DEI_Parenthetical
DEI Parenthetical | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ADVANCED ENERGY INDUSTRIES INC | ' |
Entity Central Index Key | '0000927003 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 39,934,085 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $117,549 | $138,125 |
Marketable securities | 12,633 | 11,568 |
Accounts receivable, net of allowances of $4,236 and $2,920, respectively | 121,262 | 125,782 |
Inventories, net of reserves of $20,566 and $15,349, respectively | 118,187 | 109,771 |
Deferred income tax assets | 10,755 | 10,746 |
Income taxes receivable | 4,760 | 10,027 |
Other current assets | 13,084 | 10,950 |
Total current assets | 398,230 | 416,969 |
Property and equipment, net | 32,821 | 34,888 |
OTHER ASSETS: | ' | ' |
Deposits and other | 2,478 | 2,421 |
Goodwill | 206,863 | 157,800 |
Other intangible assets, net | 44,755 | 19,411 |
Deferred income tax assets | 19,000 | 21,488 |
Total assets | 704,147 | 652,977 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 72,210 | 55,623 |
Income taxes payable | 1,299 | 2,324 |
Accrued payroll and employee benefits | 9,321 | 12,892 |
Accrued warranty expense | 18,545 | 10,198 |
Other accrued expenses | 25,542 | 20,704 |
Customer deposits | 8,131 | 6,955 |
Notes Payable, Current | 4,647 | 13,661 |
Total current liabilities | 139,695 | 122,357 |
LONG-TERM LIABILITIES: | ' | ' |
Deferred income tax liabilities | 3,956 | 1,500 |
Uncertain tax positions | 6,376 | 5,781 |
Accrued warranty expense | 19,045 | 11,869 |
Deferred Revenue, Noncurrent | 45,722 | 43,171 |
Other long-term liabilities | 24,391 | 3,837 |
Total liabilities | 239,185 | 188,515 |
Commitments and contingencies (Note 17) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, $0.001 par value, 70,000 shares authorized; 39,888 and 40,503 issued and outstanding, respectively | 40 | 41 |
Additional paid-in capital | 228,350 | 251,550 |
Retained earnings | 204,775 | 179,414 |
Accumulated other comprehensive income | 31,797 | 33,457 |
Total stockholders' equity | 464,962 | 464,462 |
Total liabilities and stockholders' equity | $704,147 | $652,977 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets Parenthetical (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts receivable, allowances | $4,236,000 | $2,920,000 |
Inventory, reserves | $20,566,000 | $15,349,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 39,888,000 | 40,503,000 |
Common stock, shares outstanding (in shares) | 39,888,000 | 40,503,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
SALES | $146,285 | $139,711 | $287,233 | $251,525 |
COST OF SALES | 93,739 | 86,452 | 182,026 | 156,427 |
GROSS PROFIT | 52,546 | 53,259 | 105,207 | 95,098 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Research and development | 15,736 | 15,740 | 29,878 | 29,993 |
Selling, general and administrative | 22,828 | 22,910 | 42,559 | 40,564 |
Amortization of intangible assets | 2,226 | 1,975 | 4,101 | 4,188 |
Restructuring charges | 244 | 24,206 | 244 | 24,206 |
Total operating expenses | 41,034 | 64,831 | 76,782 | 98,951 |
OPERATING INCOME (LOSS) | 11,512 | -11,572 | 28,425 | -3,853 |
OTHER INCOME (EXPENSE), NET | 25 | -330 | -71 | -533 |
Income (loss) from continuing operations before income taxes | 11,537 | -11,902 | 28,354 | -4,386 |
Provision (benefit) for income taxes | 891 | -2,120 | 2,993 | -1,430 |
NET INCOME (LOSS) | $10,646 | ($9,782) | $25,361 | ($2,956) |
Basic weighted-average common shares outstanding | 40,540 | 39,453 | 40,677 | 39,114 |
Diluted weighted-average common shares outstanding | 41,147 | 40,150 | 41,419 | 39,899 |
EARNINGS PER SHARE: | ' | ' | ' | ' |
BASIC EARNINGS (LOSS) PER SHARE | $0.26 | ($0.25) | $0.62 | ($0.08) |
DILUTED EARNINGS (LOSS) PER SHARE | $0.26 | ($0.24) | $0.61 | ($0.07) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $10,646 | ($9,782) | $25,361 | ($2,956) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 3 | -690 | -1,661 | -3,524 |
Unrealized gains (losses) on marketable securities | -1 | 0 | 1 | -7 |
Comprehensive income (loss) | $10,648 | ($10,472) | $23,701 | ($6,487) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $25,361 | ($2,956) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 10,326 | 10,592 |
Stock-based compensation expense | 3,259 | 5,204 |
Provision (benefit) for deferred income taxes | 2,481 | 4,117 |
Restructuring charges | 0 | 24,206 |
Net gain (loss) on sale or disposal of assets | 873 | 312 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 7,577 | -39,601 |
Inventories | -3,374 | -3,561 |
Other current assets | 3,189 | 66 |
Accounts payable | 13,063 | 8,243 |
Other current liabilities and accrued expenses | -20,451 | -2,224 |
Income taxes | 4,769 | -14,410 |
Net cash provided by (used in) operating activities | 47,073 | -10,012 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of marketable securities | -5,402 | -13,056 |
Proceeds from sale of marketable securities | 4,315 | 26,613 |
Purchase of property and equipment | -3,453 | -3,825 |
Acquisitions, net of cash acquired | 26,938 | 77,211 |
Net cash used in investing activities | -31,478 | -67,479 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from (Repayments of) Lines of Credit | -9,044 | 1,555 |
Cash Settlement of Performance Stock Units | -11,198 | 0 |
Payments for Repurchase of Common Stock | 25,000 | 0 |
Proceeds from exercise of stock options | 8,920 | 16,937 |
Excess tax from stock-based compensation deduction | 818 | -678 |
Other financing activities | -5 | -52 |
Net cash provided by (used in) financing activities | -35,509 | 17,762 |
EFFECT OF CURRENCY TRANSLATION ON CASH | -662 | 227 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -20,576 | -59,502 |
CASH AND CASH EQUIVALENTS, beginning of period | 138,125 | 146,564 |
CASH AND CASH EQUIVALENTS, end of period | 117,549 | 87,062 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 102 | 26 |
Cash paid for income taxes | 948 | 13,895 |
Cash received for refunds of income taxes | 5,034 | 2,929 |
Cash held in banks outside the United States of America | $53,531 | $30,739 |
Operations_and_Summary_of_Sign
Operations and Summary of Significant Accounting Policies and Estimates | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
BASIS OF PRESENTATION | ||
Advanced Energy Industries, Inc., a Delaware corporation, and its wholly-owned subsidiaries ("we," "us," "our," "Advanced Energy," or the "Company") design, manufacture, sell, and support power conversion and control products that transform power into various usable forms. Our products enable manufacturing processes that use thin film deposition for various products, such as semiconductor devices, flat panel displays, thin film renewables, and architectural glass. We also supply thermal instrumentation products for advanced temperature control in the thin film process for these same markets. Our power control modules provide power control solutions for industrial applications where heat treatment and processing are used such as glass manufacturing, metal fabrication and treatment, material and chemical processing. Our solar inverter products support renewable power generation solutions primarily for commercial, and utility-scale solar projects and installations. Our network of global service support centers provides a recurring revenue opportunity as we offer repair services, conversions, upgrades, and refurbishments to companies using our products. We also offer a wide variety of operations and maintenance service plans that can be tailored for photovoltaic ("PV") sites of all sizes. | ||
We are organized into two strategic business units based on the products and services provided. | ||
• | Precision Power Products strategic business unit ("Precision Power Products") offers products for direct current ("DC"), pulsed DC mid-frequency, high voltage, and radio frequency ("RF") power supplies, matching networks and RF instrumentation as well as thermal instrumentation and digital power controller products. | |
• | Inverters strategic business unit ("Inverters SBU") offers both a transformer-based or transformerless advanced grid-tied PV inverter solution for commercial and utility-scale system installations. Our PV inverters are designed to convert renewable solar power, drawn from large and small scale solar arrays, into high quality, reliable electrical power. | |
In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position of the Company at June 30, 2014, and the results of our operations and cash flows for the three and six months ended June 30, 2014 and 2013. | ||
The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and other financial information filed with the SEC. | ||
ESTIMATES AND ASSUMPTIONS | ||
The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We believe that the significant estimates, assumptions, and judgments when accounting for items and matters such as allowances for doubtful accounts, excess and obsolete inventory, warranty reserves, acquisitions, asset valuations, goodwill, asset life, depreciation, amortization, recoverability of assets, impairments, deferred revenue, stock option and restricted stock grants, taxes, and other provisions are reasonable, based upon information available at the time they are made. Actual results may differ from these estimates, making it possible that a change in these estimates could occur in the near term. | ||
CRITICAL ACCOUNTING POLICIES | ||
Our accounting policies are described in our audited Consolidated Financial Statements and Notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
NEW ACCOUNTING STANDARDS | ||
From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Condensed Consolidated Financial Statements upon adoption. | ||
In May 2014, the FASB issued guidance on revenue from contracts with customers, which implements a five step process of how an entity should recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective at the beginning of fiscal year 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact that the adoption 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 reporting. |
Business_Acquisition_and_Dispo
Business Acquisition and Disposition (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
BUSINESS ACQUISITION & DISPOSITION | ' | |||||||||||||||
BUSINESS ACQUISITIONS | ||||||||||||||||
Acquisitions | ||||||||||||||||
Refusol Holding | ||||||||||||||||
On April 8, 2013, we acquired all the outstanding shares of Refusol Holding GmbH pursuant to a Sale and Purchase Agreement (the "Agreement") between AEI Holdings, GmbH (formerly Blitz S13-103, GmbH) ("AEI Holdings"), an indirect wholly-owned subsidiary of Advanced Energy Industries, Inc.; Jolaos Verwaltungs GmbH ("Jolaos") and Prettl Beteilgungs Holding GmbH. Refusol Holding GmbH ("Refusol Holding") owns all of the shares of Refusol GmbH and its subsidiaries (collectively and together with Refusol Holding, "Refusol"). Refusol develops, manufactures, distributes and services photovoltaic inverters. The acquisition of Refusol is intended to broaden our portfolio and extend our geographic distribution. | ||||||||||||||||
Consideration paid totaled approximately $87.2 million, consisting of a cash payment of $75.4 million, net of cash acquired and a working capital reduction and assumption of debt totaling $11.9 million. The agreement called for additional cash consideration if certain stretch financial targets were met by our Inverters business unit and Refusol, on a combined basis, at the end of the twelve (12) calendar months following April 1, 2013. These financial targets were not met. | ||||||||||||||||
The preliminary base price is subject to a post-closing adjustment based on confirmation of the financial statements of Refusol effective as of the closing date. AEI Holdings and Jolaos are in disagreement on various accounting adjustments to the closing date financial statements of Refusol. After repeated unsuccessful attempts to have Jolaos submit the dispute to an independent German accounting firm as required under the Agreement, AEI Holdings petitioned the designated court in Stuttgart, Germany to review the dispute. | ||||||||||||||||
The components of the fair value of the total consideration transferred for the Refusol acquisition are as follows (in thousands): | ||||||||||||||||
Cash paid to owners | $ | 79,550 | ||||||||||||||
Debt assumed | 11,873 | |||||||||||||||
Working capital adjustment | (2,340 | ) | ||||||||||||||
Cash acquired | (1,836 | ) | ||||||||||||||
Total fair value of consideration transferred | $ | 87,247 | ||||||||||||||
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 8, 2013 (in thousands): | ||||||||||||||||
Accounts receivable | $ | 8,868 | ||||||||||||||
Inventories | 13,610 | |||||||||||||||
Other current assets | 6,769 | |||||||||||||||
Property and equipment | 4,708 | |||||||||||||||
Other long-term assets | 130 | |||||||||||||||
Deferred tax assets | (3,156 | ) | ||||||||||||||
Current liabilities | (33,397 | ) | ||||||||||||||
Long-term liabilities | (41,646 | ) | ||||||||||||||
(44,114 | ) | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Trademarks | 1,300 | |||||||||||||||
Technology | 5,700 | |||||||||||||||
Customer relationships | 3,500 | |||||||||||||||
Total amortizable intangible assets | 10,500 | |||||||||||||||
Total identifiable net assets | (33,614 | ) | ||||||||||||||
Goodwill | 120,861 | |||||||||||||||
Total fair value of consideration transferred | $ | 87,247 | ||||||||||||||
A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 8, 2013 follows (in thousands, except useful life): | ||||||||||||||||
Amount | Amortization Method | Useful Life | ||||||||||||||
Trademarks | $ | 1,300 | Straight-line | 1.5 | ||||||||||||
Technology | 5,700 | Straight-line | 5 | |||||||||||||
Customer relationships | 3,500 | Straight-line | 5 | |||||||||||||
$ | 10,500 | |||||||||||||||
During the six months ended June 30, 2014 we made purchase price accounting adjustments to Goodwill of $29.4 million, primarily consisting of adjustments to the opening balance of accrued warranty and other accrued expenses. Goodwill and intangible assets are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. The goodwill associated with the acquisition is the result of expected synergies and expansion of the technology into additional markets that we already serve. | ||||||||||||||||
Pro Forma Results for Refusol Acquisition | ||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of Advanced Energy and Refusol as if the acquisition had occurred as of January 1, 2013. The pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at January 1, 2013. The unaudited pro forma financial information for the three and six months ended June 30, 2013 includes the historical results of Advanced Energy for the three and six months ended June 30, 2013 and the historical results of Refusol for the same period. | ||||||||||||||||
The unaudited pro forma results for all periods presented include amortization charges for acquired intangible assets and related tax effects. The unaudited pro forma results follow (in thousands, except per share data): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | 146,285 | $ | 140,154 | $ | 287,233 | $ | 271,608 | ||||||||
Net income (loss) | 10,646 | (10,414 | ) | 25,361 | (7,662 | ) | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | 0.26 | $ | (0.26 | ) | $ | 0.62 | $ | (0.20 | ) | ||||||
Diluted | $ | 0.26 | $ | (0.26 | ) | $ | 0.61 | $ | (0.19 | ) | ||||||
Power Control Module | ||||||||||||||||
On January 27, 2014, we acquired the intellectual property related to AEG Power Solutions' Power Control Modules ("PCM"). PCM is comprised of the Thyro-Family of products and accessories and serves numerous power control applications in different industries ranging from materials thermal processing through chemical processing, glass manufacturing and numerous other general industrial power applications. This acquisition is expected to broaden our product offerings and will be added to our Precision Power Products SBU. We paid total consideration of $31.1 million including contingent consideration, of which $16.4 million is included in Intangibles, $14.6 million in Goodwill, and $0.1 million in Property, plant, and equipment. Included in Goodwill is $1.0 million of contingent consideration payable if certain milestone targets are met. Goodwill and intangible assets are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. The goodwill associated with the acquisition is the result of expected synergies and expansion of our product offerings into new markets. Advanced Energy is in the process of finalizing valuations of the intangibles associated with the acquisition. | ||||||||||||||||
HiTek Power Group | ||||||||||||||||
On April 12, 2014, Advanced Energy acquired all outstanding common stock of HiTek Power Group ("HiTek"), a privately-held provider of high voltage power solutions. Based in the United Kingdom, HiTek offers a comprehensive portfolio of high voltage and custom built power conversion products, ranging from 100V to 500kV, designed to meet the demanding requirements of OEMs worldwide. These products target applications including semiconductor wafer processing and metrology, scientific instrumentation, mass spectrometry, industrial printing, and analytical x-ray systems for industrial and analytical applications. HiTek's unique product architecture, encapsulation technology and control algorithms, combined with deep knowledge of its customer-specific applications, have made it a leading provider of critical, high-end, high voltage power solutions. We acquired HiTek to expand our product offerings in our Precision Power Products portfolio. | ||||||||||||||||
The components of the fair value of the total consideration transferred for the HiTek acquisition are as follows (in thousands): | ||||||||||||||||
Cash paid to owners | $ | 3,525 | ||||||||||||||
Cash acquired | (6,889 | ) | ||||||||||||||
Total fair value of consideration received | $ | (3,364 | ) | |||||||||||||
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 12, 2014 (in thousands): | ||||||||||||||||
Accounts receivable | $ | 2,867 | ||||||||||||||
Inventories | 4,980 | |||||||||||||||
Other current assets | 415 | |||||||||||||||
Property and equipment | 1,291 | |||||||||||||||
Current liabilities | (3,836 | ) | ||||||||||||||
Long-term liabilities | (22,725 | ) | ||||||||||||||
(17,008 | ) | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Tradename | 336 | |||||||||||||||
Technology | 4,029 | |||||||||||||||
Customer relationships | 8,225 | |||||||||||||||
Total amortizable intangible assets | 12,590 | |||||||||||||||
Total identifiable net assets | (4,418 | ) | ||||||||||||||
Goodwill | 1,054 | |||||||||||||||
Total fair value of consideration received | $ | (3,364 | ) | |||||||||||||
Goodwill and intangible assets are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. The goodwill associated with the acquisition is the result of expected synergies and expansion of the technology into additional markets that we already serve. Advanced Energy is in the process of finalizing the valuations of the accounts receivable, inventories, property, plant and equipment, intangibles, deferred taxes, and pension liability associated with the acquisition. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
The following table sets out the tax expense and the effective tax rate for our income from continuing operations (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income (loss) before income taxes | $ | 11,537 | $ | (11,902 | ) | $ | 28,354 | $ | (4,386 | ) | |||||||
Provision (benefit) for income taxes | 891 | (2,120 | ) | 2,993 | (1,430 | ) | |||||||||||
Effective tax rate | 7.7 | % | 17.8 | % | 10.6 | % | 32.6 | % | |||||||||
The effective tax rates for the three and six months ended June 30, 2014 differ from the federal statutory rate of 35% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates. The effective tax rate is also impacted by discrete items recorded in the period. The effective tax rate for the period does not reflect the benefit for the US research and development tax credit which expired December 31, 2013. For the three and six months ended June 30, 2013, the effective tax rate reflected benefits attributable to restructuring expenses and the January 2, 2013 reinstatement of the 2012 US research and development tax credit. | |||||||||||||||||
Our policy is to classify accrued interest and penalties related to unrecognized tax benefits in our income tax provision. For the three and six months ended June 30, 2014 and 2013, the amount of interest and penalties accrued related to our unrecognized tax benefits was not significant. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the numerator is increased to exclude charges that would not have been incurred, and the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if securities containing potentially dilutive common shares (e.g., stock options and restricted stock units) had been converted to common shares, and if such assumed conversion is dilutive. | |||||||||||||||||
The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS (in thousands, except per share data): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income (loss) | $ | 10,646 | $ | (9,782 | ) | $ | 25,361 | $ | (2,956 | ) | |||||||
Basic weighted-average common shares outstanding | 40,540 | 39,453 | 40,677 | 39,114 | |||||||||||||
Assumed exercise of dilutive stock options and restricted stock units | 607 | 697 | 742 | 785 | |||||||||||||
Diluted weighted-average common shares outstanding | 41,147 | 40,150 | 41,419 | 39,899 | |||||||||||||
Net Income (loss): | |||||||||||||||||
Basic earnings (loss) per share | $ | 0.26 | $ | (0.25 | ) | $ | 0.62 | $ | (0.08 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.26 | $ | (0.24 | ) | $ | 0.61 | $ | (0.07 | ) | |||||||
The following stock options were excluded in the computation of diluted earnings per share because they were anti-dilutive: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 79 | 695 | 52 | 780 | |||||||||||||
Stock Buyback | |||||||||||||||||
In May 2014, our Board of Directors authorized a program to repurchase up to $25.0 million of our stock over a twelve-month period. Under this program, during the three and six months ended June 30, 2014, we repurchased and retired 1.4 million shares of our common stock for a total of $25.0 million. As of June 30, 2014 we have completed the share repurchase program. | |||||||||||||||||
All shares repurchased were executed in the open market and no shares were repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
MARKETABLE SECURITIES | |||||||||||||||||
Our investments with original maturities of more than three months at time of purchase are considered marketable securities available for sale. | |||||||||||||||||
Our marketable securities consist entirely of certificates of deposit as follows (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Total marketable securities | $ | 12,633 | $ | 12,633 | $ | 11,568 | $ | 11,568 | |||||||||
The maturities of our marketable securities available for sale as of June 30, 2014 are as follows: | |||||||||||||||||
Earliest | Latest | ||||||||||||||||
Certificates of deposit | 7/29/14 | to | 6/13/16 | ||||||||||||||
The value and liquidity of the marketable securities we hold are affected by market conditions, as well as the ability of the issuers of such securities to make principal and interest payments when due, and the functioning of the markets in which these securities are traded. Our current investments in marketable securities are expected to be liquidated during the next twelve months. | |||||||||||||||||
As of June 30, 2014, we do not believe any of the underlying issuers of our marketable securities are presently at risk of default. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
We are impacted by changes in foreign currency exchange rates. We attempt to mitigate these risks through the use of derivative financial instruments, primarily forward contracts. During the three and six months ended June 30, 2014 and 2013, we entered into foreign currency exchange forward contracts to attempt to mitigate the exchange rate risk associated with intercompany debt denominated in nonfunctional currencies. These derivative instruments are not designated as hedges; however, they tend to offset the fluctuations of our intercompany debt due to foreign exchange rate changes. These forward contracts are typically for one month periods. At June 30, 2014 we had outstanding Euro forward contracts. At December 31, 2013 we had outstanding Euro, Swiss Franc, and Canadian Dollar forward contracts. | |
The notional amount of foreign currency exchange contracts at June 30, 2014 and 2013 was $11.6 million and $39.0 million, and the difference between the fair value and the notional value of these contracts was not significant. During the three months ended June 30, 2014 and 2013, we recognized an insignificant loss and gain, respectively. For the six months ended June 30, 2014 and 2013, we recognized a loss of $1.4 million and a gain of $0.6 million, respectively, on our foreign currency exchange contracts. These losses were offset by corresponding gains on the related intercompany debt and both are included as a component of Other income (expense), net, in our Condensed Consolidated Statements of Operations. |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE | ' | ||||||||||||||||
ASSETS MEASURED AT FAIR VALUE | |||||||||||||||||
The following tables present information about our financial assets measured at fair value, on a recurring basis, as of June 30, 2014, and December 31, 2013. The tables indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. We did not have any financial liabilities measured at fair value, on a recurring basis, as of June 30, 2014, and December 31, 2013. | |||||||||||||||||
June 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Total marketable securities | $ | — | $ | 12,633 | $ | — | $ | 12,633 | |||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Total marketable securities | $ | — | $ | 11,568 | $ | — | $ | 11,568 | |||||||||
There were no transfers in or out of Level 1, 2, or 3 fair value measurements during the three and six months ended June 30, 2014. |
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
INVENTORIES | |||||||||
Our inventories are valued at the lower of cost or market and computed on a first-in, first-out (FIFO) basis. Components of Inventories, net of reserves, are as follows (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Parts and raw materials | $ | 81,137 | $ | 75,815 | |||||
Work in process | 9,853 | 3,507 | |||||||
Finished goods | 27,197 | 30,449 | |||||||
Inventories, net of reserves | $ | 118,187 | $ | 109,771 | |||||
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||||||||||
PROPERTY AND EQUIPMENT | |||||||||||||||||
Details of property and equipment are as follows (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Buildings and land | $ | 1,885 | $ | 1,807 | |||||||||||||
Machinery and equipment | 47,769 | 41,451 | |||||||||||||||
Computer and communication equipment | 24,083 | 23,117 | |||||||||||||||
Furniture and fixtures | 4,575 | 4,028 | |||||||||||||||
Vehicles | 312 | 367 | |||||||||||||||
Leasehold improvements | 27,537 | 24,369 | |||||||||||||||
Construction in process | 1,525 | 5,426 | |||||||||||||||
107,686 | 100,565 | ||||||||||||||||
Less: Accumulated depreciation | (74,865 | ) | (65,677 | ) | |||||||||||||
Property and equipment, net | $ | 32,821 | $ | 34,888 | |||||||||||||
Depreciation expense, recorded in general and administrative expenses and cost of goods sold, is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation expense | $ | 3,229 | $ | 3,331 | $ | 6,225 | $ | 6,404 | |||||||||
Goodwill
Goodwill | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
GOODWILL | ' | ||||
GOODWILL | |||||
The following summarizes the changes in goodwill during the six months ended June 30, 2014 (in thousands): | |||||
Gross carrying amount, beginning of period | $ | 157,800 | |||
Additions (see Note 2) | 45,073 | ||||
Translation adjustments | 3,990 | ||||
Gross carrying amount, end of period | $ | 206,863 | |||
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||||||||
INTANGIBLE ASSETS | |||||||||||||||||||||||
Other intangible assets consisted of the following as of June 30, 2014 (in thousands, except weighted-average useful life): | |||||||||||||||||||||||
Gross Carrying Amount | Effect of Changes in Exchange Rates | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | |||||||||||||||||||
(net of impairment) | |||||||||||||||||||||||
Amortizable intangibles: | |||||||||||||||||||||||
Technology-based | $ | 33,508 | $ | 499 | $ | (16,455 | ) | $ | 17,552 | 7 | |||||||||||||
Trademarks and other | 32,633 | 773 | (6,203 | ) | 27,203 | 10 | |||||||||||||||||
Total amortizable intangibles | $ | 66,141 | $ | 1,272 | $ | (22,658 | ) | $ | 44,755 | ||||||||||||||
Other intangible assets consisted of the following as of December 31, 2013 (in thousands, except weighted-average useful life): | |||||||||||||||||||||||
Gross Carrying Amount | Effect of Changes in Exchange Rates | Impairment | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | ||||||||||||||||||
Amortizable intangibles: | |||||||||||||||||||||||
Technology-based | $ | 50,368 | $ | 441 | $ | (26,168 | ) | $ | (14,712 | ) | $ | 9,929 | 4 | ||||||||||
Trademarks and other | 18,515 | 514 | (5,705 | ) | (3,842 | ) | 9,482 | 7 | |||||||||||||||
Total amortizable intangibles | $ | 68,883 | $ | 955 | $ | (31,873 | ) | $ | (18,554 | ) | $ | 19,411 | |||||||||||
Amortization expense relating to other intangible assets included in our income (loss) is as follows (in thousands): | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Amortization expense | $ | 2,226 | $ | 1,975 | $ | 4,101 | $ | 4,188 | |||||||||||||||
Amortization expense related to intangibles for each of the five years 2014 (remaining) through 2018 and thereafter is as follows (in thousands): | |||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||
2014 (remaining) | $ | 3,858 | |||||||||||||||||||||
2015 | 6,960 | ||||||||||||||||||||||
2016 | 5,691 | ||||||||||||||||||||||
2017 | 5,509 | ||||||||||||||||||||||
2018 | 4,039 | ||||||||||||||||||||||
Thereafter | 18,698 | ||||||||||||||||||||||
$ | 44,755 | ||||||||||||||||||||||
Accrued_Liabilities_Notes
Accrued Liabilities (Notes) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER ACCRUED EXPENSES | ' | ||||||||
OTHER ACCRUED EXPENSES | |||||||||
Other accrued expenses consisted of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Other accrued expenses: | |||||||||
Current deferred tax liability | $ | 7,910 | $ | 4,519 | |||||
Accrued restructuring costs (See Note 13) | 1,079 | 3,280 | |||||||
Current contingent consideration | 1,444 | 933 | |||||||
Accrued sales and use tax | 3,476 | 2,415 | |||||||
Goods received not yet invoiced | 1,308 | — | |||||||
Other* | 10,325 | 9,557 | |||||||
Total Other accrued expenses | $ | 25,542 | $ | 20,704 | |||||
*Other accrued expenses consists of items that are individually less than 5% of total current liabilities. |
Restructuring_Costs_Notes
Restructuring Costs (Notes) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
RESTRUCTURING COSTS | ' | ||||||||||||||||||||
RESTRUCTURING COSTS | |||||||||||||||||||||
In April 2014, we committed to a restructuring plan to take advantage of additional cost savings opportunities in connection with our acquisitions and realignment to a single organizational structure based on product line. The plan calls for consolidating certain facilities and rebranding of products which will allow us to use our resources more efficiently. Over the next six months, we plan to incur additional charges of approximately $2.0 million. Accrued restructuring costs are included in Other accrued liabilities on our Condensed Consolidated Balance Sheet. | |||||||||||||||||||||
The following table summarizes the components of our restructuring costs incurred under the 2014 plan (in thousands): | |||||||||||||||||||||
Three and Six Months Ended June 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Severance and related costs | $ | 237 | |||||||||||||||||||
Facility closure costs | 7 | ||||||||||||||||||||
Total restructuring charges | $ | 244 | |||||||||||||||||||
The following table summarizes our restructuring liabilities under the 2014 plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | — | $ | 237 | $ | (187 | ) | $ | — | $ | 50 | ||||||||||
Facility closure costs | — | 7 | — | — | 7 | ||||||||||||||||
Total restructuring liabilities | $ | — | $ | 244 | $ | (187 | ) | $ | — | $ | 57 | ||||||||||
In April 2013, we committed to a restructuring plan to take advantage of additional cost saving opportunities in connection with our acquisition of Refusol. The plan called for consolidating certain facilities, further centralizing our manufacturing and rationalizing certain products to most effectively meet customer needs. Collectively, these steps will enable us to more efficiently use our resources to achieve strategic goals. All activities under this restructuring plan were completed prior to December 31, 2013. | |||||||||||||||||||||
The following table summarizes our restructuring liabilities under the 2013 plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | 2,078 | $ | — | $ | (1,815 | ) | $ | 4 | $ | 267 | ||||||||||
Facility closure costs | 571 | — | (379 | ) | — | 192 | |||||||||||||||
Total restructuring liabilities | $ | 2,649 | $ | — | $ | (2,194 | ) | $ | 4 | $ | 459 | ||||||||||
In September 2011, we approved and committed to several initiatives over the following 16 months to realign our manufacturing and research and development activities in order to foster growth and enhance profitability. These initiatives are designed to align research and development activities with the location of our customers and reduce production costs. Under this plan, we reduced our global headcount, consolidated our facilities by terminating or exiting several leases, and recorded impairments for assets no longer in use due to the restructuring of our business. All activities under this restructuring plan were completed prior to December 31, 2012. | |||||||||||||||||||||
The following table summarizes our restructuring liabilities under this plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | 217 | $ | — | $ | (11 | ) | $ | — | $ | 206 | ||||||||||
Facility closure costs | 414 | — | (57 | ) | — | 357 | |||||||||||||||
Total restructuring liabilities | $ | 631 | $ | — | $ | (68 | ) | $ | — | $ | 563 | ||||||||||
Warranties
Warranties | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
WARRANTIES | ' | ||||||||||||||||
WARRANTIES | |||||||||||||||||
Provisions of our sales agreements include product warranties customary to these types of agreements, ranging from 18 months to 24 months following installation for Precision Power products and 3 years to 10 years following installation for Inverter products. Our provision for the estimated cost of warranties is recorded when revenue is recognized. The warranty provision is based on historical experience by product, configuration and geographic region. | |||||||||||||||||
We establish accruals for warranty issues that are probable to result in future costs. Changes in product warranty accruals are as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balances at beginning of period | $ | 20,650 | $ | 13,739 | $ | 22,067 | $ | 14,797 | |||||||||
Warranty liabilities acquired | 19,684 | 10,678 | 19,684 | 10,678 | |||||||||||||
Increases to accruals related to sales during the period | 1,857 | 3,703 | 3,425 | 5,704 | |||||||||||||
Warranty expenditures | (4,601 | ) | (7,701 | ) | (7,586 | ) | (10,760 | ) | |||||||||
Balances at end of period | $ | 37,590 | $ | 20,419 | $ | 37,590 | $ | 20,419 | |||||||||
Pension_Liability_Notes
Pension Liability (Notes) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||
NOTE 15. | PENSION LIABILITY | ||||
In connection with the HiTek acquisition discussed in Note 2. Business Acquisitions, we acquired the HiTek Power Limited Pension Scheme ("HPLPS"). The HPLPS has been closed to new participants and additional accruals since 2006. In order to measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The net amount of the pension liability on our balance sheet as of June 30, 2014 was $20.4 million. | |||||
The components of the net periodic pension expense for the three and six months ended June 30, 2014 were as follows (in thousands): | |||||
Three and Six Months Ended June 30, | |||||
2014 | |||||
Net periodic benefit expense: | |||||
Interest cost | $ | (181 | ) | ||
Expected return on plan assets | 361 | ||||
Net periodic benefit expense | $ | 180 | |||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
We recognize stock-based compensation expense in Selling, general & administrative expenses based on the fair value of the awards issued. Stock-based compensation for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | $ | 1,495 | $ | 3,170 | $ | 3,259 | $ | 5,204 | |||||||||
Stock Options | |||||||||||||||||
Stock option awards, other than awards under our 2012-2014 Long Term Incentive Plan ("LTI Plan"), are generally granted with an exercise price equal to the market price of our common stock at the date of grant, a four-year vesting schedule, and a term of 10 years. | |||||||||||||||||
Under the LTI Plan, we made grants of performance based options and awards during the first quarter of 2014, which will vest in one year based on the Company's achievement of return on net assets targets established by our Board of Directors at the beginning of each year. These awards are granted with an exercise price equal to the market price of our common stock at the date of grant and have a term of 10 years. The fair value of each grant was estimated on the date of grant using the Black-Scholes-Merton option pricing model utilizing an expected volatility of 53.3%, a risk-free rate of 1.7%, a dividend yield of zero, and an expected term of 5.4 years. The weighted-average grant date fair value of the options is $13.09 per share. | |||||||||||||||||
A summary of our time based stock option activity for the six months ended June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Options outstanding at beginning of period | 1,573 | ||||||||||||||||
Options granted | — | ||||||||||||||||
Options exercised | (493 | ) | |||||||||||||||
Options forfeited | (53 | ) | |||||||||||||||
Options expired | (3 | ) | |||||||||||||||
Options outstanding at end of period | 1,024 | ||||||||||||||||
Changes in outstanding performance based stock options during the six months ended June 30, 2014 were as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Options outstanding at beginning of period | 1,239 | ||||||||||||||||
Options granted | 51 | ||||||||||||||||
Options exercised | (159 | ) | |||||||||||||||
Options forfeited | (230 | ) | |||||||||||||||
Options expired | (1 | ) | |||||||||||||||
Options outstanding at end of period | 900 | ||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Restricted Stock Units ("RSU") are generally granted with a four-year vesting schedule. | |||||||||||||||||
A summary of our time-based unvested RSU activity for the six months ended June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Balance at beginning of period | 230 | ||||||||||||||||
RSUs granted | 76 | ||||||||||||||||
RSUs vested | (102 | ) | |||||||||||||||
RSUs forfeited | (20 | ) | |||||||||||||||
Balance at end of period | 184 | ||||||||||||||||
Changes in the unvested performance based RSUs during the six months ended June 30, 2014 were as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Balance at beginning of period | 1,344 | ||||||||||||||||
RSUs granted | 59 | ||||||||||||||||
RSUs vested | — | ||||||||||||||||
RSUs settled in cash | (418 | ) | |||||||||||||||
RSUs forfeited | (524 | ) | |||||||||||||||
Balance at end of period | 461 | ||||||||||||||||
During the first quarter of 2014, Performance Stock Options (“PSOs”) and Performance Stock Units (“PSUs”) vested in accordance with performance targets for fiscal 2013. At that time, the Board of Directors authorized the settlement of the PSUs in cash at a value equal to the fair market value of the equity instrument on the vest date. Due to the settlement, $11.2 million was deducted from Additional paid-in capital and paid in cash in lieu of the issuance of shares. Our statement of cash flows represents this transaction as “Settlement of performance stock units.” All compensation expense related to these awards was recognized during the performance period ending December 31, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||
Accumulated other comprehensive income, net of tax, consisted of the following (in thousands): | ||||||||||||
Foreign Currency Adjustments | Unrealized Gains (Losses) on Marketable Securities | Total Accumulated Other Comprehensive Income | ||||||||||
Balances at December 31, 2013 | $ | 33,463 | $ | (6 | ) | $ | 33,457 | |||||
Current period other comprehensive income (loss) | (1,661 | ) | 1 | (1,660 | ) | |||||||
Balances at June 30, 2014 | $ | 31,802 | $ | (5 | ) | $ | 31,797 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
We have firm purchase commitments and agreements with various suppliers to ensure the availability of components. The obligation as of June 30, 2014 is approximately $68.6 million. Our policy with respect to all purchase commitments, is to record losses, if any, when they are probable and reasonably estimable. We continuously monitor these commitments for exposure to potential losses and will record a provision for losses when it is deemed necessary. | |
We are involved in disputes and legal actions arising in the normal course of our business. There have been no material developments in legal proceedings in which we are involved during the three and six months ended June 30, 2014. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, we engaged in the following transactions with companies related to members of our Board of Directors, as described below (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sales to related parties | $ | 101 | $ | 584 | $ | 228 | $ | 615 | |||||||||
Rent expense to related parties | 472 | 468 | 907 | 943 | |||||||||||||
Sales - Related Parties | |||||||||||||||||
Members of our Board of Directors hold various executive positions and serve as directors at other companies, including companies that are our customers. During the three and six months ended June 30, 2014, we had sales to one customer as noted above and accounts receivable from one such customer that totaled $157,184 at June 30, 2014. During the three and six months ended June 30, 2013, we had sales to one customer as noted above and no aggregate accounts receivable from this customer at December 31, 2013. | |||||||||||||||||
Rent Expense - Related Parties | |||||||||||||||||
We lease our executive offices, research and development, and manufacturing facilities in Fort Collins, Colorado from a limited liability partnership in which Douglas Schatz, our former Chairman of the Board and former Chief Executive Officer, holds an interest. The leases relating to these spaces expire during 2021 and obligate us to total annual payments of approximately $1.8 million, which includes facilities rent and common area maintenance costs. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
Precision Power Products offers power conversion products for direct current, pulsed DC mid-frequency, high voltage, and radio frequency power supplies, matching networks, RF instrumentation, and Power Control Modules ("PCM") as well as thermal instrumentation products. Our power conversion systems refine, modify, and control the raw electrical power from a utility and convert it into power that may be customized and is predictable and repeatable. Our thermal instrumentation products provide temperature measurement solutions for applications in which time-temperature cycles affect material properties, productivity, and yield. These products are used in rapid thermal processing, chemical vapor deposition, and other semiconductor and solar applications requiring non-contact temperature measurement. Our network of global service support centers offer repair services, conversions, upgrades, and refurbishments to companies using our products. Precision Power Products principally serves original equipment manufacturers ("OEMs") and end customers in the semiconductor, flat panel display, solar panel, and other capital equipment and industrial markets. | |||||||||||||||||
Our Inverters SBU offers both a transformer-based and a transformerless advanced grid-tied PV inverter solution primarily for commercial and utility-scale system installations. Our PV inverters are designed to convert renewable solar power, drawn from large and small scale solar arrays, into high quality, reliable electrical power. Our Inverters SBU focuses on commercial and utility-scale solar projects and installations, selling primarily to distributors, engineering, procurement, and construction contractors, developers, and utility companies. Our Inverters revenue has seasonal variations. Installations of inverters are normally lowest during the first quarter as a result of typically poor weather and as a result, reduced installation scheduling by our customers. | |||||||||||||||||
Our chief operating decision maker, who is our Chief Executive Officer, and other management personnel regularly review our performance and make resource allocation decisions by reviewing the results of our two business segments separately. Revenue and operating profit is reviewed by our chief operating decision maker. We have also divided inventory and property and equipment based on business segment. | |||||||||||||||||
Sales with respect to our operating segments is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Precision Power Products | $ | 81,832 | $ | 71,702 | $ | 164,704 | $ | 133,479 | |||||||||
Inverters | 64,453 | 68,009 | 122,529 | 118,046 | |||||||||||||
Total | $ | 146,285 | $ | 139,711 | $ | 287,233 | $ | 251,525 | |||||||||
Income (loss) before income taxes by operating segment is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Precision Power Products | $ | 18,362 | $ | 14,406 | $ | 41,573 | $ | 21,917 | |||||||||
Inverters | (6,606 | ) | (1,772 | ) | (12,904 | ) | (1,564 | ) | |||||||||
Total segment operating income | 11,756 | 12,634 | 28,669 | 20,353 | |||||||||||||
Restructuring charges | (244 | ) | (24,206 | ) | (244 | ) | (24,206 | ) | |||||||||
Other income (expense), net | 25 | (330 | ) | (71 | ) | (533 | ) | ||||||||||
Income (loss) before income taxes | $ | 11,537 | $ | (11,902 | ) | $ | 28,354 | $ | (4,386 | ) | |||||||
Beginning in 2014, certain support functions such as human resources, information technology, accounting and finance, and legal, are now allocated to the business units based on corporate activities in each product area. This change was implemented in an effort to provide investors with a clearer understanding of the business unit's operating performance. | |||||||||||||||||
Segment assets consist of inventories, net and property and equipment, net. A summary of consolidated total assets by segment follows (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Precision Power Products | $ | 50,492 | $ | 39,450 | |||||||||||||
Inverters | 99,428 | 104,227 | |||||||||||||||
Total segment assets | 149,920 | 143,677 | |||||||||||||||
Unallocated corporate property and equipment | 1,088 | 982 | |||||||||||||||
Unallocated corporate assets | 553,139 | 508,318 | |||||||||||||||
Consolidated total assets | $ | 704,147 | $ | 652,977 | |||||||||||||
"Corporate" is a non-operating business segment with the main purpose of supporting operations. Unallocated corporate assets include accounts receivable, deferred income taxes, other current assets and intangible assets. | |||||||||||||||||
During the three months ended June 30, 2014, we had two customers which individually accounted for 10% or more of our sales. Sales to Applied Materials, Inc. and LAM Research were $21.2 million and $15.0 million or 14.5% and 10.3%, respectively, of total sales for the three month period. During the six months ended June 30, 2014, we had three customers which individually accounted for 10% or more of our sales. Sales to Applied Materials, Inc., LAM Research, and AMEC were $48.2 million, $32.8 million, and $31.9 million. During the three and six months ended June 30, 2013, we had one customer individually accounting for 10% or more of our sales. Sales to Applied Materials, Inc. were $22.9 million or 16.4% of total sales during the three month period and $41.6 million or 16.8% for the six month period. Our sales to Applied Materials, Inc. and LAM Research include precision power products used in semiconductor processing and solar, flat panel display, and architectural glass applications. Our sales to AMEC include solar inverters. No other customer accounted for 10% or more of our sales during these periods. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Event [Line Items] | ' | |
Subsequent Events [Text Block] | ' | |
NOTE 22. | SUBSEQUENT EVENT | |
On August 4, 2014, Advanced Energy acquired UltraVolt, Inc., a privately-held provider of high voltage power solutions. Based in Ronkonkoma, New York, UltraVolt has a comprehensive portfolio of high voltage power supplies and modules ranging from benchtop and rack mount systems to microsize PCB-mount modules. Its standard DC-to-DC product line consists of over 1,500 models, which can be combined with accessories and options to create thousands of product configurations. Serving over 100 markets, UltraVolt’s fixed-frequency, high-voltage topology provides wide input and output operating ranges while retaining excellent stability and efficiencies. We acquired UltraVolt to expand our product offerings in our Precision Power Products portfolio. | ||
Under the agreement, Advanced Energy has acquired UltraVolt for a purchase price of $30.2 million in cash. The preliminary base price is subject to a post-closing adjustment based on confirmation of the financial statements of UltraVolt effective as of the closing date. |
Credit_Facility_Notes
Credit Facility (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Line of Credit Facility [Line Items] | ' |
Debt Disclosure [Text Block] | ' |
CREDIT FACILITIES | |
In October 2012, we, along with two of our wholly-owned subsidiaries, AE Solar Energy, Inc. and Sekidenko, Inc., entered into a Credit Agreement, subsequently amended in November 2012 and August 2013, (the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as agent for and on behalf of certain lenders (each a "Lender"), which provides for a new secured revolving credit facility of up to $50.0 million (the "Credit Facility"). The Credit Facility provides us with the ability to borrow up to $50.0 million, although the amount of the Credit Facility may be increased by an additional $25.0 million up to a total of $75.0 million subject to receipt of lender commitments and other conditions. Borrowings under the Credit Facility are subject to a borrowing base based upon our domestic accounts receivable and inventory and are available for various corporate purposes, including general working capital, capital expenditures, and certain permitted acquisitions. The Credit Agreement also permits us to issue letters of credit which reduce availability under the Credit Agreement. The maturity date of the Credit Facility is October 12, 2017. | |
At our election, the loans comprising each borrowing will bear interest at a rate per annum equal to either: (a) a "base rate" plus between one-half (0.5%) and one (1.0%) full percentage point depending on the amount available for additional draws under the Credit Facility ("Base Rate Loan"); or (b) the LIBOR rate then in effect plus between one and one-half (1.5%) and two (2%) percentage points depending on the amount available for additional draws under the Credit Facility. The "base rate" for any Base Rate Loan will be the greatest of the federal funds rate plus one-half (0.5%) percentage point; the one-month LIBOR rate plus one (1.0%) percentage point; and Wells Fargo's "prime rate" then in effect. As of June 30, 2014, the rate in effect was 3.75%. | |
The Credit Agreement requires us to pay certain fees to the Lenders and contains affirmative and negative covenants, which, among other things, require us to deliver to the Lenders specified quarterly and annual financial information, and limit us and our Guarantors (as defined below), subject to various exceptions and thresholds, from, among other things: (i) creating liens on our assets; (ii) merging with other companies or engaging in other extraordinary corporate transactions; (iii) selling certain assets or properties; (iv) entering into transactions with affiliates; (v) making certain types of investments; (vi) changing the nature of our business; and (vii) paying certain distributions or certain other payments to affiliates. Additionally, there are the following financial covenants: (i) during any period in which $12.5 million or less is available to us under the Credit Facility and for sixty (60) days thereafter, the Credit Agreement requires the maintenance of a defined consolidated fixed charge coverage ratio; and (ii) if there is any indebtedness under any issued and outstanding convertible notes, we are required to maintain a specified level of liquidity. | |
The Credit Agreement requires us to pay certain fees to the Lenders, including a $2,500 collateral management fee for each month that the Credit Facility is in place, and a fee based on the unused amount of the Credit Facility. During the six months ended June 30, 2014 and 2013, we expensed $0.2 million and $0.2 million, respectively, in interest and fees related to unused line of credit fees and amortization of debt issuance costs. We did not borrow against the Credit Facility during the six months ended June 30, 2014. | |
Pursuant to a Guaranty and Security Agreement (the "GS Agreement"), borrowings under the Credit Facility are guaranteed by our wholly-owned subsidiaries Aera Corporation and AEI US Subsidiary, Inc., (collectively the " Guarantors"). Under the GS Agreement, we and the Guarantors granted the Lenders a security interest in certain, but not all, of our and the Guarantors' assets. | |
As part of the acquisition of Refusol described in Note 2. Business Acquisitions, we assumed the outstanding debt of Refusol as of the acquisition date. There were three outstanding loans with banks related to this debt, of which one was repaid and cancelled during the third quarter of 2013. | |
Refusol, GmbH had an outstanding loan agreement with Commerzbank Aktiengesellschaft ("Commerzbank") for up to 8.0 million Euros ("Commerzbank Loan Agreement"). The agreement allowed Refusol to borrow up to 8.0 million Euros through various types of instruments including an overdraft (revolving) facilities, money market (term) loans, surety loans, or guarantees. There was no maturity date. Borrowings under the revolving credit facility bore interest at 5.32%. Surety and guarantee loans bore interest at 1.5%. The Commerzbank Loan Agreement required the payment of a credit commission of 0.5% of the total loan amount. The agreement contains various covenants including a financial covenant requiring a specified level of equity. This line of credit was repaid and cancelled in the second quarter of 2014. | |
Refusol, GmbH also had an outstanding loan agreement with Bayerische Landesbank ("Bayern") which allowed it to borrow up to 4.0 million Euros either as overdraft facilities, term loans, or guarantees with repayment occurring one lump sum at the maturity date of the individual transaction with respect to term loans, or maturity of the loan agreement which was July 31, 2013 (the "Bayern Loan Agreement"). The overdraft facility bore interest at 4.5%. Term loans bore interest at the money market rate established by Bayern at the time of the loan plus a margin of 1.9%. Guarantees bore interest at 1.25% and had an issuing fee per guarantee. Loan commitment fees were 0.25% on the unused portion of the total loan amount. The Bayern Loan Agreement contained certain reporting requirements and a financial covenant requiring a specified level of equity. | |
Upon expiration of this agreement, Refusol, GmbH entered into a new loan agreement with Bayerische Landesbank ("Bayern") under which it has the ability to borrow up to 4.0 million Euros (equal to $5.5 million on June 30, 2014) as either bank overdrafts, term loans, guarantees, or letters of credit. The overdraft facility bears interest at 3.9%, guarantees bears a rate of 1.64% and interest on term loans is a fixed rate set for each term loan period based on money market rates. Loan commitment fees are 0.25%. The loan matures on July 31, 2014. At June 30, 2014 $4.6 million was outstanding on this line of credit and the Company is in discussions with Bayern related to the possibility of renewing the loan agreement. | |
Refusol, Inc., a wholly-owned subsidiary of Refusol, GmbH located in the United States, had a revolving line of credit with Wells Fargo with an aggregate principal amount of $1.5 million and a maturity date of July 1, 2013. Borrowings under the line of credit were secured by all of Refusol, Inc.'s accounts receivable, inventory, and property, plant, and equipment and a letter of credit issued under the Commerzbank Loan Agreement. The line of credit bore interest at either (a) a fluctuating rate per annum one quarter of one percent (0.25%) above the Prime Rate or (b) the LIBOR rate then in effect plus two percent (2.0%). Refusol, Inc. had the option to select the method of interest each month. A commitment fee of 0.125% was payable by Refusol, Inc. on the unused portion of the line of credit. The line of credit contained certain affirmative and negative covenants limiting Refusol, Inc.'s ability to borrow additional funds or guarantee the debt of others. This line of credit was paid down and cancelled on its maturity date of July 1, 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Our policy with respect to all purchase commitments, is to record losses, if any, when they are probable and reasonably estimable. |
Business_Acquisition_and_Dispo1
Business Acquisition and Disposition (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
HiTek [Member] | ' | |||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of components of fair value of consideration transferred | ' | |||||||||||||||
The components of the fair value of the total consideration transferred for the HiTek acquisition are as follows (in thousands): | ||||||||||||||||
Cash paid to owners | $ | 3,525 | ||||||||||||||
Cash acquired | (6,889 | ) | ||||||||||||||
Total fair value of consideration received | $ | (3,364 | ) | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||||
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 12, 2014 (in thousands): | ||||||||||||||||
Accounts receivable | $ | 2,867 | ||||||||||||||
Inventories | 4,980 | |||||||||||||||
Other current assets | 415 | |||||||||||||||
Property and equipment | 1,291 | |||||||||||||||
Current liabilities | (3,836 | ) | ||||||||||||||
Long-term liabilities | (22,725 | ) | ||||||||||||||
(17,008 | ) | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Tradename | 336 | |||||||||||||||
Technology | 4,029 | |||||||||||||||
Customer relationships | 8,225 | |||||||||||||||
Total amortizable intangible assets | 12,590 | |||||||||||||||
Total identifiable net assets | (4,418 | ) | ||||||||||||||
Goodwill | 1,054 | |||||||||||||||
Total fair value of consideration received | $ | (3,364 | ) | |||||||||||||
Refusol [Member] | ' | |||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of components of fair value of consideration transferred | ' | |||||||||||||||
The components of the fair value of the total consideration transferred for the Refusol acquisition are as follows (in thousands): | ||||||||||||||||
Cash paid to owners | $ | 79,550 | ||||||||||||||
Debt assumed | 11,873 | |||||||||||||||
Working capital adjustment | (2,340 | ) | ||||||||||||||
Cash acquired | (1,836 | ) | ||||||||||||||
Total fair value of consideration transferred | $ | 87,247 | ||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||||
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 8, 2013 (in thousands): | ||||||||||||||||
Accounts receivable | $ | 8,868 | ||||||||||||||
Inventories | 13,610 | |||||||||||||||
Other current assets | 6,769 | |||||||||||||||
Property and equipment | 4,708 | |||||||||||||||
Other long-term assets | 130 | |||||||||||||||
Deferred tax assets | (3,156 | ) | ||||||||||||||
Current liabilities | (33,397 | ) | ||||||||||||||
Long-term liabilities | (41,646 | ) | ||||||||||||||
(44,114 | ) | |||||||||||||||
Amortizable intangible assets: | ||||||||||||||||
Trademarks | 1,300 | |||||||||||||||
Technology | 5,700 | |||||||||||||||
Customer relationships | 3,500 | |||||||||||||||
Total amortizable intangible assets | 10,500 | |||||||||||||||
Total identifiable net assets | (33,614 | ) | ||||||||||||||
Goodwill | 120,861 | |||||||||||||||
Total fair value of consideration transferred | $ | 87,247 | ||||||||||||||
Schedule of intangible assets acquired, amortization method and estimated useful lives | ' | |||||||||||||||
A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 8, 2013 follows (in thousands, except useful life): | ||||||||||||||||
Amount | Amortization Method | Useful Life | ||||||||||||||
Trademarks | $ | 1,300 | Straight-line | 1.5 | ||||||||||||
Technology | 5,700 | Straight-line | 5 | |||||||||||||
Customer relationships | 3,500 | Straight-line | 5 | |||||||||||||
$ | 10,500 | |||||||||||||||
Schedule of pro forma results | ' | |||||||||||||||
The unaudited pro forma results follow (in thousands, except per share data): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | 146,285 | $ | 140,154 | $ | 287,233 | $ | 271,608 | ||||||||
Net income (loss) | 10,646 | (10,414 | ) | 25,361 | (7,662 | ) | ||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | 0.26 | $ | (0.26 | ) | $ | 0.62 | $ | (0.20 | ) | ||||||
Diluted | $ | 0.26 | $ | (0.26 | ) | $ | 0.61 | $ | (0.19 | ) | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of tax expense and the effective tax rate for our income from continuing operations | ' | ||||||||||||||||
The following table sets out the tax expense and the effective tax rate for our income from continuing operations (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income (loss) before income taxes | $ | 11,537 | $ | (11,902 | ) | $ | 28,354 | $ | (4,386 | ) | |||||||
Provision (benefit) for income taxes | 891 | (2,120 | ) | 2,993 | (1,430 | ) | |||||||||||
Effective tax rate | 7.7 | % | 17.8 | % | 10.6 | % | 32.6 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS | ' | ||||||||||||||||
The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS (in thousands, except per share data): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income (loss) | $ | 10,646 | $ | (9,782 | ) | $ | 25,361 | $ | (2,956 | ) | |||||||
Basic weighted-average common shares outstanding | 40,540 | 39,453 | 40,677 | 39,114 | |||||||||||||
Assumed exercise of dilutive stock options and restricted stock units | 607 | 697 | 742 | 785 | |||||||||||||
Diluted weighted-average common shares outstanding | 41,147 | 40,150 | 41,419 | 39,899 | |||||||||||||
Net Income (loss): | |||||||||||||||||
Basic earnings (loss) per share | $ | 0.26 | $ | (0.25 | ) | $ | 0.62 | $ | (0.08 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.26 | $ | (0.24 | ) | $ | 0.61 | $ | (0.07 | ) | |||||||
Schedule of stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive | ' | ||||||||||||||||
The following stock options were excluded in the computation of diluted earnings per share because they were anti-dilutive: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 79 | 695 | 52 | 780 | |||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
The composition of our marketable securities | ' | ||||||||||||||||
marketable securities consist entirely of certificates of deposit as follows (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Total marketable securities | $ | 12,633 | $ | 12,633 | $ | 11,568 | $ | 11,568 | |||||||||
The maturities of our marketable securities available for sale | ' | ||||||||||||||||
The maturities of our marketable securities available for sale as of June 30, 2014 are as follows: | |||||||||||||||||
Earliest | Latest | ||||||||||||||||
Certificates of deposit | 7/29/14 | to | 6/13/16 | ||||||||||||||
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of financial assets measured at fair value, on a recurring basis | ' | ||||||||||||||||
The following tables present information about our financial assets measured at fair value, on a recurring basis, as of June 30, 2014, and December 31, 2013. The tables indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. We did not have any financial liabilities measured at fair value, on a recurring basis, as of June 30, 2014, and December 31, 2013. | |||||||||||||||||
June 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Total marketable securities | $ | — | $ | 12,633 | $ | — | $ | 12,633 | |||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | |||||||||||||||||
Total marketable securities | $ | — | $ | 11,568 | $ | — | $ | 11,568 | |||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of inventories | ' | ||||||||
Our inventories are valued at the lower of cost or market and computed on a first-in, first-out (FIFO) basis. Components of Inventories, net of reserves, are as follows (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Parts and raw materials | $ | 81,137 | $ | 75,815 | |||||
Work in process | 9,853 | 3,507 | |||||||
Finished goods | 27,197 | 30,449 | |||||||
Inventories, net of reserves | $ | 118,187 | $ | 109,771 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Details of property and equipment | ' | ||||||||||||||||
Details of property and equipment are as follows (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Buildings and land | $ | 1,885 | $ | 1,807 | |||||||||||||
Machinery and equipment | 47,769 | 41,451 | |||||||||||||||
Computer and communication equipment | 24,083 | 23,117 | |||||||||||||||
Furniture and fixtures | 4,575 | 4,028 | |||||||||||||||
Vehicles | 312 | 367 | |||||||||||||||
Leasehold improvements | 27,537 | 24,369 | |||||||||||||||
Construction in process | 1,525 | 5,426 | |||||||||||||||
107,686 | 100,565 | ||||||||||||||||
Less: Accumulated depreciation | (74,865 | ) | (65,677 | ) | |||||||||||||
Property and equipment, net | $ | 32,821 | $ | 34,888 | |||||||||||||
Depreciation expense recorded in continuing operations | ' | ||||||||||||||||
Depreciation expense, recorded in general and administrative expenses and cost of goods sold, is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation expense | $ | 3,229 | $ | 3,331 | $ | 6,225 | $ | 6,404 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of the changes in goodwill | ' | ||||
The following summarizes the changes in goodwill during the six months ended June 30, 2014 (in thousands): | |||||
Gross carrying amount, beginning of period | $ | 157,800 | |||
Additions (see Note 2) | 45,073 | ||||
Translation adjustments | 3,990 | ||||
Gross carrying amount, end of period | $ | 206,863 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of other intangible assets | ' | ||||||||||||||||||||||
Other intangible assets consisted of the following as of June 30, 2014 (in thousands, except weighted-average useful life): | |||||||||||||||||||||||
Gross Carrying Amount | Effect of Changes in Exchange Rates | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | |||||||||||||||||||
(net of impairment) | |||||||||||||||||||||||
Amortizable intangibles: | |||||||||||||||||||||||
Technology-based | $ | 33,508 | $ | 499 | $ | (16,455 | ) | $ | 17,552 | 7 | |||||||||||||
Trademarks and other | 32,633 | 773 | (6,203 | ) | 27,203 | 10 | |||||||||||||||||
Total amortizable intangibles | $ | 66,141 | $ | 1,272 | $ | (22,658 | ) | $ | 44,755 | ||||||||||||||
Other intangible assets consisted of the following as of December 31, 2013 (in thousands, except weighted-average useful life): | |||||||||||||||||||||||
Gross Carrying Amount | Effect of Changes in Exchange Rates | Impairment | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | ||||||||||||||||||
Amortizable intangibles: | |||||||||||||||||||||||
Technology-based | $ | 50,368 | $ | 441 | $ | (26,168 | ) | $ | (14,712 | ) | $ | 9,929 | 4 | ||||||||||
Trademarks and other | 18,515 | 514 | (5,705 | ) | (3,842 | ) | 9,482 | 7 | |||||||||||||||
Total amortizable intangibles | $ | 68,883 | $ | 955 | $ | (31,873 | ) | $ | (18,554 | ) | $ | 19,411 | |||||||||||
Schedule of amortization expense relating to other intangible assets | ' | ||||||||||||||||||||||
Amortization expense relating to other intangible assets included in our income (loss) is as follows (in thousands): | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Amortization expense | $ | 2,226 | $ | 1,975 | $ | 4,101 | $ | 4,188 | |||||||||||||||
Schedule of expected future amortization expense | ' | ||||||||||||||||||||||
Amortization expense related to intangibles for each of the five years 2014 (remaining) through 2018 and thereafter is as follows (in thousands): | |||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||
2014 (remaining) | $ | 3,858 | |||||||||||||||||||||
2015 | 6,960 | ||||||||||||||||||||||
2016 | 5,691 | ||||||||||||||||||||||
2017 | 5,509 | ||||||||||||||||||||||
2018 | 4,039 | ||||||||||||||||||||||
Thereafter | 18,698 | ||||||||||||||||||||||
$ | 44,755 | ||||||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
Other accrued expenses consisted of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Other accrued expenses: | |||||||||
Current deferred tax liability | $ | 7,910 | $ | 4,519 | |||||
Accrued restructuring costs (See Note 13) | 1,079 | 3,280 | |||||||
Current contingent consideration | 1,444 | 933 | |||||||
Accrued sales and use tax | 3,476 | 2,415 | |||||||
Goods received not yet invoiced | 1,308 | — | |||||||
Other* | 10,325 | 9,557 | |||||||
Total Other accrued expenses | $ | 25,542 | $ | 20,704 | |||||
*Other accrued expenses consists of items that are individually less than 5% of total current liabilities. |
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
April Two Thousand Fourteen Restructuring Plan [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes the components of our restructuring costs incurred under the 2014 plan (in thousands): | |||||||||||||||||||||
Three and Six Months Ended June 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Severance and related costs | $ | 237 | |||||||||||||||||||
Facility closure costs | 7 | ||||||||||||||||||||
Total restructuring charges | $ | 244 | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||||||
The following table summarizes our restructuring liabilities under the 2014 plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | — | $ | 237 | $ | (187 | ) | $ | — | $ | 50 | ||||||||||
Facility closure costs | — | 7 | — | — | 7 | ||||||||||||||||
Total restructuring liabilities | $ | — | $ | 244 | $ | (187 | ) | $ | — | $ | 57 | ||||||||||
2013 Plan | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||||||
The following table summarizes our restructuring liabilities under the 2013 plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | 2,078 | $ | — | $ | (1,815 | ) | $ | 4 | $ | 267 | ||||||||||
Facility closure costs | 571 | — | (379 | ) | — | 192 | |||||||||||||||
Total restructuring liabilities | $ | 2,649 | $ | — | $ | (2,194 | ) | $ | 4 | $ | 459 | ||||||||||
2011 Plan | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||||||
The following table summarizes our restructuring liabilities under this plan (in thousands): | |||||||||||||||||||||
Balances at December 31, 2013 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at June 30, 2014 | |||||||||||||||||
Severance and related costs | $ | 217 | $ | — | $ | (11 | ) | $ | — | $ | 206 | ||||||||||
Facility closure costs | 414 | — | (57 | ) | — | 357 | |||||||||||||||
Total restructuring liabilities | $ | 631 | $ | — | $ | (68 | ) | $ | — | $ | 563 | ||||||||||
Warranties_Tables
Warranties (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Changes in accrued product warranties | ' | ||||||||||||||||
Changes in product warranty accruals are as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balances at beginning of period | $ | 20,650 | $ | 13,739 | $ | 22,067 | $ | 14,797 | |||||||||
Warranty liabilities acquired | 19,684 | 10,678 | 19,684 | 10,678 | |||||||||||||
Increases to accruals related to sales during the period | 1,857 | 3,703 | 3,425 | 5,704 | |||||||||||||
Warranty expenditures | (4,601 | ) | (7,701 | ) | (7,586 | ) | (10,760 | ) | |||||||||
Balances at end of period | $ | 37,590 | $ | 20,419 | $ | 37,590 | $ | 20,419 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of stock-based compensation | ' | ||||||||||||||||
Stock-based compensation for the three and six months ended June 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | $ | 1,495 | $ | 3,170 | $ | 3,259 | $ | 5,204 | |||||||||
Summary of stock option activity | ' | ||||||||||||||||
A summary of our time based stock option activity for the six months ended June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Options outstanding at beginning of period | 1,573 | ||||||||||||||||
Options granted | — | ||||||||||||||||
Options exercised | (493 | ) | |||||||||||||||
Options forfeited | (53 | ) | |||||||||||||||
Options expired | (3 | ) | |||||||||||||||
Options outstanding at end of period | 1,024 | ||||||||||||||||
Changes in outstanding performance based stock options during the six months ended June 30, 2014 were as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Options outstanding at beginning of period | 1,239 | ||||||||||||||||
Options granted | 51 | ||||||||||||||||
Options exercised | (159 | ) | |||||||||||||||
Options forfeited | (230 | ) | |||||||||||||||
Options expired | (1 | ) | |||||||||||||||
Options outstanding at end of period | 900 | ||||||||||||||||
Summary of non-vested Restricted Stock Units activity | ' | ||||||||||||||||
A summary of our time-based unvested RSU activity for the six months ended June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Balance at beginning of period | 230 | ||||||||||||||||
RSUs granted | 76 | ||||||||||||||||
RSUs vested | (102 | ) | |||||||||||||||
RSUs forfeited | (20 | ) | |||||||||||||||
Balance at end of period | 184 | ||||||||||||||||
Changes in the unvested performance based RSUs during the six months ended June 30, 2014 were as follows (in thousands): | |||||||||||||||||
Shares | |||||||||||||||||
Balance at beginning of period | 1,344 | ||||||||||||||||
RSUs granted | 59 | ||||||||||||||||
RSUs vested | — | ||||||||||||||||
RSUs settled in cash | (418 | ) | |||||||||||||||
RSUs forfeited | (524 | ) | |||||||||||||||
Balance at end of period | 461 | ||||||||||||||||
During the first quarter of 2014, Performance Stock Options (“PSOs”) and Performance Stock Units (“PSUs”) vested in accordance with performance targets for fiscal 2013. At that time, the Board of Directors authorized the settlement of the PSUs in cash at a value equal to the fair market value of the equity instrument on the vest date. Due to the settlement, $11.2 million was deducted from Additional paid-in capital and paid in cash in lieu of the issuance of shares. Our statement of cash flows represents this transaction as “Settlement of performance stock units.” All compensation expense related to these awards was recognized during the performance period ending December 31, 2013. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of accumulated other comprehensive income | ' | |||||||||||
Accumulated other comprehensive income, net of tax, consisted of the following (in thousands): | ||||||||||||
Foreign Currency Adjustments | Unrealized Gains (Losses) on Marketable Securities | Total Accumulated Other Comprehensive Income | ||||||||||
Balances at December 31, 2013 | $ | 33,463 | $ | (6 | ) | $ | 33,457 | |||||
Current period other comprehensive income (loss) | (1,661 | ) | 1 | (1,660 | ) | |||||||
Balances at June 30, 2014 | $ | 31,802 | $ | (5 | ) | $ | 31,797 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of related party transactions | ' | ||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, we engaged in the following transactions with companies related to members of our Board of Directors, as described below (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sales to related parties | $ | 101 | $ | 584 | $ | 228 | $ | 615 | |||||||||
Rent expense to related parties | 472 | 468 | 907 | 943 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | ||||||||||||||||
Sales with respect to our operating segments is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Precision Power Products | $ | 81,832 | $ | 71,702 | $ | 164,704 | $ | 133,479 | |||||||||
Inverters | 64,453 | 68,009 | 122,529 | 118,046 | |||||||||||||
Total | $ | 146,285 | $ | 139,711 | $ | 287,233 | $ | 251,525 | |||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
Income (loss) before income taxes by operating segment is as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Precision Power Products | $ | 18,362 | $ | 14,406 | $ | 41,573 | $ | 21,917 | |||||||||
Inverters | (6,606 | ) | (1,772 | ) | (12,904 | ) | (1,564 | ) | |||||||||
Total segment operating income | 11,756 | 12,634 | 28,669 | 20,353 | |||||||||||||
Restructuring charges | (244 | ) | (24,206 | ) | (244 | ) | (24,206 | ) | |||||||||
Other income (expense), net | 25 | (330 | ) | (71 | ) | (533 | ) | ||||||||||
Income (loss) before income taxes | $ | 11,537 | $ | (11,902 | ) | $ | 28,354 | $ | (4,386 | ) | |||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||
Segment assets consist of inventories, net and property and equipment, net. A summary of consolidated total assets by segment follows (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Precision Power Products | $ | 50,492 | $ | 39,450 | |||||||||||||
Inverters | 99,428 | 104,227 | |||||||||||||||
Total segment assets | 149,920 | 143,677 | |||||||||||||||
Unallocated corporate property and equipment | 1,088 | 982 | |||||||||||||||
Unallocated corporate assets | 553,139 | 508,318 | |||||||||||||||
Consolidated total assets | $ | 704,147 | $ | 652,977 | |||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation Narrative (Details) | 3 Months Ended |
Jun. 30, 2014 | |
StrategicBusinessUnits | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of Operating Segments | 2 |
Business_Acquisition_and_Dispo2
Business Acquisition and Disposition - Components of total consideration transferred (Details) (USD $) | 0 Months Ended | |
Apr. 12, 2014 | Apr. 08, 2013 | |
HiTek [Member] | Refusol [Member] | |
Business Acquisition [Line Items] | ' | ' |
Payments to Acquire Businesses, Gross | $3,525,000 | $79,550,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | 11,873,000 |
Purchase Price Working Capital Reduction | ' | -2,340,000 |
Cash Acquired from Acquisition | 6,889,000 | 1,836,000 |
Business Acquistion, Cost of Acquired Entity, Contract Price | ($3,364,000) | $87,247,000 |
Business_Acquisition_and_Dispo3
Business Acquisition and Disposition - Summary of intangible assets acquired, amortization method and useful lives (Details) (Refusol [Member], USD $) | 0 Months Ended |
Apr. 08, 2013 | |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $10,500,000 |
Trademarks [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,300,000 |
Amortization method | 'Straight-line |
Useful life | '1 year 6 months |
Patented Technology [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,700,000 |
Amortization method | 'Straight-line |
Useful life | '5 years 0 months |
Customer Relationships - Other [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,500,000 |
Amortization method | 'Straight-line |
Useful life | '5 years 0 months |
Customer Relationships - Design [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $10,500,000 |
Business_Acquisition_and_Dispo4
Business Acquisition and Disposition - Summary of pro forma results (Details) (Refusol [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Refusol [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $146,285 | $140,154 | $287,233 | $271,608 |
Business Acquisition, Pro Forma Net income | $10,646 | ($10,414) | $25,361 | ($7,662) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.26 | ($0.26) | $0.62 | ($0.20) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.26 | ($0.26) | $0.61 | ($0.19) |
Business_Acquisition_and_Dispo5
Business Acquisition and Disposition - Narrative (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 08, 2013 | Jun. 30, 2014 | Jan. 27, 2014 | |
Refusol [Member] | Refusol [Member] | Power Control Modules [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ' | ' | ' | $29,400,000 | ' |
Business Acquistion, Cost of Acquired Entity, Contract Price | ' | ' | ' | 87,247,000 | ' | 31,105,155 |
Payments to Acquire Businesses, Net of Cash Acquired | 26,938,000 | 77,211,000 | ' | 75,400,000 | ' | ' |
Contingent consideration | 1,444,000 | ' | 933,000 | ' | ' | 1,020,155 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 10,500,000 | ' | 16,437,350 |
Goodwill | 206,863,000 | ' | 157,800,000 | 120,861,000 | ' | 14,632,250 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | $4,708,000 | ' | $50,000 |
Business_Acquisition_and_Dispo6
Business Acquisition and Disposition Fair Value of Assets and Liabilities Acquired (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 12, 2014 | Apr. 08, 2013 | Apr. 12, 2014 | Apr. 08, 2013 | Apr. 12, 2014 | Apr. 08, 2013 | Apr. 12, 2014 | Apr. 08, 2013 |
HiTek [Member] | Refusol [Member] | Trade Names [Member] | Trademarks [Member] | Patented Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | Customer Relationships [Member] | |||
HiTek [Member] | Refusol [Member] | HiTek [Member] | Refusol [Member] | HiTek [Member] | Refusol [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | $2,867,000 | $8,868,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | 4,980,000 | 13,610,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Current Assets | ' | ' | 415,000 | 6,769,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | 1,291,000 | 4,708,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | ' | ' | ' | -3,156,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | -3,836,000 | -33,397,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | 22,725,000 | 41,646,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Tangible Assets | ' | ' | -17,008,000 | -44,114,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | 12,590,000 | 10,500,000 | 336,000 | 1,300,000 | 4,029,000 | 5,700,000 | 8,225,000 | 3,500,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | -4,418,000 | -33,614,000 | ' | ' | ' | ' | ' | ' |
Goodwill | 206,863,000 | 157,800,000 | 1,054,000 | 120,861,000 | ' | ' | ' | ' | ' | ' |
Business Acquistion, Cost of Acquired Entity, Contract Price | ' | ' | ($3,364,000) | $87,247,000 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Schedule_of_tax_e
Income Taxes Schedule of tax expense and the effective tax rate for our income from continuing operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations before income taxes | $11,537 | ($11,902) | $28,354 | ($4,386) |
Provision (benefit) for income taxes | $891 | ($2,120) | $2,993 | ($1,430) |
Effective tax rate | 7.70% | 17.80% | 10.60% | 32.60% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 8-May-14 |
Earnings Per Share [Abstract] | ' |
Stock Repurchase Program, Authorized Amount | $25 |
Stock Repurchased and Retired During Period, Shares | 1.4 |
Stock Repurchased and Retired During Period, Value | $25 |
Earnings_Per_Share_Reconciliat
Earnings Per Share Reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations, net of income taxes | $10,646 | ($9,782) | $25,361 | ($2,956) |
Basic weighted-average common shares outstanding | 40,540 | 39,453 | 40,677 | 39,114 |
Assumed exercise of dilutive stock options and restricted stock units | 607 | 697 | 742 | 785 |
Diluted weighted-average common shares outstanding | 41,147 | 40,150 | 41,419 | 39,899 |
Income from Continuing Operations: | ' | ' | ' | ' |
Basic earnings per share | $0.26 | ($0.25) | $0.62 | ($0.08) |
Diluted earnings per share | $0.26 | ($0.24) | $0.61 | ($0.07) |
Earnings_Per_Share_Schedule_of
Earnings Per Share Schedule of stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive (Details) (Stock options) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options and restricted units excluded from the computation of diluted earnings per share because they were anti-dilutive | 79 | 695 | 52 | 780 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | $12,633 | $11,568 |
Cost | $12,633 | $11,568 |
Marketable_Securities_The_matu
Marketable Securities The maturities of our marketable securities available for sale (Details) (Certificates of Deposit [Member]) | 3 Months Ended |
Jun. 30, 2014 | |
Minimum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Maturities of marketable securites, by date | 29-Jul-14 |
Maximum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Maturities of marketable securites, by date | 13-Jun-16 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $11.60 | $39 |
Foreign Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gain (Loss) recognized during the period | ($1.40) | $0.60 |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value Schedule of financial assets measured at fair value, on a recurring basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of recurring assets | $12,633 | $11,568 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of recurring assets | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of recurring assets | 12,633 | 11,568 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of recurring assets | $0 | $0 |
Inventories_Components_of_inve
Inventories Components of inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Parts and raw materials | $81,137,000 | $75,815,000 |
Work in process | 9,853,000 | 3,507,000 |
Finished goods | 27,197,000 | 30,449,000 |
Inventory, Net | $118,187,000 | $109,771,000 |
Property_and_Equipment_Details
Property and Equipment Details of property and equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $107,686 | $100,565 |
Less: Accumulated depreciation | -74,865 | -65,677 |
Property and equipment, net | 32,821 | 34,888 |
Buildings and Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,885 | 1,807 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 47,769 | 41,451 |
Computer and Communication Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 24,083 | 23,117 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,575 | 4,028 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 312 | 367 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 27,537 | 24,369 |
Construction in Process [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,525 | $5,426 |
Property_and_Equipment_Depreci
Property and Equipment Depreciation expense recorded in continuing operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $3,229 | $3,331 | $6,225 | $6,404 |
Goodwill_Schedule_of_the_chang
Goodwill Schedule of the changes in goodwill (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill, Acquired During Period | $45,073 |
Goodwill [Roll Forward] | ' |
Gross carrying amount, beginning of period | 157,800 |
Translation adjustments | 3,990 |
Gross carrying amount, end of period | $206,863 |
Intangible_Assets_Schedule_of_
Intangible Assets Schedule of other intangible assets (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $66,141 | $68,883 |
Effects of changes in exchange rates | 1,272 | 955 |
Impairment of Intangible Assets, Finite-lived | ' | -31,873 |
Accumulated amortization | -22,658 | -18,554 |
Net carrying amount | 44,755 | ' |
Intangible Assets, Net (Excluding Goodwill) | 44,755 | 19,411 |
Technology-based [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 33,508 | 50,368 |
Effects of changes in exchange rates | 499 | 441 |
Impairment of Intangible Assets, Finite-lived | ' | -26,168 |
Accumulated amortization | -16,455 | -14,712 |
Net carrying amount | 17,552 | 9,929 |
Weighted-average useful life, in years | '7 years 0 months | '4 years 0 months |
Trademarks and other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 32,633 | 18,515 |
Effects of changes in exchange rates | 773 | 514 |
Impairment of Intangible Assets, Finite-lived | ' | -5,705 |
Accumulated amortization | -6,203 | -3,842 |
Net carrying amount | $27,203 | $9,482 |
Weighted-average useful life, in years | '10 years 0 months | '7 years 0 months |
Intangible_Assets_Schedule_of_1
Intangible Assets Schedule of amortization expense relating to other intangible assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $2,226 | $1,975 | $4,101 | $4,188 |
Intangible_Assets_Schedule_of_2
Intangible Assets Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 (remaining) | $3,858 |
2015 | 6,960 |
2016 | 5,691 |
2017 | 5,509 |
2018 | 4,039 |
Thereafter | 18,698 |
Finite-lived intangible assets, net | $44,755 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other Liabilities Disclosure [Abstract] | ' | ' | ||
Current deferred tax liability | $7,910 | $4,519 | ||
Accrued restructuring costs (See Note 13) | 1,079 | 3,280 | ||
Contingent consideration | 1,444 | 933 | ||
Accrued sales and use tax | 3,476 | 2,415 | ||
Goods Received Not Yet Invoiced | 1,308 | 0 | ||
Other | 10,325 | [1] | 9,557 | [1] |
Total Other accrued expenses | $25,542 | $20,704 | ||
[1] | Other accrued expenses consists of items that are individually less than 5% of total current liabilities. |
Restructuring_Costs_Restructur
Restructuring Costs Restructuring Costs Incurred (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $244 | $24,206 | $244 | $24,206 |
April Two Thousand Fourteen Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 244 | ' |
Employee Severance [Member] | April Two Thousand Fourteen Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | 237 | ' |
Facility Closing [Member] | April Two Thousand Fourteen Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | $7 | ' |
Restructuring_Costs_Restructur1
Restructuring Costs Restructuring Liability Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
2011 Plan | 2011 Plan | 2013 Plan | 2013 Plan | April Two Thousand Fourteen Restructuring Plan [Member] | April Two Thousand Fourteen Restructuring Plan [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | |||||
2011 Plan | 2011 Plan | 2013 Plan | 2013 Plan | April Two Thousand Fourteen Restructuring Plan [Member] | April Two Thousand Fourteen Restructuring Plan [Member] | 2011 Plan | 2011 Plan | 2013 Plan | 2013 Plan | April Two Thousand Fourteen Restructuring Plan [Member] | April Two Thousand Fourteen Restructuring Plan [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | ' | ' | $563 | $631 | $459 | $2,649 | $57 | $0 | $206 | $217 | $267 | $2,078 | $50 | $0 | $357 | $414 | $192 | $571 | $7 | $0 |
Restructuring Charges | 244 | 24,206 | 244 | 24,206 | 0 | ' | 0 | ' | 244 | ' | 0 | ' | 0 | ' | 237 | ' | 0 | ' | 0 | ' | 7 | ' |
Payments for Restructuring | ' | ' | ' | ' | 68 | ' | 2,194 | ' | 187 | ' | 11 | ' | 1,815 | ' | 187 | ' | 57 | ' | 379 | ' | 0 | ' |
Restructuring Reserve, Translation Adjustment | ' | ' | ' | ' | $0 | ' | $4 | ' | $0 | ' | $0 | ' | $4 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' |
Restructuring_Costs_Narrative_
Restructuring Costs Narrative (Details) (April Two Thousand Fourteen Restructuring Plan [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
April Two Thousand Fourteen Restructuring Plan [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring and Related Cost, Expected Cost | $2 |
Warranties_Narrative_Details
Warranties Narrative (Details) | 3 Months Ended |
Jun. 30, 2014 | |
Thin Films [Member] | Minimum [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Standard Product Warranty Term | '18 months |
Thin Films [Member] | Maximum [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Standard Product Warranty Term | '24 months |
Solar Energy [Member] | Minimum [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Standard Product Warranty Term | '3 years |
Solar Energy [Member] | Maximum [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Standard Product Warranty Term | '10 years |
Warranties_Changes_in_accrued_
Warranties Changes in accrued product warranties (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Product Warranty Accrual, Additions from Business Acquisition | $19,684 | $10,678 | $19,684 | $10,678 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Balances at beginning of period | 20,650 | 13,739 | 22,067 | 14,797 |
Increases to accruals related to sales during the period | 1,857 | 3,703 | 3,425 | 5,704 |
Warranty expenditures | -4,601 | -7,701 | -7,586 | -10,760 |
Balances at end of period | $37,590 | $20,419 | $37,590 | $20,419 |
Pension_Liability_Details
Pension Liability (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $20,400,000 |
Defined Benefit Plan, Interest Cost | -181,000 |
Defined Benefit Plan, Expected Return on Plan Assets | 361,000 |
Pension Expense | $180,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free rate | 1.70% |
Option contractual term | '10 years 0 months |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting term, in years | '4 years 0 months |
LTI Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility rate | 53.30% |
Dividend yield | 0.00% |
Expected term, in years | '5 years 5 months |
Weighted-average grant date fair value of options, in dollars per share | 13.09 |
StockBased_Compensation_Schedu
Stock-Based Compensation Schedule of stock-based compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock-based compensation expense | $1,495 | $3,170 | $3,259 | $5,204 |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of stock option activity (Details) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Performance Based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 900 | 1,239 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 159 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 230 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 1 | ' |
Time Based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,024 | 1,573 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 493 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 53 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 3 | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation Summary of non-vested Restricted Stock Units activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Time Based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 184 | 230 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 102 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 20 | ' |
Performance Based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 461 | 1,344 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 59 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Settled in Cash | -418 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 524 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Schedule of accumulated other comprehensive income (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Balance at December 31, 2013 | $33,457 |
Current period other comprehensive income (loss) | -1,660 |
Balance at June 30. 2014 | 31,797 |
Foreign Currency Adjustments [Member] | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Balance at December 31, 2013 | 33,463 |
Current period other comprehensive income (loss) | -1,661 |
Balance at June 30. 2014 | 31,802 |
Unrealized Gains (Losses) on Securities [Member] | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Balance at December 31, 2013 | -6 |
Current period other comprehensive income (loss) | 1 |
Balance at June 30. 2014 | ($5) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Firm purchase commitments and agreements | $68.60 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Management [Member], USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Companies | Companies | |
NumberCustomers | ||
Management [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related party transactions, number of companies | 1 | 1 |
Accounts receivable, related pary transactions, number of companys | 1 | ' |
Accounts receivable, related parties, current | $157,184 | ' |
Rent due to related parties | $1,800,000 | ' |
Related_Party_Transactions_Sch
Related Party Transactions Schedule of related party transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Sales - related parties | $101 | $584 | $228 | $615 |
Rent expense - related parties | $472 | $468 | $907 | $943 |
Segment_Information_Sales_with
Segment Information Sales with respect to operating segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | $146,285 | $139,711 | $287,233 | $251,525 |
Thin Films [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 81,832 | 71,702 | 164,704 | 133,479 |
Solar Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | $64,453 | $68,009 | $122,529 | $118,046 |
Segment_Information_Schedule_o
Segment Information Schedule of income from continuing operations before income taxes by operating segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | $11,512 | ($11,572) | $28,425 | ($3,853) |
Operating Expenses | -41,034 | -64,831 | -76,782 | -98,951 |
Restructuring charges | -244 | -24,206 | -244 | -24,206 |
Other income (expense), net | 25 | -330 | -71 | -533 |
Income (loss) from continuing operations before income taxes | 11,537 | -11,902 | 28,354 | -4,386 |
Thin Films [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | 18,362 | 14,406 | 41,573 | 21,917 |
Solar Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | -6,606 | -1,772 | -12,904 | -1,564 |
Thin Films and Solar Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income | $11,756 | $12,634 | $28,669 | $20,353 |
Segment_Information_Summary_of
Segment Information Summary of consolidated total assets by segment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $704,147 | $652,977 |
Thin Films [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 50,492 | 39,450 |
Solar Energy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 99,428 | 104,227 |
Unallocated Corporate Propert and Equipment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 1,088 | 982 |
Unallocated Corporate Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 553,139 | 508,318 |
Inventories and Property and Equipment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $149,920 | $143,677 |
Segment_Information_Narrative_
Segment Information Narrative (Details) (Customer Concentration Risk [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Sales Revenue, Goods, Net [Member] | Applied Materials, Inc. [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $21.20 | $22.90 | $48.20 | $41.60 |
Concentration Risk, Percentage | 14.50% | 16.40% | ' | 16.80% |
Sales Revenue, Goods, Net [Member] | AMEC [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | ' | ' | 31.9 | ' |
Sales Revenue, Goods, Net [Member] | Lam Research and Novellus Systems, Inc. [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $15 | ' | $32.80 | ' |
Concentration Risk, Percentage | 10.30% | ' | ' | ' |
Minimum [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (UltraVolt [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Aug. 05, 2014 |
UltraVolt [Member] | ' |
Subsequent Event [Line Items] | ' |
Payments to Acquire Businesses, Gross | $30,200 |
Credit_Facility_Details
Credit Facility (Details) | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Bayerische Landesbank [Member] | Bayerische Landesbank [Member] | Bayerische Landesbank [Member] | Bayerische Landesbank [Member] | Bayerische Landesbank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Commerzbank Aktiengesellschaft [Member] | Commerzbank Aktiengesellschaft [Member] | Bayerische Landesbank_2013 [Member] [Member] | Bayerische Landesbank_2013 [Member] [Member] | Bayerische Landesbank_2013 [Member] [Member] | Wells Fargo Bank_Refusol Credit Facility [Member] | LIBOR Rate [Domain] | Federal Funds Rate [Domain] | ||
USD ($) | EUR (€) | Term Loan [Member] | Bank Overdrafts [Member] | Surety Product Line [Member] | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Federal Funds Rate [Domain] | USD ($) | Surety Product Line [Member] | USD ($) | Bank Overdrafts [Member] | Surety Product Line [Member] | USD ($) | Wells Fargo Bank_Refusol Credit Facility [Member] | Wells Fargo Bank_Refusol Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | $5,500,000 | € 4,000,000 | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | $1,500,000 | ' | ' |
LineOfCreditFacilityAdditionalBorrowingCapacity | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 12-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.00% | ' | 0.50% | 1.50% | 1.00% | 2.00% | 0.50% | ' | ' | ' | ' | ' | ' | 2.00% | 0.25% |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | 1.90% | 4.50% | 1.25% | 3.75% | ' | ' | ' | ' | ' | ' | 5.32% | 1.50% | ' | 3.90% | 1.64% | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' |
Line of Credit, Credit Commission | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Collateral Fee | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | $200,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' |