 0 | ||
Long-term investments | 0 | 0 | ||
Total assets measured at fair value | 88,591,000 | 192,159,000 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Money market mutual funds | 0 | 0 | ||
Marketable equity securities | 0 | |||
Corporate bonds and debt | 931,671,000 | 937,776,000 | ||
Time deposits (1) | 8,699,000 | |||
Government agency bonds | 734,862,000 | 681,394,000 | ||
Deposit accounts | 404,662,000 | 274,444,000 | ||
Municipal bonds | 45,182,000 | 41,709,000 | ||
Auction rate securities | 0 | 0 | ||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 404,662,000 | 274,444,000 | ||
Short-term investments | 629,205,000 | 878,182,000 | ||
Long-term investments | 1,091,209,000 | 782,697,000 | ||
Total assets measured at fair value | 2,125,076,000 | 1,935,323,000 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Money market mutual funds | 0 | 0 | ||
Marketable equity securities | 0 | |||
Corporate bonds and debt | 6,190,000 | 6,190,000 | ||
Time deposits (1) | 0 | |||
Government agency bonds | 0 | 0 | ||
Deposit accounts | 0 | 0 | ||
Municipal bonds | 0 | 0 | ||
Auction rate securities | 9,825,000 | 9,825,000 | ||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Long-term investments | 16,015,000 | 16,015,000 | ||
Total assets measured at fair value | 16,015,000 | $16,015,000 |
Unobservable_Input_Reconciliat
Unobservable Input Reconciliation Assets (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Auction rate securities [Member] | |
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items] | |
Fair value, measurement with unobservable inputs reconciliation, beginning | $33,791 |
Included in earnings | 1,101 |
Included in other comprehensive income (loss) | -332 |
Purchases, sales, issuances, and settlements, net | -24,735 |
Fair value, measurement with unobservable inputs reconciliation, ending | 9,825 |
Corporate Debt [Member] | |
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items] | |
Fair value, measurement with unobservable inputs reconciliation, beginning | 6,190 |
Included in earnings | 0 |
Included in other comprehensive income (loss) | 0 |
Purchases, sales, issuances, and settlements, net | 0 |
Fair value, measurement with unobservable inputs reconciliation, ending | 6,190 |
Total Gains (Losses) [Member] | |
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items] | |
Included in earnings | -269 |
Included in other comprehensive income (loss) | ($332) |
Unobservable_Input_Reconciliat1
Unobservable Input Reconciliation Liabilities (Details) (Contingent consideration [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Contingent consideration [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value, measurements with unobservable inputs reconciliation, beginning | $19,100 |
Included in earnings | -1,370 |
Purchases, sales, issuances, and settlements, net | -20,470 |
Fair value, measurements with unobservable inputs reconciliation, ending | $0 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair value of junior subordinated convertible debentures based on observable market prices | $2,051 | $2,138 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | $245,506 | $245,323 |
Less allowance for doubtful accounts | 2,911 | 2,918 |
Accounts receivable, net | 242,595 | 242,405 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | 242,437 | 243,383 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | $3,069 | $1,940 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $14,301 | $9,734 |
Work in process | 190,573 | 179,692 |
Finished goods | 71,269 | 73,299 |
Inventory, Net | $276,143 | $262,725 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (Property, Plant and Equipment, Other Types [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Property, Plant and Equipment, Other Types [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $14.30 |
Asset Held-for-Sale Estimated Selling Cost | $0.30 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment costs | $2,112,118,000 | $2,112,118,000 | $2,001,019,000 | ||
Accumulated depreciation | 1,534,995,000 | 1,534,995,000 | 1,469,052,000 | ||
Property, plant and equipment, net | 577,123,000 | 577,123,000 | 531,967,000 | ||
Depreciation expense | 24,700,000 | 22,200,000 | 72,300,000 | 66,700,000 | |
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment costs | 55,624,000 | 55,624,000 | 55,624,000 | ||
Buildings and building improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment costs | 430,695,000 | 430,695,000 | 411,149,000 | ||
Machinery and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment costs | 1,549,999,000 | 1,549,999,000 | 1,465,255,000 | ||
Projects in progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment costs | $75,800,000 | $75,800,000 | $68,991,000 |
Noncontrolling_Interests_Nonco
Noncontrolling Interests Noncontrolling Interest Roll Forward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at March 31, 2014 | $0 | |||
Additions due to acquisition of controlling interest in ISSC | 52,467 | |||
Net loss attributable to noncontrolling interests | -1,259 | 0 | -2,862 | 0 |
Other comprehensive loss attributable to noncontrolling interests | 149 | 0 | -866 | 0 |
Purchase of additional interests | -23,054 | |||
Other | 304 | |||
Balance at December 31, 2014 | $25,989 | $25,989 |
Noncontrolling_Interests_Chang
Noncontrolling Interests Change in Parent Ownership (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net income attributable to Microchip Technology stockholders | $86,057 | $105,401 | $269,607 | $283,786 |
Increase in paid-in capital for purchase of additional interests | 448 | |||
Parent [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net income attributable to Microchip Technology stockholders | 269,607 | |||
Increase in paid-in capital for purchase of additional interests | 568 | |||
Increase in paid-in capital for converted stock options | 1,094 | |||
Transfers from noncontrolling interest | 1,662 | |||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interest | $271,269 |
Intangible_Assets_by_Major_Cla
Intangible Assets, by Major Class (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2014 | Mar. 31, 2014 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | $947,700,000 | $947,700,000 | $709,190,000 | |||
Accumulated Amortization | -396,490,000 | -396,490,000 | -263,691,000 | |||
Net Amount | 551,210,000 | 551,210,000 | 445,499,000 | |||
In-process technology reaching technological feasibility and reclassified | 20,700,000 | |||||
Amortization of Intangible Assets | 48,600,000 | 23,000,000 | 132,800,000 | 77,000,000 | ||
Impairment of Intangible Assets | 1,305,000 | 1,861,000 | 350,000 | |||
Future Amortization Expense, Remainder of Fiscal Year | 48,377,000 | 48,377,000 | ||||
Future Amortization Expense, Year Two | 146,898,000 | 146,898,000 | ||||
Future Amortization Expense, Year Three | 91,833,000 | 91,833,000 | ||||
Future Amortization Expense, Year Four | 69,488,000 | 69,488,000 | ||||
Future Amortization Expense, Year Five | 62,732,000 | 62,732,000 | ||||
Developed technology [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 563,272,000 | 563,272,000 | 402,669,000 | |||
Accumulated Amortization | -185,391,000 | -185,391,000 | -117,222,000 | |||
Net Amount | 377,881,000 | 377,881,000 | 285,447,000 | |||
Customer-related [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 263,969,000 | 263,969,000 | 195,800,000 | |||
Accumulated Amortization | -170,719,000 | -170,719,000 | -109,170,000 | |||
Net Amount | 93,250,000 | 93,250,000 | 86,630,000 | |||
Trademarks and trade names [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 15,730,000 | 15,730,000 | 15,730,000 | |||
Accumulated Amortization | -8,926,000 | -8,926,000 | -7,118,000 | |||
Net Amount | 6,804,000 | 6,804,000 | 8,612,000 | |||
Backlog [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 26,302,000 | 26,302,000 | 24,610,000 | |||
Accumulated Amortization | -25,818,000 | -25,818,000 | -24,610,000 | |||
Net Amount | 484,000 | 484,000 | 0 | |||
In-process technology [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 72,442,000 | 72,442,000 | 64,396,000 | |||
Accumulated Amortization | 0 | 0 | 0 | |||
Net Amount | 72,442,000 | 72,442,000 | 64,396,000 | |||
Distribution rights [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 5,585,000 | 5,585,000 | 5,585,000 | |||
Accumulated Amortization | -5,236,000 | -5,236,000 | -5,171,000 | |||
Net Amount | 349,000 | 349,000 | 414,000 | |||
Covenants not to compete [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Gross Amount | 400,000 | 400,000 | 400,000 | |||
Accumulated Amortization | -400,000 | -400,000 | -400,000 | |||
Net Amount | 0 | 0 | 0 | |||
Minimum [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Useful Life | 1 year | |||||
Minimum expected useful life of finite lived intangible assets (in years) | 1 year | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Useful Life | 15 years | |||||
Minimum expected useful life of finite lived intangible assets (in years) | 15 years | |||||
Supertex Inc. [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Purchased Intangible Assets | 89,600,000 | |||||
Supertex Inc. [Member] | Developed technology [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Purchased Intangible Assets | 68,900,000 | |||||
Useful Life | 10 years | |||||
Minimum expected useful life of finite lived intangible assets (in years) | 10 years | |||||
Supertex Inc. [Member] | Backlog [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Purchased Intangible Assets | 1,100,000 | |||||
Useful Life | 1 year | |||||
Minimum expected useful life of finite lived intangible assets (in years) | 1 year | |||||
Cost of Sales [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Amortization of Intangible Assets | 900,000 | 1,200,000 | 2,900,000 | 3,700,000 | ||
Operating Expense [Member] | ||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Amortization of Intangible Assets | $47,700,000 | $21,800,000 | $129,900,000 | $73,300,000 |
Goodwill_by_Reporting_Segment_
Goodwill by Reporting Segment (Details) (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $276,097,000 | |||
Goodwill, ending balance | 565,290,000 | 276,097,000 | ||
Supertex Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 133,713,000 | |||
Goodwill, ending balance | 137,178,000 | 133,713,000 | ||
ISSC Technologies Corporation [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 152,243,000 | |||
Goodwill, ending balance | 154,399,000 | 152,243,000 | ||
Semiconductor products [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 256,897,000 | |||
Goodwill, ending balance | 546,090,000 | 256,897,000 | ||
Semiconductor products [Member] | Supertex Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | 137,178,000 | |||
Semiconductor products [Member] | ISSC Technologies Corporation [Member] | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | 154,399,000 | |||
Goodwill, Translation Adjustments | -3,009,000 | |||
Semiconductor products [Member] | Other acquisitions | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | 625,000 | |||
Technology licensing [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 19,200,000 | |||
Goodwill, ending balance | 19,200,000 | 19,200,000 | ||
Technology licensing [Member] | Supertex Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | 0 | |||
Technology licensing [Member] | ISSC Technologies Corporation [Member] | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | 0 | |||
Goodwill, Translation Adjustments | 0 | |||
Technology licensing [Member] | Other acquisitions | ||||
Goodwill [Roll Forward] | ||||
Additions due to business combination | $0 |
Income_tax_Details
Income tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate | 6.00% | 9.70% | |
Release of prior year tax provisions | $1.90 | $9.30 | |
Release of prior year tax provisions basic earnings per share impact | $0.01 | $0.04 | |
Release of prior year tax provisions diluted earnings per share impact | $0.01 | $0.04 | |
Unrecognized Tax Benefits | 222 | 222 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 42 | ||
Unrecognized tax benefit presented as a reduction to deferred tax assets for net operating loss carryforward and other tax credit carryforwards | $83.60 | $83.60 |
2125_Junior_subordinated_conve1
2.125% Junior subordinated convertible debentures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Carrying value of debentures | $379,263,000 | $379,263,000 | $371,873,000 | ||
Amortization of Debt Discount (Premium) | 2,500,000 | 7,311,000 | 6,682,000 | ||
Junior subordinated convertible debentures due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of junior subordinated convertible debentures | 1,150,000,000 | 1,150,000,000 | |||
Interest rate of junior subordinated convertible debentures | 2.13% | 2.13% | |||
Due date of junior subordinated convertible debentures | 15-Dec-37 | ||||
Conversion rate, in shares, of junior subordinated convertible debt (in shares per $1,000) | 29.2783 | ||||
Principal amount of junior subordinated convertible debentures used as conversion unit | 1,000 | ||||
Convertible Debt Instrument Initial Conversion Price Per Share | $34.16 | $34.16 | |||
Debt Instrument, Convertible, Conversion Ratio | 39.5749 | ||||
Debt Instrument, Convertible, Conversion Price | $25.27 | $25.27 | |||
Long-term Debt, Contingent Payment of Interest, Percentage | 0.50% | ||||
Carrying value of equity component of the debentures that were bifurcated into a liability and equity component | 822,400,000 | 822,400,000 | 822,400,000 | ||
Estimated fair value of liability component of debentures at issuance date | 327,600,000 | 327,600,000 | |||
Debt discount of estimated fair value of liability component of debentures | 822,400,000 | 822,400,000 | |||
Amount of unamortized debt discount of debentures | 769,900,000 | 769,900,000 | 777,200,000 | ||
Remaining period, in years, over which unamortized debt discount will be recognized as non-cash interest expense (in years) | 23 years | ||||
Amortization of Debt Discount (Premium) | 2,300,000 | ||||
Recognized amount of interest expense related to debentures | $6,100,000 | $18,300,000 | $6,100,000 | ||
Minimum [Member] | Junior subordinated convertible debentures due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Contingent Payment of Interest, Percentage | 0.25% | ||||
Debt Instrument, Convertible, Trading Price | $40 | $40 | |||
Maximum [Member] | Junior subordinated convertible debentures due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Contingent Payment of Interest, Percentage | 0.50% | ||||
Debt Instrument, Convertible, Trading Price | $150 | $150 |
Credit_facility_Details
Credit facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 27, 2013 | |
Line of Credit Facility [Line Items] | |||||
Interest expense | $14,223,000 | $12,545,000 | $41,920,000 | $36,755,000 | |
Credit Agreement Maturity June 27, 2018 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Initiation date | 27-Jun-13 | ||||
Credit agreement | 2,000,000,000 | ||||
Maturity Date | 27-Jun-18 | ||||
Increase option amount | 300,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 981,300,000 | 981,300,000 | |||
Debt discount | 1,000,000 | 1,000,000 | |||
Interest expense | 5,300,000 | 4,100,000 | 15,400,000 | 11,500,000 | |
Short-term Debt, Weighted Average Interest Rate | 1.67% | 1.67% | |||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Period for leverage ratio to determine interest rate spread | preceding four fiscal quarter period | ||||
Interest rate spread on overdue principal in event of default (percentage) | 2.00% | ||||
Interest rate spread on overdue amounts in event of default (percentage) | 2.00% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option1 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Description of variable rate basis | the highest of JPMorgan Chase Bank, N.A.'s prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 1-month interest period plus a margin equal to 1.00% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option1 [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread on variable rate (percentage) | 0.25% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option1 [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread on variable rate (percentage) | 1.25% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Description of variable rate basis | adjusted LIBOR rate (based on one, two, three, or six-month interest periods) | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread on variable rate (percentage) | 1.25% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Spread on variable rate (percentage) | 2.25% | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Term loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement | 350,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 336,900,000 | 336,900,000 | |||
Credit Agreement Maturity June 27, 2018 [Member] | Revolving credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement | 1,650,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 644,400,000 | 644,400,000 | |||
Credit Agreement Maturity June 27, 2018 [Member] | Foreign Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement | 125,000,000 | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement | 35,000,000 | ||||
Credit Agreement Maturity June 27, 2018 [Member] | Line of Credit Facility Swingline Loan Sublimit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement | $25,000,000 |
Contingencies_Details
Contingencies (Details) (Indemnification Agreement [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Indemnification Agreement [Member] | |
Loss Contingencies [Line Items] | |
Loss contingencies, estimate of possible loss | $138 |
Derivative_Instruments_Details
Derivative Instruments (Details) | 9 Months Ended |
Dec. 31, 2014 | |
Derivative [Line Items] | |
Percentage Of Company Sales Denominated In Us Dollars | 99.00% |
Comprehensive_Income_Schedule_
Comprehensive Income (Schedule of Changes in the Components of AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in the components of AOCI | ||||
Balance at March 31, 2014 | $1,051 | |||
Other comprehensive income (loss) before reclassifications | 15,117 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | -157 | |||
Other comprehensive income (loss) attributable to Microchip Technology | 20,668 | -54 | 14,960 | -9,514 |
Purchase of shares from noncontrolling interest | 448 | |||
Balance at December 31, 2014 | 15,563 | 15,563 | ||
Unrealized holding gains (losses) on available-for-sale securities | ||||
Changes in the components of AOCI | ||||
Balance at March 31, 2014 | -528 | |||
Other comprehensive income (loss) before reclassifications | 19,439 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | -157 | |||
Other comprehensive income (loss) attributable to Microchip Technology | 19,282 | |||
Balance at December 31, 2014 | 18,754 | 18,754 | ||
Minimum pension liability | ||||
Changes in the components of AOCI | ||||
Balance at March 31, 2014 | 140 | |||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Other comprehensive income (loss) attributable to Microchip Technology | 0 | |||
Balance at December 31, 2014 | 140 | 140 | ||
Foreign Currency | ||||
Changes in the components of AOCI | ||||
Balance at March 31, 2014 | 1,439 | |||
Other comprehensive income (loss) before reclassifications | -4,322 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Other comprehensive income (loss) attributable to Microchip Technology | -4,322 | |||
Purchase of shares from noncontrolling interest | -448 | |||
Balance at December 31, 2014 | ($3,331) | ($3,331) |
Comprehensive_Income_Schedule_1
Comprehensive Income (Schedule of Reclassifications of Recognized Transactions out of AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Nonoperating Income (Expense) | ($2,457) | $3,824 | ($3,535) | $6,093 |
Income Tax Expense (Benefit) | -1,393 | -7,187 | -17,141 | -30,344 |
Net income attributable to Microchip Technology | 86,057 | 105,401 | 269,607 | 283,786 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Nonoperating Income (Expense) | 73 | 113 | 169 | 2,279 |
Income Tax Expense (Benefit) | 0 | 0 | -12 | -776 |
Net income attributable to Microchip Technology | $73 | $113 | $157 | $1,503 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $11,187,000 | $12,209,000 | $36,528,000 | $36,874,000 | ||||
Inventory [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Amount of share-based compensation expense capitalized to inventory | 1,700,000 | 1,900,000 | 5,000,000 | 5,700,000 | ||||
Cost of Sales [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 2,290,000 | [1] | 1,841,000 | [1] | 6,985,000 | [1] | 5,674,000 | [1] |
Research and development [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 7,075,000 | 6,141,000 | 20,645,000 | 18,762,000 | ||||
Selling, General and Administrative Expenses [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 5,454,000 | 5,737,000 | 15,783,000 | 16,939,000 | ||||
Pre-tax effect of share based compensation [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 14,819,000 | 13,719,000 | 43,413,000 | 41,375,000 | ||||
Income tax benefit [Member] | ||||||||
Stock-based compensation expense [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $3,632,000 | $1,510,000 | $6,885,000 | $4,501,000 | ||||
[1] | During the three and nine months ended DecemberB 31, 2014, $1.7 million and $5.0 million, respectively, of share-based compensation expense was capitalized to inventory and $2.3 million and $7.0 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. During the three and nine months ended DecemberB 31, 2013, $1.9 million and $5.7 million, respectively, of share-based compensation expense was capitalized to inventory and $1.8 million and $5.7 million, respectively, of previously capitalized share-based compensation expense in inventory was sold. |
Net_income_per_common_share_De
Net income per common share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||||
Net income attributable to Microchip Technology | $86,057 | $105,401 | $269,607 | $283,786 |
Weighted average common shares outstanding | 201,203,000 | 198,759,000 | 200,673,000 | 197,845,000 |
Dilutive effect of stock options and RSUs | 3,396,000 | 3,834,000 | 3,652,000 | 3,882,000 |
Dilutive effect of convertible debt | 18,888,013 | 16,496,384 | 20,107,818 | 14,215,573 |
Weighted average common and potential common shares outstanding | 223,487,000 | 219,089,000 | 224,433,000 | 215,943,000 |
Basic net income per common share attributable to Microchip Technology stockholders | $0.43 | $0.53 | $1.34 | $1.43 |
Diluted net income per common share attributable to Microchip Technology stockholders | $0.39 | $0.48 | $1.20 | $1.31 |
Weighted average conversion price per share used in calculating dilutive effect of convertible debt (amount per share) | $25.39 | $26.19 | $25.57 | $26.43 |
Number of antidilutive option shares (in shares) | 46,959 | 0 | 46,959 | 0 |
Dividends_Details
Dividends (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 29, 2015 |
Dividends [Abstract] | ||||||
Dividend per share paid during period | $0.36 | $1.07 | ||||
Cash Dividend | $71.80 | $214.40 | ||||
Subsequent Event [Line Items] | ||||||
Dividends declared per common share | $0.36 | $0.35 | $1.07 | $1.06 | ||
Total amount of expected dividend payment | 71.8 | 214.4 | ||||
Subsequent Event [Member] | ||||||
Dividends [Abstract] | ||||||
Cash Dividend | 72 | |||||
Subsequent Event [Line Items] | ||||||
Dividends declared per common share | $0.36 | |||||
Total amount of expected dividend payment | $72 |