Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MICREL INC | ' | ' |
Entity Central Index Key | '0000932111 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 Public Float | ' | ' | $196 |
Entity Common Stock, Shares Outstanding | ' | 56,265,095 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $23,787 | $27,281 |
Restricted cash | 1,116 | 291 |
Short-term investments | 64,806 | 76,349 |
Accounts receivable, less allowances: 2013, $760; 2012, $812 | 29,437 | 27,683 |
Inventories | 43,201 | 42,256 |
Prepaid taxes | 4,513 | 4,090 |
Prepaid expenses and other | 2,698 | 2,355 |
Deferred income taxes | 21,662 | 19,811 |
Total current assets | 191,220 | 200,116 |
LONG-TERM INVESTMENTS | 4,195 | 4,159 |
PROPERTY, PLANT AND EQUIPMENT, NET | 57,779 | 60,692 |
GOODWILL | 8,554 | 6,076 |
INTANGIBLE ASSETS, NET | 11,749 | 7,906 |
DEFERRED INCOME TAXES | 1,581 | 16 |
OTHER ASSETS | 1,046 | 2,489 |
TOTAL | 276,124 | 281,454 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 13,502 | 21,936 |
Accrued liabilities | 12,874 | 8,833 |
Deferred income on shipments to distributors | 27,026 | 25,768 |
Total current liabilities | 53,402 | 56,537 |
LONG-TERM INCOME TAXES PAYABLE | 3,575 | 2,759 |
LONG-TERM DEFERRED INCOME TAXES | 973 | 1,054 |
OTHER LONG-TERM LIABILITIES | 201 | 0 |
Total liabilities | 58,151 | 60,350 |
COMMITMENTS AND CONTINGENCIES (Notes 12 and 14) | ' | ' |
SHAREHOLDERS’ EQUITY: | ' | ' |
Preferred stock, no par value - authorized: 5,000,000 shares; issued and outstanding: none | ' | ' |
Common stock, no par value - authorized: 250,000,000 shares; issued and outstanding: 2013 - 56,441,346 shares; 2012 - 58,153,665 shares | ' | ' |
Accumulated other comprehensive loss | -320 | -532 |
Retained earnings | 218,293 | 221,636 |
Total shareholders’ equity | 217,973 | 221,104 |
TOTAL | $276,124 | $281,454 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances for accounts receivable | $760 | $812 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 56,441,346 | 58,153,665 |
Common stock, shares outstanding | 56,441,346 | 58,153,665 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
NET REVENUES | $237,080 | $250,112 | $259,025 | |||
COST OF REVENUES | 115,034 | [1] | 117,185 | [1] | 115,881 | [1] |
GROSS PROFIT | 122,046 | 132,927 | 143,144 | |||
OPERATING EXPENSES: | ' | ' | ' | |||
Research and development | 55,853 | [1] | 57,182 | [1] | 49,952 | [1] |
Selling, general and administrative | 45,803 | [1] | 48,010 | [1] | 46,415 | [1] |
Restructuring charges | 1,376 | 0 | 0 | |||
Total operating expenses | 103,032 | 105,192 | 96,367 | |||
INCOME FROM OPERATIONS | 19,014 | 27,735 | 46,777 | |||
INTEREST AND OTHER INCOME (EXPENSE): | ' | ' | ' | |||
Interest income | 482 | 712 | 703 | |||
Interest expense | 0 | 0 | -19 | |||
Other income (expense), net | -264 | -153 | 141 | |||
Interest and other income (expense), net | 218 | 559 | 825 | |||
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST | 19,232 | 28,294 | 47,602 | |||
PROVISION FOR INCOME TAXES | 1,584 | 15,966 | 13,742 | |||
NET INCOME | 17,648 | 12,328 | 33,860 | |||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | -10 | 0 | |||
NET INCOME ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS | $17,648 | $12,318 | $33,860 | |||
NET INCOME PER SHARE ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS: | ' | ' | ' | |||
Basic (dollars per share) | $0.31 | $0.21 | $0.55 | |||
Diluted (dollars per share) | $0.30 | $0.20 | $0.54 | |||
CASH DIVIDENDS DECLARED PER SHARE | $0.14 | $0.21 | [2] | $0.15 | ||
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER SHARE AMOUNTS: | ' | ' | ' | |||
Basic (Shares) | 57,803 | 59,623 | 61,609 | |||
Diluted (Shares) | 58,506 | 60,288 | 62,371 | |||
[1] | Share-based compensation expense included in:Cost of revenues$1,060Â $1,178Â $1,009Research and development2,875Â 3,132Â 2,401Selling, general and administrative3,162Â 3,282Â 2,444 | |||||
[2] | Included an accelerated cash dividend of $0.0425 per share of common stock totaling $2.5 million paid on December 27, 2012 to shareholders of record as of December 18, 2012. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accelerated cash dividend per share | $0.04 | ' | ' | ' |
Payment of accelerated cash dividends | $2,500,000 | ' | ' | ' |
Share-based compensation | ' | 7,097,000 | 7,592,000 | 5,854,000 |
Cost of revenues [Member] | ' | ' | ' | ' |
Share-based compensation | ' | 1,060,000 | 1,178,000 | 1,009,000 |
Research and development [Member] | ' | ' | ' | ' |
Share-based compensation | ' | 2,875,000 | 3,132,000 | 2,401,000 |
Selling, general and administrative [Member] | ' | ' | ' | ' |
Share-based compensation | ' | $3,162,000 | $3,282,000 | $2,444,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME | $17,648 | $12,328 | $33,860 |
Other comprehensive income: | ' | ' | ' |
Unrealized gains on investments | 303 | 608 | 533 |
Reclassification adjustment for a realized loss on investment included in other expense | 26 | 0 | 0 |
Income taxes | -117 | -253 | -208 |
Other comprehensive income, net of taxes | 212 | 355 | 325 |
COMPREHENSIVE INCOME | 17,860 | 12,683 | 34,185 |
Less: comprehensive income attributable to noncontrolling interest | 0 | -10 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS | $17,860 | $12,673 | $34,185 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity Statement (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balances, beginning at Dec. 31, 2010 | $221,886 | $2,401 | ($1,212) | $220,697 | $0 |
Balances, beginning, shares at Dec. 31, 2010 | ' | 61,604,160 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 33,860 | ' | ' | 33,860 | ' |
Other comprehensive income, net of tax | 325 | ' | 325 | ' | ' |
Share-based compensation | 5,886 | 5,886 | ' | ' | ' |
Payment of cash dividends | -9,358 | ' | ' | -9,358 | ' |
Repurchases of common stock, shares | ' | -1,853,962 | ' | ' | ' |
Repurchases of common stock | -20,253 | -20,253 | ' | ' | ' |
Employee stock transactions, shares | ' | 1,293,571 | ' | ' | ' |
Employee stock transactions | 12,040 | 12,040 | ' | ' | ' |
Tax effect of employee stock transactions | 195 | 195 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock, shares | ' | -5,262 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock | -63 | -63 | ' | ' | ' |
Balances, ending at Dec. 31, 2011 | 244,518 | 206 | -887 | 245,199 | 0 |
Balances, ending, shares at Dec. 31, 2011 | ' | 61,038,507 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 12,328 | ' | ' | 12,318 | 10 |
Other comprehensive income, net of tax | 355 | ' | 355 | ' | ' |
Noncontrolling interest of PhaseLink | 977 | ' | ' | ' | 977 |
Acquisition of noncontrolling interest in PhaseLink | -932 | 55 | ' | ' | -987 |
Share-based compensation | 7,558 | 7,558 | ' | ' | ' |
Payment of cash dividends | -12,072 | ' | ' | -12,072 | ' |
Repurchases of common stock, shares | ' | -3,431,548 | ' | ' | ' |
Repurchases of common stock | -34,551 | -10,742 | ' | -23,809 | ' |
Employee stock transactions, shares | ' | 599,980 | ' | ' | ' |
Employee stock transactions | 3,642 | 3,642 | ' | ' | ' |
Tax effect of employee stock transactions | -185 | -185 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock, shares | ' | -53,274 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock | -534 | -534 | ' | ' | ' |
Balances, ending at Dec. 31, 2012 | 221,104 | 0 | -532 | 221,636 | 0 |
Balances, ending, shares at Dec. 31, 2012 | 58,153,665 | 58,153,665 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 17,648 | ' | ' | 17,648 | 0 |
Other comprehensive income, net of tax | 212 | ' | 212 | ' | ' |
Share-based compensation | 7,108 | 7,108 | ' | ' | ' |
Payment of cash dividends | -8,219 | ' | ' | -8,219 | ' |
Repurchases of common stock, shares | ' | -2,405,959 | ' | ' | ' |
Repurchases of common stock | -23,336 | -10,564 | ' | -12,772 | ' |
Employee stock transactions, shares | ' | 774,403 | ' | ' | ' |
Employee stock transactions | 4,390 | 4,390 | ' | ' | ' |
Tax effect of employee stock transactions | -122 | -122 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock, shares | ' | -80,763 | ' | ' | ' |
Purchases of common stock for withholding taxes on vested restricted stock | -812 | -812 | ' | ' | ' |
Balances, ending at Dec. 31, 2013 | $217,973 | $0 | ($320) | $218,293 | $0 |
Balances, ending, shares at Dec. 31, 2013 | 56,441,346 | 56,441,346 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $17,648 | $12,328 | $33,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,122 | 12,465 | 11,178 |
Share-based compensation expense | 7,097 | 7,592 | 5,854 |
Excess tax benefits from stock-based awards | -476 | -218 | -477 |
Impairment of technology | 0 | 1,000 | 0 |
Loss (gain) on disposal of assets | -33 | 1 | -13 |
Deferred income tax provision | -3,677 | 9,654 | 3,104 |
Other, net | 61 | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,073 | -1,135 | 8,746 |
Inventories | 208 | -4,684 | 455 |
Prepaid taxes | -544 | 2,569 | -136 |
Prepaid expenses and other assets | -1,558 | -1,469 | -165 |
Accounts payable | -8,784 | 3,928 | -2,576 |
Income taxes payable | 683 | -3,508 | 877 |
Accrued liabilities and other | 2,920 | -976 | -2,644 |
Deferred income on shipments to distributors | 1,258 | -4,903 | -7,975 |
Net cash provided by operating activities | 26,852 | 32,644 | 50,088 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of PhaseLink's net assets, net of cash acquired | 0 | -17,370 | 0 |
Purchase of Discera’s net assets | -6,122 | 0 | 0 |
Purchases of property, plant and equipment | -7,325 | -9,022 | -7,277 |
Purchase of intangible asset | -410 | 0 | 0 |
Purchases of investments | -59,653 | -55,819 | -77,510 |
Proceeds from sale and maturities of investments | 71,490 | 60,108 | 40,585 |
Change in restricted cash | -825 | -291 | 0 |
Net cash used in investing activities | -2,845 | -22,394 | -44,202 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Repayments of debt | 0 | -282 | -2,857 |
Proceeds from the issuance of common stock | 4,390 | 3,642 | 12,040 |
Repurchases of common stock | -23,336 | -34,551 | -20,253 |
Payment of cash dividends | -8,219 | -12,072 | -9,358 |
Purchase of stock for withholding taxes on vested restricted stock | -812 | -534 | -63 |
Excess tax benefits from stock-based awards | 476 | 218 | 477 |
Net cash used in financing activities | -27,501 | -43,579 | -20,014 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -3,494 | -33,329 | -14,128 |
CASH AND CASH EQUIVALENTS - Beginning of year | 27,281 | 60,610 | 74,738 |
CASH AND CASH EQUIVALENTS - End of year | 23,787 | 27,281 | 60,610 |
Cash paid during the year for: | ' | ' | ' |
Interest | 0 | 2 | 19 |
Income taxes | $5,457 | $7,060 | $11,164 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||
NATURE OF BUSINESS | ' | |||||||||||||||||||||||||||||||
Nature of Business — Micrel, Incorporated and its wholly-owned subsidiaries (the “Company”) develops, manufactures and markets analog, mixed-signal and digital semiconductor devices. The Company also provides custom and foundry services which include silicon wafer fabrication, integrated circuit (“IC”) assembly and testing. The Company’s products are sold principally in North America, Asia, and Europe for use in a variety of products, including those in the computing, communications, and industrial markets. The Company’s wafer foundry services are provided to a wide range of customers that produce electronic systems for communications, consumer, automotive and military applications. The Company produces the majority of its wafers at the Company’s wafer fabrication facilities located in San Jose, California. After wafer fabrication, the completed wafers are then separated into individual circuits and packaged at independent assembly and final test contract facilities primarily located in Malaysia, Thailand, Taiwan and China. | ||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||||||||||||||||||
Basis of Presentation — The accompanying consolidated financial data has been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and is in conformity with U.S. generally accepted accounting principles (“US GAAP”). | ||||||||||||||||||||||||||||||||
Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Micrel, Incorporated and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||||||||||||||||||||||||||||||
Use of Estimates — In accordance with US GAAP, management utilizes certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The primary estimates underlying the Company’s financial statements include allowances for doubtful accounts receivable, allowances for product returns and price adjustments, provisions for obsolete and slow moving inventory, share-based compensation, income taxes, litigation, valuation of auction-rate securities and accruals for other liabilities. Actual results could differ from those estimates. | ||||||||||||||||||||||||||||||||
Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | ||||||||||||||||||||||||||||||||
Investments and Fair Value Measurements — Investments purchased with remaining maturity dates of greater than three months and less than 12 months are classified as short-term. Investments purchased with remaining maturity dates of 12 months or greater are classified either as short-term or as long-term based on maturities and the Company’s intent with regard to those securities (expectations of sales and redemptions). Short-term investments as of December 31, 2013, consisted primarily of commercial paper, liquid municipal and corporate debt instruments and were classified as available-for-sale securities. Long-term investments as of December 31, 2013, consisted of auction-rate notes secured by student loans and were classified as available-for-sale securities. Available-for sale securities are stated at market value with unrealized gains and losses included in accumulated other comprehensive loss, a component of shareholders’ equity. As of December 31, 2013, accumulated other comprehensive loss of $0.3 million consisted of unrealized gains and losses on investments. Unrealized losses are charged against income when a decline in the fair market value of an individual security is determined to be other than temporary. Realized gains and losses on investments are included in other income or expense. | ||||||||||||||||||||||||||||||||
A summary of the Company’s short-term investments at December 31, 2013 and 2012 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Municipal Securities | $ | 13,858 | $ | — | $ | (2 | ) | $ | 13,856 | $ | 12,520 | $ | — | $ | (116 | ) | $ | 12,404 | ||||||||||||||
Corporate Debt Securities | 36,947 | 10 | — | 36,957 | 26,575 | — | (139 | ) | 26,436 | |||||||||||||||||||||||
Commercial Paper | 13,991 | 2 | — | 13,993 | 18,464 | — | (2 | ) | 18,462 | |||||||||||||||||||||||
Certificates of Deposits | — | — | — | — | 19,047 | — | — | 19,047 | ||||||||||||||||||||||||
Total | $ | 64,796 | $ | 12 | $ | (2 | ) | $ | 64,806 | $ | 76,606 | $ | — | $ | (257 | ) | $ | 76,349 | ||||||||||||||
As of December 31, 2013, the Company had no short-term investments that have been in a significant continuous unrealized loss position for more than twelve months. | ||||||||||||||||||||||||||||||||
To determine the fair value of financial instruments, the Company uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: | ||||||||||||||||||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Most of the Company’s financial instruments, with the exception of auction-rate securities, are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | ||||||||||||||||||||||||||||||||
The types of instruments valued based on quoted market prices in active markets include money market funds and time deposits. Such instruments are generally classified within Level 1 of the fair value hierarchy. The types of instruments valued based on other observable inputs include commercial paper, corporate bonds, municipal securities and U.S. agency securities. Such instruments are generally classified within Level 2 of the fair value hierarchy. The types of instruments valued based on unobservable inputs consist of the auction-rate securities held by the Company. Such instruments are generally classified within Level 3 of the fair value hierarchy. The Company estimated the fair value of these auction-rate securities using a discounted cash flow model incorporating assumptions that market participants would use in their estimates of fair value. Some of these assumptions include estimates for interest rates, timing and amount of cash flows and expected holding periods of the auction-rate securities. | ||||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Level 2 | Inputs | ||||||||||||||||||||||||||||||
Assets | Level 3 | |||||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||||||
Money Market Funds (1) | $ | 16,945 | $ | — | $ | — | $ | 16,945 | ||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 36,957 | — | 36,957 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 13,993 | — | 13,993 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 13,856 | — | 13,856 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 4,195 | 4,195 | ||||||||||||||||||||||||||||
Total | $ | 16,945 | $ | 64,806 | $ | 4,195 | $ | 85,946 | ||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Level 2 | Inputs | ||||||||||||||||||||||||||||||
Assets | Level 3 | |||||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||||||
Money Market Funds (1) | $ | 13,845 | $ | — | $ | — | $ | 13,845 | ||||||||||||||||||||||||
Certificates of Deposits (2) | 19,047 | — | — | 19,047 | ||||||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 26,436 | — | 26,436 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 18,462 | — | 18,462 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 12,404 | — | 12,404 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 4,159 | 4,159 | ||||||||||||||||||||||||||||
Total | $ | 32,892 | $ | 57,302 | $ | 4,159 | $ | 94,353 | ||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||||||
(1) Included in cash and cash equivalents | ||||||||||||||||||||||||||||||||
(2) Included in short-term investments | ||||||||||||||||||||||||||||||||
(3) Included in long-term investments | ||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company had $4.7 million principle value of auction-rate notes, the fair value of which has been measured using Level 3 inputs. Auction-rate notes are securities that are structured with short-term interest rate reset dates of generally less than ninety days, but with contractual maturities that can be in excess of ten years. At the end of each reset period, which occurs every seven or twenty eight days for the securities held by the Company, investors can sell or continue to hold the securities at par. As a result of sell orders exceeding buy orders, auctions for the student loan-backed notes held by the Company have failed as of December 31, 2013. To date the Company has collected all interest receivable on all of its auction-rate securities when due and expects to continue to do so in the future. The principal associated with failed auctions will not be accessible until a successful auction occurs, a buyer is found outside of the auction process, the issuers redeem the securities, the issuers repay principal over time from cash flows prior to final maturity or final payments come due according to contractual maturities ranging from 18 to 34 years. As a result, the Company has classified all auction-rate notes as long-term investments as of December 31, 2013 and December 31, 2012. In the event of a failed auction, the notes bear interest at a predetermined maximum rate based on the credit rating of notes as determined by one or more nationally recognized statistical rating organizations. For the auction-rate notes held by the Company as of December 31, 2013 and December 31, 2012, the maximum interest rate is generally one month LIBOR plus 1.5% and 2.5% based on the notes’ rating as of that date. | ||||||||||||||||||||||||||||||||
The Company has used a combination of discounted cash flow models and observable transactions for similar securities to determine the estimated fair value of its investment in auction-rate notes as of December 31, 2013 and December 31, 2012. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, estimates for discount rates using yields of comparable traded instruments adjusted for illiquidity and other risk factors, amount of cash flows and expected holding periods of the auction-rate notes. Based on this assessment of fair value, as of December 31, 2013, the Company determined there was a cumulative decline in the fair value of its auction-rate notes and recorded a $0.3 million ($0.5 million pre-tax) temporary impairment of these securities to accumulated other comprehensive loss, a component of shareholders’ equity. | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the changes in the Company’s Level 3 securities (consisting of auction-rate notes) were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Measurements | ||||||||||||||||||||||||||||||||
Using Significant | ||||||||||||||||||||||||||||||||
Unobservable | ||||||||||||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 4,159 | ||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||
Total unrealized gains, before tax, included in other comprehensive income | 36 | |||||||||||||||||||||||||||||||
Settlements | — | |||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 4,195 | ||||||||||||||||||||||||||||||
Certain Significant Risks and Uncertainties — Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investments and accounts receivable. Risks associated with cash are mitigated by banking with creditworthy institutions. Cash equivalents and investments consist primarily of commercial paper, bank certificates of deposit, money market funds, corporate debt securities, and auction-rate notes and are regularly monitored by management. Credit risk with respect to the trade receivables is spread over geographically diverse customers. The Company performs ongoing credit evaluations of its customers and maintains an allowance for potential credit losses. At December 31, 2013, one worldwide distributor and one Asia-based distributor accounted for 36% and 11%, respectively, of total accounts receivable. At December 31, 2012, one worldwide distributor and one Asia-based distributor accounted for 28%, and 14%, respectively, of total accounts receivable. | ||||||||||||||||||||||||||||||||
Micrel currently purchases certain components from a limited group of vendors. The packaging of the Company’s products is performed by, and certain of the raw materials included in such products are obtained from, a limited group of suppliers. The wafer supply for the Company’s LAN products is currently dependent upon two large third-party wafer foundry suppliers. Although the Company seeks to reduce its dependence on limited source suppliers, disruption or termination of any of these sources could occur and such disruptions could have an adverse effect on the Company’s financial condition, results of operations, or cash flows. | ||||||||||||||||||||||||||||||||
The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for products offered by the Company; competitive pressures in the form of new products or price reductions on current products; advances and trends in new technologies and industry standards; changes in product mix; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patents, product, regulatory or other factors; risks associated with the ability to obtain necessary components; risks associated with the Company’s ability to attract and retain employees necessary to support its growth. | ||||||||||||||||||||||||||||||||
Inventories — Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company records adjustments to write down the cost of obsolete and excess inventory to the estimated market value based on historical and forecasted demand for its products. Once an inventory write-down provision is established, it is maintained until the product to which it relates is sold or otherwise disposed of. | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment — Equipment, building and leasehold improvements are stated at cost and depreciated using the straight-line method. Equipment is depreciated over estimated useful lives of three to five years. Buildings are depreciated over an estimated useful life of twenty to thirty years. Building improvements are depreciated over estimated useful lives of fifteen to thirty years. Leasehold improvements are depreciated over the respective lease terms. | ||||||||||||||||||||||||||||||||
Goodwill — Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is measured and tested for impairment annually at the reporting unit level during the last quarter of the Company’s fiscal year, or more frequently if the Company believes indicators of impairment exist. Events that could trigger a more frequent impairment review may include adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in our market capitalization. The Company has allocated its goodwill to its timing and communications reporting unit. | ||||||||||||||||||||||||||||||||
Qualitative factors are assessed to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the qualitative assessment indicates that the carrying amount is more likely than not higher than the fair value, goodwill is tested for impairment based on a two-step test. The first step requires comparing the fair value of our reporting unit to its net book value, including goodwill. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and forecasted operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions and determination of appropriate market comparables. The Company bases its fair value estimates on assumptions it believes to be reasonable. Actual future results may differ from those estimates. Future competitive, market and economic conditions could negatively impact key assumptions including our market capitalization or the carrying value of the Company’s net assets which could require it to realize an impairment of its goodwill. | ||||||||||||||||||||||||||||||||
A potential impairment exists if the fair value of the reporting unit is less than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit’s net assets other than goodwill to the fair value of the reporting unit and if the difference is less than the net book value of goodwill, an impairment exists and is recorded. No goodwill impairment was recognized in 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets — The Company reviews its purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of these intangible assets is assessed based on the estimated undiscounted future cash flows expected to result from the use of the asset. If the undiscounted future cash flows are less than the carrying amount, the purchased intangible assets with finite lives are considered to be impaired. The amount of the impairment is measured as the difference between the carrying amount of these assets and the fair value. | ||||||||||||||||||||||||||||||||
The Company’s business combinations have included the purchase of in-process research and development assets that are not amortizable until the underlying project is complete. The Company assesses that its in-process research and development project is complete when all material research and development costs have been incurred and no significant risks remain. The Company reviews the carrying value of indefinite-lived intangible assets for impairment at least annually during the last quarter of its fiscal year, or more frequently if it believes indicators of impairment exist. In 2012, the Company recorded an impairment of $1.0 million as a component of research and development expense for a developed technology which was replaced by more advanced technologies. In 2013 and 2011, no impairment was identified. | ||||||||||||||||||||||||||||||||
Revenue Recognition and Receivables — Micrel generates revenue by selling products to OEMs, sell-through distributors and sell-in distributors. The Company’s policy is to recognize revenue from sales to customers when the rights and risks of ownership have passed to the customer, when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed or determinable and collection of the resulting receivable is reasonably assured. | ||||||||||||||||||||||||||||||||
Micrel allows certain sell-through distributors located in North America and Europe, and to a lesser extent in Asia, significant return rights, price protection and pricing adjustments subsequent to the initial product shipment. As these returns and price concessions have historically been significant, and future returns and price concessions are difficult to reliably estimate, the Company defers recognition of revenue and related cost of sales (in the balance sheet line item “deferred income on shipments to distributors”) derived from sales to these distributors until they have resold the Company’s products to their customers. Although revenue and related cost of sales are not recognized, the Company records an accounts receivable and relieves inventory at the time of initial product shipment. As standard terms are EXW or FCA shipping point, payment terms are enforced from shipment date and legal title and risk of inventory loss passes to the sell-through distributor upon shipment. In addition, the Company may offer to its sell-through distributors, where revenue is deferred upon shipment and recognized on a sell-through basis, price adjustments to allow the sell-through distributor to price the Company’s products competitively for specific resale opportunities. The Company estimates and records an adjustment for sell-through distributor price adjustments for which the specific resale transaction has been completed, but the price adjustment claim has not yet been received by the Company. | ||||||||||||||||||||||||||||||||
Sales to OEM customers and Asia-based sell-in distributors are recognized based upon the shipment terms of the sale transaction when all other revenue recognition criteria have been met. The Company does not grant return rights, price protection or pricing adjustments to OEM customers. The Company offers limited contractual stock rotation rights to sell-in distributors. In addition, the Company is not contractually obligated to offer, but may infrequently grant, price adjustments or price protection to certain sell-in distributors on an exception basis. At the time of shipment to sell-in distributors, an allowance for returns is established based upon historical return rates, and an allowance for price adjustments is established based on an estimate of price adjustments to be granted. | ||||||||||||||||||||||||||||||||
The Company’s accounts receivable balances represent trade accounts receivables which have been recorded at invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated uncollectible accounts receivable. This estimate is based on an analysis of specific customer creditworthiness and historical bad debt experience. | ||||||||||||||||||||||||||||||||
Shipping and Handling Costs — Shipping and handling costs are included in sales and marketing expense and are recognized as period expenses as incurred. | ||||||||||||||||||||||||||||||||
Litigation — An estimated liability is accrued when it is determined to be probable that a liability has been incurred and the amount of loss can be reasonably estimated. The liability accrual is charged to income in the period such determination is made. The Company regularly evaluates current information available to determine whether such accruals should be made. | ||||||||||||||||||||||||||||||||
Research and Development Expenses — Research and development costs are expensed as incurred and consist primarily of payroll and other headcount related costs and cost of materials associated with the development of new wafer fabrication processes and the definition, design and development of semiconductor products. The Company also expenses prototype wafers and new production mask sets related to new products as research and development costs until products based on new designs are released to production. | ||||||||||||||||||||||||||||||||
Self Insurance — The Company utilizes third-party insurance carriers subject to varying retention levels of self insurance. The Company is self-insured for a portion of the losses and liabilities primarily associated with earthquake damage, workers’ compensation claims and health benefit claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience. | ||||||||||||||||||||||||||||||||
Advertising Expenses — The Company expenses advertising costs to selling, general and administrative expense as incurred. Advertising expenses for 2013, 2012 and 2011 were $0.1 million, $1.0 million and $0.9 million, respectively. | ||||||||||||||||||||||||||||||||
Income Taxes — Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been reflected in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the book and tax bases of assets and liabilities and operating loss carryforwards, using tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to reduce net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained based on the technical merits of the position. The tax benefit of any tax position that meets the more-likely-than-not recognition threshold is calculated at the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. To the extent a full benefit is not expected to be realized on the uncertain tax position, a reduction to a deferred asset is recorded or an income tax liability is established. Interest and penalties on income tax obligations, including uncertain tax positions, are included in the income tax provision. | ||||||||||||||||||||||||||||||||
Share-based Compensation — Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense in the consolidated statement of operations. | ||||||||||||||||||||||||||||||||
Net Income Per Common and Diluted Share — Basic net income per share is computed by dividing net income attributable to Micrel, Incorporated shareholders by the number of weighted-average common shares outstanding. Diluted net income per share reflects potential dilution from outstanding stock options using the treasury stock method and restricted stock units. Reconciliation of weighted-average shares used in computing net income per share attributable to Micrel, Incorporated shareholders is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 57,803 | 59,623 | 61,609 | |||||||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units | 703 | 665 | 762 | |||||||||||||||||||||||||||||
Shares used in computing diluted net income per share | 58,506 | 60,288 | 62,371 | |||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, 5.4 million, 5.2 million and 4.1 million shares underlying stock options and restricted stock units have been excluded from the weighted-average number of common shares outstanding for the diluted net income per share computations as they would have been anti-dilutive. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments — Financial instruments included in the Company’s consolidated balance sheets at December 31, 2013 and 2012, consist of cash, cash equivalents, accounts receivable, accounts payable and investments. For cash, the carrying amount is the fair value. The carrying amount for cash equivalents, accounts receivable and accounts payable approximates fair value because of the short maturity of those instruments. The fair values of investments are based on quoted market prices, quoted prices for similar assets or valuation models for investments for which quoted market prices are unavailable. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update on foreign currency matters that provides additional guidance with respect to the reclassification into income of the cumulative translation adjustment (“CTA”) recorded in accumulated other comprehensive income associated with a parent company’s ownership interest in a foreign entity. The standard differentiates between transactions occurring within a foreign entity and transactions/events affecting an investment in a foreign entity. For transactions within a foreign entity, the full CTA associated with the foreign entity would be reclassified into income only when the sale of a subsidiary or group of net assets within the foreign entity represents the substantially complete liquidation of that foreign entity. For transactions/events affecting an investment in a foreign entity (for example, control or ownership of shares in a foreign entity), the full CTA associated with the foreign entity would be reclassified into income only if the parent no longer has a controlling interest in that foreign entity as a result of the transaction/event. In addition, acquisitions of a foreign entity completed in stages will trigger release of the CTA associated with an equity method investment in that entity at the point a controlling interest in the foreign entity is obtained. The Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2013. As of December 31, 2013, the Company has not recorded a CTA related to its ownership interests in a foreign entity. The Company is currently evaluating the impact of adopting this guidance, but does not expect it to have a material impact on the Company’s consolidated financial condition or results of operations. | |
In July 2013, the FASB issued an accounting standards update on presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward (each, a “Carryforward”) exists. The standard requires that unrecognized tax benefits should be presented as a reduction to deferred tax assets for a Carryforward, if such Carryforward is required or expected to settle the additional income taxes in the event the uncertain tax position is disallowed. The standard also requires in situations that a Carryforward cannot be used or the deferred tax asset is not intended to be used for such purpose, the unrecognized tax benefit should be recorded as a liability and should not offset deferred tax assets. The Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2013. The Company has applied the presentation requirements of this accounting standards update on its unrecognized tax benefits as of December 31, 2013 and 2012. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
ACQUISITIONS | ' | |||
ACQUISITIONS | ||||
Discera, Inc. | ||||
On August 30, 2013, the Company signed a definitive agreement to acquire specific net assets of Discera, Inc. (“Discera”), a private company based in San Jose, California, which qualifies as an acquisition of a business for financial accounting purposes. The acquisition closed on September 9, 2013. The total cash consideration was approximately $7.2 million, plus $1.1 million of assumed liabilities. Of the $7.2 million, $6.1 million was paid upon closing, and approximately $1.1 million was withheld to secure the indemnification obligations from the closing date through September 9, 2014, which is included in restricted cash on the consolidated balance sheet. The objective of the acquisition is to complement and expand Micrel’s high performance clock and timing product portfolio, as well as expand its MEMS (micro-electrical mechanical systems) capabilities. The addition of the Discera MEMS product line will also enhance Micrel’s MEMS presence, intellectual property and capability. The Company has included the financial results of Discera in its consolidated financial statements beginning on the acquisition date. Pro forma financial disclosures are not presented herein as the financial results of this acquisition are considered insignificant. | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | ||||
The Company accounted for the transaction using the acquisition method of accounting for business combinations and, accordingly, the consideration has been allocated to the tangible and intangible assets acquired and liabilities assumed on the basis of their respective estimated fair values on the acquisition date. For the year ended December 31, 2013, acquisition costs of $0.2 million were expensed as incurred. While the Company uses best estimates and assumptions as part of the purchase price allocation process to value assets acquired and liabilities assumed at the acquisition date, estimates and assumptions are subject to refinement. | ||||
The Company’s allocation of the total purchase price is summarized below (in thousands): | ||||
Accounts receivable | $ | 689 | ||
Inventories | 1,141 | |||
Other assets | 24 | |||
Property, plant and equipment | 1,165 | |||
Developed technology | 940 | |||
Customer relationships | 800 | |||
Trademarks | 100 | |||
Non-competition agreements | 40 | |||
In-process research and development | 890 | |||
Goodwill | 2,478 | |||
Accounts payable | (1,095 | ) | ||
Total purchase consideration | $ | 7,172 | ||
Identifiable intangible assets | ||||
Fair values for the acquired developed technology, customer relationships, trademarks and non-competition agreements and in-process research and development (“IPR&D”) were determined based on various methods including excess earnings method, relief from royalty method and with-or-without method. The values of the developed technology and customer relationships are amortized over an estimated useful life of ten and three years, respectively. The non-competition agreements are amortized over one year. The values of trademarks are amortized over ten years. | ||||
The fair value of the acquired IPR&D was determined through estimates and valuation techniques applied to the projected cash flows of the acquired research projects. As it was determined that the underlying projects had not reached technological feasibility at the date of acquisition, the amounts allocated to IPR&D will not be expensed until completion of the related projects. Upon the completion of development for each project, the acquired IPR&D will be amortized over its useful life. The Company expects to complete these projects and begin to amortize the related IPR&D in 2015. | ||||
Goodwill | ||||
Goodwill represents the excess of the estimated acquisition consideration over the fair value of the underlying net tangible and intangible assets. The Company’s primary reasons for the Discera acquisition were to complement Micrel’s high performance clock and timing products, as well as expand its MEMS capabilities. The addition of the Discera MEMS product line will also enhance Micrel’s MEMS presence and capability. Furthermore, the Discera technical team gives Micrel the intellectual property and technical know-how to pursue not only MEMS-based timing devices but also other types of MEMS devices. These significant factors were the basis for the recognition of goodwill. The goodwill is deductible for tax purposes. | ||||
PhaseLink Company Limited | ||||
On March 15, 2012, the Company signed a definitive agreement to acquire a controlling interest in PhaseLink™ Company Limited (“PhaseLink”), a private company based in Taiwan and in San Jose, California. The acquisition was completed on April 2, 2012. The Company acquired approximately 95% of the outstanding shares of PhaseLink for $19.7 million in cash ($16.4 million net of cash acquired). On December 20, 2012, the Company acquired the remaining 5% noncontrolling interest in cash ($931,000) that resulted in 100% ownership in PhaseLink. The objective of the acquisition is to complement Micrel’s high performance clock generation, distribution products for the communication market and to expand its product offerings into the consumer and industrial markets. In addition, the Company expects the acquisition to enhance its technology portfolio and further expand its research and development capabilities. The Company has included the financial results of PhaseLink in its consolidated financial statements beginning on the acquisition date of April 2, 2012. Pro forma financial disclosures are not presented herein as the financial results of this acquisition are considered insignificant. | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | ||||
The Company accounted for the transaction using the acquisition method and, accordingly, the consideration has been allocated to the tangible and intangible assets acquired and liabilities assumed on the basis of their respective estimated fair values on the acquisition date. For the year ended December 31, 2012, acquisition costs of $0.2 million were expensed as incurred. | ||||
The Company’s allocation of the total purchase price is summarized below (in thousands): | ||||
Cash and cash equivalents | $ | 3,255 | ||
Accounts receivable | 1,163 | |||
Inventories | 1,320 | |||
Other assets | 273 | |||
Property, plant and equipment | 1,724 | |||
Developed technology | 4,400 | |||
Customer relationships | 3,000 | |||
Trademarks | 510 | |||
Non-competition agreements | 410 | |||
In-process research and development | 410 | |||
Goodwill | 6,076 | |||
Short-term debt | (282 | ) | ||
Other liabilities | (1,588 | ) | ||
Noncontrolling interest | (977 | ) | ||
Total purchase consideration | $ | 19,694 | ||
Identifiable intangible assets | ||||
Fair values for the acquired developed technology, customer relationships, trademarks and non-competition agreements and IPR&D were determined based on various methods including excess earnings method, relief from royalty method and with-or-without method. The values of the developed technology and customer relationships are amortized over an estimated useful life of 10 years. The non-competition agreements are amortized over a two-year period. The values of trademarks are amortized over two to five years. | ||||
The fair value of the acquired IPR&D was determined through estimates and valuation techniques based on the terms and details of the acquisition. As it was determined that the underlying projects had not reached technological feasibility at the date of acquisition, the amounts allocated to IPR&D will not be expensed until completion of the related projects. Upon the completion of development for each project, the acquired IPR&D will be amortized over its useful life. The Company expects to complete these projects and begin to amortize the related IPR&D in 2014. | ||||
Goodwill | ||||
Goodwill represents the excess of the estimated acquisition consideration over the fair value of the underlying net tangible and intangible assets. The Company’s primary reasons for the PhaseLink acquisition were to complement Micrel’s high performance clock generation, distribution products for the communication market and to expand its product offerings into the consumer and industrial markets. The Company also expects the acquisition to reduce the time to develop new technologies and to provide more complete solutions for communications, consumer and industrial markets. The acquisition also enhanced the Company’s engineering resources through the addition of PhaseLink’s research and development team. These significant factors were the basis for the recognition of goodwill. The goodwill is not deductible for tax purposes. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Finished goods | $ | 11,592 | $ | 12,518 | ||||
Work in process | 30,109 | 28,133 | ||||||
Raw materials | 1,500 | 1,605 | ||||||
Total inventories | $ | 43,201 | $ | 42,256 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Manufacturing equipment | $ | 176,730 | $ | 174,353 | ||||
Land | 8,101 | 8,101 | ||||||
Buildings and improvements | 53,915 | 53,792 | ||||||
Office furniture and research equipment | 17,791 | 20,241 | ||||||
256,537 | 256,487 | |||||||
Accumulated depreciation | (198,758 | ) | (195,795 | ) | ||||
Total property, plant and equipment, net | $ | 57,779 | $ | 60,692 | ||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $11.1 million, $11.5 million and $10.9 million, respectively. | ||||||||
The Company had unpaid property, plant and equipment of $1.0 million as of December 31, 2013. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
The following table sets forth the components of intangible assets as follows (in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Developed and core technology | $ | 7,783 | $ | (986 | ) | $ | 6,797 | $ | 4,400 | $ | (330 | ) | $ | 4,070 | |||||||||||
Customer relationships | 3,800 | (552 | ) | 3,248 | 3,000 | (225 | ) | 2,775 | |||||||||||||||||
Patents and trademarks | 610 | (284 | ) | 326 | 510 | (115 | ) | 395 | |||||||||||||||||
Non-competition agreements | 450 | (372 | ) | 78 | 410 | (154 | ) | 256 | |||||||||||||||||
In-process research and development | 1,300 | — | 1,300 | 410 | — | 410 | |||||||||||||||||||
$ | 13,943 | $ | (2,194 | ) | $ | 11,749 | $ | 8,730 | $ | (824 | ) | $ | 7,906 | ||||||||||||
The above intangible assets acquired in connection with the Discera acquisition in 2013, PhaseLink acquisition in 2012, and other acquired intangible assets of $2.5 million are amortized over their estimated useful lives ranging from 1 to 10 years using the straight-line method. Total intangible amortization expense for the years ended December 31, 2013, 2012 and 2011 was $1.4 million, $0.8 million and $0.3 million, respectively. | |||||||||||||||||||||||||
The estimated future amortization expense of intangible assets as of December 31, 2013 was as follows (in thousands): | |||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||
2014 | $ | 1,615 | |||||||||||||||||||||||
2015 | 1,473 | ||||||||||||||||||||||||
2016 | 1,384 | ||||||||||||||||||||||||
2017 | 1,155 | ||||||||||||||||||||||||
2018 | 1,138 | ||||||||||||||||||||||||
Thereafter | 4,984 | ||||||||||||||||||||||||
$ | 11,749 | ||||||||||||||||||||||||
During 2012, the Company recorded an impairment of $1.0 million as a component of research and development expense for purchased technology which was replaced by more advanced technologies. |
Borrowing_Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
BORROWING ARRANGEMENTS | ' |
BORROWING ARRANGEMENTS | |
Under the terms of an unsecured credit facility with Bank of the West, the Company has a $5.0 million line of credit available for general working capital needs, which includes a $5.0 million letter of credit sub-facility including a $2.0 million foreign exchange sub-facility. In April 2013, certain terms of the credit agreement were amended including an extension of the expiration date to April 30, 2014 and the deletion of a minimum effective tangible net worth covenant. Interest rates under the amended agreement are based on one of three interest rates, at the Company’s option: (1) a variable alternate base rate plus 1.0%, the alternate base rate being the greater of (x) Bank of the West’s prime rate, (y) the Fed Funds Rate plus 0.5% or (z) daily adjusted one-month LIBOR plus 1.0%; (2) floating one-month LIBOR plus 2.0% or (3) fixed LIBOR for one, two, three or six month periods, plus 2.0%. The agreement includes certain restrictive covenants and, as of December 31, 2013, the Company was in compliance with such covenants. | |
The borrowing arrangements include a provision for the issuance of commercial or standby letters of credit by the bank on behalf of the Company. As of December 31, 2013, the Company had $0.3 million in letters of credit outstanding. The letters of credit are issued to guarantee payments for the Company’s workers compensation program. As of December 31, 2013, the Company had no borrowings under the line of credit. | |
Through the PhaseLink acquisition, the Company acquired two term loans totaling $0.3 million with a local bank in Taiwan. The Company paid off the acquired bank loans in full in June 2012. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The Company reports cash flows from derivative instruments in cash flows from operating activities. All derivatives are recorded at fair value in either prepaid and other current assets or other accrued liabilities. | |
The Company did not have any outstanding derivatives in 2013. The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011 was not material. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||||
Preferred Stock | |||||||||||||||||
The Company has authorized 5.0 million shares of preferred stock, no par value, of which none were issued or outstanding at December 31, 2013. The preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions of such preferred stock. | |||||||||||||||||
Share Repurchase Program | |||||||||||||||||
In February 2010, the Company’s Board of Directors approved a $15.0 million share repurchase program for calendar year 2010. In September 2010, the Company’s Board of Directors approved an increase to the amount authorized for repurchase from $15.0 million to $30.0 million. In November 2010, the Company’s Board of Directors approved an extension of the termination of the authorized repurchase plan from December 31, 2010 to the date on which the total authorized aggregate amount was expended. | |||||||||||||||||
In May 2011, the Company’s Board of Directors authorized the repurchase of $30.0 million of the Company’s common stock, which increased the total approval for repurchase to $60.0 million. On July 26, 2012, the Company’s Board of Directors authorized the repurchase of an additional $30.0 million of the Company’s common stock, which increased the total approval for repurchase since February 2010 to $90.0 million. On October 24, 2013, the Company announced that its Board of Directors authorized the repurchase of another $30.0 million of the Company’s common stock, which increased the total approval for repurchase since February 2010 to $120.0 million. The total available for repurchase, as of December 31, 2013, was $25.8 million. | |||||||||||||||||
Shares of common stock purchased pursuant to the repurchase program are cancelled from outstanding shares upon repurchase and credited to an authorized and unissued reserve account. Share repurchases are recorded as a reduction to common stock to the extent available. Any amounts repurchased which are in excess of the existing total common stock balance are recorded as a reduction of retained earnings. Share repurchases are intended to reduce the number of outstanding shares of common stock to increase shareholder value and offset dilution from the Company’s share-based compensation plans and the Micrel, Incorporated Employee Stock Purchase Plan (“ESPP”). During the year ended December 31, 2013, the Company repurchased 2.4 million shares of its common stock for an aggregate price of $23.3 million. | |||||||||||||||||
Incentive Award Plans | |||||||||||||||||
The Company has in effect incentive stock plans under which incentive stock options have been granted to employees and restricted stock units and non-qualified stock options have been granted to employees and non-employee members of the Board of Directors. | |||||||||||||||||
On May 24, 2012, the Company’s shareholders approved the Micrel, Incorporated 2012 Equity Incentive Award Plan (the “2012 Plan”) and the reservation of an aggregate of 6.0 million shares of common stock for issuance pursuant to the 2012 Plan. | |||||||||||||||||
The 2012 Plan has replaced in its entirety the Company’s 1994 Stock Option Plan, the Micrel, Incorporated 2000 Non-Qualified Stock Incentive Plan and the Micrel, Incorporated 2003 Incentive Award Plan (the “Prior Plans”). No new award has been made under these plans since May 24, 2012. However, the shares of common stock that remained available for issuance under the Prior Plans were added to the shares reserved for issuance under the 2012 Plan. In addition, shares of common stock subject to awards already granted under the Micrel, Incorporated 2003 Incentive Award Plan that terminate, expire or lapse will become available for issuance under the 2012 Plan, provided that the aggregate number of shares of common stock available for issuance under the 2012 Plan is reduced by two (2) shares for each share of common stock delivered in settlement of any award other than a stock option or stock appreciation right. On the effective date of the 2012 Plan which was May 24, 2012, the Prior Plans were terminated, provided, that any awards outstanding under the Prior Plans remain outstanding pursuant to their respective terms. At December 31, 2013, there were 3.6 million shares available for future grants under the Company’s 2012 Plan. | |||||||||||||||||
Stock Options | |||||||||||||||||
Options granted under the 2012 Plan typically become exercisable in cumulative annual increments of 20% per year from the date of grant. The term of each stock option is no more than ten years from the date of grant. | |||||||||||||||||
Option activity under the Company’s incentive stock plans is as follows: | |||||||||||||||||
Number | Weighted Avg. | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding, December 31, 2010 (3,430,038 exercisable at a weighted average price of $10.74 per share and a weighted average remaining contractual life of 4.7 years) | 7,883,805 | $ | 9.65 | ||||||||||||||
Granted | 2,165,056 | 12.14 | |||||||||||||||
Exercised | (1,246,435 | ) | 9.39 | ||||||||||||||
Canceled | (842,256 | ) | 10.64 | ||||||||||||||
Outstanding, December 31, 2011 (3,366,610 exercisable at a weighted average price of $10.31 per share and a weighted average remaining contractual life of 4.3 years) | 7,960,170 | 10.26 | |||||||||||||||
Granted | 1,494,250 | 10.13 | |||||||||||||||
Exercised | (415,156 | ) | 7.91 | ||||||||||||||
Canceled | (882,995 | ) | 11.22 | ||||||||||||||
Outstanding, December 31, 2012 (4,068,071 exercisable at a weighted average price of $9.98 per share and a weighted average remaining contractual life of 4.2 years) | 8,156,269 | 10.25 | |||||||||||||||
Granted | 700,300 | 9.96 | |||||||||||||||
Exercised | (522,218 | ) | 7.62 | ||||||||||||||
Canceled | (821,263 | ) | 10.92 | ||||||||||||||
Outstanding, December 31, 2013 (4,286,232 exercisable at a weighted average price of $10.12 per share and a weighted average remaining contractual life of 4.3 years) | 7,513,088 | $ | 10.34 | ||||||||||||||
As of December 31, 2013, the estimated number of options exercisable and expected to vest was 6.5 million shares with a weighted average remaining contractual life of 5.6 years and an estimated aggregate intrinsic value of $4.4 million. | |||||||||||||||||
The weighted average fair value (computed using the Black-Scholes option pricing model) of options granted under the stock option plans during the years ended December 31, 2013, 2012 and 2011 was $2.86, $2.96 and $4.36 per share, respectively. The total intrinsic value of options (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) exercised during the years ended December 31, 2013, 2012 and 2011 was $1.2 million, $1.0 million and $4.6 million, respectively. During the years ended December 31, 2013, 2012 and 2011, the amount of cash received from the exercise of stock options was $4.0 million, $3.3 million and $11.7 million, respectively. The excess tax benefit realized from the exercise of non-qualified stock options and disqualifying dispositions of incentive stock options was $0.5 million, $0.2 million and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Additional information regarding options outstanding as of December 31, 2013 was as follows: | |||||||||||||||||
Stock Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Avg. Remaining Contractual Life (yrs) | Weighted Avg. Exercise Price Per Share | Number Exercisable | Weighted Avg. Exercise Price Per Share | ||||||||||||
$ 4.72 to $ 7.00 | 235,987 | 3.4 | $ | 6.68 | 234,387 | $ | 6.68 | ||||||||||
$ 7.01 to $ 7.46 | 418,780 | 5.2 | 7.23 | 337,905 | 7.23 | ||||||||||||
$ 7.47 to $ 7.48 | 521,356 | 0.8 | 7.47 | 521,356 | 7.47 | ||||||||||||
$ 7.49 to $ 8.00 | 332,423 | 5.4 | 7.8 | 259,354 | 7.8 | ||||||||||||
$ 8.01 to $ 9.00 | 263,731 | 4.1 | 8.56 | 238,399 | 8.56 | ||||||||||||
$ 9.01 to $10.00 | 1,718,033 | 7.2 | 9.6 | 690,241 | 9.63 | ||||||||||||
$10.01 to $11.00 | 2,073,773 | 7.3 | 10.44 | 755,218 | 10.43 | ||||||||||||
$11.01 to $13.00 | 715,540 | 5.2 | 12.17 | 482,133 | 12.07 | ||||||||||||
$13.01 to $16.00 | 1,026,965 | 6.1 | 13.73 | 560,739 | 13.71 | ||||||||||||
$16.01 to $49.50 | 206,500 | 1 | 16.32 | 206,500 | 16.32 | ||||||||||||
7,513,088 | 5.9 | $ | 10.34 | 4,286,232 | $ | 10.12 | |||||||||||
As of December 31, 2013, the aggregate pre-tax intrinsic value (which was the amount by which the $9.87 closing price of the Company’s common stock at December 31, 2013 exceeded the exercise price of the in the money options) of options outstanding and options exercisable was approximately $4.6 million and $3.9 million, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The 2012 Plan and 2003 Plan also provide for the use of incentive awards other than stock options. In October 2007, the Company’s Compensation Committee approved a plan to begin granting restricted stock units (“RSUs”) to employees in accordance with the provisions of the 2003 Plan. As of December 31, 2013, approximately 5% and 69% of the RSUs would vest in three and four equal installments annually over three years and four years, respectively. Approximately 26% of the RSUs would vest one third on each of the third, fourth and fifth annual anniversaries of the grant date. Information with respect to outstanding RSU activity is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding, December 31, 2010 | 145,760 | $ | 8.36 | ||||||||||||||
Granted | 589,638 | 10.09 | |||||||||||||||
Vested | (14,750 | ) | 7.72 | ||||||||||||||
Forfeited | (53,371 | ) | 10.44 | ||||||||||||||
Outstanding, December 31, 2011 | 667,277 | 9.73 | |||||||||||||||
Granted | 417,531 | 9.67 | |||||||||||||||
Vested | (146,327 | ) | 9.49 | ||||||||||||||
Forfeited | (61,431 | ) | 9.65 | ||||||||||||||
Outstanding, December 31, 2012 | 877,050 | 9.83 | |||||||||||||||
Granted | 591,974 | 9.31 | |||||||||||||||
Vested | (209,819 | ) | 9.6 | ||||||||||||||
Forfeited | (63,943 | ) | 9.69 | ||||||||||||||
Outstanding, December 31, 2013 | 1,195,262 | $ | 9.63 | ||||||||||||||
As of December 31, 2013, the estimated number of RSUs expected to vest was 1.1 million shares with a weighted average remaining contractual life of 2.9 years and an estimated aggregate intrinsic value of $10.5 million. The aggregate intrinsic value of vested RSUs amount to $2.1 million for the year ended December 31, 2013. | |||||||||||||||||
Accounting for Share-based Compensation | |||||||||||||||||
Share-based compensation costs for stock option grants are based on the fair value calculated from a stock option pricing model on the date of grant. The Company has utilized the Black-Scholes option pricing model to determine the fair value for stock option grants. The fair value of stock option grants is recognized as compensation expense on a straight-line basis over the vesting period of the grants. Compensation expense recognized is shown in the operating activities section of the consolidated statements of cash flows. Cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized (excess tax benefits) is shown in the financing activities section of the consolidated statements of cash flows. | |||||||||||||||||
The fair value of the stock options granted under the Company’s option plans was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term (years) | 5.9 | 5.8 | 5.7 | ||||||||||||||
Stock volatility | 34.5 | % | 36.6 | % | 40.4 | % | |||||||||||
Risk free interest rates | 1.6 | % | 1 | % | 1.7 | % | |||||||||||
Dividends during expected terms | 1.9 | % | 1.6 | % | 1.4 | % | |||||||||||
Expected term is based on an analysis of historical exercises and the remaining contractual life of options. | |||||||||||||||||
Stock volatility is based upon historical stock price volatility. | |||||||||||||||||
Risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||
Dividend yield is based on annualized dividends per share and the Company’s average stock price. | |||||||||||||||||
The Company estimates potential forfeitures of stock grants and accordingly adjusts compensation cost recorded. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of share-based compensation to be recognized in future periods. | |||||||||||||||||
The following table shows total share-based compensation expense recognized in the Consolidated Statement of Operations for 2013, 2012 and 2011 (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Cost of revenues | $ | 1,060 | $ | 1,178 | $ | 1,009 | |||||||||||
Research and development | 2,875 | 3,132 | 2,401 | ||||||||||||||
Selling, general and administrative | 3,162 | 3,282 | 2,444 | ||||||||||||||
Pre-tax share-based compensation expense | 7,097 | 7,592 | 5,854 | ||||||||||||||
Less income tax effect | (2,314 | ) | (2,583 | ) | (2,104 | ) | |||||||||||
Net share-based compensation expense | $ | 4,783 | $ | 5,009 | $ | 3,750 | |||||||||||
Total share-based compensation capitalized as part of inventory as of December 31, 2013 and 2012 was $0.2 million and $0.1 million, respectively. As of December 31, 2013, there was $6.8 million of total unrecognized share-based compensation related to non-vested stock option awards and $8.1 million related to restricted stock units which are expected to be recognized over a weighted-average period of 2.79 and 3.02 years, respectively. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Under the Company’s ESPP, eligible employees are permitted to have salary withholdings to purchase shares of common stock at a price equal to 95% of the market value of the stock at the end of each three-month offer period, subject to an annual limitation. The ESPP is considered non-compensatory per current share-based compensation accounting guidelines. The aggregate number of shares of common stock which may be issued under the plan shall be no more than 2.0 million shares. Shares of common stock issued under the ESPP during 2013, 2012 and 2011 were less than 0.1 million in each of the years at a weighted average price of $9.32, $9.40 and $10.21 respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The income tax provision for the years ended December 31, 2013, 2012 and 2011, as a percentage of income before taxes, was 8%, 56% and 29%, respectively. | |||||||||||||
A reconciliation of the statutory federal income tax rate to the effective tax rate for the years ended December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Research and development credit | (22 | ) | — | (4 | ) | ||||||||
Qualified production activities deduction | (3 | ) | (4 | ) | (2 | ) | |||||||
State income taxes (net of federal income tax benefit) | — | (2 | ) | 1 | |||||||||
Non-deductible stock compensation | 1 | 1 | — | ||||||||||
Valuation allowance | — | 27 | — | ||||||||||
Deemed dividend income | 3 | — | — | ||||||||||
Other * | (6 | ) | (1 | ) | (1 | ) | |||||||
Effective tax rate | 8 | % | 56 | % | 29 | % | |||||||
* Other, in 2013, includes foreign tax rate differential, foreign tax credits and other expenditures not deductible for tax purposes which are all individually insignificant. | |||||||||||||
The provision for income taxes for the years ended December 31 consisted of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4,833 | $ | 8,847 | $ | 9,906 | |||||||
State | (66 | ) | (1,731 | ) | 585 | ||||||||
Foreign | 494 | 563 | — | ||||||||||
Total current | 5,261 | 7,679 | 10,491 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,698 | ) | (8,489 | ) | 3,514 | ||||||||
State | (31 | ) | 16,901 | (263 | ) | ||||||||
Foreign | 52 | (125 | ) | — | |||||||||
Total deferred | (3,677 | ) | 8,287 | 3,251 | |||||||||
Total provision | $ | 1,584 | $ | 15,966 | $ | 13,742 | |||||||
Pre-tax income from U.S. and non-U.S. jurisdictions was $16.9 million and $2.3 million, respectively, for the year ended December 31, 2013. Pre-tax income from U.S. and non-U.S. jurisdictions was $28.0 million and $0.3 million, respectively, for the year ended December 31, 2012. Pre-tax income from non-U.S. jurisdictions for the year ended December 31, 2011 was not material. | |||||||||||||
Deferred tax assets and liabilities result primarily from temporary differences between book and tax bases of assets and liabilities and research and development credit carryforwards. The Company had recognized net deferred tax assets of $22.3 million as of December 31, 2013. The Company must regularly assess the likelihood that future taxable income levels will be sufficient to ultimately realize the tax benefits of these deferred tax assets. The Company currently believes that future taxable income levels will be sufficient to realize the tax benefits of net deferred tax assets and has not established a valuation allowance except for a valuation allowance of $9.0 million and $7.6 million, respectively, that was established against deferred assets as of December 31, 2013 and 2012 due to California tax law changes in 2012 which require mandatory single sales factor apportionment in California for most multi-state taxpayers for tax years beginning on or after January 1, 2013. No valuation allowance was established for the year ended December 31, 2011. Should the Company determine that future realization of these tax benefits is not likely, additional valuation allowances would be established, which would increase the Company’s tax provision in the period of such determination. | |||||||||||||
Deferred tax assets and liabilities at December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals, reserves and other amounts not currently deductible | $ | 11,346 | $ | 10,331 | |||||||||
Deferred income | 9,547 | 9,354 | |||||||||||
Tax net operating loss and credit carryforwards | 9,170 | 6,712 | |||||||||||
Non-qualified stock compensation | 6,115 | 5,049 | |||||||||||
Capitalized research and development | — | 95 | |||||||||||
Unrealized loss on investments and other | 278 | 208 | |||||||||||
Gross deferred tax assets | 36,456 | 31,749 | |||||||||||
Valuation allowance | (8,999 | ) | (7,625 | ) | |||||||||
Total deferred tax assets | 27,457 | 24,124 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-lived assets | (5,187 | ) | (5,351 | ) | |||||||||
Total deferred tax liability | (5,187 | ) | (5,351 | ) | |||||||||
Net deferred tax assets (current and non-current) | $ | 22,270 | $ | 18,773 | |||||||||
Included in net deferred tax assets are credit carryforwards. The Company has available state research and development credit carryforwards of approximately $22.2 million, of which approximately $2.3 million represents pre-ownership change carryforwards subject to the Section 382 annual limitation. The state research credit carryforwards are not subject to expiration and may be carried forward indefinitely until utilized. | |||||||||||||
As of December 31, 2013, the gross liability for uncertain tax positions was $12.5 million and the net liability, reduced for the federal effects of potential state tax exposures, was $9.4 million. If these uncertain tax positions are sustained upon tax authority audit, or otherwise become certain, a net $3.7 million would favorably affect the Company’s tax provision in such future periods. The remaining $5.7 million would be offset by the reversal of related deferred tax assets on which a valuation allowance is placed. The $3.7 million liability is included in long-term income taxes payable for $3.6 million and current income taxes payable for $0.1 million. The Company does not anticipate a significant change to the $3.6 million long-term uncertain income tax positions within the next 12 months. | |||||||||||||
The amount of unrecognized tax benefits for the years ended December 31 consisted of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 8,259 | $ | 8,532 | $ | 9,599 | |||||||
Additions based on tax positions related to the current year | 762 | 487 | 1,451 | ||||||||||
Additions for tax positions related to prior years | 1,593 | 77 | 87 | ||||||||||
Subtractions for tax positions related to prior years | (1,181 | ) | (837 | ) | (2,605 | ) | |||||||
Ending balance | $ | 9,433 | $ | 8,259 | $ | 8,532 | |||||||
The unrecognized tax benefits presented above include amounts related to potential tax exposures, which are presented net of federal tax benefits. | |||||||||||||
During 2013, the Company recognized $1.1 million of previously unrecognized tax benefits due to expiration of statutes of limitations. | |||||||||||||
The Company continues to recognize interest and penalties related to uncertain tax positions as part of the income tax provision. As of December 31, 2013 and 2012, the Company had $0.3 million and $0.4 million, respectively, accrued for interest and none accrued for penalties for both years. The interest accruals were included as a component of long-term income taxes payable for $0.3 million and current income taxes payable of less than $0.1 million as of December 31, 2013. | |||||||||||||
The Company is required to file U.S. federal income tax returns as well as income tax returns in various states and foreign jurisdictions. The Company may be subject to examination by the Internal Revenue Service (“IRS”) for calendar years 2010 and forward. Significant state tax jurisdictions include California, Massachusetts and Texas, and generally, the Company is subject to routine examination for years 2007 and forward in these jurisdictions. In addition, any research and development credit carryforwards that were generated in prior years and utilized in these years may also be subject to examination by respective state taxing authorities. Generally, the Company is subject to routine examination for years 2006 and forward in various immaterial foreign tax jurisdictions in which it operates. | |||||||||||||
Substantially all of the Company’s undistributed earnings of its foreign subsidiaries, totaling approximately $7.5 million and $5.3 million as of December 31, 2013 and 2012, respectively, are not indefinitely reinvested and, accordingly, applicable federal and state income taxes will be assessed upon repatriation. However, the amounts of such tax liabilities, after consideration of corresponding foreign tax credits, are immaterial. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Liabilities Disclosure [Text Block] | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 5,767 | $ | 4,167 | ||||
Accrued commissions | 1,666 | 1,918 | ||||||
Accrued restructuring | 902 | — | ||||||
Other accrued liabilities | 4,539 | 2,748 | ||||||
Total accrued liabilities | $ | 12,874 | $ | 8,833 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Lease Agreements | ||||
The Company leases some of its facilities and equipment under operating lease agreements that expire in the years 2014 through 2018. Rent expense is recognized on a straight-line basis over the term of the lease. | ||||
Future minimum payments under these agreements are as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 977 | ||
2015 | 548 | |||
2016 | 213 | |||
2017 | 98 | |||
2018 | 6 | |||
Total | $ | 1,842 | ||
Rent expense under operating leases for the years ended December 31, 2013, 2012 and 2011 was $1.1 million, $1.1 million and $1.2 million, respectively. | ||||
Open Purchase Orders | ||||
As of December 31, 2013, the Company had approximately $11.6 million in open purchase orders. Open purchase orders are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable pricing provisions; and the approximate timing of the transactions. These obligations primarily relate to future purchases of wafer fabrication raw materials, foundry wafers, assembly and testing services and manufacturing equipment. The amounts are based on the Company’s contractual commitments. | ||||
Letters of Credit | ||||
Micrel’s borrowing arrangements include a provision for the issuance of commercial or standby letters of credit by the bank on behalf of the Company. At December 31, 2013, there was $0.3 million in letters of credit outstanding. The letters of credit are issued to guarantee payments for the Company’s workers compensation program. | ||||
Indemnification Obligations | ||||
Micrel is a party to a variety of contractual relationships pursuant under which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by Micrel, or regular sales and purchasing activities, under which Micrel may agree to hold the other party harmless against losses arising from claims related to such matters as title to assets sold, certain intellectual property rights, specified environmental matters, certain income taxes, etc. In these circumstances, indemnification by Micrel is customarily conditioned on the other party making a claim pursuant to the procedures specified in the particular contract or in Micrel’s standard terms and conditions, which procedures may allow Micrel to challenge the other party’s claims, or afford Micrel the right to settle such claims in its sole discretion. Further, Micrel’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, Micrel may have recourse against third parties for certain payments made by it under these agreements. | ||||
It is not possible to predict the maximum potential amount of future payments or indemnification costs under these or similar agreements due to the conditional nature of Micrel’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by Micrel under these agreements have not had a material effect on its business, financial condition, cash flows, or results of operations. Micrel believes that if it were to incur a loss in any of these matters, such loss would not have a material effect on its business, financial condition, cash flows or results of operations. |
ProfitSharing_401k_Plan
Profit-Sharing 401(k) Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
PROFIT SHARING 401(K) PLAN | ' |
PROFIT-SHARING 401(k) PLAN | |
The Company has a profit-sharing and deferred compensation plan (the “Plan”). All employees completing one month of service are eligible to participate in the Plan. Participants may contribute 1% to 15% of their annual compensation on a before tax basis, subject to Internal Revenue Service limitations. Profit-sharing contributions by the Company are determined at the discretion of the Board of Directors. The Company accrued $0.2 million in contributions for the year ended December 31, 2013 and made $0.4 million and $0.4 million in contributions to the Plan for the years ended December 31, 2012 and 2011, respectively. Participants vest in the Company’s contributions ratably over six years of service. |
Litigation_and_Commitments_and
Litigation and Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LITIGATION AND COMMITMENTS AND CONTINGENCIES | ' |
LITIGATION AND COMMITMENTS AND CONTINGENCIES | |
On November 1, 2008, Nadatel Co., Ltd. (“Nadatel”), a video surveillance equipment supplier based in Seoul Korea, filed a complaint against the Company for product liability and tort-based damages with the Seoul Central District Court in Seoul, Korea. In 2006 and 2007, Nadatel purchased approximately 17,000 of the Company’s low-dropout voltage regulators for use in its closed circuit television digital video recorder application for security systems. Nadatel claimed that the parts failed in the field, resulting in malfunction of its application, recall of the application and replacement of circuit boards incorporating the Company’s part. The Company settled this claim in June 2012 pursuant to a court-mediated agreement without admitting to liability or product defects. Despite the Company’s assessment that the claims asserted by Nadatel are untrue, it settled this protracted litigation in order to avoid further legal expense and distraction. The settlement amount of approximately $0.2 million was recorded in June 2012 as a component of selling, general and administrative expenses for the year ended December 31, 2012. | |
Additional claims may arise against the Company in its normal course of business. Generally, litigation is subject to inherent uncertainties, and no assurance can be given that the Company will prevail in any particular lawsuit. Accordingly, litigation could result in substantial costs and diversion of resources and could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||||||||||
SEGMENT REPORTING | |||||||||||||||||||||||||
The Company currently operates in one segment: the design, manufacturing, marketing and sale of semiconductor products. In 2012 and 2011, the Company had two reportable segments: standard products and other products, which consisted of custom and foundry products and revenue from license of patents. The chief operating decision maker, the President and CEO, evaluated segment performance based on revenue, and accordingly, all expenses were considered corporate level activities and not allocated to the two segments. Similarly, the chief operating decision maker did not assign assets to these segments. | |||||||||||||||||||||||||
The change from two reportable segments to one during 2013 was driven by the change in the way the chief operating decision maker evaluates the financial performance of the Company and allocates resources, which is currently on a company-wide basis. | |||||||||||||||||||||||||
The Company’s net revenue from other products, which consist primarily of custom and foundry products and revenues from the license of patents, represented approximately 3%, 4% and 4% of total net revenues for the years ended December 31, 2013, 2012 and 2011, respectively. The remainder of the Company’s net revenue consists of standard products. | |||||||||||||||||||||||||
For the year ended December 31, 2013, no OEM customer accounted for more than 10% of the Company’s net revenues and two worldwide distributors accounted for 29% and 17% of the Company’s net revenues, respectively. For the year ended December 31, 2012, one OEM customer accounted for 10% of the Company’s net revenues and two worldwide distributors accounted for 22% and 15% of the Company’s net revenues, respectively. The increase in percentage of revenue from our largest distributor from 2012 to 2013 was primarily due to its acquisition and integration of one of our other significant distributors in 2013. For the year ended December 31, 2011, no OEM customer accounted for more than 10% of the Company’s net revenues and two worldwide distributors accounted for 24% and 16% of the Company’s net revenues, respectively. | |||||||||||||||||||||||||
The Company recorded revenue from customers throughout the United States; Canada and Mexico (collectively referred to as “Other North American Countries”); the U.K., Italy, Germany, France, Israel, Sweden, Hungary, Austria, Finland, Switzerland, and other European countries (collectively referred to as “Europe”); Korea; Taiwan; Singapore; China; Japan; Hong Kong; and Malaysia and other Asian countries (collectively referred to as “Other Asian Countries”). Revenues by major geographic area are based on the geographic location of the OEMs or the distributors who have purchased the Company’s products. The geographic locations of the Company’s distributors may be different from the geographic locations of the end customers. | |||||||||||||||||||||||||
Geographic Information (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Total Net | Long-Lived | Total Net | Long-Lived | Total Net | Long-Lived | ||||||||||||||||||||
Revenues | Assets (1) | Revenues | Assets(1) | Revenues | Assets (1) | ||||||||||||||||||||
United States of America | $ | 62,667 | $ | 48,432 | $ | 66,267 | $ | 51,715 | $ | 71,700 | $ | 53,368 | |||||||||||||
Other North American Countries | 144 | — | 193 | — | 842 | — | |||||||||||||||||||
Korea | 28,050 | 16 | 36,896 | 24 | 40,155 | 39 | |||||||||||||||||||
Taiwan | 23,503 | 2,956 | 22,507 | 3,492 | 23,938 | 2,153 | |||||||||||||||||||
Singapore | 26,353 | 9 | 23,899 | 8 | 21,883 | 5 | |||||||||||||||||||
China | 15,873 | 2,424 | 16,183 | 1,417 | 19,079 | 1,333 | |||||||||||||||||||
Hong Kong | 33,881 | 86 | 37,300 | 215 | 26,429 | 163 | |||||||||||||||||||
Japan | 14,686 | 23 | 14,329 | 1 | 17,392 | 5 | |||||||||||||||||||
Other Asian Countries | 1,259 | 3,727 | 1,284 | 3,717 | 1,629 | 3,716 | |||||||||||||||||||
Europe | 30,664 | 106 | 31,254 | 103 | 35,978 | 102 | |||||||||||||||||||
Total | $ | 237,080 | $ | 57,779 | $ | 250,112 | $ | 60,692 | $ | 259,025 | $ | 60,884 | |||||||||||||
__________ | |||||||||||||||||||||||||
(1) Long-lived assets consist of property, plant and equipment. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2013 | |
Dividends, Common Stock [Abstract] | ' |
DIVIDENDS | ' |
DIVIDENDS | |
During the years ended December 31, 2013, 2012 and 2011, the Company paid cash dividends of $8.2 million, $12.1 million and $9.4 million, respectively, representing $0.1425, $0.205 and $0.150 per common share, respectively. | |
Cash dividends per common share for the year ended December 31, 2012 included an accelerated cash dividend of $0.0425 per share of common stock totaling $2.5 million paid on December 27, 2012 to shareholders of record as of December 18, 2012. The accelerated dividend was in lieu of the quarterly dividend that the Company would have otherwise announced with its quarterly financial results for the fourth quarter of 2012, and that would have been paid in the first quarter of 2013. |
Restructuring
Restructuring | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Restructuring Cost and Reserve [Line Items] | ' | |||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||
RESTRUCTURING CHARGES | ||||
In the fourth quarter of 2013, the Company recorded restructuring charges of $1.4 million related to workforce reductions. The Company paid $0.5 million related to severance costs in the year ended December 31, 2013 and expects to pay the remaining amount accrued in 2014, which is included in accrued liabilities on the consolidated balance sheet. The following table summarizes the activity related to the accrual for restructuring charges for the year ended December 31, 2013 (in thousands): | ||||
Description | Amount | |||
Charges | $ | 1,376 | ||
Payments | (474 | ) | ||
Total | $ | 902 | ||
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
On January 30, 2014, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock, payable on February 27, 2014 to shareholders of record as of February 13, 2014. |
Valuations_and_Qualifying_Acco
Valuations and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Description | Balance at Beginning | Allowance Additions or | Returns and Price | ||||||||||||||||||
of Year | (Reductions) | Adjustments | Bad Debt | Balance at | |||||||||||||||||
Write-offs | End of Year | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Allowances for OEM and sell-in distributor returns and price adjustments | $ | 712 | $ | 1,954 | $ | (1,929 | ) | $ | — | $ | 737 | ||||||||||
Allowances for unclaimed sell-through distributor price adjustments | 51 | 77,129 | (77,180 | ) | — | — | |||||||||||||||
Allowances for doubtful accounts | 49 | (26 | ) | — | — | 23 | |||||||||||||||
Total allowances | $ | 812 | $ | 79,057 | $ | (79,109 | ) | $ | — | $ | 760 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Allowances for OEM and sell-in distributor returns and price adjustments | $ | 1,066 | $ | 1,452 | $ | (1,806 | ) | $ | — | $ | 712 | ||||||||||
Allowances for unclaimed sell-through distributor price adjustments (1) | 169 | 73,674 | (73,792 | ) | — | 51 | |||||||||||||||
Allowances for doubtful accounts | 59 | (10 | ) | — | — | 49 | |||||||||||||||
Total allowances | $ | 1,294 | $ | 75,116 | $ | (75,598 | ) | $ | — | $ | 812 | ||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Allowances for OEM and sell-in distributor returns and price adjustments | $ | 995 | $ | 2,359 | $ | (2,288 | ) | $ | — | $ | 1,066 | ||||||||||
Allowances for unclaimed sell-through distributor price adjustments (1) | 2,885 | 69,795 | (72,511 | ) | — | 169 | |||||||||||||||
Allowances for doubtful accounts | 45 | 14 | — | — | 59 | ||||||||||||||||
Total allowances | $ | 3,925 | $ | 72,168 | $ | (74,799 | ) | $ | — | $ | 1,294 | ||||||||||
___________ | |||||||||||||||||||||
(1) The Company estimates and records an allowance for sell-through distributor price adjustments for which the specific resale transaction has been completed, but the price adjustment claim has not yet been received from the sell-through distributor. This allowance typically represents approximately one to three weeks of unclaimed price adjustments. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Accounting, Policy | ' | |
The accompanying consolidated financial data has been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and is in conformity with U.S. generally accepted accounting principles (“US GAAP”). | ||
Consolidation, Policy | ' | |
The accompanying consolidated financial statements include the accounts of Micrel, Incorporated and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||
Use of Estimates, Policy | ' | |
In accordance with US GAAP, management utilizes certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The primary estimates underlying the Company’s financial statements include allowances for doubtful accounts receivable, allowances for product returns and price adjustments, provisions for obsolete and slow moving inventory, share-based compensation, income taxes, litigation, valuation of auction-rate securities and accruals for other liabilities. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents, Policy | ' | |
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | ||
Investment, Policy | ' | |
As of December 31, 2013, the Company had no short-term investments that have been in a significant continuous unrealized loss position for more than twelve months. | ||
Investments purchased with remaining maturity dates of greater than three months and less than 12 months are classified as short-term. Investments purchased with remaining maturity dates of 12 months or greater are classified either as short-term or as long-term based on maturities and the Company’s intent with regard to those securities (expectations of sales and redemptions). Short-term investments as of December 31, 2013, consisted primarily of commercial paper, liquid municipal and corporate debt instruments and were classified as available-for-sale securities. Long-term investments as of December 31, 2013, consisted of auction-rate notes secured by student loans and were classified as available-for-sale securities. Available-for sale securities are stated at market value with unrealized gains and losses included in accumulated other comprehensive loss, a component of shareholders’ equity. As of December 31, 2013, accumulated other comprehensive loss of $0.3 million consisted of unrealized gains and losses on investments. Unrealized losses are charged against income when a decline in the fair market value of an individual security is determined to be other than temporary. Realized gains and losses on investments are included in other income or expense. | ||
Concentration of Risk, Policy | ' | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investments and accounts receivable. Risks associated with cash are mitigated by banking with creditworthy institutions. Cash equivalents and investments consist primarily of commercial paper, bank certificates of deposit, money market funds, corporate debt securities, and auction-rate notes and are regularly monitored by management. Credit risk with respect to the trade receivables is spread over geographically diverse customers. The Company performs ongoing credit evaluations of its customers and maintains an allowance for potential credit losses. At December 31, 2013, one worldwide distributor and one Asia-based distributor accounted for 36% and 11%, respectively, of total accounts receivable. At December 31, 2012, one worldwide distributor and one Asia-based distributor accounted for 28%, and 14%, respectively, of total accounts receivable. | ||
Micrel currently purchases certain components from a limited group of vendors. The packaging of the Company’s products is performed by, and certain of the raw materials included in such products are obtained from, a limited group of suppliers. The wafer supply for the Company’s LAN products is currently dependent upon two large third-party wafer foundry suppliers. Although the Company seeks to reduce its dependence on limited source suppliers, disruption or termination of any of these sources could occur and such disruptions could have an adverse effect on the Company’s financial condition, results of operations, or cash flows. | ||
The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for products offered by the Company; competitive pressures in the form of new products or price reductions on current products; advances and trends in new technologies and industry standards; changes in product mix; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patents, product, regulatory or other factors; risks associated with the ability to obtain necessary components; risks associated with the Company’s ability to attract and retain employees necessary to support its growth. | ||
Inventory, Policy | ' | |
Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company records adjustments to write down the cost of obsolete and excess inventory to the estimated market value based on historical and forecasted demand for its products. Once an inventory write-down provision is established, it is maintained until the product to which it relates is sold or otherwise disposed of. | ||
Property, Plant and Equipment, Policy | ' | |
Equipment, building and leasehold improvements are stated at cost and depreciated using the straight-line method. Equipment is depreciated over estimated useful lives of three to five years. Buildings are depreciated over an estimated useful life of twenty to thirty years. Building improvements are depreciated over estimated useful lives of fifteen to thirty years. Leasehold improvements are depreciated over the respective lease terms. | ||
Goodwill, Policy | ' | |
Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is measured and tested for impairment annually at the reporting unit level during the last quarter of the Company’s fiscal year, or more frequently if the Company believes indicators of impairment exist. Events that could trigger a more frequent impairment review may include adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in our market capitalization. The Company has allocated its goodwill to its timing and communications reporting unit. | ||
Qualitative factors are assessed to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the qualitative assessment indicates that the carrying amount is more likely than not higher than the fair value, goodwill is tested for impairment based on a two-step test. The first step requires comparing the fair value of our reporting unit to its net book value, including goodwill. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and forecasted operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions and determination of appropriate market comparables. The Company bases its fair value estimates on assumptions it believes to be reasonable. Actual future results may differ from those estimates. Future competitive, market and economic conditions could negatively impact key assumptions including our market capitalization or the carrying value of the Company’s net assets which could require it to realize an impairment of its goodwill. | ||
A potential impairment exists if the fair value of the reporting unit is less than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit’s net assets other than goodwill to the fair value of the reporting unit and if the difference is less than the net book value of goodwill, an impairment exists and is recorded. No goodwill impairment was recognized in 2013, 2012 and 2011. | ||
Impairment of Long-Lived Assets, Policy | ' | |
The Company reviews its purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of these intangible assets is assessed based on the estimated undiscounted future cash flows expected to result from the use of the asset. If the undiscounted future cash flows are less than the carrying amount, the purchased intangible assets with finite lives are considered to be impaired. The amount of the impairment is measured as the difference between the carrying amount of these assets and the fair value. | ||
The Company’s business combinations have included the purchase of in-process research and development assets that are not amortizable until the underlying project is complete. The Company assesses that its in-process research and development project is complete when all material research and development costs have been incurred and no significant risks remain. The Company reviews the carrying value of indefinite-lived intangible assets for impairment at least annually during the last quarter of its fiscal year, or more frequently if it believes indicators of impairment exist. In 2012, the Company recorded an impairment of $1.0 million as a component of research and development expense for a developed technology which was replaced by more advanced technologies. In 2013 and 2011, no impairment was identified. | ||
Revenue Recognition, Policy | ' | |
Micrel generates revenue by selling products to OEMs, sell-through distributors and sell-in distributors. The Company’s policy is to recognize revenue from sales to customers when the rights and risks of ownership have passed to the customer, when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed or determinable and collection of the resulting receivable is reasonably assured. | ||
Micrel allows certain sell-through distributors located in North America and Europe, and to a lesser extent in Asia, significant return rights, price protection and pricing adjustments subsequent to the initial product shipment. As these returns and price concessions have historically been significant, and future returns and price concessions are difficult to reliably estimate, the Company defers recognition of revenue and related cost of sales (in the balance sheet line item “deferred income on shipments to distributors”) derived from sales to these distributors until they have resold the Company’s products to their customers. Although revenue and related cost of sales are not recognized, the Company records an accounts receivable and relieves inventory at the time of initial product shipment. As standard terms are EXW or FCA shipping point, payment terms are enforced from shipment date and legal title and risk of inventory loss passes to the sell-through distributor upon shipment. In addition, the Company may offer to its sell-through distributors, where revenue is deferred upon shipment and recognized on a sell-through basis, price adjustments to allow the sell-through distributor to price the Company’s products competitively for specific resale opportunities. The Company estimates and records an adjustment for sell-through distributor price adjustments for which the specific resale transaction has been completed, but the price adjustment claim has not yet been received by the Company. | ||
Sales to OEM customers and Asia-based sell-in distributors are recognized based upon the shipment terms of the sale transaction when all other revenue recognition criteria have been met. The Company does not grant return rights, price protection or pricing adjustments to OEM customers. The Company offers limited contractual stock rotation rights to sell-in distributors. In addition, the Company is not contractually obligated to offer, but may infrequently grant, price adjustments or price protection to certain sell-in distributors on an exception basis. At the time of shipment to sell-in distributors, an allowance for returns is established based upon historical return rates, and an allowance for price adjustments is established based on an estimate of price adjustments to be granted. | ||
Trade and Other Accounts Receivable, Policy | ' | |
The Company’s accounts receivable balances represent trade accounts receivables which have been recorded at invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated uncollectible accounts receivable. This estimate is based on an analysis of specific customer creditworthiness and historical bad debt experience. | ||
Shipping and Handling Cost, Policy | ' | |
Shipping and handling costs are included in sales and marketing expense and are recognized as period expenses as incurred. | ||
Commitments and Contingencies, Policy | ' | |
An estimated liability is accrued when it is determined to be probable that a liability has been incurred and the amount of loss can be reasonably estimated. The liability accrual is charged to income in the period such determination is made. The Company regularly evaluates current information available to determine whether such accruals should be made. | ||
Research and Development Expense, Policy | ' | |
Research and development costs are expensed as incurred and consist primarily of payroll and other headcount related costs and cost of materials associated with the development of new wafer fabrication processes and the definition, design and development of semiconductor products. The Company also expenses prototype wafers and new production mask sets related to new products as research and development costs until products based on new designs are released to production. | ||
Self-Insurance, Policy | ' | |
The Company utilizes third-party insurance carriers subject to varying retention levels of self insurance. The Company is self-insured for a portion of the losses and liabilities primarily associated with earthquake damage, workers’ compensation claims and health benefit claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience. | ||
Advertising Costs, Policy | ' | |
The Company expenses advertising costs to selling, general and administrative expense as incurred. Advertising expenses for 2013, 2012 and 2011 were $0.1 million, $1.0 million and $0.9 million, respectively. | ||
Income Tax, Policy | ' | |
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been reflected in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the book and tax bases of assets and liabilities and operating loss carryforwards, using tax rates expected to be in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to reduce net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained based on the technical merits of the position. The tax benefit of any tax position that meets the more-likely-than-not recognition threshold is calculated at the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. To the extent a full benefit is not expected to be realized on the uncertain tax position, a reduction to a deferred asset is recorded or an income tax liability is established. Interest and penalties on income tax obligations, including uncertain tax positions, are included in the income tax provision. | ||
Share-based Compensation, Policy | ' | |
Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense in the consolidated statement of operations. | ||
Net Income Per Common and Equivalent Share, Policy | ' | |
Basic net income per share is computed by dividing net income attributable to Micrel, Incorporated shareholders by the number of weighted-average common shares outstanding. Diluted net income per share reflects potential dilution from outstanding stock options using the treasury stock method and restricted stock units. | ||
Fair Value of Financial Instruments, Policy | ' | |
To determine the fair value of financial instruments, the Company uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: | ||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Most of the Company’s financial instruments, with the exception of auction-rate securities, are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | ||
The types of instruments valued based on quoted market prices in active markets include money market funds and time deposits. Such instruments are generally classified within Level 1 of the fair value hierarchy. The types of instruments valued based on other observable inputs include commercial paper, corporate bonds, municipal securities and U.S. agency securities. Such instruments are generally classified within Level 2 of the fair value hierarchy. The types of instruments valued based on unobservable inputs consist of the auction-rate securities held by the Company. Such instruments are generally classified within Level 3 of the fair value hierarchy. The Company estimated the fair value of these auction-rate securities using a discounted cash flow model incorporating assumptions that market participants would use in their estimates of fair value. Some of these assumptions include estimates for interest rates, timing and amount of cash flows and expected holding periods of the auction-rate securities. | ||
Financial instruments included in the Company’s consolidated balance sheets at December 31, 2013 and 2012, consist of cash, cash equivalents, accounts receivable, accounts payable and investments. For cash, the carrying amount is the fair value. The carrying amount for cash equivalents, accounts receivable and accounts payable approximates fair value because of the short maturity of those instruments. The fair values of investments are based on quoted market prices, quoted prices for similar assets or valuation models for investments for which quoted market prices are unavailable. | ||
As of December 31, 2013, the Company had $4.7 million principle value of auction-rate notes, the fair value of which has been measured using Level 3 inputs. Auction-rate notes are securities that are structured with short-term interest rate reset dates of generally less than ninety days, but with contractual maturities that can be in excess of ten years. At the end of each reset period, which occurs every seven or twenty eight days for the securities held by the Company, investors can sell or continue to hold the securities at par. As a result of sell orders exceeding buy orders, auctions for the student loan-backed notes held by the Company have failed as of December 31, 2013. To date the Company has collected all interest receivable on all of its auction-rate securities when due and expects to continue to do so in the future. The principal associated with failed auctions will not be accessible until a successful auction occurs, a buyer is found outside of the auction process, the issuers redeem the securities, the issuers repay principal over time from cash flows prior to final maturity or final payments come due according to contractual maturities ranging from 18 to 34 years. As a result, the Company has classified all auction-rate notes as long-term investments as of December 31, 2013 and December 31, 2012. In the event of a failed auction, the notes bear interest at a predetermined maximum rate based on the credit rating of notes as determined by one or more nationally recognized statistical rating organizations. For the auction-rate notes held by the Company as of December 31, 2013 and December 31, 2012, the maximum interest rate is generally one month LIBOR plus 1.5% and 2.5% based on the notes’ rating as of that date. | ||
The Company has used a combination of discounted cash flow models and observable transactions for similar securities to determine the estimated fair value of its investment in auction-rate notes as of December 31, 2013 and December 31, 2012. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, estimates for discount rates using yields of comparable traded instruments adjusted for illiquidity and other risk factors, amount of cash flows and expected holding periods of the auction-rate notes. Based on this assessment of fair value, as of December 31, 2013, the Company determined there was a cumulative decline in the fair value of its auction-rate notes and recorded a $0.3 million ($0.5 million pre-tax) temporary impairment of these securities to accumulated other comprehensive loss, a component of shareholders’ equity. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||||||||||
A summary of the Company’s short-term investments at December 31, 2013 and 2012 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Municipal Securities | $ | 13,858 | $ | — | $ | (2 | ) | $ | 13,856 | $ | 12,520 | $ | — | $ | (116 | ) | $ | 12,404 | ||||||||||||||
Corporate Debt Securities | 36,947 | 10 | — | 36,957 | 26,575 | — | (139 | ) | 26,436 | |||||||||||||||||||||||
Commercial Paper | 13,991 | 2 | — | 13,993 | 18,464 | — | (2 | ) | 18,462 | |||||||||||||||||||||||
Certificates of Deposits | — | — | — | — | 19,047 | — | — | 19,047 | ||||||||||||||||||||||||
Total | $ | 64,796 | $ | 12 | $ | (2 | ) | $ | 64,806 | $ | 76,606 | $ | — | $ | (257 | ) | $ | 76,349 | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Level 2 | Inputs | ||||||||||||||||||||||||||||||
Assets | Level 3 | |||||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||||||
Money Market Funds (1) | $ | 16,945 | $ | — | $ | — | $ | 16,945 | ||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 36,957 | — | 36,957 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 13,993 | — | 13,993 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 13,856 | — | 13,856 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 4,195 | 4,195 | ||||||||||||||||||||||||||||
Total | $ | 16,945 | $ | 64,806 | $ | 4,195 | $ | 85,946 | ||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||
for Identical | Level 2 | Inputs | ||||||||||||||||||||||||||||||
Assets | Level 3 | |||||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||||||
Money Market Funds (1) | $ | 13,845 | $ | — | $ | — | $ | 13,845 | ||||||||||||||||||||||||
Certificates of Deposits (2) | 19,047 | — | — | 19,047 | ||||||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 26,436 | — | 26,436 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 18,462 | — | 18,462 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 12,404 | — | 12,404 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 4,159 | 4,159 | ||||||||||||||||||||||||||||
Total | $ | 32,892 | $ | 57,302 | $ | 4,159 | $ | 94,353 | ||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||||||
(1) Included in cash and cash equivalents | ||||||||||||||||||||||||||||||||
(2) Included in short-term investments | ||||||||||||||||||||||||||||||||
(3) Included in long-term investments | ||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | ' | |||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the changes in the Company’s Level 3 securities (consisting of auction-rate notes) were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
Measurements | ||||||||||||||||||||||||||||||||
Using Significant | ||||||||||||||||||||||||||||||||
Unobservable | ||||||||||||||||||||||||||||||||
Inputs | ||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 4,159 | ||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||
Total unrealized gains, before tax, included in other comprehensive income | 36 | |||||||||||||||||||||||||||||||
Settlements | — | |||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 4,195 | ||||||||||||||||||||||||||||||
Reconciliation of weighted-average shares used in computing net income per share | ' | |||||||||||||||||||||||||||||||
Reconciliation of weighted-average shares used in computing net income per share attributable to Micrel, Incorporated shareholders is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 57,803 | 59,623 | 61,609 | |||||||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units | 703 | 665 | 762 | |||||||||||||||||||||||||||||
Shares used in computing diluted net income per share | 58,506 | 60,288 | 62,371 | |||||||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Discera, Inc. [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The Company’s allocation of the total purchase price is summarized below (in thousands): | ||||
Accounts receivable | $ | 689 | ||
Inventories | 1,141 | |||
Other assets | 24 | |||
Property, plant and equipment | 1,165 | |||
Developed technology | 940 | |||
Customer relationships | 800 | |||
Trademarks | 100 | |||
Non-competition agreements | 40 | |||
In-process research and development | 890 | |||
Goodwill | 2,478 | |||
Accounts payable | (1,095 | ) | ||
Total purchase consideration | $ | 7,172 | ||
PhaseLink Acquisition [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The Company’s allocation of the total purchase price is summarized below (in thousands): | ||||
Cash and cash equivalents | $ | 3,255 | ||
Accounts receivable | 1,163 | |||
Inventories | 1,320 | |||
Other assets | 273 | |||
Property, plant and equipment | 1,724 | |||
Developed technology | 4,400 | |||
Customer relationships | 3,000 | |||
Trademarks | 510 | |||
Non-competition agreements | 410 | |||
In-process research and development | 410 | |||
Goodwill | 6,076 | |||
Short-term debt | (282 | ) | ||
Other liabilities | (1,588 | ) | ||
Noncontrolling interest | (977 | ) | ||
Total purchase consideration | $ | 19,694 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Finished goods | $ | 11,592 | $ | 12,518 | ||||
Work in process | 30,109 | 28,133 | ||||||
Raw materials | 1,500 | 1,605 | ||||||
Total inventories | $ | 43,201 | $ | 42,256 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, plant and equipment | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Manufacturing equipment | $ | 176,730 | $ | 174,353 | ||||
Land | 8,101 | 8,101 | ||||||
Buildings and improvements | 53,915 | 53,792 | ||||||
Office furniture and research equipment | 17,791 | 20,241 | ||||||
256,537 | 256,487 | |||||||
Accumulated depreciation | (198,758 | ) | (195,795 | ) | ||||
Total property, plant and equipment, net | $ | 57,779 | $ | 60,692 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ||||||||||||||||||||||||
Schedule of acquired finite-lived intangible assets by major class | ' | ||||||||||||||||||||||||
The following table sets forth the components of intangible assets as follows (in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Developed and core technology | $ | 7,783 | $ | (986 | ) | $ | 6,797 | $ | 4,400 | $ | (330 | ) | $ | 4,070 | |||||||||||
Customer relationships | 3,800 | (552 | ) | 3,248 | 3,000 | (225 | ) | 2,775 | |||||||||||||||||
Patents and trademarks | 610 | (284 | ) | 326 | 510 | (115 | ) | 395 | |||||||||||||||||
Non-competition agreements | 450 | (372 | ) | 78 | 410 | (154 | ) | 256 | |||||||||||||||||
In-process research and development | 1,300 | — | 1,300 | 410 | — | 410 | |||||||||||||||||||
$ | 13,943 | $ | (2,194 | ) | $ | 11,749 | $ | 8,730 | $ | (824 | ) | $ | 7,906 | ||||||||||||
Schedule of future amortization expenses | ' | ||||||||||||||||||||||||
The estimated future amortization expense of intangible assets as of December 31, 2013 was as follows (in thousands): | |||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||
2014 | $ | 1,615 | |||||||||||||||||||||||
2015 | 1,473 | ||||||||||||||||||||||||
2016 | 1,384 | ||||||||||||||||||||||||
2017 | 1,155 | ||||||||||||||||||||||||
2018 | 1,138 | ||||||||||||||||||||||||
Thereafter | 4,984 | ||||||||||||||||||||||||
$ | 11,749 | ||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
Option activity under the Company’s incentive stock plans is as follows: | |||||||||||||||||
Number | Weighted Avg. | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding, December 31, 2010 (3,430,038 exercisable at a weighted average price of $10.74 per share and a weighted average remaining contractual life of 4.7 years) | 7,883,805 | $ | 9.65 | ||||||||||||||
Granted | 2,165,056 | 12.14 | |||||||||||||||
Exercised | (1,246,435 | ) | 9.39 | ||||||||||||||
Canceled | (842,256 | ) | 10.64 | ||||||||||||||
Outstanding, December 31, 2011 (3,366,610 exercisable at a weighted average price of $10.31 per share and a weighted average remaining contractual life of 4.3 years) | 7,960,170 | 10.26 | |||||||||||||||
Granted | 1,494,250 | 10.13 | |||||||||||||||
Exercised | (415,156 | ) | 7.91 | ||||||||||||||
Canceled | (882,995 | ) | 11.22 | ||||||||||||||
Outstanding, December 31, 2012 (4,068,071 exercisable at a weighted average price of $9.98 per share and a weighted average remaining contractual life of 4.2 years) | 8,156,269 | 10.25 | |||||||||||||||
Granted | 700,300 | 9.96 | |||||||||||||||
Exercised | (522,218 | ) | 7.62 | ||||||||||||||
Canceled | (821,263 | ) | 10.92 | ||||||||||||||
Outstanding, December 31, 2013 (4,286,232 exercisable at a weighted average price of $10.12 per share and a weighted average remaining contractual life of 4.3 years) | 7,513,088 | $ | 10.34 | ||||||||||||||
Schedule of Share-based Compensation, Options by Exercise Price Range | ' | ||||||||||||||||
Additional information regarding options outstanding as of December 31, 2013 was as follows: | |||||||||||||||||
Stock Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Avg. Remaining Contractual Life (yrs) | Weighted Avg. Exercise Price Per Share | Number Exercisable | Weighted Avg. Exercise Price Per Share | ||||||||||||
$ 4.72 to $ 7.00 | 235,987 | 3.4 | $ | 6.68 | 234,387 | $ | 6.68 | ||||||||||
$ 7.01 to $ 7.46 | 418,780 | 5.2 | 7.23 | 337,905 | 7.23 | ||||||||||||
$ 7.47 to $ 7.48 | 521,356 | 0.8 | 7.47 | 521,356 | 7.47 | ||||||||||||
$ 7.49 to $ 8.00 | 332,423 | 5.4 | 7.8 | 259,354 | 7.8 | ||||||||||||
$ 8.01 to $ 9.00 | 263,731 | 4.1 | 8.56 | 238,399 | 8.56 | ||||||||||||
$ 9.01 to $10.00 | 1,718,033 | 7.2 | 9.6 | 690,241 | 9.63 | ||||||||||||
$10.01 to $11.00 | 2,073,773 | 7.3 | 10.44 | 755,218 | 10.43 | ||||||||||||
$11.01 to $13.00 | 715,540 | 5.2 | 12.17 | 482,133 | 12.07 | ||||||||||||
$13.01 to $16.00 | 1,026,965 | 6.1 | 13.73 | 560,739 | 13.71 | ||||||||||||
$16.01 to $49.50 | 206,500 | 1 | 16.32 | 206,500 | 16.32 | ||||||||||||
7,513,088 | 5.9 | $ | 10.34 | 4,286,232 | $ | 10.12 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||||||
Information with respect to outstanding RSU activity is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Average | ||||||||||||||||
of Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding, December 31, 2010 | 145,760 | $ | 8.36 | ||||||||||||||
Granted | 589,638 | 10.09 | |||||||||||||||
Vested | (14,750 | ) | 7.72 | ||||||||||||||
Forfeited | (53,371 | ) | 10.44 | ||||||||||||||
Outstanding, December 31, 2011 | 667,277 | 9.73 | |||||||||||||||
Granted | 417,531 | 9.67 | |||||||||||||||
Vested | (146,327 | ) | 9.49 | ||||||||||||||
Forfeited | (61,431 | ) | 9.65 | ||||||||||||||
Outstanding, December 31, 2012 | 877,050 | 9.83 | |||||||||||||||
Granted | 591,974 | 9.31 | |||||||||||||||
Vested | (209,819 | ) | 9.6 | ||||||||||||||
Forfeited | (63,943 | ) | 9.69 | ||||||||||||||
Outstanding, December 31, 2013 | 1,195,262 | $ | 9.63 | ||||||||||||||
Stock options granted under the Company's option plans, valuation assumptions | ' | ||||||||||||||||
The fair value of the stock options granted under the Company’s option plans was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term (years) | 5.9 | 5.8 | 5.7 | ||||||||||||||
Stock volatility | 34.5 | % | 36.6 | % | 40.4 | % | |||||||||||
Risk free interest rates | 1.6 | % | 1 | % | 1.7 | % | |||||||||||
Dividends during expected terms | 1.9 | % | 1.6 | % | 1.4 | % | |||||||||||
Share-based compensation expense, period costs | ' | ||||||||||||||||
The following table shows total share-based compensation expense recognized in the Consolidated Statement of Operations for 2013, 2012 and 2011 (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Cost of revenues | $ | 1,060 | $ | 1,178 | $ | 1,009 | |||||||||||
Research and development | 2,875 | 3,132 | 2,401 | ||||||||||||||
Selling, general and administrative | 3,162 | 3,282 | 2,444 | ||||||||||||||
Pre-tax share-based compensation expense | 7,097 | 7,592 | 5,854 | ||||||||||||||
Less income tax effect | (2,314 | ) | (2,583 | ) | (2,104 | ) | |||||||||||
Net share-based compensation expense | $ | 4,783 | $ | 5,009 | $ | 3,750 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the statutory federal income tax rate to the effective tax rate for the years ended December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Research and development credit | (22 | ) | — | (4 | ) | ||||||||
Qualified production activities deduction | (3 | ) | (4 | ) | (2 | ) | |||||||
State income taxes (net of federal income tax benefit) | — | (2 | ) | 1 | |||||||||
Non-deductible stock compensation | 1 | 1 | — | ||||||||||
Valuation allowance | — | 27 | — | ||||||||||
Deemed dividend income | 3 | — | — | ||||||||||
Other * | (6 | ) | (1 | ) | (1 | ) | |||||||
Effective tax rate | 8 | % | 56 | % | 29 | % | |||||||
* Other, in 2013, includes foreign tax rate differential, foreign tax credits and other expenditures not deductible for tax purposes which are all individually insignificant. | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The provision for income taxes for the years ended December 31 consisted of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4,833 | $ | 8,847 | $ | 9,906 | |||||||
State | (66 | ) | (1,731 | ) | 585 | ||||||||
Foreign | 494 | 563 | — | ||||||||||
Total current | 5,261 | 7,679 | 10,491 | ||||||||||
Deferred: | |||||||||||||
Federal | (3,698 | ) | (8,489 | ) | 3,514 | ||||||||
State | (31 | ) | 16,901 | (263 | ) | ||||||||
Foreign | 52 | (125 | ) | — | |||||||||
Total deferred | (3,677 | ) | 8,287 | 3,251 | |||||||||
Total provision | $ | 1,584 | $ | 15,966 | $ | 13,742 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities at December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals, reserves and other amounts not currently deductible | $ | 11,346 | $ | 10,331 | |||||||||
Deferred income | 9,547 | 9,354 | |||||||||||
Tax net operating loss and credit carryforwards | 9,170 | 6,712 | |||||||||||
Non-qualified stock compensation | 6,115 | 5,049 | |||||||||||
Capitalized research and development | — | 95 | |||||||||||
Unrealized loss on investments and other | 278 | 208 | |||||||||||
Gross deferred tax assets | 36,456 | 31,749 | |||||||||||
Valuation allowance | (8,999 | ) | (7,625 | ) | |||||||||
Total deferred tax assets | 27,457 | 24,124 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-lived assets | (5,187 | ) | (5,351 | ) | |||||||||
Total deferred tax liability | (5,187 | ) | (5,351 | ) | |||||||||
Net deferred tax assets (current and non-current) | $ | 22,270 | $ | 18,773 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
he amount of unrecognized tax benefits for the years ended December 31 consisted of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 8,259 | $ | 8,532 | $ | 9,599 | |||||||
Additions based on tax positions related to the current year | 762 | 487 | 1,451 | ||||||||||
Additions for tax positions related to prior years | 1,593 | 77 | 87 | ||||||||||
Subtractions for tax positions related to prior years | (1,181 | ) | (837 | ) | (2,605 | ) | |||||||
Ending balance | $ | 9,433 | $ | 8,259 | $ | 8,532 | |||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 5,767 | $ | 4,167 | ||||
Accrued commissions | 1,666 | 1,918 | ||||||
Accrued restructuring | 902 | — | ||||||
Other accrued liabilities | 4,539 | 2,748 | ||||||
Total accrued liabilities | $ | 12,874 | $ | 8,833 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum payments under these agreements are as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 977 | ||
2015 | 548 | |||
2016 | 213 | |||
2017 | 98 | |||
2018 | 6 | |||
Total | $ | 1,842 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||||||
Geographic Information (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Total Net | Long-Lived | Total Net | Long-Lived | Total Net | Long-Lived | ||||||||||||||||||||
Revenues | Assets (1) | Revenues | Assets(1) | Revenues | Assets (1) | ||||||||||||||||||||
United States of America | $ | 62,667 | $ | 48,432 | $ | 66,267 | $ | 51,715 | $ | 71,700 | $ | 53,368 | |||||||||||||
Other North American Countries | 144 | — | 193 | — | 842 | — | |||||||||||||||||||
Korea | 28,050 | 16 | 36,896 | 24 | 40,155 | 39 | |||||||||||||||||||
Taiwan | 23,503 | 2,956 | 22,507 | 3,492 | 23,938 | 2,153 | |||||||||||||||||||
Singapore | 26,353 | 9 | 23,899 | 8 | 21,883 | 5 | |||||||||||||||||||
China | 15,873 | 2,424 | 16,183 | 1,417 | 19,079 | 1,333 | |||||||||||||||||||
Hong Kong | 33,881 | 86 | 37,300 | 215 | 26,429 | 163 | |||||||||||||||||||
Japan | 14,686 | 23 | 14,329 | 1 | 17,392 | 5 | |||||||||||||||||||
Other Asian Countries | 1,259 | 3,727 | 1,284 | 3,717 | 1,629 | 3,716 | |||||||||||||||||||
Europe | 30,664 | 106 | 31,254 | 103 | 35,978 | 102 | |||||||||||||||||||
Total | $ | 237,080 | $ | 57,779 | $ | 250,112 | $ | 60,692 | $ | 259,025 | $ | 60,884 | |||||||||||||
__________ | |||||||||||||||||||||||||
(1) Long-lived assets consist of property, plant and equipment. |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Restructuring Cost and Reserve [Line Items] | ' | |||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||
The following table summarizes the activity related to the accrual for restructuring charges for the year ended December 31, 2013 (in thousands): | ||||
Description | Amount | |||
Charges | $ | 1,376 | ||
Payments | (474 | ) | ||
Total | $ | 902 | ||
Significant_Accounting_Policie3
Significant Accounting Policies Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($320,000) | ($532,000) |
Cost | 64,796,000 | 76,606,000 |
Gross Gains | 12,000 | ' |
Gross Losses | -2,000 | -257,000 |
Fair Value | 64,806,000 | 76,349,000 |
Short-term investments in a continuous unrealized loss position, twelve months or longer | 0 | ' |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 36,947,000 | 26,575,000 |
Gross Gains | 10,000 | ' |
Gross Losses | ' | -139,000 |
Fair Value | 36,957,000 | 26,436,000 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 13,991,000 | 18,464,000 |
Gross Gains | 2,000 | ' |
Gross Losses | ' | -2,000 |
Fair Value | 13,993,000 | 18,462,000 |
Municipal Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 13,858,000 | 12,520,000 |
Gross Gains | ' | ' |
Gross Losses | -2,000 | -116,000 |
Fair Value | 13,856,000 | 12,404,000 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | ' | 19,047,000 |
Gross Gains | ' | ' |
Fair Value | ' | $19,047,000 |
Significant_Accounting_Policie4
Significant Accounting Policies Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Auction-Rate Notes | $4,700,000 | ' | ' | ||
Short-term interest rate reset dates of auction rate note securities | 'less than ninety days | ' | ' | ||
Auction rate note securities with contractual maturities | 'excess of ten years | ' | ' | ||
Reset period for the securities held | 'seven or twenty eight days | ' | ' | ||
Comprehensive income (loss) net of tax due to auction rate notes | 212,000 | 355,000 | 325,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 85,946,000 | 94,353,000 | ' | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 16,945,000 | 32,892,000 | ' | ||
Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 64,806,000 | 57,302,000 | ' | ||
Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 4,195,000 | 4,159,000 | ' | ||
Changes in Level 3 Securities [Roll Forward] | ' | ' | ' | ||
Beginning balance, December 31, 2012 | 4,159,000 | ' | ' | ||
Transfers in and/or out of Level 3 | ' | ' | ' | ||
Total gains, before tax | 36,000 | ' | ' | ||
Settlements | ' | ' | ' | ||
Ending balance, December 31, 2013 | 4,195,000 | ' | ' | ||
Money Market Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 16,945,000 | [1] | 13,845,000 | [1] | ' |
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 16,945,000 | [1] | 13,845,000 | [1] | ' |
Money Market Funds [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [1] | ' | [1] | ' |
Money Market Funds [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [1] | ' | [1] | ' |
Certificates of Deposit [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | 19,047,000 | [2] | ' | |
Certificates of Deposit [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | 19,047,000 | [2] | ' | |
Certificates of Deposit [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | [2] | ' | |
Certificates of Deposit [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | [2] | ' | |
Municipal Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 13,856,000 | [2] | 12,404,000 | [2] | ' |
Municipal Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Municipal Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 13,856,000 | [2] | 12,404,000 | [2] | ' |
Municipal Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Corporate Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 36,957,000 | [2] | 26,436,000 | [2] | ' |
Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 36,957,000 | [2] | 26,436,000 | [2] | ' |
Corporate Debt Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Commercial Paper [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 13,993,000 | [2] | 18,462,000 | [2] | ' |
Commercial Paper [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Commercial Paper [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 13,993,000 | [2] | 18,462,000 | [2] | ' |
Commercial Paper [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [2] | ' | [2] | ' |
Auction rate notes [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Comprehensive income (loss) net of tax due to auction rate notes | -300,000 | ' | ' | ||
Comprehensive income (loss) before tax due to auction rate notes | -500,000 | ' | ' | ||
Auction rate notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | 4,195,000 | [3] | 4,159,000 | [3] | ' |
Auction rate notes [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [3] | ' | [3] | ' |
Auction rate notes [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | [3] | ' | [3] | ' |
Auction rate notes [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Financial assets and liabilities measured at fair value on a recurring basis | $4,195,000 | [3] | $4,159,000 | [3] | ' |
Minimum [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Period for principal repayments by issuer | '18 years | ' | ' | ||
Maximum [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Period for principal repayments by issuer | '34 years | ' | ' | ||
Maximum [Member] | Auction rate notes [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Interest rate, percent in excess of one month LIBOR | 1.50% | 2.50% | ' | ||
[1] | Included in cash and cash equivalents | ||||
[2] | Included in short-term investments | ||||
[3] | Included in long-term investments |
Significant_Accounting_Policie5
Significant Accounting Policies Certain Significant Risks (Details) (Customer Concentration Risk [Member], Accounts Receivable [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
World Wide Distributor One [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration Risk, Number of Significant Customers | 1 | 1 |
Concentration risk, percentage | 36.00% | 28.00% |
Asian Based Stocking [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration Risk, Number of Significant Customers | 1 | 1 |
Concentration risk, percentage | 11.00% | 14.00% |
Significant_Accounting_Policie6
Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Significant_Accounting_Policie7
Significant Accounting Policies Impairment of long-lived assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired Intangible Assets [Abstract] | ' | ' | ' |
Impairment of technology | $0 | $1,000 | $0 |
Research and Development Expense [Member] | ' | ' | ' |
Impaired Intangible Assets [Abstract] | ' | ' | ' |
Impairment of technology | ' | $1,000 | ' |
Significant_Accounting_Policie8
Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset Impairment Charges | $0 | ' | $0 |
Advertising expenses | $100,000 | $1,000,000 | $900,000 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of weighted-average shares used in computing net income per share | ' | ' | ' |
Weighted average common shares outstanding | 57,803,000 | 59,623,000 | 61,609,000 |
Dilutive effect of stock options outstanding using the treasury stock method | 703,000 | 665,000 | 762,000 |
Shares used in computing diluted net income per share attributable to Micrel Incorporated shareholders | 58,506,000 | 60,288,000 | 62,371,000 |
Stock options excluded from the weighted-average number of common shares outstanding for the diluted net income per share computations as they were anti-dilutive | 5,400,000 | 5,200,000 | 4,100,000 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 09, 2013 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 20, 2012 | Apr. 02, 2012 | Mar. 15, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Discera, Inc. [Member] | Discera, Inc. [Member] | Discera, Inc. [Member] | PhaseLink Acquisition [Member] | PhaseLink Acquisition [Member] | PhaseLink Acquisition [Member] | PhaseLink Acquisition [Member] | Customer relationships [Member] | Customer relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Minimum [Member] | Maximum [Member] | ||||
Discera, Inc. [Member] | PhaseLink Acquisition [Member] | Discera, Inc. [Member] | PhaseLink Acquisition [Member] | Discera, Inc. [Member] | Discera, Inc. [Member] | PhaseLink Acquisition [Member] | Trademarks [Member] | Trademarks [Member] | |||||||||||
PhaseLink Acquisition [Member] | PhaseLink Acquisition [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition agreement | ' | ' | ' | ' | 30-Aug-13 | ' | ' | ' | 15-Mar-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition effective date | ' | ' | ' | 9-Sep-13 | ' | ' | ' | 2-Apr-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares acquired | ' | ' | ' | ' | ' | ' | 5.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | $7,172,000 | ' | ' | ' | $19,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | 1,095,000 | ' | ' | ' | 282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire remaining noncontrolling interest | 6,122,000 | 0 | 0 | ' | ' | ' | 931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Resulting ownership percentage in PhaseLink | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identifiable intangible assets estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years | '1 year | '2 years | '10 years | '10 years | '10 years | '2 years | '5 years |
Business Acquisition, Cash paid at closing | ' | ' | ' | 6,100,000 | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cash Withheld | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 09, 2013 | Apr. 02, 2012 |
In Thousands, unless otherwise specified | Discera, Inc. [Member] | PhaseLink Acquisition [Member] |
Business Acquisition [Line Items] | ' | ' |
Cash and cash equivalents | ' | $3,255 |
Accounts receivable | 689 | 1,163 |
Inventories | 1,141 | 1,320 |
Other assets | 24 | 273 |
Property, plant, and equipment | 1,165 | 1,724 |
Developed technology | 940 | 4,400 |
Customer relationships | 800 | 3,000 |
Trademarks | 100 | 510 |
Non-competition agreements | 40 | 410 |
In-process research and development | 890 | 410 |
Goodwill, Expected Tax Deductible Amount | 2,478 | ' |
Goodwill | ' | 6,076 |
Short-term debt | -1,095 | -282 |
Other liabilities | ' | -1,588 |
Non-controlling interest | ' | -977 |
Total purchase price | $7,172 | $19,694 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $11,592 | $12,518 |
Work in process | 30,109 | 28,133 |
Raw materials | 1,500 | 1,605 |
Inventories | ' | ' |
Total inventories | $43,201 | $42,256 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment | ' | ' |
Property, plant and equipment, Gross | $256,537 | $256,487 |
Accumulated depreciation | -198,758 | -195,795 |
Total property, plant and equipment, net | 57,779 | 60,692 |
Manufacturing equipment [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, Gross | 176,730 | 174,353 |
Land [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, Gross | 8,101 | 8,101 |
Buildings and improvements [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, Gross | 53,915 | 53,792 |
Office furniture and research equipment [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Property, plant and equipment, Gross | $17,791 | $20,241 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $1 | ' | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation | $11.10 | $11.50 | $10.90 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | $2,500,000 | ' | ' |
Amortization of Intangible Assets | 1,400,000 | 800,000 | 300,000 |
Impairment of technology | 0 | 1,000,000 | 0 |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Research and Development Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of technology | ' | $1,000,000 | ' |
Finitelived_Intangible_Assets_
Finite-lived Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $13,943 | $8,730 |
Accumulated Amortization | -2,194 | -824 |
Net Carrying Amount | 11,749 | 7,906 |
Developed and core technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 7,783 | 4,400 |
Accumulated Amortization | -986 | -330 |
Net Carrying Amount | 6,797 | 4,070 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,800 | 3,000 |
Accumulated Amortization | -552 | -225 |
Net Carrying Amount | 3,248 | 2,775 |
Patents and trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 610 | 510 |
Accumulated Amortization | -284 | -115 |
Net Carrying Amount | 326 | 395 |
Non-competition agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 450 | 410 |
Accumulated Amortization | -372 | -154 |
Net Carrying Amount | 78 | 256 |
In-process research and development [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,300 | 410 |
Accumulated Amortization | ' | ' |
Net Carrying Amount | $1,300 | $410 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of future amortization expenses | ' | ' |
2014 | $1,615 | ' |
2015 | 1,473 | ' |
2016 | 1,384 | ' |
2017 | 1,155 | ' |
2018 | 1,138 | ' |
Thereafter | 4,984 | ' |
Net Carrying Amount | $11,749 | $7,906 |
Borrowing_Arrangements_Details
Borrowing Arrangements (Details) (USD $) | 0 Months Ended | |||
Apr. 02, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Apr. 02, 2012 | |
Term_Loans | PhaseLink Acquisition [Member] | PhaseLink Acquisition [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $0 | ' | ' |
Letters of credit outstanding | ' | 300,000 | ' | ' |
Borrowing Arrangements (Additional Textual) [Abstract] | ' | ' | ' | ' |
Line of credit available for general working capital needs | ' | 5,000,000 | ' | ' |
Letter of credit sub-facility | ' | 5,000,000 | ' | ' |
Foreign exchange sub-facility | ' | 2,000,000 | ' | ' |
Number of term loans under acquisition | 2 | ' | ' | ' |
Loans acquired with local bank in Taiwan | ' | ' | $0 | $300,000 |
ShareBased_Compensation_Narrat
Share-Based Compensation Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Oct. 24, 2013 | Jul. 26, 2012 | 31-May-11 | Sep. 30, 2010 | Feb. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 24-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2012 Equity Incentive Award Plan [Member] | 2012 Equity Incentive Award Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Annual Vesting Percentage [Member] | Vesting in Three Equal Installments [Member] | Vesting in Four Equal Installments [Member] | Vesting One-Third Annually Beginning Third Anniversary of Grant Date [Member] | |||||||||
2012 Equity Incentive Award Plan [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
2012 Equity Incentive Award Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $120 | $90 | $60 | $30 | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Additional Authorized Amount | 30 | 30 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | 25.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | ' | ' | ' | ' | 23.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive Award Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in shares available for issuance under the current plan for shares issued under the prior plan | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable and expected to vest | ' | ' | ' | ' | ' | 6,514,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | '5 years 7 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated intrinsic value of options exercisable and expected to vest | ' | ' | ' | ' | ' | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 5.00% | 69.00% | 26.00% |
Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' |
Term of stock option grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Weighted average fair values of options granted | ' | ' | ' | ' | ' | $2.86 | $2.96 | $4.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | ' | ' | ' | 1.2 | 1 | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Received from Exercise of Stock Options | ' | ' | ' | ' | ' | 4 | 3.3 | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit realized from exercise of non-qualified stock options and disqualifying dispositions of incentive stock options | ' | ' | ' | ' | ' | 0.5 | 0.2 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | $9.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of outstanding options | ' | ' | ' | ' | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of exercisable options | ' | ' | ' | ' | ' | 3.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
RSUs, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 10 months 29 days | ' | ' | ' | ' |
RSUs, Aggregate Intrinsic Value, Nonvested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 | ' | ' | ' | ' |
Capitalized share-based compensation included in inventory | ' | ' | ' | ' | ' | 0.2 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of RSU's expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.1 | ' | ' | ' | ' |
Aggregate Intrinsic Value of Vested RSUs | ' | ' | ' | ' | ' | $2.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost not yet recognized, period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 9 months 16 days | ' | '3 years 7 days | ' | ' | ' | ' |
Employee Stock Purchase Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted market value of stock, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock issued during the period under the plan | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average purchase price per share of shares purchased | ' | ' | ' | ' | ' | $9.32 | $9.40 | $10.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning, options | 8,156,269 | 7,960,170 | 7,883,805 | ' |
Granted, options | 700,300 | 1,494,250 | 2,165,056 | ' |
Exercised, options | -522,218 | -415,156 | -1,246,435 | ' |
Canceled, options | -821,263 | -882,995 | -842,256 | ' |
Outstanding, ending, options | 7,513,088 | 8,156,269 | 7,960,170 | 7,883,805 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning, weighted average exercise price | $10.25 | $10.26 | $9.65 | ' |
Granted, weighted average exercise price | $9.96 | $10.13 | $12.14 | ' |
Exercised, weighted average exercise price | $7.62 | $7.91 | $9.39 | ' |
Canceled, weighted average exercise price | $10.92 | $11.22 | $10.64 | ' |
Outstanding, ending, weighted average exercise price | $10.34 | $10.25 | $10.26 | $9.65 |
Exercisable, options | 4,286,232 | 4,068,071 | 3,366,610 | 3,430,038 |
Exercisable, options, weighted average exercise price | $10.12 | $9.98 | $10.31 | $10.74 |
Exercisable, options, weighted average remaining contractual life | '4 years 3 months 20 days | '4 years 2 months 13 days | '4 years 3 months 20 days | '4 years 8 months 16 days |
ShareBased_Compensation_Detail
Share-Based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Number of Outstanding Options | 7,513,088 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 10 months 29 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $10.34 |
Exercise Price Range, Number of Exercisable Options | 4,286,232 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.12 |
Stock Options [Member] | Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $4.72 |
Exercise Price Range, Upper Range Limit | $7 |
Exercise Price Range, Number of Outstanding Options | 235,987 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 4 months 26 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $6.68 |
Exercise Price Range, Number of Exercisable Options | 234,387 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $6.68 |
Stock Options [Member] | Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $7.01 |
Exercise Price Range, Upper Range Limit | $7.46 |
Exercise Price Range, Number of Outstanding Options | 418,780 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 2 months 13 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $7.23 |
Exercise Price Range, Number of Exercisable Options | 337,905 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.23 |
Stock Options [Member] | Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $7.47 |
Exercise Price Range, Upper Range Limit | $7.48 |
Exercise Price Range, Number of Outstanding Options | 521,356 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '9 months 22 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $7.47 |
Exercise Price Range, Number of Exercisable Options | 521,356 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.47 |
Stock Options [Member] | Range Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $7.49 |
Exercise Price Range, Upper Range Limit | $8 |
Exercise Price Range, Number of Outstanding Options | 332,423 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 4 months 26 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $7.80 |
Exercise Price Range, Number of Exercisable Options | 259,354 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.80 |
Stock Options [Member] | Range Five [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $8.01 |
Exercise Price Range, Upper Range Limit | $9 |
Exercise Price Range, Number of Outstanding Options | 263,731 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 1 month 6 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8.56 |
Exercise Price Range, Number of Exercisable Options | 238,399 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $8.56 |
Stock Options [Member] | Range Six [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $9.01 |
Exercise Price Range, Upper Range Limit | $10 |
Exercise Price Range, Number of Outstanding Options | 1,718,033 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '7 years 2 months 13 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $9.60 |
Exercise Price Range, Number of Exercisable Options | 690,241 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $9.63 |
Stock Options [Member] | Range Seven [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $10.01 |
Exercise Price Range, Upper Range Limit | $11 |
Exercise Price Range, Number of Outstanding Options | 2,073,773 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '7 years 3 months 20 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $10.44 |
Exercise Price Range, Number of Exercisable Options | 755,218 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.43 |
Stock Options [Member] | Range Eight [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $11.01 |
Exercise Price Range, Upper Range Limit | $13 |
Exercise Price Range, Number of Outstanding Options | 715,540 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 2 months 13 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $12.17 |
Exercise Price Range, Number of Exercisable Options | 482,133 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $12.07 |
Stock Options [Member] | Range Nine [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $13.01 |
Exercise Price Range, Upper Range Limit | $16 |
Exercise Price Range, Number of Outstanding Options | 1,026,965 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '6 years 1 month 7 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $13.73 |
Exercise Price Range, Number of Exercisable Options | 560,739 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $13.71 |
Stock Options [Member] | Range Ten [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $16.01 |
Exercise Price Range, Upper Range Limit | $49.50 |
Exercise Price Range, Number of Outstanding Options | 206,500 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '1 year |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $16.32 |
Exercise Price Range, Number of Exercisable Options | 206,500 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $16.32 |
ShareBased_Compensation_Restri
Share-Based Compensation Restricted Stock Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding, beginning, restricted stock units | 877,050 | 667,277 | 145,760 |
Granted, restricted stock units | 591,974 | 417,531 | 589,638 |
Vested, restricted stock units | -209,819 | -146,327 | -14,750 |
Forfeited, restricted stock units | -63,943 | -61,431 | -53,371 |
Outstanding, ending, restricted stock units | 1,195,262 | 877,050 | 667,277 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding, beginning, weighted average grant date fair value | $9.83 | $9.73 | $8.36 |
Granted, weighted average grant date fair value | $9.31 | $9.67 | $10.09 |
Vested, weighted average grant date fair value | $9.60 | $9.49 | $7.72 |
Forfeited, weighted average grant date fair value | $9.69 | $9.65 | $10.44 |
Outstanding, ending, weghted average grant date fair value | $9.63 | $9.83 | $9.73 |
ShareBased_Compensation_Option
Share-Based Compensation Option Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock options granted under the Company's option plans | ' | ' | ' |
Expected term | '5 years 10 months 29 days | '5 years 9 months 22 days | '5 years 8 months 16 days |
Stock volatility | 34.50% | 36.60% | 40.40% |
Risk free interest rates | 1.60% | 1.00% | 1.70% |
Dividends during expected terms | 1.90% | 1.60% | 1.40% |
ShareBased_Compensation_Period
Share-Based Compensation, Period Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based compensation expense | ' | ' | ' |
Share-based compensation | $7,097 | $7,592 | $5,854 |
Less income tax effect | -2,314 | -2,583 | -2,104 |
Allocated Share-based Compensation Expense, Net of Tax | 4,783 | 5,009 | 3,750 |
Cost of revenues [Member] | ' | ' | ' |
Share-based compensation expense | ' | ' | ' |
Share-based compensation | 1,060 | 1,178 | 1,009 |
Research and development [Member] | ' | ' | ' |
Share-based compensation expense | ' | ' | ' |
Share-based compensation | 2,875 | 3,132 | 2,401 |
Selling, general and administrative [Member] | ' | ' | ' |
Share-based compensation expense | ' | ' | ' |
Share-based compensation | $3,162 | $3,282 | $2,444 |
Income_Taxes_Income_Tax_Rate_R
Income Taxes Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | |
Research and development credit | -22.00% | 0.00% | -4.00% | |
Qualified production activities deduction | -3.00% | -4.00% | -2.00% | |
State income taxes (net of federal income tax benefit) | 0.00% | -2.00% | 1.00% | |
Non-deductible stock compensation | 1.00% | 1.00% | 0.00% | |
Valuation allowance | 0.00% | 27.00% | 0.00% | |
Deemed dividend income | 3.00% | 0.00% | 0.00% | |
Other | -6.00% | [1] | -1.00% | -1.00% |
Effective tax rate | 8.00% | 56.00% | 29.00% | |
[1] | Other, in 2013, includes foreign tax rate differential, foreign tax credits and other expenditures not deductible for tax purposes which are all individually insignificant. |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $4,833 | $8,847 | $9,906 |
State | -66 | -1,731 | 585 |
Foreign | 494 | 563 | 0 |
Total current | 5,261 | 7,679 | 10,491 |
Deferred: | ' | ' | ' |
Federal | -3,698 | -8,489 | 3,514 |
State | -31 | 16,901 | -263 |
Foreign | 52 | -125 | 0 |
Total deferred | -3,677 | 8,287 | 3,251 |
Total provision | $1,584 | $15,966 | $13,742 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pre-tax income from U.S. jurisdiction | $16,900,000 | $28,000,000 |
Pre-tax income from foreign jurisdictions | 2,300,000 | 300,000 |
Deferred Tax Assets, Net, Current | 22,300,000 | ' |
Deferred Tax Assets, Valuation Allowance | 8,999,000 | 7,625,000 |
Liability for Uncertain Tax Positions, Current | 12,500,000 | ' |
Federal Effects of Potential State Tax Exposures Reduced in Net Liability | 9,400,000 | ' |
Tax Provision Included Not Yet Reduced Income Tax Payments | 3,700,000 | ' |
Anticipate Significant Change to Uncertain Income Tax within Next Twelve Months | 5,700,000 | ' |
Accrued Income Taxes, Noncurrent | 3,575,000 | 2,759,000 |
Accrued Income Taxes, Current | 100,000 | ' |
Unrecognized Tax Benefits, Recognized in Current Period from Lapse of Statute of Limitations | 1,100,000 | ' |
Income Tax Examination, Interest Accrued | 300,000 | 400,000 |
Undistributed Earnings of Foreign Subsidiaries | 7,500,000 | 5,300,000 |
State and Local Jurisdiction [Member] | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 22,200,000 | ' |
Deferred tax Assets, Tax Carryforwards, Research, Pre-Ownership Change | 2,300,000 | ' |
Current Income Taxes Payable [Member] | ' | ' |
Income Tax Examination, Interest Accrued | 55,000 | ' |
Long-Term Income Taxes Payable [Member] | ' | ' |
Income Tax Examination, Interest Accrued | $300,000 | ' |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Accruals, reserves and other amounts not currently deductible | $11,346 | $10,331 |
Deferred income | 9,547 | 9,354 |
Tax net operating loss and credit carryforwards | 9,170 | 6,712 |
Non-qualified stock compensation | 6,115 | 5,049 |
Capitalized research and development | 0 | 95 |
Unrealized loss on investments and other | 278 | 208 |
Gross deferred tax assets | 36,456 | 31,749 |
Valuation allowance | -8,999 | -7,625 |
Total deferred tax assets | 27,457 | 24,124 |
Deferred tax liabilities: | ' | ' |
Long-lived assets | -5,187 | -5,351 |
Total deferred tax liability | -5,187 | -5,351 |
Net deferred tax assets (current and non-current) | $22,270 | $18,773 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | $8,259 | $8,532 | $9,599 |
Additions based on tax positions related to the current year | 762 | 487 | 1,451 |
Additions for tax positions related to prior years | 1,593 | 77 | 87 |
Subtractions for tax positions related to prior years | -1,181 | -837 | -2,605 |
Ending balance | $9,433 | $8,259 | $8,532 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Accrued compensation | $5,767 | $4,167 |
Accrued commissions | 1,666 | 1,918 |
Accrued restructuring | 902 | 0 |
Other accrued liabilities | 4,539 | 2,748 |
Accrued Liabilities, Current | $12,874 | $8,833 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Future Minimum Lease Payments [Abstract] | ' | ' | ' |
2014 | $977,000 | ' | ' |
2015 | 548,000 | ' | ' |
2016 | 213,000 | ' | ' |
2017 | 98,000 | ' | ' |
2018 | 6,000 | ' | ' |
Total | 1,842,000 | ' | ' |
Rent expense under operating leases | 1,100,000 | 1,100,000 | 1,200,000 |
Open purchase orders | 11,600,000 | ' | ' |
Letters of credit outstanding | $300,000 | ' | ' |
ProfitSharing_401k_Plan_Detail
Profit-Sharing 401(k) Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Service requirement for eligibility in the plan | '1 month | ' | ' |
Defined Contribution Plan, Minimum Annual Contribution By Employee, Percent | 1.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 15.00% | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount Accrued | $0.20 | ' | ' |
Employer's discretionary annual contribution to the plan | ' | $0.40 | $0.40 |
Ratable vesting period for employer's contributuions to the plan | '6 years | ' | ' |
Litigation_and_Commitments_and1
Litigation and Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2007 | Dec. 31, 2006 | Jun. 30, 2012 | Dec. 31, 2012 |
Selling, general and administrative [Member] | Selling, general and administrative [Member] | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Nadatel purchased low-dropout voltage regulators | 17,000 | 17,000 | ' | ' |
Settlement expense | ' | ' | $200 | $200 |
Segment_Reporting_Details
Segment Reporting (Details) (Customer Concentration Risk [Member], Sales [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Original Equipment Manufacturer [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Number of Significant Customers | 0 | 1 | 0 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Worldwide Distributor [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration Risk, Number of Significant Customers | 2 | 2 | 2 |
World Wide Distributor One [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration risk, percentage | 29.00% | 22.00% | 24.00% |
World Wide Distributor Two [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Concentration risk, percentage | 17.00% | 15.00% | 16.00% |
Segment_Reporting_Geographic_I
Segment Reporting Geographic Information (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | $237,080 | $250,112 | $259,025 | |||
Long-Lived Assets (1) | 57,779 | [1] | 60,692 | [1] | 60,884 | [1] |
United States of America | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 62,667 | 66,267 | 71,700 | |||
Long-Lived Assets (1) | 48,432 | 51,715 | 53,368 | |||
Other North American Countries | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 144 | 193 | 842 | |||
Long-Lived Assets (1) | 0 | 0 | 0 | |||
Korea | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 28,050 | 36,896 | 40,155 | |||
Long-Lived Assets (1) | 16 | 24 | 39 | |||
Taiwan | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 23,503 | 22,507 | 23,938 | |||
Long-Lived Assets (1) | 2,956 | 3,492 | 2,153 | |||
Singapore | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 26,353 | 23,899 | 21,883 | |||
Long-Lived Assets (1) | 9 | 8 | 5 | |||
China | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 15,873 | 16,183 | 19,079 | |||
Long-Lived Assets (1) | 2,424 | 1,417 | 1,333 | |||
Hong Kong | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 33,881 | 37,300 | 26,429 | |||
Long-Lived Assets (1) | 86 | 215 | 163 | |||
Japan | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 14,686 | 14,329 | 17,392 | |||
Long-Lived Assets (1) | 23 | 1 | 5 | |||
Other Asian Countries | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 1,259 | 1,284 | 1,629 | |||
Long-Lived Assets (1) | 3,727 | 3,717 | 3,716 | |||
Europe | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Total Net Revenues | 30,664 | 31,254 | 35,978 | |||
Long-Lived Assets (1) | $106 | $103 | $102 | |||
[1] | Long-lived assets consist of property, plant and equipment. |
Dividends_Details
Dividends (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends, Common Stock [Abstract] | ' | ' | ' | ' |
Payment of cash dividends | ' | $8,219,000 | $12,072,000 | $9,358,000 |
Dividends paid per common share | ' | $0.14 | $0.21 | $0.15 |
Accelerated cash dividend per share | $0.04 | ' | ' | ' |
Payment of accelerated cash dividends | $2,500,000 | ' | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $1,376 | $0 | $0 |
Payments for Restructuring | -474 | ' | ' |
Accrued restructuring | $902 | $0 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | ||
Feb. 27, 2014 | Feb. 13, 2014 | Jan. 30, 2014 | |
Subsequent Event [Line Items] | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | 30-Jan-14 |
Dividends, Declared, Per Share | ' | ' | $0.05 |
Dividends Payable, Date to be Paid | 27-Feb-14 | ' | ' |
Dividends Payable, Date of Record | ' | 13-Feb-14 | ' |
Valuations_and_Qualifying_Acco1
Valuations and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | $812 | $1,294 | $3,925 | |||
Allowance Additions or (Reductions) | 79,057 | 75,116 | 72,168 | |||
Returns and Price Adjustments | -79,109 | -75,598 | -74,799 | |||
Bad Debt Write-offs | 0 | 0 | 0 | |||
Balance at End of Year | 760 | 812 | 1,294 | |||
OEM and Stocking Representative Returns and Price Adjustments [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | 712 | 1,066 | 995 | |||
Allowance Additions or (Reductions) | 1,954 | 1,452 | 2,359 | |||
Returns and Price Adjustments | -1,929 | -1,806 | -2,288 | |||
Bad Debt Write-offs | 0 | 0 | 0 | |||
Balance at End of Year | 737 | 712 | 1,066 | |||
Unclaimed Distributor Price Adjustments [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | 51 | [1] | 169 | [1] | 2,885 | [1] |
Allowance Additions or (Reductions) | 77,129 | 73,674 | [1] | 69,795 | [1] | |
Returns and Price Adjustments | -77,180 | -73,792 | [1] | -72,511 | [1] | |
Bad Debt Write-offs | 0 | 0 | [1] | 0 | [1] | |
Balance at End of Year | 0 | 51 | [1] | 169 | [1] | |
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | 49 | 59 | 45 | |||
Allowance Additions or (Reductions) | -26 | -10 | 14 | |||
Returns and Price Adjustments | 0 | 0 | 0 | |||
Bad Debt Write-offs | 0 | 0 | 0 | |||
Balance at End of Year | $23 | $49 | $59 | |||
[1] | The Company estimates and records an allowance for sell-through distributor price adjustments for which the specific resale transaction has been completed, but the price adjustment claim has not yet been received from the sell-through distributor. This allowance typically represents approximately one to three weeks of unclaimed price adjustments. |