Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 02, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
Title of 12(b) Security | Common Stock | ||
Entity Address, Address Line One | 5245 Hellyer Avenue | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Registrant Name | POWER INTEGRATIONS, INC. | ||
Entity Central Index Key | 0000833640 | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | POWI | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-23441 | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Listing, Par Value Per Share | $ 0.001 | ||
Entity Common Stock, Shares Outstanding | 60,053,859 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.6 | ||
Entity Tax Identification Number | 94-3065014 | ||
City Area Code | 408 | ||
Local Phone Number | 414-9200 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95138-1002 | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 258,874 | $ 178,690 |
Short-term marketable securities | 190,318 | 232,398 |
Accounts receivable, net | 35,910 | 24,274 |
Inventories | 102,878 | 90,380 |
Prepaid expenses and other current assets | 13,252 | 15,597 |
Total current assets | 601,232 | 541,339 |
PROPERTY AND EQUIPMENT, net | 166,188 | 116,619 |
INTANGIBLE ASSETS, net | 12,506 | 16,865 |
GOODWILL | 91,849 | 91,849 |
DEFERRED TAX ASSETS | 3,339 | 2,836 |
OTHER ASSETS | 28,225 | 34,388 |
Total assets | 903,339 | 803,896 |
CURRENT LIABILITIES: | ||
Accounts payable | 34,712 | 27,433 |
Accrued payroll and related expenses | 14,806 | 13,408 |
Taxes payable | 902 | 584 |
Other accrued liabilities | 12,106 | 9,051 |
Total current liabilities | 62,526 | 50,476 |
LONG-TERM INCOME TAXES PAYABLE | 15,588 | 14,617 |
DEFERRED TAX LIABILITIES | 75 | 164 |
OTHER LIABILITIES | 14,739 | 14,093 |
Total liabilities | 92,928 | 79,350 |
COMMITMENTS AND CONTINGENCIES (Notes 11, 12 and 13) | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value Authorized - 280,000 shares Outstanding - 59,910 and 58,862 shares in 2020 and 2019, respectively | 28 | 28 |
Additional paid-in capital | 190,920 | 152,117 |
Accumulated other comprehensive loss | (2,163) | (3,130) |
Retained earnings | 621,626 | 575,531 |
Total stockholders' equity | 810,411 | 724,546 |
Total liabilities and stockholders' equity | $ 903,339 | $ 803,896 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 280,000 | 280,000 |
Common stock, shares outstanding | 59,910 | 58,862 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
NET REVENUES | $ 488,318 | $ 420,669 | $ 415,955 |
COST OF REVENUES | 244,728 | 207,267 | 201,167 |
GROSS PROFIT | 243,590 | 213,402 | 214,788 |
OPERATING EXPENSES: | |||
Research and development | 81,711 | 73,470 | 70,580 |
Sales and marketing | 54,497 | 54,297 | 53,064 |
General and administrative | 36,895 | 37,582 | 35,496 |
Litigation settlement | 0 | (168,969) | 0 |
Total operating expenses | 173,103 | (3,620) | 159,140 |
INCOME FROM OPERATIONS | 70,487 | 217,022 | 55,648 |
OTHER INCOME | 4,764 | 5,392 | 4,116 |
INCOME BEFORE INCOME TAXES | 75,251 | 222,414 | 59,764 |
PROVISION (BENEFIT) FOR INCOME TAXES | 4,075 | 28,946 | (10,220) |
NET INCOME | $ 71,176 | $ 193,468 | $ 69,984 |
EARNINGS PER SHARE: | |||
Basic | $ 1.19 | $ 3.31 | $ 1.19 |
Diluted | $ 1.17 | $ 3.24 | $ 1.16 |
SHARES USED IN PER SHARE CALCULATION: | |||
Basic | 59,657 | 58,534 | 58,912 |
Diluted | 60,845 | 59,632 | 60,294 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 71,176 | $ 193,468 | $ 69,984 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments, net of $0 tax in 2020, 2019 and 2018 | (183) | (518) | (236) |
Unrealized gain on marketable securities, net of $0 tax in 2020, 2019 and 2018 | 307 | 849 | 161 |
Unrealized actuarial gain (loss) on pension benefits, net of tax of ($308), $497, and ($144) in 2020, 2019 and 2018, respectively | 843 | (1,772) | 525 |
Total other comprehensive income (loss) | 967 | (1,441) | 450 |
TOTAL COMPREHENSIVE INCOME | $ 72,143 | $ 192,027 | $ 70,434 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Unrealized gain on marketable securities, tax | 0 | 0 | 0 |
Unrealized actuarial gain (loss) on pension benefits, tax | $ (308) | $ 497 | $ (144) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Beginning Balance (in shares) at Dec. 31, 2017 | 59,564 | ||||
Beginning Balance at Dec. 31, 2017 | $ 29 | $ 198,384 | $ (2,139) | $ 351,408 | $ 547,682 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock option and stock award plans (in shares) | 1,182 | ||||
Issuance of common stock under employee stock option and stock award plans | 4,010 | 4,010 | |||
Repurchase of common stock (in shares) | (3,144) | ||||
Repurchase of common stock | $ (1) | (103,153) | (103,154) | ||
Issuance of common stock under employee stock purchase plan (in shares) | 176 | ||||
Issuance of common stock under employee stock purchase plan | 5,343 | 5,343 | |||
Stock-based compensation expense related to employee stock options and awards | 20,027 | 20,027 | |||
Stock-based compensation expense related to employee stock purchases | 1,553 | 1,553 | |||
Payment of dividends to stockholders | (18,823) | (18,823) | |||
Unrealized actuarial gain (loss) on pension benefits | 525 | 525 | |||
Unrealized gain on marketable securities | 161 | 161 | |||
Translation adjustment | (236) | (236) | |||
Net income (loss) | 69,984 | 69,984 | |||
Ending Balance (in shares) at Dec. 31, 2018 | 57,778 | ||||
Ending Balance at Dec. 31, 2018 | $ 28 | 126,164 | (1,689) | 402,569 | 527,072 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock option and stock award plans (in shares) | 1,130 | ||||
Issuance of common stock under employee stock option and stock award plans | 4,359 | 4,359 | |||
Repurchase of common stock (in shares) | (242) | ||||
Repurchase of common stock | (7,302) | (7,302) | |||
Issuance of common stock under employee stock purchase plan (in shares) | 196 | ||||
Issuance of common stock under employee stock purchase plan | 5,549 | 5,549 | |||
Stock-based compensation expense related to employee stock options and awards | 21,686 | 21,686 | |||
Stock-based compensation expense related to employee stock purchases | 1,661 | 1,661 | |||
Payment of dividends to stockholders | (20,506) | (20,506) | |||
Unrealized actuarial gain (loss) on pension benefits | (1,772) | (1,772) | |||
Unrealized gain on marketable securities | 849 | 849 | |||
Translation adjustment | (518) | (518) | |||
Net income (loss) | 193,468 | 193,468 | |||
Ending Balance (in shares) at Dec. 31, 2019 | 58,862 | ||||
Ending Balance at Dec. 31, 2019 | $ 28 | 152,117 | (3,130) | 575,531 | 724,546 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock under employee stock option and stock award plans (in shares) | 963 | ||||
Issuance of common stock under employee stock option and stock award plans | 4,608 | 4,608 | |||
Repurchase of common stock (in shares) | (63) | ||||
Repurchase of common stock | (2,636) | (2,636) | |||
Issuance of common stock under employee stock purchase plan (in shares) | 148 | ||||
Issuance of common stock under employee stock purchase plan | 5,919 | 5,919 | |||
Stock-based compensation expense related to employee stock options and awards | 28,952 | 28,952 | |||
Stock-based compensation expense related to employee stock purchases | 1,960 | 1,960 | |||
Payment of dividends to stockholders | (25,081) | (25,081) | |||
Unrealized actuarial gain (loss) on pension benefits | 843 | 843 | |||
Unrealized gain on marketable securities | 307 | 307 | |||
Translation adjustment | (183) | (183) | |||
Net income (loss) | 71,176 | 71,176 | |||
Ending Balance (in shares) at Dec. 31, 2020 | 59,910 | ||||
Ending Balance at Dec. 31, 2020 | $ 28 | $ 190,920 | $ (2,163) | $ 621,626 | $ 810,411 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 71,176 | $ 193,468 | $ 69,984 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 23,743 | 19,190 | 18,918 |
Amortization of intangibles | 4,359 | 5,213 | 5,267 |
Loss on disposal of property and equipment | 525 | 249 | 553 |
Stock-based compensation expense | 30,912 | 23,347 | 21,580 |
Amortization of premium (accretion of discount) on marketable securities | 705 | (192) | 227 |
Deferred income taxes | (592) | 4,019 | (4,465) |
Increase (decrease) in accounts receivable allowance for credit losses, net | (336) | 57 | (28) |
Change in operating assets and liabilities: | |||
Accounts receivable | (11,300) | (13,259) | 5,754 |
Inventories | (12,498) | (9,523) | (23,770) |
Prepaid expenses and other assets | 9,153 | (2,132) | (1,495) |
Accounts payable | 5,697 | (6,556) | 1,336 |
Taxes payable and accrued liabilities | 4,095 | 10,618 | (9,897) |
Net cash provided by operating activities | 125,639 | 224,499 | 83,964 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (70,598) | (24,114) | (24,677) |
Proceeds from sale of property and equipment | 651 | 0 | 0 |
Acquisition of technology licenses | 0 | (1,026) | (900) |
Purchases of marketable securities | (109,703) | (207,240) | (62,833) |
Proceeds from sales and maturities of marketable securities | 151,385 | 70,334 | 157,551 |
Net cash provided by (used in) investing activities | (28,265) | (162,046) | 69,141 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of common stock under employee stock plans | 10,527 | 9,908 | 9,353 |
Repurchase of common stock | (2,636) | (7,302) | (103,153) |
Payments of dividends to stockholders | (25,081) | (20,506) | (18,823) |
Proceeds from draw on line of credit | 0 | 0 | 8,000 |
Payments on line of credit | 0 | 0 | (8,000) |
Net cash used in financing activities | (17,190) | (17,900) | (112,623) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 80,184 | 44,553 | 40,482 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 178,690 | 134,137 | 93,655 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 258,874 | 178,690 | 134,137 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Unpaid property and equipment | 5,937 | 4,355 | 1,818 |
Unpaid technology licenses | 0 | 0 | 100 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid (received) for income taxes, net (Note 11) | $ (1,973) | $ 21,327 | $ 7,437 |
THE COMPANY
THE COMPANY | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY [Text Block] | 1. 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 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, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices. Power supplies incorporating the Company’s products are used with all manner of electronic products including mobile phones, computing and networking equipment, appliances, electronic utility meters, battery-powered tools, industrial controls, and “home-automation,” or “internet of things” applications such as networked thermostats, power strips and other building-automation and security devices. The Company also supplies high-voltage LED drivers, which are AC-DC ICs specifically designed for lighting applications that utilize light-emitting diodes. In 2018, the Company introduced a new category of power-conversion ICs: a family of motor-driver ICs addressing brushless DC (BLDC) motors used in refrigerators, HVAC systems, ceiling fans and other consumer-appliance and light commercial applications. The Company also offers high-voltage gate drivers—either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry—used to operate high-voltage switches such as insulated-gate bipolar transistors (IGBTs) and silicon-carbide (SiC) MOSFETs. These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from a few kilowatts up to gigawatts) such as industrial motors, solar- and wind-power systems, electric vehicles and high-voltage DC transmission systems. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS: Significant Accounting Policies and Estimates Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power conversion markets. 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. 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. Generally Accepted Accounting Principles (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. Revenue Recognition The Company applies the provisions of Accounting Standards Codification (ASC) 606-10, Revenue from Contracts with Customers the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Product revenues consist of sales to original equipment manufacturers, or OEMs, merchant power supply manufacturers and distributors. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Frequently, the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. As scheduled delivery dates are within one year, under the optional exemption provided by ASC 606-10-50-14 revenues allocated to future shipments of partially completed contracts are not disclosed. The Company has also elected the practical expedient under ASC 340-40-25-4 to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year. Sales to international customers that are shipped from the Company’s facility outside of the United States are pursuant to EX Works, or EXW, shipping terms, meaning that control of the product transfers to the customer upon shipment from the Company’s foreign warehouse. Sales to international customers that are shipped from the Company’s facility in California are pursuant to Delivered at Frontier, or DAF, shipping terms. As such, control of 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 customers in the Americas are pursuant to Free on Board, or FOB, point of origin shipping terms meaning that control is passed to the customer upon shipment. Sales to most distributors are made under terms allowing certain price adjustments and limited rights of return (known as “stock rotation”) of the Company’s products held in their inventory or upon sale to their end customers. Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Frequently, distributors need to sell at a price lower than the standard distribution price in order to win business. At the time the distributor invoices its customer or soon thereafter, 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 the Company verifies that the claim was pre-approved, a credit memo is issued to the distributor for the ship and debit claim. In determining the transaction price, the Company considers ship and debit price adjustments to be variable consideration. Such price adjustments are estimated using the expected value method based on an analysis of actual ship and debit claims, at the distributor and product level, over a period of time considered adequate to account for current pricing and business trends. Historically, actual price adjustments for ship and debit claims relative to those estimated and included when determining the transaction price have not materially differed. Stock rotation rights grant the distributor the ability to return certain specified amounts of inventory. Stock rotation adjustments are an additional form of variable consideration and are also estimated using the expected value method based on historical return rates. Historically, distributor stock rotation adjustments have not been material. Sales to certain distributors are made under terms that do not include rights of return or price concessions after the product is shipped to the distributor. Accordingly, upon application of steps one through five above, product revenue is recognized upon shipment and transfer of control. The Company generally provides an assurance warranty that its products will substantially conform to the published specifications for twelve 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. As such, the Company does not record a specific warranty reserve or consider activities related to such warranty, if any, to be a separate performance obligation. 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 inventories to their estimated net realizable values. 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, Income Taxe Goodwill and Intangible Assets Goodwill and the Company’s domain name are evaluated in accordance with ASC 350-10, Goodwill and Other Intangible Assets, In accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets 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 a maturity date greater than three months at the date of purchase as short-term marketable securities in its consolidated balance sheet. As of December 31, 2020, and December 31, 2019, the Company’s marketable securities consisted primarily of commercial paper, corporate bonds, government securities and/or other high-quality commercial securities. 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, the Company contributes a certain percentage of employee annual salaries on a discretionary basis, not to exceed an established threshold. The Company provided for a contribution of approximately $1.8 million, $1.4 million and $1.3 million in 2020, 2019 and 2018, respectively. Retirement Benefit Obligations (Pension) The Company recognizes the over-funded or under-funded status of a defined benefit pension or post-retirement plan as an asset or liability in the accompanying consolidated balance sheets. Actuarial gains and losses are recorded in accumulated other comprehensive loss, a component of stockholders’ equity, and are amortized as a component of net periodic cost over the remaining estimated service period of participants. Foreign Currency Risk and Foreign Currency Translation As of December 31, 2020, the Company’s primary transactional currency was U.S. dollars; in addition, the Company holds cash in Swiss francs and euros to fund the operations of the Company’s Swiss subsidiary. The foreign exchange rate fluctuation between the U.S. dollar versus the Swiss franc and euro is recorded in other income in the consolidated statements of income. Gains and losses arising from the remeasurement of non-functional currency balances are recorded in other income in the accompanying consolidated statements of income. The Company realized a foreign exchange transaction loss of $0.5 million, $0.3 million and $0.1 million in 2020, 2019, and 2018 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 Advertising Advertising costs are expensed as incurred and amounted to $1.2 million, $1.4 million and $1.2 million in 2020, 2019 and 2018, respectively. Research and Development Research and development costs are expensed as incurred. 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, 2020. 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. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) , which modifies the measurement of expected credit losses on certain financial instruments. In addition, for available-for-sale debt securities, the standard eliminates the concept of other-than-temporary impairment and requires the recognition of an allowance for credit losses rather than reductions in the amortized cost of the securities. The Company adopted the new standard in the first quarter of 2020, effective January 1, 2020, using the modified-retrospective approach. For available-for-sale debt securities, the Company has made a policy election to present separately accrued interest receivable within prepaid expenses and other current assets on the consolidated balance sheet. Upon adoption, there was no impact on the Company’s consolidated financial statements. |
COMPONENTS OF THE COMPANY'S CON
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS [Text Block] | 3. COMPONENTS OF THE COMPANY’S CONSOLIDATED BALANCE SHEETS: Accounts Receivable December 31, December 31, (In thousands) 2020 2019 Accounts receivable trade $ 66,703 $ 61,036 Accrued ship and debit (26,435) (33,475) Allowance for stock rotation and rebate (3,931) (2,524) Allowance for credit losses (427) (763) Total $ 35,910 $ 24,274 The Company maintains an allowance for estimated credit 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 losses, changes in payments patterns, customer creditworthiness, and current economic trends. Receivables determined to be uncollectible are written off and deducted from the allowance. Allowance for Credit Losses Year Ended (In thousands) December 31, 2020 Beginning balance $ (763) Provision for credit loss expense (621) Receivables written off 198 Recoveries collected 759 Ending balance $ (427) Inventories December 31, December 31, (In thousands) 2020 2019 Raw materials $ 32,131 $ 39,058 Work-in-process 39,469 25,982 Finished goods 31,278 25,340 Total $ 102,878 $ 90,380 Property and Equipment December 31, December 31, (In thousands) 2020 2019 Land $ 22,189 $ 21,790 Construction-in-progress 34,886 18,604 Building and improvements 64,808 55,785 Machinery and equipment 202,698 168,576 Computer software and hardware and office furniture and fixtures 55,591 52,265 380,172 317,020 Accumulated depreciation (213,984) (200,401) Total $ 166,188 $ 116,619 Depreciation expense for property and equipment for fiscal years ended December 31, 2020, 2019 and 2018, was approximately $23.7 million, $19.2 million and $18.9 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 - 7 years Total property and equipment (excluding accumulated depreciation) located in the United States at December 31, 2020, 2019 and 2018, was approximately $167.0 million, $160.7 million and $167.6 million, respectively. In 2020, 2019 and 2018 approximately 14%, 14% and 12%, respectively, of total property and equipment (excluding accumulated depreciation) was held in Thailand by one of the Company’s subcontractors. Also in 2020, approximately 14% of total property and equipment was held by one of the Company’s subcontractors in Malaysia. No other country held 10% or more of total property and equipment in the periods presented. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for the three years ended December 31, 2020: Unrealized Gains and Losses on Foreign Available-for-Sale Defined Benefit Currency (In thousands) Securities Pension Items Items Total Balance at January 1, 2018 $ (427) $ (1,237) $ (475) $ (2,139) Other comprehensive income (loss) before reclassifications 161 401 (236) 326 Amounts reclassified from accumulated other comprehensive loss — 124 (1) — 124 Other comprehensive income 161 525 (236) 450 Balance at December 31, 2018 (266) (712) (711) (1,689) Other comprehensive income (loss) before reclassifications 849 (1,839) (518) (1,508) Amounts reclassified from accumulated other comprehensive loss — 67 (1) — 67 Other comprehensive loss 849 (1,772) (518) (1,441) Balance at December 31, 2019 583 (2,484) (1,229) (3,130) Other comprehensive income (loss) before reclassifications 307 636 (183) 760 Amounts reclassified from accumulated other comprehensive loss — 207 (1) — 207 Other comprehensive income 307 843 (183) 967 Balance at December 31, 2020 $ 890 $ (1,641) $ (1,412) $ (2,163) (1) This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost for the years ended December 31, 2020, 2019 and 2018. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS [Text Block] | 4. FAIR VALUE MEASUREMENTS: ASC 820-10, Fair Value Measurements The Company’s cash equivalents 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 commercial paper. 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 does not hold any instruments that would be classified within Level 3 of the fair-value hierarchy. The fair value hierarchy of the Company’s cash equivalents and marketable securities at December 31, 2020, and 2019, was as follows: Fair Value Measurement at December 31, 2020 Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs (In thousands) Total Fair Value (Level 1) (Level 2) Corporate securities $ 146,658 $ — $ 146,658 Commercial paper 253,855 — 253,855 Money market funds 1,634 1,634 — Total $ 402,147 $ 1,634 $ 400,513 Fair Value Measurement at December 31, 2019 Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs (In thousands) Total Fair Value (Level 1) (Level 2) Corporate securities $ 232,398 $ — $ 232,398 Commercial paper 146,955 — 146,955 Money market funds 2,983 2,983 — Total $ 382,336 $ 2,983 $ 379,353 The Company did not transfer any investments between level 1 and level 2 of the fair value hierarchy in the years ended December 31, 2020, and 2019. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES [Text Block] | 5. MARKETABLE SECURITIES: Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2020, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Commercial paper $ 43,660 $ — $ — $ 43,660 Corporate securities 19,846 44 — 19,890 Total 63,506 44 — 63,550 Investments due in 4-12 months: Corporate securities 125,922 846 — 126,768 Total 125,922 846 — 126,768 Total marketable securities $ 189,428 $ 890 $ — $ 190,318 The Company did not have any investments due in twelve months or greater as of December 31, 2020. Accrued interest receivable was $0.8 million at December 31, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2019, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Corporate securities $ 15,934 $ 18 $ — $ 15,952 Total 15,934 18 — 15,952 Investments due in 4-12 months: Corporate securities 71,223 269 — 71,492 Total 71,223 269 — 71,492 Investments due in 12 months or greater: Corporate securities 144,658 302 (6) 144,954 Total 144,658 302 (6) 144,954 Total marketable securities $ 231,815 $ 589 $ (6) $ 232,398 Accrued interest receivable was $1.3 million at December 31, 2019 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. As of December 31, 2020, the Company had no marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded. The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at December 31, 2019: Less Than 12 Months 12 Months or Longer Total Estimated Gross Estimated Gross Estimated Gross Fair Market Unrealized Fair Market Unrealized Fair Market Unrealized (In thousands) Value Losses Value Losses Value Losses December 31, 2019 Corporate securities $ 13,069 $ (6) $ — $ — $ 13,069 $ (6) Total marketable securities $ 13,069 $ (6) $ — $ — $ 13,069 $ (6) The weighted average interest rate of investments at December 31, 2020 and 2019, was approximately 0.89% and 2.17%, respectively. In the year ended December 31, 2020, no unrealized losses on marketable securities were recognized in income. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS [Text Block] | 6. GOODWILL AND INTANGIBLE ASSETS: The carrying amount of goodwill as of December 31, 2020 and 2019 was $91.8 million with no changes to goodwill in any of the respective fiscal years. Intangible assets consist primarily of developed technology, acquired licenses, customer relationships, trade name, domain name, in-process R&D and patent rights, and are reported net of accumulated amortization. The Company amortizes the cost of all intangible assets over the shorter of the estimated useful life or the term of the developed technology, customer relationships, technology licenses and in-place leases, which range from two www.power.com December 31, 2020 December 31, 2019 Accumulated Accumulated (In thousands) Gross Amortization Net Gross Amortization Net Domain name $ 1,261 $ — $ 1,261 $ 1,261 $ — $ 1,261 Developed technology 37,960 (29,126) 8,834 37,960 (25,933) 12,027 Customer relationships 16,700 (15,687) 1,013 20,030 (18,098) 1,932 Technology licenses 1,926 (528) 1,398 1,926 (281) 1,645 Total intangible assets $ 57,847 $ (45,341) $ 12,506 $ 61,177 $ (44,312) $ 16,865 The estimated future amortization expense related to definite-lived intangible assets at December 31, 2020, is as follows: Estimated Amortization Fiscal Year (In thousands) 2021 $ 3,494 2022 2,415 2023 2,173 2024 1,279 2025 832 Thereafter 1,052 Total $ 11,245 |
STOCK PLANS AND SHARE BASED COM
STOCK PLANS AND SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK PLANS AND SHARE BASED COMPENSATION [Text Block] | 7. STOCK PLANS AND SHARE BASED COMPENSATION: The share and per share information for all periods presented in this Form 10-K has been adjusted for the effect of the August 2020 stock split. Refer to Note 10, Earnings Per Share , in this Form 10-K for details. Stock Plans As of December 31, 2020, the Company had three stock-based compensation plans (the “Plans”) which are described below. 2007 Equity Incentive Plan The 2007 Equity Incentive Plan (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 (1997 Plan). The 2007 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit (RSU) awards, stock appreciation rights, performance-based (PSU) awards, long-term performance based (PRSU) awards and other stock awards to employees, directors and consultants. Pursuant to the 2007 Plan, the exercise price for incentive stock options and non-statutory 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. The 2007 Plan expired in September 2017 with no further grants to be made under this plan; however previous grants under this plan shall remain outstanding until they are exercised, vest, forfeited or expire. 2016 Incentive Award Plan The 2016 Incentive Award Plan (2016 Plan) was adopted by the board of directors on March 17, 2016 and approved by the stockholders on May 13, 2016. The 2016 Plan provides for the grant of RSU awards, PSU awards and PRSU awards. No other forms of equity-based awards, including stock options and stock appreciation rights, may be granted under the 2016 Plan. As of December 31, 2020, 2.2 million awards have been issued and approximately 2.8 million shares of common stock remain available for future grant under the 2016 Plan. 1997 Employee Stock Purchase Plan Under the 1997 Employee Stock Purchase Plan (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 Shares Reserved As of December 31, 2020, the Company had approximately 3.4 million shares of common stock reserved for future grant under all stock plans. Stock-Based Compensation The Company applies the provisions of ASC 718-10, Stock Compensation The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Cost of revenues $ 1,963 $ 1,237 $ 1,097 Research and development 10,378 8,423 7,688 Sales and marketing 6,290 5,015 4,729 General and administrative 12,281 8,672 8,066 Total stock-based compensation expense $ 30,912 $ 23,347 $ 21,580 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, 2020: Unrecognized Compensation Weighted Average Expense for Unvested Remaining Recognition Awards Period (In thousands) (In years) Long-term performance-based awards $ 5,810 1.64 Restricted stock units 34,654 2.62 Purchase plan 202 0.08 Total unrecognized compensation expense $ 40,666 Stock-based compensation expense in the year ended December 31, 2020, was approximately $30.9 million (comprising approximately $18.7 million related to restricted stock units, $10.2 million related to performance-based awards and $2.0 million related to the Company’s Purchase Plan). Stock-based compensation expense in the year ended December 31, 2019, was approximately $23.3 million (comprising approximately $17.5 million related to restricted stock units, $4.1 million related to performance-based awards and $1.7 million related to the Company’s Purchase Plan). Stock-based compensation expense in the year ended December 31, 2018, was approximately $21.6 million comprising approximately $16.6 million related to restricted stock units, $3.4 million related to performance-based awards and $1.6 million related to the Company’s Purchase Plan). The Company did not grant stock options in the years ended December 31, 2020, 2019 and 2018, and therefore no fair-value assumptions are reported. 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, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Risk-free interest rates 0.90 % 2.28 % 1.94 % Expected volatility rates 47 % 37 % 31 % Expected dividend yield 0.78 % 0.91 % 0.89 % Expected term of purchase rights (in years) 0.50 0.50 0.50 Weighted-average estimated fair value of purchase rights $ 15.73 $ 19.39 $ 17.33 A summary of stock options outstanding as of December 31, 2020, and activity during three years then ended, is presented below: Weighted- Average Weighted- Remaining Average Contractual Aggregate Shares Exercise Term Intrinsic Value (In thousands) Price (In years) (In thousands) Outstanding at January 1, 2018 1,022 $ 14.52 Granted — — Exercised (352) $ 11.30 Forfeited or expired — — Outstanding at December 31, 2018 670 $ 16.21 Granted — — Exercised (335) $ 12.98 Forfeited or expired — — Outstanding at December 31, 2019 335 $ 19.44 Granted — — Exercised (243) $ 18.99 Forfeited or expired — — Outstanding at December 31, 2020 92 $ 20.63 1.05 $ 5,643 Vested and Exercisable at December 31, 2020 92 1.05 $ 5,643 The total intrinsic value of options exercised during the year ended December 31, 2020, 2019 and 2018, was $9.1 million, $8.3 million and $7.5 million, respectively. The following table summarizes the stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average (shares in thousands) Options Contractual Term Exercise Options Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $18.48 - $19.75 28 0.38 $ 18.77 28 $ 18.77 $21.44 - $21.44 64 1.35 $ 21.44 64 $ 21.44 92 1.05 $ 20.63 92 $ 20.63 PSU Awards Under the performance-based awards program, the Company grants awards in the performance year in an amount equal to twice the target number of shares to be issued if the maximum 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 target number depending on the Company’s performance. The performance metrics of this program are annual targets consisting of a combination of net revenue, non-GAAP operating earnings and strategic goals. As the net revenue, non-GAAP operating income and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures, is recognized over the service period based on an assessment of the achievement of the performance targets. The fair value of these PSUs 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. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. A summary of PSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted- Weighted- Average Average Remaining Aggregate Shares Grant Date Fair Contractual Term Intrinsic Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 158 $ 32.00 Granted 178 $ 31.44 Vested (158) $ 32.00 Forfeited or canceled (126) $ 31.44 Outstanding at December 31, 2018 52 $ 31.44 Granted 185 $ 35.06 Vested (52) $ 31.44 Forfeited or canceled (64) $ 35.06 Outstanding at December 31, 2019 121 $ 35.06 Granted 150 $ 46.31 Vested (121) $ 35.06 Forfeited or canceled — — Outstanding at December 31, 2020 150 $ 46.27 — $ 12,219 Outstanding and expected to vest at December 31, 2020 150 — $ 12,219 The grant-date fair value of PSU awards released, which were fully vested, in the years ended December 31, 2020, 2019 and 2018 was approximately $4.2 million, $1.6 million and $5.1 million, respectively. PRSU Awards (Long-term Performance Based) The Company’s PRSU program provides for the issuance of PRSUs which will vest based on the Company’s performance measured against the PRSU Plan’s established revenue targets. The PRSUs were granted in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The actual number of shares the recipient receives is determined at the end of a three-year performance period based on results achieved versus the Company’s performance goals, and may range from zero to 200% of the target number. Recipients of a PRSU award generally must remain employed by the Company on a continuous basis through the end of the applicable three-year performance period in order to receive shares subject to that award. The performance goals for PRSUs granted in fiscal 2020, 2019 and 2018 were based on the Company’s annual revenue growth over the respective three-year performance period. Expense associated with these awards, net of estimated forfeitures, is recorded throughout the year based on an assessment of the expected achievement of the performance targets. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. A summary of PRSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted-Average Aggregate Weighted-Average Remaining Intrinsic Shares Grant Date Fair Contractual Term Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 368 $ 26.40 Granted 144 $ 29.95 Vested (76) $ 26.23 Forfeited or canceled (10) $ 21.63 Outstanding at December 31, 2018 426 $ 27.74 Granted 144 $ 34.09 Vested (140) $ 21.63 Forfeited or canceled (143) $ 31.50 Outstanding at December 31, 2019 287 $ 32.03 Granted 152 $ 49.67 Vested — — Forfeited or canceled (138) $ 29.95 Outstanding at December 31, 2020 301 $ 41.90 1.51 $ 24,637 Outstanding and expected to vest at December 31, 2020 272 1.54 $ 22,279 In January 2020 it was determined that no shares subject to the PRSUs granted in 2017 vested in aggregate; thus no shares were released to the Company’s executives in 2020. , RSU Awards 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. A summary of RSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted-Average Aggregate Weighted-Average Remaining Intrinsic Shares Grant Date Fair Contractual Term Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 1,896 $ 27.76 Granted 550 $ 31.43 Vested (592) $ 26.89 Forfeited (64) $ 29.72 Outstanding at December 31, 2018 1,790 $ 29.10 Granted 582 $ 34.90 Vested (603) $ 28.10 Forfeited (50) $ 31.72 Outstanding at December 31, 2019 1,719 $ 31.33 Granted 439 $ 44.82 Vested (599) $ 30.25 Forfeited (41) $ 36.77 Outstanding at December 31, 2020 1,518 $ 35.51 1.42 $ 124,239 Outstanding and expected to vest at December 31, 2020 1,423 1.36 $ 116,475 The grant-date fair value of RSUs vested in the years ended December 31, 2020, 2019 and 2018, was approximately $18.1 million, $16.9 million and $15.9 million, respectively. |
SIGNIFICANT CUSTOMERS AND GEOGR
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES [Text Block] | 8. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Customer Concentration The Company’s top ten customers accounted for approximately 62%, 54% and 56% of revenues in 2020, 2019 and 2018, 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. Sales to distributors in 2020, 2019 and 2018 were $367.7 million, $304.6 million and $313.9 million, respectively. Direct sales to OEMs and power-supply manufacturers accounted for the remainder. The following customers represented 10% or more of the Company’s net revenues for the respective years Year Ended December 31, Customer 2020 2019 2018 Avnet 19 % 11 % 14 % Honestar Technologies Co., Ltd. 11 % * * ________________________ *Total customer revenue was less than 10% of net revenues. No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. 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 does not have any off-balance-sheet credit exposure related to its customers. As of December 31, 2020 and December 31, 2019, 90% and 63% of accounts receivable were concentrated with the Company’s top ten customers, respectively. The following customers represented 10% or more of accounts receivable: December 31, December 31, Customer 2020 2019 Powertech Distribution Ltd. 10 % 10 % Avnet 50 % * ________________________ No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. Geographic Net Revenues The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues based on “bill to” customer locations were as follows: Year Ended December 31, (In thousands) 2020 2019 2018 United States of America $ 11,065 $ 10,662 $ 15,315 Hong Kong/China 306,938 237,341 218,752 Taiwan 21,650 36,297 43,081 Korea 40,059 30,395 33,877 Western Europe (excluding Germany) 33,564 36,025 49,834 Japan 17,453 15,496 19,897 Germany 23,242 20,197 14,403 Other 34,347 34,256 20,796 Total net revenues $ 488,318 $ 420,669 $ 415,955 |
COMMON STOCK REPURCHASES AND CA
COMMON STOCK REPURCHASES AND CASH DIVIDENDS | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
COMMON STOCK REPURCHASES AND CASH DIVIDENDS [Text Block] | 9. COMMON STOCK REPURCHASES AND CASH DIVIDENDS: Common Stock Repurchases Over the years the Company’s board of directors has authorized the use of funds to repurchase shares of the Company’s common stock, including $110.0 million in 2018, with repurchases to be executed according to pre-defined price/volume guidelines. In 2018, 2019 and 2020 the Company purchased approximately 3,144,000, 242,000 and 63,000 shares, respectively, for approximately $103.2 million, $7.3 million and $2.6 million, respectively. As of December 31, 2020, the Company had $41.3 million available for future stock repurchases, which has no expiration date. 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 and business conditions as well as other factors. Common Stock Dividend The following table presents the quarterly dividends declared per share of the Company’s common stock for the periods indicated: Year Ended December 31, 2020 2019 2018 First Quarter $ 0.095 $ 0.085 $ 0.080 Second Quarter $ 0.105 $ 0.085 $ 0.080 Third Quarter $ 0.110 $ 0.085 $ 0.080 Fourth Quarter $ 0.110 $ 0.095 $ 0.080 The Company paid a total of approximately $25.1 million, $20.5 million and $18.8 million in cash dividends during 2020, 2019 and 2018, respectively. In January 2018, the Company’s board of directors declared a $0.080 per share quarterly dividend for each quarter in 2018. In January 2019, the Company’s board of directors declared four quarterly cash dividends of $0.085 per share to be paid to stockholders of record at the end of each quarter in 2019. In October 2019, the Company’s board of directors raised the cash dividends per share with the declaration of five cash dividends, consisting of (a) a dividend of $0.01 per share to be paid to stockholders of record at the end of the fourth quarter in 2019, that was in addition to the dividend of $0.085 per share to be paid to stockholders of record at the end of the fourth quarter in 2019 previously declared by the board in January 2019, and (b) a dividend of $0.095 per share to be paid to stockholders of record at the end of each quarter in 2020. In April 2020, the Company’s board of directors raised the cash dividends with the declaration of three cash dividends of $0.105 per share (in lieu of the $0.095 per share previously announced in October 2019) to be paid to stockholders of record at the end of each of the second, third and fourth quarter in 2020. In July 2020, the Company’s board of directors raised the cash dividends further with the declaration of two cash dividends of $0.11 per share (in lieu of the $0.105 per share announced in April 2020) to be paid to stockholders of record at the end of each of the third and fourth quarter in 2020. In January 2021, |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE [Text Block] | 10. EARNINGS PER SHARE: Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income 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, the assumed issuance of awards under the stock purchase plan and contingently issuable performance-based awards, as computed using the treasury stock method. A summary of the earnings per share calculation is as follows: Year Ended December 31, (In thousands, except per share amounts) 2020 2019 2018 Basic earnings per share: Net income $ 71,176 $ 193,468 $ 69,984 Weighted-average common shares 59,657 58,534 58,912 Basic earnings per share $ 1.19 $ 3.31 $ 1.19 Diluted earnings per share: (1) Net income $ 71,176 $ 193,468 $ 69,984 Weighted-average common shares 59,657 58,534 58,912 Effect of dilutive awards: Employee stock plans 1,188 1,098 1,382 Diluted weighted-average common shares 60,845 59,632 60,294 Diluted earnings per share $ 1.17 $ 3.24 $ 1.16 (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 in the 2020, 2019 and 2018 calculations those shares that were contingently issuable upon the satisfaction of the performance conditions as of the end of the respective periods. In the years ended December 31, 2020, 2019, and 2018, no outstanding stock awards were determined to be anti-dilutive and therefore were excluded from the computation of diluted earnings per share. In July 2020, the Company’s board of directors approved a two-for-one stock split in the form of a stock dividend, payable on August 18, 2020, to stockholders of record as of the close of business on August 14, 2020. The Company’s stockholders received one additional share of common stock for each share of common stock held on August 14, 2020 |
PROVISION (BENEFIT) FOR INCOME
PROVISION (BENEFIT) FOR INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
PROVISION (BENEFIT) FOR INCOME TAXES [Text Block] | 11. PROVISION (BENEFIT) FOR INCOME TAXES: Income Taxes The Company accounts for income taxes under the provisions of ASC 740, Income Taxes U.S. and foreign components of income before income taxes were: Year Ended December 31, (In thousands) 2020 2019 2018 U.S. operations $ (6,252) $ 82,692 $ (6,529) Foreign operations 81,503 139,722 66,293 Total income before income taxes $ 75,251 $ 222,414 $ 59,764 The components of the provision (benefit) for income taxes are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Current provision (benefit): Federal $ 2,788 $ 18,293 $ (6,382) State (181) 184 4 Foreign 1,677 1,293 938 4,284 19,770 (5,440) Deferred provision (benefit): Federal 348 9,683 (4,593) State — — — Foreign (557) (507) (187) (209) 9,176 (4,780) Total $ 4,075 $ 28,946 $ (10,220) The provision (benefit) for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows: Year Ended December 31, 2020 2019 2018 Provision (benefit) computed at Federal statutory rate 21.0 % 21.0 % 21.0 % Business tax credits (7.4) (2.4) (9.1) Stock-based compensation (0.1) (0.2) (2.2) Foreign income taxed at different rate (22.0) (12.7) (25.0) GILTI inclusion 10.7 6.2 10.6 U.S. Tax Act - transition tax — 0.1 (16.2) Deferred tax asset and liability adjustment 0.3 — — Valuation allowance 2.6 0.8 2.8 Other 0.3 0.2 1.0 Total 5.4 % 13.0 % (17.1) % The Company’s effective tax rate is impacted by the geographic distribution of the Company’s world-wide earnings in lower-tax jurisdictions, federal research tax credits and the recognition of excess tax benefits related to share-based payments. These benefits were partially offset by foreign income subject to U.S. tax, known as global intangible low-taxed income. The Company’s primary jurisdiction where foreign earnings are derived is the Cayman Islands, which is a non-taxing jurisdiction. Income earned in other foreign jurisdictions was not material. The Company has not been granted any incentivized tax rates and does not operate under any tax holidays in any jurisdiction. Additionally, in 2018 the Company’s effective tax rate was favorably impacted by revisions to the Tax Act resulting in a $9.7 million income tax benefit. The components of the net deferred income tax assets (liabilities) were as follows: December 31, (In thousands) 2020 2019 Deferred tax assets: Other reserves and accruals $ 3,707 $ 3,099 Tax credit carry-forwards 20,713 18,968 Stock compensation 1,494 1,644 Capital losses 158 157 Net operating loss 2,303 899 Other 1,023 1,000 Valuation allowance (24,160) (20,822) 5,238 4,945 Deferred tax liabilities: Depreciation (1,974) (2,273) (1,974) (2,273) Net deferred tax assets $ 3,264 $ 2,672 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, 2020, the Company continues to maintain a valuation allowance primarily as a result of capital losses for federal purposes, and on its California, New Jersey and Canada deferred tax assets as the Company believes that it is not more likely than not that the deferred tax assets will be fully realized. As of December 31, 2020, the Company had utilized all of its federal research and development tax credit carryforwards. As of December 31, 2020, the Company had California research and development tax credit carryforwards of approximately $30.2 million (there is no expiration of research and development tax credit carryforwards for the state of California) and California net operating losses of $44.7 million which will begin to expire in 2032 2030 2026 The Tax Act signed into law on December 22, 2017, generally allows companies to repatriate accumulated foreign earnings without incurring additional U.S. federal taxes beginning after December 31, 2017. Local foreign and U.S. states taxes may still be incurred upon repatriation. The Company has not provided for U.S. taxes on its undistributed earnings of foreign subsidiaries. The determination of the future tax consequences of the remittance of these earnings is not practicable. 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: Unrecognized (In thousands) Tax Benefits Unrecognized Tax Benefits Balance at January 1, 2018 $ 16,683 Gross Increase for Tax Positions of Current Year 1,994 Gross Decrease for Tax Positions of Prior Years (70) Unrecognized Tax Benefits Balance at December 31, 2018 18,607 Gross Increase for Tax Positions of Current Year 1,379 Gross Decrease for Tax Positions of Prior Years (937) Unrecognized Tax Benefits Balance at December 31, 2019 19,049 Gross Increase for Tax Positions of Current Year 2,002 Gross Decrease for Tax Positions of Prior Years — Unrecognized Tax Benefits Balance at December 31, 2020 $ 21,051 The Company’s total unrecognized tax benefits as of December 31, 2020, 2019 and 2018, were $21.1 million, $19.0 million and $18.6 million, respectively. An income tax benefit of $11.1 million, net of valuation allowance adjustments, would be recorded if these unrecognized tax benefits are recognized. The Company cannot reasonably estimate the amount of the unrecognized tax benefit that could be adjusted in the next twelve months. The Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had accrued interest and penalties of $0.1 million as of both December 31, 2020 and 2019, which have been recorded in long-term income taxes payable in the accompanying consolidated balance sheets. As of December 31, 2020, the Company has concluded all U.S. federal income tax matters for the years through 2012. However, due to tax attributes, the IRS may calculate tax adjustments for subsequent years for positions taken prior to 2012. There are currently no pending income tax audits. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued an opinion related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement. A final decision was issued by the Tax Court in December 2015. In February 2016, the Commissioner appealed the Tax Court decision. On July 24, 2018, the U.S. Ninth Circuit Court of Appeals reversed the U.S. Tax Court’s decision Altera Corp. v. Commissioner; the reversal was subsequently withdrawn. On June 7, 2019, the Ninth Circuit Court of Appeals overturned the U.S. Tax Court decision; finding that the Government had adequately supported in the record that stock-based compensation should be treated as an intangible development cost in a cost-sharing arrangement and Treasury’s position on the issue was not a policy change, holding stock-based compensation to be a compensable cost under IRC Section 482. On February 10, 2020, Altera filed a petition for a writ of certiorari asking the Supreme Court to review the Ninth Circuit’s decision. The Supreme Court’s denied the petition for certiorari, and thus the Ninth Circuit’s decision stands. The decision above does not impact the Company as it treats stock-based compensation as a compensable cost under IRC Section 482. |
LEASES AND COMMITMENTS
LEASES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
LEASES AND COMMITMENTS [Abstract] | |
LEASES AND COMMITMENTS [Text Block] | 12. LEASES AND COMMITMENTS: Facilities and Leases 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, a design center in Germany and a test facility in Switzerland. The Company’s leases consist of operating leases for administrative office spaces, research-and-development facilities and sales offices in various countries around the world. Effective January 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases (Topic 842), using the optional transition method. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total lease expense was $2.7 million, $2.5 million and $2.2 million in the years ended December 31, 2020, 2019 and 2018, respectively, while short-term and variable lease expenses were not material during these periods. Balance sheet information related to leases was as follows: December 31, December 31, (In thousands) Balance Sheet Classification 2020 2019 Right-of-use assets Operating lease assets Other assets $ 10,295 $ 9,521 Lease liabilities Current operating lease liabilities Other accrued liabilities $ 2,682 $ 1,954 Non-current operating lease liabilities Other liabilities 7,345 7,031 Total $ 10,027 $ 8,985 Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one December 31, December 31, Lease term and discount rate 2020 2019 Weighted average remaining lease term 4.2 years 4.8 years Weighted average discount rate 3.3 % 3.9 % Supplemental cash flows information related to leases was as follow: Year Ended December 31, (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,459 $ 2,964 Right-of-use assets obtained in exchange for new operating lease obligations $ 2,947 $ 4,884 Future minimum lease payments under all non-cancelable lease agreements as of December 31, 2020, are as follows: December 31, (In thousands) 2020 2021 $ 2,964 2022 2,840 2023 2,477 2024 1,334 2025 342 Thereafter 830 Total future minimum lease payments 10,787 Less imputed interest (760) Total $ 10,027 Purchase Obligations At December 31, 2020, the Company had no non-cancelable purchase obligations that were due beyond one year. |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS AND CONTINGENCIES [Text Block] | 13. 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, Contingencies On April 1, 2016, Opticurrent, LLC filed a complaint against the Company in the United States District Court for the Eastern District of Texas alleging that the Company infringed one patent pertaining to transistor switch devices and seeking damages for the alleged infringement. The Company filed a motion to transfer the case to the Northern District of California, which the Court granted, and the case was assigned to a new judge in San Francisco following the transfer. On December 21, 2018, the Court granted the Company’s challenge to Opticurrent’s damages expert but denied the Company’s motion for summary judgment. Following a trial in February 2019, a jury issued a finding of direct infringement by the Company but found that the Company did not induce infringement, and awarded Opticurrent damages of $6.7 million. The Company challenged those findings in post-trial proceedings, and the Court granted one of the Company’s post-trial motions, reducing the damages award to $1.2 million. Although the Court of Appeals affirmed the original findings and the reduced damages award, the Company believes it has strong defenses, and intends to continue to vigorously defend itself against Opticurrent’s claims, including through a pending motion to set aside the judgment in view of a disclaimer that Opticurrent made during reexamination proceedings, which has been fully briefed and argued, with rulings expected in the coming months. On June 19, 2019, Opticurrent, LLC filed a follow-on lawsuit in the United States District Court for the Northern District of California accusing more of the Company’s products of infringement and seeking damages for the alleged infringement of the same claim of the same patent asserted in the parties’ prior litigation, as described above. Limited discovery has taken place, but proceedings are currently stayed pending resolution of the Company’s motion to set aside the judgment in the parties’ prior litigation, and no schedule has yet been set for expert discovery, dispositive motions, or trial. The Company believes it has strong defenses, and intends to vigorously defend itself against Opticurrent’s claims, with appeals to follow if necessary. On January 6, 2020, the Company filed a complaint against CogniPower LLC in the United States District Court for the District of Delaware for infringement of two of the Company’s patents and seeking a declaration of non-infringement with respect to patents that CogniPower had charged the Company’s customers with infringing , 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. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS [Text Block] | 14. RETIREMENT PLANS: The Company sponsors a defined benefit pension plan (Pension Plan) for its Swiss subsidiary in accordance with the legal requirements of Switzerland. 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, 2020, 2019 and 2018. At December 31, 2020, the projected benefit obligation was $16.6 million, the plan assets were $9.7 million and the net pension liability was $6.9 million. As of December 31, 2019, the projected benefit obligation was $14.8 million, the plan assets were $8.2 million, and the net pension liability was $6.6 million. The Company has recorded the unfunded amount as a liability in its consolidated balance sheet at December 31, 2020 and 2019, under the other liabilities caption. The Company expects to make contributions to the Pension Plan of approximately $0.4 million during 2021. The unrealized actuarial loss on pension benefits, net of tax, at December 31, 2020, 2019 and 2018 was $1.6 million, $2.5 million and $0.7 million, respectively. These amounts were reflected in Note 3 under the caption accumulated other comprehensive loss. In accordance with the Compensation-Retirement Benefits Topic of ASC 715-20, Defined Benefits Plan |
BANK LINE OF CREDIT
BANK LINE OF CREDIT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
BANK LINE OF CREDIT [Text Block] | 15. BANK LINE OF CREDIT: On July 27, 2016, the Company entered into a credit agreement with a bank (the "Credit Agreement") that provides the Company with a $75.0 million revolving line of credit to use for general corporate purposes with a $20.0 million sub-limit for the issuance of standby and trade letters of credit. The Credit Agreement was amended on April 30, 2018, to extend the termination date from July 26, 2019, to April 30, 2022, with all other terms remaining the same. 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. The Credit Agreement terminates on April 30, 2022; all advances under the revolving line of credit will become due on such date, or earlier in the event of a default. The Company was compliant with all covenants and had no advances outstanding under the Credit Agreement. |
SELECTED QUARTERLY INFORMATION
SELECTED QUARTERLY INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY INFORMATION (Unaudited) [Text Block] | 16. SELECTED QUARTERLY INFORMATION (Unaudited): The following tables set forth certain data from the Company’s consolidated statements of income for each of the quarters in the years ended December 31, 2020 and 2019. 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. Three Months Ended (unaudited) Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (In thousands, except per share data) 2020 2020 2020 2020 2019(1) 2019 2019 2019 Net revenues $ 150,693 $ 121,129 $ 106,832 $ 109,664 $ 114,457 $ 114,159 $ 102,865 $ 89,188 Gross profit 74,005 59,569 53,536 56,480 58,225 58,131 51,572 45,474 Net income $ 27,278 $ 14,820 $ 13,192 $ 15,886 $ 158,291 $ 17,099 $ 10,845 $ 7,233 Earnings per share (2) Basic $ 0.46 $ 0.25 $ 0.22 $ 0.27 $ 2.69 $ 0.29 $ 0.19 $ 0.13 Diluted $ 0.45 $ 0.24 $ 0.22 $ 0.27 $ 2.64 $ 0.29 $ 0.19 $ 0.13 Shares used in per share calculation (2) Basic 59,879 59,823 59,712 59,204 58,854 58,770 58,594 57,902 Diluted 61,176 60,852 60,624 60,268 60,010 59,732 59,404 58,892 (1) In October 2019, the Company entered into a favorable litigation settlement with ON Semiconductor Corporation which resulted in a $169.0 million net gain. (2) In July 2020, the Company’s board of directors approved a two -for-one stock split in the form of a stock dividend, payable on August 18, 2020, to stockholders of record as of the close of business on August 14, 2020. The Company’s stockholders received one additional share of common stock for each share of common stock held on August 14, 2020. The share and per share information for all periods presented in this Form 10-K has been adjusted for the effect of the stock split ( Refer to Note 10, Earnings Per Share , in this Form 10-K for details ) . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, 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 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. The following is a summary of the activity in the allowance for ship and debit credits: Balance at Charged to Beginning of Costs and Balance at End (In thousands) Period Expenses Deductions(1) of Period Allowance for ship and debit credits: Year ended December 31, 2018 $ 39,486 $ 242,068 $ (241,436) $ 40,118 Year ended December 31, 2019 $ 40,118 $ 230,278 $ (236,921) $ 33,475 Year ended December 31, 2020 $ 33,475 $ 257,765 $ (264,805) $ 26,435 (1) Deductions relate to ship and debit credits issued which adjust the sales price from the standard distribution price to the pre-approved lower price. Refer to Note 2, Significant Accounting Policies and Recent Accounting Pronouncements , for the Company’s revenue recognition policy, including the Company’s accounting for ship and debit claims. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Segment Reporting [Policy Text Block] | Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power conversion markets. 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. |
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. Generally Accepted Accounting Principles (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. |
Revenue Recognition [Policy Text Block] | Revenue Recognition The Company applies the provisions of Accounting Standards Codification (ASC) 606-10, Revenue from Contracts with Customers the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Product revenues consist of sales to original equipment manufacturers, or OEMs, merchant power supply manufacturers and distributors. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Frequently, the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. As scheduled delivery dates are within one year, under the optional exemption provided by ASC 606-10-50-14 revenues allocated to future shipments of partially completed contracts are not disclosed. The Company has also elected the practical expedient under ASC 340-40-25-4 to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year. Sales to international customers that are shipped from the Company’s facility outside of the United States are pursuant to EX Works, or EXW, shipping terms, meaning that control of the product transfers to the customer upon shipment from the Company’s foreign warehouse. Sales to international customers that are shipped from the Company’s facility in California are pursuant to Delivered at Frontier, or DAF, shipping terms. As such, control of 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 customers in the Americas are pursuant to Free on Board, or FOB, point of origin shipping terms meaning that control is passed to the customer upon shipment. Sales to most distributors are made under terms allowing certain price adjustments and limited rights of return (known as “stock rotation”) of the Company’s products held in their inventory or upon sale to their end customers. Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Frequently, distributors need to sell at a price lower than the standard distribution price in order to win business. At the time the distributor invoices its customer or soon thereafter, 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 the Company verifies that the claim was pre-approved, a credit memo is issued to the distributor for the ship and debit claim. In determining the transaction price, the Company considers ship and debit price adjustments to be variable consideration. Such price adjustments are estimated using the expected value method based on an analysis of actual ship and debit claims, at the distributor and product level, over a period of time considered adequate to account for current pricing and business trends. Historically, actual price adjustments for ship and debit claims relative to those estimated and included when determining the transaction price have not materially differed. Stock rotation rights grant the distributor the ability to return certain specified amounts of inventory. Stock rotation adjustments are an additional form of variable consideration and are also estimated using the expected value method based on historical return rates. Historically, distributor stock rotation adjustments have not been material. Sales to certain distributors are made under terms that do not include rights of return or price concessions after the product is shipped to the distributor. Accordingly, upon application of steps one through five above, product revenue is recognized upon shipment and transfer of control. The Company generally provides an assurance warranty that its products will substantially conform to the published specifications for twelve 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. As such, the Company does not record a specific warranty reserve or consider activities related to such warranty, if any, to be a separate performance obligation. |
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 inventories to their estimated net realizable values. |
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, Income Taxe |
Goodwill and Intangible Assets [Policy Text Block] | Goodwill and Intangible Assets Goodwill and the Company’s domain name are evaluated in accordance with ASC 350-10, Goodwill and Other Intangible Assets, In accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets |
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 a maturity date greater than three months at the date of purchase as short-term marketable securities in its consolidated balance sheet. As of December 31, 2020, and December 31, 2019, the Company’s marketable securities consisted primarily of commercial paper, corporate bonds, government securities and/or other high-quality commercial securities. |
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, the Company contributes a certain percentage of employee annual salaries on a discretionary basis, not to exceed an established threshold. The Company provided for a contribution of approximately $1.8 million, $1.4 million and $1.3 million in 2020, 2019 and 2018, respectively. |
Retirement Benefit Obligations (Pension) [Policy Text Block] | Retirement Benefit Obligations (Pension) The Company recognizes the over-funded or under-funded status of a defined benefit pension or post-retirement plan as an asset or liability in the accompanying consolidated balance sheets. Actuarial gains and losses are recorded in accumulated other comprehensive loss, a component of stockholders’ equity, and are amortized as a component of net periodic cost over the remaining estimated service period of participants. |
Foreign Currency Risk and Foreign Currency Translation [Policy Text Block] | Foreign Currency Risk and Foreign Currency Translation As of December 31, 2020, the Company’s primary transactional currency was U.S. dollars; in addition, the Company holds cash in Swiss francs and euros to fund the operations of the Company’s Swiss subsidiary. The foreign exchange rate fluctuation between the U.S. dollar versus the Swiss franc and euro is recorded in other income in the consolidated statements of income. Gains and losses arising from the remeasurement of non-functional currency balances are recorded in other income in the accompanying consolidated statements of income. The Company realized a foreign exchange transaction loss of $0.5 million, $0.3 million and $0.1 million in 2020, 2019, and 2018 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 |
Advertising [Policy Text Block] | Advertising Advertising costs are expensed as incurred and amounted to $1.2 million, $1.4 million and $1.2 million in 2020, 2019 and 2018, respectively. |
Research and Development [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. |
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, 2020. 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. |
Adoption of New Accounting Standards [Policy Text Block] | Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) , which modifies the measurement of expected credit losses on certain financial instruments. In addition, for available-for-sale debt securities, the standard eliminates the concept of other-than-temporary impairment and requires the recognition of an allowance for credit losses rather than reductions in the amortized cost of the securities. The Company adopted the new standard in the first quarter of 2020, effective January 1, 2020, using the modified-retrospective approach. For available-for-sale debt securities, the Company has made a policy election to present separately accrued interest receivable within prepaid expenses and other current assets on the consolidated balance sheet. Upon adoption, there was no impact on the Company’s consolidated financial statements. |
FAIR VALUE MEASUREMENTS (Polici
FAIR VALUE MEASUREMENTS (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company’s cash equivalents 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 commercial paper. 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. |
STOCK PLANS AND SHARE BASED C_2
STOCK PLANS AND SHARE BASED COMPENSATION (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation [Policy Text Block] | Stock-Based Compensation The Company applies the provisions of ASC 718-10, Stock Compensation |
COMPONENTS OF THE COMPANY'S C_2
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable [Table Text Block] | Accounts Receivable December 31, December 31, (In thousands) 2020 2019 Accounts receivable trade $ 66,703 $ 61,036 Accrued ship and debit (26,435) (33,475) Allowance for stock rotation and rebate (3,931) (2,524) Allowance for credit losses (427) (763) Total $ 35,910 $ 24,274 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Year Ended (In thousands) December 31, 2020 Beginning balance $ (763) Provision for credit loss expense (621) Receivables written off 198 Recoveries collected 759 Ending balance $ (427) |
Schedule of Inventory, Current [Table Text Block] | Inventories December 31, December 31, (In thousands) 2020 2019 Raw materials $ 32,131 $ 39,058 Work-in-process 39,469 25,982 Finished goods 31,278 25,340 Total $ 102,878 $ 90,380 |
Property and Equipment [Table Text Block] | Property and Equipment December 31, December 31, (In thousands) 2020 2019 Land $ 22,189 $ 21,790 Construction-in-progress 34,886 18,604 Building and improvements 64,808 55,785 Machinery and equipment 202,698 168,576 Computer software and hardware and office furniture and fixtures 55,591 52,265 380,172 317,020 Accumulated depreciation (213,984) (200,401) Total $ 166,188 $ 116,619 |
Property and Equipment Useful Lives [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 - 7 years |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive loss for the three years ended December 31, 2020: Unrealized Gains and Losses on Foreign Available-for-Sale Defined Benefit Currency (In thousands) Securities Pension Items Items Total Balance at January 1, 2018 $ (427) $ (1,237) $ (475) $ (2,139) Other comprehensive income (loss) before reclassifications 161 401 (236) 326 Amounts reclassified from accumulated other comprehensive loss — 124 (1) — 124 Other comprehensive income 161 525 (236) 450 Balance at December 31, 2018 (266) (712) (711) (1,689) Other comprehensive income (loss) before reclassifications 849 (1,839) (518) (1,508) Amounts reclassified from accumulated other comprehensive loss — 67 (1) — 67 Other comprehensive loss 849 (1,772) (518) (1,441) Balance at December 31, 2019 583 (2,484) (1,229) (3,130) Other comprehensive income (loss) before reclassifications 307 636 (183) 760 Amounts reclassified from accumulated other comprehensive loss — 207 (1) — 207 Other comprehensive income 307 843 (183) 967 Balance at December 31, 2020 $ 890 $ (1,641) $ (1,412) $ (2,163) (1) This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost for the years ended December 31, 2020, 2019 and 2018. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Marketable Securities and Investments [Table Text Block] | The fair value hierarchy of the Company’s cash equivalents and marketable securities at December 31, 2020, and 2019, was as follows: Fair Value Measurement at December 31, 2020 Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs (In thousands) Total Fair Value (Level 1) (Level 2) Corporate securities $ 146,658 $ — $ 146,658 Commercial paper 253,855 — 253,855 Money market funds 1,634 1,634 — Total $ 402,147 $ 1,634 $ 400,513 Fair Value Measurement at December 31, 2019 Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs (In thousands) Total Fair Value (Level 1) (Level 2) Corporate securities $ 232,398 $ — $ 232,398 Commercial paper 146,955 — 146,955 Money market funds 2,983 2,983 — Total $ 382,336 $ 2,983 $ 379,353 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Marketable Securities [Abstract] | |
Marketable Securities [Table Text Block] | Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2020, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Commercial paper $ 43,660 $ — $ — $ 43,660 Corporate securities 19,846 44 — 19,890 Total 63,506 44 — 63,550 Investments due in 4-12 months: Corporate securities 125,922 846 — 126,768 Total 125,922 846 — 126,768 Total marketable securities $ 189,428 $ 890 $ — $ 190,318 The Company did not have any investments due in twelve months or greater as of December 31, 2020. Accrued interest receivable was $0.8 million at December 31, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2019, were as follows: Amortized Gross Unrealized Estimated Fair (In thousands) Cost Gains Losses Market Value Investments due in 3 months or less: Corporate securities $ 15,934 $ 18 $ — $ 15,952 Total 15,934 18 — 15,952 Investments due in 4-12 months: Corporate securities 71,223 269 — 71,492 Total 71,223 269 — 71,492 Investments due in 12 months or greater: Corporate securities 144,658 302 (6) 144,954 Total 144,658 302 (6) 144,954 Total marketable securities $ 231,815 $ 589 $ (6) $ 232,398 |
Marketable Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less Than 12 Months 12 Months or Longer Total Estimated Gross Estimated Gross Estimated Gross Fair Market Unrealized Fair Market Unrealized Fair Market Unrealized (In thousands) Value Losses Value Losses Value Losses December 31, 2019 Corporate securities $ 13,069 $ (6) $ — $ — $ 13,069 $ (6) Total marketable securities $ 13,069 $ (6) $ — $ — $ 13,069 $ (6) |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets [Table Text Block] | December 31, 2020 December 31, 2019 Accumulated Accumulated (In thousands) Gross Amortization Net Gross Amortization Net Domain name $ 1,261 $ — $ 1,261 $ 1,261 $ — $ 1,261 Developed technology 37,960 (29,126) 8,834 37,960 (25,933) 12,027 Customer relationships 16,700 (15,687) 1,013 20,030 (18,098) 1,932 Technology licenses 1,926 (528) 1,398 1,926 (281) 1,645 Total intangible assets $ 57,847 $ (45,341) $ 12,506 $ 61,177 $ (44,312) $ 16,865 |
Schedule of expected amortization expense [Table Text Block] | The estimated future amortization expense related to definite-lived intangible assets at December 31, 2020, is as follows: Estimated Amortization Fiscal Year (In thousands) 2021 $ 3,494 2022 2,415 2023 2,173 2024 1,279 2025 832 Thereafter 1,052 Total $ 11,245 |
STOCK PLANS AND SHARE BASED C_3
STOCK PLANS AND SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Cost of revenues $ 1,963 $ 1,237 $ 1,097 Research and development 10,378 8,423 7,688 Sales and marketing 6,290 5,015 4,729 General and administrative 12,281 8,672 8,066 Total stock-based compensation expense $ 30,912 $ 23,347 $ 21,580 |
Share-based Payment Arrangement, Nonvested Award, Cost [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, 2020: Unrecognized Compensation Weighted Average Expense for Unvested Remaining Recognition Awards Period (In thousands) (In years) Long-term performance-based awards $ 5,810 1.64 Restricted stock units 34,654 2.62 Purchase plan 202 0.08 Total unrecognized compensation expense $ 40,666 |
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, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Risk-free interest rates 0.90 % 2.28 % 1.94 % Expected volatility rates 47 % 37 % 31 % Expected dividend yield 0.78 % 0.91 % 0.89 % Expected term of purchase rights (in years) 0.50 0.50 0.50 Weighted-average estimated fair value of purchase rights $ 15.73 $ 19.39 $ 17.33 |
Summary of option activity under the Plans [Table Text Block] | A summary of stock options outstanding as of December 31, 2020, and activity during three years then ended, is presented below: Weighted- Average Weighted- Remaining Average Contractual Aggregate Shares Exercise Term Intrinsic Value (In thousands) Price (In years) (In thousands) Outstanding at January 1, 2018 1,022 $ 14.52 Granted — — Exercised (352) $ 11.30 Forfeited or expired — — Outstanding at December 31, 2018 670 $ 16.21 Granted — — Exercised (335) $ 12.98 Forfeited or expired — — Outstanding at December 31, 2019 335 $ 19.44 Granted — — Exercised (243) $ 18.99 Forfeited or expired — — Outstanding at December 31, 2020 92 $ 20.63 1.05 $ 5,643 Vested and Exercisable at December 31, 2020 92 1.05 $ 5,643 |
Summary of stock options outstanding by exercise price range [Table Text Block] | The following table summarizes the stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average (shares in thousands) Options Contractual Term Exercise Options Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $18.48 - $19.75 28 0.38 $ 18.77 28 $ 18.77 $21.44 - $21.44 64 1.35 $ 21.44 64 $ 21.44 92 1.05 $ 20.63 92 $ 20.63 |
Summary of restricted stock units outstanding [Table Text Block] | A summary of RSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted-Average Aggregate Weighted-Average Remaining Intrinsic Shares Grant Date Fair Contractual Term Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 1,896 $ 27.76 Granted 550 $ 31.43 Vested (592) $ 26.89 Forfeited (64) $ 29.72 Outstanding at December 31, 2018 1,790 $ 29.10 Granted 582 $ 34.90 Vested (603) $ 28.10 Forfeited (50) $ 31.72 Outstanding at December 31, 2019 1,719 $ 31.33 Granted 439 $ 44.82 Vested (599) $ 30.25 Forfeited (41) $ 36.77 Outstanding at December 31, 2020 1,518 $ 35.51 1.42 $ 124,239 Outstanding and expected to vest at December 31, 2020 1,423 1.36 $ 116,475 |
Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of performance-based awards outstanding [Table Text Block] | A summary of PSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted- Weighted- Average Average Remaining Aggregate Shares Grant Date Fair Contractual Term Intrinsic Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 158 $ 32.00 Granted 178 $ 31.44 Vested (158) $ 32.00 Forfeited or canceled (126) $ 31.44 Outstanding at December 31, 2018 52 $ 31.44 Granted 185 $ 35.06 Vested (52) $ 31.44 Forfeited or canceled (64) $ 35.06 Outstanding at December 31, 2019 121 $ 35.06 Granted 150 $ 46.31 Vested (121) $ 35.06 Forfeited or canceled — — Outstanding at December 31, 2020 150 $ 46.27 — $ 12,219 Outstanding and expected to vest at December 31, 2020 150 — $ 12,219 |
Long-Term Performance-based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of performance-based awards outstanding [Table Text Block] | A summary of PRSU awards outstanding as of December 31, 2020, and activity during the three years then ended, is presented below: Weighted-Average Aggregate Weighted-Average Remaining Intrinsic Shares Grant Date Fair Contractual Term Value (In thousands) Value Per Share (In years) (In thousands) Outstanding at January 1, 2018 368 $ 26.40 Granted 144 $ 29.95 Vested (76) $ 26.23 Forfeited or canceled (10) $ 21.63 Outstanding at December 31, 2018 426 $ 27.74 Granted 144 $ 34.09 Vested (140) $ 21.63 Forfeited or canceled (143) $ 31.50 Outstanding at December 31, 2019 287 $ 32.03 Granted 152 $ 49.67 Vested — — Forfeited or canceled (138) $ 29.95 Outstanding at December 31, 2020 301 $ 41.90 1.51 $ 24,637 Outstanding and expected to vest at December 31, 2020 272 1.54 $ 22,279 |
SIGNIFICANT CUSTOMERS AND GEO_2
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Concentration Risk [Line Items] | |
Geographic net revenues | Year Ended December 31, (In thousands) 2020 2019 2018 United States of America $ 11,065 $ 10,662 $ 15,315 Hong Kong/China 306,938 237,341 218,752 Taiwan 21,650 36,297 43,081 Korea 40,059 30,395 33,877 Western Europe (excluding Germany) 33,564 36,025 49,834 Japan 17,453 15,496 19,897 Germany 23,242 20,197 14,403 Other 34,347 34,256 20,796 Total net revenues $ 488,318 $ 420,669 $ 415,955 |
Revenue from Contract with Customer Benchmark [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk [Table Text Block] | Year Ended December 31, Customer 2020 2019 2018 Avnet 19 % 11 % 14 % Honestar Technologies Co., Ltd. 11 % * * ________________________ *Total customer revenue was less than 10% of net revenues. |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk [Table Text Block] | The following customers represented 10% or more of accounts receivable: December 31, December 31, Customer 2020 2019 Powertech Distribution Ltd. 10 % 10 % Avnet 50 % * ________________________ |
COMMON STOCK REPURCHASES AND _2
COMMON STOCK REPURCHASES AND CASH DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | The following table presents the quarterly dividends declared per share of the Company’s common stock for the periods indicated: Year Ended December 31, 2020 2019 2018 First Quarter $ 0.095 $ 0.085 $ 0.080 Second Quarter $ 0.105 $ 0.085 $ 0.080 Third Quarter $ 0.110 $ 0.085 $ 0.080 Fourth Quarter $ 0.110 $ 0.095 $ 0.080 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share calculation [Table Text Block] | Year Ended December 31, (In thousands, except per share amounts) 2020 2019 2018 Basic earnings per share: Net income $ 71,176 $ 193,468 $ 69,984 Weighted-average common shares 59,657 58,534 58,912 Basic earnings per share $ 1.19 $ 3.31 $ 1.19 Diluted earnings per share: (1) Net income $ 71,176 $ 193,468 $ 69,984 Weighted-average common shares 59,657 58,534 58,912 Effect of dilutive awards: Employee stock plans 1,188 1,098 1,382 Diluted weighted-average common shares 60,845 59,632 60,294 Diluted earnings per share $ 1.17 $ 3.24 $ 1.16 (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 in the 2020, 2019 and 2018 calculations those shares that were contingently issuable upon the satisfaction of the performance conditions as of the end of the respective periods. |
PROVISION (BENEFIT) FOR INCOM_2
PROVISION (BENEFIT) FOR INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: Year Ended December 31, (In thousands) 2020 2019 2018 U.S. operations $ (6,252) $ 82,692 $ (6,529) Foreign operations 81,503 139,722 66,293 Total income before income taxes $ 75,251 $ 222,414 $ 59,764 |
Components of provision for income taxes [Table Text Block] | The components of the provision (benefit) for income taxes are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Current provision (benefit): Federal $ 2,788 $ 18,293 $ (6,382) State (181) 184 4 Foreign 1,677 1,293 938 4,284 19,770 (5,440) Deferred provision (benefit): Federal 348 9,683 (4,593) State — — — Foreign (557) (507) (187) (209) 9,176 (4,780) Total $ 4,075 $ 28,946 $ (10,220) |
Effective income tax rate reconciliation [Table Text Block] | The provision (benefit) for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows: Year Ended December 31, 2020 2019 2018 Provision (benefit) computed at Federal statutory rate 21.0 % 21.0 % 21.0 % Business tax credits (7.4) (2.4) (9.1) Stock-based compensation (0.1) (0.2) (2.2) Foreign income taxed at different rate (22.0) (12.7) (25.0) GILTI inclusion 10.7 6.2 10.6 U.S. Tax Act - transition tax — 0.1 (16.2) Deferred tax asset and liability adjustment 0.3 — — Valuation allowance 2.6 0.8 2.8 Other 0.3 0.2 1.0 Total 5.4 % 13.0 % (17.1) % |
Components of net deferred income tax asset [Table Text Block] | The components of the net deferred income tax assets (liabilities) were as follows: December 31, (In thousands) 2020 2019 Deferred tax assets: Other reserves and accruals $ 3,707 $ 3,099 Tax credit carry-forwards 20,713 18,968 Stock compensation 1,494 1,644 Capital losses 158 157 Net operating loss 2,303 899 Other 1,023 1,000 Valuation allowance (24,160) (20,822) 5,238 4,945 Deferred tax liabilities: Depreciation (1,974) (2,273) (1,974) (2,273) Net deferred tax assets $ 3,264 $ 2,672 |
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: Unrecognized (In thousands) Tax Benefits Unrecognized Tax Benefits Balance at January 1, 2018 $ 16,683 Gross Increase for Tax Positions of Current Year 1,994 Gross Decrease for Tax Positions of Prior Years (70) Unrecognized Tax Benefits Balance at December 31, 2018 18,607 Gross Increase for Tax Positions of Current Year 1,379 Gross Decrease for Tax Positions of Prior Years (937) Unrecognized Tax Benefits Balance at December 31, 2019 19,049 Gross Increase for Tax Positions of Current Year 2,002 Gross Decrease for Tax Positions of Prior Years — Unrecognized Tax Benefits Balance at December 31, 2020 $ 21,051 |
LEASES AND COMMITMENTS (Tables)
LEASES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASES AND COMMITMENTS [Abstract] | |
Supplemental Balance Sheet Information of Operating Leases | Balance sheet information related to leases was as follows: December 31, December 31, (In thousands) Balance Sheet Classification 2020 2019 Right-of-use assets Operating lease assets Other assets $ 10,295 $ 9,521 Lease liabilities Current operating lease liabilities Other accrued liabilities $ 2,682 $ 1,954 Non-current operating lease liabilities Other liabilities 7,345 7,031 Total $ 10,027 $ 8,985 |
Lease Terms and Discount Rate [Table Text Block] | December 31, December 31, Lease term and discount rate 2020 2019 Weighted average remaining lease term 4.2 years 4.8 years Weighted average discount rate 3.3 % 3.9 % |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Supplemental cash flows information related to leases was as follow: Year Ended December 31, (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,459 $ 2,964 Right-of-use assets obtained in exchange for new operating lease obligations $ 2,947 $ 4,884 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under all non-cancelable lease agreements as of December 31, 2020, are as follows: December 31, (In thousands) 2020 2021 $ 2,964 2022 2,840 2023 2,477 2024 1,334 2025 342 Thereafter 830 Total future minimum lease payments 10,787 Less imputed interest (760) Total $ 10,027 |
SELECTED QUARTERLY INFORMATION
SELECTED QUARTERLY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended (unaudited) Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (In thousands, except per share data) 2020 2020 2020 2020 2019(1) 2019 2019 2019 Net revenues $ 150,693 $ 121,129 $ 106,832 $ 109,664 $ 114,457 $ 114,159 $ 102,865 $ 89,188 Gross profit 74,005 59,569 53,536 56,480 58,225 58,131 51,572 45,474 Net income $ 27,278 $ 14,820 $ 13,192 $ 15,886 $ 158,291 $ 17,099 $ 10,845 $ 7,233 Earnings per share (2) Basic $ 0.46 $ 0.25 $ 0.22 $ 0.27 $ 2.69 $ 0.29 $ 0.19 $ 0.13 Diluted $ 0.45 $ 0.24 $ 0.22 $ 0.27 $ 2.64 $ 0.29 $ 0.19 $ 0.13 Shares used in per share calculation (2) Basic 59,879 59,823 59,712 59,204 58,854 58,770 58,594 57,902 Diluted 61,176 60,852 60,624 60,268 60,010 59,732 59,404 58,892 (1) In October 2019, the Company entered into a favorable litigation settlement with ON Semiconductor Corporation which resulted in a $169.0 million net gain. (2) In July 2020, the Company’s board of directors approved a two -for-one stock split in the form of a stock dividend, payable on August 18, 2020, to stockholders of record as of the close of business on August 14, 2020. The Company’s stockholders received one additional share of common stock for each share of common stock held on August 14, 2020. The share and per share information for all periods presented in this Form 10-K has been adjusted for the effect of the stock split ( Refer to Note 10, Earnings Per Share , in this Form 10-K for details ) . |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Segment Reporting) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Significant Accounting Policies) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits Plan | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.8 | $ 1.4 | $ 1.3 |
Foreign Exchange Transactions | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (0.5) | (0.3) | (0.1) |
Warranty | |||
Product Warranty Period | 12 months | ||
Advertising Expense | |||
Advertising Expense | $ 1.2 | $ 1.4 | $ 1.2 |
COMPONENTS OF THE COMPANY'S C_3
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable | ||
Accounts receivable trade | $ 66,703 | $ 61,036 |
Accrued ship and debit | (26,435) | (33,475) |
Allowance for stock rotation and rebate | (3,931) | (2,524) |
Allowance for credit losses | (427) | (763) |
Total | $ 35,910 | $ 24,274 |
COMPONENTS OF THE COMPANY'S C_4
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Allowance for Estimated Credit Losses) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Allowance for estimated credit losses | |
Beginning balance | $ (763) |
Provision for credit loss expense | (621) |
Receivables written off | 198 |
Recoveries collected | 759 |
Ending balance | $ (427) |
COMPONENTS OF THE COMPANY'S C_5
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 32,131 | $ 39,058 |
Work-in-process | 39,469 | 25,982 |
Finished goods | 31,278 | 25,340 |
Total | $ 102,878 | $ 90,380 |
COMPONENTS OF THE COMPANY'S C_6
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 380,172 | $ 317,020 | |
Accumulated depreciation | (213,984) | (200,401) | |
Property, Plant and Equipment, Net | 166,188 | 116,619 | |
Depreciation | $ 23,743 | $ 19,190 | $ 18,918 |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | United States of America | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 167,000 | $ 160,700 | $ 167,600 |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | THAILAND | |||
Property, Plant and Equipment [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 14.00% | 12.00% |
Property and Equipment [Member] | Geographic Concentration Risk [Member] | MALAYSIA | |||
Property, Plant and Equipment [Line Items] | |||
Concentration Risk, Percentage | 14.00% | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 22,189 | $ 21,790 | |
Construction-in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 34,886 | 18,604 | |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 64,808 | 55,785 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 202,698 | 168,576 | |
Computer software and hardware and office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 55,591 | $ 52,265 | |
Minimum [Member] | Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 4 years | 4 years | 4 years |
Minimum [Member] | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 2 years | 2 years | 2 years |
Minimum [Member] | Computer software and hardware and office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 4 years | 4 years | 4 years |
Maximum [Member] | Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 40 years | 40 years | 40 years |
Maximum [Member] | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 8 years | 8 years | 8 years |
Maximum [Member] | Computer software and hardware and office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 7 years | 7 years | 7 years |
COMPONENTS OF THE COMPANY'S C_7
COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (2,163) | $ (3,130) | $ (1,689) | $ (2,139) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 760 | (1,508) | 326 | |
Amounts reclassified from accumulated other comprehensive loss | 207 | 67 | 124 | |
Other Comprehensive Income (Loss), Net of Tax | 967 | (1,441) | 450 | |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 890 | 583 | (266) | (427) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 307 | 849 | 161 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 307 | 849 | 161 | |
Defined Benefit Pension Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (1,641) | (2,484) | (712) | (1,237) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 636 | (1,839) | 401 | |
Amounts reclassified from accumulated other comprehensive loss | 207 | 67 | 124 | |
Other Comprehensive Income (Loss), Net of Tax | 843 | (1,772) | 525 | |
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (1,412) | (1,229) | (711) | $ (475) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (183) | (518) | (236) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | $ (183) | $ (518) | $ (236) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments as Fair Value | $ 402,147 | $ 382,336 |
Transfer from level 1 to 2 | 0 | 0 |
Transfer from level 2 to 1 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments as Fair Value | 1,634 | 2,983 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments as Fair Value | 400,513 | 379,353 |
Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 146,658 | 232,398 |
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 0 | 0 |
Corporate securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 146,658 | 232,398 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 253,855 | 146,955 |
Commercial paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 0 | 0 |
Commercial paper | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 253,855 | 146,955 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 1,634 | 2,983 |
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 1,634 | 2,983 |
Money market funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | $ 0 | $ 0 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 189,428 | $ 231,815 |
Gross Unrealized Gains | 890 | 589 |
Gross Unrealized Losses | 0 | (6) |
Estimated Fair Market Value | $ 190,318 | $ 232,398 |
Weighted Average Interest Rate on Investments | 0.89% | 2.17% |
Interest receivable | $ 800 | $ 1,300 |
Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 63,506 | 15,934 |
Gross Unrealized Gains | 44 | 18 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 63,550 | 15,952 |
Investments due in 4-12 months: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 125,922 | 71,223 |
Gross Unrealized Gains | 846 | 269 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 126,768 | 71,492 |
Investments due in 12 months or greater: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,658 | |
Gross Unrealized Gains | 302 | |
Gross Unrealized Losses | (6) | |
Estimated Fair Market Value | 144,954 | |
Commercial paper | Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43,660 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Market Value | 43,660 | |
Corporate securities | Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,846 | 15,934 |
Gross Unrealized Gains | 44 | 18 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 19,890 | 15,952 |
Corporate securities | Investments due in 4-12 months: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 125,922 | 71,223 |
Gross Unrealized Gains | 846 | 269 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | $ 126,768 | 71,492 |
Corporate securities | Investments due in 12 months or greater: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,658 | |
Gross Unrealized Gains | 302 | |
Gross Unrealized Losses | (6) | |
Estimated Fair Market Value | $ 144,954 |
MARKETABLE SECURITIES (Marketab
MARKETABLE SECURITIES (Marketable Securities Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 13,069 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 13,069 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 0 | (6) |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13,069 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 13,069 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ (6) |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Abstract] | ||
Goodwill | $ 91,849 | $ 91,849 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets and Goodwill [Line Items] | |||
Amortization of intangibles | $ 4,359 | $ 5,213 | $ 5,267 |
Intangible Assets, Net[Abstract] | |||
Total intangible assets, Gross | 57,847 | 61,177 | |
Accumulated amortization | (45,341) | (44,312) | |
Total Finite Lived Intangible Assets, Net | 11,245 | ||
Total Intangible Assets, Net | $ 12,506 | 16,865 | |
Minimum [Member] | |||
Intangible Assets and Goodwill [Line Items] | |||
Useful life (in years) | 2 years | ||
Maximum [Member] | |||
Intangible Assets and Goodwill [Line Items] | |||
Useful life (in years) | 12 years | ||
Developed technology | |||
Intangible Assets, Net[Abstract] | |||
Finite-Lived Intangible Assets, Gross | $ 37,960 | 37,960 | |
Accumulated amortization | (29,126) | (25,933) | |
Total Finite Lived Intangible Assets, Net | 8,834 | 12,027 | |
Customer relationships [Member] | |||
Intangible Assets, Net[Abstract] | |||
Finite-Lived Intangible Assets, Gross | 16,700 | 20,030 | |
Accumulated amortization | (15,687) | (18,098) | |
Total Finite Lived Intangible Assets, Net | 1,013 | 1,932 | |
Technology licenses [Member] | |||
Intangible Assets, Net[Abstract] | |||
Finite-Lived Intangible Assets, Gross | 1,926 | 1,926 | |
Accumulated amortization | (528) | (281) | |
Total Finite Lived Intangible Assets, Net | 1,398 | 1,645 | |
Domain name | |||
Intangible Assets, Net[Abstract] | |||
Indefinite-lived intangible assets | 1,261 | 1,261 | |
Accumulated amortization | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Intangible Assets Amortization Expense) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
2021 | $ 3,494 |
2022 | 2,415 |
2023 | 2,173 |
2024 | 1,279 |
2025 | 832 |
Thereafter | 1,052 |
Total Finite Lived Intangible Assets, Net | $ 11,245 |
STOCK PLANS AND SHARE BASED C_4
STOCK PLANS AND SHARE BASED COMPENSATION (Details) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)periodplanshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | plan | 3 | ||
Number of shares available for future issuance | 3.4 | ||
Stock-based compensation expense | $ | $ 30,912 | $ 23,347 | $ 21,580 |
2016 Incentive Award Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2.8 | ||
Incentive Stock Options [Member] | 2007 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price of stock options as percentage of fair market value on date of grant, minimum | 100.00% | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 4 years | ||
Stock-based compensation expense | $ | $ 18,700 | 17,500 | 16,600 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 periods in each offering period | period | 1 | ||
Duration of each purchase period in each offering period | 6 months | ||
Shares reserved for issuance | 7 | ||
Number of shares purchased | 6.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0.4 | ||
Stock-based compensation expense | $ | $ 2,000 | $ 1,700 | $ 1,600 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 4 years | ||
Stock Options [Member] | 2007 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vesting period | 48 months | ||
Stock Options [Member] | 2007 Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expiration period | 10 years |
STOCK PLANS AND SHARE BASED C_5
STOCK PLANS AND SHARE BASED COMPENSATION (Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Stock-based compensation expense | $ 30,912 | $ 23,347 | $ 21,580 |
Unrecognized compensation costs | 40,666 | ||
Cost of revenues [Member] | |||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Stock-based compensation expense | 1,963 | 1,237 | 1,097 |
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 | 10,378 | 8,423 | 7,688 |
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 | 6,290 | 5,015 | 4,729 |
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 | $ 12,281 | 8,672 | 8,066 |
Stock Options [Member] | |||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Awards vesting period | 4 years | ||
Performance Based Awards, Long-term and Short-term [Member] | |||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Stock-based compensation expense | $ 10,200 | 4,100 | 3,400 |
Long-Term Performance-based Awards [Member] | |||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Performance based period | 3 years | ||
Unrecognized compensation costs | $ 5,810 | ||
Unrecognized compensation costs, period of recognition (in years) | 1 year 7 months 20 days | ||
Number of performance-based awards shares released as a percentage of target number, minimum | 0.00% | ||
Number of performance-based awards shares released as a percentage of target number, maximum | 200.00% | ||
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 | $ 18,700 | 17,500 | 16,600 |
Unrecognized compensation costs | $ 34,654 | ||
Unrecognized compensation costs, period of recognition (in years) | 2 years 7 months 13 days | ||
Employee Stock [Member] | |||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | |||
Stock-based compensation expense | $ 2,000 | $ 1,700 | $ 1,600 |
Unrecognized compensation costs | $ 202 | ||
Unrecognized compensation costs, period of recognition (in years) | 29 days |
STOCK PLANS AND SHARE BASED C_6
STOCK PLANS AND SHARE BASED COMPENSATION (Fair Value Assumptions) (Details) - Employee Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rates | 0.90% | 2.28% | 1.94% |
Expected volatility rates | 47.00% | 37.00% | 31.00% |
Expected dividend yield | 0.78% | 0.91% | 0.89% |
Expected term of purchase rights (in years) | 6 months | 6 months | 6 months |
Weighted-average estimated fair value of purchase rights | $ 15.73 | $ 19.39 | $ 17.33 |
STOCK PLANS AND SHARE BASED C_7
STOCK PLANS AND SHARE BASED COMPENSATION (Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Option activity under the Plans | |||
Outstanding, shares, beginning of period | 335 | 670 | 1,022 |
Outstanding, weighted-average exercise price, beginning of period (per share) | $ 19.44 | $ 16.21 | $ 14.52 |
Granted, shares | 0 | 0 | 0 |
Granted, weighted-average exercise price (per share) | $ 0 | $ 0 | $ 0 |
Exercised, shares | (243) | (335) | (352) |
Exercised, weighted-average exercise price (per share) | $ 18.99 | $ 12.98 | $ 11.30 |
Forfeited or expired, shares | 0 | 0 | 0 |
Forfeited or expired, weighted-average exercise price (per share) | $ 0 | $ 0 | $ 0 |
Outstanding, shares, end of period | 92 | 335 | 670 |
Outstanding, weighted-average exercise price, end of period (per share) | $ 20.63 | $ 19.44 | $ 16.21 |
Outstanding, weighted-average remaining contractual term (in years) | 1 year 18 days | ||
Outstanding, aggregate intrinsic value | $ 5,643 | ||
Vested and Exercisable, shares | 92 | ||
Exercisable, weighted-average remaining contractual term (in years) | 1 year 18 days | ||
Exercisable, aggregate intrinsic value | $ 5,643 | ||
Total intrinsic value of options exercised | $ 9,100 | $ 8,300 | $ 7,500 |
STOCK PLANS AND SHARE BASED C_8
STOCK PLANS AND SHARE BASED COMPENSATION (Options by Exercise Price Range) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 92 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 18 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $ 20.63 |
Options Vested and Exercisable, Number Vested | shares | 92 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $ 20.63 |
$18.48 - $19.75 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Exercise Price Range, Lower Range Limit | 18.48 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 19.75 |
Options Outstanding, Number Outstanding | shares | 28 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 months 17 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $ 18.77 |
Options Vested and Exercisable, Number Vested | shares | 28 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $ 18.77 |
$21.44 - $21.44 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Exercise Price Range, Lower Range Limit | 21.44 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 21.44 |
Options Outstanding, Number Outstanding | shares | 64 |
Options Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 4 months 6 days |
Options Outstanding, Weighted Average Exercise Price (per share) | $ 21.44 |
Options Vested and Exercisable, Number Vested | shares | 64 |
Options Vested and Exercisable, Weighted Average Exercise Price (per share) | $ 21.44 |
STOCK PLANS AND SHARE BASED C_9
STOCK PLANS AND SHARE BASED COMPENSATION (Performance-based Awards and Restricted Stock Units) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of performance-based awards shares released as a percentage of target number, minimum | 0.00% | |||
Number of performance-based awards shares released as a percentage of target number, maximum | 200.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ||||
Outstanding, shares | 150 | 121 | 52 | 158 |
Granted, shares | 150 | 185 | 178 | |
Vested, shares | (121) | (52) | (158) | |
Forfeited or expired, shares | 0 | (64) | (126) | |
Outstanding, weighted-average grant date fair value per share, beginning of period | $ 35.06 | $ 31.44 | $ 32 | |
Granted, weighted-average grant date fair value per share | 46.31 | 35.06 | 31.44 | |
Vested, weighted-average grant date fair value per share | 35.06 | 31.44 | 32 | |
Forfeited or expired, weighted-average grant date fair value per share | 0 | 35.06 | 31.44 | |
Outstanding, weighted-average grant date fair value per share, end of period | $ 46.27 | $ 35.06 | $ 31.44 | |
Outstanding, weighted-average remaining contractual term (in years) | 0 years | |||
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Outstanding, Aggregate Intrinsic Value | $ 12,219 | |||
Outstanding and expected to vest, shares | 150 | |||
Outstanding and expected to vest, weighted-average remaining contractual term (in years) | 0 years | |||
Outstanding and expected to vest, aggregate intrinsic value | $ 12,219 | |||
Grant date fair value of awards released | $ 4,200 | $ 1,600 | $ 5,100 | |
Long-Term Performance-based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of performance-based awards shares released as a percentage of target number, minimum | 0.00% | |||
Number of performance-based awards shares released as a percentage of target number, maximum | 200.00% | |||
Performance based period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ||||
Outstanding, shares | 301 | 287 | 426 | 368 |
Granted, shares | 152 | 144 | 144 | |
Vested, shares | 0 | (140) | (76) | |
Forfeited or expired, shares | (138) | (143) | (10) | |
Outstanding, weighted-average grant date fair value per share, beginning of period | $ 32.03 | $ 27.74 | $ 26.40 | |
Granted, weighted-average grant date fair value per share | 49.67 | 34.09 | 29.95 | |
Vested, weighted-average grant date fair value per share | 0 | 21.63 | 26.23 | |
Forfeited or expired, weighted-average grant date fair value per share | 29.95 | 31.50 | 21.63 | |
Outstanding, weighted-average grant date fair value per share, end of period | $ 41.90 | $ 32.03 | $ 27.74 | |
Outstanding, weighted-average remaining contractual term (in years) | 1 year 6 months 3 days | |||
Outstanding, aggregate intrinsic value | $ 24,637 | |||
Outstanding and expected to vest, shares | 272 | |||
Outstanding and expected to vest, weighted-average remaining contractual term (in years) | 1 year 6 months 14 days | |||
Outstanding and expected to vest, aggregate intrinsic value | $ 22,279 | |||
Grant date fair value of awards released | $ 3,000 | $ 2,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ||||
Outstanding, shares | 1,518 | 1,719 | 1,790 | 1,896 |
Granted, shares | 439 | 582 | 550 | |
Vested, shares | (599) | (603) | (592) | |
Forfeited or expired, shares | (41) | (50) | (64) | |
Outstanding, weighted-average grant date fair value per share, beginning of period | $ 31.33 | $ 29.10 | $ 27.76 | |
Granted, weighted-average grant date fair value per share | 44.82 | 34.90 | 31.43 | |
Vested, weighted-average grant date fair value per share | 30.25 | 28.10 | 26.89 | |
Forfeited or expired, weighted-average grant date fair value per share | 36.77 | 31.72 | 29.72 | |
Outstanding, weighted-average grant date fair value per share, end of period | $ 35.51 | $ 31.33 | $ 29.10 | |
Outstanding, weighted-average remaining contractual term (in years) | 1 year 5 months 1 day | |||
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Outstanding, Aggregate Intrinsic Value | $ 124,239 | |||
Outstanding and expected to vest, shares | 1,423 | |||
Outstanding and expected to vest, weighted-average remaining contractual term (in years) | 1 year 4 months 9 days | |||
Outstanding and expected to vest, aggregate intrinsic value | $ 116,475 | |||
Grant date fair value of awards released | $ 18,100 | $ 16,900 | $ 15,900 | |
$18.48 - $19.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Exercise Price Range, Lower Range Limit | $ 18.48 | |||
Options Outstanding, Exercise Price Range, Upper Range Limit | 19.75 | |||
$21.44 - $21.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Exercise Price Range, Lower Range Limit | 21.44 | |||
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 21.44 |
SIGNIFICANT CUSTOMERS AND GEO_3
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Customer and Credit Risk Concentration) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | Dec. 31, 2018USD ($)customer | |
Concentration Risk [Line Items] | |||||||||||
Revenues | $ | $ 150,693 | $ 121,129 | $ 106,832 | $ 109,664 | $ 114,457 | $ 114,159 | $ 102,865 | $ 89,188 | $ 488,318 | $ 420,669 | $ 415,955 |
Distributors [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ | $ 367,700 | $ 304,600 | $ 313,900 | ||||||||
Credit Concentration Risk | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk percentage benchmark for total accounts receivable | 10.00% | 10.00% | 10.00% | 10.00% | |||||||
Number of major customers | customer | 10 | 10 | |||||||||
Concentration Risk, Percentage | 90.00% | 63.00% | |||||||||
Credit Concentration Risk | Accounts Receivable [Member] | Powertech Distribution Ltd. | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||||||||
Credit Concentration Risk | Accounts Receivable [Member] | Avnet | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 50.00% | ||||||||||
Customer Concentration Risk | Revenue from Contract with Customer Benchmark [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of major customers | customer | 10 | 10 | 10 | ||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Concentration risk percentage of net revenue | 62.00% | 54.00% | 56.00% | ||||||||
Customer Concentration Risk | Revenue from Contract with Customer Benchmark [Member] | Avnet | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk percentage of net revenue | 19.00% | 11.00% | 14.00% | ||||||||
Customer Concentration Risk | Revenue from Contract with Customer Benchmark [Member] | Honestar Technologies Co., Ltd. [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk percentage of net revenue | 11.00% |
SIGNIFICANT CUSTOMERS AND GEO_4
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Geographic Net Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | $ 150,693 | $ 121,129 | $ 106,832 | $ 109,664 | $ 114,457 | $ 114,159 | $ 102,865 | $ 89,188 | $ 488,318 | $ 420,669 | $ 415,955 |
United States of America | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 11,065 | 10,662 | 15,315 | ||||||||
Hong Kong/China | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 306,938 | 237,341 | 218,752 | ||||||||
Taiwan | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 21,650 | 36,297 | 43,081 | ||||||||
Korea | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 40,059 | 30,395 | 33,877 | ||||||||
Western Europe (excluding Germany) | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 33,564 | 36,025 | 49,834 | ||||||||
Japan | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 17,453 | 15,496 | 19,897 | ||||||||
Germany | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | 23,242 | 20,197 | 14,403 | ||||||||
Other | |||||||||||
Schedule of Revenues by Geography [Line Items] | |||||||||||
Revenues | $ 34,347 | $ 34,256 | $ 20,796 |
COMMON STOCK REPURCHASES AND _3
COMMON STOCK REPURCHASES AND CASH DIVIDENDS (Common Stock Repurchases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Stock Repurchased and Retired During Period, Value | $ 2,636 | $ 7,302 | $ 103,154 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 110,000 | ||
Stock Repurchased and Retired During Period, Shares | 63,000 | 242,000 | 3,144,000 |
Stock Repurchased and Retired During Period, Value | $ 2,600 | $ 7,300 | $ 103,200 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 41,300 |
COMMON STOCK REPURCHASES AND _4
COMMON STOCK REPURCHASES AND CASH DIVIDENDS (Cash Dividends) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2021item$ / shares | Jul. 31, 2020item$ / shares | Apr. 30, 2020USD ($)$ / shares | Oct. 31, 2019item$ / shares | Jan. 31, 2019item$ / shares | Jan. 31, 2018$ / shares | Dec. 31, 2020$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Dividends Declared and Paid [Line Items] | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.095 | $ 0.085 | $ 0.080 | $ 0.110 | $ 0.110 | $ 0.105 | $ 0.095 | $ 0.095 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.080 | $ 0.080 | $ 0.080 | $ 0.080 | ||||||
Payments of Dividends | $ | $ 25,081,000 | $ 20,506,000 | $ 18,823,000 | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared, Current Fiscal Year, Each Quarter | $ 0.095 | ||||||||||||||||||||
Common Stock, Dividends, Number of Distributions Declared | 2 | 3 | 5 | 4 | |||||||||||||||||
Additional Common Stock, Dividends, Per Share, Declared, Current Fiscal Year, Fourth Quarter | $ 0.01 | ||||||||||||||||||||
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Fourth Quarter | $ 0.11 | $ 0.085 | |||||||||||||||||||
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Second Quarter | $ 0.105 | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Dividends Declared and Paid [Line Items] | |||||||||||||||||||||
Common Stock, Dividends, Number of Distributions Declared | item | 4 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared, Next Fiscal Year, Each Quarter | $ 0.13 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared, Cash Dividend Again Next Fiscal Year | $ 0.02 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Basic earnings per share: | ||||||||||||
Net income | $ | $ 27,278 | $ 14,820 | $ 13,192 | $ 15,886 | $ 158,291 | $ 17,099 | $ 10,845 | $ 7,233 | $ 71,176 | $ 193,468 | $ 69,984 | |
Weighted-average common shares | 59,879,000 | 59,823,000 | 59,712,000 | 59,204,000 | 58,854,000 | 58,770,000 | 58,594,000 | 57,902,000 | 59,657,000 | 58,534,000 | 58,912,000 | |
Basic earnings per share | $ / shares | $ 0.46 | $ 0.25 | $ 0.22 | $ 0.27 | $ 2.69 | $ 0.29 | $ 0.19 | $ 0.13 | $ 1.19 | $ 3.31 | $ 1.19 | |
Diluted earnings per share: | ||||||||||||
Net income | $ | $ 27,278 | $ 14,820 | $ 13,192 | $ 15,886 | $ 158,291 | $ 17,099 | $ 10,845 | $ 7,233 | $ 71,176 | $ 193,468 | $ 69,984 | |
Weighted-average common shares | 59,879,000 | 59,823,000 | 59,712,000 | 59,204,000 | 58,854,000 | 58,770,000 | 58,594,000 | 57,902,000 | 59,657,000 | 58,534,000 | 58,912,000 | |
Effect of dilutive awards: | ||||||||||||
Employee stock plans | 1,188,000 | 1,098,000 | 1,382,000 | |||||||||
Diluted weighted average common shares | 61,176,000 | 60,852,000 | 60,624,000 | 60,268,000 | 60,010,000 | 59,732,000 | 59,404,000 | 58,892,000 | 60,845,000 | 59,632,000 | 60,294,000 | |
Diluted earnings per share | $ / shares | $ 0.45 | $ 0.24 | $ 0.22 | $ 0.27 | $ 2.64 | $ 0.29 | $ 0.19 | $ 0.13 | $ 1.17 | $ 3.24 | $ 1.16 | |
Stock split ratio | 2 | |||||||||||
Antidilutive shares attributable to stock-based awards outstanding excluded from computation of diluted earnings per share | 0 | 0 | 0 |
PROVISION (BENEFIT) FOR INCOM_3
PROVISION (BENEFIT) FOR INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Benefit Related To Impact of Tax Cuts And Jobs Act | $ 9,700 | ||
U.S. and foreign components of income before income taxes [Abstract] | |||
U.S. operations | $ (6,252) | $ 82,692 | (6,529) |
Foreign operations | 81,503 | 139,722 | 66,293 |
INCOME BEFORE INCOME TAXES | 75,251 | 222,414 | 59,764 |
Current provision (benefit): | |||
Federal | 2,788 | 18,293 | (6,382) |
State | (181) | 184 | 4 |
Foreign | 1,677 | 1,293 | 938 |
Current provision (benefit) | 4,284 | 19,770 | (5,440) |
Deferred provision (benefit): | |||
Federal | 348 | 9,683 | (4,593) |
State | 0 | 0 | 0 |
Foreign | (557) | (507) | (187) |
Deferred provision (benefit) | (209) | 9,176 | (4,780) |
Income tax provision (benefit), Total | $ 4,075 | $ 28,946 | $ (10,220) |
Effective income tax rate reconciliation [Abstract] | |||
Provision (benefit) computed at Federal statutory rate | 21.00% | 21.00% | 21.00% |
Business tax credits | (7.40%) | (2.40%) | (9.10%) |
Stock-based compensation | (0.10%) | (0.20%) | (2.20%) |
Foreign income taxed at different rate | (22.00%) | (12.70%) | (25.00%) |
GILTI inclusion | 10.70% | 6.20% | 10.60% |
U.S. Tax Act - transition tax | 0.00% | 0.10% | (16.20%) |
Deferred tax asset and liability adjustment | 0.30% | 0.00% | 0.00% |
Valuation allowance | 2.60% | 0.80% | 2.80% |
Other | 0.30% | 0.20% | 1.00% |
Total | 5.40% | 13.00% | (17.10%) |
Components of deferred income tax asset [Abstract] | |||
Other reserves and accruals | $ 3,707 | $ 3,099 | |
Tax credit carry-forwards | 20,713 | 18,968 | |
Stock compensation | 1,494 | 1,644 | |
Capital losses | 158 | 157 | |
Net operating loss | 2,303 | 899 | |
Other | 1,023 | 1,000 | |
Valuation allowance | (24,160) | (20,822) | |
Deferred tax assets, net of valuation allowance | 5,238 | 4,945 | |
Depreciation | (1,974) | (2,273) | |
Deferred tax liabilities | (1,974) | (2,273) | |
Net deferred tax assets | 3,264 | 2,672 | |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Balance at beginning of period | 19,049 | 18,607 | $ 16,683 |
Gross Increase for Tax Positions of Current Year | 2,002 | 1,379 | 1,994 |
Gross Decrease for Tax Positions of Prior Years | 0 | (937) | (70) |
Unrecognized Tax Benefits, Balance at end of period | 21,051 | 19,049 | 18,607 |
Unrecognized tax benefits [Abstract] | |||
Unrecognized Tax Benefits, Balance at end of period | 21,051 | 19,049 | $ 18,607 |
Income tax benefit that would be recorded if unrecognized tax benefits are recognized | 11,100 | ||
Income tax interest and penalties accrued | 100 | $ 100 | |
State and Local Jurisdiction [Member] | California Taxing Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 44,700 | ||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | California Taxing Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward, amount | 30,200 | ||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward, amount | 700 | ||
Research Tax Credit Carryforward [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward, amount | $ 3,400 | ||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | California Taxing Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2032 | ||
Earliest Tax Year [Member] | Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2026 | ||
Earliest Tax Year [Member] | Research Tax Credit Carryforward [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2030 |
LEASES AND COMMITMENTS (Leases
LEASES AND COMMITMENTS (Leases Expense and Balance Sheet Information of Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating Lease, Expense | $ 2,700 | $ 2,500 | $ 2,200 |
Operating Lease, Right-of-Use Asset | $ 10,295 | $ 9,521 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | |
Operating Lease, Liability, Current | $ 2,682 | $ 1,954 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentLiabilitiesMember | us-gaap:OtherCurrentLiabilitiesMember | |
Operating Lease, Liability, Noncurrent | $ 7,345 | $ 7,031 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember | us-gaap:OtherLiabilitiesMember | |
Operating Lease, Liability | $ 10,027 | $ 8,985 |
LEASES AND COMMITMENTS Lease Te
LEASES AND COMMITMENTS Lease Terms and Discount Rate (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Terms and Discount Rate [Line Items] | ||
Lessee, Operating Lease, Option Extension Term, Maximum | 6 years | |
Lessee, Operating Lease, Option To Terminate, Minimum Term | 1 year | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 2 months 12 days | 4 years 9 months 18 days |
Lessee, Operating Lease, Discount Rate | 3.30% | 3.90% |
Minimum [Member] | ||
Lease Terms and Discount Rate [Line Items] | ||
Lessee Operating Lease Remaining Lease Term Range | 1 year | |
Maximum [Member] | ||
Lease Terms and Discount Rate [Line Items] | ||
Lessee Operating Lease Remaining Lease Term Range | 8 years |
LEASES AND COMMITMENTS Suppleme
LEASES AND COMMITMENTS Supplemental Cash Flows Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 2,459 | $ 2,964 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 2,947 | $ 4,884 |
LEASES AND COMMITMENTS Maturiti
LEASES AND COMMITMENTS Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 2,964 | |
2022 | 2,840 | |
2023 | 2,477 | |
2024 | 1,334 | |
2025 | 342 | |
Thereafter | 830 | |
Total future minimum lease payments | 10,787 | |
Less imputed interest | 760 | |
Total | $ 10,027 | $ 8,985 |
LEASES AND COMMITMENTS Commitme
LEASES AND COMMITMENTS Commitments (Details) | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligation | $ 0 |
LEGAL PROCEEDINGS AND CONTING_2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Pending Litigation [Member] $ in Millions | Jan. 06, 2020patent | Apr. 01, 2016patent | Feb. 28, 2019USD ($) | Dec. 31, 2020USD ($) |
Patent Infringement Claim One [Member] | ||||
Gain and Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ | $ 6.7 | $ 1.2 | ||
Loss Contingency, Patents Allegedly Infringed, Number | 1 | |||
Patent Infringement Claim Two [Member] | ||||
Gain and Loss Contingencies [Line Items] | ||||
Gain Contingency, Patents Allegedly Infringed upon, Number | 2 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation | $ 6.9 | $ 6.6 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 9.7 | 8.2 | |
Business Acquisition, Purchase Price Allocation, Projected Benefit Obligation (Asset), Net of Plan Assets Acquired | 16.6 | 14.8 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 0.4 | ||
Defined Benefit Pension Items | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 1.6 | $ 2.5 | $ 0.7 |
BANK LINE OF CREDIT (Details)
BANK LINE OF CREDIT (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jul. 27, 2016 |
Line of Credit Facility [Line Items] | ||
Credit Agreement, maximum borrowing capacity | $ 75 | |
Line of credit, amount outstanding | $ 0 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Agreement, maximum borrowing capacity | $ 20 |
SELECTED QUARTERLY INFORMATIO_2
SELECTED QUARTERLY INFORMATION (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 150,693 | $ 121,129 | $ 106,832 | $ 109,664 | $ 114,457 | $ 114,159 | $ 102,865 | $ 89,188 | $ 488,318 | $ 420,669 | $ 415,955 | |
Gross Profit | 74,005 | 59,569 | 53,536 | 56,480 | 58,225 | 58,131 | 51,572 | 45,474 | 243,590 | 213,402 | 214,788 | |
Net income (loss) | $ 27,278 | $ 14,820 | $ 13,192 | $ 15,886 | $ 158,291 | $ 17,099 | $ 10,845 | $ 7,233 | $ 71,176 | $ 193,468 | $ 69,984 | |
Earnings per share | ||||||||||||
Basic | $ / shares | $ 0.46 | $ 0.25 | $ 0.22 | $ 0.27 | $ 2.69 | $ 0.29 | $ 0.19 | $ 0.13 | $ 1.19 | $ 3.31 | $ 1.19 | |
Diluted | $ / shares | $ 0.45 | $ 0.24 | $ 0.22 | $ 0.27 | $ 2.64 | $ 0.29 | $ 0.19 | $ 0.13 | $ 1.17 | $ 3.24 | $ 1.16 | |
Shares used in per share calculation | ||||||||||||
Basic | shares | 59,879 | 59,823 | 59,712 | 59,204 | 58,854 | 58,770 | 58,594 | 57,902 | 59,657 | 58,534 | 58,912 | |
Diluted | shares | 61,176 | 60,852 | 60,624 | 60,268 | 60,010 | 59,732 | 59,404 | 58,892 | 60,845 | 59,632 | 60,294 | |
Litigation settlement | $ 0 | $ 168,969 | $ 0 | |||||||||
Stock split ratio | 2 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Ship and Debit Credits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 33,475 | $ 40,118 | $ 39,486 |
Charged to Costs and Expenses | 257,765 | 230,278 | 242,068 |
Deductions | (264,805) | (236,921) | (241,436) |
Balance at End of Period | $ 26,435 | $ 33,475 | $ 40,118 |