Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 03, 2014 | Jun. 30, 2013 |
Document Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'POWER INTEGRATIONS INC | ' | ' |
Entity Central Index Key | '0000833640 | ' | ' |
Trading Symbol | 'POWI | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,254,969 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $92,928 | $63,394 |
Short-term marketable securities | 109,179 | 31,766 |
Accounts receivable, net of allowances of $120 and $247 in 2013 and 2012, respectively (Note 2) | 12,389 | 7,326 |
Inventories | 42,235 | 44,625 |
Deferred tax assets | 2,059 | 352 |
Prepaid expenses and other current assets | 18,632 | 17,401 |
Total current assets | 277,422 | 164,864 |
PROPERTY AND EQUIPMENT, net | 90,141 | 89,724 |
INTANGIBLE ASSETS, net | 40,334 | 47,738 |
GOODWILL | 80,599 | 80,599 |
DEFERRED TAX ASSETS | 9,449 | 11,532 |
OTHER ASSETS | 3,476 | 4,673 |
Total assets | 501,421 | 399,130 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 20,772 | 16,452 |
Accrued payroll and related expenses | 8,900 | 6,720 |
Taxes payable | 2,266 | 1,213 |
Deferred tax liabilities | 943 | 1,193 |
Deferred income on sales to distributors | 15,727 | 11,550 |
Other accrued liabilities | 1,810 | 3,439 |
Total current liabilities | 50,418 | 40,567 |
LONG-TERM INCOME TAXES PAYABLE | 6,885 | 7,937 |
DEFERRED TAX LIABILITIES | 5,273 | 8,179 |
OTHER LIABILITIES | 2,159 | 1,398 |
Total liabilities | 64,735 | 58,081 |
COMMITMENTS AND CONTINGENCIES (Notes 8, 9 and 10) | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Common stock, $0.001 par value Authorized - 140,000,000 shares Outstanding - 30,021,943 and 28,536,182 shares in 2013 and 2012, respectively | 30 | 28 |
Additional paid-in capital | 223,660 | 175,668 |
Accumulated other comprehensive loss | -470 | -293 |
Retained earnings | 213,466 | 165,646 |
Total stockholders’ equity | 436,686 | 341,049 |
Total liabilities and stockholders’ equity | $501,421 | $399,130 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance | $120 | $247 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares outstanding | 30,021,943 | 28,536,182 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
NET REVENUES | $347,089 | $305,370 | $298,739 | |||
COST OF REVENUES | 163,853 | 154,868 | 158,093 | |||
GROSS PROFIT | 183,236 | 150,502 | 140,646 | |||
OPERATING EXPENSES: | ' | ' | ' | |||
Research and development | 51,654 | 45,709 | 40,295 | |||
Sales and marketing | 45,466 | 37,998 | 32,624 | |||
General and administrative | 32,050 | 30,243 | 24,508 | |||
Charge related to SemiSouth (Note 12) | 0 | 25,200 | 0 | |||
Total operating expenses | 129,170 | 139,150 | 97,427 | |||
INCOME FROM OPERATIONS | 54,066 | 11,352 | 43,219 | |||
OTHER INCOME (EXPENSE): | ' | ' | ' | |||
Interest income | 736 | 1,747 | 2,054 | |||
Interest expense | -23 | -2 | 0 | |||
Charge related to SemiSouth (Note 12) | 0 | -33,745 | 0 | |||
Other, net | 648 | -134 | -178 | |||
Total other income (expense) | 1,361 | -32,134 | 1,876 | |||
INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES | 55,427 | -20,782 | 45,095 | |||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | -1,839 | 13,622 | 10,804 | |||
NET INCOME (LOSS) | $57,266 | ($34,404) | $34,291 | |||
EARNINGS (LOSS) PER SHARE: | ' | ' | ' | |||
Basic (per share) | $1.95 | ($1.20) | $1.20 | |||
Diluted (per share) | $1.88 | [1] | ($1.20) | [1] | $1.14 | [1] |
SHARES USED IN PER SHARE CALCULATION: | ' | ' | ' | |||
Basic (in shares) | 29,421 | 28,636 | 28,609 | |||
Diluted (in shares) | 30,420 | [1] | 28,636 | [1] | 29,964 | [1] |
[1] | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has included the shares underlying the 2013 and 2012 awards in the 2013 and 2012 calculations, respectively, as those shares were contingently issuable upon the satisfaction of the annual targets consisting of net revenue, non-GAAP operating earnings and achievement of strategic goals as of the end of the periods. The Company has excluded all performance-based awards underlying the 2011 awards in the 2011 calculation as the performance conditions for those awards were not met as of the end of the period. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $57,266 | ($34,404) | $34,291 |
Other comprehensive income: | ' | ' | ' |
Foreign currency translation adjustments, net of $0 tax in 2013, 2012 and 2011 | -29 | 79 | -35 |
Unrealized gain on marketable securities, net of $0 tax in 2013, 2012 and 2011 | 72 | 138 | 0 |
Unrealized actuarial loss on pension benefits, net of tax of $61, $155 and $0 in 2013, 2012 and 2011, respectively (Note 13) | -220 | -560 | 0 |
Total other comprehensive loss | -177 | -343 | -35 |
Total comprehensive income (loss) | 57,089 | -34,747 | 34,256 |
Foreign currency translation adjustment, tax | 0 | 0 | 0 |
Unrealized gain on marketable securities, tax | 0 | 0 | 0 |
Unrealized actuarial loss on pension benefits, tax | $61 | $155 | $0 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Employee Stock Options and Awards [Member] | Employee Stock Purchases [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
In Thousands, unless otherwise specified | Employee Stock Options and Awards [Member] | Employee Stock Purchases [Member] | |||||||
Beginning Balance at Dec. 31, 2010 | $352,644 | ' | ' | $28 | $175,295 | ' | ' | $85 | $177,236 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | ' | ' | 28,375 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans (in shares) | ' | ' | ' | 1,011 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans | 18,464 | ' | ' | 1 | 18,463 | ' | ' | ' | ' |
Net issuance of performance stock unit awards (in shares) | ' | ' | ' | 85 | ' | ' | ' | ' | ' |
Net issuance of performance stock unit awards | 0 | ' | ' | ' | 0 | ' | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | -1,531 | ' | ' | ' | ' | ' |
Repurchase of common stock | -50,000 | ' | ' | -1 | -49,999 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | ' | 125 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 3,747 | ' | ' | ' | 3,747 | ' | ' | ' | ' |
Income tax benefits from employee stock option exercises | 2,201 | ' | ' | ' | 2,201 | ' | ' | ' | ' |
Stock-based compensation expense | ' | 7,778 | 1,161 | ' | ' | 7,778 | 1,161 | ' | ' |
Payment of dividends to stockholders | -5,722 | ' | ' | ' | ' | ' | ' | ' | -5,722 |
Unrealized actuarial loss on pension benefits, net of tax | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on marketable securities, | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Translation adjustment | -35 | ' | ' | ' | ' | ' | ' | -35 | ' |
Net income (loss) | 34,291 | ' | ' | ' | ' | ' | ' | ' | 34,291 |
Ending Balance at Dec. 31, 2011 | 364,529 | ' | ' | 28 | 158,646 | ' | ' | 50 | 205,805 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | 28,065 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans (in shares) | ' | ' | ' | 1,022 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans | 18,200 | ' | ' | 0 | 18,200 | ' | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | -676 | ' | ' | ' | ' | ' |
Repurchase of common stock | -20,467 | ' | ' | 0 | -20,467 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | ' | 125 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 3,752 | ' | ' | ' | 3,752 | ' | ' | ' | ' |
Income tax benefits from employee stock option exercises | 1,303 | ' | ' | ' | 1,303 | ' | ' | ' | ' |
Stock-based compensation expense | ' | 13,092 | 1,142 | ' | ' | 13,092 | 1,142 | ' | ' |
Payment of dividends to stockholders | -5,755 | ' | ' | ' | ' | ' | ' | ' | -5,755 |
Unrealized actuarial loss on pension benefits, net of tax | -560 | ' | ' | ' | ' | ' | ' | -560 | ' |
Unrealized gain on marketable securities, | 138 | ' | ' | ' | ' | ' | ' | 138 | ' |
Translation adjustment | 79 | ' | ' | ' | ' | ' | ' | 79 | ' |
Net income (loss) | -34,404 | ' | ' | ' | ' | ' | ' | ' | -34,404 |
Ending Balance at Dec. 31, 2012 | 341,049 | ' | ' | 28 | 175,668 | ' | ' | -293 | 165,646 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | 28,536 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans (in shares) | ' | ' | ' | 1,358 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock option and stock award plans | 26,269 | ' | ' | 2 | 26,267 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | ' | 128 | ' | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 3,971 | ' | ' | ' | 3,971 | ' | ' | ' | ' |
Income tax benefits from employee stock option exercises | 1,284 | ' | ' | ' | 1,284 | ' | ' | ' | ' |
Stock-based compensation expense | ' | 15,275 | 1,195 | ' | ' | 15,275 | 1,195 | ' | ' |
Payment of dividends to stockholders | -9,446 | ' | ' | ' | ' | ' | ' | ' | -9,446 |
Unrealized actuarial loss on pension benefits, net of tax | -220 | ' | ' | ' | ' | ' | ' | -220 | ' |
Unrealized gain on marketable securities, | 72 | ' | ' | ' | ' | ' | ' | 72 | ' |
Translation adjustment | -29 | ' | ' | ' | ' | ' | ' | -29 | ' |
Net income (loss) | 57,266 | ' | ' | ' | ' | ' | ' | ' | 57,266 |
Ending Balance at Dec. 31, 2013 | $436,686 | ' | ' | $30 | $223,660 | ' | ' | ($470) | $213,466 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | ' | ' | 30,022 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $57,266 | ($34,404) | $34,291 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 16,088 | 15,256 | 15,372 |
Amortization of intangibles | 7,404 | 5,164 | 943 |
Charge related to SemiSouth (Note 12) | 0 | 58,945 | 0 |
Gain on disposal of property and equipment | -131 | -1 | -41 |
Gain on sale of asset held for sale | -497 | 0 | 0 |
Stock-based compensation expense | 16,485 | 14,224 | 8,969 |
Amortization of premium on marketable securities | 789 | 850 | 1,627 |
Non-cash interest income from SemiSouth note | 0 | -1,445 | 0 |
Deferred income taxes | -2,781 | 2,017 | 1,577 |
Reduction in accounts receivable allowances | -127 | -24 | -61 |
Excess tax benefit from stock options exercised | -734 | -704 | -796 |
Tax benefit associated with employee stock plans | 1,284 | 1,303 | 2,201 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -4,936 | 5,313 | -3,621 |
Inventories | 2,375 | 18,026 | 10,037 |
Prepaid expenses and other assets | -1,523 | -11,008 | 1,619 |
Accounts payable | 2,467 | 2,071 | -1,564 |
Taxes payable and accrued liabilities | 1,065 | -26,029 | 2,977 |
Deferred income on sales to distributors | 4,177 | 2,276 | -4,338 |
Net cash provided by operating activities | 98,671 | 51,830 | 69,192 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -13,960 | -16,358 | -23,223 |
Proceeds from sale of property and equipment | 36 | 2 | 2,249 |
Proceeds from Sale of Assets Held for Sale | 959 | 0 | 0 |
Other assets | 0 | 0 | -1,277 |
Acquisition (Note 11) | 0 | -115,720 | -6,914 |
Payment of guarantee of SemiSouth debt (Note 12) | 0 | -15,200 | 0 |
Increase in financing lease receivables | 0 | -420 | -8,116 |
Collections of financing lease receivables and other receivables | 433 | 527 | 425 |
Loans to SemiSouth (Note 12) | 0 | -18,000 | -3,000 |
Collection of loan to SemiSouth | 0 | 0 | 3,000 |
Purchases of marketable securities | 109,482 | 0 | 42,176 |
Proceeds from sales and maturities of marketable securities | 31,350 | 40,463 | 26,725 |
Net cash used in investing activities | -90,664 | -124,706 | -52,307 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of common stock under employee stock plans | 30,239 | 21,952 | 22,210 |
Repurchase of common stock | 0 | -20,467 | -50,000 |
Payments of dividends to stockholders | -9,446 | -5,755 | -5,722 |
Excess tax benefit from stock options exercised | 734 | 704 | 796 |
Net cash provided by (used in) financing activities | 21,527 | -3,566 | -32,716 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 29,534 | -76,442 | -15,831 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 63,394 | 139,836 | 155,667 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 92,928 | 63,394 | 139,836 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Unpaid property and equipment | 2,862 | 1,008 | 3,497 |
Unpaid financing lease equipment | 0 | 0 | 321 |
Fair value of SemiSouth purchase option (Note 12) | 0 | 6,216 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid (refund) for income taxes, net of refunds (Note 8) | ($4,137) | $46,689 | $1,233 |
THE_COMPANY
THE COMPANY | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
THE COMPANY [Text Block] | ' |
THE COMPANY: | |
Power Integrations, Inc. ("Power Integrations" or the “Company”), incorporated in California on March 25, 1988 and reincorporated in Delaware in December 1997, designs, develops, manufactures and markets analog and mixed-signal integrated circuits (ICs) and other electronic components and circuitry used in high-voltage power conversion. The Company's products are used in power converters that convert electricity from a high-voltage source (i.e., 48 volts or higher) to the type of power required for a specified downstream use. A large percentage of the Company's products are ICs used in AC-DC power supplies in a wide variety of end products, primarily in the consumer, communications, computer and industrial markets. The Company acquired CT-Concept Technologie AG (“Concept”) in May 2012, and since then offers IGBT drivers used to operate arrays of high-voltage, high-power transistors known as IGBT modules, which are used for power conversion in high-power applications such as industrial motors, solar- and wind-power systems, electric vehicles and high-voltage DC transmission systems. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUTING POLICIES [Text Block] | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany transactions and balances. | ||||||||||||||||
Estimates | ||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition and allowances for receivables and inventories. These estimates are based on historical facts and various other factors, which the Company believes to be reasonable at the time the estimates are made. However, as the effects of future events cannot be determined with precision, actual results could differ significantly from management's estimates. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
The Company considers cash invested in highly liquid financial instruments with maturities of three months or less at the date of purchase to be cash equivalents. | ||||||||||||||||
Marketable Securities | ||||||||||||||||
The Company generally holds securities until maturity; however, they may be sold under certain circumstances including, but not limited to, when necessary for the funding of acquisitions and other strategic investments. As a result the Company classifies its investment portfolio as available-for-sale. The Company classifies all investments with an original maturity date greater than three months as short-term marketable securities in its Consolidated Balance Sheet. As of December 31, 2013, and December 31, 2012, the Company's marketable securities consisted primarily of corporate bonds, municipal bonds and other high-quality commercial securities. The weighted average interest rate of investments at December 31, 2013 and 2012, was approximately 0.74% and 1.18%, respectively. | ||||||||||||||||
Amortized cost and estimated fair market value of investments classified as available-for-sale at December 31, 2013, were as follows (in thousands): | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Amortized Cost | Gains | Losses | Estimated Fair Market Value | |||||||||||||
Investments due in less than 3 months: | ||||||||||||||||
Commercial paper | $ | 3,098 | $ | 1 | $ | — | $ | 3,099 | ||||||||
Total | $ | 3,098 | $ | 1 | $ | — | $ | 3,099 | ||||||||
Investments due in 4-12 months: | ||||||||||||||||
Corporate securities | $ | 6,007 | $ | 33 | $ | — | $ | 6,040 | ||||||||
Total | $ | 6,007 | $ | 33 | $ | — | $ | 6,040 | ||||||||
Investments due between 12 months and 5-years: | ||||||||||||||||
Corporate securities | $ | 102,963 | $ | 202 | $ | (26 | ) | $ | 103,139 | |||||||
Total | $ | 102,963 | $ | 202 | $ | (26 | ) | $ | 103,139 | |||||||
Total investment securities | $ | 112,068 | $ | 236 | $ | (26 | ) | $ | 112,278 | |||||||
Amortized cost and estimated fair market value of investments classified as available-for-sale at December 31, 2012, were as follows (in thousands): | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Amortized Cost | Gains | Losses | Estimated Fair Market Value | |||||||||||||
Investments due in less than 3 months: | ||||||||||||||||
Corporate securities | $ | 1,500 | $ | 1 | $ | — | $ | 1,501 | ||||||||
Total | $ | 1,500 | $ | 1 | $ | — | $ | 1,501 | ||||||||
Investments due in 4-12 months: | ||||||||||||||||
Corporate securities | $ | 24,127 | $ | 83 | $ | — | $ | 24,210 | ||||||||
Total | $ | 24,127 | $ | 83 | $ | — | $ | 24,210 | ||||||||
Investments due between 12 months and 5-years: | ||||||||||||||||
Corporate securities | $ | 6,000 | $ | 55 | $ | — | $ | 6,055 | ||||||||
Total | $ | 6,000 | $ | 55 | $ | — | $ | 6,055 | ||||||||
Total investment securities | $ | 31,627 | $ | 139 | $ | — | $ | 31,766 | ||||||||
As of December 31, 2013 and 2012, there were no individual securities that had been in a continuous loss position for 12 months or longer. | ||||||||||||||||
Inventories | ||||||||||||||||
Inventories (which consist of costs associated with the purchases of wafers from domestic and offshore foundries and of packaged components from offshore assembly manufacturers, as well as internal labor and overhead associated with the testing of both wafers and packaged components) are stated at the lower of cost (first-in, first-out) or market. Provisions, when required, are made to reduce excess and obsolete inventories to their estimated net realizable values. Inventories consist of the following (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Raw materials | $ | 8,221 | $ | 10,564 | ||||||||||||
Work-in-process | 13,216 | 12,122 | ||||||||||||||
Finished goods | 20,798 | 21,939 | ||||||||||||||
Total | $ | 42,235 | $ | 44,625 | ||||||||||||
Additional Components of the Company's Consolidated Balance Sheet | ||||||||||||||||
Accounts Receivable (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Accounts receivable trade | $ | 42,410 | $ | 33,866 | ||||||||||||
Accrued ship and debit and rebate claims | (29,901 | ) | (26,293 | ) | ||||||||||||
Allowance for doubtful accounts | (120 | ) | (247 | ) | ||||||||||||
Total | $ | 12,389 | $ | 7,326 | ||||||||||||
Prepaid Expenses and Other Current Assets (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Prepaid legal fees | $ | 6,267 | $ | 1,760 | ||||||||||||
Advance to suppliers | 757 | 1,170 | ||||||||||||||
Prepaid income tax | 7,521 | 11,463 | ||||||||||||||
Prepaid maintenance agreements | 947 | 616 | ||||||||||||||
Interest receivable | 519 | 149 | ||||||||||||||
Other | 2,621 | 2,243 | ||||||||||||||
Total | $ | 18,632 | $ | 17,401 | ||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment consist of the following (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Land | $ | 16,754 | $ | 16,754 | ||||||||||||
Construction-in-progress | 8,003 | 9,431 | ||||||||||||||
Building and improvements | 43,641 | 42,819 | ||||||||||||||
Machinery and equipment | 111,314 | 101,438 | ||||||||||||||
Computer software and hardware and office furniture and fixtures | 34,327 | 28,791 | ||||||||||||||
214,039 | 199,233 | |||||||||||||||
Accumulated depreciation | (123,898 | ) | (109,509 | ) | ||||||||||||
Total | $ | 90,141 | $ | 89,724 | ||||||||||||
Depreciation expense for property and equipment for fiscal years ended December 31, 2013, 2012 and 2011, was approximately $16.1 million, $15.3 million and $15.4 million, respectively, and was determined using the straight-line method over the following useful lives: | ||||||||||||||||
Building and improvements | 4-40 years | |||||||||||||||
Machinery and equipment | 2-8 years | |||||||||||||||
Computer software and hardware and office furniture and fixtures | 4-5 years | |||||||||||||||
Total property and equipment located in the United States at December 31, 2013, 2012 and 2011, was approximately $134 million, $126 million and $118 million, respectively. In 2013, 2012 and 2011, no foreign country held more than 10% of total property and equipment. | ||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) for year ended December 31, 2013 (in thousands): | ||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | |||||||||||||
Beginning balance at January 1, 2013 | $ | 138 | $ | (560 | ) | $ | 129 | $ | (293 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 72 | (277 | ) | (29 | ) | (234 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 57 | -1 | — | 57 | |||||||||||
Net-current period other comprehensive income (loss) | 72 | (220 | ) | (29 | ) | (177 | ) | |||||||||
Ending balance at December 31, 2013 | $ | 210 | $ | (780 | ) | $ | 100 | $ | (470 | ) | ||||||
____________________________ | ||||||||||||||||
(1) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost for the year ended December 31, 2013. | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) for year ended December 31, 2012 (in thousands): | ||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | |||||||||||||
Beginning balance at January 1, 2012 | $ | — | $ | — | $ | 50 | $ | 50 | ||||||||
Other comprehensive income (loss) before reclassifications | 138 | (560 | ) | 79 | (343 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||||
Net-current period other comprehensive income (loss) | 138 | (560 | ) | 79 | (343 | ) | ||||||||||
Ending balance at December 31, 2012 | $ | 138 | $ | (560 | ) | $ | 129 | $ | (293 | ) | ||||||
Business Combinations | ||||||||||||||||
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing at the acquisition date impacting asset valuations and liabilities assumed. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. | ||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
Goodwill is evaluated in accordance with Accounting Standards Codification, or ASC, 350-10, Goodwill and Other Intangible Assets, and an impairment analysis is conducted on an annual basis, or sooner if indicators exist for a potential impairment. | ||||||||||||||||
In accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | ||||||||||||||||
Employee Benefits Plan | ||||||||||||||||
The Company sponsors a 401(k) tax-deferred savings plan for all employees in the United States who meet certain eligibility requirements. Participants may contribute up to the amount allowable as a deduction for federal income tax purposes. The Company is not required to contribute; however, from time-to-time the Company will contribute a certain percentage of employee annual salaries on a discretionary basis, not to exceed an established threshold. In 2013 the Company provided for a contribution of approximately $1.1 million. No employee 401(k) contribution was provided for in 2012 or 2011. | ||||||||||||||||
Retirement Benefit Obligations (Pension) | ||||||||||||||||
The Company recognizes the overfunded or underfunded status of a defined benefit pension or postretirement plan as an asset or liability in the accompanying consolidated balance sheets. Actuarial gains and losses are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity, and are amortized as a component of net periodic cost over the remaining estimated service period of participants. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Product revenues consist of sales to original equipment manufacturers (“OEMs”), merchant power supply manufacturers and distributors. Approximately 75% of the Company's net product sales were made to distributors in 2013. The Company applies the provisions of Accounting Standard Codification (“ASC”) 605-10 (“ASC 605-10”) and all related appropriate guidance. Revenue is recognized when all of the following criteria have been met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred, (3) the price is fixed or determinable, and (4) collectability is reasonably assured. Customer purchase orders are generally used to determine the existence of an arrangement. Delivery is considered to have occurred when title and risk of loss have transferred to the Company's customer. The Company evaluates whether the price is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. With respect to collectability, the Company performs credit checks for new customers and performs ongoing evaluations of its existing customers' financial condition and requires letters of credit whenever deemed necessary. | ||||||||||||||||
Sales to international OEMs and merchant power supply manufacturers for shipments from the Company's facility outside of the United States are pursuant to “EX Works” ("EXW") shipping terms, meaning that title to the product transfers to the customer upon shipment from the Company's foreign warehouse. Sales to international OEM customers and merchant power supply manufacturers that are shipped from the Company's facility in California are pursuant to “delivered at frontier” (“DAF”) shipping terms. As such, title to the product passes to the customer when the shipment reaches the destination country and revenue is recognized upon the arrival of the product in that country. Shipments to OEMs and merchant power supply manufacturers in the Americas are pursuant to “free on board” (“FOB”) point of origin shipping terms meaning that title is passed to the customer upon shipment. Revenue is recognized upon title transfer for sales to OEMs and merchant power supply manufacturers, assuming all other criteria for revenue recognition are met. | ||||||||||||||||
Sales to most of the Company's distributors are made under terms allowing certain price adjustments and rights of return on the Company's products held by its distributors. As a result of these rights, the Company defers the recognition of revenue and the costs of revenues derived from these sales until the Company's distributors report that they have sold the Company's products to their customers. The Company's recognition of such distributor revenue is based on point of sale reports received from the distributors, at which time the price is no longer subject to adjustment and is fixed, and the products are no longer subject to return to the Company except pursuant to warranty terms. The gross profit that is deferred as a result of this policy is reflected as “deferred income on sales to distributors” in the accompanying consolidated balance sheets. The total deferred revenue as of December 31, 2013, and December 31, 2012, was approximately $25.5 million and $20.7 million, respectively. The total deferred cost as of December 31, 2013, and December 31, 2012, was approximately $9.8 million and $9.1 million, respectively. | ||||||||||||||||
Frequently, distributors need to sell at a price lower than the standard distribution price in order to win business. At or soon after the distributor invoices its customer, the distributor submits a “ship and debit” price adjustment claim to the Company to adjust the distributor's cost from the standard price to the pre-approved lower price. After verification by the Company, a credit memo is issued to the distributor for the ship and debit claim. The Company maintains a reserve for unprocessed claims and future ship and debit price adjustments. The reserves appear as a reduction to accounts receivable and deferred income on sales to distributors in the Company's accompanying consolidated balance sheets. To the extent future ship and debit claims significantly exceed amounts estimated, there could be a material impact on the deferred revenue and deferred margin ultimately recognized. To evaluate the adequacy of its reserves, the Company analyzes historical ship and debit payments and levels of inventory in the distributor channels. | ||||||||||||||||
Sales to certain distributors of the Company are made under terms that do not include rights of return or price concessions after the product is shipped to the distributor. Accordingly, product revenue is recognized upon shipment and title transfer assuming all other revenue recognition criteria are met. | ||||||||||||||||
Foreign Currency Risk and Foreign Currency Translation | ||||||||||||||||
As of December 31, 2013, the Company's primary transactional currency was in U.S. dollars; in addition, the Company holds cash in Swiss francs and Euros as a result of its acquisition of Concept. The Company completed the acquisition of Concept, which is located in Biel, Switzerland, in the second quarter of 2012. Included in the assets acquired was cash denominated in Swiss francs and Euros, which will be used to fund operations of the Company's Swiss subsidiary. The functional currency of the Company's Swiss subsidiary is the U.S. dollar. | ||||||||||||||||
Gains and losses arising from the remeasurement of non-functional currency balances are recorded in ''other income (expense)'' in the accompanying consolidated statements of income (loss). For the years ended December 31, 2013, 2012 and 2011 the Company realized foreign exchange transaction gains (losses) of $(0.1) million, $(0.6) million and $0.05 million, respectively. | ||||||||||||||||
The functional currencies of the Company's other subsidiaries are the local currencies. Accordingly, all assets and liabilities are translated into U.S. dollars at the current exchange rates as of the applicable balance sheet date. Revenues and expenses are translated at the average exchange rate prevailing during the period. Cumulative gains and losses from the translation of the foreign subsidiaries' financial statements have been included in stockholders' equity. | ||||||||||||||||
Warranty | ||||||||||||||||
The Company generally warrants that its products will substantially conform to the published specifications for 12 months from the date of shipment. The Company's liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically been immaterial, and as a result, the Company does not record a specific warranty reserve. | ||||||||||||||||
Advertising | ||||||||||||||||
Advertising costs are expensed as incurred. Advertising costs amounted to $1.4 million, $1.1 million, and $1.0 million, in 2013, 2012 and 2011, respectively. | ||||||||||||||||
Research and Development | ||||||||||||||||
Research and development costs are expensed as incurred. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Income tax expense is an estimate of current income taxes payable or refundable in the current fiscal year based on reported income before income taxes. Deferred income taxes reflect the effect of temporary differences and carry-forwards that are recognized for financial reporting and income tax purposes. | ||||||||||||||||
The Company accounts for income taxes under the provisions of ASC 740. Under the provisions of ASC 740, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, utilizing the tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes valuation allowances to reduce any deferred tax assets to the amount that it estimates will more likely than not be realized based on available evidence and management's judgment. The Company limits the deferred tax assets recognized related to certain officers' compensation to amounts that it estimates will be deductible in future periods based upon Internal Revenue Code Section 162(m). In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, it would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations and financial position. | ||||||||||||||||
The Company engages in qualifying activities for R&D credit purposes. The American Tax Relief Act of 2012 was signed into law on January 2, 2013, as such per ASC 740-10-45-15 guidance, the 2012 Federal R&D tax credit was a discrete event for which the benefit was recognized in 2013. | ||||||||||||||||
Common Stock Repurchases and Common Stock Dividend | ||||||||||||||||
In February 2011, the Company's board of directors authorized the use of $50.0 million for the repurchase of the Company's common stock, with repurchases to be executed according to certain pre-defined price/volume guidelines set by the board of directors. In the twelve months ended December 31, 2011, the Company repurchased 1.5 million shares for a total of $50.0 million, concluding this repurchase program. In October 2012, the Company's board of directors authorized the use of an additional $50.0 million for the repurchase of its common stock. As of December 31, 2012, the Company purchased 0.7 million shares for approximately $20.5 million, leaving $29.5 million remaining for future repurchases. No shares were purchased during the twelve months ended December 31, 2013, due to the then current stock price levels which exceeded the pre-defined price guidelines mentioned above. Authorization of future stock repurchase programs is at the discretion of the board of directors and will depend on the Company's financial condition, results of operations, capital requirements, business conditions as well as other factors. | ||||||||||||||||
In January 2012, the Company's board of directors declared four quarterly cash dividends in the amount of $0.05 per share to be paid to stockholders of record at the end of each quarter in 2012. The quarterly dividend payments were made on March 30, 2012, June 29, 2012, September 28, 2012, and December 31, 2012, each in the aggregate amount of approximately $1.4 million, to stockholders of record as of February 29, 2012, May 31, 2012, August 31, 2012 and November 30, 2012. In January 2013, the Company's board of directors declared four quarterly cash dividends in the amount of $0.08 per share paid to stockholders of record at the end of each quarter in 2013. Payouts of approximately $2.3 million each were paid on March 29, 2013 and June 28, 2013, and approximately $2.4 million was paid on September 30, 2013 and December 31, 2013, respectively. | ||||||||||||||||
In October 2013 the Company's board of directors declared four quarterly cash dividends in the amount of $0.10 per share to be paid to stockholders of record at the end of each quarter in 2014. The declaration of any future cash dividend is at the discretion of the board of directors and will depend on the Company's financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interest of the Company's stockholders. | ||||||||||||||||
Indemnifications | ||||||||||||||||
The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSA”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company's products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (“Customer Indemnification”). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. | ||||||||||||||||
The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees' development work to the Company. To date, the Company has not had to reimburse any of its distributors or customers for any losses related to these indemnifications and no material claims were outstanding as of December 31, 2013. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. | ||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued amendments to the FASB Accounting Standards Codification relating to the reporting of reclassifications out of accumulated other comprehensive income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted these amendments in the first quarter of 2013, and presents additional details related to other comprehensive income in Note 2, Summary of Significant Accounting Policies. | ||||||||||||||||
In July 2013, the FASB issued a new accounting standard that will require the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in the Company's Consolidated Balance Sheets when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company will be required to adopt this new standard on a prospective basis in the first quarter of 2014. |
STOCK_PLANS_AND_SHARE_BASED_CO
STOCK PLANS AND SHARE BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK PLANS AND SHARE BASED COMPENSATION [Text Block] | ' | ||||||||||||
STOCK PLANS AND SHARE BASED COMPENSATION: | |||||||||||||
Stock Plans | |||||||||||||
As of December 31, 2013, the Company had two stock-based compensation plans (the “Plans”) which are described below. | |||||||||||||
2007 Equity Incentive Plan | |||||||||||||
The 2007 Equity Incentive Plan (the "2007 Plan") was adopted by the board of directors on September 10, 2007 and approved by the stockholders on November 7, 2007 as an amendment and restatement of the 1997 Stock Option Plan (the "1997 Plan"). The 2007 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock unit awards ("RSUs"), stock appreciation rights, performance stock unit awards ("PSU") and other stock awards to employees, directors and consultants. As of December 31, 2013, the maximum remaining number of shares that may be issued under the 2007 Plan was 7,176,041 shares, which includes options issued but not exercised and awards granted but unvested and shares remaining available for issuance under the 1997 Plan, including shares subject to outstanding options and stock awards under the 1997 Plan. Pursuant to the 2007 Plan, the exercise price for incentive stock options and nonstatutory stock options is generally at least 100% of the fair market value of the underlying shares on the date of grant. Options generally vest over 48 months measured from the date of grant. Options generally expire no later than ten years after the date of grant, subject to earlier termination upon an optionee's cessation of employment or service. | |||||||||||||
Beginning January 27, 2009, grants pursuant to the Directors Equity Compensation Program (that was adopted by the board of directors on January 27, 2009) to nonemployee directors have been made primarily under the 2007 Plan. The Directors Equity Compensation Program, until June 2012, provided in certain circumstances (depending on the status of the particular director's holdings of Company stock options) for the automatic grant of nonstatutory stock options to nonemployee directors of the Company on the first trading day of July in each year over their period of service on the board of directors. Further, each future nonemployee director of the Company would be granted under the 2007 Plan: (a) on the first trading day of the month following commencement of service, an option to purchase the number of shares of common stock equal to: the fraction of a year between the date of the director's appointment to the board of directors and the next July 1, multiplied by 8,000, which option shall vest on the next July 1st; and (b) on the first trading day of July following commencement of service, an option to purchase 24,000 shares vesting monthly over the three year period commencing on the grant date. In July 2012, this program was amended by eliminating the grants described above in their entirety, and providing for grants to outside directors as follows: effective annually, upon the first trading day of July, each outside director would receive a grant of an equity award with an aggregate value of $100,000. At each outside director's election, such award would consist entirely of RSUs or entirely of stock options. The quantity of options would be calculated by dividing $100,000 by the Black-Scholes value on the date of grant. The quantity of RSUs issued would be calculated by dividing $100,000 by the grant date fair value. Further, on the date of election of a new outside director, such new director would receive such grant as continuing outside directors receive on the first trading day of July; provided, however, that such grant is prorated for the portion of the year that such new outside director will serve until the next first trading day of July. The Directors Equity Compensation Program will remain in effect at the discretion of the board of directors or the compensation committee. | |||||||||||||
On July 28, 2009, the 2007 Plan was amended generally to prohibit outstanding options or stock appreciation rights from being canceled in exchange for cash without stockholder approval. | |||||||||||||
1997 Employee Stock Purchase Plan | |||||||||||||
Under the 1997 Employee Stock Purchase Plan (the “Purchase Plan”), eligible employees may apply accumulated payroll deductions, which may not exceed 15% of an employee's compensation, to the purchase of shares of the Company's common stock at periodic intervals. The purchase price of stock under the Purchase Plan is equal to 85% of the lower of (i) the fair market value of the Company's common stock on the first day of each offering period, or (ii) the fair market value of the Company's common stock on the purchase date (as defined in the Purchase Plan). Each offering period consists of one purchase period of approximately six months duration. An aggregate of 3,000,000 shares of common stock were reserved for issuance to employees under the Purchase Plan. As of December 31, 2013, of the shares reserved for issuance, 2,599,102 shares had been purchased and 400,898 shares were reserved for future issuance under the Purchase Plan. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company applies the provisions of ASC 718-10. Under the provisions of ASC 718-10, the Company recognizes the fair value of stock-based compensation in financial statements over the requisite service period of the individual grants, which generally equals a four-year vesting period. The Company uses estimates of volatility, expected term, risk-free interest rate, dividend yield and forfeitures in determining the fair value of these awards and the amount of compensation expense to recognize. The Company uses the straight-line method to amortize all stock awards granted over the requisite service period of the award. | |||||||||||||
Determining Fair Value of Stock Options | |||||||||||||
The Company uses the Black-Scholes valuation model for valuing stock option grants using the following assumptions and estimates: | |||||||||||||
Expected Volatility. The Company calculates expected volatility based on the historical price volatility of the Company's stock. | |||||||||||||
Expected Term. The Company utilizes a model which uses historical exercise, cancellation and outstanding option data to calculate the expected term of stock option grants. | |||||||||||||
Risk-Free Interest Rate. The Company bases the risk-free interest rate used in the Black-Scholes valuation model on the implied yield available on a U.S. Treasury note with a term approximately equal to the expected term of the underlying grants. | |||||||||||||
Dividend Yield. The dividend yield was calculated by dividing the annual dividend by the average closing price of the Company's common stock on a quarterly basis. | |||||||||||||
Estimated Forfeitures. The Company uses historical data to estimate pre-vesting forfeitures, and records share-based compensation expense only for those awards that are expected to vest. | |||||||||||||
The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the twelve months ended December 31, 2013, December 31, 2012, and December 31, 2011 (in thousands). | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of revenues | $ | 1,074 | $ | 1,058 | $ | 666 | |||||||
Research and development | 5,746 | 5,503 | 3,274 | ||||||||||
Sales and marketing | 3,642 | 3,317 | 2,313 | ||||||||||
General and administrative | 6,023 | 4,346 | 2,716 | ||||||||||
Total stock-based compensation expense | $ | 16,485 | $ | 14,224 | $ | 8,969 | |||||||
The following table summarizes total compensation expense related to unvested awards not yet recognized, net of expected forfeitures, and the weighted average period over which it is expected to be recognized as of December 31, 2013. | |||||||||||||
31-Dec-13 | |||||||||||||
Unrecognized | Weighted | ||||||||||||
Compensation | Average | ||||||||||||
Expense for Unvested | Remaining | ||||||||||||
Awards | Recognition | ||||||||||||
Period | |||||||||||||
(In thousands) | (In years) | ||||||||||||
Options | $ | 2,000 | 1.53 | ||||||||||
Performance-based awards | — | 0 | |||||||||||
Restricted stock units | 19,100 | 2.47 | |||||||||||
Purchase plan | 100 | 0.5 | |||||||||||
Total unrecognized compensation expense | $ | 21,200 | |||||||||||
Stock compensation expense in the twelve months ended December 31, 2013, was $16.5 million (comprising approximately $2.3 million related to stock options, $3.2 million related to performance-based awards, $9.8 million related to restricted stock units and $1.2 million related to the Company's Purchase Plan). | |||||||||||||
Stock compensation expense in the twelve months ended December 31, 2012, was approximately $14.2 million (comprising approximately $4.0 million related to stock options, $2.1 million related to performance-based awards, $7.0 million related to restricted stock units and $1.1 million related to the Company's Purchase Plan). | |||||||||||||
Stock compensation expense in the twelve months ended December 31, 2011, was approximately $9.0 million (comprising approximately $4.0 million related to stock options, $3.8 million related to restricted stock units and $1.2 million related to the Company's Purchase Plan). | |||||||||||||
The fair value of stock options granted is established on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used during the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
*2013 | 2012 | 2011 | |||||||||||
Risk-free interest rates | —% | 1.01% - 0.87% | 1.46% - 2.20% | ||||||||||
Expected volatility rates | —% | 45% | 44% | ||||||||||
Expected dividend yield | —% | 0.51% - 0.57% | 0.54% - 0.59% | ||||||||||
Expected term of stock options (in years) | 0 | 6.4 | 6 | ||||||||||
Weighted-average grant date fair value of options granted | $0.00 | $18.20 | $15.66 | ||||||||||
________________________ | |||||||||||||
*The Company did not grant stock options in the year ended December 31, 2013, and therefore no fair-value assumptions were reported for that period. | |||||||||||||
The fair value of employees’ stock purchase rights under the Purchase Plan was estimated using the Black-Scholes model with the following weighted-average assumptions used during the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rates | 0.08% - 0.11% | 0.09% - 0.14% | 0.16% - 0.17% | ||||||||||
Expected volatility rates | 33% - 37% | 34% - 48% | 37% | ||||||||||
Expected dividend yield | 0.62% - 0.80% | 0.54% - 0.57% | 0.51% - 0.59% | ||||||||||
Expected term of purchase right (years) | 0.5 | 0.5 | 0.5 | ||||||||||
Weighted-average estimated fair value of purchase rights | $11.01 | $9.40 | $9.15 | ||||||||||
A summary of stock option activity under the Plans, excluding performance-based shares and restricted stock units, as of December 31, 2013, and changes during three years then ended, is presented below: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
(in thousands) | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Outstanding at January 1, 2011 | 4,433 | $ | 22.68 | ||||||||||
Granted | 164 | $ | 37.37 | ||||||||||
Exercised | (948 | ) | $ | 19.82 | |||||||||
Forfeited or expired | (92 | ) | $ | 27.07 | |||||||||
Outstanding at December 31, 2011 | 3,557 | $ | 24.01 | ||||||||||
Granted | 135 | $ | 42.66 | ||||||||||
Exercised | (870 | ) | $ | 20.48 | |||||||||
Forfeited or expired | (5 | ) | $ | 21.1 | |||||||||
Outstanding at December 31, 2012 | 2,817 | $ | 26 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (1,108 | ) | $ | 23.72 | |||||||||
Forfeited or expired | (18 | ) | $ | 39.7 | |||||||||
Outstanding at December 31, 2013 | 1,691 | $ | 27.34 | 4.4 | $ | 48,161 | |||||||
Exercisable at December 31, 2013 | 1,543 | $ | 26.13 | 4.08 | $ | 45,810 | |||||||
Vested and expected to vest at December 31, 2013 | 1,687 | $ | 27.31 | 4.39 | $ | 48,106 | |||||||
The total intrinsic value of options exercised during the twelve months ended December 31, 2013, 2012 and 2011, was $26.5 million, $14.5 million and $16.6 million, respectively. | |||||||||||||
The following table summarizes the stock options outstanding at December 31, 2013: | |||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | ||||||||
Price | Outstanding | Average | Average | Vested | Average | ||||||||
Remaining | Exercise | Exercise | |||||||||||
Contractual Term (in years) | Price | Price | |||||||||||
$17.18 - $21.00 | 216,421 | 3.04 | $18.80 | 216,421 | $18.80 | ||||||||
$21.14 - $23.35 | 320,745 | 5.04 | $21.29 | 320,472 | $21.29 | ||||||||
$23.35 - $25.25 | 344,723 | 3.66 | $25.04 | 344,723 | $25.04 | ||||||||
$25.25 - $26.86 | 314,185 | 2.28 | $26.62 | 314,185 | $26.62 | ||||||||
$26.86 - $29.50 | 22,800 | 0.1 | $27.38 | 22,800 | $27.38 | ||||||||
$29.50 - $30.78 | 8,700 | 7.13 | $30.63 | 3,699 | $30.43 | ||||||||
$30.78 - $33.85 | 123,417 | 5.08 | $32.16 | 117,917 | $32.14 | ||||||||
$33.85 - $36.95 | 84,750 | 7.13 | $36.95 | 54,999 | $36.95 | ||||||||
$36.95 - $38.07 | 90,919 | 6.29 | $38.06 | 82,168 | $38.06 | ||||||||
$38.07 - $42.88 | 164,460 | 8.03 | $41.89 | 65,769 | $41.85 | ||||||||
$17.18 - $42.88 | 1,691,120 | 4.4 | $27.34 | 1,543,153 | $26.13 | ||||||||
Performance-based Awards | |||||||||||||
Under the performance-based awards program, the Company grants awards in the first half of the performance year in an amount equal to twice the target number of shares to be issued if the target performance metrics are met. The number of shares that are released at the end of the performance year can range from zero to 200% of the targeted number depending on the Company's performance. The performance metrics of this program are annual targets consisting of net revenue, non-GAAP operating earnings and strategic goals. Each performance-based award share granted from the 2007 Plan will reduce the number of shares available for issuance under the 2007 Plan by 2.0 shares. | |||||||||||||
During the twelve months ended December 31, 2013, the Company issued approximately 102,000 performance-based awards to employees and executives. As the net revenue, non-GAAP operating earnings and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures was recognized over the twelve month service period based on an assessment of the achievement of the performance targets. The fair value of these performance-based awards was determined using the fair value of the Company's common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. | |||||||||||||
A portion of the 2013 performance-based awards issued to employees and executives vested in the first quarter of 2014. Accordingly the Company accrued stock-based compensation expense for those awards. In January 2013, it was determined that approximately 54,000 shares of the approximately 102,000 performance-based awards granted in 2012 vested in aggregate under the revenue, non-GAAP operating income and strategic goals performance conditions for such awards. Accordingly, 54,000 performance-based awards were released to the Company's employees and executives in the first quarter of 2013. The Company's net revenue and non-GAAP operating earnings performance targets were not met in 2011, and therefore the 2011 performance-based awards were canceled, and no related expense was recognized in the twelve months ended December 31, 2011. | |||||||||||||
A summary of performance-based awards outstanding as of December 31, 2013, and activity during the three years then ended, is presented below: | |||||||||||||
Shares | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in thousands) | (in years) | (in thousands) | |||||||||||
Outstanding at January 1, 2011 | 85 | $ | 34.97 | ||||||||||
Granted | 98 | $ | 36.57 | ||||||||||
Vested | (85 | ) | $ | 34.97 | |||||||||
Forfeited or canceled | (98 | ) | $ | 36.57 | |||||||||
Outstanding at December 31, 2011 | — | $ | — | ||||||||||
Granted | 102 | $ | 37.6 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited or canceled | — | $ | — | ||||||||||
Outstanding at December 31, 2012 | 102 | $ | 37.6 | ||||||||||
Granted | 102 | $ | 38.68 | ||||||||||
Vested | (54 | ) | $ | 37.6 | |||||||||
Change in units due to performance achievement for PSUs not earned | (48 | ) | $ | 37.6 | |||||||||
Forfeited or canceled | (2 | ) | $ | 41.79 | |||||||||
Outstanding at December 31, 2013 | 100 | $ | 38.48 | 0 | $ | 5,560 | |||||||
Outstanding and expected to vest at December 31, 2013 | 83 | 0 | $ | 4,615 | |||||||||
The weighted-average grant-date fair value per share of performance-based awards granted in the years ended December 31, 2013, 2012 and 2011, was approximately $38.68, $37.60 and $36.57, respectively. The grant date fair value of awards released, which were fully vested, in the years ended December 31, 2013 and 2011, was approximately $2.0 million and $3.0 million, respectively. There were no performance-based awards released in year ended December 31, 2012. | |||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||
The Company grants restricted stock units to employees under the 2007 Plan. RSUs granted to employees typically vest ratably over a four-year period, and are converted into shares of the Company's common stock upon vesting on a one-for-one basis subject to the employee's continued service to the Company over that period. The fair value of RSUs is determined using the fair value of the Company's common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. Compensation expense is recognized on a straight-line basis over the requisite service period of each grant adjusted for estimated forfeitures. Each RSU award granted from the 2007 plan will reduce the number of shares available for issuance under the 2007 Plan by 2.0 shares. | |||||||||||||
A summary of RSUs outstanding as of December 31, 2013, and activity during the three years then ended, is as follows: | |||||||||||||
Shares | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in thousands) | (in years) | (in thousands) | |||||||||||
Outstanding at January 1, 2010 | 260 | $ | 36.3 | ||||||||||
Granted | 296 | $ | 36.04 | ||||||||||
Vested | (64 | ) | $ | 36.26 | |||||||||
Forfeited | (34 | ) | $ | 37.13 | |||||||||
Outstanding at December 31, 2010 | 458 | $ | 36.08 | ||||||||||
Granted | 293 | $ | 41.06 | ||||||||||
Vested | (152 | ) | $ | 36.48 | |||||||||
Forfeited | (26 | ) | $ | 36.92 | |||||||||
Outstanding at December 31, 2012 | 573 | $ | 38.21 | ||||||||||
Granted | 386 | $ | 39.09 | ||||||||||
Vested | (195 | ) | $ | 37.92 | |||||||||
Forfeited | (50 | ) | $ | 39.5 | |||||||||
Outstanding at December 31, 2013 | 714 | $ | 38.97 | 1.39 | $ | 39,873 | |||||||
Outstanding and expected to vest at December 31, 2013 | 668 | 1.37 | $ | 37,311 | |||||||||
The weighted-average grant-date fair value per share of RSUs awarded in the years ended December 31, 2013, 2012 and 2011, was approximately $39.09, $41.06 and $36.04, respectively. The grant date fair value of awards vested in the years ended December 31, 2013, 2012 and 2011, was approximately $7.4 million, $5.5 million and $2.3 million, respectively. | |||||||||||||
Shares Reserved | |||||||||||||
As of December 31, 2013, the Company had approximately 3.9 million shares of common stock reserved for future issuance under stock option and stock purchase plans. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENTS [Text Block] | ' | ||||||||||||
FAIR VALUE MEASUREMENTS: | |||||||||||||
ASC 820-10, Fair Value Measurements, clarifies 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, ASC 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets 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 requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. | |||||||||||||
The Company's cash and investment instruments are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The type of instrument valued based on quoted market prices in active markets primarily includes money market securities. This type of instrument is generally classified within Level 1 of the fair-value hierarchy. The types of instruments valued based on other observable inputs (Level 2 of the fair-value hierarchy) include investment-grade corporate bonds and government, state, municipal and provincial obligations. Such types of investments are valued by using a multi-dimensional relational model, the inputs are primarily benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. | |||||||||||||
The Company principally holds securities until maturity; however, they may be sold under certain circumstances, including, but not limited to, the funding of acquisitions and other strategic investments. As a result of this policy the Company classified its investment portfolio as available-for-sale as of December 31, 2013 and December 31, 2012. | |||||||||||||
The fair value hierarchy of the Company's short-term marketable securities at December 31, 2013, and December 31, 2012, was as follows (in thousands): | |||||||||||||
Fair Value Measurement at | |||||||||||||
December 31, 2013 | |||||||||||||
Description | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Commercial paper | $ | 3,099 | $ | — | $ | 3,099 | |||||||
Money market funds | 17,492 | 17,492 | — | ||||||||||
Corporate securities | 109,179 | — | 109,179 | ||||||||||
Total | $ | 129,770 | $ | 17,492 | $ | 112,278 | |||||||
Fair Value Measurement at | |||||||||||||
December 31, 2012 | |||||||||||||
Description | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Money market funds | $ | 7,140 | $ | 7,140 | $ | — | |||||||
Corporate securities | 31,766 | — | 31,766 | ||||||||||
Total | $ | 38,906 | $ | 7,140 | $ | 31,766 | |||||||
The Company did not transfer any investments between level 1 and level 2 of the fair value hierarchy in the twelve months ended December 31, 2013, and December 31, 2012. | |||||||||||||
On October 22, 2010, the Company entered into an agreement with SemiSouth Laboratories ("SemiSouth"), as amended, pursuant to which the Company would be obligated to acquire SemiSouth if SemiSouth met certain financial performance conditions. In March 2012, in consideration for the loan agreement discussed below, the Company entered into an amended agreement with SemiSouth which established a maximum purchase price related the Company's option to acquire SemiSouth ("Purchase Option"). In March 2012 the Company loaned SemiSouth $18.0 million, and in exchange the Company was issued a promissory note and received a modification to establish a maximum price under the Purchase Option. The note was classified as Level 3 in the fair-value hierarchy, as there was no market data for this instrument. The estimated fair value of the note was approximately $13.4 million prior to impairment, consisting of the promissory note of $18.0 million, net of the unamortized interest discount related to the $6.2 million Purchase Option (of which $1.6 million was amortized prior to impairment). As of September 30, 2012, the loan to SemiSouth was deemed other than temporarily impaired and written off. The charge was reflected in the consolidated statements of income (loss) under the other income (expense), charge related to SemiSouth caption for the twelve months ended December 31, 2012 (see Note 12, Transactions With Third Party, below for further details on the SemiSouth loan). The following table presents the changes in Level 3 investments for the two years ended December 31, 2013 (in thousands): | |||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||
Notes Receivable | |||||||||||||
Beginning balance at January 1, 2012 | $ | — | |||||||||||
Purchases and issuances | 13,433 | ||||||||||||
Change in fair value | (13,433 | ) | |||||||||||
Ending balance at December 31, 2012 | — | ||||||||||||
Purchases and issuances | — | ||||||||||||
Settlements | — | ||||||||||||
Ending balance at December 31, 2013 | $ | — | |||||||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS [Text Block] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS: | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill as of the twelve months ended December 31, 2013 and December 31, 2012, are as follows (in thousands). | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 14,786 | ||||||||||||||||||||||
Goodwill acquired during the period | 65,813 | |||||||||||||||||||||||
Goodwill adjustments | — | |||||||||||||||||||||||
Balance at December 31, 2012 | 80,599 | |||||||||||||||||||||||
Goodwill acquired during the period | — | |||||||||||||||||||||||
Goodwill adjustments | — | |||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 80,599 | ||||||||||||||||||||||
The $65.8 million of goodwill acquired in 2012, resulted from the purchase of Concept (see Note 11, Acquisition, for further details). In the fourth quarter of 2013, goodwill was evaluated in accordance with ASC 350-10, Goodwill and Other Intangible Assets, and no impairment charge was deemed necessary. | ||||||||||||||||||||||||
Intangible assets consist primarily of developed technology, acquired licenses, customer relationships, trade name, in-process research and development and patent rights, and are reported net of accumulated amortization. In August 2010, the Company acquired an early-stage research and development company, resulting in the addition of in-process research and development of $4.7 million. The Company amortizes the cost of all intangible assets over the shorter of the estimated useful life or the term of the developed technology, acquired license or patent rights, which range from two to twelve years, with the exception of $4.7 million of in-process research and development which will be amortized once the development is completed and products are available for sale. The Company does not expect the amortization of its in-process research and development to begin in 2014. Amortization for acquired intangible assets was approximately $7.4 million, $5.2 million and $0.9 million in the years ended December 31, 2013, 2012 and 2011, respectively. The Company does not believe there is any significant residual value associated with the following intangible assets. | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
In-process research and development | $ | 4,690 | $ | — | $ | 4,690 | $ | 4,690 | $ | — | $ | 4,690 | ||||||||||||
Technology licenses | 3,000 | (2,325 | ) | 675 | 3,000 | (2,025 | ) | 975 | ||||||||||||||||
Patent rights | 1,949 | (1,949 | ) | — | 1,949 | (1,949 | ) | — | ||||||||||||||||
Developed technology | 26,670 | (5,247 | ) | 21,423 | 26,670 | (2,663 | ) | 24,007 | ||||||||||||||||
Customer relationships | 17,610 | (4,664 | ) | 12,946 | 17,610 | (1,944 | ) | 15,666 | ||||||||||||||||
Trade name | 3,600 | (3,000 | ) | 600 | 3,600 | (1,200 | ) | 2,400 | ||||||||||||||||
Other intangibles | — | — | — | 37 | (37 | ) | — | |||||||||||||||||
Total intangible assets | $ | 57,519 | $ | (17,185 | ) | $ | 40,334 | $ | 57,556 | $ | (9,818 | ) | $ | 47,738 | ||||||||||
The estimated future amortization expense related to intangible assets at December 31, 2013, is as follows: | ||||||||||||||||||||||||
Fiscal Year | Estimated | |||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | $ | 6,072 | ||||||||||||||||||||||
2015 | 5,009 | |||||||||||||||||||||||
2016 | 4,394 | |||||||||||||||||||||||
2017 | 3,994 | |||||||||||||||||||||||
2018 | 3,746 | |||||||||||||||||||||||
Thereafter | 12,429 | |||||||||||||||||||||||
Total (1) | $ | 35,644 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | The total above excludes $4.7 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology. |
SIGNIFICANT_CUSTOMERS_AND_EXPO
SIGNIFICANT CUSTOMERS AND EXPORT SALES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
SIGNIFICANT CUSTOMERS AND EXPORT SALES [Text Block] | ' | ||||||||
SIGNIFICANT CUSTOMERS AND INTERNATIONAL SALES: | |||||||||
Segment Reporting | |||||||||
The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of analog and mixed-signal ICs and other electronic components and circuitry used in high-voltage power conversion. The Company's chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. | |||||||||
Product Sales | |||||||||
Net revenues consist primarily of sales of the Company's high-voltage integrated-circuit products, IGBT drivers and high-voltage silicon diodes. When evaluating the Company's net revenues, the Company categorizes its sales into the following four major end markets served; communications, computer, consumer and industrial electronics. The table below provides the percentage of net sales activity by end markets served on a comparative basis for all periods: | |||||||||
Year Ended December 31, | |||||||||
End Market | 2013 | 2012 | 2011 | ||||||
Communications | 21 | % | 24 | % | 28 | % | |||
Computer | 10 | % | 12 | % | 12 | % | |||
Consumer | 35 | % | 36 | % | 38 | % | |||
Industrial electronics | 34 | % | 28 | % | 22 | % | |||
Customer Concentration | |||||||||
Ten customers accounted for approximately 59%, 64% and 65% of net revenues for the years ended December 31, 2013, 2012 and 2011, respectively. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including OEMs and merchant power supply manufacturers. | |||||||||
The following customers each accounted for 10% or more of total net revenues: | |||||||||
Year Ended December 31, | |||||||||
Customer | 2013 | 2012 | 2011 | ||||||
Avnet | 19 | % | 20 | % | 19 | % | |||
ATM Electronic Corporation | * | 12 | % | 13 | % | ||||
___________________________ | |||||||||
* Total customer revenue was less than 10% of net revenues | |||||||||
Avnet and ATM Electronic Corporation are distributors of the Company's products. No other customers accounted for 10% or more of the Company's net revenues in those periods. | |||||||||
Concentration of Credit Risk | |||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash investments and trade receivables. The Company has cash investment policies that limit cash investments to low-risk investments. With respect to trade receivables, the Company performs ongoing evaluations of its customers' financial conditions and requires letters of credit whenever deemed necessary. Additionally, the Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends related to past write-offs and other relevant information. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. As of December 31, 2013, and December 31, 2012, 71% and 74%, respectively, of accounts receivable were concentrated with the Company's top 10 customers. | |||||||||
The following customers each represented 10% or more of accounts receivable: | |||||||||
Customer | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Avnet | 21 | % | 28 | % | |||||
ATM Electronic Corporation | 17 | % | 18 | % | |||||
Avnet and ATM Electronic Corporation are distributors of the Company’s products. No other customers accounted for 10% or more of the Company’s accounts receivable in these periods. | |||||||||
International Sales | |||||||||
The Company markets its products in and outside of North and South America through its sales personnel and a worldwide network of independent sales representatives and distributors. As a percentage of total net revenues, foreign revenue, consists of domestic and foreign sales to distributors and direct customers outside of the United States. Foreign revenue information is based on the customers' bill-to location. The revenue percentages are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Hong Kong/China | 47 | % | 45 | % | 39 | % | |||
Taiwan | 15 | % | 17 | % | 21 | % | |||
Korea | 11 | % | 12 | % | 16 | % | |||
Western Europe (excluding Germany) | 11 | % | 10 | % | 10 | % | |||
Japan | 5 | % | 6 | % | 6 | % | |||
Singapore | 2 | % | 2 | % | 2 | % | |||
Germany | 2 | % | 1 | % | 1 | % | |||
Other | 2 | % | 2 | % | 1 | % | |||
Total foreign revenue | 95 | % | 95 | % | 96 | % | |||
The remainder of the Company’s sales are to customers located in the United States. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE [Text Block] | ' | |||||||||||
EARNINGS PER SHARE: | ||||||||||||
Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during the period. Diluted earnings (loss) per share are calculated by dividing net income (loss) by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units and performance based awards, and the assumed issuance of awards under the stock purchase plan, as computed using the treasury stock method. | ||||||||||||
A summary of the earnings (loss) per share calculation is as follows (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||
Net income (loss) | $ | 57,266 | $ | (34,404 | ) | $ | 34,291 | |||||
Weighted-average common shares | 29,421 | 28,636 | 28,609 | |||||||||
Basic earnings (loss) per share | $ | 1.95 | $ | (1.20 | ) | $ | 1.2 | |||||
Diluted earnings (loss) per share (1): | ||||||||||||
Net income (loss) | $ | 57,266 | $ | (34,404 | ) | $ | 34,291 | |||||
Weighted-average common shares | 29,421 | 28,636 | 28,609 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock plans | 999 | — | 1,355 | |||||||||
Diluted weighted-average common shares | 30,420 | 28,636 | 29,964 | |||||||||
Diluted earnings (loss) per share | $ | 1.88 | $ | (1.20 | ) | $ | 1.14 | |||||
_______________ | ||||||||||||
-1 | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has included the shares underlying the 2013 and 2012 awards in the 2013 and 2012 calculations, respectively, as those shares were contingently issuable upon the satisfaction of the annual targets consisting of net revenue, non-GAAP operating earnings and achievement of strategic goals as of the end of the periods. The Company has excluded all performance-based awards underlying the 2011 awards in the 2011 calculation as the performance conditions for those awards were not met as of the end of the period. | |||||||||||
In the years ended December 31, 2013, and 2011 options to purchase 122,263 shares and 294,965 shares outstanding, respectively, were not included in the computation of diluted earnings per share for the periods then ended because they were determined to be anti-dilutive. In the year ended December 31, 2012, all shares attributable to stock-based awards were excluded in the computation of diluted earnings per share, as the Company was in a net loss position. |
PROVISION_FOR_INCOME_TAXES
PROVISION FOR INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
PROVISION FOR INCOME TAXES [Text Block] | ' | |||||||||||
PROVISION FOR INCOME TAXES: | ||||||||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes under the provisions of ASC 740. Under the provisions of ASC 740, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, utilizing the tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||||||||||
U.S. and foreign components of income before income taxes were (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 1,936 | $ | (36,178 | ) | $ | 18,884 | |||||
Foreign operations | 53,491 | 15,396 | 26,211 | |||||||||
Total pretax income (loss) | $ | 55,427 | $ | (20,782 | ) | $ | 45,095 | |||||
The components of the provision for (benefit from) income taxes are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current provision (benefit): | ||||||||||||
Federal | $ | (558 | ) | $ | 9,813 | $ | 7,758 | |||||
State | 2 | (2,083 | ) | 246 | ||||||||
Foreign | 3,049 | 1,892 | 474 | |||||||||
2,493 | 9,622 | 8,478 | ||||||||||
Deferred provision (benefit): | ||||||||||||
Federal | (3,633 | ) | 2,647 | 1,458 | ||||||||
State | — | 3,109 | 845 | |||||||||
Foreign | (699 | ) | (1,756 | ) | 23 | |||||||
(4,332 | ) | 4,000 | 2,326 | |||||||||
Total | $ | (1,839 | ) | $ | 13,622 | $ | 10,804 | |||||
The Company is entitled to a deduction for federal and state tax purposes with respect to employees' stock option activity. The net reduction in taxes otherwise payable in excess of any amount credited to income tax expense has been reflected as an adjustment to additional paid-in capital. For 2013, 2012 and 2011, the benefit arising from employee stock option activity that resulted in an adjustment to additional paid in capital was approximately $1.3 million, $1.3 million and $2.2 million, respectively. | ||||||||||||
The provision for (benefit from) income taxes differs from the amount, which would result by applying the applicable federal income-tax rate to income before provision for (benefit from) income taxes, as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision computed at Federal statutory rate | 35.00% | 35.00% | 35.00% | |||||||||
State tax provision, net of Federal benefit | —% | 8.90% | 0.50% | |||||||||
Business tax credits | -8.10% | 4.90% | -5.70% | |||||||||
Stock-based compensation | -2.80% | 2.50% | -0.20% | |||||||||
Foreign income taxed at different rate | -29.50% | 25.90% | -10.90% | |||||||||
IRS audit settlement | —% | -87.20% | —% | |||||||||
Valuation allowance | -0.10% | -48.40% | 3.40% | |||||||||
Other | 2.20% | -7.20% | 1.90% | |||||||||
Total | -3.30% | -65.60% | 24.00% | |||||||||
The effective tax rate for the year ended December 31, 2013, was favorably impacted by the geographic distribution of the Company's world-wide earnings and earnings in lower-tax jurisdictions. Additionally, the rate was favorably impacted by federal research tax credits for 2013 and 2012. | ||||||||||||
During the third quarter of 2012, the Company recorded an impairment charge and write-off of certain assets related to SemiSouth of approximately $58.9 million, on which the Company recognized a $8.0 million tax benefit. The write-off resulted in a net loss for 2012. | ||||||||||||
During the third quarter of 2012 the Company made a one-time payment of taxes and interest totaling $42.6 million in connection with settling the U.S. Internal Revenue Service ("IRS") examination of the Company's income tax returns for the years 2003 through 2006. Related to this, the provision for income tax in the second quarter of 2012 included a one-time charge of $44.8 million, comprising $35.0 million in federal income taxes, net interest of $5.7 million, and state income taxes (including interest) of approximately $4.1 million. The impact of the charge was partially offset by the reversal of $26.9 million of related unrecognized tax benefits that had been recorded as non-current liabilities in the Company's consolidated balance sheet resulting in a net charge of $18.1 million. Additionally, there was a $2.2 million reduction of the valuation allowance on the Company's California deferred tax assets. | ||||||||||||
The components of the net deferred income tax asset /(liabilities) were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Other reserves and accruals | $ | 6,893 | $ | 3,391 | ||||||||
Tax credit carry-forwards | 12,453 | 6,205 | ||||||||||
Stock compensation | 5,964 | 7,804 | ||||||||||
Capital losses | 10,307 | 9,744 | ||||||||||
Net operating loss | 1,014 | 710 | ||||||||||
Valuation allowance | (19,271 | ) | (15,970 | ) | ||||||||
17,360 | 11,884 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | (4,226 | ) | (2,758 | ) | ||||||||
Acquired intangibles | (4,303 | ) | (5,187 | ) | ||||||||
Unremitted earnings | (2,432 | ) | — | |||||||||
Other | (1,107 | ) | (1,427 | ) | ||||||||
(12,068 | ) | (9,372 | ) | |||||||||
Net deferred tax asset | $ | 5,292 | $ | 2,512 | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income. In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, the Company would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on its results of operations and financial position. | ||||||||||||
As of December 31, 2013, the Company continues to maintain a valuation allowance primarily as a result of SemiSouth capital losses for federal purposes, and on its California deferred tax assets as the Company believes that it is not more likely than not that the deferred tax assets will be fully realized. The Company also had a California net operating loss which it believes that it is not more likely than not that the deferred tax asset will be fully realized and a valuation allowance was recorded. In addition, the Company maintains a valuation allowance with respect to certain of its deferred tax assets relating to tax credits in Canada and the state of New Jersey. | ||||||||||||
As of December 31, 2013, the Company had federal research and development tax credit carry-forwards of approximately $8.4 million, which will begin to expire in 2030 if unutilized, California research and development tax credit carry-forwards of approximately $11.8 million (there is no expiration of research and development tax credit carry-forwards for the state of California) and California net operating losses of $29.0 million which will begin to expire in 2032. As of December 31, 2013, the Company had Canadian scientific research and experimental development tax credit carry-forwards of approximately $2.0 million and New Jersey research and experimental development tax credit carry-forwards of approximately $0.3 million, which will start to expire in 2026 and 2027, respectively. | ||||||||||||
The Company does not provide for U.S. taxes on its undistributed earnings of foreign subsidiaries that it intends to invest indefinitely outside the U.S., unless such taxes are otherwise required under U.S. tax law. In 2013, the Company determined that a portion of its current year earnings of foreign subsidiaries may be remitted in the future to the U.S. for domestic cash flow purposes and, accordingly, provided for the related U.S. taxes in its consolidated financial statements. If the Company changes its intent to invest its undistributed foreign earnings indefinitely or if a greater amount of undistributed earnings are needed for U.S. operations than previously anticipated and for which U.S. taxes have not been recorded, the Company would be required to accrue or pay U.S. taxes (subject to an adjustment for foreign tax credits, where applicable) and withholding taxes payable to various foreign countries on some or all of these undistributed earnings. As of December 31, 2013, the Company had undistributed earnings of foreign subsidiaries that are indefinitely invested outside of the U.S. of approximately $105.0 million. It is not practicable to determine the income tax liability that might be incurred if these earnings were to be distributed. | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
The Company applies the provisions of ASC 740-10, relating to accounting for uncertain income taxes. | ||||||||||||
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (in thousands): | ||||||||||||
Unrecognized Tax Benefits Balance at January 1, 2011 | $ | 29,911 | ||||||||||
Gross Increases for Tax Positions of Current Year | 4,944 | |||||||||||
Gross Decreases for Tax Positions of Prior Years | — | |||||||||||
Settlements | — | |||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2011 | 34,855 | |||||||||||
Gross Increases for Tax Positions of Current Year | 1,110 | |||||||||||
Gross Increase for Tax Positions of Prior Years | 9,344 | |||||||||||
Settlements | (34,496 | ) | ||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2012 | 10,813 | |||||||||||
Gross Increases for Tax Positions of Current Year | 1,881 | |||||||||||
Gross Decreases for Tax Positions of Prior Years | — | |||||||||||
Settlements | — | |||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2013 | $ | 12,694 | ||||||||||
The Company's total unrecognized tax benefits as of December 31, 2013, 2012 and 2011, was $12.7 million, $10.8 million and $34.9 million, respectively. An income-tax benefit of $10.9 million, net of valuation allowance adjustments, would be recorded if these unrecognized tax benefits are recognized. Although it is possible some of the unrecognized tax benefits could be settled within the next twelve months, the Company cannot reasonably estimate the outcome at this time. | ||||||||||||
The Company's continuing practice is to recognize interest and/or penalties related to income-tax matters in income-tax expense. The Company has accrued interest and penalties at December 31, 2013, and December 31, 2012, of $0.7 million and $0.6 million, respectively, which have been recorded in long-term income taxes payable in the accompanying Consolidated Balance Sheets. | ||||||||||||
In the quarter ended June 30, 2012, the Company reached an understanding regarding the terms for settling with the U.S. Internal Revenue Service ("IRS") and closed out all positions as part of the examination of the Company's income tax returns for the years 2003 through 2006. On August 2, 2012, the IRS signed a formal closing agreement with the Company that is consistent with the intentions of the parties pursuant to their earlier understanding. Further, the agreement confirmed that the royalty arrangement between the Company and its foreign subsidiary concluded on October 31, 2012, resulting in a substantially lower effective tax rate for the Company in subsequent years. | ||||||||||||
Approximately, $0.04 million of interest and penalties, net of the benefit, were included in the Company's benefit from income taxes for the year-ended December 31, 2013. | ||||||||||||
The Company has concluded all U.S. federal income tax matters for the years through 2006. As of December 31, 2013, the fiscal years 2007 through 2009 remain under audit by the IRS, and no notice of proposed adjustments has been received. |
COMMITMENTS
COMMITMENTS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS [Text Block] | ' | |||
COMMITMENTS: | ||||
Facilities | ||||
The Company owns its main executive, administrative, manufacturing and technical offices in San Jose, California. The Company also owns a research and development facility in New Jersey, which was purchased in 2010 in connection with its acquisition of an early-stage research and development company, and a test facility in Biel, Switzerland which was acquired in connection with the Company's acquisition of Concept. The Company leases administrative office space in Singapore and Switzerland, and a research and development facility in Canada, in addition to sales offices in various countries around the world. | ||||
Future minimum lease payments under all non-cancelable operating lease agreements as of December 31, 2013 are as follows (in thousands): | ||||
Fiscal Year | ||||
2014 | $ | 1,318 | ||
2015 | 718 | |||
2016 | 473 | |||
2017 | 199 | |||
2018 | 492 | |||
Thereafter | 43 | |||
Total minimum lease payments | $ | 3,243 | ||
Total rent expense amounted to $1.5 million, $1.4 million and $1.7 million in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Purchase Obligations | ||||
At December 31, 2013, the Company had no non-cancelable purchase obligations that were due beyond one year. |
LEGAL_PROCEEDINGS_AND_CONTINGE
LEGAL PROCEEDINGS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LEGAL PROCEEDINGS AND CONTINGENCIES [Text Block] | ' |
LEGAL PROCEEDINGS AND CONTINGENCIES: | |
From time to time in the ordinary course of business, the Company becomes involved in lawsuits, or customers and distributors may make claims against the Company. In accordance with ASC 450-10, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. | |
On October 20, 2004, the Company filed a complaint against Fairchild Semiconductor International, Inc. and Fairchild Semiconductor Corporation (referred to collectively as "Fairchild") in the United States District Court for the District of Delaware. In its complaint, the Company alleged that Fairchild has and is infringing four of Power Integrations' patents pertaining to PWM integrated circuit devices. Fairchild denied infringement and asked for a declaration from the court that it does not infringe any Power Integrations patent and that the patents are invalid. The Court issued a claim construction order on March 31, 2006 which was favorable to the Company. The Court set a first trial on the issues of infringement, willfulness and damages for October 2, 2006. At the close of the first trial, on October 10, 2006, the jury returned a verdict in favor of the Company finding all asserted claims of all four patents-in-suit to be willfully infringed by Fairchild and awarding $34.0 million in damages. Although the jury awarded damages, at this stage of the proceedings the Company cannot state the amount, if any, which it might ultimately recover from Fairchild, and no benefits have been recorded in the Company's consolidated financial statements as a result of the damages verdict. Fairchild raised defenses contending that the asserted patents are invalid or unenforceable, and the Court held a second trial on these issues beginning on September 17, 2007. On September 21, 2007, the jury returned a verdict in the Company's favor, affirming the validity of the asserted claims of all four patents-in-suit. Fairchild submitted further materials on the issue of enforceability along with various other post-trial motions, and the Company filed post-trial motions seeking a permanent injunction and increased damages and attorneys' fees, among other things. On September 24, 2008, the Court denied Fairchild's motion regarding enforceability and ruled that all four patents are enforceable. On December 12, 2008, the Court ruled on the remaining post-trial motions, including granting a permanent injunction, reducing the damages award to $6.1 million, granting Fairchild a new trial on the issue of willful infringement in view of an intervening change in the law, and denying the Company's motion for increased damages and attorneys' fees with leave to renew the motion after the resolution of the issue of willful infringement. On December 22, 2008, at Fairchild's request, the Court temporarily stayed the permanent injunction for 90 days to permit Fairchild to petition the Federal Circuit Court of Appeals for a further stay. On January 12, 2009, Fairchild filed a notice of appeal challenging the Court's refusal to enter a more permanent stay of the injunction, and Fairchild filed additional motions requesting that both the Federal Circuit and the District Court extend the stay of injunction. The District Court temporarily extended the stay pending the Federal Circuit ruling on Fairchild's pending motion, but the Federal Circuit dismissed Fairchild's appeal and denied its motion on May 5, 2009, and the District Court issued an order on May 13, 2009 confirming the reinstatement of the permanent injunction as originally entered in December 2008. On June 22, 2009, the Court held a brief bench re-trial on the issue of willful infringement, and the parties completed post-trial briefing on the issue of willfulness shortly thereafter. On July 22, 2010, the Court found that Fairchild willfully infringed all four of the asserted patents, and the Court also invited briefing on enhanced damages and attorneys' fees. Fairchild also filed a motion requesting that the Court amend its findings regarding willfulness. On January 18, 2011, the Court denied Fairchild's request to amend the findings regarding Fairchild's willful infringement and doubled the damages award against Fairchild but declined to award attorneys' fees. On February 3, 2011, the Court entered final judgment in favor of the Company for a total damages award of $12.9 million. Fairchild filed a notice of appeal challenging the final judgment and a number of the underlying rulings, and the Company filed a cross-appeal seeking to increase the damages award. The appeal was argued on January 11, 2012, and the Federal Circuit issued a mixed ruling on March 26, 2013, affirming Fairchild's infringement of certain claims that support the basis for the permanent injunction while reversing, vacating, and remanding the findings with respect to other claims, including the Company's claim for damages. The Company filed a petition seeking Supreme Court review of the Federal Circuit’s ruling on damages issues, and the Supreme Court called for a response from Fairchild but ultimately declined to review the case. On remand, the Company intends to pursue its claim for financial compensation based on Fairchild's infringement. | |
On May 9, 2005, the Company filed a Complaint with the U.S. International Trade Commission (“ITC”) under section 337 of the Tariff Act of 1930, as amended, 19 U.S.C. section 1337 against System General (“SG”). The Company filed a supplement to the complaint on May 24, 2005. The Company alleged infringement of its patents pertaining to pulse width modulation (“PWM”) integrated circuit devices produced by SG, which are used in power conversion applications such as power supplies for computer monitors. The Commission instituted an investigation on June 8, 2005 in response to the Company's complaint. SG filed a response to the ITC complaint asserting that the patents-in-suit were invalid and not infringed. The Company subsequently and voluntarily narrowed the number of patents and claims in suit, which proceeded to a hearing. The hearing on the investigation was held before the Administrative Law Judge (“ALJ”) from January 18 to January 24, 2006. Post-hearing briefs were submitted and briefing concluded February 24, 2006. The ALJ's initial determination was issued on May 15, 2006. The ALJ found all remaining asserted claims valid and infringed, and recommended the exclusion of the infringing products as well as certain downstream products that contain the infringing products. After further briefing, on June 30, 2006, the Commission decided not to review the initial determination on liability, but did invite briefs on remedy, bonding and the public interest. On August 11, 2006 the Commission issued an order excluding from entry into the United States the infringing SG PWM chips, and any LCD computer monitors, AC printer adapters and sample/demonstration circuit boards containing an infringing SG chip. The U.S. Customs Service is authorized to enforce the exclusion order. On October 11, 2006, the presidential review period expired without any action from the President, and the ITC exclusion order is now in full effect. SG appealed the ITC decision, and on November 19, 2007, the Federal Circuit affirmed the ITC's findings in all respects. On October 27, 2008, SG filed a petition to modify the exclusion order in view of a recent Federal Circuit opinion in an unrelated case, and the Company responded to oppose any modification, but the Commission modified the exclusion order on February 27, 2009. Nevertheless, the exclusion order still prohibits SG and related entities from importing the infringing SG chips and any LCD computer monitors, AC printer adapters, and sample/demonstration circuit boards containing an infringing SG chip. | |
On May 23, 2008, the Company filed a complaint against Fairchild Semiconductor International, Inc., Fairchild Semiconductor Corporation, and Fairchild's wholly owned subsidiary System General Corporation in the United States District Court for the District of Delaware. In its complaint, the Company alleged that Fairchild has infringed and is infringing three patents pertaining to power supply controller integrated circuit devices. Fairchild answered the Company's complaint on November 7, 2008, denying infringement and asking for a declaration from the Court that it does not infringe any Power Integrations patent and that the patents are invalid and unenforceable. Fairchild's answer also included counterclaims accusing the Company of infringing three patents pertaining to primary side power conversion integrated circuit devices. Fairchild had earlier brought these same claims in a separate suit against the Company, also in Delaware, which Fairchild dismissed in favor of adding its claims to the Company's already pending suit against Fairchild. The Company has answered Fairchild's counterclaims, denying infringement and asking for a declaration from the Court that it does not infringe any Fairchild patent and that the Fairchild patents are invalid. Fairchild also filed a motion to stay the case, but the Court denied that motion on December 19, 2008. On March 5, 2009, Fairchild filed a motion for summary judgment to preclude any recovery for post-verdict sales of parts found to infringe in the parties' other ongoing litigation, described above, and the Company filed its opposition and a cross-motion to preclude Fairchild from re-litigating the issues of infringement and damages for those same products. On June 26, 2009, the Court held a hearing on the parties' motions, and on July 9, 2009 the Court issued an order denying the parties' motions but staying proceedings with respect to the products that were found to infringe and which are subject to the injunction in the other Delaware case between the parties pending the entry of final judgment in that case; those products are expected to be addressed in the context of the parties’ remand proceedings following the appeal in their earlier litigation in Delaware, and the remainder of the case is proceeding. On December 18, 2009, the Court issued an order construing certain terms in the asserted claims of the Company's and Fairchild's patents in suit. Following the Court's ruling on claim construction, Fairchild withdrew its claim related to one of its patents and significantly reduced the number of claims asserted for the remaining two patents. The parties thereafter filed and argued a number of motions for summary judgment, and the Court denied the majority of the parties' motions but granted the Company's motion to preclude Fairchild from re-arguing validity positions that were rejected in the prior case between the parties. Because the assigned Judge retired at the end of July 2010, the case was re-assigned to a different Judge, and the Court vacated the trial schedule and had the parties provide their input on the appropriate course of action. The Court thereafter set a trial schedule with the jury trial on infringement and validity to begin in July 2011. On April 18, 2011, the Court rescheduled the trial to begin in January 2012, and on June 2, 2011, the Court moved the trial date to permit the parties to address another patent the Company accused Fairchild of infringing. Following a trial in April 2012, the jury returned a verdict finding that Fairchild infringes two of the Company's patents, that Fairchild has induced others to infringe the Company's patents, and also upheld the validity of the infringed patents. Of the two remaining counterclaim patents Fairchild asserted in the case, one was found not to be infringed, but the jury found the second patent to be infringed by a limited number of the Company's products, although the jury further found the Company did not induce infringement by any customers, including customers outside the United States. On March 29, 2013, the District Court denied most of the parties' post-trial motions on liability but granted the Company's motion for judgment as a matter of law finding that Fairchild infringed another of the Company's patents. On April 25, 2013, the Court denied both parties' motions regarding the unenforceability of each other's patents. The Company intends to challenge adverse findings on appeal; nevertheless, the Company estimates that even if the verdict on Fairchild's patent were ultimately upheld, the sales potentially impacted would amount to only about 0.3% of the Company's revenues. The Company has also requested an injunction preventing further infringement of its own patents by Fairchild, and Fairchild has requested an injunction as well; briefing on the issue is expected to continue for another few months. The Company is also seeking financial damages, as well as enhanced damages for willful infringement, issues to be decided in separate proceedings at a later date. | |
On June 28, 2004, the Company filed a complaint for patent infringement in the U.S. District Court, Northern District of California, against SG Corporation, a Taiwanese company, and its U.S. subsidiary. The Company's complaint alleged that certain integrated circuits produced by SG infringed and continue to infringe certain of its patents. On June 10, 2005, in response to the initiation of the International Trade Commission (ITC) investigation discussed above, the District Court stayed all proceedings. Subsequent to the completion of the ITC proceedings, the District Court temporarily lifted the stay and scheduled a case management conference. On December 6, 2006, SG filed a notice of appeal of the ITC decision as discussed above. In response, and by agreement of the parties, the District Court vacated the scheduled case management conference and renewed the stay of proceedings pending the outcome of the Federal Circuit appeal of the ITC determination. On November 19, 2007, the Federal Circuit affirmed the ITC's findings in all respects, and SG did not file a petition for review. The parties subsequently filed a motion to dismiss the District Court case without prejudice. On November 4, 2009, the Company re-filed its complaint for patent infringement against SG and its parent corporations, Fairchild Semiconductor International, Inc. and Fairchild Semiconductor Corporation, to address their continued infringement of patents at issue in the original suit that recently emerged from SG requested reexamination proceedings before the U.S. Patent and Trademark Office (USPTO). The Company seeks, among other things, an order enjoining Fairchild and SG from infringing the Company's patents and an award of damages resulting from the alleged infringement. Fairchild has denied infringement and asked for a declaration from the Court that it does not infringe any Power Integrations patent, that the patents are invalid, and that one of the two of the Company's patents now at issue in the case is unenforceable. On May 5, 2010, Fairchild and SG filed an amended answer including counterclaims accusing the Company of infringing two patents, and since that time Fairchild has withdrawn its claim for infringement of one of the patents it originally asserted against the Company but added another patent to the case over the Company's objections; the Company contests these claims vigorously. The Court has issued several claim construction orders, and discovery is now closed. Both parties filed summary judgment motions and challenges to each other’s experts’ testimony, and the Court granted the Company’s motion for summary judgment of non-infringement with respect to one of Fairchild’s two patents. Trial on the remaining claims is scheduled for February of 2014. | |
In February 2010, Fairchild and System General (“SG”) filed suits for patent infringement against the Company, Power Integrations Netherlands B.V., and representative offices of Power Integrations Netherlands in Shanghai and Shenzhen with the Suzhou Intermediate Court in the People's Republic of China. The suits assert four Chinese patents and seek an injunction and damages of approximately $19.0 million. Power Integrations Netherlands filed invalidation proceedings for all four asserted SG patents in the People's Republic of China Patent Reexamination Board (PRB) of the State Intellectual Property Office (SIPO), and all four challenges were accepted by the PRB, with hearings conducted in September 2010. In early January 2012, the Company received rulings from the PRB invalidating the majority of the claims Fairchild asserted in litigation, and the PRB determinations are currently on appeal. The Suzhou Court conducted evidentiary hearings in 2012 and issued rulings in late December 2012, finding that the Company did not infringe any of the asserted patents. Fairchild has filed appeals challenging the Suzhou Court's non-infringement rulings, but the Company continues to believe the Fairchild and SG claims are without merit and will continue to contest them vigorously. | |
On July 11, 2011, the Company filed a complaint in the U.S. District Court, District of Columbia, against David Kappos in his capacity as Director of the United States Patent and Trademark Office (“PTO”) as part of the ongoing reexamination proceedings related to one of the patents asserted against Fairchild and SG in the Delaware litigation described above. The Company filed a motion for summary judgment on a preliminary jurisdictional issue, and the PTO filed a cross-motion to dismiss on this same issue; briefing on those motions was completed in October, 2011. On November 18, 2013, the Court granted the PTO’s motion and transferred the case to the Federal Circuit, where additional briefing is expected to take place over the next few months. | |
On May 1, 2012, Fairchild Semiconductor Corporation and Fairchild's wholly owned subsidiary, System General Corporation (referred to collectively as “Fairchild”), filed a complaint against the Company in the United States District Court for the District of Delaware. In its complaint, Fairchild alleges that the Company has infringed and is infringing four patents pertaining to power conversion integrated circuit devices. The Company has answered Fairchild's complaint, denying infringement and asking for a declaration from the Court that it does not infringe any Fairchild patent and that the Fairchild patents are invalid, and the Company has also asserted counterclaims against Fairchild for infringement of five of the Company's patents. Fairchild has withdrawn its claim for infringement of one of the patents it asserted against the Company after the Company's preliminary challenge; discovery is under way on the remaining patents, with a trial scheduled for October 2014. | |
On February 5, 2013, Trinity Capital Investment, LLC (“Trinity”) filed suit against the Company in California Superior Court. The complaint alleged that SemiSouth Laboratories Inc. had entered into a lease agreement with Trinity, and that the Company guaranteed SemiSouth's obligations under the lease agreement. The complaint further alleged that SemiSouth defaulted on the lease agreement in October 2012, and therefore the Company owed Trinity $2.4 million under the lease guaranty. On April 19, 2013, the Company answered the complaint, denying the allegations therein. No trial date has been set. The Company believes the complaint is without merit and will contest it vigorously. | |
The Company is unable to predict the outcome of legal proceedings with certainty, and there can be no assurance that Power Integrations will prevail in the above-mentioned unsettled litigations. These litigations, whether or not determined in Power Integrations' favor or settled, will be costly and will divert the efforts and attention of the Company's management and technical personnel from normal business operations, potentially causing a material adverse effect on the business, financial condition and operating results. Currently, the Company is not able to estimate a loss or a range of loss for the ongoing litigation disclosed above, however adverse determinations in litigation could result in monetary losses, the loss of proprietary rights, subject the Company to significant liabilities, require Power Integrations to seek licenses from third parties or prevent the Company from licensing the technology, any of which could have a material adverse effect on the Company's business, financial condition and operating results. | |
Although the Company files U.S. federal, U.S. state, and foreign tax returns, its major tax jurisdiction is the U.S. In the quarter ended March 31, 2011, the IRS began an audit of fiscal years 2007 through 2009 which is currently in process. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
ACQUISITIONS [Text Block] | ' | ||||||
ACQUISITION: | |||||||
On May 1, 2012, the Company, through its subsidiaries Power Integrations Netherlands B.V., a Dutch company, and Power Integrations Limited, a Cayman Islands company, completed the acquisition of CT Concept Technologie AG ("Concept" or "Concept Group"), a Swiss company, by acquiring all of the outstanding shares of its Swiss parent companies Concept Beteiligungen AG and CT-Concept Holding AG (the “Acquisition”), pursuant to the Share Purchase Agreement ("Purchase Agreement"). | |||||||
The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805 - Business Combinations. Under the acquisition method of accounting, the total purchase consideration of the acquisition is allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based on their relative fair values. The excess of the purchase consideration over the net tangible and identifiable intangible assets is recorded as goodwill, and was derived from expected benefits from technology, cost synergies and knowledgeable and experienced workforce who joined the Company after the acquisition. Goodwill is not expected to be deductible for tax purposes. | |||||||
The acquisition furthers the Company's strategic aim to offer highly integrated high-voltage power-conversion products across the widest possible range of power levels and applications. While Power Integrations has historically focused on power supplies up to 500 watts of output, Concept products address higher-power applications, such as industrial motors and renewable energy systems. As such, the combination is complementary to Power Integrations' existing business. Furthermore, Concept also has an expanding addressable market and a growing, profitable revenue stream that are consistent with Power Integrations' financial goals/targets. | |||||||
The following table summarizes the purchase price and estimated fair values of the assets acquired and the liabilities assumed as of May 1, 2012, the completion of the acquisition of Concept ("Closing Date"). | |||||||
Total Amount | |||||||
Assets Acquired | (in thousands) | ||||||
Cash | $ | 14,933 | |||||
Accounts receivable | 3,220 | ||||||
Inventories | 10,631 | ||||||
Prepaid expenses and other current assets | 2,777 | ||||||
Property and equipment, net | 2,310 | ||||||
Intangible assets: | |||||||
Developed technology | 23,750 | ||||||
Trade name | 3,600 | ||||||
Customer relationships | 16,700 | ||||||
Goodwill | 65,813 | ||||||
Total assets acquired | 143,734 | ||||||
Liabilities assumed | |||||||
Current liabilities | 4,587 | ||||||
Deferred tax liabilities | 7,860 | ||||||
Other liabilities | 634 | ||||||
Total liabilities assumed | 13,081 | ||||||
Total purchase price | $ | 130,653 | |||||
The fair value of intangible assets of $44.1 million has been allocated to the following three asset categories: 1) developed technology, 2) trade name and 3) customer relationships. The first two will be amortized on a straight line basis over the estimated useful life of the assets. The third intangible asset, customer relationships, will be amortized on an accelerated basis over the estimated life of the asset. The following table represents details of the purchased intangible assets as part of the acquisition: | |||||||
Fair Value Amount | Estimated Useful Life | ||||||
(in thousands) | (in years) | ||||||
Developed technology | $ | 23,750 | 12-Apr | ||||
Trade name | 3,600 | 2 | |||||
Customer relationships | 16,700 | 10 | |||||
Total Concept intangibles | $ | 44,050 | |||||
The fair value of the identifiable intangible assets: developed technology, trademark and customer relationships were determined based on the following approach. | |||||||
Developed Technology: The value assigned to the acquired developed technology was determined using the income approach. The royalty savings were estimated by applying an estimated royalty rate to the projected revenues for Concept for each developed technology. The selected royalty rate for the developed technology was based on the Company's analysis of comparable technology, royalty rate indications, and licensing agreements for comparable technologies. The royalty savings were then adjusted for taxes and discounted to present value. The fair value of developed technology was capitalized as of the acquisition date and is being amortized using a straight-line method to cost of revenues over the estimated life of 4 - 12 years. | |||||||
Trade Name: The value assigned to Concept's trade name was determined using the income approach. The present value of the expected after-tax royalty savings was added to the sum of the expected amortization tax benefit. The royalty rate was selected based on an analysis of comparable trade name agreements. In addition, the rate was adjusted based on an analysis of Concept's projected performance and the importance of the trade name to the industry. The selected royalty rate was then applied to the projected revenues for the trade name. The fair value of the trade name was capitalized as of the acquisition date and is being amortized using a straight-line method to sales and marketing expenses over the estimated period of use of 2 years. | |||||||
Customer Relationships: An intangible customer relationship asset was recognized to the extent that the Company was expected to benefit from future revenues reasonably anticipated given the history and operating practices of Concept. The value assigned to customer relationships was determined using the income approach. Forecasted cash flows derived from the acquired customer relationships, net of returns on contributory assets, were discounted to present value. Expectations related to future customer retention were based on historical data and a long-term forecast that was constructed based on the Company's financial projections and expectations. The associated income taxes were based on an assumed tax rate of a hypothetical buyer. The net income was then charged for the required returns of debt-free working capital, net fixed and other assets, developed technology and trade name to derive the residual cash flows related to the customer relationships acquired. The residual cash flows were then discounted to present value. The fair value of customer relationships was capitalized as of the acquisition date and is being amortized on an accelerated basis to sales and marketing expenses over the estimated life of 10 years. |
TRANSACTIONS_WITH_THIRD_PARTY
TRANSACTIONS WITH THIRD PARTY | 12 Months Ended |
Dec. 31, 2013 | |
Investments, All Other Investments [Abstract] | ' |
INVESTMENT IN THIRD PARTY [Text Block] | ' |
TRANSACTIONS WITH THIRD PARTY: | |
On October 22, 2010, the Company purchased SemiSouth preferred stock for $7.0 million, which represented an approximate 16.0% interest in SemiSouth, a privately-held company. The Company accounted for its investment under the cost method. Also in October 2010, the Company paid $10.0 million as a prepaid royalty in exchange for the right to use SemiSouth's technology. The Company's 2010 agreement with SemiSouth provided, among other things, that the Company had the option to acquire SemiSouth in the future (“Call Option”) and that the Company may be obligated to acquire SemiSouth at a future date if SemiSouth achieved certain financial performance conditions (“Put Option”). The Call and Put Options were intended to result in an acquisition price equal to the estimated fair value of SemiSouth at the time of exercise. Pursuant to an amended agreement entered into in March 2012 in connection with the $18.0 million financing discussed below, the maximum purchase price under the call and put options would not exceed $80.0 million. | |
In July 2011, SemiSouth obtained $15.0 million of financing through the sale, and concurrent licensing back, of its intellectual property ("IP") with a financing company. In connection with this arrangement, the Company entered into a contingent purchase commitment with the financing company for SemiSouth's IP, which effectively provided a guarantee of the arrangement to the finance company. The contingent purchase commitment required the Company to purchase the IP previously owned by SemiSouth from its new owner for $15.0 million (plus reimbursement of certain expenses) under certain conditions generally relating to SemiSouth's failure to make certain payments or SemiSouth's insolvency. | |
In March 2012, the Company loaned SemiSouth $18.0 million, and in exchange the Company was issued a promissory note with interest of 2.0%. In consideration for the loan the Company obtained the above-mentioned amendment to its 2010 agreement with SemiSouth which established a maximum purchase price under the call and put options. The Company valued the call option and the loan using Level 3 inputs in its fair-market valuation utilizing the income-approach valuation method. The Company prepared a discounted cash flow analysis using the following unobservable inputs: weighted average cost of capital, long-term revenue growth, control premium, and discount for lack of marketability. The Company then used a Black-Scholes option pricing model to determine the fair value of the Company's purchase option to be approximately $6.2 million and the fair value of the loan to be $11.8 million The Company accreted the discount on the loan as interest income using the interest method over the term of the loan. | |
Based on SemiSouth's deteriorating financial condition at September 30, 2012, as further evidenced by its closure in the fourth quarter of 2012, the Company determined that its SemiSouth-related assets were impaired as of September 30, 2012. The Company's third quarter 2012 results included an impairment charge of $33.7 million, comprising a write-off of $6.7 million of lease receivables, $7.0 million of preferred stock, a promissory note (net of imputed interest) in the amount of $13.2 million, $6.2 million for the Purchase Option, and other assets of $0.6 million. The Company has also expensed the prepaid royalty of $10.0 million as it no longer expected to use SemiSouth's technology and foresaw no alternative use for it. | |
In addition, the financing company that owned SemiSouth's intellectual property exercised its contractual rights to put SemiSouth's intellectual property to the Company under the terms of the above-mentioned SemiSouth contingent purchase commitment. Based on SemiSouth's financial situation and its closure in the fourth quarter of 2012, the Company estimated that this intellectual property had no value. Therefore, the Company took a charge of $15.3 million related to this contingent obligation in the third quarter of 2012, and in the fourth quarter of 2012, the Company settled and paid the commitment for $15.2 million to the financing company. |
RETIREMENT_PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Plans | ' |
RETIREMENT PLANS: | |
In connection with the Company's acquisition of Concept in May 2012, the Company sponsors a defined benefit pension plan ("Pension Plan") in accordance with the legal requirements of Switzerland (refer to Note 11, Acquisition, for details on the Concept acquisition). The plan assets, which provide benefits in the event of an employee's retirement, death or disability, are held in legally autonomous trustee-administered funds that are subject to Swiss law. Benefits are based on the employee's age, years of service and salary, and the plan is financed by contributions by both the employee and the Company. | |
The net periodic benefit cost of the Pension Plan was not material to the Company's financial statements during the years ended December 31, 2013 and 2012. At December 31, 2013, the projected benefit obligation was $7.0 million, the plan assets were $5.1 million and the net pension liability was $1.9 million, and as of December 31, 2012, the projected benefit obligation was $6.0 million, the plan assets were $4.6 million, and the net pension liability was $1.4 million. The Company has recorded the unfunded amount as a liability in its Consolidated Balance Sheet at December 31, 2013 and 2012, under the other liabilities caption. The Company expects to make contributions to the Pension Plan of approximately $0.3 million during 2014. The unrealized actuarial loss on pension benefits, net of tax at December 31, 2013 and 2012 was $0.8 million and $0.6 million, respectively. This amount was reflected in the Consolidated Balance Sheet caption accumulated other comprehensive income (loss) as of December 31, 2013 and 2012. | |
In accordance with the Compensation-Retirement Benefits Topic of ASC 715-20, the Company recognizes the over-funded or under-funded status of its defined postretirement plan as an asset or liability in its statement of financial position. The company measured the plan assets and benefit obligations as of the date of the fiscal year-end. |
BANK_LINE_OF_CREDIT
BANK LINE OF CREDIT | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Bank Line of Credit | ' |
BANK LINE OF CREDIT: | |
On July 5, 2012, the Company entered into a Credit Agreement (the "Credit Agreement") with two banks. The Credit Agreement provides the Company with a $100.0 million revolving line of credit to use for general corporate purposes with a $20.0 million sublimit for the issuance of standby and trade letters of credit. The Company's ability to borrow under the revolving line of credit is conditioned upon the Company's compliance with specified covenants, including reporting and financial covenants, primarily a minimum cash requirement and a debt to earnings ratio, with which the Company is currently in compliance. The Credit Agreement terminates on July 5, 2015; all advances under the revolving line of credit will become due on such date, or earlier in the event of a default. As of December 31, 2013, the Company had no amount outstanding under the Credit Agreement. |
SELECTED_QUARTERLY_INFORMATION
SELECTED QUARTERLY INFORMATION | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
SELECTED QUARTERLY INFORMATION (Unaudited) [Text Block] | ' | |||||||||||||||||||||||||||||||
SELECTED QUARTERLY INFORMATION (Unaudited): | ||||||||||||||||||||||||||||||||
The following tables set forth certain data from the Company's consolidated statements of income (loss) for each of the quarters in the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The unaudited quarterly consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements contained herein and include all adjustments that the Company considers necessary for a fair presentation of such information when read in conjunction with the Company's annual audited consolidated financial statements and notes thereto appearing elsewhere in this report. The operating results for any quarter are not necessarily indicative of the results for any subsequent period or for the entire fiscal year (in thousands, except per share data). | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||
Net revenues | $ | 90,412 | $ | 91,715 | $ | 87,922 | $ | 77,040 | $ | 79,170 | $ | 78,045 | $ | 76,382 | $ | 71,773 | ||||||||||||||||
Gross profit | $ | 48,391 | $ | 48,774 | $ | 46,207 | $ | 39,864 | $ | 39,403 | $ | 38,751 | $ | 37,755 | $ | 34,592 | ||||||||||||||||
Net income (loss) | $ | 16,037 | $ | 16,654 | $ | 13,672 | $ | 10,903 | $ | 9,716 | $ | (44,406 | ) | $ | (7,176 | ) | $ | 7,461 | ||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.56 | $ | 0.47 | $ | 0.38 | $ | 0.34 | $ | (1.54 | ) | $ | (0.25 | ) | $ | 0.26 | ||||||||||||||
Diluted | $ | 0.52 | $ | 0.54 | $ | 0.45 | $ | 0.37 | $ | 0.33 | $ | (1.54 | ) | $ | (0.25 | ) | $ | 0.25 | ||||||||||||||
Shares used in per share calculation | ||||||||||||||||||||||||||||||||
Basic | 29,974 | 29,762 | 29,178 | 28,754 | 28,785 | 28,908 | 28,619 | 28,227 | ||||||||||||||||||||||||
Diluted | 30,924 | 30,652 | 30,158 | 29,783 | 29,436 | 28,908 | 28,619 | 29,435 | ||||||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts [Text Block] | ' | |||||||||||||||
Schedule II | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. This allowance is established using estimates formulated by the Company's management based upon factors such as the composition of the accounts receivable aging, historical bad debt, changes in payments patterns, customer creditworthiness, and current economic trends. The Company maintains an allowance for the distributors' ship and debit credits relating to the sell-through of the Company's products. This reserve is established using the Company's historical ship and debit amounts and levels of inventory in the distributor channels. | ||||||||||||||||
Following is a summary of the activity in the allowance for doubtful accounts and allowance for ship and debit credits: | ||||||||||||||||
Classification | Balance at Beginning of Period | Charged to Costs and Expenses | Deductions(1) | Balance at End of Period | ||||||||||||
(in thousands) | ||||||||||||||||
Allowances for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2011 | $ | 275 | $ | 73 | $ | (133 | ) | $ | 215 | |||||||
Year ended December 31, 2012 | $ | 215 | $ | 32 | $ | — | $ | 247 | ||||||||
Year ended December 31, 2013 | $ | 247 | $ | 12 | $ | (139 | ) | $ | 120 | |||||||
Classification | Balance at Beginning of Period | Charged to Costs and Expenses | Deductions(2) | Balance at End of Period | ||||||||||||
(in thousands) | ||||||||||||||||
Allowances for ship and debit credits: | ||||||||||||||||
Year ended December 31, 2011 | $ | 24,481 | $ | 142,742 | $ | (147,759 | ) | $ | 19,464 | |||||||
Year ended December 31, 2012 | $ | 19,464 | $ | 154,803 | $ | (151,227 | ) | $ | 23,040 | |||||||
Year ended December 31, 2013 | $ | 23,040 | $ | 172,621 | $ | (166,965 | ) | $ | 28,696 | |||||||
(1) Deductions relate to amounts written off against the allowances for doubtful accounts. | ||||||||||||||||
(2) Deductions relate to ship and debit credits issued which adjust the sell-in price from the standard distribution price to the pre-approved lower price. Refer to Note 2, Summary of Significant Accounting Policies, for the Company's revenue recognition policy, including the Company's accounting for ship and debit claims. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany transactions and balances. | |
Estimates [Policy Text Block] | ' |
Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition and allowances for receivables and inventories. These estimates are based on historical facts and various other factors, which the Company believes to be reasonable at the time the estimates are made. However, as the effects of future events cannot be determined with precision, actual results could differ significantly from management's estimates. | |
Cash and Cash Equivalents [Policy Text Block] | ' |
Cash and Cash Equivalents | |
The Company considers cash invested in highly liquid financial instruments with maturities of three months or less at the date of purchase to be cash equivalents. | |
Marketable Securities [Policy Text Block] | ' |
Marketable Securities | |
The Company generally holds securities until maturity; however, they may be sold under certain circumstances including, but not limited to, when necessary for the funding of acquisitions and other strategic investments. As a result the Company classifies its investment portfolio as available-for-sale. The Company classifies all investments with an original maturity date greater than three months as short-term marketable securities in its Consolidated Balance Sheet. As of December 31, 2013, and December 31, 2012, the Company's marketable securities consisted primarily of corporate bonds, municipal bonds and other high-quality commercial securities. The weighted average interest rate of investments at December 31, 2013 and 2012, was approximately 0.74% and 1.18%, respectively. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
The Company's cash and investment instruments are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The type of instrument valued based on quoted market prices in active markets primarily includes money market securities. This type of instrument is generally classified within Level 1 of the fair-value hierarchy. The types of instruments valued based on other observable inputs (Level 2 of the fair-value hierarchy) include investment-grade corporate bonds and government, state, municipal and provincial obligations. Such types of investments are valued by using a multi-dimensional relational model, the inputs are primarily benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. | |
Inventories [Policy Text Block] | ' |
Inventories | |
Inventories (which consist of costs associated with the purchases of wafers from domestic and offshore foundries and of packaged components from offshore assembly manufacturers, as well as internal labor and overhead associated with the testing of both wafers and packaged components) are stated at the lower of cost (first-in, first-out) or market. Provisions, when required, are made to reduce excess and obsolete inventories to their estimated net realizable values. | |
Business Combinations [Policy Text Block] | ' |
Business Combinations | |
The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing at the acquisition date impacting asset valuations and liabilities assumed. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. | |
Goodwill and Intangible Assets [Policy Text Block] | ' |
Goodwill and Intangible Assets | |
Goodwill is evaluated in accordance with Accounting Standards Codification, or ASC, 350-10, Goodwill and Other Intangible Assets, and an impairment analysis is conducted on an annual basis, or sooner if indicators exist for a potential impairment. | |
In accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | |
Employee Benefits Plan [Policy Text Block] | ' |
Employee Benefits Plan | |
The Company sponsors a 401(k) tax-deferred savings plan for all employees in the United States who meet certain eligibility requirements. Participants may contribute up to the amount allowable as a deduction for federal income tax purposes. The Company is not required to contribute; however, from time-to-time the Company will contribute a certain percentage of employee annual salaries on a discretionary basis, not to exceed an established threshold. In 2013 the Company provided for a contribution of approximately $1.1 million. No employee 401(k) contribution was provided for in 2012 or 2011. | |
Retirement Benefit Obligations (Pension) [Policy Text Block] | ' |
Retirement Benefit Obligations (Pension) | |
The Company recognizes the overfunded or underfunded status of a defined benefit pension or postretirement plan as an asset or liability in the accompanying consolidated balance sheets. Actuarial gains and losses are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity, and are amortized as a component of net periodic cost over the remaining estimated service period of participants. | |
Revenue Recognition [Policy Text Block] | ' |
Revenue Recognition | |
Product revenues consist of sales to original equipment manufacturers (“OEMs”), merchant power supply manufacturers and distributors. Approximately 75% of the Company's net product sales were made to distributors in 2013. The Company applies the provisions of Accounting Standard Codification (“ASC”) 605-10 (“ASC 605-10”) and all related appropriate guidance. Revenue is recognized when all of the following criteria have been met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred, (3) the price is fixed or determinable, and (4) collectability is reasonably assured. Customer purchase orders are generally used to determine the existence of an arrangement. Delivery is considered to have occurred when title and risk of loss have transferred to the Company's customer. The Company evaluates whether the price is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. With respect to collectability, the Company performs credit checks for new customers and performs ongoing evaluations of its existing customers' financial condition and requires letters of credit whenever deemed necessary. | |
Sales to international OEMs and merchant power supply manufacturers for shipments from the Company's facility outside of the United States are pursuant to “EX Works” ("EXW") shipping terms, meaning that title to the product transfers to the customer upon shipment from the Company's foreign warehouse. Sales to international OEM customers and merchant power supply manufacturers that are shipped from the Company's facility in California are pursuant to “delivered at frontier” (“DAF”) shipping terms. As such, title to the product passes to the customer when the shipment reaches the destination country and revenue is recognized upon the arrival of the product in that country. Shipments to OEMs and merchant power supply manufacturers in the Americas are pursuant to “free on board” (“FOB”) point of origin shipping terms meaning that title is passed to the customer upon shipment. Revenue is recognized upon title transfer for sales to OEMs and merchant power supply manufacturers, assuming all other criteria for revenue recognition are met. | |
Sales to most of the Company's distributors are made under terms allowing certain price adjustments and rights of return on the Company's products held by its distributors. As a result of these rights, the Company defers the recognition of revenue and the costs of revenues derived from these sales until the Company's distributors report that they have sold the Company's products to their customers. The Company's recognition of such distributor revenue is based on point of sale reports received from the distributors, at which time the price is no longer subject to adjustment and is fixed, and the products are no longer subject to return to the Company except pursuant to warranty terms. The gross profit that is deferred as a result of this policy is reflected as “deferred income on sales to distributors” in the accompanying consolidated balance sheets. The total deferred revenue as of December 31, 2013, and December 31, 2012, was approximately $25.5 million and $20.7 million, respectively. The total deferred cost as of December 31, 2013, and December 31, 2012, was approximately $9.8 million and $9.1 million, respectively. | |
Frequently, distributors need to sell at a price lower than the standard distribution price in order to win business. At or soon after the distributor invoices its customer, the distributor submits a “ship and debit” price adjustment claim to the Company to adjust the distributor's cost from the standard price to the pre-approved lower price. After verification by the Company, a credit memo is issued to the distributor for the ship and debit claim. The Company maintains a reserve for unprocessed claims and future ship and debit price adjustments. The reserves appear as a reduction to accounts receivable and deferred income on sales to distributors in the Company's accompanying consolidated balance sheets. To the extent future ship and debit claims significantly exceed amounts estimated, there could be a material impact on the deferred revenue and deferred margin ultimately recognized. To evaluate the adequacy of its reserves, the Company analyzes historical ship and debit payments and levels of inventory in the distributor channels. | |
Sales to certain distributors of the Company are made under terms that do not include rights of return or price concessions after the product is shipped to the distributor. Accordingly, product revenue is recognized upon shipment and title transfer assuming all other revenue recognition criteria are met. | |
Foreign Currency Risk and Foreign Currency Translationy [Policy Text Block] | ' |
Foreign Currency Risk and Foreign Currency Translation | |
As of December 31, 2013, the Company's primary transactional currency was in U.S. dollars; in addition, the Company holds cash in Swiss francs and Euros as a result of its acquisition of Concept. The Company completed the acquisition of Concept, which is located in Biel, Switzerland, in the second quarter of 2012. Included in the assets acquired was cash denominated in Swiss francs and Euros, which will be used to fund operations of the Company's Swiss subsidiary. The functional currency of the Company's Swiss subsidiary is the U.S. dollar. | |
Gains and losses arising from the remeasurement of non-functional currency balances are recorded in ''other income (expense)'' in the accompanying consolidated statements of income (loss). For the years ended December 31, 2013, 2012 and 2011 the Company realized foreign exchange transaction gains (losses) of $(0.1) million, $(0.6) million and $0.05 million, respectively. | |
The functional currencies of the Company's other subsidiaries are the local currencies. Accordingly, all assets and liabilities are translated into U.S. dollars at the current exchange rates as of the applicable balance sheet date. Revenues and expenses are translated at the average exchange rate prevailing during the period. Cumulative gains and losses from the translation of the foreign subsidiaries' financial statements have been included in stockholders' equity. | |
Warranty [Policy Text Block] | ' |
Warranty | |
The Company generally warrants that its products will substantially conform to the published specifications for 12 months from the date of shipment. The Company's liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically been immaterial, and as a result, the Company does not record a specific warranty reserve. | |
Advertising [Policy Text Block] | ' |
Advertising | |
Advertising costs are expensed as incurred. Advertising costs amounted to $1.4 million, $1.1 million, and $1.0 million, in 2013, 2012 and 2011, respectively. | |
Research and Development [Policy Text Block] | ' |
Research and Development | |
Research and development costs are expensed as incurred. | |
Income Taxes [Policy Text Block] | ' |
Income Taxes | |
Income tax expense is an estimate of current income taxes payable or refundable in the current fiscal year based on reported income before income taxes. Deferred income taxes reflect the effect of temporary differences and carry-forwards that are recognized for financial reporting and income tax purposes. | |
The Company accounts for income taxes under the provisions of ASC 740. Under the provisions of ASC 740, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, utilizing the tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes valuation allowances to reduce any deferred tax assets to the amount that it estimates will more likely than not be realized based on available evidence and management's judgment. The Company limits the deferred tax assets recognized related to certain officers' compensation to amounts that it estimates will be deductible in future periods based upon Internal Revenue Code Section 162(m). In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, it would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations and financial position. | |
The Company engages in qualifying activities for R&D credit purposes. The American Tax Relief Act of 2012 was signed into law on January 2, 2013, as such per ASC 740-10-45-15 guidance, the 2012 Federal R&D tax credit was a discrete event for which the benefit was recognized in 2013. | |
Indemnifications [Policy Text Block] | ' |
Indemnifications | |
The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSA”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company's products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (“Customer Indemnification”). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. | |
The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees' development work to the Company. To date, the Company has not had to reimburse any of its distributors or customers for any losses related to these indemnifications and no material claims were outstanding as of December 31, 2013. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. | |
Stock Plans and Share Based Compensation [Abstract] | ' |
Share-based Compensation [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company applies the provisions of ASC 718-10. Under the provisions of ASC 718-10, the Company recognizes the fair value of stock-based compensation in financial statements over the requisite service period of the individual grants, which generally equals a four-year vesting period. The Company uses estimates of volatility, expected term, risk-free interest rate, dividend yield and forfeitures in determining the fair value of these awards and the amount of compensation expense to recognize. The Company uses the straight-line method to amortize all stock awards granted over the requisite service period of the award. | |
Determining Fair Value of Stock Options | |
The Company uses the Black-Scholes valuation model for valuing stock option grants using the following assumptions and estimates: | |
Expected Volatility. The Company calculates expected volatility based on the historical price volatility of the Company's stock. | |
Expected Term. The Company utilizes a model which uses historical exercise, cancellation and outstanding option data to calculate the expected term of stock option grants. | |
Risk-Free Interest Rate. The Company bases the risk-free interest rate used in the Black-Scholes valuation model on the implied yield available on a U.S. Treasury note with a term approximately equal to the expected term of the underlying grants. | |
Dividend Yield. The dividend yield was calculated by dividing the annual dividend by the average closing price of the Company's common stock on a quarterly basis. | |
Estimated Forfeitures. The Company uses historical data to estimate pre-vesting forfeitures, and records share-based compensation expense only for those awards that are expected to vest. | |
Significant Customers and Export Sales [Abstract] | ' |
Segment Reporting [Policy Text Block] | ' |
The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of analog and mixed-signal ICs and other electronic components and circuitry used in high-voltage power conversion. The Company's chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||
Amortized cost and estimated fair market value of investments classified as available-for-sale at December 31, 2013, were as follows (in thousands): | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Amortized Cost | Gains | Losses | Estimated Fair Market Value | |||||||||||||
Investments due in less than 3 months: | ||||||||||||||||
Commercial paper | $ | 3,098 | $ | 1 | $ | — | $ | 3,099 | ||||||||
Total | $ | 3,098 | $ | 1 | $ | — | $ | 3,099 | ||||||||
Investments due in 4-12 months: | ||||||||||||||||
Corporate securities | $ | 6,007 | $ | 33 | $ | — | $ | 6,040 | ||||||||
Total | $ | 6,007 | $ | 33 | $ | — | $ | 6,040 | ||||||||
Investments due between 12 months and 5-years: | ||||||||||||||||
Corporate securities | $ | 102,963 | $ | 202 | $ | (26 | ) | $ | 103,139 | |||||||
Total | $ | 102,963 | $ | 202 | $ | (26 | ) | $ | 103,139 | |||||||
Total investment securities | $ | 112,068 | $ | 236 | $ | (26 | ) | $ | 112,278 | |||||||
Amortized cost and estimated fair market value of investments classified as available-for-sale at December 31, 2012, were as follows (in thousands): | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Amortized Cost | Gains | Losses | Estimated Fair Market Value | |||||||||||||
Investments due in less than 3 months: | ||||||||||||||||
Corporate securities | $ | 1,500 | $ | 1 | $ | — | $ | 1,501 | ||||||||
Total | $ | 1,500 | $ | 1 | $ | — | $ | 1,501 | ||||||||
Investments due in 4-12 months: | ||||||||||||||||
Corporate securities | $ | 24,127 | $ | 83 | $ | — | $ | 24,210 | ||||||||
Total | $ | 24,127 | $ | 83 | $ | — | $ | 24,210 | ||||||||
Investments due between 12 months and 5-years: | ||||||||||||||||
Corporate securities | $ | 6,000 | $ | 55 | $ | — | $ | 6,055 | ||||||||
Total | $ | 6,000 | $ | 55 | $ | — | $ | 6,055 | ||||||||
Total investment securities | $ | 31,627 | $ | 139 | $ | — | $ | 31,766 | ||||||||
Schedule of Inventories [Table Text Block] | ' | |||||||||||||||
Inventories consist of the following (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Raw materials | $ | 8,221 | $ | 10,564 | ||||||||||||
Work-in-process | 13,216 | 12,122 | ||||||||||||||
Finished goods | 20,798 | 21,939 | ||||||||||||||
Total | $ | 42,235 | $ | 44,625 | ||||||||||||
Schedule of Accounts Receivable [Table Text Block] | ' | |||||||||||||||
Accounts Receivable (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Accounts receivable trade | $ | 42,410 | $ | 33,866 | ||||||||||||
Accrued ship and debit and rebate claims | (29,901 | ) | (26,293 | ) | ||||||||||||
Allowance for doubtful accounts | (120 | ) | (247 | ) | ||||||||||||
Total | $ | 12,389 | $ | 7,326 | ||||||||||||
Schedule of Prepaid Expenses and Other Current Assets [Table Text Block] | ' | |||||||||||||||
Prepaid Expenses and Other Current Assets (in thousands): | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Prepaid legal fees | $ | 6,267 | $ | 1,760 | ||||||||||||
Advance to suppliers | 757 | 1,170 | ||||||||||||||
Prepaid income tax | 7,521 | 11,463 | ||||||||||||||
Prepaid maintenance agreements | 947 | 616 | ||||||||||||||
Interest receivable | 519 | 149 | ||||||||||||||
Other | 2,621 | 2,243 | ||||||||||||||
Total | $ | 18,632 | $ | 17,401 | ||||||||||||
Schedule of Property and Equipment [Table Text Block] | ' | |||||||||||||||
Building and improvements | 4-40 years | |||||||||||||||
Machinery and equipment | 2-8 years | |||||||||||||||
Computer software and hardware and office furniture and fixtures | 4-5 years | |||||||||||||||
Property and equipment consist of the following (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Land | $ | 16,754 | $ | 16,754 | ||||||||||||
Construction-in-progress | 8,003 | 9,431 | ||||||||||||||
Building and improvements | 43,641 | 42,819 | ||||||||||||||
Machinery and equipment | 111,314 | 101,438 | ||||||||||||||
Computer software and hardware and office furniture and fixtures | 34,327 | 28,791 | ||||||||||||||
214,039 | 199,233 | |||||||||||||||
Accumulated depreciation | (123,898 | ) | (109,509 | ) | ||||||||||||
Total | $ | 90,141 | $ | 89,724 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Changes in accumulated other comprehensive income (loss) for year ended December 31, 2013 (in thousands): | ||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | |||||||||||||
Beginning balance at January 1, 2013 | $ | 138 | $ | (560 | ) | $ | 129 | $ | (293 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 72 | (277 | ) | (29 | ) | (234 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 57 | -1 | — | 57 | |||||||||||
Net-current period other comprehensive income (loss) | 72 | (220 | ) | (29 | ) | (177 | ) | |||||||||
Ending balance at December 31, 2013 | $ | 210 | $ | (780 | ) | $ | 100 | $ | (470 | ) | ||||||
____________________________ | ||||||||||||||||
(1) This component of accumulated other comprehensive income is included in the computation of net periodic pension cost for the year ended December 31, 2013. | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) for year ended December 31, 2012 (in thousands): | ||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Foreign Currency Items | Total | |||||||||||||
Beginning balance at January 1, 2012 | $ | — | $ | — | $ | 50 | $ | 50 | ||||||||
Other comprehensive income (loss) before reclassifications | 138 | (560 | ) | 79 | (343 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||||
Net-current period other comprehensive income (loss) | 138 | (560 | ) | 79 | (343 | ) | ||||||||||
Ending balance at December 31, 2012 | $ | 138 | $ | (560 | ) | $ | 129 | $ | (293 | ) | ||||||
STOCK_PLANS_AND_SHARE_BASED_CO1
STOCK PLANS AND SHARE BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock-based compensation expense [Table Text Block] | ' | ||||||||||||
The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the twelve months ended December 31, 2013, December 31, 2012, and December 31, 2011 (in thousands). | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of revenues | $ | 1,074 | $ | 1,058 | $ | 666 | |||||||
Research and development | 5,746 | 5,503 | 3,274 | ||||||||||
Sales and marketing | 3,642 | 3,317 | 2,313 | ||||||||||
General and administrative | 6,023 | 4,346 | 2,716 | ||||||||||
Total stock-based compensation expense | $ | 16,485 | $ | 14,224 | $ | 8,969 | |||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ||||||||||||
The following table summarizes total compensation expense related to unvested awards not yet recognized, net of expected forfeitures, and the weighted average period over which it is expected to be recognized as of December 31, 2013. | |||||||||||||
31-Dec-13 | |||||||||||||
Unrecognized | Weighted | ||||||||||||
Compensation | Average | ||||||||||||
Expense for Unvested | Remaining | ||||||||||||
Awards | Recognition | ||||||||||||
Period | |||||||||||||
(In thousands) | (In years) | ||||||||||||
Options | $ | 2,000 | 1.53 | ||||||||||
Performance-based awards | — | 0 | |||||||||||
Restricted stock units | 19,100 | 2.47 | |||||||||||
Purchase plan | 100 | 0.5 | |||||||||||
Total unrecognized compensation expense | $ | 21,200 | |||||||||||
Fair value assumptions for stock options granted [Table Text Block] | ' | ||||||||||||
The fair value of stock options granted is established on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used during the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
*2013 | 2012 | 2011 | |||||||||||
Risk-free interest rates | —% | 1.01% - 0.87% | 1.46% - 2.20% | ||||||||||
Expected volatility rates | —% | 45% | 44% | ||||||||||
Expected dividend yield | —% | 0.51% - 0.57% | 0.54% - 0.59% | ||||||||||
Expected term of stock options (in years) | 0 | 6.4 | 6 | ||||||||||
Weighted-average grant date fair value of options granted | $0.00 | $18.20 | $15.66 | ||||||||||
Fair value assumptions for employees' stock purchase rights under the Purchase Plan [Table Text Block] | ' | ||||||||||||
The fair value of employees’ stock purchase rights under the Purchase Plan was estimated using the Black-Scholes model with the following weighted-average assumptions used during the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rates | 0.08% - 0.11% | 0.09% - 0.14% | 0.16% - 0.17% | ||||||||||
Expected volatility rates | 33% - 37% | 34% - 48% | 37% | ||||||||||
Expected dividend yield | 0.62% - 0.80% | 0.54% - 0.57% | 0.51% - 0.59% | ||||||||||
Expected term of purchase right (years) | 0.5 | 0.5 | 0.5 | ||||||||||
Weighted-average estimated fair value of purchase rights | $11.01 | $9.40 | $9.15 | ||||||||||
Summary of option activity under the Plans [Table Text Block] | ' | ||||||||||||
A summary of stock option activity under the Plans, excluding performance-based shares and restricted stock units, as of December 31, 2013, and changes during three years then ended, is presented below: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
(in thousands) | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Outstanding at January 1, 2011 | 4,433 | $ | 22.68 | ||||||||||
Granted | 164 | $ | 37.37 | ||||||||||
Exercised | (948 | ) | $ | 19.82 | |||||||||
Forfeited or expired | (92 | ) | $ | 27.07 | |||||||||
Outstanding at December 31, 2011 | 3,557 | $ | 24.01 | ||||||||||
Granted | 135 | $ | 42.66 | ||||||||||
Exercised | (870 | ) | $ | 20.48 | |||||||||
Forfeited or expired | (5 | ) | $ | 21.1 | |||||||||
Outstanding at December 31, 2012 | 2,817 | $ | 26 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (1,108 | ) | $ | 23.72 | |||||||||
Forfeited or expired | (18 | ) | $ | 39.7 | |||||||||
Outstanding at December 31, 2013 | 1,691 | $ | 27.34 | 4.4 | $ | 48,161 | |||||||
Exercisable at December 31, 2013 | 1,543 | $ | 26.13 | 4.08 | $ | 45,810 | |||||||
Vested and expected to vest at December 31, 2013 | 1,687 | $ | 27.31 | 4.39 | $ | 48,106 | |||||||
Summary of stock options outstanding by exercise price range [Table Text Block] | ' | ||||||||||||
The following table summarizes the stock options outstanding at December 31, 2013: | |||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | ||||||||
Price | Outstanding | Average | Average | Vested | Average | ||||||||
Remaining | Exercise | Exercise | |||||||||||
Contractual Term (in years) | Price | Price | |||||||||||
$17.18 - $21.00 | 216,421 | 3.04 | $18.80 | 216,421 | $18.80 | ||||||||
$21.14 - $23.35 | 320,745 | 5.04 | $21.29 | 320,472 | $21.29 | ||||||||
$23.35 - $25.25 | 344,723 | 3.66 | $25.04 | 344,723 | $25.04 | ||||||||
$25.25 - $26.86 | 314,185 | 2.28 | $26.62 | 314,185 | $26.62 | ||||||||
$26.86 - $29.50 | 22,800 | 0.1 | $27.38 | 22,800 | $27.38 | ||||||||
$29.50 - $30.78 | 8,700 | 7.13 | $30.63 | 3,699 | $30.43 | ||||||||
$30.78 - $33.85 | 123,417 | 5.08 | $32.16 | 117,917 | $32.14 | ||||||||
$33.85 - $36.95 | 84,750 | 7.13 | $36.95 | 54,999 | $36.95 | ||||||||
$36.95 - $38.07 | 90,919 | 6.29 | $38.06 | 82,168 | $38.06 | ||||||||
$38.07 - $42.88 | 164,460 | 8.03 | $41.89 | 65,769 | $41.85 | ||||||||
$17.18 - $42.88 | 1,691,120 | 4.4 | $27.34 | 1,543,153 | $26.13 | ||||||||
Summary of perforamce-based awards outstanding [Table Text Block] | ' | ||||||||||||
A summary of performance-based awards outstanding as of December 31, 2013, and activity during the three years then ended, is presented below: | |||||||||||||
Shares | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in thousands) | (in years) | (in thousands) | |||||||||||
Outstanding at January 1, 2011 | 85 | $ | 34.97 | ||||||||||
Granted | 98 | $ | 36.57 | ||||||||||
Vested | (85 | ) | $ | 34.97 | |||||||||
Forfeited or canceled | (98 | ) | $ | 36.57 | |||||||||
Outstanding at December 31, 2011 | — | $ | — | ||||||||||
Granted | 102 | $ | 37.6 | ||||||||||
Vested | — | $ | — | ||||||||||
Forfeited or canceled | — | $ | — | ||||||||||
Outstanding at December 31, 2012 | 102 | $ | 37.6 | ||||||||||
Granted | 102 | $ | 38.68 | ||||||||||
Vested | (54 | ) | $ | 37.6 | |||||||||
Change in units due to performance achievement for PSUs not earned | (48 | ) | $ | 37.6 | |||||||||
Forfeited or canceled | (2 | ) | $ | 41.79 | |||||||||
Outstanding at December 31, 2013 | 100 | $ | 38.48 | 0 | $ | 5,560 | |||||||
Outstanding and expected to vest at December 31, 2013 | 83 | 0 | $ | 4,615 | |||||||||
Summary of restricted stock units outstanding [Table Text Block] | ' | ||||||||||||
A summary of RSUs outstanding as of December 31, 2013, and activity during the three years then ended, is as follows: | |||||||||||||
Shares | Weighted- Average Grant Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in thousands) | (in years) | (in thousands) | |||||||||||
Outstanding at January 1, 2010 | 260 | $ | 36.3 | ||||||||||
Granted | 296 | $ | 36.04 | ||||||||||
Vested | (64 | ) | $ | 36.26 | |||||||||
Forfeited | (34 | ) | $ | 37.13 | |||||||||
Outstanding at December 31, 2010 | 458 | $ | 36.08 | ||||||||||
Granted | 293 | $ | 41.06 | ||||||||||
Vested | (152 | ) | $ | 36.48 | |||||||||
Forfeited | (26 | ) | $ | 36.92 | |||||||||
Outstanding at December 31, 2012 | 573 | $ | 38.21 | ||||||||||
Granted | 386 | $ | 39.09 | ||||||||||
Vested | (195 | ) | $ | 37.92 | |||||||||
Forfeited | (50 | ) | $ | 39.5 | |||||||||
Outstanding at December 31, 2013 | 714 | $ | 38.97 | 1.39 | $ | 39,873 | |||||||
Outstanding and expected to vest at December 31, 2013 | 668 | 1.37 | $ | 37,311 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Of Marketable Securities and Investments [Table Text Block] | ' | ||||||||||||
The fair value hierarchy of the Company's short-term marketable securities at December 31, 2013, and December 31, 2012, was as follows (in thousands): | |||||||||||||
Fair Value Measurement at | |||||||||||||
December 31, 2013 | |||||||||||||
Description | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Commercial paper | $ | 3,099 | $ | — | $ | 3,099 | |||||||
Money market funds | 17,492 | 17,492 | — | ||||||||||
Corporate securities | 109,179 | — | 109,179 | ||||||||||
Total | $ | 129,770 | $ | 17,492 | $ | 112,278 | |||||||
Fair Value Measurement at | |||||||||||||
December 31, 2012 | |||||||||||||
Description | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | ||||||||||
Money market funds | $ | 7,140 | $ | 7,140 | $ | — | |||||||
Corporate securities | 31,766 | — | 31,766 | ||||||||||
Total | $ | 38,906 | $ | 7,140 | $ | 31,766 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||
The following table presents the changes in Level 3 investments for the two years ended December 31, 2013 (in thousands): | |||||||||||||
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||
Notes Receivable | |||||||||||||
Beginning balance at January 1, 2012 | $ | — | |||||||||||
Purchases and issuances | 13,433 | ||||||||||||
Change in fair value | (13,433 | ) | |||||||||||
Ending balance at December 31, 2012 | — | ||||||||||||
Purchases and issuances | — | ||||||||||||
Settlements | — | ||||||||||||
Ending balance at December 31, 2013 | $ | — | |||||||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of goodwill [Table Text Block] | ' | |||||||||||||||||||||||
Changes in the carrying amount of goodwill as of the twelve months ended December 31, 2013 and December 31, 2012, are as follows (in thousands). | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 14,786 | ||||||||||||||||||||||
Goodwill acquired during the period | 65,813 | |||||||||||||||||||||||
Goodwill adjustments | — | |||||||||||||||||||||||
Balance at December 31, 2012 | 80,599 | |||||||||||||||||||||||
Goodwill acquired during the period | — | |||||||||||||||||||||||
Goodwill adjustments | — | |||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 80,599 | ||||||||||||||||||||||
Schedule of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The Company does not believe there is any significant residual value associated with the following intangible assets. | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
In-process research and development | $ | 4,690 | $ | — | $ | 4,690 | $ | 4,690 | $ | — | $ | 4,690 | ||||||||||||
Technology licenses | 3,000 | (2,325 | ) | 675 | 3,000 | (2,025 | ) | 975 | ||||||||||||||||
Patent rights | 1,949 | (1,949 | ) | — | 1,949 | (1,949 | ) | — | ||||||||||||||||
Developed technology | 26,670 | (5,247 | ) | 21,423 | 26,670 | (2,663 | ) | 24,007 | ||||||||||||||||
Customer relationships | 17,610 | (4,664 | ) | 12,946 | 17,610 | (1,944 | ) | 15,666 | ||||||||||||||||
Trade name | 3,600 | (3,000 | ) | 600 | 3,600 | (1,200 | ) | 2,400 | ||||||||||||||||
Other intangibles | — | — | — | 37 | (37 | ) | — | |||||||||||||||||
Total intangible assets | $ | 57,519 | $ | (17,185 | ) | $ | 40,334 | $ | 57,556 | $ | (9,818 | ) | $ | 47,738 | ||||||||||
Schedule of expected amortization expense [Table Text Block] | ' | |||||||||||||||||||||||
The estimated future amortization expense related to intangible assets at December 31, 2013, is as follows: | ||||||||||||||||||||||||
Fiscal Year | Estimated | |||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | $ | 6,072 | ||||||||||||||||||||||
2015 | 5,009 | |||||||||||||||||||||||
2016 | 4,394 | |||||||||||||||||||||||
2017 | 3,994 | |||||||||||||||||||||||
2018 | 3,746 | |||||||||||||||||||||||
Thereafter | 12,429 | |||||||||||||||||||||||
Total (1) | $ | 35,644 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | The total above excludes $4.7 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology. |
SIGNIFICANT_CUSTOMERS_AND_EXPO1
SIGNIFICANT CUSTOMERS AND EXPORT SALES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Revenue from External Customers by End Markets Served [Table Text Block] | ' | ||||||||
The table below provides the percentage of net sales activity by end markets served on a comparative basis for all periods: | |||||||||
Year Ended December 31, | |||||||||
End Market | 2013 | 2012 | 2011 | ||||||
Communications | 21 | % | 24 | % | 28 | % | |||
Computer | 10 | % | 12 | % | 12 | % | |||
Consumer | 35 | % | 36 | % | 38 | % | |||
Industrial electronics | 34 | % | 28 | % | 22 | % | |||
Customers accounted for 10% or more of total net revenues [Table Text Block] | ' | ||||||||
The following customers each accounted for 10% or more of total net revenues: | |||||||||
Year Ended December 31, | |||||||||
Customer | 2013 | 2012 | 2011 | ||||||
Avnet | 19 | % | 20 | % | 19 | % | |||
ATM Electronic Corporation | * | 12 | % | 13 | % | ||||
Customers representing 10% or more of accounts receivable [Table Text Block] | ' | ||||||||
The following customers each represented 10% or more of accounts receivable: | |||||||||
Customer | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Avnet | 21 | % | 28 | % | |||||
ATM Electronic Corporation | 17 | % | 18 | % | |||||
International sales [Table Text Block] | ' | ||||||||
The revenue percentages are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Hong Kong/China | 47 | % | 45 | % | 39 | % | |||
Taiwan | 15 | % | 17 | % | 21 | % | |||
Korea | 11 | % | 12 | % | 16 | % | |||
Western Europe (excluding Germany) | 11 | % | 10 | % | 10 | % | |||
Japan | 5 | % | 6 | % | 6 | % | |||
Singapore | 2 | % | 2 | % | 2 | % | |||
Germany | 2 | % | 1 | % | 1 | % | |||
Other | 2 | % | 2 | % | 1 | % | |||
Total foreign revenue | 95 | % | 95 | % | 96 | % | |||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per share calculation [Table Text Block] | ' | |||||||||||
A summary of the earnings (loss) per share calculation is as follows (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||
Net income (loss) | $ | 57,266 | $ | (34,404 | ) | $ | 34,291 | |||||
Weighted-average common shares | 29,421 | 28,636 | 28,609 | |||||||||
Basic earnings (loss) per share | $ | 1.95 | $ | (1.20 | ) | $ | 1.2 | |||||
Diluted earnings (loss) per share (1): | ||||||||||||
Net income (loss) | $ | 57,266 | $ | (34,404 | ) | $ | 34,291 | |||||
Weighted-average common shares | 29,421 | 28,636 | 28,609 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock plans | 999 | — | 1,355 | |||||||||
Diluted weighted-average common shares | 30,420 | 28,636 | 29,964 | |||||||||
Diluted earnings (loss) per share | $ | 1.88 | $ | (1.20 | ) | $ | 1.14 | |||||
_______________ | ||||||||||||
-1 | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has included the shares underlying the 2013 and 2012 awards in the 2013 and 2012 calculations, respectively, as those shares were contingently issuable upon the satisfaction of the annual targets consisting of net revenue, non-GAAP operating earnings and achievement of strategic goals as of the end of the periods. The Company has excluded all performance-based awards underlying the 2011 awards in the 2011 calculation as the performance conditions for those awards were not met as of the end of the period. |
PROVISION_FOR_INCOME_TAXES_Tab
PROVISION FOR INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
U.S. and foreign components of income before income taxes [Table Text Block] | ' | |||||||||||
U.S. and foreign components of income before income taxes were (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. operations | $ | 1,936 | $ | (36,178 | ) | $ | 18,884 | |||||
Foreign operations | 53,491 | 15,396 | 26,211 | |||||||||
Total pretax income (loss) | $ | 55,427 | $ | (20,782 | ) | $ | 45,095 | |||||
Components of provision for income taxes [Table Text Block] | ' | |||||||||||
The components of the provision for (benefit from) income taxes are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current provision (benefit): | ||||||||||||
Federal | $ | (558 | ) | $ | 9,813 | $ | 7,758 | |||||
State | 2 | (2,083 | ) | 246 | ||||||||
Foreign | 3,049 | 1,892 | 474 | |||||||||
2,493 | 9,622 | 8,478 | ||||||||||
Deferred provision (benefit): | ||||||||||||
Federal | (3,633 | ) | 2,647 | 1,458 | ||||||||
State | — | 3,109 | 845 | |||||||||
Foreign | (699 | ) | (1,756 | ) | 23 | |||||||
(4,332 | ) | 4,000 | 2,326 | |||||||||
Total | $ | (1,839 | ) | $ | 13,622 | $ | 10,804 | |||||
Effective income tax rate reconciliation [Table Text Block] | ' | |||||||||||
The provision for (benefit from) income taxes differs from the amount, which would result by applying the applicable federal income-tax rate to income before provision for (benefit from) income taxes, as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision computed at Federal statutory rate | 35.00% | 35.00% | 35.00% | |||||||||
State tax provision, net of Federal benefit | —% | 8.90% | 0.50% | |||||||||
Business tax credits | -8.10% | 4.90% | -5.70% | |||||||||
Stock-based compensation | -2.80% | 2.50% | -0.20% | |||||||||
Foreign income taxed at different rate | -29.50% | 25.90% | -10.90% | |||||||||
IRS audit settlement | —% | -87.20% | —% | |||||||||
Valuation allowance | -0.10% | -48.40% | 3.40% | |||||||||
Other | 2.20% | -7.20% | 1.90% | |||||||||
Total | -3.30% | -65.60% | 24.00% | |||||||||
Components of net deferred income tax asset [Table Text Block] | ' | |||||||||||
The components of the net deferred income tax asset /(liabilities) were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Other reserves and accruals | $ | 6,893 | $ | 3,391 | ||||||||
Tax credit carry-forwards | 12,453 | 6,205 | ||||||||||
Stock compensation | 5,964 | 7,804 | ||||||||||
Capital losses | 10,307 | 9,744 | ||||||||||
Net operating loss | 1,014 | 710 | ||||||||||
Valuation allowance | (19,271 | ) | (15,970 | ) | ||||||||
17,360 | 11,884 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | (4,226 | ) | (2,758 | ) | ||||||||
Acquired intangibles | (4,303 | ) | (5,187 | ) | ||||||||
Unremitted earnings | (2,432 | ) | — | |||||||||
Other | (1,107 | ) | (1,427 | ) | ||||||||
(12,068 | ) | (9,372 | ) | |||||||||
Net deferred tax asset | $ | 5,292 | $ | 2,512 | ||||||||
Unrecognized tax benefits rollforward [Table Text Block] | ' | |||||||||||
The Company applies the provisions of ASC 740-10, relating to accounting for uncertain income taxes. | ||||||||||||
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (in thousands): | ||||||||||||
Unrecognized Tax Benefits Balance at January 1, 2011 | $ | 29,911 | ||||||||||
Gross Increases for Tax Positions of Current Year | 4,944 | |||||||||||
Gross Decreases for Tax Positions of Prior Years | — | |||||||||||
Settlements | — | |||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2011 | 34,855 | |||||||||||
Gross Increases for Tax Positions of Current Year | 1,110 | |||||||||||
Gross Increase for Tax Positions of Prior Years | 9,344 | |||||||||||
Settlements | (34,496 | ) | ||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2012 | 10,813 | |||||||||||
Gross Increases for Tax Positions of Current Year | 1,881 | |||||||||||
Gross Decreases for Tax Positions of Prior Years | — | |||||||||||
Settlements | — | |||||||||||
Lapse of Statute of Limitations | — | |||||||||||
Unrecognized Tax Benefits Balance at December 31, 2013 | $ | 12,694 | ||||||||||
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Future minimum lease payments under all non-cancelable operating lease agreements as of December 31, 2013 are as follows (in thousands): | ||||
Fiscal Year | ||||
2014 | $ | 1,318 | ||
2015 | 718 | |||
2016 | 473 | |||
2017 | 199 | |||
2018 | 492 | |||
Thereafter | 43 | |||
Total minimum lease payments | $ | 3,243 | ||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||
The following table summarizes the purchase price and estimated fair values of the assets acquired and the liabilities assumed as of May 1, 2012, the completion of the acquisition of Concept ("Closing Date"). | |||||||
Total Amount | |||||||
Assets Acquired | (in thousands) | ||||||
Cash | $ | 14,933 | |||||
Accounts receivable | 3,220 | ||||||
Inventories | 10,631 | ||||||
Prepaid expenses and other current assets | 2,777 | ||||||
Property and equipment, net | 2,310 | ||||||
Intangible assets: | |||||||
Developed technology | 23,750 | ||||||
Trade name | 3,600 | ||||||
Customer relationships | 16,700 | ||||||
Goodwill | 65,813 | ||||||
Total assets acquired | 143,734 | ||||||
Liabilities assumed | |||||||
Current liabilities | 4,587 | ||||||
Deferred tax liabilities | 7,860 | ||||||
Other liabilities | 634 | ||||||
Total liabilities assumed | 13,081 | ||||||
Total purchase price | $ | 130,653 | |||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||
The following table represents details of the purchased intangible assets as part of the acquisition: | |||||||
Fair Value Amount | Estimated Useful Life | ||||||
(in thousands) | (in years) | ||||||
Developed technology | $ | 23,750 | 12-Apr | ||||
Trade name | 3,600 | 2 | |||||
Customer relationships | 16,700 | 10 | |||||
Total Concept intangibles | $ | 44,050 | |||||
SELECTED_QUARTERLY_INFORMATION1
SELECTED QUARTERLY INFORMATION (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following tables set forth certain data from the Company's consolidated statements of income (loss) for each of the quarters in the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The unaudited quarterly consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements contained herein and include all adjustments that the Company considers necessary for a fair presentation of such information when read in conjunction with the Company's annual audited consolidated financial statements and notes thereto appearing elsewhere in this report. The operating results for any quarter are not necessarily indicative of the results for any subsequent period or for the entire fiscal year (in thousands, except per share data). | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||
Net revenues | $ | 90,412 | $ | 91,715 | $ | 87,922 | $ | 77,040 | $ | 79,170 | $ | 78,045 | $ | 76,382 | $ | 71,773 | ||||||||||||||||
Gross profit | $ | 48,391 | $ | 48,774 | $ | 46,207 | $ | 39,864 | $ | 39,403 | $ | 38,751 | $ | 37,755 | $ | 34,592 | ||||||||||||||||
Net income (loss) | $ | 16,037 | $ | 16,654 | $ | 13,672 | $ | 10,903 | $ | 9,716 | $ | (44,406 | ) | $ | (7,176 | ) | $ | 7,461 | ||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.56 | $ | 0.47 | $ | 0.38 | $ | 0.34 | $ | (1.54 | ) | $ | (0.25 | ) | $ | 0.26 | ||||||||||||||
Diluted | $ | 0.52 | $ | 0.54 | $ | 0.45 | $ | 0.37 | $ | 0.33 | $ | (1.54 | ) | $ | (0.25 | ) | $ | 0.25 | ||||||||||||||
Shares used in per share calculation | ||||||||||||||||||||||||||||||||
Basic | 29,974 | 29,762 | 29,178 | 28,754 | 28,785 | 28,908 | 28,619 | 28,227 | ||||||||||||||||||||||||
Diluted | 30,924 | 30,652 | 30,158 | 29,783 | 29,436 | 28,908 | 28,619 | 29,435 | ||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventories [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Raw materials | $8,221,000 | ' | ' | ' | $10,564,000 | ' | ' | ' | $8,221,000 | $10,564,000 | ' |
Work-in-process | 13,216,000 | ' | ' | ' | 12,122,000 | ' | ' | ' | 13,216,000 | 12,122,000 | ' |
Finished goods | 20,798,000 | ' | ' | ' | 21,939,000 | ' | ' | ' | 20,798,000 | 21,939,000 | ' |
Total | 42,235,000 | ' | ' | ' | 44,625,000 | ' | ' | ' | 42,235,000 | 44,625,000 | ' |
Accounts Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable trade | 42,410,000 | ' | ' | ' | 33,866,000 | ' | ' | ' | 42,410,000 | 33,866,000 | ' |
Accrued ship and debit and rebate claims | -29,901,000 | ' | ' | ' | -26,293,000 | ' | ' | ' | -29,901,000 | -26,293,000 | ' |
Allowance for doubtful accounts | -120,000 | ' | ' | ' | -247,000 | ' | ' | ' | -120,000 | -247,000 | ' |
Total | 12,389,000 | ' | ' | ' | 7,326,000 | ' | ' | ' | 12,389,000 | 7,326,000 | ' |
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid legal fees | 6,267,000 | ' | ' | ' | 1,760,000 | ' | ' | ' | 6,267,000 | 1,760,000 | ' |
Advance to supplier | 757,000 | ' | ' | ' | 1,170,000 | ' | ' | ' | 757,000 | 1,170,000 | ' |
Prepaid income tax | 7,521,000 | ' | ' | ' | 11,463,000 | ' | ' | ' | 7,521,000 | 11,463,000 | ' |
Prepaid maintenance agreements | 947,000 | ' | ' | ' | 616,000 | ' | ' | ' | 947,000 | 616,000 | ' |
Interest receivable | 519,000 | ' | ' | ' | 149,000 | ' | ' | ' | 519,000 | 149,000 | ' |
Other | 2,621,000 | ' | ' | ' | 2,243,000 | ' | ' | ' | 2,621,000 | 2,243,000 | ' |
Total | 18,632,000 | ' | ' | ' | 17,401,000 | ' | ' | ' | 18,632,000 | 17,401,000 | ' |
Other Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 3,476,000 | ' | ' | ' | 4,673,000 | ' | ' | ' | 3,476,000 | 4,673,000 | ' |
Employee Benefits Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discretionary company contribution to 401(k) | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 0 | 0 |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of dividends | 2,400,000 | 2,400,000 | 2,300,000 | 2,300,000 | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | 9,446,000 | 5,755,000 | 5,722,000 |
Deferred Revenue [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sell-through deferred revenue | 25,500,000 | ' | ' | ' | 20,700,000 | ' | ' | ' | 25,500,000 | 20,700,000 | ' |
Sell-through deferred cost | 9,800,000 | ' | ' | ' | 9,100,000 | ' | ' | ' | 9,800,000 | 9,100,000 | ' |
Foreign Exchange Transactions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange transaction losses | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | -600,000 | ' |
Foreign exchange transaction gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Warranty [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product warranty period | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' |
Advertising [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising costs | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | $1,100,000 | $1,000,000 |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Distributors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-for-sale Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Weighted Average Interest Rate on Investments | 0.74% | 1.18% |
Available-for-sale Securities, Amortized Cost Basis | $112,068 | $31,627 |
Available-for-sale Securities, Gross Unrealized Gains | 236 | 139 |
Available-for-sale Securities, Gross Unrealized Losses | -26 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | 112,278 | 31,766 |
Cash Equivalents due in less than 3 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,098 | 1,500 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 1 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | 3,099 | 1,501 |
Investments due in 4-12 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 6,007 | 24,127 |
Available-for-sale Securities, Gross Unrealized Gains | 33 | 83 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | 6,040 | 24,210 |
Investments due in more than 12 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 102,963 | 6,000 |
Available-for-sale Securities, Gross Unrealized Gains | 202 | 55 |
Available-for-sale Securities, Gross Unrealized Losses | -26 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | 103,139 | 6,055 |
Commercial paper [Member] | Cash Equivalents due in less than 3 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,098 | ' |
Available-for-sale Securities, Gross Unrealized Gains | 1 | ' |
Available-for-sale Securities, Gross Unrealized Losses | 0 | ' |
Available-for-sale Securities, Estimated Fair Market Value | 3,099 | ' |
Corporate securities [Member] | Cash Equivalents due in less than 3 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 1,500 |
Available-for-sale Securities, Gross Unrealized Gains | ' | 1 |
Available-for-sale Securities, Gross Unrealized Losses | ' | 0 |
Available-for-sale Securities, Estimated Fair Market Value | ' | 1,501 |
Corporate securities [Member] | Investments due in 4-12 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 6,007 | 24,127 |
Available-for-sale Securities, Gross Unrealized Gains | 33 | 83 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | 6,040 | 24,210 |
Corporate securities [Member] | Investments due in more than 12 months [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 102,963 | 6,000 |
Available-for-sale Securities, Gross Unrealized Gains | 202 | 55 |
Available-for-sale Securities, Gross Unrealized Losses | -26 | 0 |
Available-for-sale Securities, Estimated Fair Market Value | $103,139 | $6,055 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property and Equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $16,088 | $15,256 | $15,372 |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 214,039 | 199,233 | ' |
Accumulated depreciation | -123,898 | -109,509 | ' |
Total | 90,141 | 89,724 | ' |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | United States | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 134,000 | 126,000 | 118,000 |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | No Countries [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 10.00% | ' |
Land [Member] | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 16,754 | 16,754 | ' |
Construction-in-Progress [Member] | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 8,003 | 9,431 | ' |
Building and Improvements [Member] | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 43,641 | 42,819 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | 111,314 | 101,438 | ' |
Computer software and hardware and office furniture and fixtures [Member] | ' | ' | ' |
Property and equipment [Abstract] | ' | ' | ' |
Gross | $34,327 | $28,791 | ' |
Minimum [Member] | Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '4 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '2 years | ' | ' |
Minimum [Member] | Computer software and hardware and office furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '4 years | ' | ' |
Maximum [Member] | Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '40 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '8 years | ' | ' |
Maximum [Member] | Computer software and hardware and office furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life (in years) | '5 years | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning balance | ($293) | $50 | ' | ||
Other comprehensive income (loss) before reclassifications | -234 | -343 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 57 | 0 | ' | ||
Total other comprehensive loss | -177 | -343 | -35 | ||
Ending balance | -470 | -293 | 50 | ||
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning balance | 138 | 0 | ' | ||
Other comprehensive income (loss) before reclassifications | 72 | 138 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ' | ||
Total other comprehensive loss | 72 | 138 | ' | ||
Ending balance | 210 | 138 | ' | ||
Defined Benefit Pension Items [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning balance | -560 | 0 | ' | ||
Other comprehensive income (loss) before reclassifications | -277 | -560 | [1] | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | 57 | [2] | 0 | ' | |
Total other comprehensive loss | -220 | -560 | ' | ||
Ending balance | -780 | -560 | ' | ||
Foreign Currency Items [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Beginning balance | 129 | 50 | ' | ||
Other comprehensive income (loss) before reclassifications | -29 | 79 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ' | ||
Total other comprehensive loss | -29 | 79 | ' | ||
Ending balance | $100 | $129 | ' | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFiMDcxNDgwM2I1ZDRmNTE4MmE4NTBiZmExYjI5MGRjfFRleHRTZWxlY3Rpb246MkMzMjU4Mjk2RTA4REUzRjNFNkQwRDg5QUVGMEIyRjcM} | ||||
[2] | This component of accumulated other comprehensive income is included in the computation of net periodic pension cost for the year ended December 31, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Common Stock Repurchases and Common Stock Dividend) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2012 | Oct. 31, 2010 | Jan. 31, 2010 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
quarters | quarters | quarters | quarters | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $50,000,000 | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | 1,500 |
Cost of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,467,000 | 50,000,000 | ' | ' | ' | 20,500,000 | 50,000,000 |
Remaining authorized repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' |
Dividends declared, number Of quarters | 4 | 4 | 4 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared | ' | ' | ' | $0.08 | $0.08 | $0.08 | $0.08 | $0.05 | $0.05 | $0.05 | $0.05 | $0.08 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared, payable 1st quarter 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared, payable 2nd quarter 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared, payable 3rd quarter 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends declared, payable 4th quarter 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Payments of dividends | ' | ' | ' | $2,400,000 | $2,400,000 | $2,300,000 | $2,300,000 | $1,400,000 | $1,400,000 | $1,400,000 | $1,400,000 | $9,446,000 | $5,755,000 | $5,722,000 | ' | ' | ' | ' | ' |
STOCK_PLANS_AND_SHARE_BASED_CO2
STOCK PLANS AND SHARE BASED COMPENSATION (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2012 | |
plans | 2007 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock [Member] | Employee Stock [Member] | Employee Stock [Member] | Incentive Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Nonstatutory Stock Options [Member] | Nonstatutory Stock Options [Member] | Stock Options and Restricted Stock Units (RSUs) [Member] | |||
Directors Equity Compensation Program [Member] | purchaseperiods | 2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | Directors Equity Compensation Program [Member] | 2007 Equity Incentive Plan [Member] | Directors Equity Compensation Program [Member] | Directors Equity Compensation Program [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | $21,200,000 | ' | ' | ' | $19,100,000 | ' | ' | ' | $100,000 | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, period of recognition (in years) | ' | ' | ' | ' | '2 years 5 months 19 days | ' | ' | ' | '6 months | ' | ' | ' | '1 year 6 months 11 days | ' | ' | ' | ' | ' | ' | ' |
Number of stock-based compensation plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of stock options as percentage of fair market value on date of grant, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Multiplier for calculation of common stock options granted to directors on the first trading day of the month following commencement of service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' |
Number of options granted to directors on the first trading day of July following commencement of service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' |
Awards vesting period | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | '48 months | ' | ' | '3 years | ' |
Awards expiration period, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Maximum percentage of employee's compensation eligible for payroll deductions | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of the purchase plan as percentage of the lower of the fair market value on the first day of each offering period or on the purchase date | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of purchase period in each offering period | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of each purchase period in each offering period | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased | ' | ' | ' | ' | ' | ' | ' | ' | 2,599,102 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future issuance | ' | ' | ' | 7,176,041 | ' | ' | ' | ' | 400,898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for future issuance under stock option and stock purchase plans | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 16,485,000 | 14,224,000 | 8,969,000 | ' | 9,800,000 | 7,000,000 | 3,800,000 | ' | 1,200,000 | 1,100,000 | 1,200,000 | ' | 2,300,000 | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' |
Factor used to determine the number of options/units to be purchased | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | $100,000 |
STOCK_PLANS_AND_SHARE_BASED_CO3
STOCK PLANS AND SHARE BASED COMPENSATION (Stock-Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | $16,485 | $14,224 | $8,969 |
Unrecognized compensation costs | 21,200 | ' | ' |
Cost of revenues [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 1,074 | 1,058 | 666 |
Research and Development Expense [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 5,746 | 5,503 | 3,274 |
Selling and Marketing Expense [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 3,642 | 3,317 | 2,313 |
General and Administrative Expense [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 6,023 | 4,346 | 2,716 |
Stock Options [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Awards vesting period | '4 years | ' | ' |
Stock-based compensation expense | 2,300 | 4,000 | 4,000 |
Unrecognized compensation costs | 2,000 | ' | ' |
Unrecognized compensation costs, period of recognition (in years) | '1 year 6 months 11 days | ' | ' |
Performance Based Awards [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 3,200 | 2,100 | ' |
Unrecognized compensation costs | 0 | ' | ' |
Unrecognized compensation costs, period of recognition (in years) | '0 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Awards vesting period | '4 years | ' | ' |
Stock-based compensation expense | 9,800 | 7,000 | 3,800 |
Unrecognized compensation costs | 19,100 | ' | ' |
Unrecognized compensation costs, period of recognition (in years) | '2 years 5 months 19 days | ' | ' |
Employee Stock [Member] | ' | ' | ' |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ' | ' | ' |
Stock-based compensation expense | 1,200 | 1,100 | 1,200 |
Unrecognized compensation costs | $100 | ' | ' |
Unrecognized compensation costs, period of recognition (in years) | '6 months | ' | ' |
STOCK_PLANS_AND_SHARE_BASED_CO4
STOCK PLANS AND SHARE BASED COMPENSATION (Fair Value Assumptions) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Employee Stock [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Risk-free interest rate, minimum | 0.08% | 0.09% | 0.16% | |
Risk-free interest rate, maximum | 0.11% | 0.14% | 0.17% | |
Expected volatility rate minimum | 33.00% | 34.00% | 37.00% | |
Expected volatility rate maximum | 37.00% | 48.00% | 37.00% | |
Expected dividend yield, minimum | 0.62% | 0.54% | 0.51% | |
Expected dividend yield, maximum | 0.80% | 0.57% | 0.59% | |
Expected term of stock options/expected life of purchase right (in years) | '6 months | '6 months | '6 months | |
Weighted-average estimated fair value of purchase rights | $11.01 | $9.40 | $9.15 | |
Stock Options [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Risk-free interest rate | 0.00% | [1] | ' | ' |
Risk-free interest rate, minimum | ' | 0.87% | 1.46% | |
Risk-free interest rate, maximum | ' | 1.01% | 2.20% | |
Expected volatility rates | 0.00% | [1] | 45.00% | 44.00% |
Expected dividend yield | 0.00% | [1] | ' | ' |
Expected dividend yield, minimum | ' | 0.51% | 0.54% | |
Expected dividend yield, maximum | ' | 0.57% | 0.59% | |
Expected term of stock options/expected life of purchase right (in years) | '0 years | [1] | '6 years 5 months 9 days | '6 years |
Weighted-average grant date fair value of options granted/weighted-average estimated fair value of purchase rights (per share) | $0 | [1] | $18.20 | $15.66 |
[1] | The Company did not grant stock options in the year ended December 31, 2013, and therefore no fair-value assumptions were reported for that period. |
STOCK_PLANS_AND_SHARE_BASED_CO5
STOCK PLANS AND SHARE BASED COMPENSATION (Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Option activity under the Plans | ' | ' | ' |
Outstanding, shares, beginning of period | 2,817 | 3,557 | 4,433 |
Outstanding, weighted-average exercise price, beginning of period (per share) | $26 | $24.01 | $22.68 |
Granted, shares | 0 | 135 | 164 |
Granted, weighted-average exercise price (per share) | $0 | $42.66 | $37.37 |
Exercised, shares | -1,108 | -870 | -948 |
Exercised, weighted-average exercise price (per share) | $23.72 | $20.48 | $19.82 |
Forfeited or expired, shares | -18 | -5 | -92 |
Forfeited or expired, weighted-average exercise price (per share) | $39.70 | $21.10 | $27.07 |
Outstanding, shares, end of period | 1,691 | 2,817 | 3,557 |
Outstanding, weighted-average exercise price, end of period (per share) | $27.34 | $26 | $24.01 |
Outstanding, weighted-average remaining contractual term (in years) | '4 years 4 months 24 days | ' | ' |
Outstanding, aggregate intrinsic value | $48,161,000 | ' | ' |
Exercisable, shares | 1,543 | ' | ' |
Exercisable, weighted-average exercise price (per share) | $26.13 | ' | ' |
Exercisable, weighted-average remaining contractual term (in years) | '4 years 0 months 29 days | ' | ' |
Exercisable, aggregate intrinsic value | 45,810,000 | ' | ' |
Vested and expected to vest, shares | 1,687 | ' | ' |
Vested and expected to vest, weighted-average exercise price (per share) | $27.31 | ' | ' |
Vested and expected to vest, weighted-average remaining contractual term (in years) | '4 years 4 months 21 days | ' | ' |
Vested and expected to vest, aggregate intrinsic value | 48,106,000 | ' | ' |
Total intrinsic value of options exercised | $26,500,000 | $14,500,000 | $16,600,000 |
STOCK_PLANS_AND_SHARE_BASED_CO6
STOCK PLANS AND SHARE BASED COMPENSATION (Options by Exercise Price Range) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $17.18 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $42.88 |
Options Outstanding, Number Outstanding | 1,691,120 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '4 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $27.34 |
Options Vested and Exercisable, Number Vested | 1,543,153 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $26.13 |
$17.18 - $21.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $17.18 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $21 |
Options Outstanding, Number Outstanding | 216,421 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '3 years 0 months 15 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $18.80 |
Options Vested and Exercisable, Number Vested | 216,421 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $18.80 |
$21.14 - $23.35 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $21.14 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $23.35 |
Options Outstanding, Number Outstanding | 320,745 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '5 years 0 months 15 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $21.29 |
Options Vested and Exercisable, Number Vested | 320,472 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $21.29 |
$23.35 - $25.25 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $23.35 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $25.25 |
Options Outstanding, Number Outstanding | 344,723 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '3 years 7 months 28 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $25.04 |
Options Vested and Exercisable, Number Vested | 344,723 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $25.04 |
$25.25 - $26.86 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $25.25 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $26.86 |
Options Outstanding, Number Outstanding | 314,185 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '2 years 3 months 11 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $26.62 |
Options Vested and Exercisable, Number Vested | 314,185 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $26.62 |
$26.86 - $29.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $26.86 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $29.50 |
Options Outstanding, Number Outstanding | 22,800 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '1 month 6 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $27.38 |
Options Vested and Exercisable, Number Vested | 22,800 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $27.38 |
$29.50 - $30.78 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $29.50 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $30.78 |
Options Outstanding, Number Outstanding | 8,700 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '7 years 1 month 17 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $30.63 |
Options Vested and Exercisable, Number Vested | 3,699 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $30.43 |
$30.78 - $33.85 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $30.78 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $33.85 |
Options Outstanding, Number Outstanding | 123,417 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '5 years 0 months 29 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $32.16 |
Options Vested and Exercisable, Number Vested | 117,917 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $32.14 |
$33.85 - $36.95 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $33.85 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $36.95 |
Options Outstanding, Number Outstanding | 84,750 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '7 years 1 month 17 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $36.95 |
Options Vested and Exercisable, Number Vested | 54,999 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $36.95 |
$36.95 - $38.07 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $36.95 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $38.07 |
Options Outstanding, Number Outstanding | 90,919 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '6 years 3 months 15 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $38.06 |
Options Vested and Exercisable, Number Vested | 82,168 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $38.06 |
$38.07 - $42.88 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Exercise Price Range, Lower Range Limit | $38.07 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $42.88 |
Options Outstanding, Number Outstanding | 164,460 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | '8 years 0 months 11 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $41.89 |
Options Vested and Exercisable, Number Vested | 65,769 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $41.85 |
STOCK_PLANS_AND_SHARE_BASED_CO7
STOCK PLANS AND SHARE BASED COMPENSATION (Performance-based Awards and Restricted Stock Units) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Released at End of Performance Year, Maximum Percentage of Targeted Number | 200.00% | ' | ' |
Performance Based Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of performance-based awards shares released as percentage of target number, minimum | 0.00% | ' | ' |
Number of performance-based awards shares released as percentage of target number, maximum | 200.00% | ' | ' |
Reduction in number of shares available for issuance under the 2007 Plan per award granted | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ' | ' | ' |
Outstanding, shares, beginning of period | 102,000 | 0 | 85,000 |
Outstanding, weighted-average grant date fair value per share, beginning of period | $37.60 | $0 | $34.97 |
Granted, shares | 102,000 | 102,000 | 98,000 |
Granted, weighted-average grant date fair value per share | $38.68 | $37.60 | $36.57 |
Vested, shares | -54,000 | 0 | -85,000 |
Vested, weighted-average grant date fair value per share | $37.60 | $0 | $34.97 |
Change in units due to performance achievement for PSUs not earned, shares | -48,000 | ' | ' |
Change in units due to performance achievement for PSUs not earned, weighted- average grant date fair value per share | $37.60 | ' | ' |
Forfeited or expired, shares | -2,000 | 0 | -98,000 |
Forfeited or expired, weighted-average grant date fair value per share | $41.79 | $0 | $36.57 |
Outstanding, shares, end of period | 100,000 | 102,000 | 0 |
Outstanding, weighted-average grant date fair value per share, end of period | $38.48 | $37.60 | $0 |
Outstanding, weighted-average remaining contractual term (in years) | '0 years | ' | ' |
Outstanding, aggregate intrinsic value | $5,560,000 | ' | ' |
Outstanding and expected to vest, shares | 83,000 | ' | ' |
Outstanding and expected to vest, weighted-average remaining contractual term (in years) | '0 years | ' | ' |
Outstanding and expected to vest, aggregate intrinsic value | 4,615,000 | ' | ' |
Grant date fair value of awards released | 2,000,000 | ' | 3,000,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Awards vesting period | '4 years | ' | ' |
Reduction in number of shares available for issuance under the 2007 Plan per award granted | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ' | ' | ' |
Outstanding, shares, beginning of period | 573,000 | 458,000 | 260,000 |
Outstanding, weighted-average grant date fair value per share, beginning of period | $38.21 | $36.08 | $36.30 |
Granted, shares | 386,000 | 293,000 | 296,000 |
Granted, weighted-average grant date fair value per share | $39.09 | $41.06 | $36.04 |
Vested, shares | -195,000 | -152,000 | -64,000 |
Vested, weighted-average grant date fair value per share | $37.92 | $36.48 | $36.26 |
Forfeited or expired, shares | -50,000 | -26,000 | -34,000 |
Forfeited or expired, weighted-average grant date fair value per share | $39.50 | $36.92 | $37.13 |
Outstanding, shares, end of period | 714,000 | 573,000 | 458,000 |
Outstanding, weighted-average grant date fair value per share, end of period | $38.97 | $38.21 | $36.08 |
Outstanding, weighted-average remaining contractual term (in years) | '1 year 4 months 21 days | ' | ' |
Outstanding, aggregate intrinsic value | 39,873,000 | ' | ' |
Outstanding and expected to vest, shares | 668,000 | ' | ' |
Outstanding and expected to vest, weighted-average remaining contractual term (in years) | '1 year 4 months 13 days | ' | ' |
Outstanding and expected to vest, aggregate intrinsic value | 37,311,000 | ' | ' |
Grant date fair value of awards released | $7,400,000 | $5,500,000 | $2,300,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | ||||
Commercial paper [Member] | Money market funds [Member] | Money market funds [Member] | Corporate securities [Member] | Corporate securities [Member] | Commercial paper [Member] | Money market funds [Member] | Money market funds [Member] | Corporate securities [Member] | Corporate securities [Member] | Commercial paper [Member] | Money market funds [Member] | Money market funds [Member] | Corporate securities [Member] | Corporate securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Options Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | ' |
Cash and Cash Equivalents, Fair Value Disclosure | ' | ' | ' | ' | ' | 3,099,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 3,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | 17,492,000 | 7,140,000 | 109,179,000 | 31,766,000 | ' | ' | ' | 17,492,000 | 7,140,000 | 0 | 0 | ' | ' | ' | 0 | 0 | 109,179,000 | 31,766,000 | ' | ' | ' | ' | ' |
Assets, Fair Value Disclosure | ' | ' | ' | 129,770,000 | 38,906,000 | ' | ' | ' | ' | ' | 17,492,000 | 7,140,000 | ' | ' | ' | ' | ' | 112,278,000 | 31,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | 0 | 33,745,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,700,000 | ' | ' |
Initial Loan to SemiSouth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' |
Fair value of note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Purchases and issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 13,433,000 | ' | ' | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -13,433,000 | ' | ' | ' |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Investment Income, Amortization of Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | ||
In-process research and developement [Member] | In-process research and developement [Member] | Technology licenses [Member] | Technology licenses [Member] | Patent rights [Member] | Patent rights [Member] | Developed technology [Member] | Developed technology [Member] | Customer relationships [Member] | Customer relationships [Member] | Trade Names [Member] | Trade Names [Member] | Other intangibles [Member] | Other intangibles [Member] | Early Stage Research And Developement Company [Member] | ||||
In-process research and developement [Member] | ||||||||||||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | $80,599,000 | $14,786,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill acquired during period | 0 | 65,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill adjustments | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | 80,599,000 | 80,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquired Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | |
Intangible Assets, Net[Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets | ' | ' | 4,690,000 | 4,690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets, Gross | ' | ' | ' | ' | 3,000,000 | 3,000,000 | 1,949,000 | 1,949,000 | 26,670,000 | 26,670,000 | 17,610,000 | 17,610,000 | 3,600,000 | 3,600,000 | 0 | 37,000 | ' | |
Total Intangible Assets, Gross | 57,519,000 | 57,556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated Amortization | -17,185,000 | -9,818,000 | ' | ' | -2,325,000 | -2,025,000 | -1,949,000 | -1,949,000 | -5,247,000 | -2,663,000 | -4,664,000 | -1,944,000 | -3,000,000 | -1,200,000 | 0 | -37,000 | ' | |
Total | 35,644,000 | [1] | ' | ' | ' | 675,000 | 975,000 | 0 | 0 | 21,423,000 | 24,007,000 | 12,946,000 | 15,666,000 | 600,000 | 2,400,000 | 0 | 0 | ' |
Total Intangible Assets, Net | $40,334,000 | $47,738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The total above excludes $4.7 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology. |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS (Intangible Assets Amortization Expense) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Amortization of intangibles | $7,404 | $5,164 | $943 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | |
2014 | 6,072 | ' | ' | |
2015 | 5,009 | ' | ' | |
2016 | 4,394 | ' | ' | |
2017 | 3,994 | ' | ' | |
2018 | 3,746 | ' | ' | |
Thereafter | 12,429 | ' | ' | |
Total | $35,644 | [1] | ' | ' |
Minimum [Member] | Patent rights [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Useful life (in years) | '2 years | ' | ' | |
[1] | The total above excludes $4.7 million of in-process research and development which will be amortized upon completion of development over the estimated useful life of the technology. |
SIGNIFICANT_CUSTOMERS_AND_EXPO2
SIGNIFICANT CUSTOMERS AND EXPORT SALES (Customer and Credit Risk Concentration) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration Risk [Line Items] | ' | ' | ' |
Number of reportable segments | 1 | ' | ' |
Consumer Market [Member] | Sales Revenue, Product Line [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 35.00% | 36.00% | 38.00% |
Industrial Electronics Market [Member] | Sales Revenue, Product Line [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 34.00% | 28.00% | 22.00% |
Communications Market [Member] | Sales Revenue, Product Line [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | 24.00% | 28.00% |
Computer Market [Member] | Sales Revenue, Product Line [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 12.00% | 12.00% |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of major customers | 10 | 10 | ' |
Concentration risk percentage | 71.00% | 74.00% | ' |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Avnet [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | 28.00% | ' |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | ATM Electronic Corporation [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 17.00% | 18.00% | ' |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 59.00% | 64.00% | 65.00% |
Number of major customers | 10 | 10 | 10 |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Avnet [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 19.00% | 20.00% | 19.00% |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ATM Electronic Corporation [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | ' | 12.00% | 13.00% |
SIGNIFICANT_CUSTOMERS_AND_EXPO3
SIGNIFICANT CUSTOMERS AND EXPORT SALES (International Sales) (Details) (Geographic Concentration Risk [Member], Sales Revenue, Goods, Net [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 95.00% | 95.00% | 96.00% |
Hong Kong/China [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 47.00% | 45.00% | 39.00% |
Taiwan [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 15.00% | 17.00% | 21.00% |
Korea [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 11.00% | 12.00% | 16.00% |
Western Europe Excluding Germany [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 11.00% | 10.00% | 10.00% |
Japan [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 5.00% | 6.00% | 6.00% |
Singapore [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 2.00% | 2.00% | 2.00% |
Germany [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 2.00% | 1.00% | 1.00% |
Other Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Concentration risk percentage of net revenue | 2.00% | 2.00% | 1.00% |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | $16,037 | $16,654 | $13,672 | $10,903 | $9,716 | ($44,406) | ($7,176) | $7,461 | $57,266 | ($34,404) | $34,291 | |||
Weighted-average common shares | 29,974,000 | 29,762,000 | 29,178,000 | 28,754,000 | 28,785,000 | 28,908,000 | 28,619,000 | 28,227,000 | 29,421,000 | 28,636,000 | 28,609,000 | |||
Basic earnings (loss) per share | $0.54 | $0.56 | $0.47 | $0.38 | $0.34 | ($1.54) | ($0.25) | $0.26 | $1.95 | ($1.20) | $1.20 | |||
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | $16,037 | $16,654 | $13,672 | $10,903 | $9,716 | ($44,406) | ($7,176) | $7,461 | $57,266 | ($34,404) | $34,291 | |||
Weighted-average common shares | 29,974,000 | 29,762,000 | 29,178,000 | 28,754,000 | 28,785,000 | 28,908,000 | 28,619,000 | 28,227,000 | 29,421,000 | 28,636,000 | 28,609,000 | |||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee stock plans | ' | ' | ' | ' | ' | ' | ' | ' | 999,000 | [1] | 0 | [1] | 1,355,000 | [1] |
Diluted weighted average common shares | 30,924,000 | 30,652,000 | 30,158,000 | 29,783,000 | 29,436,000 | 28,908,000 | 28,619,000 | 29,435,000 | 30,420,000 | [1] | 28,636,000 | [1] | 29,964,000 | [1] |
Diluted earnings (loss) per share | $0.52 | $0.54 | $0.45 | $0.37 | $0.33 | ($1.54) | ($0.25) | $0.25 | $1.88 | [1] | ($1.20) | [1] | $1.14 | [1] |
Antidilutive shares attributable to stock-based awards outstanding excluded from computation of diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 122,263 | ' | 294,965 | |||
[1] | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has included the shares underlying the 2013 and 2012 awards in the 2013 and 2012 calculations, respectively, as those shares were contingently issuable upon the satisfaction of the annual targets consisting of net revenue, non-GAAP operating earnings and achievement of strategic goals as of the end of the periods. The Company has excluded all performance-based awards underlying the 2011 awards in the 2011 calculation as the performance conditions for those awards were not met as of the end of the period. |
PROVISION_FOR_INCOME_TAXES_Det
PROVISION FOR INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
U.S. operations | ' | $1,936,000 | ($36,178,000) | $18,884,000 | ' |
Foreign operations | ' | 53,491,000 | 15,396,000 | 26,211,000 | ' |
INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES | ' | 55,427,000 | -20,782,000 | 45,095,000 | ' |
Impairment Charges and Write-off of Assets Related to Closure | 58,900,000 | ' | ' | ' | ' |
Income Tax Benefit, Asset Impairment and Write-off | 8,000,000 | ' | ' | ' | ' |
Income Tax Examination, Interest from Examination | 5,700,000 | ' | ' | ' | ' |
Provision and interest expense net of reversal of unrecognized tax benefits | ' | ' | ' | ' | 18,100,000 |
Current provision: | ' | ' | ' | ' | ' |
Federal | ' | -558,000 | 9,813,000 | 7,758,000 | ' |
State | ' | 2,000 | -2,083,000 | 246,000 | ' |
Foreign | ' | 3,049,000 | 1,892,000 | 474,000 | ' |
Current provision | ' | 2,493,000 | 9,622,000 | 8,478,000 | ' |
Deferred provision (benefit): | ' | ' | ' | ' | ' |
Federal | ' | -3,633,000 | 2,647,000 | 1,458,000 | ' |
State | ' | 0 | 3,109,000 | 845,000 | ' |
Foreign | ' | -699,000 | -1,756,000 | 23,000 | ' |
Deferred provision (benefit) | ' | -4,332,000 | 4,000,000 | 2,326,000 | ' |
Total | ' | -1,839,000 | 13,622,000 | 10,804,000 | ' |
Adjustments to additional paid in capital, benefit from employee stock option activity | ' | 1,300,000 | 1,300,000 | 2,200,000 | ' |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' | ' | ' |
Provision computed at Federal statutory rate | ' | 35.00% | 35.00% | 35.00% | ' |
State tax provision, net of Federal benefit | ' | 0.00% | 8.90% | 0.50% | ' |
Business tax credits | ' | -8.10% | 4.90% | -5.70% | ' |
Stock-based compensation | ' | -2.80% | 2.50% | -0.20% | ' |
Foreign income taxed at different rate | ' | -29.50% | 25.90% | -10.90% | ' |
IRS audit settlement | ' | 0.00% | -87.20% | 0.00% | ' |
Valuation allowance | ' | -0.10% | -48.40% | 3.40% | ' |
Other | ' | 2.20% | -7.20% | 1.90% | ' |
Total | ' | -3.30% | -65.60% | 24.00% | ' |
Components of deferred income tax asset [Abstract] | ' | ' | ' | ' | ' |
Other reserves and accruals | ' | 6,893,000 | 3,391,000 | ' | ' |
Tax credit carry-forwards | ' | 12,453,000 | 6,205,000 | ' | ' |
Stock compensation | ' | 5,964,000 | 7,804,000 | ' | ' |
Capital losses | ' | 10,307,000 | 9,744,000 | ' | ' |
Net operating loss | ' | 1,014,000 | 710,000 | ' | ' |
Valuation allowance | ' | -19,271,000 | -15,970,000 | ' | ' |
Deferred tax assets, net of valuation allowance | ' | 17,360,000 | 11,884,000 | ' | ' |
Depreciation | ' | -4,226,000 | -2,758,000 | ' | ' |
Acquired intangibles | ' | -4,303,000 | -5,187,000 | ' | ' |
Unremitted earnings | ' | -2,432,000 | 0 | ' | ' |
Other | ' | -1,107,000 | -1,427,000 | ' | ' |
Deferred tax liabilities | ' | -12,068,000 | -9,372,000 | ' | ' |
Net deferred tax asset | ' | 5,292,000 | 2,512,000 | ' | ' |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Balance at beginning of period | ' | 10,813,000 | 34,855,000 | 29,911,000 | ' |
Gross Increases for Tax Positions of Current Year | ' | 1,881,000 | 1,110,000 | 4,944,000 | ' |
Gross Decreases for Tax Positions of Prior Years | ' | 0 | ' | 0 | ' |
Gross Increases for Tax Positions of Prior Years | ' | ' | 9,344,000 | ' | ' |
Settlements | -26,900,000 | 0 | -34,496,000 | 0 | ' |
Lapse of Statute of Limitations | ' | 0 | 0 | 0 | ' |
Unrecognized Tax Benefits, Balance at end of period | ' | 12,694,000 | 10,813,000 | 34,855,000 | ' |
Unrecognized tax benefits [Abstract] | ' | ' | ' | ' | ' |
Undistributed earnings of the Company's foreign subsidiaries | ' | 105,000,000 | ' | ' | ' |
Unrecognized tax benefits | ' | 12,694,000 | 10,813,000 | 34,855,000 | ' |
Income tax benefit that would be recorded if unrecognized tax benefits are recognized | ' | 10,900,000 | ' | ' | ' |
Income tax interest and penalties accrued | ' | 700,000 | 600,000 | ' | ' |
Income tax interest and penalties expense | ' | 0 | ' | ' | ' |
California Taxing Authority [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards, State and Local | ' | 29,000,000 | ' | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 42,600,000 | ' | ' | ' | ' |
Income Tax Provision, Resulting From Examination | 44,800,000 | ' | ' | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Income Tax Provision, Resulting From Examination | 35,000,000 | ' | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Income Tax Examination, Interest from Examination | 4,100,000 | ' | ' | ' | ' |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 2,200,000 | ' | ' | ' | ' |
Research Tax Credit Carryforward [Member] | Domestic Tax Authority [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | 8,400,000 | ' | ' | ' |
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | California Taxing Authority [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | 11,800,000 | ' | ' | ' |
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | 300,000 | ' | ' | ' |
Research Tax Credit Carryforward [Member] | Foreign Tax Authority [Member] | ' | ' | ' | ' | ' |
U.S. and foreign components of income before income taxes [Abstract] | ' | ' | ' | ' | ' |
Tax Credit Carryforward, Amount | ' | $2,000,000 | ' | ' | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
2014 | $1,318,000 | ' | ' |
2015 | 718,000 | ' | ' |
2016 | 473,000 | ' | ' |
2017 | 199,000 | ' | ' |
2018 | 492,000 | ' | ' |
Thereafter | 43,000 | ' | ' |
Total minimum lease payments | 3,243,000 | ' | ' |
Rent expense, net | 1,500,000 | 1,400,000 | 1,700,000 |
Non-cancelable purchase obligations | $0 | ' | ' |
LEGAL_PROCEEDINGS_AND_CONTINGE1
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2009 | Nov. 30, 2008 | Dec. 31, 2013 | 31-May-10 | Feb. 28, 2010 | 1-May-12 | Feb. 28, 2011 | Dec. 31, 2008 | Oct. 31, 2006 | Oct. 31, 2004 | 31-May-08 | Nov. 30, 2009 | 1-May-12 |
Property Lease Guarantee [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Positive Outcome of Litigation [Member] | Positive Outcome of Litigation [Member] | Positive Outcome of Litigation [Member] | Positive Outcome of Litigation [Member] | Positive Outcome of Litigation [Member] | Positive Outcome of Litigation [Member] | Counterclaims [Member] | |
Patent Infringement Claim One [Member] | Patent Infringement Claim Two [Member] | Patent Infringement Claim Two [Member] | Patent Infringement Claim Two [Member] | Patent Infringement Claim Three [Member] | Patent Infringement Claim Four [Member] | Patent Infringment Claim Five [Member] | Patent Infringement Claim One [Member] | Patent Infringement Claim One [Member] | Patent Infringement Claim One [Member] | Patent Infringement Claim One [Member] | Patent Infringement Claim Two [Member] | Patent Infringement Claim Three [Member] | Patent Infringment Claim Five [Member] | ||
patents | patents | patents | patents | patents | patents | patents | patents | patents | |||||||
Gain and Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Patents Added to Infringement Claims | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of patents in filed infringement claims | ' | ' | ' | 3 | ' | 2 | 4 | 4 | ' | ' | ' | 4 | 3 | 2 | 5 |
Number of patents withdrawn from infringement claims | ' | ' | 1 | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Number of patents remaining in infringement claims | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Percent of Revenue Impacted by Patents Involved in Litigation | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Patents in Infringment Case Fairchild Believes is Unenforceable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Period for petition for further stay of permanent injunction | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages awarded to the Company | ' | ' | ' | ' | ' | ' | ' | ' | $12.90 | $6.10 | $34 | ' | ' | ' | ' |
Damages sought after the Company | $2.40 | ' | ' | ' | ' | ' | $19 | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details
ACQUISITIONS (Details) (Concept [Member], USD $) | 1-May-12 |
In Thousands, unless otherwise specified | |
Concept [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | $65,813 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 2,310 |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 44,050 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 10,631 |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 3,220 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | $130,653 |
ACQUISITIONS_Purchase_Price_an
ACQUISITIONS (Purchase Price and Estimated Fair Values) (Details) (Concept [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | 1-May-12 |
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents | $14,933 |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 3,220 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 10,631 |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 2,777 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 2,310 |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 44,050 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 65,813 |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 143,734 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | 4,587 |
Business Acquisition, Purchase Price Allocation, Deferred Income Taxes, Asset (Liability), Net | 7,860 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | 634 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 13,081 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 130,653 |
Developed technology [Member] | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 23,750 |
Trade Names [Member] | ' |
Useful life (in years) | '2 years |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 3,600 |
Customer relationships [Member] | ' |
Useful life (in years) | '10 years |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | $16,700 |
Minimum [Member] | Developed technology [Member] | ' |
Useful life (in years) | '4 years |
Maximum [Member] | Developed technology [Member] | ' |
Useful life (in years) | '12 years |
TRANSACTIONS_WITH_THIRD_PARTY_
TRANSACTIONS WITH THIRD PARTY (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Sep. 30, 2012 | Mar. 31, 2012 | Jul. 31, 2011 | Mar. 31, 2012 | Oct. 22, 2010 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
Semi South [Member] | Semi South [Member] | Semi South [Member] | Developed Technology Rights [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Lease Receivables [Member] | Preferred Stock [Member] | Promissary Note net of Imputed Interest [Member] | Purchase Commitment [Member] | Developed Technology Rights [Member] | Other Assets [Member] | |||||
Semi South [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | Semi South [Member] | |||||||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost-method Investment in SemiSouth | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' |
Cost Method Investment, Percentage of Company Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | ' | ' |
Prepaid royalty to SemiSouth | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Investees proceeds from other financing activities | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Purchase Commitment | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Loan to SemiSouth | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Receivable, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Options Other | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential Business Acquisition, Maximum Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | 0 | 33,745,000 | 0 | ' | 33,700,000 | ' | ' | ' | ' | 6,700,000 | 7,000,000 | 13,200,000 | 6,200,000 | ' | 600,000 |
Loans Receivable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other charges/write-offs related to SemiSouth | ' | 0 | 25,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Loss Contingency, Loss in Period | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of Guarantee Obligation | ' | $0 | $15,200,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RETIREMENT_PLANS_Details
RETIREMENT PLANS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Projected Benefit Obligation (Asset) | $7,000,000 | $6,000,000 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 5,100,000 | 4,600,000 | ' |
Business Acquisition, Purchase Price Allocation, Projected Benefit Obligation (Asset), Net of Plan Assets Acquired | 1,900,000 | 1,400,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 300,000 | ' | ' |
Accumulated other comprehensive loss | 470,000 | 293,000 | -50,000 |
Defined Benefit Pension Items [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | $780,000 | $560,000 | $0 |
BANK_LINE_OF_CREDIT_Details
BANK LINE OF CREDIT (Details) (USD $) | Dec. 31, 2013 | Jul. 05, 2012 |
banks | ||
Line of Credit Facility [Line Items] | ' | ' |
Number of banks used for Credit Agreement | ' | 2 |
Credit Agreement, maximum borrowing capacity | ' | $100,000,000 |
Line of credit, amount outstanding | 0 | ' |
Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit Agreement, maximum borrowing capacity | ' | 20,000,000 |
Line of credit, amount outstanding | $0 | ' |
SELECTED_QUARTERLY_INFORMATION2
SELECTED QUARTERLY INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net revenues | $90,412 | $91,715 | $87,922 | $77,040 | $79,170 | $78,045 | $76,382 | $71,773 | ' | ' | ' | |||
Gross Profit | 48,391 | 48,774 | 46,207 | 39,864 | 39,403 | 38,751 | 37,755 | 34,592 | 183,236 | 150,502 | 140,646 | |||
Net income (loss) | $16,037 | $16,654 | $13,672 | $10,903 | $9,716 | ($44,406) | ($7,176) | $7,461 | $57,266 | ($34,404) | $34,291 | |||
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (per share) | $0.54 | $0.56 | $0.47 | $0.38 | $0.34 | ($1.54) | ($0.25) | $0.26 | $1.95 | ($1.20) | $1.20 | |||
Diluted (per share) | $0.52 | $0.54 | $0.45 | $0.37 | $0.33 | ($1.54) | ($0.25) | $0.25 | $1.88 | [1] | ($1.20) | [1] | $1.14 | [1] |
Shares used in per share calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (in shares) | 29,974 | 29,762 | 29,178 | 28,754 | 28,785 | 28,908 | 28,619 | 28,227 | 29,421 | 28,636 | 28,609 | |||
Diluted (in shares) | 30,924 | 30,652 | 30,158 | 29,783 | 29,436 | 28,908 | 28,619 | 29,435 | 30,420 | [1] | 28,636 | [1] | 29,964 | [1] |
[1] | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has included the shares underlying the 2013 and 2012 awards in the 2013 and 2012 calculations, respectively, as those shares were contingently issuable upon the satisfaction of the annual targets consisting of net revenue, non-GAAP operating earnings and achievement of strategic goals as of the end of the periods. The Company has excluded all performance-based awards underlying the 2011 awards in the 2011 calculation as the performance conditions for those awards were not met as of the end of the period. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | $247 | $215 | $275 | |||
Charged to Costs and Expenses | 12 | 32 | 73 | |||
Deductions | -139 | [1] | 0 | [1] | -133 | [1] |
Balance at End of Period | 120 | 247 | 215 | |||
Allowance for Ship and Debit Credits [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 23,040 | 19,464 | 24,481 | |||
Charged to Costs and Expenses | 172,621 | 154,803 | 142,742 | |||
Deductions | -166,965 | [2] | -151,227 | [2] | -147,759 | [2] |
Balance at End of Period | $28,696 | $23,040 | $19,464 | |||
[1] | Deductions relate to amounts written off against the allowances for doubtful accounts. | |||||
[2] | Deductions relate to ship and debit credits issued which adjust the sell-in price from the standard distribution price to the pre-approved lower price. Refer to Note 2, Summary of Significant Accounting Policies, for the Company's revenue recognition policy, including the Company's accounting for ship and debit claims. |