Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CSCD | |
Entity Registrant Name | CASCADE MICROTECH INC | |
Entity Central Index Key | 864,559 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,911,672 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 34,905 | $ 32,107 |
Short-term marketable securities | 3,560 | 3,658 |
Restricted cash | 11 | 10 |
Accounts receivable, net of allowances of $253 and $279 | 25,392 | 27,716 |
Inventories | 25,402 | 23,229 |
Prepaid expenses and other | 5,846 | 6,597 |
Total Current Assets | 95,116 | 93,317 |
Fixed assets, net of accumulated depreciation of $29,182 and $28,442 | 13,326 | 12,256 |
Goodwill | 12,069 | 11,592 |
Purchased intangible assets, net of accumulated amortization of $8,149 and $7,403 | 8,920 | 9,143 |
Deferred income taxes | 5,345 | 5,326 |
Other assets | 697 | 677 |
Total Assets | 135,473 | 132,311 |
Current Liabilities: | ||
Accounts payable | 7,480 | 8,834 |
Deferred revenue | 2,757 | 1,617 |
Accrued liabilities | 8,418 | 8,488 |
Total Current Liabilities | 18,655 | 18,939 |
Deferred revenue | 519 | 555 |
Deferred income taxes | 1,920 | 1,840 |
Other long-term liabilities | 1,455 | 1,581 |
Total Liabilities | 22,549 | 22,915 |
Shareholders' Equity: | ||
Common stock, $0.01 par value. Authorized 100,000 shares; issued and outstanding: 15,912 and 15,871 | 159 | 159 |
Additional paid-in capital | 103,616 | 103,195 |
Accumulated other comprehensive loss | (4,136) | (5,251) |
Retained earnings | 13,285 | 11,293 |
Total Shareholders' Equity | 112,924 | 109,396 |
Total Liabilities and Shareholders' Equity | $ 135,473 | $ 132,311 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 253 | $ 279 |
Fixed assets, accumulated depreciation | 29,182 | 28,442 |
Purchased intangible assets, accumulated amortization | $ 8,149 | $ 7,403 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 15,912,000 | 15,871,000 |
Common stock, shares outstanding | 15,912,000 | 15,871,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 34,803 | $ 31,742 |
Cost of sales | 14,122 | 14,720 |
Gross profit | 20,681 | 17,022 |
Operating expenses: | ||
Research and development | 5,144 | 3,676 |
Selling, general and administrative | 12,660 | 10,547 |
Total operating expenses | 17,804 | 14,223 |
Income from operations | 2,877 | 2,799 |
Other income (expense): | ||
Interest income (expense), net | 11 | (14) |
Other, net | (87) | 231 |
Total other income (expense), net | (76) | 217 |
Income before income taxes | 2,801 | 3,016 |
Income tax expense | 809 | 843 |
Net income | $ 1,992 | $ 2,173 |
Basic net income per share | $ 0.13 | $ 0.13 |
Diluted net income per share | $ 0.12 | $ 0.13 |
Shares used in per share calculations: | ||
Basic | 15,893 | 16,523 |
Diluted | 16,516 | 17,037 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,992 | $ 2,173 |
Other comprehensive income (loss): | ||
Unrealized holding gains | 4 | 2 |
Change in cumulative translation adjustment | 1,111 | (2,363) |
Total other comprehensive income (loss) | 1,115 | (2,361) |
Comprehensive income (loss) | $ 3,107 | $ (188) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,992 | $ 2,173 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation | 912 | 750 |
Amortization | 550 | 647 |
Stock-based compensation | 760 | 587 |
Deferred income taxes | (1) | 39 |
(Increase) decrease in: | ||
Accounts receivable, net | 2,403 | (653) |
Inventories | (2,275) | 498 |
Prepaid expenses and other | 837 | (160) |
Increase (decrease) in: | ||
Accounts payable | (1,470) | 619 |
Deferred revenue | 1,104 | (353) |
Accrued and other long-term liabilities | (343) | (1,636) |
Net cash provided by operating activities | 4,469 | 2,511 |
Cash flows from investing activities: | ||
Purchase of marketable securities | (2,535) | (5,829) |
Proceeds from sale of marketable securities | 2,637 | 603 |
Purchase of fixed assets | (1,922) | (543) |
Net cash used in investing activities | (1,820) | (5,769) |
Cash flows from financing activities: | ||
Witholding taxes paid on net settlement of vested restricted stock units | (372) | (217) |
Proceeds from issuances of common stock | 171 | 277 |
Cash paid for repurchase of common stock | (138) | |
Net cash provided by (used in) financing activities | (339) | 60 |
Effect of exchange rate changes on cash and cash equivalents | 488 | (830) |
Increase (decrease) in cash and cash equivalents | 2,798 | (4,028) |
Cash and cash equivalents: | ||
Beginning of period | 32,107 | 38,107 |
End of period | 34,905 | 34,079 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net | 1,054 | 1,744 |
Supplemental disclosure of non-cash information: | ||
Fixed asset purchases included in accounts payable | 1,010 | $ 1,442 |
Transfer from inventory to fixed assets | $ 15 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The condensed consolidated financial information included herein has been prepared by Cascade Microtech, Inc. without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2015 is derived from our 2015 Annual Report on Form 10-K. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2015 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2. Inventories Inventories are stated at the lower of cost or market, and include materials, labor and manufacturing overhead. Demonstration goods, which are included as a component of finished goods, represent inventory that is used for customer demonstration purposes. This inventory is typically sold after 12 to 18 months. We analyze the carrying value of our inventory quarterly, considering a combination of factors including, but not limited to, the following: forecasted sales or usage, historical usage rates, estimated service period, product end-of-life dates, estimated current and future market values, service inventory requirements and new product introductions. We estimate market value based on factors including, but not limited to, replacement cost and estimated resale value with declines in value below cost being recorded quarterly as a component of cost of sales, therefore establishing a new cost basis for the inventory. Inventory charges were as follows (in thousands): Three Months Ended March 31, 2016 2015 Inventory charges $ 21 $ 100 Inventories consisted of the following (in thousands): March 31, December 31 2016 2015 Raw materials $ 14,732 $ 14,767 Work-in-process 3,855 2,793 Finished goods 6,815 5,669 $ 25,402 $ 23,229 |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 3. Net Income Per Share The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): Three Months Ended 2016 2015 Shares used to calculate basic net income per share 15,893 16,523 Dilutive effect of outstanding stock options and restricted stock units (“RSUs”) 623 514 Shares used to calculate diluted net income per share 16,516 17,037 Securities not included as they would have been antidilutive 751 886 |
Product Warranty
Product Warranty | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty | Note 4. Product Warranty We estimate a liability for costs to repair or replace products under warranty for periods ranging from 90 days to one year when the related product revenue is recognized. The liability for product warranties is calculated as a percentage of sales. The percentage is based on historical product repair costs. The liability for product warranties is included in Accrued liabilities in our Condensed Consolidated Balance Sheets. Product warranty activity was as follows (in thousands): Three Months Ended March 31, 2016 2015 Warranty accrual, beginning of period $ 816 $ 797 Reductions for warranty charges (252 ) (355 ) Additions to warranty reserve 218 379 Warranty accrual, end of period $ 782 $ 821 |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | Note 5. Goodwill and Purchased Intangible Assets Goodwill The change in goodwill was as follows (in thousands): Three Months March 31, 2016 Year Ended Balance, beginning of period $ 11,592 $ 12,823 Effect of exchange rate changes 477 (1,231 ) Balance, end of period $ 12,069 $ 11,592 Purchased Intangible Assets Purchased intangible assets, net included the following (in thousands): March 31, December 31, 2016 2015 Customer relationships $ 4,135 $ 4,016 Core technology 11,910 11,549 Trademarks and tradenames 1,024 981 17,069 16,546 Less accumulated amortization (8,149 ) (7,403 ) $ 8,920 $ 9,143 Intangible asset amortization is a component of Selling, general and administrative expense and was as follows (in thousands): Three Months Ended March 31, 2016 2015 Intangible amortization $ 550 $ 647 The estimated amortization of intangible assets is as follows over the next five years and thereafter (in thousands): Remainder of 2016 $ 1,647 2017 2,196 2018 2,118 2019 1,649 2020 568 Thereafter 742 $ 8,920 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Note 6. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued compensation and benefits $ 3,925 $ 4,254 Accrued sales taxes 835 1,300 Unrealized losses on foreign currency forward contracts 1,006 — Accrued income taxes 1,015 1,211 Accrued warranty 782 816 Other 855 907 $ 8,418 $ 8,488 |
Stock-Based Compensation and St
Stock-Based Compensation and Stock-Based Plans | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation and Stock-Based Plans | Note 7. Stock-Based Compensation and Stock-Based Plans Stock-based compensation was included in our Condensed Consolidated Statements of Operations as follows (in thousands): Three Months Ended 2016 2015 Cost of sales $ 49 $ 27 Research and development 109 64 Selling, general and administrative 602 496 $ 760 $ 587 Stock Incentive Plans Stock option activity for the first three months of 2016 was as follows: Options Weighted Outstanding at December 31, 2015 918,798 $ 6.65 Granted — — Exercised (10,982 ) 13.53 Forfeited — — Outstanding at March 31, 2016 907,816 6.56 RSU activity for the first three months of 2016 was as follows: RSUs Weighted Grant Date Per Share Fair Value Outstanding at December 31, 2015 489,108 $ 12.04 Granted 37,200 19.49 Vested (57,738 ) 10.25 Forfeited (1,712 ) 12.17 Outstanding at March 31, 2016 466,858 12.85 As of March 31, 2016, total unrecognized stock-based compensation related to outstanding, but unvested, stock options and RSUs was $5.3 million, which will be recognized over the weighted average remaining vesting period of 2.2 years. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 8. Segment Reporting The segment data below is presented in the same manner that management currently organizes the segments for assessing certain performance trends. Our Chief Operating Decision Maker monitors the revenue streams and the operating income of our Systems segment and our Probes segment. We do not track our assets on a segment level, and, accordingly, that information is not provided. Revenue and operating income information by segment was as follows (dollars in thousands): Systems Probes Corporate Unallocated Total Three Months Ended March 31, 2016 Revenue $ 17,554 $ 17,249 $ — $ 34,803 Gross profit $ 9,285 $ 11,396 $ — $ 20,681 Gross margin 52.9 % 66.1 % — 59.4 % Income (loss) from operations $ 1,266 $ 6,690 $ (5,079 ) $ 2,877 Three Months Ended March 31, 2015 Revenue $ 17,470 $ 14,272 $ — $ 31,742 Gross profit $ 8,494 $ 8,528 $ — $ 17,022 Gross margin 48.6 % 59.8 % — 53.6 % Income (loss) from operations $ 1,496 $ 5,087 $ (3,784 ) $ 2,799 We had one customer which represented approximately 17% of our revenue for the three-month period ended March 31, 2016. However, no customer accounted for 10% or greater of our total revenue in the three-month period ended March 31, 2015. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements Various inputs are used in determining the fair value of our financial assets and liabilities and are summarized into three broad categories: • Level 1 – quoted prices in active markets for identical securities; • Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.; and • Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The disclosures related to our financial assets and (liabilities) that are reported at fair value on a recurring basis are as follows (in thousands): March 31, 2016 December 31, 2015 Fair Value Input Level Fair Value Input Level Marketable securities – corporate equities $ 4 Level 1 $ 5 Level 1 Marketable securities – corporate obligations $ 498 Level 2 $ 1,871 Level 2 Marketable securities – U.S. treasury securities $ 2,036 Level 2 $ — Level 2 Marketable securities – U.S. agency securities $ 1,022 Level 2 $ 1,782 Level 2 Forward sale contracts for Japanese yen $ (109 ) Level 2 $ (52 ) Level 2 Forward purchase contract for euro $ 53 Level 2 $ (66 ) Level 2 Forward sale contract for euro $ (950 ) Level 2 $ 896 Level 2 The fair value of our marketable securities is determined based on quoted market prices for similar or identical securities. Any unrealized gain or loss is recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. The fair value of our forward contracts is based on quoted market prices for similar securities and is used for the purpose of determining any gain or loss on our foreign currency positions. We do not record the full value of the forward contracts on our Condensed Consolidated Balance Sheets. We record the net unrealized gain or loss in our Condensed Consolidated Statements of Operations as a component of Other income (expense). The carrying values of Cash and cash equivalents, Restricted cash, Accounts receivable, Prepaid expenses and other, Accounts payable and Accrued liabilities approximate fair value due to their short maturities. No changes were made to our valuation techniques during the first quarter of 2016. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 10. Stock Repurchase Program In August 2015, our Board of Directors authorized a stock repurchase program under which we could repurchase up to $15.0 million of our common stock. During January 2016, we (a) repurchased 8,736 shares at a weighted average price of $15.82 per share for a total of $0.1 million under a Rule 10b5-1 plan; and (b) terminated the Rule 10b5-1 plan. As of March 31, 2016, $2.7 million remained available for stock repurchases under the program. However, pursuant to the terms of the merger described in Note 11, we have suspended the stock repurchasing program. This program does not have an expiration date. |
Merger Agreement
Merger Agreement | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Merger Agreement | Note 11. Merger Agreement On February 3, 2016, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with FormFactor, Inc., a Delaware corporation (“FormFactor”), and Cardinal Merger Subsidiary, Inc., an Oregon corporation and a wholly owned subsidiary of FormFactor (“Merger Sub”). The Merger Agreement provides for, among other things, the merger of Merger Sub with and into Cascade Microtech, Inc., with Cascade Microtech, Inc. continuing as the surviving corporation (the “Merger”). Subject to the terms and conditions of the Merger Agreement, each outstanding share of our common stock will be converted into the right to receive (a) $16.00 in cash, without interest, and (b) 0.6534 shares of FormFactor common stock, subject to adjustment. Our board of directors, by unanimous vote, approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. In addition, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) for the Merger Agreement expired on March 21, 2016. A description of the Merger Agreement is included in our Current Report on Form 8-K filed with the SEC on February 9, 2016, and a copy of the Merger Agreement is attached as Exhibit 2.1 to that report. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 12. Contingencies Since the public announcement of the proposed Merger between us and FormFactor on February 4, 2016, plaintiffs have filed two putative shareholder class action lawsuits against us, our directors, FormFactor and Merger Sub in connection with our entry into the Merger Agreement with FormFactor. The first lawsuit was filed in Washington County Circuit Court in the State of Oregon on March 8, 2016. The second lawsuit was filed in Multnomah County Circuit Court in the State of Oregon on April 8, 2016. The plaintiffs in both lawsuits allege that the individual members of our board of directors breached their fiduciary duties to our shareholders by approving the proposed Merger for inadequate consideration; approving the Merger to obtain unique benefits not shared equally with our other shareholders; failing to take steps to maximize the value paid to our shareholders; failing to take steps to ensure a fair process leading up to the proposed Merger; and agreeing to preclusive deal protection devices in the Merger Agreement. The lawsuits also allege claims against FormFactor and Merger Sub for aiding and abetting our directors’ alleged breaches of their fiduciary duties. The second lawsuit also includes allegations that our directors breached their fiduciary duties by failing to disclose material information about the Merger in the Form S-4/proxy statement/prospectus filed by FormFactor with the SEC on April 1, 2016. The plaintiffs seek, among other things, injunctive relief prohibiting completion of the Merger, rescission of the Merger if it is completed, and an accounting by defendants, plaintiffs’ attorney’s fees and costs, and other relief. At the request of the plaintiff in the first lawsuit, the court dismissed the first lawsuit without prejudice on April 22, 2016. The litigation will proceed in Multnomah County Circuit Court with the complaint in the second lawsuit as the operative complaint. Based on the early stage of the second lawsuit, the amount or range of reasonably possible losses to which we may be exposed cannot be estimated and the ultimate resolution of this matter and the associated financial impact to us, if any, remains uncertain at this time. We maintain a directors and officers insurance policy that provides coverage for claims such as those alleged in the complaint, subject to coverage defenses, policy limits and a deductible. Regardless of the outcome of the claims, the defense of the claims may cause us to incur costs and divert resources and the attention of management from our business. We intend to vigorously defend against the claims in the litigation. |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | Note 13. Recent Accounting Guidance ASU 2016-10 In April 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-10, “Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies aspects of Topic 606 related to identifying performance obligations and the licensing implementation guidance, while retaining the related core principles for those areas. The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements in ASU 2014-09. While we do not expect the adoption of ASU 2016-10 to have a material effect on our business, we are still evaluating any potential impact that adoption of ASU 2016-10 may have on our financial position, results of operations or cash flows. ASU 2016-09 In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We do not expect the adoption of ASU 2016-09 to have a material effect on our financial position, results of operations or cash flows. ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. While we do not expect the adoption of ASU 2016-02 to have a material effect on our business, we are still evaluating any potential impact that adoption of ASU 2016-02 may have on our financial position, results of operations or cash flows. ASU 2016-01 In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10).” ASU 2016-01 enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information by addressing certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments simplify certain requirements and also reduce diversity in current practice for other requirements. ASU 2016-01 is effective for public companies’ fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Except for the early application guidance specifically allowed in ASU 2016-01, early adoption is not permitted. We do not expect the adoption of ASU 2016-01 to have a material effect on our financial position, results of operations or cash flows. ASU 2015-11 In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory (Topic 330).” ASU 2015-11 simplifies the accounting for the valuation of all inventory not accounted for using the last-in, first-out (“LIFO”) method by prescribing that inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for public companies’ annual periods, including interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash flows. ASU 2015-05 In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40).” ASU 2015-05 provides guidance regarding the accounting for a customer’s fees paid in a cloud computing arrangement; specifically about whether a cloud computing arrangement includes a software license, and if so, how to account for the software license. ASU 2015-05 is effective for public companies’ annual periods, including interim periods within those fiscal years, beginning after December 15, 2015 on either a prospective or retrospective basis. Early adoption is permitted. The adoption of ASU 2015-05 did not have a material effect on our financial position, results of operations or cash flows. ASU 2015-02 In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810).” ASU 2015-02 amends guidance regarding the consolidation of certain legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of ASU 2015-02 did not have any effect on our financial position, results of operations or cash flows. ASU 2014-16 In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” ASU 2014-16 addresses whether the host contract in a hybrid financial instrument issued in the form of a share should be accounted for as debt or equity. ASU 2014-16 is effective for annual periods and interim periods beginning after December 15, 2015. We do not currently have issued, nor are we investors in, hybrid financial instruments. Accordingly, the adoption of ASU 2014-16 did not have any effect on our financial position, results of operations or cash flows. ASU 2014-12 In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718).” ASU 2014-12 addresses accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 indicates that, in such situations, the performance target should be treated as a performance condition and, accordingly, the performance target should not be reflected in estimating the grant-date fair value of the award. Instead, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 is effective for annual periods and interim periods beginning after December 15, 2015. The adoption of ASU 2014-12 did not have a material effect on our financial position, results of operations or cash flows. ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and the International Accounting Standards Board. ASU 2014-09, as amended, is effective for annual and interim periods beginning on or after December 15, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation, policy | The condensed consolidated financial information included herein has been prepared by Cascade Microtech, Inc. without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2015 is derived from our 2015 Annual Report on Form 10-K. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2015 Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. |
Inventories, policy | Inventories are stated at the lower of cost or market, and include materials, labor and manufacturing overhead. Demonstration goods, which are included as a component of finished goods, represent inventory that is used for customer demonstration purposes. This inventory is typically sold after 12 to 18 months. We analyze the carrying value of our inventory quarterly, considering a combination of factors including, but not limited to, the following: forecasted sales or usage, historical usage rates, estimated service period, product end-of-life dates, estimated current and future market values, service inventory requirements and new product introductions. We estimate market value based on factors including, but not limited to, replacement cost and estimated resale value with declines in value below cost being recorded quarterly as a component of cost of sales, therefore establishing a new cost basis for the inventory. |
Product Warranty, policy | We estimate a liability for costs to repair or replace products under warranty for periods ranging from 90 days to one year when the related product revenue is recognized. The liability for product warranties is calculated as a percentage of sales. The percentage is based on historical product repair costs. The liability for product warranties is included in Accrued liabilities in our Condensed Consolidated Balance Sheets. |
Segment reporting, policy | The segment data below is presented in the same manner that management currently organizes the segments for assessing certain performance trends. Our Chief Operating Decision Maker monitors the revenue streams and the operating income of our Systems segment and our Probes segment. We do not track our assets on a segment level, and, accordingly, that information is not provided. |
Fair value measurements, policy | Various inputs are used in determining the fair value of our financial assets and liabilities and are summarized into three broad categories: • Level 1 – quoted prices in active markets for identical securities; • Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.; and • Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
Fair value of marketable securities, policy | The fair value of our marketable securities is determined based on quoted market prices for similar or identical securities. Any unrealized gain or loss is recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. The fair value of our forward contracts is based on quoted market prices for similar securities and is used for the purpose of determining any gain or loss on our foreign currency positions. We do not record the full value of the forward contracts on our Condensed Consolidated Balance Sheets. We record the net unrealized gain or loss in our Condensed Consolidated Statements of Operations as a component of Other income (expense). |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Charges | Inventory charges were as follows (in thousands): Three Months Ended March 31, 2016 2015 Inventory charges $ 21 $ 100 |
Inventories | Inventories consisted of the following (in thousands): March 31, December 31 2016 2015 Raw materials $ 14,732 $ 14,767 Work-in-process 3,855 2,793 Finished goods 6,815 5,669 $ 25,402 $ 23,229 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): Three Months Ended 2016 2015 Shares used to calculate basic net income per share 15,893 16,523 Dilutive effect of outstanding stock options and restricted stock units (“RSUs”) 623 514 Shares used to calculate diluted net income per share 16,516 17,037 Securities not included as they would have been antidilutive 751 886 |
Product Warranty (Tables)
Product Warranty (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty Activity | Product warranty activity was as follows (in thousands): Three Months Ended March 31, 2016 2015 Warranty accrual, beginning of period $ 816 $ 797 Reductions for warranty charges (252 ) (355 ) Additions to warranty reserve 218 379 Warranty accrual, end of period $ 782 $ 821 |
Goodwill and Purchased Intang24
Goodwill and Purchased Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in Goodwill | The change in goodwill was as follows (in thousands): Three Months March 31, 2016 Year Ended Balance, beginning of period $ 11,592 $ 12,823 Effect of exchange rate changes 477 (1,231 ) Balance, end of period $ 12,069 $ 11,592 |
Purchased Intangible Assets, Net | Purchased Intangible Assets Purchased intangible assets, net included the following (in thousands): March 31, December 31, 2016 2015 Customer relationships $ 4,135 $ 4,016 Core technology 11,910 11,549 Trademarks and tradenames 1,024 981 17,069 16,546 Less accumulated amortization (8,149 ) (7,403 ) $ 8,920 $ 9,143 |
Intangible Asset Amortization | Intangible asset amortization is a component of Selling, general and administrative expense and was as follows (in thousands): Three Months Ended March 31, 2016 2015 Intangible amortization $ 550 $ 647 |
Estimated Amortization of Intangible Assets | The estimated amortization of intangible assets is as follows over the next five years and thereafter (in thousands): Remainder of 2016 $ 1,647 2017 2,196 2018 2,118 2019 1,649 2020 568 Thereafter 742 $ 8,920 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued compensation and benefits $ 3,925 $ 4,254 Accrued sales taxes 835 1,300 Unrealized losses on foreign currency forward contracts 1,006 — Accrued income taxes 1,015 1,211 Accrued warranty 782 816 Other 855 907 $ 8,418 $ 8,488 |
Stock-Based Compensation and 26
Stock-Based Compensation and Stock-Based Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Included in Condensed Consolidated Statements of Operations | Stock-based compensation was included in our Condensed Consolidated Statements of Operations as follows (in thousands): Three Months Ended 2016 2015 Cost of sales $ 49 $ 27 Research and development 109 64 Selling, general and administrative 602 496 $ 760 $ 587 |
Stock Option Activity | Stock option activity for the first three months of 2016 was as follows: Options Weighted Outstanding at December 31, 2015 918,798 $ 6.65 Granted — — Exercised (10,982 ) 13.53 Forfeited — — Outstanding at March 31, 2016 907,816 6.56 |
Summary of Restricted Stock Units Activity | RSU activity for the first three months of 2016 was as follows: RSUs Weighted Grant Date Per Share Fair Value Outstanding at December 31, 2015 489,108 $ 12.04 Granted 37,200 19.49 Vested (57,738 ) 10.25 Forfeited (1,712 ) 12.17 Outstanding at March 31, 2016 466,858 12.85 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenue and Operating Income Information by Segment | Revenue and operating income information by segment was as follows (dollars in thousands): Systems Probes Corporate Unallocated Total Three Months Ended March 31, 2016 Revenue $ 17,554 $ 17,249 $ — $ 34,803 Gross profit $ 9,285 $ 11,396 $ — $ 20,681 Gross margin 52.9 % 66.1 % — 59.4 % Income (loss) from operations $ 1,266 $ 6,690 $ (5,079 ) $ 2,877 Three Months Ended March 31, 2015 Revenue $ 17,470 $ 14,272 $ — $ 31,742 Gross profit $ 8,494 $ 8,528 $ — $ 17,022 Gross margin 48.6 % 59.8 % — 53.6 % Income (loss) from operations $ 1,496 $ 5,087 $ (3,784 ) $ 2,799 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and (Liabilities) Measured on Recurring Basis | The disclosures related to our financial assets and (liabilities) that are reported at fair value on a recurring basis are as follows (in thousands): March 31, 2016 December 31, 2015 Fair Value Input Level Fair Value Input Level Marketable securities – corporate equities $ 4 Level 1 $ 5 Level 1 Marketable securities – corporate obligations $ 498 Level 2 $ 1,871 Level 2 Marketable securities – U.S. treasury securities $ 2,036 Level 2 $ — Level 2 Marketable securities – U.S. agency securities $ 1,022 Level 2 $ 1,782 Level 2 Forward sale contracts for Japanese yen $ (109 ) Level 2 $ (52 ) Level 2 Forward purchase contract for euro $ 53 Level 2 $ (66 ) Level 2 Forward sale contract for euro $ (950 ) Level 2 $ 896 Level 2 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | |
Inventory [Line Items] | |
Inventory sold period | 12 months |
Maximum | |
Inventory [Line Items] | |
Inventory sold period | 18 months |
Inventory Charges (Detail)
Inventory Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Inventory charges | $ 21 | $ 100 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14,732 | $ 14,767 |
Work-in-process | 3,855 | 2,793 |
Finished goods | 6,815 | 5,669 |
Inventories | $ 25,402 | $ 23,229 |
Basic and Diluted Net Income Pe
Basic and Diluted Net Income Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Shares used to calculate basic net income per share | 15,893 | 16,523 |
Dilutive effect of outstanding stock options and restricted stock units ("RSUs") | 623 | 514 |
Shares used to calculate diluted net income per share | 16,516 | 17,037 |
Securities not included as they would have been antidilutive | 751 | 886 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 90 days |
Maximum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 1 year |
Product Warranty Activity (Deta
Product Warranty Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Guarantees [Abstract] | ||
Warranty accrual, beginning of period | $ 816 | $ 797 |
Reductions for warranty charges | (252) | (355) |
Additions to warranty reserve | 218 | 379 |
Warranty accrual, end of period | $ 782 | $ 821 |
Change in Goodwill (Detail)
Change in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $ 11,592 | $ 12,823 |
Effect of exchange rate changes | 477 | (1,231) |
Balance, end of period | $ 12,069 | $ 11,592 |
Purchased Intangible Assets, Ne
Purchased Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Less accumulated amortization | $ (8,149) | $ (7,403) |
Total, Net | 8,920 | 9,143 |
Purchased Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | 4,135 | 4,016 |
Core technology | 11,910 | 11,549 |
Trademarks and tradenames | 1,024 | 981 |
Total, Gross | 17,069 | 16,546 |
Less accumulated amortization | (8,149) | (7,403) |
Total, Net | $ 8,920 | $ 9,143 |
Intangible Asset Amortization (
Intangible Asset Amortization (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible amortization | $ 550 | $ 647 |
Selling, general and administrative | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible amortization | $ 550 | $ 647 |
Estimated Amortization of Intan
Estimated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2016 | $ 1,647 | |
2,017 | 2,196 | |
2,018 | 2,118 | |
2,019 | 1,649 | |
2,020 | 568 | |
Thereafter | 742 | |
Total, Net | $ 8,920 | $ 9,143 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 3,925 | $ 4,254 |
Accrued sales taxes | 835 | 1,300 |
Unrealized losses on foreign currency forward contracts | 1,006 | |
Accrued income taxes | 1,015 | 1,211 |
Accrued warranty | 782 | 816 |
Other | 855 | 907 |
Accrued liabilities | $ 8,418 | $ 8,488 |
Stock-Based Compensation Includ
Stock-Based Compensation Included in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 760 | $ 587 |
Cost of sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 49 | 27 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 109 | 64 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 602 | $ 496 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options Outstanding, Beginning | shares | 918,798 |
Granted, Stock Options Outstanding | shares | 0 |
Exercised, Stock Options Outstanding | shares | (10,982) |
Forfeited, Stock Options Outstanding | shares | 0 |
Stock Options Outstanding, Ending | shares | 907,816 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 6.65 |
Granted, Weighted Average Exercise Price | $ / shares | 0 |
Exercised, Weighted Average Exercise Price | $ / shares | 13.53 |
Forfeited, Weighted Average Exercise Price | $ / shares | 0 |
Weighted Average Exercise Price, Ending | $ / shares | $ 6.56 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Units Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Units, Outstanding, Beginning balance | shares | 489,108 |
Granted, Restricted Stock Units | shares | 37,200 |
Vested, Restricted Stock Units | shares | (57,738) |
Forfeited, Restricted Stock Units | shares | (1,712) |
Restricted Stock Units, Outstanding, Ending balance | shares | 466,858 |
Weighted Average Grant Date Per Share Fair Value, Beginning balance | $ / shares | $ 12.04 |
Granted, Weighted Average Grant Date Per Share Fair Value | $ / shares | 19.49 |
Vested, Weighted Average Grant Date Per Share Fair Value | $ / shares | 10.25 |
Forfeited, Weighted Average Grant Date Per Share Fair Value | $ / shares | 12.17 |
Weighted Average Grant Date Per Share Fair Value, Ending balance | $ / shares | $ 12.85 |
Stock-Based Compensation and 43
Stock-Based Compensation and Stock-Based Plans - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |
Total unrecognized stock-based compensation | $ 5.3 |
Total unrecognized stock-based compensation recognition period | 2 years 2 months 12 days |
Revenue and Operating Income In
Revenue and Operating Income Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 34,803 | $ 31,742 |
Gross profit | $ 20,681 | $ 17,022 |
Gross margin | 59.40% | 53.60% |
Income (loss) from operations | $ 2,877 | $ 2,799 |
Corporate Unallocated | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | (5,079) | (3,784) |
Systems | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,554 | 17,470 |
Gross profit | $ 9,285 | $ 8,494 |
Gross margin | 52.90% | 48.60% |
Income (loss) from operations | $ 1,266 | $ 1,496 |
Probes | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,249 | 14,272 |
Gross profit | $ 11,396 | $ 8,528 |
Gross margin | 66.10% | 59.80% |
Income (loss) from operations | $ 6,690 | $ 5,087 |
Segment Reporting and Enterpris
Segment Reporting and Enterprise-Wide Disclosures - Additional Information (Detail) - Customer Concentration Risk - Total Revenue - Customer | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue, Major Customer [Line Items] | ||
Number of customers accounted for 10% or greater of our total revenue | 1 | 0 |
Minimum | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue for specified number of customer in relation to aggregate revenue | 17.00% | 10.00% |
Fair Value of Financial Assets
Fair Value of Financial Assets and (Liabilities) Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Forward sale contracts | Japanese yen | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial (liabilities) measured on recurring basis | $ (109) | $ (52) |
Forward sale contracts | Euro | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 896 | |
Financial (liabilities) measured on recurring basis | (950) | |
Forward purchase contract | Euro | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 53 | |
Financial (liabilities) measured on recurring basis | (66) | |
Corporate equities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 4 | 5 |
Corporate obligations | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 498 | 1,871 |
U.S. treasury and agency securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | 2,036 | |
U.S. agency securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured on recurring basis | $ 1,022 | $ 1,782 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Jan. 31, 2016 | Mar. 31, 2016 | Aug. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares repurchased | 8,736 | ||
Weighted-average price of shares repurchased | $ 15.82 | ||
Value of total purchase price | $ 100,000 | ||
August 2015 stock repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Value of common stock remaining available for stock repurchases under the program | $ 2,700,000 | ||
Maximum | August 2015 stock repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Value of common stock authorized for repurchase | $ 15,000,000 |
Merger Agreement - Additional I
Merger Agreement - Additional Information (Detail) | Feb. 03, 2016$ / shares |
Business Combinations [Abstract] | |
Cash received per common share | $ 16 |
Shares received per common share | 0.6534 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Lawsuits | |
Commitment And Contingencies [Line Items] | |
Number of putative shareholder class action lawsuits | 2 |
Washington County | |
Commitment And Contingencies [Line Items] | |
Lawsuit filing date | March 8, 2016 |
Multnomah County | |
Commitment And Contingencies [Line Items] | |
Lawsuit filing date | April 8, 2016 |