Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 20-May-15 | Sep. 30, 2014 | |
Document And Entity 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-K | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 202,323,225 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $9,253,053,643 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $607,815 | $466,603 |
Short-term investments | 1,351,054 | 878,182 |
Accounts receivable, net | 273,937 | 242,405 |
Inventories | 279,456 | 262,725 |
Prepaid expenses | 34,717 | 31,756 |
Deferred tax assets | 71,045 | 67,490 |
Assets held for sale | 13,989 | 0 |
Other current assets | 32,604 | 20,238 |
Total current assets | 2,664,617 | 1,969,399 |
Property, plant and equipment, net | 581,572 | 531,967 |
Long-term investments | 383,326 | 798,712 |
Goodwill | 571,271 | 276,097 |
Intangible assets, net | 504,417 | 445,499 |
Other assets | 75,510 | 45,956 |
Total assets | 4,780,713 | 4,067,630 |
LIABILITIES AND EQUITY | ||
Accounts payable | 86,866 | 74,050 |
Accrued liabilities | 100,978 | 96,731 |
Short-term borrowings | 0 | 17,500 |
Deferred income on shipments to distributors | 166,128 | 147,798 |
Total current liabilities | 353,972 | 336,079 |
Senior convertible debentures | 1,174,036 | 0 |
Junior convertible debentures | 190,870 | 371,873 |
Long-term line of credit | 461,952 | 300,000 |
Long-term borrowings, net | 0 | 331,385 |
Long-term income tax payable | 114,336 | 179,966 |
Long-term deferred tax liability | 381,192 | 375,316 |
Other long-term liabilities | 43,329 | 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 202,080,306 shares outstanding at March 31, 2015; 218,789,994 shares issued and 200,002,736 shares outstanding at March 31, 2014 | 202 | 200 |
Additional paid-in capital | 999,515 | 1,244,583 |
Common stock held in treasury: 16,709,688 shares at March 31, 2015; 18,787,258 shares at March 31, 2014 | -515,679 | -577,382 |
Accumulated other comprehensive income | 11,076 | 1,051 |
Retained earnings | 1,549,540 | 1,467,009 |
Microchip Technology stockholders' equity | 2,044,654 | 2,135,461 |
Noncontrolling interests | 16,372 | 0 |
Total equity | 2,061,026 | 2,135,461 |
Total liabilities and equity | $4,780,713 | $4,067,630 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
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 | 202,080,306 | 200,002,736 |
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 |
Treasury Stock, Shares | 16,709,688 | 18,787,258 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Income Statement | ||||||
Net sales | $2,147,036 | $1,931,217 | $1,581,623 | |||
Cost of sales (1) | 917,472 | [1] | 802,474 | [1] | 743,164 | [1] |
Gross profit | 1,229,564 | 1,128,743 | 838,459 | |||
Operating expenses: | ||||||
Research and development (1) | 349,543 | [1] | 305,043 | [1] | 254,723 | [1] |
Selling, general and administrative (1) | 274,815 | [1] | 267,278 | [1] | 261,471 | [1] |
Amortization of acquired intangible assets | 176,746 | 94,534 | 111,537 | |||
Special charges, net | 2,840 | 3,024 | 32,175 | |||
Total operating expenses | 803,944 | 669,879 | 659,906 | |||
Operating income | 425,620 | 458,864 | 178,553 | |||
Losses on equity method investments | -317 | -177 | -617 | |||
Other income (expense): | ||||||
Interest income | 19,527 | 16,485 | 15,560 | |||
Interest expense | -62,034 | -48,716 | -40,915 | |||
Loss on retirement of convertible debentures | -50,631 | 0 | 0 | |||
Other income (expense), net | 13,742 | 5,898 | -404 | |||
Income before income taxes | 345,907 | 432,354 | 152,177 | |||
Income tax (benefit) provision | -19,418 | 37,073 | 24,788 | |||
Net income | 365,325 | 395,281 | 127,389 | |||
Less: Net loss attributable to noncontrolling interests | 3,684 | 0 | 0 | |||
Net income attributable to Microchip Technology | $369,009 | $395,281 | $127,389 | |||
Basic net income per common share attributable to Microchip Technology stockholders | $1.84 | $1.99 | $0.65 | |||
Diluted net income per common share attributable to Microchip Technology stockholders | $1.65 | $1.82 | $0.62 | |||
Dividends declared per common share | $1.43 | $1.42 | $1.41 | |||
Basic common shares outstanding | 200,937 | 198,291 | 194,595 | |||
Diluted common shares outstanding | 223,561 | 217,630 | 205,776 | |||
[1] | Includes share-based compensation expense as follows:Cost of sales 9,010 7,340 8,234Research and development 28,164 24,554 22,178Selling, general and administrative 21,422 21,893 27,603 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share based compensation expense | $47,956 | $48,065 | $48,977 | |||
Cost of sales [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share based compensation expense | 9,010 | [1] | 7,340 | [1] | 8,234 | [1] |
Research and Development Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share based compensation expense | 28,164 | 24,554 | 22,178 | |||
Selling General And Administrative [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share based compensation expense | $21,422 | $21,893 | $27,603 | |||
[1] | During the year ended MarchB 31, 2015, $6.8 million of share-based compensation expense was capitalized to inventory, and $9.0 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended MarchB 31, 2014, $7.4 million of share-based compensation expense was capitalized to inventory, and $7.3 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended MarchB 31, 2013, $5.9 million of share-based compensation expense was capitalized to inventory, and $8.2 million of previously capitalized share-based compensation expense in inventory was sold. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $365,325 | $395,281 | $127,389 |
Less: Net loss attributable to noncontrolling interests | 3,684 | 0 | 0 |
Net income attributable to Microchip Technology | 369,009 | 395,281 | 127,389 |
Unrealized holding gains (losses), net of tax effect of $12, $497 and $557, respectively | 33,759 | -4,377 | 2,686 |
Reclassification of realized transactions, net of tax effect of $12, $776 and $51, respectively | -18,694 | -1,595 | -343 |
Change in minimum pension liability, net of tax effect of ($76), $55 and $28, respectively | -127 | 88 | 52 |
Change in net foreign currency translation adjustment | -5,188 | 0 | 1,439 |
Other comprehensive income (loss), net of taxes | 9,750 | -5,884 | 3,834 |
Less: Other comprehensive (income) loss attributable to noncontrolling interests | 866 | 0 | 0 |
Other comprehensive income (loss) attributable to Microchip Technology | 10,616 | -5,884 | 3,834 |
Comprehensive income | 375,075 | 389,397 | 131,223 |
Less: Comprehensive loss attributable to noncontrolling interests | 4,550 | 0 | 0 |
Comprehensive income attributable to Microchip Technology | $379,625 | $389,397 | $131,223 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent | $12 | $497 | $557 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | ($76) | $55 | $28 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | |||
Net income | $365,325 | $395,281 | $127,389 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 278,298 | 189,139 | 204,097 |
Deferred income taxes | -32,811 | 5,321 | -28,368 |
Share-based compensation expense related to equity incentive plans | 58,596 | 53,787 | 52,069 |
Excess tax benefit from share-based compensation | -1,216 | -1,411 | -297 |
Loss on retirement of junior convertible debentures | 50,631 | 0 | 0 |
Convertible debt derivatives - revaluation and amortization | 26 | -482 | 138 |
Amortization of debt discount on convertible debentures | 14,791 | 8,970 | 8,197 |
Amortization of debt issuance costs | 2,463 | 1,959 | 217 |
Losses on equity method investments | 317 | 177 | 617 |
Losses (gains) on sale of assets | 0 | 244 | -256 |
Loss on write-down of fixed assets | 362 | 0 | 400 |
Impairment of intangible assets | 1,881 | 350 | 0 |
Realized gain on available-for-sale investments | -18,469 | 0 | 0 |
Amortization of premium on available-for-sale investments | 9,949 | 10,754 | 13,186 |
Unrealized impairment loss on available-for-sale investments | 0 | 0 | 413 |
Special (income) charges | 0 | -459 | 4,400 |
Gain on shares of acquired company | 0 | -2,438 | 0 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | -15,893 | -12,508 | 386 |
Decrease (increase) in inventories | 25,517 | -18,500 | 65,867 |
Increase in deferred income on shipments to distributors | 18,330 | 8,846 | 18,867 |
Decrease in accounts payable and accrued liabilities | -33,992 | -11,633 | -40,914 |
Change in other assets and liabilities | -2,923 | 49,167 | 32,957 |
Net cash provided by operating activities | 721,182 | 676,564 | 459,365 |
Cash flows from investing activities: | |||
Purchases of available-for-sale investments | -959,318 | -1,337,482 | -998,977 |
Sales and maturities of available-for-sale investments | 1,097,065 | 951,296 | 856,579 |
Acquisition of ISSC, net of cash acquired | -252,469 | 0 | 0 |
Purchase of additional controlling interest in ISSC | -32,095 | 0 | 0 |
Acquisition of Supertex, net of cash acquired | -375,365 | 0 | 0 |
Acquisition of SMSC, net of cash acquired | 0 | 0 | -731,746 |
Other business acquisitions, net of cash acquired | 0 | -11,187 | -20,556 |
Investments in other assets | -6,663 | -9,069 | -4,730 |
Proceeds from sale of assets | 0 | 16,235 | 306 |
Capital expenditures | -149,472 | -113,072 | -50,818 |
Net cash used in investing activities | -678,317 | -503,279 | -949,942 |
Cash flows from financing activities: | |||
Payments to retire junior convertible debentures | -1,134,621 | 0 | 0 |
Proceeds from issuance of senior convertible debentures | 1,725,000 | 0 | 0 |
Repayments of revolving loan under previous credit facility | 0 | -650,000 | -761,000 |
Repayments of revolving loan under new credit facility | -1,697,642 | -453,500 | 0 |
Proceeds from borrowings on revolving loan under previous credit facility | 0 | 30,000 | 1,381,000 |
Proceeds from borrowings on revolving loan under new credit facility | 1,859,594 | 753,500 | 0 |
Proceeds from issuance of long-term borrowings | 0 | 350,000 | 0 |
Repayments of long-term borrowings | -350,000 | 0 | 0 |
Deferred financing costs | -32,846 | -7,515 | 0 |
Payment of cash dividends | -286,478 | -281,204 | -273,822 |
Proceeds from sale of common stock | 34,433 | 60,086 | 51,365 |
Tax payments related to shares withheld for vested restricted stock units | -19,504 | -22,640 | -15,670 |
Contingent consideration payment | 0 | -14,700 | 0 |
Capital lease payments | -604 | -454 | 0 |
Excess tax benefit from share-based compensation | 1,216 | 1,411 | 297 |
Net cash provided by (used in) financing activities | 98,548 | -235,016 | 382,170 |
Effect of foreign exchange rate changes on cash and cash equivalents | -201 | 0 | 986 |
Net increase (decrease) in cash and cash equivalents | 141,212 | -61,731 | -107,421 |
Cash and cash equivalents at beginning of period | 466,603 | 528,334 | 635,755 |
Cash and cash equivalents at end of period | $607,815 | $466,603 | $528,334 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Senior Subordinated Convertible Debenture Due 2025 [Member] | Junior Subordinated Convertible Debentures Due2037 Member | SMSC Acquisition [Member] | Supertex Inc. [Member] | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | Common Stock Held in Treasury | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | Senior Subordinated Convertible Debenture Due 2025 [Member] | Junior Subordinated Convertible Debentures Due2037 Member | SMSC Acquisition [Member] | Supertex Inc. [Member] | Senior Subordinated Convertible Debenture Due 2025 [Member] | Junior Subordinated Convertible Debentures Due2037 Member | SMSC Acquisition [Member] | Supertex Inc. [Member] | |||||||||||
Balance at Mar. 31, 2012 | $1,990,673 | $1,269,100 | ($780,893) | $3,101 | $1,499,365 | $1,990,673 | $0 | ||||||||||||
Balance, treasury stock, (shares) at Mar. 31, 2012 | 25,639,000 | ||||||||||||||||||
Balance, common stock shares issued (in shares) at Mar. 31, 2012 | 218,790,000 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 127,389 | 127,389 | 127,389 | ||||||||||||||||
Other comprehensive income (loss) | 3,834 | 3,834 | 3,834 | ||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (shares) | 3,799,000 | ||||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (amount) | 51,365 | 51,365 | 51,365 | ||||||||||||||||
Restricted stock unit and stock appreciation right withholdings (shares) | -477,000 | ||||||||||||||||||
Restricted stock unit and stock appreciation right withholdings (amount) | -15,670 | -15,670 | -15,670 | ||||||||||||||||
Treasury stock used for new issuances (shares) | -3,322,000 | -3,322,000 | |||||||||||||||||
Treasury stock used for new issuances (amount) | -98,673 | 98,673 | |||||||||||||||||
Tax benefit (shortfall) from equity incentive plans | -9,896 | -9,896 | -9,896 | ||||||||||||||||
Share-based compensation | 52,667 | 52,667 | 52,667 | ||||||||||||||||
Non-cash consideration - business acquisitions | 6,930 | 6,930 | 6,930 | ||||||||||||||||
Cash dividend | -273,822 | -273,822 | -273,822 | ||||||||||||||||
Balance at Mar. 31, 2013 | 1,933,470 | 1,255,823 | -682,220 | 6,935 | 1,352,932 | 1,933,470 | 0 | ||||||||||||
Balance, common stock shares issued (in shares) at Mar. 31, 2013 | 218,790,000 | ||||||||||||||||||
Balance, treasury stock, (shares) at Mar. 31, 2013 | 22,317,000 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income | 395,281 | 395,281 | 395,281 | ||||||||||||||||
Other comprehensive income (loss) | -5,884 | -5,884 | -5,884 | ||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (shares) | 4,161,000 | ||||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (amount) | 60,086 | 60,086 | 60,086 | ||||||||||||||||
Restricted stock unit and stock appreciation right withholdings (shares) | -631,000 | ||||||||||||||||||
Restricted stock unit and stock appreciation right withholdings (amount) | -22,640 | -22,640 | -22,640 | ||||||||||||||||
Treasury stock used for new issuances (shares) | -3,530,000 | -3,530,000 | |||||||||||||||||
Treasury stock used for new issuances (amount) | -104,838 | 104,838 | |||||||||||||||||
Tax benefit (shortfall) from equity incentive plans | 1,411 | 1,411 | 1,411 | ||||||||||||||||
Share-based compensation | 54,941 | 54,941 | 54,941 | ||||||||||||||||
Cash dividend | -281,204 | -281,204 | -281,204 | ||||||||||||||||
Balance at Mar. 31, 2014 | 2,135,461 | 1,244,783 | -577,382 | 1,051 | 1,467,009 | 2,135,461 | 0 | ||||||||||||
Balance, common stock shares issued (in shares) at Mar. 31, 2014 | 218,789,994 | 218,790,000 | |||||||||||||||||
Balance, treasury stock, (shares) at Mar. 31, 2014 | 200,002,736 | 18,787,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Additions due to acquisition of controlling interest in ISSC | 52,467 | 52,467 | |||||||||||||||||
Net income | 365,325 | 369,009 | 369,009 | -3,684 | |||||||||||||||
Other comprehensive income (loss) | 9,750 | 10,616 | 10,616 | -866 | |||||||||||||||
Other | 240 | 240 | |||||||||||||||||
Purchase of additional interests | -32,095 | 345 | -591 | -246 | -31,849 | ||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (shares) | 2,503,000 | ||||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans (amount) | 34,433 | 34,369 | 34,369 | 64 | |||||||||||||||
Restricted stock unit and stock appreciation right withholdings (shares) | -426,000 | ||||||||||||||||||
Restricted stock unit and stock appreciation right withholdings (amount) | -19,504 | -19,504 | -19,504 | ||||||||||||||||
Treasury stock used for new issuances (shares) | -2,077,000 | -2,077,000 | |||||||||||||||||
Treasury stock used for new issuances (amount) | -61,703 | 61,703 | |||||||||||||||||
Tax benefit (shortfall) from equity incentive plans | 1,220 | 1,220 | 1,220 | ||||||||||||||||
Share-based compensation | 56,687 | 56,687 | 56,687 | ||||||||||||||||
Non-cash consideration - business acquisitions | 1,622 | 1,622 | 1,622 | ||||||||||||||||
Convertible Debt - retirement of 2037 debentures | -606,926 | -606,926 | -606,926 | ||||||||||||||||
Convertible Debt - issuance of 2025 debentures | 348,824 | 348,824 | 348,824 | ||||||||||||||||
Cash dividend | -286,478 | -286,478 | -286,478 | ||||||||||||||||
Balance at Mar. 31, 2015 | $2,061,026 | $999,717 | ($515,679) | $11,076 | $1,549,540 | $2,044,654 | $16,372 | ||||||||||||
Balance, common stock shares issued (in shares) at Mar. 31, 2015 | 218,789,994 | 218,790,000 | |||||||||||||||||
Balance, treasury stock, (shares) at Mar. 31, 2015 | 202,080,306 | 16,710,000 |
Significant_Accounting_Policie
Significant Accounting Policies (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | SIGNIFICANT ACCOUNTING POLICIES |
Nature of Business | |
Microchip develops, manufactures and sells specialized semiconductor products used by its customers for a wide variety of embedded control applications.  Microchip's product portfolio comprises 8-bit, 16-bit and 32-bit PIC® microcontrollers and 16-bit dsPIC® digital signal controllers, which feature on-board Flash (reprogrammable) memory technology.  In addition, Microchip offers a broad spectrum of high-performance linear, mixed-signal, power management, thermal management, RF, safety and security and interface devices, as well as serial EEPROMs, Serial Flash memories and Parallel Flash memories.  Microchip also licenses Flash-IP solutions that are incorporated in a broad range of products. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Microchip Technology Incorporated and its majority-owned subsidiaries (Microchip or 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 interest in the Company's net income from ISSC has been excluded from net income attributable to the Company in the Company's consolidated statements of income.  All of the Company's subsidiaries are included in the consolidated financial statements.  All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition | |
The Company recognizes revenue when the earnings process is complete, as evidenced by an agreement with the customer, transfer of title as well as fixed or determinable pricing and when collectability is reasonably assured.  The Company recognizes revenue from product sales to original equipment manufacturers (OEMs) upon shipment and records reserves for estimated customer returns. | |
Distributors worldwide generally have broad price protection and product return rights, so the Company defers revenue recognition until the distributor sells the product to their customer.  Revenue is recognized when the distributor sells the product to their end customer, at which time the sales price becomes fixed or determinable.  Revenue is not recognized upon the Company's shipment to the distributors since, due to discounts from list price as well as price protection rights, the sales price is not substantially fixed or determinable at that time.  At the time of shipment to these distributors, the Company records a trade receivable for the selling price as there is a legally enforceable right to payment, relieves inventory for the carrying value of goods shipped since legal title has passed to the distributor, and records the gross margin in deferred income on shipments to distributors on its consolidated balance sheets. | |
Deferred income on shipments to distributors effectively represents gross margin on the sale to the distributor at the initial shipment date; however, the amount of gross margin recognized by the Company in future periods will be less than the deferred margin as a result of credits granted to distributors on specifically identified products and customers to allow the distributors to earn a competitive gross margin on the sale of the Company's products to their end customers and price protection concessions related to market pricing conditions. | |
The Company sells the majority of the items in its product catalog to its distributors worldwide at a uniform list price.  However, distributors resell the Company's products to end customers at a very broad range of individually negotiated price points.  The majority of the Company's distributors' resales require a reduction from the original list price paid.  Often, under these circumstances, the Company remits back to the distributor a portion of their original purchase price after the resale transaction is completed in the form of a credit against the distributors' outstanding accounts receivable balance.  The credits are on a per unit basis and are not given to the distributor until they provide information regarding the sale to their end customer.  The price reductions vary significantly based on the customer, product, quantity ordered, geographic location and other factors and discounts to a price less than the Company's cost have historically been rare.  The effect of granting these credits establishes the net selling price from the Company to its distributors for the product and results in the net revenue recognized by the Company when the product is sold by the distributors to their end customers. Thus, a portion of the "deferred income on shipments to distributors" balance represents the amount of distributors' original purchase price that will | |
be credited back to the distributor in the future.  The wide range and variability of negotiated price concessions granted to distributors does not allow the Company to accurately estimate the portion of the balance in the deferred income on shipments to distributors account that will be credited back to the distributors.  Therefore, the Company does not reduce deferred income on shipments to distributors or accounts receivable by anticipated future price concessions; rather, price concessions are recorded against deferred income on shipments to distributors when incurred, which is generally at the time the distributor sells the product. | |
At March 31, 2015, the Company had approximately $260.9 million of deferred revenue and $94.8 million in deferred cost of sales recognized as $166.1 million of deferred income on shipments to distributors.  At March 31, 2014, the Company had approximately $222.8 million of deferred revenue and $75.0 million of deferred cost of sales recognized as $147.8 million of deferred income on shipments to distributors.  The deferred income on shipments to distributors that will ultimately be recognized in the Company's income statement will be lower than the amount reflected on the balance sheet due to price credits to be granted to the distributors when the product is sold to their customers.  These price credits historically have resulted in the deferred income approximating the overall gross margins that the Company recognizes in the distribution channel of its business. | |
The Company reduces product pricing through price protection based on market conditions, competitive considerations and other factors.  Price protection is granted to distributors on the inventory they have on hand at the date the price protection is offered.  When the Company reduces the price of its products, it allows the distributor to claim a credit against its outstanding accounts receivable balances based on the new price of the inventory it has on hand as of the date of the price reduction.  There is no immediate revenue impact from the price protection, as it is reflected as a reduction of the deferred income on shipments to distributors' balance. | |
Products returned by distributors and subsequently scrapped have historically been immaterial to the Company's consolidated results of operations.  The Company routinely evaluates the risk of impairment of the deferred cost of sales component of the deferred income on shipments to distributors' account.  Because of the historically immaterial amounts of inventory that have been scrapped, and historically rare instances where discounts given to a distributor result in a price less than the Company's cost, the Company believes the deferred costs have a low risk of material impairment. | |
For license and other arrangements for SuperFlash® technology and other technologies that the Company is continuing to enhance and refine or under which it is obligated to provide unspecified enhancements, non-royalty revenue is recognized over the lesser of (1) the estimated period that the Company has historically enhanced and developed refinements to the specific technology, typically one to three years (the "upgrade period"), and (2) the remaining portion of the upgrade period after the date of delivery of all specified technology and documentation, provided that the fee is fixed or determinable and collection of the fee is reasonably assured.  Royalties received during the upgrade period are recognized as revenue based on an amortization calculation of the elapsed portion of the upgrade period compared to the entire estimated upgrade period.  Royalties received after the upgrade period has elapsed are recognized when reported to the Company, which generally coincides with the receipt of payment.  For licenses or other technology arrangements without an upgrade period, non-royalty revenue from license is recognized upon delivery of the technology if the fee is fixed or determinable and collection of the fee is reasonably assured.  Royalties are recognized when reported to the Company, which generally coincides with the receipt of payment. | |
Shipping charges billed to customers are included in net sales, and the related shipping costs are included in cost of sales. The Company collects and remits certain sales-related taxes on sales of inventory and reports such amounts under the net method in its consolidated statements of income. | |
Product Warranty | |
The Company typically warrants its products against defects in materials and workmanship and non-conformance to specifications for 12 to 24 months. The majority of the Company's product warranty claims are settled through the return of the defective product and the shipment of replacement product. Warranty returns are included within the Company's allowance for returns, which is based on historical return rates. Actual future returns could differ from the allowance established. In addition, the Company accrues a liability for specific warranty costs expected to be settled other than through product return and replacement, if a loss is probable and can be reasonably estimated. Product warranty expenses during fiscal 2015, 2014, and 2013 were immaterial. | |
Advertising Costs | |
The Company expenses all advertising costs as incurred.  Advertising costs were immaterial for the fiscal years ended March 31, 2015, 2014 and 2013. | |
Research and Development | |
Research and development costs are expensed as incurred.  Assets purchased to support the Company's ongoing research and development activities are capitalized when related to products which have achieved technological feasibility or that have alternative future uses and are amortized over their estimated useful lives.  Research and development expenses include expenditures for labor, share-based payments, depreciation, masks, prototype wafers, and expenses for development of process technologies, new packages, and software to support new products and design environments. | |
Foreign Currency Translation | |
The Company's foreign subsidiaries are considered to be extensions of the U.S. Company and any translation gains and losses related to these subsidiaries are included in other income (expense) in the consolidated statements of income.  As the U.S. dollar is utilized as the functional currency, gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiaries' functional currency) are also included in income.  For a portion of fiscal 2015 and fiscal 2013, certain foreign subsidiaries acquired as part of the Company's acquisition activities had the local currency as the functional currency. Once these entities were integrated into the Company's legal structure and intercompany agreements were executed, the U.S. dollar became the functional currency. | |
Income Taxes | |
The Company provides for income taxes in accordance with principles contained in ASC Topic 740, Income Taxes. Under these principles, the Company recognizes the amount of income tax payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. | |
Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance if it is more likely than not that a portion will not be realized. In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carry back and carry forward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies. | |
The Company measures and recognizes the amount of tax benefit that should be recorded for financial statement purposes for uncertain tax positions taken or expected to be taken in a tax return. With respect to uncertain tax positions, the Company evaluates the recognized tax benefits for de-recognition, classification, interest and penalties, interim period accounting and disclosure requirements. Judgment is required in assessing the future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. | |
   | |
Cash and Cash Equivalents | |
All highly liquid investments, including marketable securities purchased with a remaining maturity of three months or less when acquired are considered to be cash equivalents. | |
Available-for-Sale Investments | |
The Company classifies its investments in debt and marketable equity securities as available-for-sale based upon management's intent with regard to the investments and the nature of the underlying securities. | |
The Company's available-for-sale investments consist of government agency bonds, municipal bonds, auction rate securities (ARS), corporate bonds and marketable equity securities. The Company's investments are carried at fair value with unrealized gains and losses reported in stockholders' equity unless losses are considered to be other than temporary impairments in which case the losses are recognized through the statement of income.  Premiums and discounts are amortized or accreted over the life of the related available-for-sale security. Dividend and interest income are recognized when earned. The cost of securities sold is calculated using the specific identification method. | |
The Company includes within short-term investments its income yielding available-for-sale securities that can be readily converted to cash and includes within long-term investments those income yielding available-for-sale securities with maturities of over one year that have unrealized losses attributable to them or those that cannot be readily liquidated.  Except as discussed in Note 4, the Company intends and has the ability to hold its long-term investments with temporary impairments until such time as these assets are no longer impaired. Such recovery of unrealized losses is not expected to occur within the next year. | |
Derivative Instruments | |
Derivative instruments are required to be recorded at fair value as either assets or liabilities in the Company's consolidated balance sheet. The Company's accounting policies for derivative instruments depends on whether the instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. | |
The Company does not apply hedge accounting to foreign currency forward contracts. Gains and losses associated with currency rate changes on forward contracts are recorded currently in income.  These gains and losses have been immaterial to the Company's financial statements. | |
Interest rate derivative instruments designated as fair value hedges are designed to manage the exposure to interest rate movements and to reduce borrowing costs by converting fixed-rate debt into floating-rate debt. Under these agreements, the Company agrees to exchange, at specified intervals, the difference between the fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be highly effective, hedge accounting is discontinued. | |
Allowance for Doubtful Accounts | |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in bad debt expense.  The Company determines the adequacy of this allowance by regularly reviewing the composition of its accounts receivable aging and evaluating individual customer receivables, considering such customer's financial condition, credit history and current economic conditions. | |
Inventories | |
Inventories are valued at the lower of cost or market using the first-in, first-out method.  The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions.  If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required.  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.  In estimating reserves for obsolescence, the Company primarily evaluates estimates of demand over a 12-month period and provides reserves for inventory on hand in excess of the estimated 12-month demand. Estimates for projected 12-month demand are generally based on the average shipments of the prior three-month period, which are then annualized to adjust for any potential seasonality in the Company's business. The estimated 12-month demand is compared to the Company's most recently developed sales forecast to further reconcile the 12-month demand estimate. Management reviews and adjusts the estimates as appropriate based on specific situations. For example, demand can be adjusted up for new products for which historic sales are not representative of future demand. Alternatively, demand can be adjusted down to the extent any existing products are being replaced or discontinued. | |
In periods where the Company's production levels are substantially below normal operating capacity, unabsorbed overhead production costs associated with the reduced production levels of the Company's manufacturing facilities are charged directly to cost of sales. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost.  Major renewals and improvements are capitalized, while maintenance and repairs are expensed when incurred.  The Company's property and equipment accounting policies incorporate estimates, assumptions and judgments relative to the useful lives of its property and equipment.  Depreciation is provided for assets placed in service on a straight-line basis over the estimated useful lives of the relative assets, which range from 10 to 30 years for buildings and building improvements and 3 to 8 years for machinery and equipment.  The Company evaluates the carrying value of its property and equipment when events or changes in circumstances indicate that the carrying value of such assets may be impaired.  Asset impairment evaluations are, by nature, highly subjective. | |
Senior and Junior Subordinated Convertible Debentures | |
The Company separately accounts for the liability and equity components of its senior and junior subordinated convertible debentures in a manner that reflects its nonconvertible debt (unsecured debt) borrowing rate when interest cost is recognized.  This results in a bifurcation of a component of the debt, classification of that component in equity and the accretion of the resulting discount on the debt to be recognized as part of interest expense in its consolidated statements of income.  Lastly, the Company includes the dilutive effect of the shares of its common stock issuable upon conversion of the outstanding senior and junior subordinated convertible debentures in its diluted income per share calculation regardless of whether the market price triggers or other contingent conversion features have been met.  The Company applies the treasury stock method as it has the intent and ability to settle the principal amounts of the senior and junior subordinated convertible debentures in cash.  This method results in incremental dilutive shares when the average market value of the Company's common stock for a reporting period exceeds the conversion prices per share which were $68.17 and $25.09 for the senior and junior subordinated convertible debentures, respectively, at March 31, 2015 and adjusts as dividends are recorded in the future. | |
Upon a de-recognition event, the Company estimates the fair value of the liability component and compares that to the carrying amount in order to calculate the appropriate amount of gain or loss. The remaining amounts paid or issued (in the case of non cash consideration in the form of shares of common stock) are recognized as a reduction of additional paid-in-capital. The fair value of the liability component is estimated using the current comparable borrowing rate for an otherwise identical non-convertible debt instrument. | |
Litigation | |
The Company's estimated range of liability related to pending litigation is based on claims that management believes a loss is probable and for which an amount or range of loss is estimable.  Because of uncertainties related to both the outcome and range of any potential losses from pending litigation, the Company is generally unable to make any reasonable estimates as to liability that might result from unfavorable outcomes.  As additional information becomes available, the Company will assess its potential liability related to pending litigation and revise its estimates, accordingly. | |
Business Combinations | |
All of the Company's business combinations are accounted for at fair value under the acquisition method of accounting. Under the acquisition method of accounting, (i) acquisition-related costs, except for those costs incurred to issue debt or equity securities, will be expensed in the period incurred; (ii) non-controlling interests will be valued at fair value at the acquisition date; (iii) in-process research and development will be recorded at fair value as an intangible asset at the acquisition date and amortized once the technology reaches technological feasibility; (iv) restructuring costs associated with a business combination will be expensed subsequent to the acquisition date; and (v) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date will be recognized through income tax expense or directly in contributed capital.  The measurement of fair value of assets acquired and liabilities assumed requires significant judgment.  The valuation of intangible assets and acquired investments, in particular, requires that the Company use valuation techniques such as the income approach.  The income approach includes the use of a discounted cash flow model, which includes discounted cash flow scenarios and requires the following significant estimates:  revenue, expenses, capital spending and other costs, and discount rates based on the respective risks of the cash flows.  The valuation of non-marketable equity investments acquired also takes into account variables such as conditions reflected in the capital markets, recent financing activity by the investees, the investees' capital structure and the terms of the investees' issued interests. | |
Goodwill and Other Intangible Assets | |
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired.  The Company is required to perform an annual impairment review, and more frequently under certain circumstances.  The goodwill is subjected to this test during the fourth quarter of the Company's fiscal year.  The Company engages primarily in the development, manufacture and sale of semiconductor products as well as technology licensing.  As a result, the Company concluded there are two reporting units, semiconductor products and technology licensing. Under the qualitative goodwill impairment assessment standard, management evaluates whether it is more likely than not that goodwill is impaired. If it is determined that it is more likely than not, the Company proceeds with the next step of the impairment test, which compares the fair value of the reporting unit to its carrying value.  If the Company determines through the impairment process that goodwill has been impaired, the Company will record the impairment charge in its results of operation.  Through March 31, 2015, the Company has not had impaired goodwill.  The Company's other intangible assets represent existing technologies, core and developed technology, in-process research and development, trademarks and trade names, and customer-related intangibles. Other intangible assets are amortized over their respective estimated lives, ranging from one year to ten years.  In the event that facts and circumstances indicate intangibles or other long-lived assets may be impaired, the Company evaluates the recoverability and estimated useful lives of such assets. In-process research and development 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. | |
Impairment of Long-Lived Assets | |
The Company assesses whether indicators of impairment of long-lived assets are present.  If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question is less than their carrying value.  If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values.  Fair value is determined by discounted future cash flows, appraisals or other methods.  If the assets determined to be impaired are to be held and used, the Company recognizes an impairment loss through a charge to operating results to the extent the present value of anticipated net cash flows attributable to the asset are less than the asset's carrying value.  The Company would depreciate the remaining value over the remaining estimated useful life of the asset. | |
Share-Based Compensation | |
The Company has equity incentive plans under which non-qualified stock options and restricted stock units (RSUs) have been granted to employees and non-employee members of the Board of Directors.  In the second half of fiscal 2006, the Company adopted RSUs as its primary equity incentive compensation instrument for employees.  The Company also has an employee stock purchase plan for eligible employees. | |
The Company estimates the fair value of share-based payment awards on the date of grant using an option pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service periods.  The Company has estimated the fair value of each award as of the date of grant using the Black-Scholes option pricing model, which was developed for use in estimating the value of traded options that have no vesting restrictions and that are freely transferable.  | |
Determining the appropriate fair-value model and calculating the fair value of share-based awards at the date of grant requires judgment.  The fair value of RSUs is based on the fair market value of the Company's common stock on the date of grant discounted for expected future dividends.  The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under stock purchase plans.  Option pricing models, including the Black-Scholes model, also require the use of input assumptions, including expected volatility, expected life, expected dividend rate, and expected risk-free rate of return.  The Company uses a blend of historical and implied volatility based on options freely traded in the open market as it believes this is more reflective of market conditions and a better indicator of expected volatility than using purely historical volatility.  The expected life of the awards is based on historical and other economic data trended into the future.  The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company's awards.  The dividend yield assumption is based on the Company's history and expectation of future dividend payouts.  The Company estimates the number of share-based awards which will be forfeited due to employee turnover.  Quarterly changes in the estimated forfeiture rate would affect share-based compensation, as the impact | |
on prior period amortization for all unvested awards is recognized in the period the forfeiture estimate is changed.  If the actual forfeiture rate is higher than the estimated forfeiture rate, then an adjustment is made to increase the estimated forfeiture rate, which will result in a decrease to the expense recognized in the financial statements.  If the actual forfeiture rate is lower than the estimated forfeiture rate, then an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase to the expense recognized in the financial statements.  If forfeiture adjustments are made, they would affect the Company's results of operations.  The effect of forfeiture adjustments in the years ended March 31, 2015, 2014 and 2013 was immaterial. | |
The Company evaluates the assumptions used to value its awards on a quarterly basis.  If factors change and the Company employs different assumptions, share-based compensation expense may differ significantly from what was recorded in the past.  If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate or increase any remaining unearned share-based compensation expense.  Future share-based compensation expense and unearned share-based compensation will increase to the extent that the Company grants additional equity awards to employees or it assumes unvested equity awards in connection with acquisitions. | |
Concentrations of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of investments in debt securities and trade receivables.  Investments in debt securities with original maturities of greater than six months consist primarily of AAA and AA rated financial instruments and counterparties.  The Company's investments are primarily in direct obligations of the U.S. government or its agencies, corporate bonds, and municipal bonds. | |
Concentrations of credit risk with respect to accounts receivable are generally not significant due to the diversity of the Company's customers and geographic sales areas.  The Company sells its products primarily to OEMs and distributors in the Americas, Europe and Asia.  The Company performs ongoing credit evaluations of its customers' financial condition and, as deemed necessary, may require collateral, primarily letters of credit. | |
Distributor advances, included in deferred income on shipments to distributors in the consolidated balance sheets, totaled $116.0 million at March 31, 2015 and $92.8 million at March 31, 2014.  On sales to distributors, the Company's payment terms generally require the distributor to settle amounts owed to the Company for an amount in excess of their ultimate cost.  The Company's sales price to its distributors may be higher than the amount that the distributors will ultimately owe the Company because distributors often negotiate price reductions after purchasing the product from the Company and such reductions are often significant.  It is the Company's practice to apply these negotiated price discounts to future purchases, requiring the distributor to settle receivable balances, on a current basis, generally within 30 days, for amounts originally invoiced.  This practice has an adverse impact on the working capital of the Company's distributors.  As such, the Company has entered into agreements with certain distributors whereby it advances cash to the distributors to reduce the distributor's working capital requirements.  These advances are reconciled at least on a quarterly basis and are estimated based on the amount of ending inventory as reported by the distributor multiplied by a negotiated percentage.  Such advances have no impact on revenue recognition or the Company's consolidated statements of income.  The Company processes discounts taken by distributors against its deferred income on shipments to distributors' balance and trues-up the advanced amounts generally after the end of each completed fiscal quarter.  The terms of these advances are set forth in binding legal agreements and are unsecured, bear no interest on unsettled balances and are due upon demand.  The agreements governing these advances can be canceled by the Company at any time. | |
Use of Estimates | |
The Company has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare its consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles.  Actual results could differ from those estimates. | |
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, the 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.  On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the transition method that will be elected. | |
In April 2015, the FASB issued ASU 2015-03-Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. |
Business_Acquisitions_Notes
Business Acquisitions (Notes) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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. Since the completion of the tender offer, the Company has acquired additional shares of ISSC. As of March 31, 2015, the Company's ownership percentage in ISSC was approximately 94.1%. | ||||||||||||
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 tender offer 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 with 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 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. 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-Mar-15 | |||||||||
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 (1) | 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 | ||||||
(1)Â 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 as 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 consolidated statements of income for the year ended March 31, 2015 was approximately $37.8 million and $25.6 million, respectively. | ||||||||||||
The following unaudited pro-forma consolidated results of operations for the years ended ended March 31, 2015 and 2014 assume the ISSC acquisition occurred as of April 1, 2013. Pro-forma adjustments mainly consist of acquired inventory fair value costs and amortization of purchased intangible assets. 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): | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Net sales | $ | 2,169,390 | $ | 1,998,647 | ||||||||
Net income attributable to Microchip Technology | 367,428 | 364,169 | ||||||||||
Net income attributable to Microchip Technology common stockholders per share - basic | $ | 1.83 | $ | 1.84 | ||||||||
Net income attributable to Microchip Technology common stockholders per share - diluted | $ | 1.64 | $ | 1.67 | ||||||||
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 with its valuation. The purchase price allocation was finalized as of March 31, 2015. 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. The table below represents the 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-Mar-15 | |||||||||
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 | (1,541 | ) | 2,456 | ||||||||
Other current assets | 16,113 | (3,488 | ) | 12,625 | ||||||||
Property, plant and equipment, net | 15,679 | — | 15,679 | |||||||||
Goodwill | 133,713 | 9,447 | 143,160 | |||||||||
Purchased intangible assets (1) | 89,600 | 89,600 | ||||||||||
Other assets | 325 | — | 325 | |||||||||
Total assets acquired | 451,371 | 4,418 | 455,789 | |||||||||
Liabilities assumed | ||||||||||||
Accounts payable | (8,481 | ) | — | (8,481 | ) | |||||||
Accrued liabilities | (19,345 | ) | 121 | (19,224 | ) | |||||||
Long-term income tax payable | (3,796 | ) | — | (3,796 | ) | |||||||
Deferred tax liability | (27,972 | ) | (4,539 | ) | (32,511 | ) | ||||||
Total liabilities assumed | (59,594 | ) | (4,418 | ) | (64,012 | ) | ||||||
Net assets acquired | $ | 391,777 | $ | — | $ | 391,777 | ||||||
(1)Â 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 consolidated statements of income for the year ended March 31, 2015 was approximately $72.7 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 as of that date. | ||||||||||||
The following unaudited pro-forma consolidated results of operations for the years ended March 31, 2015 and 2014 assume the Supertex acquisition occurred as of April 1, 2013. Pro-forma adjustments mainly consist of acquired inventory fair value costs and amortization of purchased intangible assets. 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): | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Net sales | $ | 2,149,505 | $ | 1,996,819 | ||||||||
Net income | 391,573 | 353,381 | ||||||||||
Basic earnings per share | $ | 1.95 | $ | 1.78 | ||||||||
Diluted earnings per share | $ | 1.75 | $ | 1.62 | ||||||||
Acquisition of SMSC | ||||||||||||
On August 2, 2012, the Company acquired SMSC, a publicly traded company based in Hauppauge, New York. The acquisition was accounted for under the acquisition method of accounting. The Company retained an independent third-party appraiser to assist management with its valuation. The table below represents the allocation of the purchase price to the net assets acquired based on their estimated fair values as of August 2, 2012. The purchase price allocation was finalized as of August 2, 2013 (amounts in thousands): | ||||||||||||
Assets acquired | ||||||||||||
Cash and cash equivalents | $ | 180,925 | ||||||||||
Accounts receivable, net | 58,441 | |||||||||||
Inventories | 86,244 | |||||||||||
Prepaid expenses | 5,617 | |||||||||||
Deferred tax assets | 15,843 | |||||||||||
Other current assets | 17,578 | |||||||||||
Property, plant and equipment, net | 35,608 | |||||||||||
Long-term investments | 24,275 | |||||||||||
Goodwill | 165,592 | |||||||||||
Intangible assets, net | 10,214 | |||||||||||
Purchased intangible assets | 517,800 | |||||||||||
Other assets | 3,835 | |||||||||||
Total assets acquired | 1,121,972 | |||||||||||
Liabilities assumed | ||||||||||||
Accounts payable | (28,035 | ) | ||||||||||
Accrued liabilities | (62,247 | ) | ||||||||||
Deferred income on shipments to distributors | (11,376 | ) | ||||||||||
Long-term income tax payable | (72,781 | ) | ||||||||||
Deferred tax liability | (16,682 | ) | ||||||||||
Other liabilities | (11,250 | ) | ||||||||||
Total liabilities assumed | (202,371 | ) | ||||||||||
Purchase price allocated | $ | 919,601 | ||||||||||
Special_Charges_Notes
Special Charges (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Other Nonrecurring (Income) Expense [Abstract] | |
Special charges | SPECIAL CHARGES |
Acquisition Related Expenses | |
During fiscal 2015, the Company incurred special charges of $2.8 million related to severance, office closing and other costs associated with its acquisition activity. During fiscal 2014, the Company incurred special charges of $3.0 million related to severance, office closing and other costs associated with its acquisition activity. During fiscal 2013, the Company incurred special charges of $32.2 million comprised of a $4.4 million net increase in the fair value of contingent consideration related to one of its acquisitions, $16.3 million of primarily severance-related costs in addition to office closing and other costs associated with the acquisition of SMSC and legal settlement costs of approximately $11.5 million for certain legal matters related to an entity which the Company acquired in April 2010 in excess of previously accrued amounts. |
Investments_Notes
Investments (Notes) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 March 31, 2015 (amounts in thousands): | ||||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 741,780 | $ | 676 | $ | (200 | ) | $ | 742,256 | |||||||||||||||
Municipal bonds | 41,552 | 155 | (9 | ) | 41,698 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Time deposits (1) | 506 | — | — | 506 | ||||||||||||||||||||
Corporate bonds and debt | 924,818 | 2,376 | (265 | ) | 926,929 | |||||||||||||||||||
Marketable equity securities | 1,362 | 11,804 | — | 13,166 | ||||||||||||||||||||
$ | 1,719,843 | $ | 15,011 | $ | (474 | ) | $ | 1,734,380 | ||||||||||||||||
(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 March 31, 2015, the Company's available-for-sale debt securities and marketable equity securities are presented on the consolidated balance sheets as short-term investments of $1,351.1 million and long-term investments of $383.3 million.  At March 31, 2014, the Company’s available-for-sale debt securities are presented on the 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 Company sold available-for-sale investments for proceeds of $273.9 million, $135.3 million and $40.5 million during the years ended March 31, 2015, 2014 and 2013, respectively. During the year ended March 31, 2015, the Company had net realized gains of $18.5 million from sales of available-for-sale marketable equity securities. The Company had no material realized gains from the sale of available-for-sale debt securities during the year ended March 31, 2015. The Company had no material realized gains or losses from the sale of available-for-sale marketable equity securities or debt securities during the years ended March 31, 2014 or 2013. The Company determines the cost of an investment sold on an average cost basis at the individual security level for sales from multiple lots. For all other sales, the Company uses an adjusted cost basis at the individual security level. | ||||||||||||||||||||||||
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-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 162,948 | $ | (142 | ) | $ | 29,942 | $ | (58 | ) | $ | 192,890 | $ | (200 | ) | |||||||||
Municipal bonds | 13,318 | (9 | ) | — | — | 13,318 | (9 | ) | ||||||||||||||||
Corporate bonds and debt | 163,095 | (219 | ) | 19,021 | (46 | ) | 182,116 | (265 | ) | |||||||||||||||
$ | 339,361 | $ | (370 | ) | $ | 48,963 | $ | (104 | ) | $ | 388,324 | $ | (474 | ) | ||||||||||
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 | $ | (3,171 | ) | $ | — | $ | — | $ | 522,159 | $ | (3,171 | ) | ||||||||||
Municipal bonds | 2,625 | (13 | ) | 1,196 | (1 | ) | 3,821 | (14 | ) | |||||||||||||||
Corporate bonds and debt | 256,717 | (805 | ) | — | — | 256,717 | (805 | ) | ||||||||||||||||
$ | 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 March 31, 2015 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 March 31, 2016, 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 March 31, 2015, by contractual maturity, excluding marketable equity securities of $13.2 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 | $ | 224,531 | $ | 512 | $ | (34 | ) | $ | 225,009 | |||||||||||||||
Due after one year and through five years | 1,395,685 | 2,648 | (330 | ) | 1,398,003 | |||||||||||||||||||
Due after five years and through ten years | 82,250 | 47 | (110 | ) | 82,187 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,712,291 | $ | 3,207 | $ | (474 | ) | $ | 1,715,024 | ||||||||||||||||
The amortized cost and estimated fair value of the available-for-sale securities at March 31, 2014, by maturity, excluding corporate debt of $6.2 million, which has no contractual maturity, are shown below (amounts in thousands). | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||
Due in one year or less | $ | 210,129 | $ | 1,234 | $ | — | $ | 211,363 | ||||||||||||||||
Due after one year and through five years | 1,308,844 | 2,228 | (1,958 | ) | 1,309,114 | |||||||||||||||||||
Due after five years and through ten years | 142,434 | — | (2,032 | ) | 140,402 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,671,232 | $ | 3,462 | $ | (3,990 | ) | $ | 1,670,704 | ||||||||||||||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Accounting rules for fair value provide 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. | ||||||||||||||||
Derivative Assets | ||||||||||||||||
The Company's derivative assets include interest rate swaps that are classified as Level 2 as the Company uses inputs other than quoted prices that are observable for the asset. The Level 2 derivative assets are primarily valued using standard calculations and models that use readily observable market data as their basis. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
Assets measured at fair value on a recurring basis at March 31, 2015 are as follows (amounts in thousands): | ||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Â Unobservable | Balance | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
 Identical | Inputs | (Level 3) | ||||||||||||||
Instruments | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Money market mutual funds | $ | 279,833 | $ | — | $ | — | $ | 279,833 | ||||||||
Marketable equity securities | 13,166 | — | — | 13,166 | ||||||||||||
Corporate bonds and debt | — | 920,739 | 6,190 | 926,929 | ||||||||||||
Time deposits (1) | — | 506 | — | 506 | ||||||||||||
Government agency bonds | — | 742,256 | — | 742,256 | ||||||||||||
Deposit accounts | — | 327,982 | — | 327,982 | ||||||||||||
Municipal bonds | — | 41,698 | — | 41,698 | ||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | ||||||||||||
Derivative assets | — | 8,928 | — | 8,928 | ||||||||||||
Total assets measured at fair value | $ | 292,999 | $ | 2,042,109 | $ | 16,015 | $ | 2,351,123 | ||||||||
  | ||||||||||||||||
(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 fiscal 2015 or fiscal 2014. | ||||||||||||||||
At March 31, 2015 and March 31, 2014, the Company's ARS for which auctions were unsuccessful were related to the insurance industry and were 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 ARS as of March 31, 2015 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 evaluates material changes in the fair value measurements of its ARS. | ||||||||||||||||
The following table presents 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. There were no changes in the fair value of these assets measured on a recurring basis during fiscal 2015 (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 | $ | — | $ | (601 | ) | |||||||
Gains and losses recognized in earnings using Level 3 inputs for ARS are credited or charged to Other Income (Expense) on the 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 Consolidated Statements of Income. | ||||||||||||||||
Assets measured at fair value on a recurring basis are presented/classified on the consolidated balance sheets at March 31, 2015 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 | $ | 279,833 | $ | 327,982 | $ | — | $ | 607,815 | ||||||||
Short-term investments | 13,166 | 1,337,888 | — | 1,351,054 | ||||||||||||
Long-term investments | — | 367,311 | 16,015 | 383,326 | ||||||||||||
Other assets | — | 8,928 | — | 8,928 | ||||||||||||
Total assets measured at fair value | $ | 292,999 | $ | 2,042,109 | $ | 16,015 | $ | 2,351,123 | ||||||||
Assets measured at fair value on a recurring basis are presented/classified in the 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 | ||||||||
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis | ||||||||||||||||
The Company's non-marketable equity, cost method investments, and non-financial assets, such as intangible assets, assets held for sale and property, plant and equipment, are recorded at fair value on a non-recurring basis. These assets are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment.  | ||||||||||||||||
The Company's non-marketable and cost method investments are monitored on a quarterly basis for impairment charges.  The fair values of these investments have been determined as Level 3 fair value measurements because the valuations use unobservable inputs that require management's judgment due to the absence of quoted market prices. There were no impairment charges recognized on these investments during the year ended March 31, 2015. During the years ended March 31, 2014 and March 31, 2013, the Company recognized impairment charges of $0.7 million and $0.5 million, respectively, on these investments. These investments are included in other assets on the consolidated balance sheet. | ||||||||||||||||
The fair value measurements related to the Company's non-financial assets, such as intangible assets, assets held for sale and property, plant and equipment are based on available market prices at the measurement date based on transactions of similar assets and third-party independent appraisals, less cost to sell where appropriate. The Company classifies these measurements as Level 2. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 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 March 31, 2015 approximated book value and are considered Level 2 in the fair value hierarchy described in Note 5. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term maturity of the amounts and are considered Level 2 in the fair value hierarchy.  The fair value of the Company's senior subordinated convertible debentures was $1.788 billion at March 31, 2015. The fair value of the Company's junior subordinated convertible debentures was $1.124 billion at March 31, 2015. As further discussed in Note 15, in February 2015, the Company acquired certain of its junior subordinated convertible debentures with a $575.0 million aggregate principal amount for an aggregate purchase price of $1,134.6 million. The fair values of the Company's senior and junior subordinated convertible debentures are based on observable market prices for these debentures, which are traded in less active markets and are therefore classified as a Level 2 fair value measurement, and exclude the impacts of derivative activity. |
Accounts_Receivable_Notes
Accounts Receivable (Notes) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable consists of the following (amounts in thousands): | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Trade accounts receivable | $ | 269,844 | $ | 243,383 | ||||
Other | 6,714 | 1,940 | ||||||
276,558 | 245,323 | |||||||
Less allowance for doubtful accounts | 2,621 | 2,918 | ||||||
$ | 273,937 | $ | 242,405 | |||||
Inventories_Notes
Inventories (Notes) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
The components of inventories consist of the following (amounts in thousands): | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Raw materials | $ | 13,263 | $ | 9,734 | ||||
Work in process | 197,565 | 179,692 | ||||||
Finished goods | 68,628 | 73,299 | ||||||
$ | 279,456 | $ | 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) | 12 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Assets Held for Sale | ASSETS HELD FOR SALE |
During the year ended March 31, 2015, the Company began to actively market real property it acquired in the Supertex acquisition. The Company expects to sell the property within one year. As of March 31, 2015, the Company classified the property as held for sale on its 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) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consists of the following (amounts in thousands): | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Land | $ | 55,624 | $ | 55,624 | ||||
Building and building improvements | 434,403 | 411,149 | ||||||
Machinery and equipment | 1,576,074 | 1,465,255 | ||||||
Projects in process | 76,315 | 68,991 | ||||||
2,142,416 | 2,001,019 | |||||||
Less accumulated depreciation and amortization | 1,560,844 | 1,469,052 | ||||||
$ | 581,572 | $ | 531,967 | |||||
Depreciation expense attributed to property, plant and equipment was $97.3 million, $89.7 million and $88.3 million for the fiscal years ending March 31, 2015, 2014 and 2013, respectively. |
Noncontrolling_interests_Notes
Noncontrolling interests (Notes) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Noncontrolling Interest [Abstract] | ||||
Noncontrolling Interest Disclosure [Text Block] | NONCONTROLLING INTERESTS | |||
The following table presents the changes in the components of noncontrolling interests for the year ended March 31, 2015 (amounts in thousands): | ||||
Noncontrolling Interests | ||||
Balance at April 1, 2014 | $ | — | ||
Additions due to acquisition of controlling interest in ISSC | 52,467 | |||
Net loss attributable to noncontrolling interests | (3,684 | ) | ||
Other comprehensive loss attributable to noncontrolling interests | (866 | ) | ||
Purchase of additional interests | (31,849 | ) | ||
Other | 304 | |||
Balance at March 31, 2015 | $ | 16,372 | ||
The following table presents the effect of changes in the Company's ownership interest in ISSC on the Company's stockholders' equity for the year ended March 31, 2015 (amounts in thousands): | ||||
Year ended March 31, | ||||
2015 | ||||
Net income attributable to Microchip Technology stockholders | $ | 369,009 | ||
   Increase in paid-in capital for purchase of additional interests | 345 | |||
   Increase in paid-in capital for converted stock options | 1,094 | |||
Transfers from noncontrolling interests | 1,439 | |||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interests | $ | 370,448 | ||
The Company expects to acquire the remaining amount of noncontrolling interest in ISSC during the June 2015 quarter. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill (Notes) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets and Goodwill | INTANGIBLE ASSETS AND GOODWILL | ||||||||||||
Intangible assets consist of the following (amounts in thousands): | |||||||||||||
March 31, 2015 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 569,942 | $ | (209,676 | ) | $ | 360,266 | ||||||
Customer-related | 263,969 | (193,483 | ) | 70,486 | |||||||||
Trademarks and trade names | 15,730 | (9,529 | ) | 6,201 | |||||||||
Backlog | 26,304 | (26,304 | ) | — | |||||||||
In-process technology | 67,142 | — | 67,142 | ||||||||||
Distribution rights | 5,580 | (5,258 | ) | 322 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 949,067 | $ | (444,650 | ) | $ | 504,417 | |||||||
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.  In fiscal 2015, the Company acquired $144.7 million of developed technology which has a weighted average amortization period of 9 years, $68.8 million of customer-related intangible assets which has a weighted average amortization period of 2.5 years, $1.7 million of intangible assets related to backlog with an amortization period of 1 year and $29.1 million of in-process technology which will begin amortization once the technology reaches technological feasibility. In fiscal 2015, $26.0 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 fiscal 2016 through fiscal 2020, absent any future acquisitions or impairment charges (amounts in thousands): | |||||||||||||
Year ending | Projected Amortization | ||||||||||||
March 31, | Expense | ||||||||||||
2016 | $144,229 | ||||||||||||
2017 | 92,642 | ||||||||||||
2018 | 69,428 | ||||||||||||
2019 | 56,577 | ||||||||||||
2020 | 40,718 | ||||||||||||
Amortization expense attributed to intangible assets was $181.0 million, $99.4 million and $115.8 million for fiscal years 2015, 2014 and 2013, respectively. In fiscal 2015, $3.8 million was charged to cost of sales and $177.2 million was charged to operating expenses. In fiscal 2014, $4.7 million was charged to cost of sales and $94.7 million was charged to operating expenses. In fiscal 2013, $3.9 million was charged to cost of sales and $111.9 million was charged to operating expenses. The Company recognized impairment charges of $1.9 million and $0.4 million in fiscal years 2015 and 2014, respectively. The Company found no indication of impairment of its intangible assets in fiscal 2013. | |||||||||||||
Goodwill activity for fiscal years 2015 and 2014 was as follows (amounts in thousands): | |||||||||||||
Semiconductor Products | Technology | ||||||||||||
Reporting Unit | Licensing | ||||||||||||
Reporting Unit | |||||||||||||
Balance at March 31, 2013 | $ | 252,148 | $ | 19,200 | |||||||||
Adjustments due to acquisition of SMSC | (3,473 | ) | — | ||||||||||
Additions due to other acquisitions | 8,111 | — | |||||||||||
Additions due to contingent consideration payments | 111 | — | |||||||||||
Balance at March 31, 2014 | 256,897 | 19,200 | |||||||||||
Additions due to the acquisition of Supertex | 143,160 | — | |||||||||||
Additions due to acquisition of controlling interest in ISSC | 154,399 | — | |||||||||||
Adjustments due to other acquisitions | 624 | — | |||||||||||
Foreign currency translation adjustments | (3,009 | ) | — | ||||||||||
Balance at March 31, 2015 | $ | 552,071 | $ | 19,200 | |||||||||
At March 31, 2015, 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 March 31, 2015, the Company has never recorded an impairment charge against its goodwill balance. |
Income_taxes_Notes
Income taxes (Notes) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The income tax provision consists of the following (amounts in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Pretax Income: | ||||||||||||
U.S. | (944 | ) | 28,245 | (82,163 | ) | |||||||
Foreign | 346,851 | 404,109 | 234,340 | |||||||||
$ | 345,907 | $ | 432,354 | $ | 152,177 | |||||||
Current expense: | ||||||||||||
U.S. Federal | $ | (3,185 | ) | $ | 992 | $ | 33,856 | |||||
State | (24 | ) | 64 | 2,350 | ||||||||
Foreign | 16,602 | 30,697 | 16,950 | |||||||||
Total current | $ | 13,393 | 31,753 | 53,156 | ||||||||
Deferred expense (benefit): | ||||||||||||
U.S. Federal | $ | (22,641 | ) | 14,445 | (16,004 | ) | ||||||
State | (1,562 | ) | 929 | (1,111 | ) | |||||||
Foreign | (8,608 | ) | (10,054 | ) | (11,253 | ) | ||||||
Total deferred | (32,811 | ) | 5,320 | (28,368 | ) | |||||||
$ | (19,418 | ) | $ | 37,073 | $ | 24,788 | ||||||
The tax benefit associated with the Company's equity incentive plans reduced taxes currently payable by $1.2 million, $1.4 million and $0.3 million for the years ended March 31, 2015, 2014 and 2013, respectively.  These amounts were credited to additional paid-in capital in each of these fiscal years. | ||||||||||||
The provision for income taxes differs from the amount computed by applying the statutory federal tax rate to income before income taxes.  The sources and tax effects of the differences in the total income tax provision are as follows (amounts in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Computed expected income tax provision | $ | 121,067 | $ | 151,324 | $ | 53,262 | ||||||
State income taxes, net of federal benefits | (20 | ) | 686 | (2,054 | ) | |||||||
Research and development tax credits - current year | (9,703 | ) | (4,875 | ) | (8,263 | ) | ||||||
Research and development tax credits - prior years | (1,789 | ) | 1,600 | (3,347 | ) | |||||||
Foreign income taxed at lower than the federal rate | (106,939 | ) | (116,003 | ) | (61,377 | ) | ||||||
Increases related to current and prior year tax positions | 26,189 | 16,809 | 44,661 | |||||||||
Decreases related to prior year tax positions (1) | (40,609 | ) | (14,581 | ) | (7,154 | ) | ||||||
Withholding taxes | 5,218 | 6,212 | 7,267 | |||||||||
Change in valuation allowance | (14,286 | ) | — | — | ||||||||
Other | 1,454 | (4,099 | ) | 1,793 | ||||||||
$ | (19,418 | ) | $ | 37,073 | $ | 24,788 | ||||||
(1) The release of prior year tax positions during fiscal 2015 increased each of the current year basic and diluted net income per common share by $0.16 and $0.15, respectively. The release of prior year tax positions during fiscal 2014 increased each of the current year basic and diluted net income per common share by $0.07. The release of prior year tax positions during fiscal 2013 increased the current year basic and diluted net income per common share by $0.04 and $0.03, respectively. | ||||||||||||
The foreign tax rate differential benefit primarily relates to the Company's operations in Thailand, Cayman and Ireland. The Company's Thailand manufacturing operations are currently subject to numerous tax holidays granted to the Company based on its investment in property, plant and equipment in Thailand. The Company's tax holiday periods in Thailand expire at various times in the future, however, the Company actively seeks to obtain new tax holidays. The Company does not expect the future expiration of any of its tax holiday periods in Thailand to have a material impact on its effective tax rate. The aggregate dollar benefits derived from these tax holidays approximated $12.4 million, $16.8 million and $12.0 million in fiscal 2015, 2014 and 2013, respectively. | ||||||||||||
No U.S. income taxes have been provided on substantially all of the filing basis undistributed foreign earnings and profits of approximately $2.8 billion as of March 31, 2015 since the Company has the ability and intent to permanently reinvest these amounts. If such earnings were repatriated, additional tax expense may result, although the calculation of such additional taxes is not practicable. | ||||||||||||
During the year ended March 31, 2015, the Company settled an IRS examination of SMSC for fiscal years 2011 and 2010.  In addition, the Company benefited from the expiration of the statute of limitations and other releases related to previously accrued tax reserves.  The total tax benefit associated with these items resulted in a reduction of income tax provision of approximately $33.1 million and a decrease in the effective tax rate of 9.6%. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (amounts in thousands): | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred intercompany profit | $ | 10,865 | $ | 9,623 | ||||||||
Deferred income on shipments to distributors | 34,493 | 28,596 | ||||||||||
Inventory valuation | 9,605 | 6,072 | ||||||||||
Net operating loss carryforward | 105,756 | 110,598 | ||||||||||
Capital loss carryforward | 4,582 | — | ||||||||||
Share-based compensation | 26,780 | 24,494 | ||||||||||
Income tax credits | 115,893 | 124,395 | ||||||||||
Accrued expenses and other | 671 | 28,227 | ||||||||||
Gross deferred tax assets | 308,645 | 332,005 | ||||||||||
Valuation allowances | (116,482 | ) | (93,811 | ) | ||||||||
Deferred tax assets, net of valuation allowances | 192,163 | 238,194 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment, principally due to differences in depreciation | 2,236 | (1,942 | ) | |||||||||
Convertible debentures | (493,897 | ) | (530,338 | ) | ||||||||
Other | (10,649 | ) | (13,740 | ) | ||||||||
Deferred tax liabilities | (502,310 | ) | (546,020 | ) | ||||||||
Net deferred tax liability | $ | (310,147 | ) | $ | (307,826 | ) | ||||||
Reported as: | ||||||||||||
Current deferred tax assets | $ | 71,045 | $ | 67,490 | ||||||||
Non-current deferred tax liability | (381,192 | ) | (375,316 | ) | ||||||||
Net deferred tax liability | $ | (310,147 | ) | $ | (307,826 | ) | ||||||
In addition to the deferred tax assets listed above, the Company has unrecorded tax benefits of $38.6 million attributable to the difference between the amount of the financial statement expense and the allowable tax deduction associated with share-based compensation. As a result of net operating loss (NOL) carryforwards, the Company was not able to recognize the excess tax benefits of share-based compensation deductions because the deductions did not reduce income tax payable. Although not recognized for financial reporting purposes, this unrecorded tax benefit is available to reduce future income and is incorporated into the disclosed amounts of the Company's federal and state NOL carryforwards, discussed below. If subsequently realized, the benefit will be recorded to contributed capital. | ||||||||||||
In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carryforward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies. | ||||||||||||
The Company had federal, state and foreign NOL carryforwards with an estimated tax effect of $162.9 million available at March 31, 2015.  The federal and state NOL carryforwards expire at various times between 2016 and 2035.  The Company believes that it is more likely than not that the benefit from certain foreign and state NOL carryforwards will not be realized.  In recognition of this risk, at March 31, 2015, the Company has provided a valuation allowance of $52.6 million.  The Company also has state tax credits with an estimated tax effect of $59.1 million available at March 31, 2015.  These state tax credits expire at various times between 2016 and 2035.  The Company believes that it is more likely than not that the full benefit from these state tax credits will not be realized, and therefore has provided a valuation allowance of $34.4 million.  The Company has capital loss carryforwards with an estimated tax effect of $4.6 million available at March 31, 2015. These capital loss carryforwards expire in 2020. The Company believes that it is more likely than not that the full benefit from these capital losses will not be realized, and therefore has provided a valuation allowance of $4.6 million. The Company had U.S foreign tax | ||||||||||||
credits with an estimated tax effect of $23.1 million that expire at various times between 2016 and 2025.  The Company believes it is more likely than not that the benefit from these credits will not be fully realized and has provided a valuation allowance of $23.0 million.  At March 31, 2015, the Company had credits for increasing research activity in the amount of $57.4 million that expire at various times between 2022 and 2035. In addition, the Company had $3.7 million of alternative minimum tax credits that do not expire. | ||||||||||||
On September 13, 2013, the IRS and the Treasury Department released final regulations under Section 162(a) and 263(a) on the deduction and capitalization of expenditures related to tangible property. The new regulations apply to tax years beginning on or after January 1, 2014. The Company believes that no material impact will result from these new regulations (specifically given the Company’s NOL position), but the Company is in the process of evaluating the full impact of these changes. | ||||||||||||
During the year ended March 31, 2015, the Tax Increase Prevention Act of 2014 was signed into law which extended certain business tax provisions through December 31, 2014, including IRC section 954(c)(6) dealing with the application of Subpart F to certain inter-company payments among controlled foreign corporations. The expiration of section 954(c)(6) and the other expired provisions could have a material impact on the Company's consolidated results of operations subsequent to the year ended March 31, 2015. | ||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits through income tax expense. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions.  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 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 2007. | ||||||||||||
Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes.  Although the Company believes that it has appropriately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different than expectations.  The Company will adjust these reserves in light of changing facts and circumstances, such as the closing of a tax audit, the refinement of an estimate, the closing of a statutory audit period or changes in applicable tax law.  To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences could impact the provision for income taxes in the period in which such determination is made.  The provision for income taxes includes the impact of reserve provisions and changes to the reserves that are considered appropriate, as well as related net interest. | ||||||||||||
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 law 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 could 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 that it is reasonably possible that the unrecognized tax benefits would materially change in the next 12 months. | ||||||||||||
The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2012 to March 31, 2015 (amounts in thousands): | ||||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning balance | $ | 149,878 | $ | 152,845 | $ | 70,490 | ||||||
Increases related to acquisitions | 8,381 | 341 | 45,624 | |||||||||
Decreases related to settlements with tax authorities | (20,197 | ) | (15,016 | ) | — | |||||||
Decreases related to statute of limitation expirations | (9,031 | ) | (4,069 | ) | (5,751 | ) | ||||||
Increases related to current year tax positions | 23,179 | 14,669 | 42,328 | |||||||||
Increases related to prior year tax positions | 18,444 | 1,108 | 154 | |||||||||
Ending balance | $ | 170,654 | $ | 149,878 | $ | 152,845 | ||||||
As of March 31, 2015, the Company had accrued approximately $0.7 million related to the potential payment of interest on the Company's uncertain tax positions.  As of March 31, 2014, the Company had accrued approximately $0.3 million related to the potential payment of interest on the Company's uncertain tax positions. Interest was included in the provision for income taxes.  The Company has accrued for approximately $27.6 million and $29.7 million in penalties related to its uncertain tax positions related to its international locations as of March 31, 2015 and March 31, 2014, respectively. Interest and penalties charged or (credited) to operations during the years ended March 31, 2015, 2014 and 2013 related to the Company's uncertain tax positions were $(1.8) million, $0.2 million and $0.8 million, respectively. The increase related to prior year tax positions for March 31, 2015 related primarily to a balance sheet reclassification from a valuation allowance to a reserve in the amount of $15.7 million. |
1625_Senior_Subordinated_Conve
1.625% Senior Subordinated Convertible Debentures (Notes) (Senior Subordinated Convertible Debenture Due 2025 [Member]) | 12 Months Ended |
Mar. 31, 2015 | |
Senior Subordinated Convertible Debenture Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Senior subordinated convertible debentures | 1.625% SENIOR SUBORDINATED CONVERTIBLE DEBENTURES |
In February 2015, the Company issued $1.725 billion principal amount of 1.625% senior subordinated convertible debentures due February 15, 2025. The debentures are subordinated to the Company's senior debt, including amounts borrowed under its amended credit facility, but are senior to the Company's outstanding 2.125% junior subordinated convertible debentures. The debentures are convertible, subject to certain conditions, into cash, shares of the Company's common stock or a combination thereof, at the Company's election, at an initial base conversion rate of 14.5654 shares of common stock per $1,000 principal amount of debentures, representing an initial base conversion price of approximately $68.66 per share of common stock. As a result of cash dividends paid since the issuance of the debentures, the conversion rate has been adjusted to 14.6687 shares of common stock per $1,000 of principal amount of debentures, representing a base conversion price of approximately $68.17 per share of common stock. In addition, if at the time of conversion the applicable price of the Company's common stock exceeds the base conversion price, the conversion rate will be increased by up to an additional 7.2827 shares of common stock per $1,000 principal amount of debentures, as determined pursuant to a specified formula. As a result of cash dividends paid since the issuance of the debentures, the maximum number of additional shares that may be issued if the stock price of the Company's common stock exceeds the base conversion price has been adjusted to 7.3343 shares of common stock per $1,000 principal amount of debentures. However, in no event will the conversion rate exceed 20.3915 (adjusted to 20.5361 as a result of cash dividends paid since the issuance of the debentures) shares of common stock per $1,000 principal amount of debentures. The Company received net proceeds of approximately $1,694.7 million after deduction of issuance costs of approximately $30.3 million. The $30.3 million in issuance costs were split between a debt component of $20.4 million and an equity component of $9.9 million. The $20.4 million in debt issuance costs are recorded in other assets and are being amortized using the effective interest method over the term of the debentures. | |
Prior to the close of business on the business day immediately preceding November 15, 2024, the debentures will be convertible at the option of the debenture holders only upon the satisfaction of specified conditions and during certain periods. Thereafter until close of business on the second scheduled trading day immediately preceding February 15, 2025, the debentures will be convertible at the option of the debenture holders at any time regardless of these conditions. Accrued and unpaid interest will be considered fully paid upon settlement of shares. | |
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 March 31, 2015 was $564.9 million.  The estimated fair value of the liability component of the debentures at the issuance date was $1,160.1 million resulting in a debt discount of $564.9 million.  The unamortized debt discount was $559.3 million at March 31, 2015.  The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 9.87 years.  In the year ended March 31, 2015, the Company recognized $5.7 million in non-cash interest expense related to the amortization of the debt discount.  The Company recognized $3.8 million of interest expense related to the 1.625% coupon on the debentures in fiscal 2015. The effective interest rate of the debentures is 6.1%. |
2125_Junior_subordinated_conve
2.125% Junior subordinated convertible debentures (Notes) (Junior Subordinated Convertible Debentures Due2037 Member) | 12 Months Ended |
Mar. 31, 2015 | |
Junior Subordinated Convertible Debentures Due2037 Member | |
Debt Instrument [Line Items] | |
Junior subordinated convertible debentures | 2.125% JUNIOR SUBORDINATED CONVERTIBLE DEBENTURES |
Loss on retirement of convertible debentures - In February 2015, the Company acquired $575.0 million in aggregate principal amount of its 2.125% junior subordinated convertible debentures for an aggregate purchase price of $1,134.6 million, based on market value. The payment was allocated between the liability ($238.3 million) and equity ($896.3 million) components of the convertible debentures, using the equivalent rate that reflected the borrowing rate for a similar non-convertible debt prior to the retirement. The transaction resulted in a loss on retirement of convertible debentures of approximately $50.6 million, which represented the difference between the fair value of the liability component at time of repurchase and the sum of the carrying values of the debt component and any unamortized debt issuance costs. | |
The Company's remaining $575.0 million 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 cash, shares of the Company's common stock or a combination thereof, at the Company's election, 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 March 31, 2015, the holders of the debentures had the right to convert their debentures between April 1, 2015 and June 30, 2015 because for at least 20 trading days during the 30 consecutive trading day period ending on March 31, 2015, the Company's common stock had a last reported sale price greater than 130% of the conversion price. As of March 31, 2015, 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 39.8555 shares of common stock per $1,000 of principal amount of debentures, representing a conversion price of approximately $25.09 per share of common stock. The if-converted value of the debentures exceed the principal amount by $545.6 million at March 31, 2015. 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 $400 and 0.5% if the debentures are trading at greater than $1,500. Based on the current trading price of the debentures, the contingent interest rate 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.  As it relates to the remaining $575.0 million principal amount of 2.125% junior subordinated convertible debentures outstanding at March 31, 2015, the carrying value of the equity component at March 31, 2015 was $411.2 million.  The estimated fair value of the liability component of the debentures at the issuance date was $163.8 million, resulting in a debt discount of $411.2 million.  The unamortized debt discount was $383.7 million at March 31, 2015.  The carrying value of the debentures was $190.9 million at March 31, 2015.  The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 22.75 years.  In the years ended March 31, 2015, 2014 and 2013, the Company recognized $9.1 million, $9.0 million and $8.2 million, respectively, in non-cash interest expense related to the amortization of the debt discount.  The Company recognized $22.8 million of interest expense related to the 2.125% coupon on the debentures in fiscal 2015 and $24.4 million of interest expense related to the 2.125% coupon in each of fiscal 2014 and fiscal 2013. The effective interest rate of the debentures is 9.1%. |
Credit_facility_Notes
Credit facility (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Credit Facility [Abstract] | |
Credit Facility | CREDIT FACILITY |
In February 2015, the Company amended its existing $2.0 billion credit agreement by increasing the revolving credit facility to $2.555 billion and removing the term loan portion of the agreement. The new credit agreement includes two tranches. One tranche consists of bank commitments through February 2020 and another tranche consists of bank commitments through June 2018, the maturity date of the original credit agreement. The Company's increase option was also adjusted to $300 million. The credit agreement provides for a $125 million foreign currency sublimit, a $25 million letter of | |
credit sublimit and a $25 million swingline loan sublimit. The amended credit agreement was accounted for as a modification and as such any remaining unamortized deferred costs associated with the prior credit agreement was associated with the new agreement since the borrowing capacity was increased. At March 31, 2015, $461.9 million of revolving credit facility borrowings were outstanding under the credit agreement. | |
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 quarters (in the case of the 2018 tranche revolving loans) or the consolidated senior leverage ratio (in the case of the 2020 tranche revolving loans). 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 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 $19.9 million in fiscal 2015 and approximately $14.6 million in fiscal 2014. Interest expense related to the Company's prior credit agreement was approximately $7.0 million in fiscal 2013. Principal, together with all accrued and unpaid interest, is due and payable on the respective tranche maturity date, which is June 27, 2018 and February 4, 2020. The weighted average interest rate on short-term borrowings outstanding at March 31, 2015 related to the credit agreement was 1.68%. 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 consolidated senior and total leverage ratios and a consolidated interest coverage ratio. At March 31, 2015, 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) | 12 Months Ended |
Mar. 31, 2015 | |
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 $139 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 March 31, 2015. |
Stock_Repurchase_Activity_Note
Stock Repurchase Activity (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Treasury stock repurchase [Abstract] | |
Treasury Stock | STOCK REPURCHASE ACTIVITY |
On December 11, 2007, the Company announced that its Board of Directors had authorized the repurchase of up to 10.0 million shares of its common stock in the open market or in privately negotiated transactions.  As of March 31, 2015, the Company had repurchased 7.5 million shares under this authorization for $234.7 million.  There is no expiration date associated with this program. See Note 28 for additional information regarding an increase to this share repurchase authorization. | |
During the years ended March 31, 2015, 2014 and 2013, the Company did not purchase any of its shares of common stock. |
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans [Text Block] | EMPLOYEE BENEFIT PLANS |
The Company maintains a contributory profit-sharing plan for its domestic employees meeting certain eligibility and service requirements.  The plan qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended, and allows employees to contribute up to 60% of their base salary, subject to maximum annual limitations prescribed by the IRS.  The Company has a discretionary matching contribution program. All matches are provided on a quarterly basis and require the participant to be an active employee at the end of each quarter.  During fiscal 2015, 2014 and 2013, the Company contributions to the plan totaled $3.9 million, $3.6 million and $0.8 million, respectively. | |
The Company's 2001 Employee Stock Purchase Plan (the 2001 Purchase Plan) became effective on March 1, 2002.  Under the 2001 Purchase Plan, eligible employees of the Company may purchase shares of common stock at semi-annual intervals through periodic payroll deductions.  The purchase price in general will be 85% of the lower of the fair market value of the common stock on the first day of the participant's entry date into the offering period or of the fair market value on the semi-annual purchase date.  Depending upon a participant's entry date into the 2001 Purchase Plan, purchase periods under the 2001 Purchase Plan consist of overlapping periods of either 24, 18, 12 or 6 months in duration.  In May 2003 and August 2003, the Company's Board and stockholders, respectively, each approved an annual automatic increase in the number of shares reserved under the 2001 Purchase Plan.  The automatic increase took effect on January 1, 2005, and on each January 1 thereafter during the term of the plan, and is equal to the lesser of (i) 1,500,000, (ii) one half of one percent (0.5%) of the then outstanding shares of the Company's common stock, or (iii) such lesser amount as is approved by Board of Directors.  Upon the approval of the Board of Directors, there were no shares added under the 2001 Purchase Plan on January 1, 2015, 2014 or 2013, based on the automatic increase provision. On January 1, 2012, an additional 960,269 shares were reserved under the 2001 Purchase Plan based on the automatic increase.  Since the inception of the 2001 Purchase Plan, 11,277,862 shares of common stock have been reserved for issuance and 6,108,421 shares have been issued under this purchase plan. | |
During fiscal 1995, a purchase plan was adopted for employees in non-U.S. locations.  Such plan provided for the purchase price per share to be 100% of the lower of the fair market value of the common stock at the beginning or end of the semi-annual purchase plan period.  Effective May 1, 2006, the Company's Board of Directors approved a purchase price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of the semi-annual purchase plan period.  On May 1, 2006, the Company's Board of Directors approved an annual automatic increase in the number of shares reserved under the plan.  The automatic increase took effect on January 1, 2007, and on each January 1 thereafter during the term of the plan, and is equal to one tenth of one percent (0.1%) of the then outstanding shares of the Company's common stock.  Upon the approval of the Board of Directors, there were no shares added under the plan on January 1, 2015, 2014 or 2013, based on the automatic increase provision. On January 1, 2012, an additional 192,054 shares were reserved under the plan based on the automatic increase. Since the inception of this purchase plan, 1,500,285 shares of common stock have been reserved for issuance and 946,822 shares have been issued under this purchase plan. | |
Effective January 1, 1997, the Company adopted a non-qualified deferred compensation arrangement.  This plan is unfunded and is maintained primarily for the purpose of providing deferred compensation for a select group of highly compensated employees as defined in ERISA Sections 201, 301 and 401.  There are no Company matching contributions made under this plan. | |
In connection with the acquisition of SMSC, the Company assumed an unfunded Supplemental Executive Retirement Plan ("SERP"), which provides former SMSC senior management with retirement, disability and death benefits. An amendment to the SERP was executed on November 3, 2009, freezing the benefit level for existing participants as of February 28, 2010 and closing the SERP to new participants. As of March 31, 2015, the projected benefit obligation is $5.9 million. Annual benefit payments and contributions under this plan are expected to be approximately $0.8 million in fiscal 2016 and approximately $4.1 million cumulatively in fiscal 2017 through fiscal 2025. | |
The Company has management incentive compensation plans which provide for bonus payments, based on a percentage of base salary, from an incentive pool created from operating profits of the Company, at the discretion of the Board of Directors.  During fiscal 2015, 2014 and 2013, $24.2 million, $24.4 million and $12.0 million were charged against operations for these plans, respectively. | |
The Company also has a plan that, at the discretion of the Board of Directors, provides a cash bonus to all employees of the Company based on the operating profits of the Company.  During fiscal 2015, 2014 and 2013, $15.9 million, $15.2 million and $4.3 million, respectively, were charged against operations for this plan. |
Equity_Incentive_Plans_Notes
Equity Incentive Plans (Notes) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Equity incentive plans | EQUITY INCENTIVE PLANS | ||||||||||||
Share-Based Compensation Expense | |||||||||||||
The following table presents the details of the Company's share-based compensation expense (amounts in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Cost of sales | $ | 9,010 | (1)Â | $ | 7,340 | (1)Â | $ | 8,234 | (1)Â | ||||
Research and development | 28,164 | 24,554 | 22,178 | ||||||||||
Selling, general and administrative | 21,422 | 21,893 | 27,603 | ||||||||||
Pre-tax effect of share-based compensation | 58,596 | 53,787 | 58,015 | ||||||||||
Income tax benefit | 10,640 | 5,722 | 9,038 | ||||||||||
Net income effect of share-based compensation | $ | 47,956 | $ | 48,065 | $ | 48,977 | |||||||
(1) During the year ended March 31, 2015, $6.8 million of share-based compensation expense was capitalized to inventory, and $9.0 million of previously capitalized share-based compensation expense in inventory was sold.  During the year ended March 31, 2014, $7.4 million of share-based compensation expense was capitalized to inventory, and $7.3 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended March 31, 2013, $5.9 million of share-based compensation expense was capitalized to inventory, and $8.2 million of previously capitalized share-based compensation expense in inventory was sold. | |||||||||||||
The amount of unearned share-based compensation currently estimated to be expensed in the remainder of fiscal 2016 through fiscal 2020 related to unvested share-based payment awards at March 31, 2015 is $94.2 million.  The weighted average period over which the unearned share-based compensation is expected to be recognized is approximately 2.00 years. | |||||||||||||
Combined Incentive Plan Information | |||||||||||||
RSU share activity under the 2004 Plan is set forth below: | |||||||||||||
Number of Shares | |||||||||||||
Nonvested shares at April 1, 2012 | 5,492,220 | ||||||||||||
Granted | 1,976,583 | ||||||||||||
Assumed upon acquisition | 523,043 | ||||||||||||
Forfeited/expired | (370,196 | ) | |||||||||||
Vested | (1,611,819 | ) | |||||||||||
Nonvested shares at March 31, 2013 | 6,009,831 | ||||||||||||
Granted | 1,616,632 | ||||||||||||
Forfeited/expired | (282,964 | ) | |||||||||||
Vested | (1,813,465 | ) | |||||||||||
Nonvested shares at March 31, 2014 | 5,530,034 | ||||||||||||
Granted | 1,446,968 | ||||||||||||
Forfeited/expired | (266,415 | ) | |||||||||||
Vested | (1,441,671 | ) | |||||||||||
Nonvested shares at March 31, 2015 | 5,268,916 | ||||||||||||
The total intrinsic value of RSUs which vested during the years ended March 31, 2015, 2014 and 2013 was $67.6 million, $74.6 million and $54.4 million, respectively.  The aggregate intrinsic value of RSUs outstanding at March 31, 2015 was $257.6 million, calculated based on the closing price of the Company's common stock of $48.90 per share on March 31, 2015.  At March 31, 2015, the weighted average remaining expense recognition period was 2.03 years. | |||||||||||||
The weighted average fair value per share of the RSUs awarded is calculated based on the fair market value of the Company's common stock on the respective grant dates discounted for the Company's expected dividend yield.  The weighted average fair value per share of RSUs awarded in fiscal 2015, 2014 and 2013 was $42.02, $34.24 and $29.92, respectively. | |||||||||||||
Stock option and SAR activity under the Company's stock incentive plans in the three years ended March 31, 2015 is set forth below: | |||||||||||||
Number of | Weighted Average Exercise Price | ||||||||||||
Shares | per Share | ||||||||||||
Outstanding at April 1, 2012 | 3,360,997 | $ | 25 | ||||||||||
Granted | — | — | |||||||||||
Assumed upon acquisition | 827,707 | 19.32 | |||||||||||
Exercised | (1,638,548 | ) | 22.19 | ||||||||||
Canceled | (280,353 | ) | 19.9 | ||||||||||
Outstanding at March 31, 2013 | 2,269,803 | 25.58 | |||||||||||
Granted | — | — | |||||||||||
Exercised | (1,675,663 | ) | 25.91 | ||||||||||
Canceled | (20,529 | ) | 22.78 | ||||||||||
Outstanding at March 31, 2014 | 573,611 | 24.75 | |||||||||||
Granted | 27,654 | 46.66 | |||||||||||
Assumed upon acquisition | 666,586 | 29.33 | |||||||||||
Exercised | (477,618 | ) | 26.42 | ||||||||||
Canceled | (105,934 | ) | 28.17 | ||||||||||
Outstanding at March 31, 2015 | 684,299 | $ | 28.41 | ||||||||||
The total intrinsic value of options and SARs exercised during the years ended March 31, 2015, 2014 and 2013 was $9.6 million, $25.5 million and $19.0 million, respectively.  This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award. | |||||||||||||
The aggregate intrinsic value of options and SARs outstanding at March 31, 2015 was $14.1 million.  The aggregate intrinsic value of options and SARS exercisable at March 31, 2015 was $6.2 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $48.90 per share on March 31, 2015. | |||||||||||||
As of March 31, 2015 and 2014, the number of option and SARs shares exercisable was 283,133 and 543,435, respectively, and the weighted average exercise price per share was $26.90 and $25.03, respectively. | |||||||||||||
The weighted average fair values per share of stock options granted in the year ended March 31, 2015 was $9.00. The fair values per share of stock options granted in the year ended March 31, 2015 were estimated utilizing the following assumptions: | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | |||||||||||||
Expected term (in years) | 6.5 | ||||||||||||
Volatility | 26.65 | % | |||||||||||
Risk-free interest rate | 1.59 | % | |||||||||||
Dividend yield | 3 | % | |||||||||||
There were no stock options granted in either of the years ended March 31, 2014 and 2013. |
Commitments_Notes
Commitments (Notes) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments [Abstract] | |||||
Commitments | COMMITMENTS | ||||
The Company leases office space, a manufacturing facility, transportation and other equipment under operating leases which expire at various dates through March 31, 2020.  The future minimum lease commitments under these operating leases at March 31, 2015 were as follows (amounts in thousands): | |||||
Year Ending March 31, | Amount | ||||
2016 | $ | 16,146 | |||
2017 | 10,587 | ||||
2018 | 7,365 | ||||
2019 | 4,388 | ||||
2020 | 1,153 | ||||
Thereafter | — | ||||
Total minimum payments | $ | 39,639 | |||
Rental expense under operating leases totaled $23.8 million, $21.5 million and $20.3 million for fiscal 2015, 2014 and 2013, respectively. | |||||
Commitments for construction or purchase of property, plant and equipment totaled $56.5 million as of March 31, 2015, all of which will be due within the next year. Other purchase obligations and commitments totaled approximately $50.3 million as of March 31, 2015. Other purchase obligations and commitments include payments due under various types of licenses and approximately $48.8 million of outstanding purchase commitments with the Company's wafer foundries for delivery in fiscal 2016. |
Geographic_and_Segment_Informa
Geographic and Segment Information (Notes) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | GEOGRAPHIC AND SEGMENT INFORMATION | |||||||||||||||||||||||
The Company's reporting segments include 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 revenues and gross profit for each segment (amounts in thousands): | ||||||||||||||||||||||||
Years ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Net | Gross Profit | Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||||||||
Sales | ||||||||||||||||||||||||
Semiconductor products | $ | 2,057,443 | $ | 1,139,971 | $ | 1,836,639 | $ | 1,034,165 | $ | 1,497,820 | $ | 754,656 | ||||||||||||
Technology licensing | 89,593 | 89,593 | 94,578 | 94,578 | 83,803 | 83,803 | ||||||||||||||||||
$ | 2,147,036 | $ | 1,229,564 | $ | 1,931,217 | $ | 1,128,743 | $ | 1,581,623 | $ | 838,459 | |||||||||||||
The Company sells its products to distributors and original equipment manufacturers (OEMs) in a broad range of market segments, performs on-going credit evaluations of its customers and, as deemed necessary, may require collateral, primarily letters of credit.  The Company's operations outside the U.S. consist of product assembly and final test facilities in Thailand, and sales and support centers and design centers in certain foreign countries.  Domestic operations are responsible for the design, development and wafer fabrication of products, as well as the coordination of production planning and shipping to meet worldwide customer commitments.  The Company's Thailand assembly and test facility is reimbursed in relation to value added with respect to assembly and test operations and other functions performed, and certain foreign sales offices receive compensation for sales within their territory.  Accordingly, for financial statement purposes, it is not meaningful to segregate sales or operating profits for the assembly and test and foreign sales office operations.  Identifiable long-lived assets (consisting of property, plant and equipment net of accumulated amortization) by geographic area are as follows (amounts in thousands): | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
United States | $ | 331,372 | $ | 311,926 | ||||||||||||||||||||
Thailand | 197,981 | 179,139 | ||||||||||||||||||||||
Various other countries | 52,219 | 40,902 | ||||||||||||||||||||||
Total long-lived assets | $ | 581,572 | $ | 531,967 | ||||||||||||||||||||
Sales to unaffiliated customers located outside the U.S., primarily in Asia and Europe, aggregated approximately 84% of consolidated net sales for each of fiscal 2015 and 2014 and approximately 83% of consolidated net sales for fiscal 2013.  Sales to customers in Europe represented approximately 21% of consolidated net sales for each of fiscal 2015 and 2014 and approximately 22% of consolidated net sales for fiscal 2013.  Sales to customers in Asia represented approximately 59%, 60% and 58% of consolidated net sales for fiscal 2015, 2014 and 2013, respectively.  Within Asia, sales into China, including Hong Kong, represented approximately 28%, 29% and 27% of consolidated net sales for fiscal 2015, 2014 and 2013, respectively. Sales into Taiwan represented approximately 14% of consolidated net sales for fiscal 2015 and approximately 13% of consolidated net sales for each of fiscal 2014 and 2013. Sales into any other individual foreign country did not exceed 10% of the Company's net sales for any of the years presented. | ||||||||||||||||||||||||
No single end customer or distributor accounted for 10% or more of the Company's net sales during fiscal 2015, 2014 or 2013. |
Derivative_Instruments_Notes
Derivative Instruments (Notes) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS | ||||||||
Freestanding Derivative Forward Contracts | |||||||||
Foreign Currency Exchange Rate Risk | |||||||||
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.  Net losses due to foreign exchange rate fluctuations after the effects of hedging activity were $7.7 million during fiscal 2015, compared to net gains of $0.4 million during fiscal 2014 and net losses of $2.8 million during fiscal 2013. As of March 31, 2015 and 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 the years ended March 31, 2015, 2014 and 2013. Gains and losses from changes in the fair value of these foreign currency forward contracts and foreign currency exchange rate fluctuations are credited or charged to Other Income (Expense). The Company does not apply hedge accounting to its foreign currency derivative instruments. | |||||||||
Fair Value Hedges | |||||||||
For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. Interest rate derivative instruments designated as fair value hedges are designed to manage the exposure to interest rate movements and to reduce borrowing costs by converting fixed-rate debt into floating-rate debt. Under these agreements, the Company agrees to exchange, at specified intervals, the difference between the fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. | |||||||||
In March 2015, the Company entered into ten-year fixed-to-floating interest rate swap agreements designated as fair value hedges of the changes in fair value of a portion of the Company's fixed-rate 1.625% senior subordinated convertible debentures due to changes in the LIBOR swap rate, the designated benchmark interest rate. The Company pays variable interest equal to the three-month LIBOR minus 53.6 basis points and it receives a fixed interest rate of 1.625%. The notional amount of these contracts outstanding at March 31, 2015 was $431.3 million, representing 25% of the principal amount of the senior subordinated convertible debentures. | |||||||||
The following table summarize the location and fair value amounts of derivative instruments reported in the consolidated balance sheets at March 31, 2015 (amounts in thousands): | |||||||||
Asset Derivatives | |||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | |||||||
Interest rate contracts | Other assets | $ | 8,928 | ||||||
The following table summarizes the location and amount of the gain or loss on the hedged item attributable to the changes in the LIBOR swap rate and the offsetting gain or loss on the related interest rate swap agreements for the year ended March 31, 2015. The difference represents hedge ineffectiveness (amounts in thousands): | |||||||||
Income Statement Classification | Gain (Loss) on Senior Subordinated Convertible Debentures | Gain (Loss) on Interest Rate Swap | |||||||
Other Income (Expense) | $ | (8,302 | ) | $ | 8,928 | ||||
Net_income_per_common_share_No
Net income per common share (Notes) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net income per common share | NET INCOME PER COMMON SHARE | |||||||||||
The following table sets forth the computation of basic and diluted net income per common share (in thousands, except per share amounts): | ||||||||||||
Year ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income attributable to Microchip Technology | $ | 369,009 | $ | 395,281 | $ | 127,389 | ||||||
Weighted average common shares outstanding | 200,937 | 198,291 | 194,595 | |||||||||
Dilutive effect of stock options and RSUs | 3,642 | 3,910 | 3,650 | |||||||||
Dilutive effect of convertible debt | 18,982 | 15,429 | 7,531 | |||||||||
Weighted average common and potential common shares outstanding | 223,561 | 217,630 | 205,776 | |||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $ | 1.84 | $ | 1.99 | $ | 0.65 | ||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $ | 1.65 | $ | 1.82 | $ | 0.62 | ||||||
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 fiscal 2015, 2014, and 2013 includes 18,982,440, 15,429,003 and 7,531,111 shares, respectively, issuable upon the exchange of the Company's 2.125% junior subordinated convertible debentures due December 15, 2037 (see Note 15).  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 fiscal 2015, 2014 and 2013 was $25.48, $26.32 and $27.36, respectively. | ||||||||||||
There were no shares issuable upon the exchange of the Company's 1.625% senior subordinated convertible debentures due February 15, 2025 (see Note 14). 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 fiscal 2015 was $68.25. | ||||||||||||
Weighted average common shares exclude the effect of option shares which are not dilutive.  For fiscal 2015, the number of option shares that were antidilutive was 19,305. There were no antidilutive option shares for fiscal 2014. For fiscal 2013, the number of option shares that were antidilutive was 98,068 |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Results (Unaudited) | QUARTERLY RESULTS (UNAUDITED) | ||||||||||||||||||||
The following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2015.  The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in thousands, except per share amounts): | |||||||||||||||||||||
Fiscal 2015 | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Net sales | $ | 528,876 | $ | 546,243 | $ | 528,710 | $ | 543,207 | $ | 2,147,036 | |||||||||||
Gross profit | 306,519 | 307,454 | 301,959 | 313,632 | 1,229,564 | ||||||||||||||||
Operating income | 115,946 | 101,318 | 98,009 | 110,347 | 425,620 | ||||||||||||||||
Net income | 89,909 | 92,038 | 84,798 | 98,580 | 365,325 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | 1,603 | 1,259 | 822 | 3,684 | ||||||||||||||||
Net income attributable to Microchip Technology | 89,909 | 93,641 | 86,057 | 99,402 | 369,009 | ||||||||||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | 0.4 | 0.42 | 0.39 | 0.45 | 1.65 | ||||||||||||||||
Fiscal 2014 | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Net sales | $ | 462,792 | $ | 492,669 | $ | 482,372 | $ | 493,384 | $ | 1,931,217 | |||||||||||
Gross profit | 266,574 | 288,863 | 282,720 | 290,586 | 1,128,743 | ||||||||||||||||
Operating income | 98,401 | 117,508 | 116,918 | 126,037 | 458,864 | ||||||||||||||||
Net income | 78,579 | 99,806 | 105,401 | 111,495 | 395,281 | ||||||||||||||||
Diluted net income per common share | 0.37 | 0.46 | 0.48 | 0.5 | 1.82 | ||||||||||||||||
Refer to Note 3, Special Charges, for an explanation of the special charges included in operating income in fiscal 2015 and fiscal 2014. Refer to Note 15, 2.125% Junior Subordinated Convertible Debentures, for an explanation of the loss on retirement of convertible debentures of approximately $50.6 million included in net income (loss) during the fourth quarter of fiscal 2015. Refer to Note 4, Investments, for an explanation of the $18.5 million net realized gain from sales of available-for-sale marketable equity securities included in net income (loss) during the fourth quarter of fiscal 2015. |
Supplemental_Financial_Informa
Supplemental Financial Information (Notes) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
Cash paid for income taxes amounted to $25.5 million, $25.7 million and $21.4 million during fiscal 2015, 2014 and 2013, respectively.  Cash paid for interest on borrowings amounted to $40.2 million in fiscal 2015, $34.6 million in fiscal 2014 and $28.8 million in fiscal 2013. | ||||||||||||||||
A summary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2015, 2014 and 2013 follows (amounts in thousands): | ||||||||||||||||
Balance at Beginning | Charged to | Balance at | ||||||||||||||
of Year | Costs and Expenses | Deductions (1) | End of Year | |||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
2015 | $ | 2,918 | $ | 104 | $ | (401 | ) | $ | 2,621 | |||||||
2014 | 2,764 | 245 | (91 | ) | 2,918 | |||||||||||
2013 | 2,602 | 516 | (354 | ) | 2,764 | |||||||||||
(1) Deductions represent uncollectible accounts written off, net of recoveries. | ||||||||||||||||
The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2015 and March 31, 2014: | ||||||||||||||||
Year ended March 31, 2015 | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total | ||||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | |||||||
Other comprehensive income (loss) before reclassifications | 33,759 | (127 | ) | (4,322 | ) | 29,310 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (18,694 | ) | — | — | (18,694 | ) | ||||||||||
Net other comprehensive income (loss) | 15,065 | (127 | ) | (4,322 | ) | 10,616 | ||||||||||
Purchase of shares from noncontrolling interest | — | — | (591 | ) | (591 | ) | ||||||||||
Balance at March 31, 2015 | $ | 14,537 | $ | 13 | $ | (3,474 | ) | $ | 11,076 | |||||||
Year ended March 31, 2014 | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total | ||||||||||||
Balance at March 31, 2013 | $ | 5,444 | $ | 52 | $ | 1,439 | $ | 6,935 | ||||||||
Other comprehensive (loss) income before reclassifications | (4,377 | ) | 88 | — | (4,289 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (1,595 | ) | — | — | (1,595 | ) | ||||||||||
Net other comprehensive (loss) income | (5,972 | ) | 88 | — | (5,884 | ) | ||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | |||||||
The table below details where reclassifications of realized transactions out of AOCI are recorded on the Consolidated Statements of Income. | ||||||||||||||||
Year ended March 31, | ||||||||||||||||
Description of AOCI Component | 2015 | 2014 | 2013 | Related Statement of Income Line | ||||||||||||
Unrealized gains on available-for-sale securities | $ | 18,706 | $ | 2,371 | $ | 394 | Other income | |||||||||
Taxes | (12 | ) | (776 | ) | (51 | ) | (Provision) benefit for income taxes | |||||||||
Reclassification of realized transactions, net of taxes | $ | 18,694 | $ | 1,595 | $ | 343 | Net Income | |||||||||
Dividends_Notes
Dividends (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Dividends [Abstract] | |
Dividends [Text Block] | DIVIDENDS |
On October 28, 2002, the Company announced that its Board of Directors had approved and instituted a quarterly cash dividend on its common stock. The Company has continued to pay quarterly dividends and has increased the amount of such dividends on a regular basis. Cash dividends paid per share were $1.425, $1.417 and $1.406 during fiscal 2015, 2014 and 2013, respectively. Total dividend payments amounted to $286.5 million , $281.2 million and $273.8 million during fiscal 2015, 2014 and 2013, respectively. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
Announcement of Signing of Definitive Agreement to Acquire Micrel, Incorporated | |
On May 7, 2015, the Company announced that it had signed a definitive agreement to acquire Micrel, Incorporated (Micrel) for $14.00 per share. Micrel shareholders may elect to receive the purchase price in either cash or shares of the Company's common stock. The acquisition price represents a total equity value of approximately $839 million, and a total enterprise value of approximately $744 million, after excluding Micrel's cash and investments on its balance sheet of approximately $95 million. The acquisition has been unanimously approved by the Boards of Directors of both companies and is expected to close early in the third quarter of calendar year 2015, subject to approval by Micrel's shareholders, regulatory approvals and other customary closing conditions. | |
Authorization of Increase to Share Repurchase Program | |
On May 7, 2015, the Company's Board of Directors authorized an increase to the existing share repurchase program to 20.0 million shares of common stock from the approximately 2.5 million shares remaining under the prior authorization. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of Microchip Technology Incorporated and its majority-owned subsidiaries (Microchip or 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 interest in the Company's net income from ISSC has been excluded from net income attributable to the Company in the Company's consolidated statements of income.  All of the Company's subsidiaries are included in the consolidated financial statements.  All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes revenue when the earnings process is complete, as evidenced by an agreement with the customer, transfer of title as well as fixed or determinable pricing and when collectability is reasonably assured.  The Company recognizes revenue from product sales to original equipment manufacturers (OEMs) upon shipment and records reserves for estimated customer returns. | |
Distributors worldwide generally have broad price protection and product return rights, so the Company defers revenue recognition until the distributor sells the product to their customer.  Revenue is recognized when the distributor sells the product to their end customer, at which time the sales price becomes fixed or determinable.  Revenue is not recognized upon the Company's shipment to the distributors since, due to discounts from list price as well as price protection rights, the sales price is not substantially fixed or determinable at that time.  At the time of shipment to these distributors, the Company records a trade receivable for the selling price as there is a legally enforceable right to payment, relieves inventory for the carrying value of goods shipped since legal title has passed to the distributor, and records the gross margin in deferred income on shipments to distributors on its consolidated balance sheets. | |
Deferred income on shipments to distributors effectively represents gross margin on the sale to the distributor at the initial shipment date; however, the amount of gross margin recognized by the Company in future periods will be less than the deferred margin as a result of credits granted to distributors on specifically identified products and customers to allow the distributors to earn a competitive gross margin on the sale of the Company's products to their end customers and price protection concessions related to market pricing conditions. | |
The Company sells the majority of the items in its product catalog to its distributors worldwide at a uniform list price.  However, distributors resell the Company's products to end customers at a very broad range of individually negotiated price points.  The majority of the Company's distributors' resales require a reduction from the original list price paid.  Often, under these circumstances, the Company remits back to the distributor a portion of their original purchase price after the resale transaction is completed in the form of a credit against the distributors' outstanding accounts receivable balance.  The credits are on a per unit basis and are not given to the distributor until they provide information regarding the sale to their end customer.  The price reductions vary significantly based on the customer, product, quantity ordered, geographic location and other factors and discounts to a price less than the Company's cost have historically been rare.  The effect of granting these credits establishes the net selling price from the Company to its distributors for the product and results in the net revenue recognized by the Company when the product is sold by the distributors to their end customers. Thus, a portion of the "deferred income on shipments to distributors" balance represents the amount of distributors' original purchase price that will | |
be credited back to the distributor in the future.  The wide range and variability of negotiated price concessions granted to distributors does not allow the Company to accurately estimate the portion of the balance in the deferred income on shipments to distributors account that will be credited back to the distributors.  Therefore, the Company does not reduce deferred income on shipments to distributors or accounts receivable by anticipated future price concessions; rather, price concessions are recorded against deferred income on shipments to distributors when incurred, which is generally at the time the distributor sells the product. | |
At March 31, 2015, the Company had approximately $260.9 million of deferred revenue and $94.8 million in deferred cost of sales recognized as $166.1 million of deferred income on shipments to distributors.  At March 31, 2014, the Company had approximately $222.8 million of deferred revenue and $75.0 million of deferred cost of sales recognized as $147.8 million of deferred income on shipments to distributors.  The deferred income on shipments to distributors that will ultimately be recognized in the Company's income statement will be lower than the amount reflected on the balance sheet due to price credits to be granted to the distributors when the product is sold to their customers.  These price credits historically have resulted in the deferred income approximating the overall gross margins that the Company recognizes in the distribution channel of its business. | |
The Company reduces product pricing through price protection based on market conditions, competitive considerations and other factors.  Price protection is granted to distributors on the inventory they have on hand at the date the price protection is offered.  When the Company reduces the price of its products, it allows the distributor to claim a credit against its outstanding accounts receivable balances based on the new price of the inventory it has on hand as of the date of the price reduction.  There is no immediate revenue impact from the price protection, as it is reflected as a reduction of the deferred income on shipments to distributors' balance. | |
Products returned by distributors and subsequently scrapped have historically been immaterial to the Company's consolidated results of operations.  The Company routinely evaluates the risk of impairment of the deferred cost of sales component of the deferred income on shipments to distributors' account.  Because of the historically immaterial amounts of inventory that have been scrapped, and historically rare instances where discounts given to a distributor result in a price less than the Company's cost, the Company believes the deferred costs have a low risk of material impairment. | |
For license and other arrangements for SuperFlash® technology and other technologies that the Company is continuing to enhance and refine or under which it is obligated to provide unspecified enhancements, non-royalty revenue is recognized over the lesser of (1) the estimated period that the Company has historically enhanced and developed refinements to the specific technology, typically one to three years (the "upgrade period"), and (2) the remaining portion of the upgrade period after the date of delivery of all specified technology and documentation, provided that the fee is fixed or determinable and collection of the fee is reasonably assured.  Royalties received during the upgrade period are recognized as revenue based on an amortization calculation of the elapsed portion of the upgrade period compared to the entire estimated upgrade period.  Royalties received after the upgrade period has elapsed are recognized when reported to the Company, which generally coincides with the receipt of payment.  For licenses or other technology arrangements without an upgrade period, non-royalty revenue from license is recognized upon delivery of the technology if the fee is fixed or determinable and collection of the fee is reasonably assured.  Royalties are recognized when reported to the Company, which generally coincides with the receipt of payment. | |
Shipping charges billed to customers are included in net sales, and the related shipping costs are included in cost of sales. The Company collects and remits certain sales-related taxes on sales of inventory and reports such amounts under the net method in its consolidated statements of income. | |
Product Warranty | Product Warranty |
The Company typically warrants its products against defects in materials and workmanship and non-conformance to specifications for 12 to 24 months. The majority of the Company's product warranty claims are settled through the return of the defective product and the shipment of replacement product. Warranty returns are included within the Company's allowance for returns, which is based on historical return rates. Actual future returns could differ from the allowance established. In addition, the Company accrues a liability for specific warranty costs expected to be settled other than through product return and replacement, if a loss is probable and can be reasonably estimated. Product warranty expenses during fiscal 2015, 2014, and 2013 were immaterial. | |
Advertising Cost | Advertising Costs |
The Company expenses all advertising costs as incurred.  Advertising costs were immaterial for the fiscal years ended March 31, 2015, 2014 and 2013. | |
Research and Development | Research and Development |
Research and development costs are expensed as incurred.  Assets purchased to support the Company's ongoing research and development activities are capitalized when related to products which have achieved technological feasibility or that have alternative future uses and are amortized over their estimated useful lives.  Research and development expenses include expenditures for labor, share-based payments, depreciation, masks, prototype wafers, and expenses for development of process technologies, new packages, and software to support new products and design environments. | |
Foreign Currency Translation | Foreign Currency Translation |
The Company's foreign subsidiaries are considered to be extensions of the U.S. Company and any translation gains and losses related to these subsidiaries are included in other income (expense) in the consolidated statements of income.  As the U.S. dollar is utilized as the functional currency, gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiaries' functional currency) are also included in income.  For a portion of fiscal 2015 and fiscal 2013, certain foreign subsidiaries acquired as part of the Company's acquisition activities had the local currency as the functional currency. Once these entities were integrated into the Company's legal structure and intercompany agreements were executed, the U.S. dollar became the functional currency. | |
Income Taxes | Income Taxes |
The Company provides for income taxes in accordance with principles contained in ASC Topic 740, Income Taxes. Under these principles, the Company recognizes the amount of income tax payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. | |
Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance if it is more likely than not that a portion will not be realized. In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carry back and carry forward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies. | |
The Company measures and recognizes the amount of tax benefit that should be recorded for financial statement purposes for uncertain tax positions taken or expected to be taken in a tax return. With respect to uncertain tax positions, the Company evaluates the recognized tax benefits for de-recognition, classification, interest and penalties, interim period accounting and disclosure requirements. Judgment is required in assessing the future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
All highly liquid investments, including marketable securities purchased with a remaining maturity of three months or less when acquired are considered to be cash equivalents. | |
Available-for-Sale Investments | Available-for-Sale Investments |
The Company classifies its investments in debt and marketable equity securities as available-for-sale based upon management's intent with regard to the investments and the nature of the underlying securities. | |
The Company's available-for-sale investments consist of government agency bonds, municipal bonds, auction rate securities (ARS), corporate bonds and marketable equity securities. The Company's investments are carried at fair value with unrealized gains and losses reported in stockholders' equity unless losses are considered to be other than temporary impairments in which case the losses are recognized through the statement of income.  Premiums and discounts are amortized or accreted over the life of the related available-for-sale security. Dividend and interest income are recognized when earned. The cost of securities sold is calculated using the specific identification method. | |
The Company includes within short-term investments its income yielding available-for-sale securities that can be readily converted to cash and includes within long-term investments those income yielding available-for-sale securities with maturities of over one year that have unrealized losses attributable to them or those that cannot be readily liquidated.  Except as discussed in Note 4, the Company intends and has the ability to hold its long-term investments with temporary impairments until such time as these assets are no longer impaired. Such recovery of unrealized losses is not expected to occur within the next year. | |
Derivative Instruments | Derivative Instruments |
Derivative instruments are required to be recorded at fair value as either assets or liabilities in the Company's consolidated balance sheet. The Company's accounting policies for derivative instruments depends on whether the instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. | |
The Company does not apply hedge accounting to foreign currency forward contracts. Gains and losses associated with currency rate changes on forward contracts are recorded currently in income.  These gains and losses have been immaterial to the Company's financial statements. | |
Interest rate derivative instruments designated as fair value hedges are designed to manage the exposure to interest rate movements and to reduce borrowing costs by converting fixed-rate debt into floating-rate debt. Under these agreements, the Company agrees to exchange, at specified intervals, the difference between the fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be highly effective, hedge accounting is discontinued. | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in bad debt expense.  The Company determines the adequacy of this allowance by regularly reviewing the composition of its accounts receivable aging and evaluating individual customer receivables, considering such customer's financial condition, credit history and current economic conditions. | |
Inventories | Inventories |
Inventories are valued at the lower of cost or market using the first-in, first-out method.  The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions.  If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required.  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.  In estimating reserves for obsolescence, the Company primarily evaluates estimates of demand over a 12-month period and provides reserves for inventory on hand in excess of the estimated 12-month demand. Estimates for projected 12-month demand are generally based on the average shipments of the prior three-month period, which are then annualized to adjust for any potential seasonality in the Company's business. The estimated 12-month demand is compared to the Company's most recently developed sales forecast to further reconcile the 12-month demand estimate. Management reviews and adjusts the estimates as appropriate based on specific situations. For example, demand can be adjusted up for new products for which historic sales are not representative of future demand. Alternatively, demand can be adjusted down to the extent any existing products are being replaced or discontinued. | |
In periods where the Company's production levels are substantially below normal operating capacity, unabsorbed overhead production costs associated with the reduced production levels of the Company's manufacturing facilities are charged directly to cost of sales. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment are stated at cost.  Major renewals and improvements are capitalized, while maintenance and repairs are expensed when incurred.  The Company's property and equipment accounting policies incorporate estimates, assumptions and judgments relative to the useful lives of its property and equipment.  Depreciation is provided for assets placed in service on a straight-line basis over the estimated useful lives of the relative assets, which range from 10 to 30 years for buildings and building improvements and 3 to 8 years for machinery and equipment.  The Company evaluates the carrying value of its property and equipment when events or changes in circumstances indicate that the carrying value of such assets may be impaired.  Asset impairment evaluations are, by nature, highly subjective. | |
Senior and Junior Subordinated Convertible Debentures | Senior and Junior Subordinated Convertible Debentures |
The Company separately accounts for the liability and equity components of its senior and junior subordinated convertible debentures in a manner that reflects its nonconvertible debt (unsecured debt) borrowing rate when interest cost is recognized.  This results in a bifurcation of a component of the debt, classification of that component in equity and the accretion of the resulting discount on the debt to be recognized as part of interest expense in its consolidated statements of income.  Lastly, the Company includes the dilutive effect of the shares of its common stock issuable upon conversion of the outstanding senior and junior subordinated convertible debentures in its diluted income per share calculation regardless of whether the market price triggers or other contingent conversion features have been met.  The Company applies the treasury stock method as it has the intent and ability to settle the principal amounts of the senior and junior subordinated convertible debentures in cash.  This method results in incremental dilutive shares when the average market value of the Company's common stock for a reporting period exceeds the conversion prices per share which were $68.17 and $25.09 for the senior and junior subordinated convertible debentures, respectively, at March 31, 2015 and adjusts as dividends are recorded in the future. | |
Upon a de-recognition event, the Company estimates the fair value of the liability component and compares that to the carrying amount in order to calculate the appropriate amount of gain or loss. The remaining amounts paid or issued (in the case of non cash consideration in the form of shares of common stock) are recognized as a reduction of additional paid-in-capital. The fair value of the liability component is estimated using the current comparable borrowing rate for an otherwise identical non-convertible debt instrument. | |
Litigation | Litigation |
The Company's estimated range of liability related to pending litigation is based on claims that management believes a loss is probable and for which an amount or range of loss is estimable.  Because of uncertainties related to both the outcome and range of any potential losses from pending litigation, the Company is generally unable to make any reasonable estimates as to liability that might result from unfavorable outcomes.  As additional information becomes available, the Company will assess its potential liability related to pending litigation and revise its estimates, accordingly. | |
Business Combinations | Business Combinations |
All of the Company's business combinations are accounted for at fair value under the acquisition method of accounting. Under the acquisition method of accounting, (i) acquisition-related costs, except for those costs incurred to issue debt or equity securities, will be expensed in the period incurred; (ii) non-controlling interests will be valued at fair value at the acquisition date; (iii) in-process research and development will be recorded at fair value as an intangible asset at the acquisition date and amortized once the technology reaches technological feasibility; (iv) restructuring costs associated with a business combination will be expensed subsequent to the acquisition date; and (v) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date will be recognized through income tax expense or directly in contributed capital.  The measurement of fair value of assets acquired and liabilities assumed requires significant judgment.  The valuation of intangible assets and acquired investments, in particular, requires that the Company use valuation techniques such as the income approach.  The income approach includes the use of a discounted cash flow model, which includes discounted cash flow scenarios and requires the following significant estimates:  revenue, expenses, capital spending and other costs, and discount rates based on the respective risks of the cash flows.  The valuation of non-marketable equity investments acquired also takes into account variables such as conditions reflected in the capital markets, recent financing activity by the investees, the investees' capital structure and the terms of the investees' issued interests. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired.  The Company is required to perform an annual impairment review, and more frequently under certain circumstances.  The goodwill is subjected to this test during the fourth quarter of the Company's fiscal year.  The Company engages primarily in the development, manufacture and sale of semiconductor products as well as technology licensing.  As a result, the Company concluded there are two reporting units, semiconductor products and technology licensing. Under the qualitative goodwill impairment assessment standard, management evaluates whether it is more likely than not that goodwill is impaired. If it is determined that it is more likely than not, the Company proceeds with the next step of the impairment test, which compares the fair value of the reporting unit to its carrying value.  If the Company determines through the impairment process that goodwill has been impaired, the Company will record the impairment charge in its results of operation.  Through March 31, 2015, the Company has not had impaired goodwill.  The Company's other intangible assets represent existing technologies, core and developed technology, in-process research and development, trademarks and trade names, and customer-related intangibles. Other intangible assets are amortized over their respective estimated lives, ranging from one year to ten years.  In the event that facts and circumstances indicate intangibles or other long-lived assets may be impaired, the Company evaluates the recoverability and estimated useful lives of such assets. In-process research and development 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. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
The Company assesses whether indicators of impairment of long-lived assets are present.  If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question is less than their carrying value.  If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values.  Fair value is determined by discounted future cash flows, appraisals or other methods.  If the assets determined to be impaired are to be held and used, the Company recognizes an impairment loss through a charge to operating results to the extent the present value of anticipated net cash flows attributable to the asset are less than the asset's carrying value.  The Company would depreciate the remaining value over the remaining estimated useful life of the asset. | |
Share-Based Compensation | Share-Based Compensation |
The Company has equity incentive plans under which non-qualified stock options and restricted stock units (RSUs) have been granted to employees and non-employee members of the Board of Directors.  In the second half of fiscal 2006, the Company adopted RSUs as its primary equity incentive compensation instrument for employees.  The Company also has an employee stock purchase plan for eligible employees. | |
The Company estimates the fair value of share-based payment awards on the date of grant using an option pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service periods.  The Company has estimated the fair value of each award as of the date of grant using the Black-Scholes option pricing model, which was developed for use in estimating the value of traded options that have no vesting restrictions and that are freely transferable.  | |
Determining the appropriate fair-value model and calculating the fair value of share-based awards at the date of grant requires judgment.  The fair value of RSUs is based on the fair market value of the Company's common stock on the date of grant discounted for expected future dividends.  The Company uses the Black-Scholes option pricing model to estimate the fair value of employee stock options and rights to purchase shares under stock purchase plans.  Option pricing models, including the Black-Scholes model, also require the use of input assumptions, including expected volatility, expected life, expected dividend rate, and expected risk-free rate of return.  The Company uses a blend of historical and implied volatility based on options freely traded in the open market as it believes this is more reflective of market conditions and a better indicator of expected volatility than using purely historical volatility.  The expected life of the awards is based on historical and other economic data trended into the future.  The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company's awards.  The dividend yield assumption is based on the Company's history and expectation of future dividend payouts.  The Company estimates the number of share-based awards which will be forfeited due to employee turnover.  Quarterly changes in the estimated forfeiture rate would affect share-based compensation, as the impact | |
on prior period amortization for all unvested awards is recognized in the period the forfeiture estimate is changed.  If the actual forfeiture rate is higher than the estimated forfeiture rate, then an adjustment is made to increase the estimated forfeiture rate, which will result in a decrease to the expense recognized in the financial statements.  If the actual forfeiture rate is lower than the estimated forfeiture rate, then an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase to the expense recognized in the financial statements.  If forfeiture adjustments are made, they would affect the Company's results of operations.  The effect of forfeiture adjustments in the years ended March 31, 2015, 2014 and 2013 was immaterial. | |
The Company evaluates the assumptions used to value its awards on a quarterly basis.  If factors change and the Company employs different assumptions, share-based compensation expense may differ significantly from what was recorded in the past.  If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate or increase any remaining unearned share-based compensation expense.  Future share-based compensation expense and unearned share-based compensation will increase to the extent that the Company grants additional equity awards to employees or it assumes unvested equity awards in connection with acquisitions. | |
Concentration of Credit Risk | Concentrations of Credit Risk |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of investments in debt securities and trade receivables.  Investments in debt securities with original maturities of greater than six months consist primarily of AAA and AA rated financial instruments and counterparties.  The Company's investments are primarily in direct obligations of the U.S. government or its agencies, corporate bonds, and municipal bonds. | |
Concentrations of credit risk with respect to accounts receivable are generally not significant due to the diversity of the Company's customers and geographic sales areas.  The Company sells its products primarily to OEMs and distributors in the Americas, Europe and Asia.  The Company performs ongoing credit evaluations of its customers' financial condition and, as deemed necessary, may require collateral, primarily letters of credit. | |
Distributor advances, included in deferred income on shipments to distributors in the consolidated balance sheets, totaled $116.0 million at March 31, 2015 and $92.8 million at March 31, 2014.  On sales to distributors, the Company's payment terms generally require the distributor to settle amounts owed to the Company for an amount in excess of their ultimate cost.  The Company's sales price to its distributors may be higher than the amount that the distributors will ultimately owe the Company because distributors often negotiate price reductions after purchasing the product from the Company and such reductions are often significant.  It is the Company's practice to apply these negotiated price discounts to future purchases, requiring the distributor to settle receivable balances, on a current basis, generally within 30 days, for amounts originally invoiced.  This practice has an adverse impact on the working capital of the Company's distributors.  As such, the Company has entered into agreements with certain distributors whereby it advances cash to the distributors to reduce the distributor's working capital requirements.  These advances are reconciled at least on a quarterly basis and are estimated based on the amount of ending inventory as reported by the distributor multiplied by a negotiated percentage.  Such advances have no impact on revenue recognition or the Company's consolidated statements of income.  The Company processes discounts taken by distributors against its deferred income on shipments to distributors' balance and trues-up the advanced amounts generally after the end of each completed fiscal quarter.  The terms of these advances are set forth in binding legal agreements and are unsecured, bear no interest on unsettled balances and are due upon demand.  The agreements governing these advances can be canceled by the Company at any time. | |
Use of Estimates | Use of Estimates |
The Company has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare its consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles.  Actual results could differ from those estimates. | |
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, the 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.  On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the transition method that will be elected. | |
In April 2015, the FASB issued ASU 2015-03-Simplifying the Presentation of Debt Issuance Costs. This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
ISSC Technologies Corporation [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | 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-Mar-15 | |||||||||
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 (1) | 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 [Table Text Block] | ||||||||||||
(1)Â 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 [Table Text Block] | The following unaudited pro-forma consolidated results of operations for the years ended ended March 31, 2015 and 2014 assume the ISSC acquisition occurred as of April 1, 2013. Pro-forma adjustments mainly consist of acquired inventory fair value costs and amortization of purchased intangible assets. 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): | |||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Net sales | $ | 2,169,390 | $ | 1,998,647 | ||||||||
Net income attributable to Microchip Technology | 367,428 | 364,169 | ||||||||||
Net income attributable to Microchip Technology common stockholders per share - basic | $ | 1.83 | $ | 1.84 | ||||||||
Net income attributable to Microchip Technology common stockholders per share - diluted | $ | 1.64 | $ | 1.67 | ||||||||
Supertex Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The table below represents the 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-Mar-15 | |||||||||
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 | (1,541 | ) | 2,456 | ||||||||
Other current assets | 16,113 | (3,488 | ) | 12,625 | ||||||||
Property, plant and equipment, net | 15,679 | — | 15,679 | |||||||||
Goodwill | 133,713 | 9,447 | 143,160 | |||||||||
Purchased intangible assets (1) | 89,600 | 89,600 | ||||||||||
Other assets | 325 | — | 325 | |||||||||
Total assets acquired | 451,371 | 4,418 | 455,789 | |||||||||
Liabilities assumed | ||||||||||||
Accounts payable | (8,481 | ) | — | (8,481 | ) | |||||||
Accrued liabilities | (19,345 | ) | 121 | (19,224 | ) | |||||||
Long-term income tax payable | (3,796 | ) | — | (3,796 | ) | |||||||
Deferred tax liability | (27,972 | ) | (4,539 | ) | (32,511 | ) | ||||||
Total liabilities assumed | (59,594 | ) | (4,418 | ) | (64,012 | ) | ||||||
Net assets acquired | $ | 391,777 | $ | — | $ | 391,777 | ||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ||||||||||||
(1)Â 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 [Table Text Block] | The following unaudited pro-forma consolidated results of operations for the years ended March 31, 2015 and 2014 assume the Supertex acquisition occurred as of April 1, 2013. Pro-forma adjustments mainly consist of acquired inventory fair value costs and amortization of purchased intangible assets. 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): | |||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Net sales | $ | 2,149,505 | $ | 1,996,819 | ||||||||
Net income | 391,573 | 353,381 | ||||||||||
Basic earnings per share | $ | 1.95 | $ | 1.78 | ||||||||
Diluted earnings per share | $ | 1.75 | $ | 1.62 | ||||||||
SMSC Acquisition [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The table below represents the allocation of the purchase price to the net assets acquired based on their estimated fair values as of August 2, 2012. The purchase price allocation was finalized as of August 2, 2013 (amounts in thousands): | |||||||||||
Assets acquired | ||||||||||||
Cash and cash equivalents | $ | 180,925 | ||||||||||
Accounts receivable, net | 58,441 | |||||||||||
Inventories | 86,244 | |||||||||||
Prepaid expenses | 5,617 | |||||||||||
Deferred tax assets | 15,843 | |||||||||||
Other current assets | 17,578 | |||||||||||
Property, plant and equipment, net | 35,608 | |||||||||||
Long-term investments | 24,275 | |||||||||||
Goodwill | 165,592 | |||||||||||
Intangible assets, net | 10,214 | |||||||||||
Purchased intangible assets | 517,800 | |||||||||||
Other assets | 3,835 | |||||||||||
Total assets acquired | 1,121,972 | |||||||||||
Liabilities assumed | ||||||||||||
Accounts payable | (28,035 | ) | ||||||||||
Accrued liabilities | (62,247 | ) | ||||||||||
Deferred income on shipments to distributors | (11,376 | ) | ||||||||||
Long-term income tax payable | (72,781 | ) | ||||||||||
Deferred tax liability | (16,682 | ) | ||||||||||
Other liabilities | (11,250 | ) | ||||||||||
Total liabilities assumed | (202,371 | ) | ||||||||||
Purchase price allocated | $ | 919,601 | ||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||
Summary of available-for-sale securities | The following is a summary of available-for-sale securities at March 31, 2015 (amounts in thousands): | |||||||||||||||||||||||
Available-for-sale Securities | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Government agency bonds | $ | 741,780 | $ | 676 | $ | (200 | ) | $ | 742,256 | |||||||||||||||
Municipal bonds | 41,552 | 155 | (9 | ) | 41,698 | |||||||||||||||||||
Auction rate securities | 9,825 | — | — | 9,825 | ||||||||||||||||||||
Time deposits (1) | 506 | — | — | 506 | ||||||||||||||||||||
Corporate bonds and debt | 924,818 | 2,376 | (265 | ) | 926,929 | |||||||||||||||||||
Marketable equity securities | 1,362 | 11,804 | — | 13,166 | ||||||||||||||||||||
$ | 1,719,843 | $ | 15,011 | $ | (474 | ) | $ | 1,734,380 | ||||||||||||||||
(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 | ||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | 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-Mar-15 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
Government agency bonds | $ | 162,948 | $ | (142 | ) | $ | 29,942 | $ | (58 | ) | $ | 192,890 | $ | (200 | ) | |||||||||
Municipal bonds | 13,318 | (9 | ) | — | — | 13,318 | (9 | ) | ||||||||||||||||
Corporate bonds and debt | 163,095 | (219 | ) | 19,021 | (46 | ) | 182,116 | (265 | ) | |||||||||||||||
$ | 339,361 | $ | (370 | ) | $ | 48,963 | $ | (104 | ) | $ | 388,324 | $ | (474 | ) | ||||||||||
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 | $ | (3,171 | ) | $ | — | $ | — | $ | 522,159 | $ | (3,171 | ) | ||||||||||
Municipal bonds | 2,625 | (13 | ) | 1,196 | (1 | ) | 3,821 | (14 | ) | |||||||||||||||
Corporate bonds and debt | 256,717 | (805 | ) | — | — | 256,717 | (805 | ) | ||||||||||||||||
$ | 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 March 31, 2015, by contractual maturity, excluding marketable equity securities of $13.2 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 | $ | 224,531 | $ | 512 | $ | (34 | ) | $ | 225,009 | |||||||||||||||
Due after one year and through five years | 1,395,685 | 2,648 | (330 | ) | 1,398,003 | |||||||||||||||||||
Due after five years and through ten years | 82,250 | 47 | (110 | ) | 82,187 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,712,291 | $ | 3,207 | $ | (474 | ) | $ | 1,715,024 | ||||||||||||||||
The amortized cost and estimated fair value of the available-for-sale securities at March 31, 2014, by maturity, excluding corporate debt of $6.2 million, which has no contractual maturity, are shown below (amounts in thousands). | ||||||||||||||||||||||||
Adjusted | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||
Due in one year or less | $ | 210,129 | $ | 1,234 | $ | — | $ | 211,363 | ||||||||||||||||
Due after one year and through five years | 1,308,844 | 2,228 | (1,958 | ) | 1,309,114 | |||||||||||||||||||
Due after five years and through ten years | 142,434 | — | (2,032 | ) | 140,402 | |||||||||||||||||||
Due after ten years | 9,825 | — | — | 9,825 | ||||||||||||||||||||
$ | 1,671,232 | $ | 3,462 | $ | (3,990 | ) | $ | 1,670,704 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets measured at fair value on a recurring basis at March 31, 2015 are as follows (amounts in thousands): | |||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Â Unobservable | Balance | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
 Identical | Inputs | (Level 3) | ||||||||||||||
Instruments | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Money market mutual funds | $ | 279,833 | $ | — | $ | — | $ | 279,833 | ||||||||
Marketable equity securities | 13,166 | — | — | 13,166 | ||||||||||||
Corporate bonds and debt | — | 920,739 | 6,190 | 926,929 | ||||||||||||
Time deposits (1) | — | 506 | — | 506 | ||||||||||||
Government agency bonds | — | 742,256 | — | 742,256 | ||||||||||||
Deposit accounts | — | 327,982 | — | 327,982 | ||||||||||||
Municipal bonds | — | 41,698 | — | 41,698 | ||||||||||||
Auction rate securities | — | — | 9,825 | 9,825 | ||||||||||||
Derivative assets | — | 8,928 | — | 8,928 | ||||||||||||
Total assets measured at fair value | $ | 292,999 | $ | 2,042,109 | $ | 16,015 | $ | 2,351,123 | ||||||||
  | ||||||||||||||||
(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 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents 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. There were no changes in the fair value of these assets measured on a recurring basis during fiscal 2015 (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 | $ | — | $ | (601 | ) | |||||||
Fair Value, by Balance Sheet Grouping | Assets measured at fair value on a recurring basis are presented/classified on the consolidated balance sheets at March 31, 2015 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 | $ | 279,833 | $ | 327,982 | $ | — | $ | 607,815 | ||||||||
Short-term investments | 13,166 | 1,337,888 | — | 1,351,054 | ||||||||||||
Long-term investments | — | 367,311 | 16,015 | 383,326 | ||||||||||||
Other assets | — | 8,928 | — | 8,928 | ||||||||||||
Total assets measured at fair value | $ | 292,999 | $ | 2,042,109 | $ | 16,015 | $ | 2,351,123 | ||||||||
Assets measured at fair value on a recurring basis are presented/classified in the 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) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable Schedule | Accounts receivable consists of the following (amounts in thousands): | |||||||
March 31, 2015 | March 31, 2014 | |||||||
Trade accounts receivable | $ | 269,844 | $ | 243,383 | ||||
Other | 6,714 | 1,940 | ||||||
276,558 | 245,323 | |||||||
Less allowance for doubtful accounts | 2,621 | 2,918 | ||||||
$ | 273,937 | $ | 242,405 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of inventories | The components of inventories consist of the following (amounts in thousands): | |||||||
March 31, 2015 | March 31, 2014 | |||||||
Raw materials | $ | 13,263 | $ | 9,734 | ||||
Work in process | 197,565 | 179,692 | ||||||
Finished goods | 68,628 | 73,299 | ||||||
$ | 279,456 | $ | 262,725 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, plant and equipment consists of the following (amounts in thousands): | |||||||
March 31, 2015 | March 31, 2014 | |||||||
Land | $ | 55,624 | $ | 55,624 | ||||
Building and building improvements | 434,403 | 411,149 | ||||||
Machinery and equipment | 1,576,074 | 1,465,255 | ||||||
Projects in process | 76,315 | 68,991 | ||||||
2,142,416 | 2,001,019 | |||||||
Less accumulated depreciation and amortization | 1,560,844 | 1,469,052 | ||||||
$ | 581,572 | $ | 531,967 | |||||
Noncontrolling_interests_Table
Noncontrolling interests (Tables) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Noncontrolling Interest [Abstract] | ||||
Noncontrolling Interest Disclosure [Table Text Block] | The following table presents the changes in the components of noncontrolling interests for the year ended March 31, 2015 (amounts in thousands): | |||
Noncontrolling Interests | ||||
Balance at April 1, 2014 | $ | — | ||
Additions due to acquisition of controlling interest in ISSC | 52,467 | |||
Net loss attributable to noncontrolling interests | (3,684 | ) | ||
Other comprehensive loss attributable to noncontrolling interests | (866 | ) | ||
Purchase of additional interests | (31,849 | ) | ||
Other | 304 | |||
Balance at March 31, 2015 | $ | 16,372 | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table presents the effect of changes in the Company's ownership interest in ISSC on the Company's stockholders' equity for the year ended March 31, 2015 (amounts in thousands): | |||
Year ended March 31, | ||||
2015 | ||||
Net income attributable to Microchip Technology stockholders | $ | 369,009 | ||
   Increase in paid-in capital for purchase of additional interests | 345 | |||
   Increase in paid-in capital for converted stock options | 1,094 | |||
Transfers from noncontrolling interests | 1,439 | |||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interests | $ | 370,448 | ||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | Intangible assets consist of the following (amounts in thousands): | ||||||||||||
March 31, 2015 | |||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||||
Developed technology | $ | 569,942 | $ | (209,676 | ) | $ | 360,266 | ||||||
Customer-related | 263,969 | (193,483 | ) | 70,486 | |||||||||
Trademarks and trade names | 15,730 | (9,529 | ) | 6,201 | |||||||||
Backlog | 26,304 | (26,304 | ) | — | |||||||||
In-process technology | 67,142 | — | 67,142 | ||||||||||
Distribution rights | 5,580 | (5,258 | ) | 322 | |||||||||
Covenants not to compete | 400 | (400 | ) | — | |||||||||
$ | 949,067 | $ | (444,650 | ) | $ | 504,417 | |||||||
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 fiscal 2016 through fiscal 2020, absent any future acquisitions or impairment charges (amounts in thousands): | ||||||||||||
Year ending | Projected Amortization | ||||||||||||
March 31, | Expense | ||||||||||||
2016 | $144,229 | ||||||||||||
2017 | 92,642 | ||||||||||||
2018 | 69,428 | ||||||||||||
2019 | 56,577 | ||||||||||||
2020 | 40,718 | ||||||||||||
Goodwill Activity | Goodwill activity for fiscal years 2015 and 2014 was as follows (amounts in thousands): | ||||||||||||
Semiconductor Products | Technology | ||||||||||||
Reporting Unit | Licensing | ||||||||||||
Reporting Unit | |||||||||||||
Balance at March 31, 2013 | $ | 252,148 | $ | 19,200 | |||||||||
Adjustments due to acquisition of SMSC | (3,473 | ) | — | ||||||||||
Additions due to other acquisitions | 8,111 | — | |||||||||||
Additions due to contingent consideration payments | 111 | — | |||||||||||
Balance at March 31, 2014 | 256,897 | 19,200 | |||||||||||
Additions due to the acquisition of Supertex | 143,160 | — | |||||||||||
Additions due to acquisition of controlling interest in ISSC | 154,399 | — | |||||||||||
Adjustments due to other acquisitions | 624 | — | |||||||||||
Foreign currency translation adjustments | (3,009 | ) | — | ||||||||||
Balance at March 31, 2015 | $ | 552,071 | $ | 19,200 | |||||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of income tax expense (benefit) | The income tax provision consists of the following (amounts in thousands): | |||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Pretax Income: | ||||||||||||
U.S. | (944 | ) | 28,245 | (82,163 | ) | |||||||
Foreign | 346,851 | 404,109 | 234,340 | |||||||||
$ | 345,907 | $ | 432,354 | $ | 152,177 | |||||||
Current expense: | ||||||||||||
U.S. Federal | $ | (3,185 | ) | $ | 992 | $ | 33,856 | |||||
State | (24 | ) | 64 | 2,350 | ||||||||
Foreign | 16,602 | 30,697 | 16,950 | |||||||||
Total current | $ | 13,393 | 31,753 | 53,156 | ||||||||
Deferred expense (benefit): | ||||||||||||
U.S. Federal | $ | (22,641 | ) | 14,445 | (16,004 | ) | ||||||
State | (1,562 | ) | 929 | (1,111 | ) | |||||||
Foreign | (8,608 | ) | (10,054 | ) | (11,253 | ) | ||||||
Total deferred | (32,811 | ) | 5,320 | (28,368 | ) | |||||||
$ | (19,418 | ) | $ | 37,073 | $ | 24,788 | ||||||
Reconciliation of expected federal income tax expense to actual | The sources and tax effects of the differences in the total income tax provision are as follows (amounts in thousands): | |||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Computed expected income tax provision | $ | 121,067 | $ | 151,324 | $ | 53,262 | ||||||
State income taxes, net of federal benefits | (20 | ) | 686 | (2,054 | ) | |||||||
Research and development tax credits - current year | (9,703 | ) | (4,875 | ) | (8,263 | ) | ||||||
Research and development tax credits - prior years | (1,789 | ) | 1,600 | (3,347 | ) | |||||||
Foreign income taxed at lower than the federal rate | (106,939 | ) | (116,003 | ) | (61,377 | ) | ||||||
Increases related to current and prior year tax positions | 26,189 | 16,809 | 44,661 | |||||||||
Decreases related to prior year tax positions (1) | (40,609 | ) | (14,581 | ) | (7,154 | ) | ||||||
Withholding taxes | 5,218 | 6,212 | 7,267 | |||||||||
Change in valuation allowance | (14,286 | ) | — | — | ||||||||
Other | 1,454 | (4,099 | ) | 1,793 | ||||||||
$ | (19,418 | ) | $ | 37,073 | $ | 24,788 | ||||||
(1) The release of prior year tax positions during fiscal 2015 increased each of the current year basic and diluted net income per common share by $0.16 and $0.15, respectively. The release of prior year tax positions during fiscal 2014 increased each of the current year basic and diluted net income per common share by $0.07. The release of prior year tax positions during fiscal 2013 increased the current year basic and diluted net income per common share by $0.04 and $0.03, respectively. | ||||||||||||
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (amounts in thousands): | |||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred intercompany profit | $ | 10,865 | $ | 9,623 | ||||||||
Deferred income on shipments to distributors | 34,493 | 28,596 | ||||||||||
Inventory valuation | 9,605 | 6,072 | ||||||||||
Net operating loss carryforward | 105,756 | 110,598 | ||||||||||
Capital loss carryforward | 4,582 | — | ||||||||||
Share-based compensation | 26,780 | 24,494 | ||||||||||
Income tax credits | 115,893 | 124,395 | ||||||||||
Accrued expenses and other | 671 | 28,227 | ||||||||||
Gross deferred tax assets | 308,645 | 332,005 | ||||||||||
Valuation allowances | (116,482 | ) | (93,811 | ) | ||||||||
Deferred tax assets, net of valuation allowances | 192,163 | 238,194 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment, principally due to differences in depreciation | 2,236 | (1,942 | ) | |||||||||
Convertible debentures | (493,897 | ) | (530,338 | ) | ||||||||
Other | (10,649 | ) | (13,740 | ) | ||||||||
Deferred tax liabilities | (502,310 | ) | (546,020 | ) | ||||||||
Net deferred tax liability | $ | (310,147 | ) | $ | (307,826 | ) | ||||||
Reported as: | ||||||||||||
Current deferred tax assets | $ | 71,045 | $ | 67,490 | ||||||||
Non-current deferred tax liability | (381,192 | ) | (375,316 | ) | ||||||||
Net deferred tax liability | $ | (310,147 | ) | $ | (307,826 | ) | ||||||
Rollforward of unrecognized tax benefits | The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2012 to March 31, 2015 (amounts in thousands): | |||||||||||
Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Beginning balance | $ | 149,878 | $ | 152,845 | $ | 70,490 | ||||||
Increases related to acquisitions | 8,381 | 341 | 45,624 | |||||||||
Decreases related to settlements with tax authorities | (20,197 | ) | (15,016 | ) | — | |||||||
Decreases related to statute of limitation expirations | (9,031 | ) | (4,069 | ) | (5,751 | ) | ||||||
Increases related to current year tax positions | 23,179 | 14,669 | 42,328 | |||||||||
Increases related to prior year tax positions | 18,444 | 1,108 | 154 | |||||||||
Ending balance | $ | 170,654 | $ | 149,878 | $ | 152,845 | ||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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): | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Cost of sales | $ | 9,010 | (1)Â | $ | 7,340 | (1)Â | $ | 8,234 | (1)Â | ||||
Research and development | 28,164 | 24,554 | 22,178 | ||||||||||
Selling, general and administrative | 21,422 | 21,893 | 27,603 | ||||||||||
Pre-tax effect of share-based compensation | 58,596 | 53,787 | 58,015 | ||||||||||
Income tax benefit | 10,640 | 5,722 | 9,038 | ||||||||||
Net income effect of share-based compensation | $ | 47,956 | $ | 48,065 | $ | 48,977 | |||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSU share activity under the 2004 Plan is set forth below: | ||||||||||||
Number of Shares | |||||||||||||
Nonvested shares at April 1, 2012 | 5,492,220 | ||||||||||||
Granted | 1,976,583 | ||||||||||||
Assumed upon acquisition | 523,043 | ||||||||||||
Forfeited/expired | (370,196 | ) | |||||||||||
Vested | (1,611,819 | ) | |||||||||||
Nonvested shares at March 31, 2013 | 6,009,831 | ||||||||||||
Granted | 1,616,632 | ||||||||||||
Forfeited/expired | (282,964 | ) | |||||||||||
Vested | (1,813,465 | ) | |||||||||||
Nonvested shares at March 31, 2014 | 5,530,034 | ||||||||||||
Granted | 1,446,968 | ||||||||||||
Forfeited/expired | (266,415 | ) | |||||||||||
Vested | (1,441,671 | ) | |||||||||||
Nonvested shares at March 31, 2015 | 5,268,916 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Stock option and SAR activity under the Company's stock incentive plans in the three years ended March 31, 2015 is set forth below: | ||||||||||||
Number of | Weighted Average Exercise Price | ||||||||||||
Shares | per Share | ||||||||||||
Outstanding at April 1, 2012 | 3,360,997 | $ | 25 | ||||||||||
Granted | — | — | |||||||||||
Assumed upon acquisition | 827,707 | 19.32 | |||||||||||
Exercised | (1,638,548 | ) | 22.19 | ||||||||||
Canceled | (280,353 | ) | 19.9 | ||||||||||
Outstanding at March 31, 2013 | 2,269,803 | 25.58 | |||||||||||
Granted | — | — | |||||||||||
Exercised | (1,675,663 | ) | 25.91 | ||||||||||
Canceled | (20,529 | ) | 22.78 | ||||||||||
Outstanding at March 31, 2014 | 573,611 | 24.75 | |||||||||||
Granted | 27,654 | 46.66 | |||||||||||
Assumed upon acquisition | 666,586 | 29.33 | |||||||||||
Exercised | (477,618 | ) | 26.42 | ||||||||||
Canceled | (105,934 | ) | 28.17 | ||||||||||
Outstanding at March 31, 2015 | 684,299 | $ | 28.41 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average fair values per share of stock options granted in the year ended March 31, 2015 was $9.00. The fair values per share of stock options granted in the year ended March 31, 2015 were estimated utilizing the following assumptions: | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | |||||||||||||
Expected term (in years) | 6.5 | ||||||||||||
Volatility | 26.65 | % | |||||||||||
Risk-free interest rate | 1.59 | % | |||||||||||
Dividend yield | 3 | % |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments [Abstract] | |||||
Future minimum lease commitments | The future minimum lease commitments under these operating leases at March 31, 2015 were as follows (amounts in thousands): | ||||
Year Ending March 31, | Amount | ||||
2016 | $ | 16,146 | |||
2017 | 10,587 | ||||
2018 | 7,365 | ||||
2019 | 4,388 | ||||
2020 | 1,153 | ||||
Thereafter | — | ||||
Total minimum payments | $ | 39,639 | |||
Geographic_and_Segment_Informa1
Geographic and Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Revenues and gross profit for each segment | The following table represents revenues and gross profit for each segment (amounts in thousands): | |||||||||||||||||||||||
Years ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Net | Gross Profit | Net Sales | Gross Profit | Net Sales | Gross Profit | |||||||||||||||||||
Sales | ||||||||||||||||||||||||
Semiconductor products | $ | 2,057,443 | $ | 1,139,971 | $ | 1,836,639 | $ | 1,034,165 | $ | 1,497,820 | $ | 754,656 | ||||||||||||
Technology licensing | 89,593 | 89,593 | 94,578 | 94,578 | 83,803 | 83,803 | ||||||||||||||||||
$ | 2,147,036 | $ | 1,229,564 | $ | 1,931,217 | $ | 1,128,743 | $ | 1,581,623 | $ | 838,459 | |||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Identifiable long-lived assets (consisting of property, plant and equipment net of accumulated amortization) by geographic area are as follows (amounts in thousands): | |||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
United States | $ | 331,372 | $ | 311,926 | ||||||||||||||||||||
Thailand | 197,981 | 179,139 | ||||||||||||||||||||||
Various other countries | 52,219 | 40,902 | ||||||||||||||||||||||
Total long-lived assets | $ | 581,572 | $ | 531,967 | ||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarize the location and fair value amounts of derivative instruments reported in the consolidated balance sheets at March 31, 2015 (amounts in thousands): | ||||||||
Asset Derivatives | |||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | Fair Value | |||||||
Interest rate contracts | Other assets | $ | 8,928 | ||||||
The following table summarizes the location and amount of the gain or loss on the hedged item attributable to the changes in the LIBOR swap rate and the offsetting gain or loss on the related interest rate swap agreements for the year ended March 31, 2015. The difference represents hedge ineffectiveness (amounts in thousands): | |||||||||
Income Statement Classification | Gain (Loss) on Senior Subordinated Convertible Debentures | Gain (Loss) on Interest Rate Swap | |||||||
Other Income (Expense) | $ | (8,302 | ) | $ | 8,928 | ||||
Net_income_per_common_share_Ta
Net income per common share (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted net income per common share (in thousands, except per share amounts): | |||||||||||
Year ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income attributable to Microchip Technology | $ | 369,009 | $ | 395,281 | $ | 127,389 | ||||||
Weighted average common shares outstanding | 200,937 | 198,291 | 194,595 | |||||||||
Dilutive effect of stock options and RSUs | 3,642 | 3,910 | 3,650 | |||||||||
Dilutive effect of convertible debt | 18,982 | 15,429 | 7,531 | |||||||||
Weighted average common and potential common shares outstanding | 223,561 | 217,630 | 205,776 | |||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $ | 1.84 | $ | 1.99 | $ | 0.65 | ||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $ | 1.65 | $ | 1.82 | $ | 0.62 | ||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly financial data | The following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2015.  The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in thousands, except per share amounts): | ||||||||||||||||||||
Fiscal 2015 | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Net sales | $ | 528,876 | $ | 546,243 | $ | 528,710 | $ | 543,207 | $ | 2,147,036 | |||||||||||
Gross profit | 306,519 | 307,454 | 301,959 | 313,632 | 1,229,564 | ||||||||||||||||
Operating income | 115,946 | 101,318 | 98,009 | 110,347 | 425,620 | ||||||||||||||||
Net income | 89,909 | 92,038 | 84,798 | 98,580 | 365,325 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | 1,603 | 1,259 | 822 | 3,684 | ||||||||||||||||
Net income attributable to Microchip Technology | 89,909 | 93,641 | 86,057 | 99,402 | 369,009 | ||||||||||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | 0.4 | 0.42 | 0.39 | 0.45 | 1.65 | ||||||||||||||||
Fiscal 2014 | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Net sales | $ | 462,792 | $ | 492,669 | $ | 482,372 | $ | 493,384 | $ | 1,931,217 | |||||||||||
Gross profit | 266,574 | 288,863 | 282,720 | 290,586 | 1,128,743 | ||||||||||||||||
Operating income | 98,401 | 117,508 | 116,918 | 126,037 | 458,864 | ||||||||||||||||
Net income | 78,579 | 99,806 | 105,401 | 111,495 | 395,281 | ||||||||||||||||
Diluted net income per common share | 0.37 | 0.46 | 0.48 | 0.5 | 1.82 | ||||||||||||||||
Refer to Note 3, Special Charges, for an explanation of the special charges included in operating income in fiscal 2015 and fiscal 2014. Refer to Note 15, 2.125% Junior Subordinated Convertible Debentures, for an explanation of the loss on retirement of convertible debentures of approximately $50.6 million included in net income (loss) during the fourth quarter of fiscal 2015. Refer to Note 4, Investments, for an explanation of the $18.5 million net realized gain from sales of available-for-sale marketable equity securities included in net income (loss) during the fourth quarter of fiscal 2015. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | A summary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2015, 2014 and 2013 follows (amounts in thousands): | |||||||||||||||
Balance at Beginning | Charged to | Balance at | ||||||||||||||
of Year | Costs and Expenses | Deductions (1) | End of Year | |||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
2015 | $ | 2,918 | $ | 104 | $ | (401 | ) | $ | 2,621 | |||||||
2014 | 2,764 | 245 | (91 | ) | 2,918 | |||||||||||
2013 | 2,602 | 516 | (354 | ) | 2,764 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2015 and March 31, 2014: | |||||||||||||||
Year ended March 31, 2015 | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total | ||||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | |||||||
Other comprehensive income (loss) before reclassifications | 33,759 | (127 | ) | (4,322 | ) | 29,310 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (18,694 | ) | — | — | (18,694 | ) | ||||||||||
Net other comprehensive income (loss) | 15,065 | (127 | ) | (4,322 | ) | 10,616 | ||||||||||
Purchase of shares from noncontrolling interest | — | — | (591 | ) | (591 | ) | ||||||||||
Balance at March 31, 2015 | $ | 14,537 | $ | 13 | $ | (3,474 | ) | $ | 11,076 | |||||||
Year ended March 31, 2014 | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total | ||||||||||||
Balance at March 31, 2013 | $ | 5,444 | $ | 52 | $ | 1,439 | $ | 6,935 | ||||||||
Other comprehensive (loss) income before reclassifications | (4,377 | ) | 88 | — | (4,289 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (1,595 | ) | — | — | (1,595 | ) | ||||||||||
Net other comprehensive (loss) income | (5,972 | ) | 88 | — | (5,884 | ) | ||||||||||
Balance at March 31, 2014 | $ | (528 | ) | $ | 140 | $ | 1,439 | $ | 1,051 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below details where reclassifications of realized transactions out of AOCI are recorded on the Consolidated Statements of Income. | |||||||||||||||
Year ended March 31, | ||||||||||||||||
Description of AOCI Component | 2015 | 2014 | 2013 | Related Statement of Income Line | ||||||||||||
Unrealized gains on available-for-sale securities | $ | 18,706 | $ | 2,371 | $ | 394 | Other income | |||||||||
Taxes | (12 | ) | (776 | ) | (51 | ) | (Provision) benefit for income taxes | |||||||||
Reclassification of realized transactions, net of taxes | $ | 18,694 | $ | 1,595 | $ | 343 | Net Income | |||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ||
Deferred revenue on shipments to distributors | $260,900,000 | $222,800,000 |
Deferred cost of sales on shipments to distributors | 94,800,000 | 75,000,000 |
Deferred income on shipments to distributors | 166,128,000 | 147,798,000 |
Property, Plant and Equipment [Line Items] | ||
Amount of distributor advances, included in deferred income on shipments to distributors in consolidated balance sheets | $116,000,000 | $92,800,000 |
Number of days requiring distributor to settle receivable balances (in days) | 30 | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Maximum [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years |
Business_Acquisitions_Narrativ
Business Acquisitions (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Apr. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 17, 2014 | |
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred, Share-based Payment Awards | $1,600,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 252,469,000 | 0 | 0 | ||
ISSC Technologies Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest acquired in acquisition | 83.50% | ||||
Purchased price paid | 267,600,000 | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 94.10% | ||||
Deferred Tax Liabilities, Intangible Assets | 25,100,000 | ||||
Cash Acquired from Acquisition | 42,200,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 225,400,000 | ||||
Revenue of acquiree included in statement of income since the acquisition date | 37,800,000 | ||||
Net income (loss) of acquiree included in statement of income since the acquisition date | -25,600,000 | ||||
Supertex Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition price per share | $33 | ||||
Consideration transferred | 391,800,000 | ||||
Deferred Tax Liabilities, Intangible Assets | 22,800,000 | ||||
Cash Acquired from Acquisition | 155,800,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 234,400,000 | ||||
Revenue of acquiree included in statement of income since the acquisition date | $72,700,000 |
Business_Acquisitions_Schedule
Business Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | 9 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Aug. 01, 2012 |
Business Acquisition [Line Items] | ||||||
Goodwill | $571,271 | $571,271 | $276,097 | |||
Supertex Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 14,790 | 14,790 | 14,790 | |||
Short-term investments | 140,984 | 140,984 | 140,984 | |||
Accounts receivable, net | 7,047 | 7,047 | 7,047 | |||
Inventories | 27,630 | 27,630 | 27,630 | |||
Prepaid expenses | 1,493 | 1,493 | 1,493 | |||
Deferred tax assets | 2,456 | 2,456 | 3,997 | |||
Other current assets | 12,625 | 12,625 | 16,113 | |||
Property, plant and equipment, net | 15,679 | 15,679 | 15,679 | |||
Goodwill | 143,160 | 143,160 | 133,713 | |||
Purchased intangible assets | 89,600 | 89,600 | 89,600 | |||
Other assets | 325 | 325 | 325 | |||
Total assets acquired | 455,789 | 455,789 | 451,371 | |||
Accounts payable | -8,481 | -8,481 | -8,481 | |||
Other current liabilities | -19,224 | -19,224 | -19,345 | |||
Long-term income tax payable | -3,796 | -3,796 | -3,796 | |||
Deferred tax liability | -32,511 | -32,511 | -27,972 | |||
Total liabilities assumed | -64,012 | -64,012 | -59,594 | |||
Net assets acquired | 391,777 | 391,777 | 391,777 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||||
Deferred tax assets | -1,541 | |||||
Other current assets | -3,488 | |||||
Goodwill | 9,447 | |||||
Total assets acquired | 4,418 | |||||
Accrued liabilities | 121 | |||||
Deferred tax liability | -4,539 | |||||
Total liabilities assumed | -4,418 | |||||
ISSC Technologies Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 15,120 | 15,120 | 15,120 | |||
Short-term investments | 27,063 | 27,063 | 27,063 | |||
Accounts receivable, net | 8,792 | 8,792 | 8,792 | |||
Inventories | 16,542 | 16,542 | 19,160 | |||
Prepaid expenses and other current assets | 2,501 | 2,501 | 2,501 | |||
Property, plant and equipment, net | 2,637 | 2,637 | 2,637 | |||
Goodwill | 154,399 | 154,399 | 152,243 | |||
Purchased intangible assets | 147,800 | 147,800 | 147,800 | |||
Other assets | 1,370 | 1,370 | 1,370 | |||
Total assets acquired | 376,224 | 376,224 | 376,686 | |||
Accounts payable | -9,860 | -9,860 | -9,860 | |||
Other current liabilities | -16,535 | -16,535 | -16,997 | |||
Long-term income tax payable | -4,402 | -4,402 | -4,402 | |||
Deferred tax liability | -25,126 | -25,126 | -25,126 | |||
Other long-term liabilities | -245 | -245 | -245 | |||
Total liabilities assumed | -56,168 | -56,168 | -56,630 | |||
Net assets acquired | 320,056 | 320,056 | 320,056 | |||
Less: noncontrolling interest | -52,467 | -52,467 | -52,467 | |||
Net assets acquired | 267,589 | 267,589 | 267,589 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||||
Inventories | -2,618 | |||||
Goodwill | 2,156 | |||||
Total assets acquired | -462 | |||||
Accrued liabilities | 462 | |||||
Total liabilities assumed | 462 | |||||
SMSC Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 180,925 | |||||
Accounts receivable, net | 58,441 | |||||
Inventories | 86,244 | |||||
Prepaid expenses | 5,617 | |||||
Deferred tax assets | 15,843 | |||||
Other current assets | 17,578 | |||||
Property, plant and equipment, net | 35,608 | |||||
Long-term investments | 24,275 | |||||
Goodwill | 165,592 | |||||
Intangible assets, net | 10,214 | |||||
Purchased intangible assets | 517,800 | |||||
Other assets | 3,835 | |||||
Total assets acquired | 1,121,972 | |||||
Accounts payable | -28,035 | |||||
Other current liabilities | -62,247 | |||||
Deferred income on shipments to distributors | -11,376 | |||||
Long-term income tax payable | -72,781 | |||||
Deferred tax liability | -16,682 | |||||
Other long-term liabilities | -11,250 | |||||
Total liabilities assumed | -202,371 | |||||
Net assets acquired | $919,601 |
Business_Acquisitions_Schedule1
Business Acquisitions (Schedule of Purchased Intangible Assets) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jul. 17, 2014 | Apr. 01, 2014 |
Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | $144,700 | ||
In Process Research and Development [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 29,100 | ||
Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 68,800 | ||
Order or Production Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 1,700 | ||
ISSC Technologies Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 147,800 | ||
ISSC Technologies Corporation [Member] | Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Acquired Finite-lived Intangible Asset, Amount | 68,900 | ||
ISSC Technologies Corporation [Member] | In Process Research and Development [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Acquired Finite-lived Intangible Asset, Amount | 27,200 | ||
ISSC Technologies Corporation [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Acquired Finite-lived Intangible Asset, Amount | 51,100 | ||
ISSC Technologies Corporation [Member] | Order or Production Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Acquired Finite-lived Intangible Asset, Amount | 600 | ||
Supertex Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | 89,600 | ||
Supertex Inc. [Member] | Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Acquired Finite-lived Intangible Asset, Amount | 68,900 | ||
Supertex Inc. [Member] | In Process Research and Development [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Acquired Finite-lived Intangible Asset, Amount | 1,900 | ||
Supertex Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Acquired Finite-lived Intangible Asset, Amount | 17,700 | ||
Supertex Inc. [Member] | Order or Production Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Acquired Finite-lived Intangible Asset, Amount | $1,100 |
Business_Acquisitions_Schedule2
Business Acquisitions (Schedule of Proforma Results) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
ISSC Technologies Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | $2,169,390 | $1,998,647 |
Net income | 367,428 | 364,169 |
Basic earnings per share | $1.83 | $1.84 |
Diluted earnings per share | $1.64 | $1.67 |
Supertex Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | 2,149,505 | 1,996,819 |
Net income | $391,573 | $353,381 |
Basic earnings per share | $1.95 | $1.78 |
Diluted earnings per share | $1.75 | $1.62 |
Special_Charges_Details
Special Charges (Details) (Unusual or Infrequent Item [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Unusual or Infrequent Item [Line Items] | |||
Other Nonrecurring Expense | $2.80 | $3 | $32.20 |
SMSC Acquisition [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Severance related, office closing and other costs | 16.3 | ||
SST acquisition [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Legal settlement costs | 11.5 | ||
Roving Networks Acquisition [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $4.40 |
Summary_of_Available_for_Sale_
Summary of Available for Sale (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | $1,719,843 | $1,677,422 |
Available-for-sale, gross unrealized gains | 15,011 | 3,462 |
Available-for-sale, gross unrealized losses | -474 | -3,990 |
Available-for-sale, estimated fair value | 1,734,380 | 1,676,894 |
Government agency bonds [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 741,780 | 684,451 |
Available-for-sale, gross unrealized gains | 676 | 114 |
Available-for-sale, gross unrealized losses | -200 | -3,171 |
Available-for-sale, estimated fair value | 742,256 | 681,394 |
Municipal bonds [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 41,552 | 41,622 |
Available-for-sale, gross unrealized gains | 155 | 101 |
Available-for-sale, gross unrealized losses | -9 | -14 |
Available-for-sale, estimated fair value | 41,698 | 41,709 |
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 | 506 | |
Available-for-sale, gross unrealized gains | 0 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | 506 | |
Corporate bonds and debt [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 924,818 | 941,524 |
Available-for-sale, gross unrealized gains | 2,376 | 3,247 |
Available-for-sale, gross unrealized losses | -265 | -805 |
Available-for-sale, estimated fair value | 926,929 | 943,966 |
Equity Securities [Member] | ||
Summary of available-for-sale securities [Line Items] | ||
Available-for-sale, adjusted cost | 1,362 | |
Available-for-sale, gross unrealized gains | 11,804 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | $13,166 |
Investments_AFS_Details
Investments AFS (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $1,734,380,000 | $1,676,894,000 | |
Amount of short-term investments | 1,351,054,000 | 878,182,000 | |
Amount of long-term investments | 383,326,000 | 798,712,000 | |
Carrying value of available-for-sale investment previously classified as non-marketable cost-method investment | 3,600,000 | ||
Proceeds for sale of available-for-sale securities | 273,900,000 | 135,300,000 | 40,500,000 |
Realized gain on available-for-sale investments | 18,469,000 | 0 | 0 |
Corporate bonds and debt [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | 926,929,000 | 943,966,000 | |
Amount of corporate debt securities with no contractual maturity excluded from estimated fair value of available-for-sale securities | 6,200,000 | 6,200,000 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities | $13,166,000 |
Investments_Continuous_Unreali
Investments Continuous Unrealized Loss Position (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale securities in a continuous unrealized loss position, less than twelve months | $339,361 | $781,501 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, less than twelve months | -370 | -3,989 |
Fair value of available-for-sale securities in a continuous unrealized loss position, greater than twelve months | 48,963 | 1,196 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, greater than twelve months | -104 | -1 |
Fair value of available-for-sale securities in a continuous unrealized loss position | 388,324 | 782,697 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position | -474 | -3,990 |
Government agency bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale securities in a continuous unrealized loss position, less than twelve months | 162,948 | 522,159 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, less than twelve months | -142 | -3,171 |
Fair value of available-for-sale securities in a continuous unrealized loss position, greater than twelve months | 29,942 | 0 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, greater than twelve months | -58 | 0 |
Fair value of available-for-sale securities in a continuous unrealized loss position | 192,890 | 522,159 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position | -200 | -3,171 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale securities in a continuous unrealized loss position, less than twelve months | 13,318 | 2,625 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, less than twelve months | -9 | -13 |
Fair value of available-for-sale securities in a continuous unrealized loss position, greater than twelve months | 0 | 1,196 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, greater than twelve months | 0 | -1 |
Fair value of available-for-sale securities in a continuous unrealized loss position | 13,318 | 3,821 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position | -9 | -14 |
Corporate bonds and debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale securities in a continuous unrealized loss position, less than twelve months | 163,095 | 256,717 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, less than twelve months | -219 | -805 |
Fair value of available-for-sale securities in a continuous unrealized loss position, greater than twelve months | 19,021 | 0 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position, greater than twelve months | -46 | 0 |
Fair value of available-for-sale securities in a continuous unrealized loss position | 182,116 | 256,717 |
Accumulated loss, available-for-sale securities in a continuous unrealized loss position | ($265) | ($805) |
AFS_Debt_Maturities_Details
AFS, Debt Maturities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | $1,719,843 | $1,677,422 |
Available-for-sale, gross unrealized gains | 15,011 | 3,462 |
Available-for-sale, gross unrealized losses | -474 | -3,990 |
Available-for-sale, estimated fair value | 1,734,380 | 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 | 224,531 | 210,129 |
Available-for-sale, gross unrealized gains | 512 | 1,234 |
Available-for-sale, gross unrealized losses | -34 | 0 |
Available-for-sale, estimated fair value | 225,009 | 211,363 |
Due after one year and through five years [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 1,395,685 | 1,308,844 |
Available-for-sale, gross unrealized gains | 2,648 | 2,228 |
Available-for-sale, gross unrealized losses | -330 | -1,958 |
Available-for-sale, estimated fair value | 1,398,003 | 1,309,114 |
Due after five years and through ten years [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 82,250 | 142,434 |
Available-for-sale, gross unrealized gains | 47 | 0 |
Available-for-sale, gross unrealized losses | -110 | -2,032 |
Available-for-sale, estimated fair value | 82,187 | 140,402 |
Due after ten years [Member] | ||
Schedule of available-for-sale securities, debt maturities [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 |
Total Maturities Member | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 1,712,291 | 1,671,232 |
Available-for-sale, gross unrealized gains | 3,207 | 3,462 |
Available-for-sale, gross unrealized losses | -474 | -3,990 |
Available-for-sale, estimated fair value | 1,715,024 | 1,670,704 |
Equity Securities [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 1,362 | |
Available-for-sale, gross unrealized gains | 11,804 | |
Available-for-sale, gross unrealized losses | 0 | |
Available-for-sale, estimated fair value | 13,166 | |
Corporate Bond Securities [Member] | ||
Schedule of available-for-sale securities, debt maturities [Line Items] | ||
Available-for-sale, adjusted cost | 924,818 | 941,524 |
Available-for-sale, gross unrealized gains | 2,376 | 3,247 |
Available-for-sale, gross unrealized losses | -265 | -805 |
Available-for-sale, estimated fair value | $926,929 | $943,966 |
Measured_on_Recurring_Basis_De
Measured on Recurring Basis (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Money Market Mutual Funds | 279,833,000 | $192,159,000 | ||
Marketable Equity Securities Fair Value Disclosure | 13,166,000 | |||
Corporate Bonds and Debt | 926,929,000 | 943,966,000 | ||
Time Deposits Fair Value Disclosure | 506,000 | |||
Government Agency Bonds | 742,256,000 | 681,394,000 | ||
Deposit Accounts | 327,982,000 | 274,444,000 | ||
Municipal Bonds | 41,698,000 | 41,709,000 | ||
Auction Rate Securities | 9,825,000 | 9,825,000 | ||
Derivative Assets Fair Value Disclosure | 8,928,000 | |||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 607,815,000 | 466,603,000 | 528,334,000 | 635,755,000 |
Short-term investments | 1,351,054,000 | 878,182,000 | ||
Long-term investments | 383,326,000 | 798,712,000 | ||
Other Assets, Noncurrent | 75,510,000 | 45,956,000 | ||
Total assets measured at fair value | 2,351,123,000 | 2,143,497,000 | ||
Insurance Sector Auction Rate Securities | ||||
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||||
Value of auction rate securities for which recent auctions were unsuccessful | 9,800,000 | |||
Par Value of auction rate securities for which recent auctions were unsuccessful | 22,400,000 | |||
Insurance Sector Auction Rate Securities | Minimum | ||||
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 | Maximum | ||||
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 | 279,833,000 | 192,159,000 | ||
Marketable Equity Securities Fair Value Disclosure | 13,166,000 | |||
Corporate Bonds and Debt | 0 | 0 | ||
Time Deposits Fair Value Disclosure | 0 | |||
Government Agency Bonds | 0 | 0 | ||
Deposit Accounts | 0 | 0 | ||
Municipal Bonds | 0 | 0 | ||
Auction Rate Securities | 0 | 0 | ||
Derivative Assets Fair Value Disclosure | 0 | |||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 279,833,000 | 192,159,000 | ||
Short-term investments | 13,166,000 | 0 | ||
Long-term investments | 0 | 0 | ||
Other Assets, Noncurrent | 0 | |||
Total assets measured at fair value | 292,999,000 | 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 Fair Value Disclosure | 0 | |||
Corporate Bonds and Debt | 920,739,000 | 937,776,000 | ||
Time Deposits Fair Value Disclosure | 506,000 | |||
Government Agency Bonds | 742,256,000 | 681,394,000 | ||
Deposit Accounts | 327,982,000 | 274,444,000 | ||
Municipal Bonds | 41,698,000 | 41,709,000 | ||
Auction Rate Securities | 0 | 0 | ||
Derivative Assets Fair Value Disclosure | 8,928,000 | |||
Fair Value, Assets and Liabilities, as Classified on the Condensed Consolidated Balance Sheets [Abstract] | ||||
Cash and cash equivalents | 327,982,000 | 274,444,000 | ||
Short-term investments | 1,337,888,000 | 878,182,000 | ||
Long-term investments | 367,311,000 | 782,697,000 | ||
Other Assets, Noncurrent | 8,928,000 | |||
Total assets measured at fair value | 2,042,109,000 | 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 Fair Value Disclosure | 0 | |||
Corporate Bonds and Debt | 6,190,000 | 6,190,000 | ||
Time Deposits Fair Value Disclosure | 0 | |||
Government Agency Bonds | 0 | 0 | ||
Deposit Accounts | 0 | 0 | ||
Municipal Bonds | 0 | 0 | ||
Auction Rate Securities | 9,825,000 | 9,825,000 | ||
Derivative Assets Fair Value Disclosure | 0 | |||
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 | ||
Other Assets, Noncurrent | 0 | |||
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 |
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items] | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings and Gain (Loss) Included in Other Comprehensive Income (Loss) | ($601) |
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 |
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 |
Contingent consideration [Member] | |
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) | $20,470 |
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, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $19,100 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -1,370 |
Purchases, sales, issuances and settlements, net | -20,470 |
Fair value, measurements with unobservable inputs reconciliation, ending | $0 |
Assets_Not_Recorded_at_Fair_Va
Assets Not Recorded at Fair Value on a Recurring Basis (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments Not Recorded at Fair Value on a Recurring Basis [Abstract] | ||
Cost-method Investments, Other than Temporary Impairment | $0.70 | $0.50 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | |||
Payment to retire $575 million aggregate principal amount of junior convertible debentures | $1,134,621,000 | $0 | $0 |
Senior Subordinated Convertible Debentures Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of convertible debentures based on the trading price of the bonds | 1,788,000,000 | ||
Junior Subordinated Convertible Debentures Due2037 Member | |||
Debt Instrument [Line Items] | |||
Fair value of convertible debentures based on the trading price of the bonds | 1,124,000,000 | ||
Principal amount of junior subordinated convertible debentures | 575,000,000 | ||
Payment to retire $575 million aggregate principal amount of junior convertible debentures | $1,134,600,000 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | $276,558 | $245,323 |
Less allowance for doubtful accounts | 2,621 | 2,918 |
Accounts receivable, net | 273,937 | 242,405 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | 269,844 | 243,383 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable amounts | $6,714 | $1,940 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $13,263 | $9,734 |
Work in process | 197,565 | 179,692 |
Finished goods | 68,628 | 73,299 |
Inventory, Net | $279,456 | $262,725 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (Property, Plant and Equipment, Other Types [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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 $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment costs | $2,142,416,000 | $2,001,019,000 | |
Accumulated depreciation | 1,560,844,000 | 1,469,052,000 | |
Property, plant and equipment, net | 581,572,000 | 531,967,000 | |
Depreciation expense | 97,300,000 | 89,700,000 | 88,300,000 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment costs | 55,624,000 | 55,624,000 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment costs | 434,403,000 | 411,149,000 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment costs | 1,576,074,000 | 1,465,255,000 | |
Projects in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment costs | $76,315,000 | $68,991,000 |
Noncontrolling_interests_roll_
Noncontrolling interests roll forward (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Balance | $0 | $0 | |||||
Additions due to acquisition of controlling interest in ISSC | 52,467 | ||||||
Net loss attributable to noncontrolling interests | -822 | -1,259 | -1,603 | 0 | -3,684 | 0 | 0 |
Other comprehensive loss attributable to noncontrolling interests | -866 | 0 | 0 | ||||
Purchase of additional interests | 32,095 | ||||||
Balance | 16,372 | 16,372 | 0 | ||||
Noncontrolling Interest [Member] | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||
Balance | 0 | 0 | |||||
Additions due to acquisition of controlling interest in ISSC | 52,467 | ||||||
Net loss attributable to noncontrolling interests | -3,684 | ||||||
Other comprehensive loss attributable to noncontrolling interests | -866 | ||||||
Purchase of additional interests | 31,849 | ||||||
Other | 304 | ||||||
Balance | $16,372 | $16,372 |
Change_in_Parent_Ownership_Det
Change in Parent Ownership (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Net Income Attributable to Microchip Technology stockholders | $99,402 | $86,057 | $93,641 | $89,909 | $369,009 | $395,281 | $127,389 |
Increase in paid-in capital for purchase of additional interests | -591 | ||||||
Parent [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Net Income Attributable to Microchip Technology stockholders | 369,009 | ||||||
Increase in paid-in capital for purchase of additional interests | 345 | ||||||
Increase in paid-in capital for converted stock options | 1,094 | ||||||
Transfer from noncontrolling interests | 1,439 | ||||||
Change from net income attributable to Microchip Technology stockholders and transfers from noncontrolling interests | $370,448 |
Intangible_Assets_by_Major_Cla
Intangible Assets, by Major Class (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | $949,067,000 | $709,190,000 | |
Accumulated Amortization | -444,650,000 | -263,691,000 | |
Net Amount | 504,417,000 | 445,499,000 | |
In-process technology reaching technological feasibility and reclassified | 26,000,000 | ||
Projected Amortization Expense | |||
2016 | 144,229,000 | ||
2017 | 92,642,000 | ||
2018 | 69,428,000 | ||
2019 | 56,577,000 | ||
2020 | 40,718,000 | ||
Amortization of acquired intangible assets | 181,000,000 | 99,400,000 | 115,800,000 |
Impairment of intangible assets | 1,881,000 | 350,000 | 0 |
Cost of sales [Member] | |||
Projected Amortization Expense | |||
Amortization of acquired intangible assets | 3,800,000 | 4,700,000 | 3,900,000 |
Operating Expense [Member] | |||
Projected Amortization Expense | |||
Amortization of acquired intangible assets | 177,200,000 | 94,700,000 | 111,900,000 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 569,942,000 | 402,669,000 | |
Accumulated Amortization | -209,676,000 | -117,222,000 | |
Net Amount | 360,266,000 | 285,447,000 | |
Acquired Finite-lived Intangible Asset, Amount | 144,700,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 263,969,000 | 195,800,000 | |
Accumulated Amortization | -193,483,000 | -109,170,000 | |
Net Amount | 70,486,000 | 86,630,000 | |
Acquired Finite-lived Intangible Asset, Amount | 68,800,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 6 months | ||
Trademarks and trade names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 15,730,000 | 15,730,000 | |
Accumulated Amortization | -9,529,000 | -7,118,000 | |
Net Amount | 6,201,000 | 8,612,000 | |
Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 26,304,000 | 24,610,000 | |
Accumulated Amortization | -26,304,000 | -24,610,000 | |
Net Amount | 0 | 0 | |
Acquired Finite-lived Intangible Asset, Amount | 1,700,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | ||
In-process technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 67,142,000 | 64,396,000 | |
Accumulated Amortization | 0 | 0 | |
Net Amount | 67,142,000 | 64,396,000 | |
Acquired Finite-lived Intangible Asset, Amount | 29,100,000 | ||
Distribution rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 5,580,000 | 5,585,000 | |
Accumulated Amortization | -5,258,000 | -5,171,000 | |
Net Amount | 322,000 | 414,000 | |
Covenants not to compete [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 400,000 | 400,000 | |
Accumulated Amortization | -400,000 | -400,000 | |
Net Amount | $0 | $0 |
Goodwill_by_Reporting_Segment_
Goodwill by Reporting Segment (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Aug. 01, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 |
Goodwill [Roll Forward] | ||||||
Goodwill, ending balance | $276,097 | $571,271 | ||||
SMSC Acquisition [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 165,592 | |||||
Goodwill, ending balance | 165,592 | |||||
Supertex Inc. [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 133,713 | |||||
Goodwill, ending balance | 143,160 | 133,713 | ||||
ISSC Technologies Corporation [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 152,243 | |||||
Goodwill, ending balance | 154,399 | 152,243 | ||||
Semiconductor products [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 252,148 | |||||
Goodwill, ending balance | 256,897 | 552,071 | 252,148 | |||
Semiconductor products [Member] | SMSC Acquisition [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Purchase accounting adjustments | -3,473 | |||||
Semiconductor products [Member] | Other business acquisitions [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 8,111 | 624 | ||||
Semiconductor products [Member] | Acquisition of R and E International Member | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 111 | |||||
Semiconductor products [Member] | Supertex Inc. [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 143,160 | |||||
Semiconductor products [Member] | ISSC Technologies Corporation [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 154,399 | |||||
Foreign currency translation adjustments | -3,009 | |||||
Technology licensing [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, beginning balance | 19,200 | |||||
Goodwill, ending balance | 19,200 | 19,200 | 19,200 | |||
Technology licensing [Member] | SMSC Acquisition [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Purchase accounting adjustments | 0 | |||||
Technology licensing [Member] | Other business acquisitions [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 0 | 0 | ||||
Technology licensing [Member] | Acquisition of R and E International Member | ||||||
Goodwill [Roll Forward] | ||||||
Additions due to business combination | 0 | |||||
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 | |||||
Foreign currency translation adjustments | $0 |
Income_tax_benefit_provision_f
Income tax (benefit) provision from continuing operations (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Results of Operations, Income before Income Taxes [Abstract] | |||
U.S. | ($944,000) | $28,245,000 | ($82,163,000) |
Foreign | 346,851,000 | 404,109,000 | 234,340,000 |
Income before income taxes | 345,907,000 | 432,354,000 | 152,177,000 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | -3,185,000 | 992,000 | 33,856,000 |
Current State and Local Tax Expense (Benefit) | -24,000 | 64,000 | 2,350,000 |
Current Foreign Tax Expense (Benefit) | 16,602,000 | 30,697,000 | 16,950,000 |
Current Income Tax Expense (Benefit) | 13,393,000 | 31,753,000 | 53,156,000 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | -22,641,000 | 14,445,000 | -16,004,000 |
Deferred State and Local Income Tax Expense (Benefit) | -1,562,000 | 929,000 | -1,111,000 |
Deferred Foreign Income Tax Expense (Benefit) | -8,608,000 | -10,054,000 | -11,253,000 |
Deferred Income Tax Expense (Benefit) | -32,811,000 | 5,320,000 | -28,368,000 |
Income tax (benefit) provision | -19,418,000 | 37,073,000 | 24,788,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,200,000 | 1,400,000 | 300,000 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 121,067,000 | 151,324,000 | 53,262,000 |
Income Tax Reconciliation, State and Local Income Taxes | -20,000 | 686,000 | -2,054,000 |
Research and development tax credits - current year | -9,703,000 | -4,875,000 | -8,263,000 |
Research and development tax credits - prior years | -1,789,000 | 1,600,000 | -3,347,000 |
Income Tax Reconciliation, Foreign Income Tax Rate Differential | -106,939,000 | -116,003,000 | -61,377,000 |
Income Tax Reconciliation, Increases Related to Current and Prior Year Tax Positions | 26,189,000 | 16,809,000 | 44,661,000 |
Income Tax Reconciliation, Decreases Related to Prior Year Tax Positions | -40,609,000 | -14,581,000 | -7,154,000 |
Withholding taxes | 5,218,000 | 6,212,000 | 7,267,000 |
Change in valuation allowance | -14,286,000 | 0 | 0 |
Other | 1,454,000 | -4,099,000 | 1,793,000 |
Income tax provision | -19,418,000 | 37,073,000 | 24,788,000 |
Increase of basic net income per share due to release of prior year tax positions | $0.16 | $0.04 | |
Increase of diluted net income per share due to release of prior year tax positions | $0.15 | $0.03 | |
Increase of basic and diluted net income per common share due to release of prior year tax positions | $0.07 | ||
Income Tax Holiday, Aggregate Dollar Amount | 12,400,000 | 16,800,000 | 12,000,000 |
Undistributed Earnings of Foreign Subsidiaries | 2,800,000,000 | ||
Tax Adjustments, Settlements, and Unusual Provisions | $33,100,000 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments | 9.60% |
Components_of_deferred_tax_ass
Components of deferred tax assets and liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Components of Deferred Tax Assets [Abstract] | ||
Deferred intercompany profit | $10,865,000 | $9,623,000 |
Deferred income on shipments to distributors | 34,493,000 | 28,596,000 |
Inventory valuation | 9,605,000 | 6,072,000 |
Net operating loss carryforward | 105,756,000 | 110,598,000 |
Capital loss carryforward | 4,582,000 | 0 |
Share-based compensation | 26,780,000 | 24,494,000 |
Income tax credits | 115,893,000 | 124,395,000 |
Accrued expenses and other | 671,000 | 28,227,000 |
Gross deferred tax assets | 308,645,000 | 332,005,000 |
Valuation allowances | -116,482,000 | -93,811,000 |
Deferred tax assets, net of valuation allowances | 192,163,000 | 238,194,000 |
Components of Deferred Tax Liabilities [Abstract] | ||
Property, plant and equipment, principally due to differences in depreciation | 2,236,000 | -1,942,000 |
Convertible debentures | -493,897,000 | -530,338,000 |
Other | -10,649,000 | -13,740,000 |
Deferred tax liabilities | 502,310,000 | 546,020,000 |
Net deferred tax liability | -310,147,000 | -307,826,000 |
Deferred Tax Assets, Net, Current | 71,045,000 | 67,490,000 |
Deferred Tax Liabilities, Noncurrent | -381,192,000 | -375,316,000 |
Net deferred tax liability | -310,147,000 | -307,826,000 |
Unrecorded Tax Benefits Related to Share-Based Compensation | $38,600,000 |
Operating_loss_carryforwards_D
Operating loss carryforwards (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Capital loss carryforward | $4,582,000 | $0 |
Capital loss carryforward, expiration date | 31-Mar-20 | |
Capital loss carryforward, valuation allowance | 4,600,000 | |
Foreign Tax Authority and Federal and State Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 162,900,000 | |
Operating Loss Carryforwards, Valuation Allowance | $52,600,000 | |
Minimum [Member] | Foreign Tax Authority and Federal and State Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 31-Mar-16 | |
Maximum [Member] | Foreign Tax Authority and Federal and State Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 31-Mar-35 |
Tax_credit_carryforward_Detail
Tax credit carryforward (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Research Tax Credit Carryforward [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | 57.4 |
Research Tax Credit Carryforward [Member] | Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-22 |
Research Tax Credit Carryforward [Member] | Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-35 |
Alternative Minimum Tax [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | 3.7 |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | 23.1 |
Tax Credit Carryforward, Valuation Allowance | 23 |
Foreign Tax Authority [Member] | Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-16 |
Foreign Tax Authority [Member] | Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-25 |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | 59.1 |
Tax Credit Carryforward, Valuation Allowance | 34.4 |
State and Local Jurisdiction [Member] | Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-16 |
State and Local Jurisdiction [Member] | Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | 31-Mar-35 |
Unrecognized_tax_benefits_Deta
Unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $149,878,000 | $152,845,000 | $70,490,000 |
Increases related to acquisitions | 8,381,000 | 341,000 | 45,624,000 |
Decreases related to settlements with tax authorities | 20,197,000 | -15,016,000 | 0 |
Decreases related to statute of limitation expirations | 9,031,000 | 4,069,000 | -5,751,000 |
Increases related to current year tax positions | 23,179,000 | 14,669,000 | 42,328,000 |
Increases related to prior year tax positions | 18,444,000 | 1,108,000 | 154,000 |
Ending balance | 170,654,000 | 149,878,000 | 152,845,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 700,000 | 300,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 27,600,000 | 29,700,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -1,800,000 | 200,000 | 800,000 |
Increase in unrecognized tax benefits related to prior year tax positions balance sheet reclassification | $15,700,000 |
1625_Senior_Subordinated_Conve1
1.625% Senior Subordinated Convertible Debentures (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | |||
Amortization of debt discount on convertible debentures | $14,791,000 | $8,970,000 | $8,197,000 |
Senior Subordinated Convertible Debenture Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of senior subordinated convertible debentures | 1,725,000,000 | ||
Interest rate of senior subordinated convertible debentures | 1.63% | ||
Due date of senior subordinated convertible debentures | 15-Feb-25 | ||
Conversion rate, in shares, of senior subordinated convertible debt (in shares per $1,000) | 14.5654 | ||
Principal amount of senior subordinated convertible debentures used as conversion unit | 1,000 | ||
Convertible Debt Instrument Initial Conversion Price Per Share | $68.66 | ||
Debt Instrument, Convertible, Conversion Ratio | 14.6687 | ||
Debt Instrument, Convertible, Conversion Price | $68.17 | ||
Debt instrument, Convertible, Conversion Ratio Increase Option, Initial Ratio at Issuance | 7.2827 | ||
Debt Instrument, Convertible, Conversion Ratio Increase Option, Adjusted for Dividends | 7.3343 | ||
Debt Instrument, Convertible, Conversion Ratio Maximum Conversion Rate including increase Option | 20.3915 | ||
Debt Instrument, Convertible, Conversion Ratio Maximum Conversion Rate including increase option, adjusted for dividends paid | 20.5361 | ||
Proceeds from issuance of senior subordinated convertible debentures, net of issuance costs | 1,694,700,000 | ||
Senior subordinated convertible debenture debt issuance costs | 30,300,000 | ||
Debt portion of convertible debt issuance costs | 20,400,000 | ||
Equity portion of convertible debt issuance costs | 9,900,000 | ||
Carrying value of equity component of the senior subordinated convertible debentures that were bifurcated into a liability and equity component | 564,900,000 | ||
Estimated fair value of the liability component of the senior subordinated convertible debentures as of the issuance date | 1,160,100,000 | ||
Debt discount of estimated fair value of liability component of senior subordinated convertible debentures at the issuance date | 564,900,000 | ||
Amount of unamortized debt discount of debentures | 559,300,000 | ||
Remaining period, in years, over which unamortized debt discount will be recognized as non-cash interest expense (in years) | 9 years 10 months 15 days | ||
Amortization of debt discount on convertible debentures | 5,700,000 | ||
Recognized amount of interest expense related to coupon on senior subordinated convertible debentures | $3,800,000 | ||
Effective interest rate of senior convertible debentures | 6.10% |
2125_Junior_subordinated_conve1
2.125% Junior subordinated convertible debentures (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | |||
Payment to retire $575 million aggregate principal amount of junior convertible debentures | $1,134,621,000 | $0 | $0 |
Loss on retirement of junior convertible debentures | 50,631,000 | 0 | 0 |
Carrying value of debentures | 190,870,000 | 371,873,000 | |
Amortization of Debt Discount (Premium) | 14,791,000 | 8,970,000 | 8,197,000 |
Junior subordinated convertible debentures due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Payment to retire $575 million aggregate principal amount of junior convertible debentures | 1,134,600,000 | ||
Liability portion of payment made to retire $575 million aggregate principal amount of junior convertible debentures | 238,300,000 | ||
Equity portion of payment made to retire $575 million aggregate principal amount of junior convertible debentures | 896,300,000 | ||
Principal amount of junior subordinated convertible debentures | 575,000,000 | ||
Interest rate of junior subordinated convertible debentures | 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 | ||
Debt Instrument, Convertible, Conversion Ratio | 39.8555 | ||
Debt Instrument, Convertible, Conversion Price | $25.09 | ||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | 545,600,000 | ||
Contingent interest rate | 0.50% | ||
Carrying value of equity component of the junior subordinated convertible debentures that were bifurcated into a liability and equity component | 411,200,000 | 822,400,000 | |
Estimated fair value of the liability component of the junior subordinated convertible debentures as of the issuance date | 163,800,000 | ||
Debt discount of estimated fair value of liability component of junior subordinated convertible debentures at the issuance date | 411,200,000 | ||
Amount of unamortized debt discount of debentures | 383,700,000 | ||
Remaining period, in years, over which unamortized debt discount will be recognized as non-cash interest expense (in years) | 22 years 9 months | ||
Amortization of Debt Discount (Premium) | 9,100,000 | 9,000,000 | 8,200,000 |
Recognized amount of interest expense related to coupon on junior subordinated convertible debentures | $22,800,000 | $24,400,000 | $24,400,000 |
Effective interest rate of junior convertible debentures | 9.10% | ||
Junior subordinated convertible debentures due 2037 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Contingent interest rate | 0.25% | ||
Debenture trading price | $400 | ||
Junior subordinated convertible debentures due 2037 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Contingent interest rate | 0.50% | ||
Debenture trading price | $1,500 |
Credit_facility_Details
Credit facility (Details) (USD $) | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 27, 2013 | Feb. 04, 2015 | |
Line of Credit Facility [Line Items] | |||||
Interest Expense | $62,034,000 | $48,716,000 | $40,915,000 | ||
Credit Agreement Maturity June 27, 2018 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000,000 | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,555,000,000 | ||||
Line of Credit Facility Increase Option | 300,000,000 | ||||
Debt Instrument, 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% | ||||
Interest Expense | 19,900,000 | 14,600,000 | 7,000,000 | ||
Short-term Debt, Weighted Average Interest Rate | 1.68% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Period For Leverage Ratio To Determine Interest Rate Spread | preceding four fiscal quarters | ||||
Debt Instrument Interest Rate Spread On Overdue Principal In Event Of Default | 2.00% | ||||
Debt Instrument Interest Rate Spread On Overdue Amounts In Event Of Default | 2.00% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option1 [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option1 [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | adjusted LIBOR rate (based on one, two, three, or six-month interest periods) | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit [Member] | Debt Instrument Interest Rate Option 2 [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 461,900,000 | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Foreign Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||||
February 2015 Amended Credit Facility with Maturity Dates of June 2018 and February 2020 [Member] | Line of Credit Facility Swingline Loan Sublimit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $25,000,000 |
Contingencies_Details
Contingencies (Details) (Indemnification agreement [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Indemnification agreement [Member] | |
Loss contingencies [Line Items] | |
Loss contingencies, estimate of possible loss | $139 |
Stock_Repurchase_Activity_Deta
Stock Repurchase Activity (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Treasury stock repurchase [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000,000 |
Repurchased shares under authorization (in shares) | 7,500,000 |
Amount of repurchased shares under authorization | $234.70 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 157 Months Ended | 0 Months Ended | 12 Months Ended | 240 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 01, 2002 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 01, 2012 | Mar. 31, 2015 | 1-May-06 | Mar. 31, 1995 | Mar. 31, 2015 | Jan. 01, 2005 |
Overlapping Stock Purchase Period 1 [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Overlapping period on purchase of common stock under purchase plan (in number of months) | 24 months | |||||||||
Overlapping Stock Purchase Period 2 [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Overlapping period on purchase of common stock under purchase plan (in number of months) | 18 months | |||||||||
Overlapping Stock Purchase Period 3 [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Overlapping period on purchase of common stock under purchase plan (in number of months) | 12 months | |||||||||
Overlapping Stock Purchase Period 4 [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Overlapping period on purchase of common stock under purchase plan (in number of months) | 6 months | |||||||||
Defined contribution pension [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Percentage of employee's base salary allowed as employee contribution (in hundredths) | 60.00% | 60.00% | 60.00% | |||||||
Amount of company contributions | $3.90 | $3.60 | $0.80 | |||||||
Employee stock purchase plan, 2001 plan [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Percentage of fair market value of common stock for employee purchase (in hundredths) | 85.00% | |||||||||
Number of additional shares reserved under purchase plan (in shares) | 960,269 | |||||||||
Number of shares of common stock reserved for issuance (in shares) | 11,277,862 | 11,277,862 | 11,277,862 | |||||||
Shares issued under purchase plan (in shares) | 6,108,421 | |||||||||
Employee stock purchase plan, employees in non-US locations [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Percentage of fair market value of common stock for employee purchase (in hundredths) | 85.00% | |||||||||
Number of additional shares reserved under purchase plan (in shares) | 192,054 | |||||||||
Number of shares of common stock reserved for issuance (in shares) | 1,500,285 | 1,500,285 | 1,500,285 | |||||||
Shares issued under purchase plan (in shares) | 946,822 | |||||||||
Percentage of fair market value of common stock at the beginning or end of semi-annual purchase plan period, during fiscal 1995 (in hundredths) | 100.00% | |||||||||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Defined Benefit Plan, Benefit Obligation | 5.9 | 5.9 | 5.9 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.8 | 0.8 | 0.8 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two Through Year Ten | 4.1 | 4.1 | 4.1 | |||||||
Management incentive compensation plan [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Compensation expense charged against operations | 24.2 | 24.4 | 12 | |||||||
Cash bonus plan [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Compensation expense charged against operations | $15.90 | $15.20 | $4.30 | |||||||
Maximum [Member] | Employee stock purchase plan, 2001 plan [Member] | ||||||||||
Deferred compensation arrangement, by type of deferred compensation [Line Items] | ||||||||||
Maximum automatic increase in number of common stock shares under purchase plan (in shares) | 1,500,000 | |||||||||
Percentage of outstanding shares of common stock used to determine automatic annual increase in common stock (in hundredths) | 0.50% |
Equity_Incentive_Plans_Stock_C
Equity Incentive Plans, Stock Compensation Expensed (Details) (USD $) | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | $47,956,000 | $48,065,000 | $48,977,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 94,200,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 0 months 0 days | |||||
Inventory [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Amount of share-based compensation expense capitalized to inventory | 6,800,000 | 7,400,000 | 5,900,000 | |||
Cost of sales [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | 9,010,000 | [1] | 7,340,000 | [1] | 8,234,000 | [1] |
Research and development [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | 28,164,000 | 24,554,000 | 22,178,000 | |||
Selling, general and administrative [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | 21,422,000 | 21,893,000 | 27,603,000 | |||
Pre-tax effect of share based compensation [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | 58,596,000 | 53,787,000 | 58,015,000 | |||
Income tax benefit [Member] | ||||||
Stock-based compensation expense [Line Items] | ||||||
Allocated share based compensation expense | $10,640,000 | $5,722,000 | $9,038,000 | |||
[1] | During the year ended MarchB 31, 2015, $6.8 million of share-based compensation expense was capitalized to inventory, and $9.0 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended MarchB 31, 2014, $7.4 million of share-based compensation expense was capitalized to inventory, and $7.3 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended MarchB 31, 2013, $5.9 million of share-based compensation expense was capitalized to inventory, and $8.2 million of previously capitalized share-based compensation expense in inventory was sold. |
Equity_Incentive_Plans_Shareba
Equity Incentive Plans, Share-based Payment Award (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
RSU nonvested shares beginning balance | 5,530,034 | 6,009,831 | 5,492,220 |
RSU shares granted | 1,446,968 | 1,616,632 | 1,976,583 |
RSU shares assumed upon acquisition | 523,043 | ||
RSU shares forfeited/expired | -266,415 | -282,964 | -370,196 |
RSU shares vested | -1,441,671 | -1,813,465 | -1,611,819 |
RSU nonvested shares ending balance | 5,268,916 | 5,530,034 | 6,009,831 |
Closing price of company's common stock related to calculation of aggregate intrinsic value of stock options (in dollars per share) | $48.90 | ||
Restricted stock units' weighted average remaining expense recognition period (in years) | 2 years 0 months 0 days | ||
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Total intrinsic value of RSU's vested during the period | $67.60 | 74.6 | 54.4 |
Total intrinsic value of RSU's outstanding | $257.60 | ||
Restricted stock units' weighted average remaining expense recognition period (in years) | 2 years 0 months 11 days | ||
Weighted average fair values per share of restricted stock units awarded (amount per share) | $42.02 | 34.24 | 29.92 |
Equity_Incentive_Plans_Stock_O
Equity Incentive Plans, Stock Options Outstanding (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Option shares outstanding beginning balance (in shares) | 573,611 | 2,269,803 | 3,360,997 |
Options granted (in shares) | 27,654 | 0 | 0 |
Options assumed upon acquisition (in shares) | 666,586 | 827,707 | |
Options exercised (shares) | -477,618 | -1,675,663 | -1,638,548 |
Options canceled (in shares) | -105,934 | -20,529 | -280,353 |
Option shares outstanding ending balance (in shares) | 684,299 | 573,611 | 2,269,803 |
Option shares outstanding beginning balance (in dollars per share) | $24.75 | $25.58 | $25 |
Options granted (in dollars per shares) | $46.66 | $0 | $0 |
Options assumed upon acquisition (in dollars per share) | $29.33 | $19.32 | |
Options exercised (in dollars per share) | $26.42 | $25.91 | $22.19 |
Options canceled (in dollars per share) | $28.17 | $22.78 | $19.90 |
Option shares outstanding ending balance (in dollars per share) | $28.41 | $24.75 | $25.58 |
Closing price of company's common stock related to calculation of aggregate intrinsic value of stock options (in dollars per share) | $48.90 | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Total intrinsic value of options exercised related to stock incentive plans | $9.60 | $25.50 | $19 |
Aggregate intrinsic value of options outstanding related to stock incentive plans | 14.1 | ||
Aggregate intrinsic value of options exercisable related to stock incentive plans | $6.20 | ||
Exercisable number of option shares (in shares) | 283,133 | 543,435 | |
Weighted average exercise price per share of exercisable options (in dollars per share) | $26.90 | $25.03 | |
Weighted average fair value per share of stock options granted | $9 |
Equity_Incentive_Plans_Valuati
Equity Incentive Plans Valuation of Stock Options Granted (Details) (Stock Option [Member]) | 12 Months Ended |
Mar. 31, 2015 | |
Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (in years) | 6 years 6 months 0 days |
Volatility | 26.65% |
Risk-free interest rate | 1.59% |
Dividend yield | 3.00% |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Future minimum lease commitments under operating leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Current | $16,146,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 10,587,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 7,365,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 4,388,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,153,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||
Operating Leases, Total Future Minimum Payments Due | 39,639,000 | ||
Rental expense under operating lease | 23,800,000 | 21,500,000 | 20,300,000 |
Property, Plant and Equipment Purchase Commitment [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | 56,500,000 | ||
Purchase Commitment, Other Obligations [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | 50,300,000 | ||
Wafer Foundry Purchase Commitment [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $48,800,000 |
Geographic_and_Segment_Informa2
Geographic and Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Segment Net Sales | $543,207 | $528,710 | $546,243 | $528,876 | $493,384 | $482,372 | $492,669 | $462,792 | $2,147,036 | $1,931,217 | $1,581,623 |
Segment Gross Profit | 313,632 | 301,959 | 307,454 | 306,519 | 290,586 | 282,720 | 288,863 | 266,574 | 1,229,564 | 1,128,743 | 838,459 |
Semiconductor products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Net Sales | 2,057,443 | 1,836,639 | 1,497,820 | ||||||||
Segment Gross Profit | 1,139,971 | 1,034,165 | 754,656 | ||||||||
Technology licensing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Net Sales | 89,593 | 94,578 | 83,803 | ||||||||
Segment Gross Profit | $89,593 | $94,578 | $83,803 |
Revenue_and_Assets_by_Geograph
Revenue and Assets by Geographic Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Amount of identifiable long-lived assets (consisting of property, plant and equipment) | 581,572 | 531,967 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Amount of identifiable long-lived assets (consisting of property, plant and equipment) | 331,372 | 311,926 | |
Thailand [Member] | |||
Segment Reporting Information [Line Items] | |||
Amount of identifiable long-lived assets (consisting of property, plant and equipment) | 197,981 | 179,139 | |
Various Other Countries besides United States and Thailand [Member] | |||
Segment Reporting Information [Line Items] | |||
Amount of identifiable long-lived assets (consisting of property, plant and equipment) | 52,219 | 40,902 | |
Located outside US, in aggregate [Member] | |||
Geographic Areas, Revenues from External Customers [Abstract] | |||
Percentage of net sales to unaffiliated customers | 84.00% | 84.00% | 83.00% |
Europe [Member] | |||
Geographic Areas, Revenues from External Customers [Abstract] | |||
Percentage of net sales to unaffiliated customers | 21.00% | 21.00% | 22.00% |
Asia [Member] | |||
Geographic Areas, Revenues from External Customers [Abstract] | |||
Percentage of net sales to unaffiliated customers | 59.00% | 60.00% | 58.00% |
China, including Hong-Kong [Member] | |||
Geographic Areas, Revenues from External Customers [Abstract] | |||
Percentage of net sales to unaffiliated customers | 28.00% | 29.00% | 27.00% |
Taiwan [Member] | |||
Geographic Areas, Revenues from External Customers [Abstract] | |||
Percentage of net sales to unaffiliated customers | 14.00% | 13.00% | 13.00% |
Freestanding_Derivative_Forwar
Freestanding Derivative Forward Contracts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Line Items] | |||
Percentage Of Company Sales Denominated In Us Dollars | 99.00% | ||
Foreign Currency Transaction Gain (Loss), before Tax | ($7.70) | $0.40 | ($2.80) |
Derivative_Instruments_Fair_Va
Derivative Instruments Fair Value (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], Other Noncurrent Assets [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Interest Rate Contracts | $8,928 |
Derivative_Instruments_Gain_Lo
Derivative Instruments Gain (Loss) (Details) (Interest Rate Swap [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Gain (Loss) on Senior Subordinated Convertible Debentures | ($8,302) |
Gain (Loss) on Interest Rate Swap | $8,928 |
Net_income_per_common_share_De
Net income per common share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to Microchip Technology | $99,402 | $86,057 | $93,641 | $89,909 | $369,009 | $395,281 | $127,389 | ||||
Weighted average common shares outstanding | 200,937,000 | 198,291,000 | 194,595,000 | ||||||||
Dilutive effect of stock options and RSUs | 3,642,000 | 3,910,000 | 3,650,000 | ||||||||
Dilutive effect of convertible debt | 18,982,440 | 15,429,003 | 7,531,111 | ||||||||
Weighted average common and potential common shares outstanding | 223,561,000 | 217,630,000 | 205,776,000 | ||||||||
Basic net income per common share attributable to Microchip Technology stockholders | $1.84 | $1.99 | $0.65 | ||||||||
Diluted net income per common share attributable to Microchip Technology stockholders | $0.45 | $0.39 | $0.42 | $0.40 | $0.50 | $0.48 | $0.46 | $0.37 | $1.65 | $1.82 | $0.62 |
Number of antidilutive option shares (in shares) | 19,305 | 0 | 98,068 | ||||||||
Junior Subordinated Convertible Debentures Due2037 Member | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Conversion Price Per Share Used In Calculating Dilutive Effect Of Convertible Debt Amount Per Share | $25.48 | $26.32 | $27.36 | ||||||||
Senior Subordinated Convertible Debenture Due 2025 [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Conversion Price Per Share Used In Calculating Dilutive Effect Of Convertible Debt Amount Per Share | $68.25 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $543,207 | $528,710 | $546,243 | $528,876 | $493,384 | $482,372 | $492,669 | $462,792 | $2,147,036 | $1,931,217 | $1,581,623 |
Gross profit | 313,632 | 301,959 | 307,454 | 306,519 | 290,586 | 282,720 | 288,863 | 266,574 | 1,229,564 | 1,128,743 | 838,459 |
Operating income | 110,347 | 98,009 | 101,318 | 115,946 | 126,037 | 116,918 | 117,508 | 98,401 | 425,620 | 458,864 | 178,553 |
Net income | 98,580 | 84,798 | 92,038 | 89,909 | 111,495 | 105,401 | 99,806 | 78,579 | 365,325 | 395,281 | 127,389 |
Less: Net loss attributable to noncontrolling interests | 822 | 1,259 | 1,603 | 0 | 3,684 | 0 | 0 | ||||
Net income attributable to Microchip Technology | 99,402 | 86,057 | 93,641 | 89,909 | 369,009 | 395,281 | 127,389 | ||||
Diluted net income per common share attributable to Microchip Technology stockholders | $0.45 | $0.39 | $0.42 | $0.40 | $0.50 | $0.48 | $0.46 | $0.37 | $1.65 | $1.82 | $0.62 |
Loss on retirement of junior convertible debentures | 50,631 | 0 | 0 | ||||||||
Realized gain on available-for-sale investments | $18,469 | $0 | $0 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for income taxes | $25,500,000 | $25,700,000 | $21,400,000 |
Cash paid for interest on borrowings | 40,200,000 | 34,600,000 | 28,800,000 |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at Beginning of Year | 2,918,000 | 2,764,000 | 2,602,000 |
Charged to Cost and Expense | 104,000 | 245,000 | 516,000 |
Deductions | -401,000 | -91,000 | -354,000 |
Balance at End of Year | $2,621,000 | $2,918,000 | $2,764,000 |
Comprehensive_Income_Schedule_
Comprehensive Income (Schedule of Changes in the Components of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $1,051 | $6,935 | |
Other comprehensive income (loss) before reclassifications | 29,310 | -4,289 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -18,694 | -1,595 | |
Net other comprehensive income (loss) | 10,616 | -5,884 | 3,834 |
Purchase of shares from noncontrolling interest | -591 | ||
Balance | 11,076 | 1,051 | 6,935 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | -528 | 5,444 | |
Other comprehensive income (loss) before reclassifications | 33,759 | -4,377 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -18,694 | -1,595 | |
Net other comprehensive income (loss) | 15,065 | -5,972 | |
Purchase of shares from noncontrolling interest | 0 | ||
Balance | 14,537 | -528 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 140 | 52 | |
Other comprehensive income (loss) before reclassifications | -127 | 88 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Net other comprehensive income (loss) | -127 | 88 | |
Purchase of shares from noncontrolling interest | 0 | ||
Balance | 13 | 140 | |
Accumulated Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 1,439 | 1,439 | |
Other comprehensive income (loss) before reclassifications | -4,322 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Net other comprehensive income (loss) | -4,322 | 0 | |
Purchase of shares from noncontrolling interest | -591 | ||
Balance | ($3,474) | $1,439 |
Comprehensive_Income_Schedule_1
Comprehensive Income (Schedule Of Reclassifications Of Recognized Transactions Out Of AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Other income (expense), net | $13,742 | $5,898 | ($404) | ||||
Income tax provision | 19,418 | -37,073 | -24,788 | ||||
Net income attributable to Microchip Technology | 99,402 | 86,057 | 93,641 | 89,909 | 369,009 | 395,281 | 127,389 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Other income (expense), net | 18,706 | 2,371 | 394 | ||||
Income tax provision | -12 | -776 | -51 | ||||
Net income attributable to Microchip Technology | $18,694 | $1,595 | $343 |
Dividends_Details
Dividends (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Dividends [Abstract] | |||
Total dividends per share for the period | $1.43 | $1.42 | $1.41 |
Cash dividend | ($286,478) | ($281,204) | ($273,822) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | 7-May-15 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||
Remaining shares authorized to be repurchased through stock repurchase program | 2,500,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Remaining shares authorized to be repurchased through stock repurchase program | 20,000,000 | |
Subsequent Event | Micrel Incorporated [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition price per share | $14 | |
Total equity value | $839 | |
Total enterprise value | 744 | |
Cash and short term investments acquired | $95 |