Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MICREL INC | ||
Entity Central Index Key | 932111 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $256 | ||
Entity Common Stock, Shares Outstanding | 56,417,092 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $21,183 | $23,787 |
Restricted cash | 44 | 1,116 |
Short-term investments | 65,428 | 64,806 |
Accounts receivable, less allowances: 2014, $1,058; 2013, $760 | 30,523 | 29,437 |
Inventories | 44,136 | 43,201 |
Prepaid taxes | 5,633 | 4,513 |
Prepaid expenses and other | 1,612 | 2,698 |
Deferred income taxes | 22,356 | 21,662 |
Total current assets | 190,915 | 191,220 |
LONG-TERM INVESTMENTS | 1,436 | 4,195 |
PROPERTY, PLANT AND EQUIPMENT, NET | 60,453 | 57,779 |
LONG-TERM PREPAID TAXES | 1,711 | 0 |
GOODWILL | 8,655 | 8,554 |
INTANGIBLE ASSETS, NET | 9,792 | 11,749 |
DEFERRED INCOME TAXES | 2,707 | 1,581 |
OTHER ASSETS | 1,511 | 1,046 |
TOTAL ASSETS | 277,180 | 276,124 |
CURRENT LIABILITIES: | ||
Accounts payable | 17,376 | 13,502 |
Accrued liabilities | 12,869 | 12,874 |
Deferred income on shipments to distributors | 22,947 | 27,026 |
Total current liabilities | 53,192 | 53,402 |
LONG-TERM INCOME TAXES PAYABLE | 3,511 | 3,575 |
LONG-TERM DEFERRED INCOME TAXES | 807 | 973 |
OTHER LONG-TERM LIABILITIES | 162 | 201 |
Total liabilities | 57,672 | 58,151 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, no par value - authorized: 5,000,000 shares; issued and outstanding: none | 0 | 0 |
Common stock, no par value - authorized: 250,000,000 shares; issued and outstanding: 2014 - 56,435,555 shares; 2013 - 56,441,346 shares | 0 | 0 |
Accumulated other comprehensive loss | -83 | -320 |
Retained earnings | 219,591 | 218,293 |
Total shareholders’ equity | 219,508 | 217,973 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $277,180 | $276,124 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $1,058 | $760 |
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 | 56,435,555 | 56,441,346 |
Common stock, shares outstanding | 56,435,555 | 56,441,346 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||
NET REVENUES | $247,594 | $237,080 | $250,112 | |||
COST OF REVENUES | 119,566 | [1] | 115,034 | [1] | 117,185 | [1] |
GROSS PROFIT | 128,028 | 122,046 | 132,927 | |||
OPERATING EXPENSES: | ||||||
Research and development | 62,033 | [1] | 55,853 | [1] | 57,182 | [1] |
Selling, general and administrative | 48,351 | [1] | 45,803 | [1] | 48,010 | [1] |
Restructuring charges | 992 | 1,376 | 0 | |||
Total operating expenses | 111,376 | 103,032 | 105,192 | |||
INCOME FROM OPERATIONS | 16,652 | 19,014 | 27,735 | |||
INTEREST AND OTHER INCOME (EXPENSE): | ||||||
Interest income | 359 | 482 | 712 | |||
Other expense, net | -297 | -264 | -153 | |||
Total interest and other income, net | 62 | 218 | 559 | |||
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST | 16,714 | 19,232 | 28,294 | |||
PROVISION FOR INCOME TAXES | 3,167 | 1,584 | 15,966 | |||
NET INCOME | 13,547 | 17,648 | 12,328 | |||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | -10 | ||||
NET INCOME ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS | $13,547 | $17,648 | $12,318 | |||
NET INCOME PER SHARE ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS: | ||||||
Basic | $0.24 | $0.31 | $0.21 | |||
Diluted | $0.24 | $0.30 | $0.20 | |||
CASH DIVIDENDS DECLARED PER SHARE | $0.20 | $0.14 | $0.21 | [2] | ||
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER SHARE AMOUNTS: | ||||||
Basic | 56,508 | 57,803 | 59,623 | |||
Diluted | 57,538 | 58,506 | 60,288 | |||
[1] | Share-based compensation expense included in:Cost of revenues$997Â $1,060Â $1,178Research and development3,197Â 2,875Â 3,132Selling, general and administrative3,430Â 3,162Â 3,282 | |||||
[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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accelerated cash dividend per share | $0.04 | |||
Payment of accelerated cash dividends | $2,500,000 | |||
Share-based compensation | 7,624,000 | 7,097,000 | 7,592,000 | |
Cost of revenues [Member] | ||||
Share-based compensation | 997,000 | 1,060,000 | 1,178,000 | |
Research and development [Member] | ||||
Share-based compensation | 3,197,000 | 2,875,000 | 3,132,000 | |
Selling, general and administrative [Member] | ||||
Share-based compensation | $3,430,000 | $3,162,000 | $3,282,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $13,547 | $17,648 | $12,328 |
Other comprehensive income: | |||
Unrealized gains on investments | 366 | 303 | 608 |
Reclassification adjustment for a realized loss on investment included in other expense | 0 | 26 | 0 |
Income tax provision | -129 | -117 | -253 |
Other comprehensive income, net of taxes | 237 | 212 | 355 |
COMPREHENSIVE INCOME | 13,784 | 17,860 | 12,683 |
Less: comprehensive income attributable to noncontrolling interest | 0 | 0 | -10 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO MICREL, INCORPORATED SHAREHOLDERS | $13,784 | $17,860 | $12,673 |
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, 2011 | $244,518 | $206 | ($887) | $245,199 | $0 |
Balances, beginning, 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 | 0 | 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 | ||||
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 13,547 | 13,547 | 0 | ||
Other comprehensive income, net of tax | 237 | 237 | |||
Share-based compensation | 7,644 | 7,644 | |||
Payment of cash dividends | -11,299 | -11,299 | |||
Repurchases of common stock, shares | -1,744,095 | ||||
Repurchases of common stock | -20,150 | -19,200 | -950 | ||
Employee stock transactions, shares | 1,868,599 | ||||
Employee stock transactions | 13,101 | 13,101 | |||
Tax effect of employee stock transactions | -40 | -40 | |||
Purchases of common stock for withholding taxes on vested restricted stock, shares | -130,295 | ||||
Purchases of common stock for withholding taxes on vested restricted stock | -1,505 | -1,505 | |||
Balances, ending at Dec. 31, 2014 | $219,508 | $0 | ($83) | $219,591 | $0 |
Balances, ending, shares at Dec. 31, 2014 | 56,435,555 | 56,435,555 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $13,547 | $17,648 | $12,328 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13,632 | 13,122 | 12,465 |
Share-based compensation expense | 7,624 | 7,097 | 7,592 |
Excess tax benefits from stock-based awards | -2,046 | -476 | -218 |
Impairment of technology | 0 | 0 | 1,000 |
(Gain) loss on disposal of assets | -21 | -33 | 1 |
Deferred income tax provision | -2,115 | -3,677 | 9,654 |
Other, net | 0 | 61 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -1,086 | -1,073 | -1,135 |
Inventories | -915 | 208 | -4,684 |
Prepaid taxes | -2,871 | -544 | 2,569 |
Prepaid expenses and other assets | 125 | -1,558 | -1,469 |
Accounts payable | 1,803 | -8,784 | 3,928 |
Income taxes payable | -64 | 683 | -3,508 |
Accrued liabilities and other long-term liabilities | -402 | 2,920 | -976 |
Deferred income on shipments to distributors | -4,079 | 1,258 | -4,903 |
Net cash provided by operating activities | 23,132 | 26,852 | 32,644 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of PhaseLink's net assets, net of cash acquired | 0 | 0 | -17,370 |
Purchase of Discera’s net assets | 0 | -6,122 | 0 |
Purchases of property, plant and equipment | -11,734 | -7,325 | -9,022 |
Purchase of intangible asset | 0 | -410 | 0 |
Purchases of investments | -55,166 | -59,653 | -55,819 |
Proceeds from sale and maturities of investments | 57,669 | 71,490 | 60,108 |
Change in restricted cash | 1,072 | -825 | -291 |
Net cash used in investing activities | -8,159 | -2,845 | -22,394 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of debt | 0 | 0 | -282 |
Proceeds from the issuance of common stock | 13,101 | 4,390 | 3,642 |
Repurchases of common stock | -19,970 | -23,336 | -34,551 |
Payment of cash dividends | -11,299 | -8,219 | -12,072 |
Purchase of stock for withholding taxes on vested restricted stock | -1,455 | -812 | -534 |
Excess tax benefits from stock-based awards | 2,046 | 476 | 218 |
Net cash used in financing activities | -17,577 | -27,501 | -43,579 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -2,604 | -3,494 | -33,329 |
CASH AND CASH EQUIVALENTS - Beginning of year | 23,787 | 27,281 | 60,610 |
CASH AND CASH EQUIVALENTS - End of year | 21,183 | 23,787 | 27,281 |
Cash paid during the year for: | |||
Interest | 0 | 0 | 2 |
Income taxes | $8,432 | $5,457 | $7,060 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
NATURE OF BUSINESS | Nature of Business — Micrel, Incorporated and its wholly-owned subsidiaries (collectively, 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 mobility, enterprise/cloud infrastructure, wireline communications and industrial and automotive 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 presented 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 losses, 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 remaining maturities of three months or less at the time of purchase to be cash equivalents. | |||||||||
Investments — Investments purchased with remaining maturity 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 at December 31, 2014, consisted primarily of liquid municipal securities, corporate debt securities, commercial paper and U.S. government agencies securities and were classified as available-for-sale securities. Long-term investments at December 31, 2014, 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. At December 31, 2014, accumulated other comprehensive loss of $0.1 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. | |||||||||
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, money market funds, corporate debt securities, municipal 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, 2014, distributors A, C and B accounted for 24%, 15%, and 13%, respectively, of total accounts receivable. At December 31, 2013, distributors A and B accounted for 36%, and 11%, 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 — Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. | |||||||||
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 projected revenues 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 2014, 2013 and 2012. | |||||||||
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 2014 and 2013, no indicators of impairment were identified. | |||||||||
Revenue Recognition and Receivables — The Company generates revenue by selling products to original equipment manufacturers (“OEM”), 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. | |||||||||
The Company provides certain sell-through distributors price protection rights and pricing adjustments subsequent to the initial product shipment to allow them to price the Company's products competitively for specific resale opportunities. As these price adjustments have historically been significant, and price adjustments are difficult to reliably estimate, the Company defers recognition of revenue and related cost of revenues (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 revenues are not recognized, the Company records an accounts receivable and relieves inventory at the time of initial product shipment. The Company's 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 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. | |||||||||
During the third quarter of 2014, the Company amended the terms of its agreements with certain sell-through distributors. These amendments included the removal of significant return rights, price protection and pricing adjustments subsequent to the initial product shipment. Therefore, upon amendment of the agreements, these distributors were changed from sell-through distributors to sell-in distributors and the Company recognized the revenue for sales to these distributors upon the initial product shipments to these distributors, net of estimated allowance for returns established based upon historical return rates. In addition, revenue was recognized for unsold inventory held by these distributors on the date of change. The effect of changing these sell-through distributors to sell-in distributors resulted in a one-time increase in revenue of approximately $5.1 million and related cost of revenues of $1.6 million related to unsold inventory held by these distributors at June 30, 2014. | |||||||||
Sales to OEM customers and 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. 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. Actual future returns and price adjustments could be different than the allowance established. | |||||||||
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. Legal fees are expensed as incurred. 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 2014, 2013 and 2012 were $0.3 million, $0.1 million and $1.0 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 over the employee's requisite service period as expense in the consolidated statements of operations. 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. | |||||||||
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 and restricted stock units (“RSUs”) using the treasury stock method. Reconciliation of weighted-average shares used in computing basic and diluted net income per share attributable to Micrel, Incorporated shareholders is as follows (in thousands): | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Shares used in computing basic net income per share | 56,508 | 57,803 | 59,623 | ||||||
Dilutive effect of stock options and restricted stock units | 1,030 | 703 | 665 | ||||||
Shares used in computing diluted net income per share | 57,538 | 58,506 | 60,288 | ||||||
For the years ended December 31, 2014, 2013 and 2012, 2.7 million, 5.4 million and 5.2 million shares underlying stock options and restricted stock units, respectively, have been excluded from the weighted-average number of common shares outstanding for the diluted net income per share computations as they were anti-dilutive. | |||||||||
Fair Value of Financial Instruments — Financial instruments included in the Company’s consolidated balance sheets at December 31, 2014 and 2013, 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, 2014 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ISSUED ACCOUNTING STANDARDS |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to change the requirements for reporting discontinued operations. This guidance modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The guidance requires expanded disclosures for discontinued operations for the assets, liabilities, revenues, and expenses of discontinued operations, and also requires an entity to disclose the pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2014. In the event that a future disposition meets the revised criteria, the Company expects that this standard will have an impact on the presentation of the Company's financial statements and the Company will present the appropriate disclosures at that time. | |
In May 2014, the FASB issued an accounting standards update on the recognition of revenue from contracts with customers. The guidance modifies the financial reporting of revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires enhanced disclosures for the nature, amount, timing, and uncertainty of revenue that is recognized. The Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. | |
In June 2014, the FASB issued an accounting standards update on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The Company is required to adopt this standard for its interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The guidance may be applied on a prospective or retrospective basis. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
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 $1.1 million was withheld to secure the indemnification obligations from the closing date through September 9, 2014, which was included in restricted cash on the consolidated balance sheet at December 31, 2013. The Company paid $1.0 million of the restricted cash in the second half of 2014. 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 immaterial. | |
During the first quarter of 2014, goodwill recorded from the Discera transaction was increased by approximately $0.1 million to $2.6 million and the purchase price allocation was completed. | |
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 amortized to expense 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 assets in 2015. | |
PhaseLink Company Limited | |
On April 2, 2012, the Company acquired a controlling interest in PhaseLink™ Company Limited (“PhaseLink”), a private company based in Taiwan and in San Jose, California. 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 ($0.9 million) that resulted in 100% ownership in PhaseLink. The objective of the acquisition is to complement Micrel’s high performance clock generation products, add distribution products for the communications 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 immaterial. | |
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 assets in 2015. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | INVESTMENTS | |||||||||||||||||||||||||||||||
A summary of the Company’s short-term investments at December 31, 2014 and 2013 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Corporate Debt Securities | $ | 43,327 | $ | 3 | $ | (68 | ) | $ | 43,262 | $ | 36,947 | $ | 10 | $ | — | $ | 36,957 | |||||||||||||||
Commercial Paper | 14,975 | 5 | (3 | ) | 14,977 | 13,991 | 2 | — | 13,993 | |||||||||||||||||||||||
Municipal Securities | 5,191 | 3 | — | 5,194 | 13,858 | — | (2 | ) | 13,856 | |||||||||||||||||||||||
U.S. Government Agencies Securities | 2,000 | — | (5 | ) | 1,995 | — | — | — | — | |||||||||||||||||||||||
Total | $ | 65,493 | $ | 11 | $ | (76 | ) | $ | 65,428 | $ | 64,796 | $ | 12 | $ | (2 | ) | $ | 64,806 | ||||||||||||||
At December 31, 2014, the Company had no short-term investments that have been in a significant continuous unrealized loss position for more than twelve months. | ||||||||||||||||||||||||||||||||
A summary of the Company’s long-term investments at December 31, 2014 and December 31, 2013 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Auction Rate Notes | $ | 1,500 | $ | — | $ | (64 | ) | $ | 1,436 | $ | 4,700 | $ | — | $ | (505 | ) | $ | 4,195 | ||||||||||||||
During the year ended December 31, 2014, the Company sold $3.2 million of auction-rate notes at par value. At December 31, 2014, the Company had remaining $1.5 million principal 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 at December 31, 2014. To date, the Company has collected all interest receivable on all of its auction-rate notes 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, or the issuers repay principal over time from cash flows prior to final maturity or final payments come due according to a contractual maturity of 33 years. The Company has classified all auction-rate notes as long-term investments at December 31, 2014 and 2013. 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 at December 31, 2014, the maximum interest rate is generally one month LIBOR plus 1.5% based on the notes’ rating as of that date. | ||||||||||||||||||||||||||||||||
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 measurement) and the lowest priority to unobservable inputs (level 3 measurement). 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. The Company's short-term investments are classified within Level 2 of the fair value hierarchy because they are valued using quoted market prices for similar securities, broker or dealer quotations, or other observable inputs. | ||||||||||||||||||||||||||||||||
The types of instruments valued based on quoted market prices in active markets include money market funds. 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 debt securities, municipal securities and U.S. government agencies 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 notes 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 notes using a combination of observable transactions for similar securities and 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 notes. Based on this assessment of fair value, at December 31, 2014, the Company determined there was a cumulative decline in the fair value of its auction-rate notes and recorded less than $0.1 million ($0.1 million pre-tax) temporary impairment of these securities to accumulated other comprehensive loss, a component of shareholders’ equity. | ||||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
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) | $ | 4,725 | $ | — | $ | — | $ | 4,725 | ||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 43,262 | — | 43,262 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 14,977 | — | 14,977 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 5,194 | — | 5,194 | ||||||||||||||||||||||||||||
U.S. Government Agencies Securities (2) | — | 1,995 | — | 1,995 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 1,436 | 1,436 | ||||||||||||||||||||||||||||
Total | $ | 4,725 | $ | 65,428 | $ | 1,436 | $ | 71,589 | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||||||
(1) Included in cash and cash equivalents | ||||||||||||||||||||||||||||||||
(2) Included in short-term investments | ||||||||||||||||||||||||||||||||
(3) Included in long-term investments | ||||||||||||||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2014, 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, 2013 | $ | 4,195 | ||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||
Total unrealized gains, before tax, included in other comprehensive income | 441 | |||||||||||||||||||||||||||||||
Sales | (3,200 | ) | ||||||||||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 1,436 | ||||||||||||||||||||||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
Inventories consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Finished goods | $ | 15,395 | $ | 11,592 | ||||
Work in process | 27,500 | 30,109 | ||||||
Raw materials | 1,241 | 1,500 | ||||||
Total inventories | $ | 44,136 | $ | 43,201 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||||
Life | December 31, | December 31, | ||||||||
2014 | 2013 | |||||||||
Machinery and equipment | 5 years | $ | 189,335 | $ | 180,851 | |||||
Land | — | 8,101 | 8,101 | |||||||
Buildings and improvements | * | 54,483 | 53,915 | |||||||
Computer equipment and software | 3 years | 11,094 | 11,742 | |||||||
Office furniture and fixtures | 5 years | 1,528 | 1,928 | |||||||
264,541 | 256,537 | |||||||||
Accumulated depreciation | (204,088 | ) | (198,758 | ) | ||||||
Total property, plant and equipment, net | $ | 60,453 | $ | 57,779 | ||||||
__________ | ||||||||||
* Buildings are depreciated over 10 years to 30 years. Leasehold improvements are depreciated over the shorter of the useful life or respective lease terms. | ||||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $11.0 million, $11.1 million and $11.5 million, respectively. | ||||||||||
The Company had received unpaid property, plant and equipment purchases, excluding asset retirement obligations, of $3.0 million and $1.0 million at December 31, 2014 and 2013, respectively. |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS | ||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
The following table sets forth the components of intangible assets as follows (in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Developed and core technology | $ | 7,443 | $ | (1,810 | ) | $ | 5,633 | $ | 7,783 | $ | (986 | ) | $ | 6,797 | |||||||||||
Customer relationships | 3,800 | (1,181 | ) | 2,619 | 3,800 | (552 | ) | 3,248 | |||||||||||||||||
Trademarks | 610 | (370 | ) | 240 | 610 | (284 | ) | 326 | |||||||||||||||||
Non-competition agreements | — | — | — | 450 | (372 | ) | 78 | ||||||||||||||||||
In-process research and development | 1,300 | — | 1,300 | 1,300 | — | 1,300 | |||||||||||||||||||
$ | 13,153 | $ | (3,361 | ) | $ | 9,792 | $ | 13,943 | $ | (2,194 | ) | $ | 11,749 | ||||||||||||
The above intangible assets acquired in connection with the Discera acquisition in 2013 of $2.7 million, PhaseLink acquisition in 2012 of $8.3 million, and other acquired intangible assets of $2.1 million are amortized over their estimated useful lives ranging from one to ten years using the straight-line method. Total intangible amortization expense for the years ended December 31, 2014, 2013 and 2012 was $1.6 million, $1.4 million and $0.8 million, respectively. | |||||||||||||||||||||||||
The estimated future amortization expense of intangible assets at December 31, 2014 was as follows (in thousands): | |||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||
2015 | $ | 1,535 | |||||||||||||||||||||||
2016 | 1,510 | ||||||||||||||||||||||||
2017 | 1,281 | ||||||||||||||||||||||||
2018 | 1,223 | ||||||||||||||||||||||||
2019 | 1,140 | ||||||||||||||||||||||||
Thereafter | 3,103 | ||||||||||||||||||||||||
$ | 9,792 | ||||||||||||||||||||||||
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, 2014 | |
Debt Disclosure [Abstract] | |
BORROWING ARRANGEMENTS | BORROWING ARRANGEMENTS |
Under the terms of an unsecured credit facility with Bank of the West that expires on April 30, 2015, 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. Interest rates under the facility 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, at December 31, 2014, the Company was in compliance with such covenants. At December 31, 2014, the Company had no borrowings under the line of credit facility. | |
The Company's borrowing arrangements include a provision for the issuance of commercial or standby letters of credit by the bank on behalf of the Company. The letters of credit are issued to guarantee payments for the Company’s workers compensation program. At December 31, 2014, there was $0.3 million in letters of credit outstanding. | |
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. |
Shareholders_Equity_and_ShareB
Shareholders' Equity and Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION | SHAREHOLDERS' EQUITY AND 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, 2014. 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 | |||||||||||||||||
Since February 2010, the Company's Board of Directors has authorized the repurchase of $145.0 million of the Company's common stock. 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, 2014, the Company repurchased 1.7 million shares of its common stock for an aggregate price of $20.2 million, which included $0.2 million of share repurchases pending cash settlement at December 31, 2014. The total available for repurchase, at December 31, 2014, was $30.7 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, 2014, there were 3.4 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 either 20% or 25% 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, 2011 (3,366,610 shares 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 shares 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 shares 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 | |||||||||||||||
Granted | 445,767 | 10.85 | |||||||||||||||
Exercised | (1,485,784 | ) | 8.56 | ||||||||||||||
Canceled | (586,132 | ) | 12.38 | ||||||||||||||
Outstanding, December 31, 2014 (3,512,257 shares exercisable at a weighted average price of $10.53 per share and a weighted average remaining contractual life of 4.8 years) | 5,886,939 | $ | 10.64 | ||||||||||||||
At December 31, 2014, the estimated number of options expected to vest and exercisable was 5.2 million shares with a weighted average remaining contractual life of 5.7 years and an estimated aggregate intrinsic value of $20.3 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, 2014, 2013 and 2012 was $2.93, $2.86 and $2.96 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, 2014, 2013 and 2012 was $4.2 million, $1.2 million and $1.0 million, respectively. During the years ended December 31, 2014, 2013 and 2012, the amount of cash received from the exercise of stock options was $12.7 million, $4.0 million and $3.3 million, respectively. The excess tax benefit realized from the exercise of non-qualified stock options and disqualifying dispositions of incentive stock options was $2.0 million, $0.5 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Additional information regarding options outstanding at December 31, 2014 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 | 132,020 | 3.5 | $ | 6.63 | 132,020 | $ | 6.63 | ||||||||||
$ 7.01 to $ 7.46 | 298,340 | 4.1 | 7.25 | 293,380 | 7.25 | ||||||||||||
$ 7.49 to $ 8.00 | 288,283 | 4.4 | 7.82 | 283,803 | 7.82 | ||||||||||||
$ 8.01 to $ 9.00 | 151,588 | 3.6 | 8.54 | 141,785 | 8.53 | ||||||||||||
$ 9.01 to $10.00 | 1,282,671 | 6.5 | 9.61 | 643,954 | 9.65 | ||||||||||||
$10.01 to $11.00 | 1,982,999 | 6.8 | 10.41 | 868,161 | 10.4 | ||||||||||||
$11.01 to $13.00 | 697,258 | 6 | 12.09 | 407,874 | 12.16 | ||||||||||||
$13.01 to $16.00 | 973,780 | 5.5 | 13.7 | 661,280 | 13.67 | ||||||||||||
$16.01 to $49.50 | 80,000 | 1.2 | 16.21 | 80,000 | 16.21 | ||||||||||||
5,886,939 | 5.9 | $ | 10.64 | 3,512,257 | $ | 10.53 | |||||||||||
At December 31, 2014, the aggregate pre-tax intrinsic value (which was the amount by which the $14.51 closing price of the Company’s common stock at December 31, 2014 exceeded the exercise price of the in the money options) of options outstanding and options exercisable was approximately $22.9 million and $14.1 million, respectively. | |||||||||||||||||
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, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected term (years) | 6 | 5.9 | 5.8 | ||||||||||||||
Stock volatility | 30.7 | % | 34.5 | % | 36.6 | % | |||||||||||
Risk free interest rates | 2 | % | 1.6 | % | 1 | % | |||||||||||
Dividends during expected terms | 1.6 | % | 1.9 | % | 1.6 | % | |||||||||||
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. | |||||||||||||||||
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. At December 31, 2014, approximately 83% of the RSUs would vest in four equal installments annually over four years. Approximately 14% 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, 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 | |||||||||||||||
Granted | 780,225 | 10.78 | |||||||||||||||
Vested | (349,451 | ) | 9.61 | ||||||||||||||
Forfeited | (116,935 | ) | 9.89 | ||||||||||||||
Outstanding, December 31, 2014 | 1,509,101 | $ | 10.21 | ||||||||||||||
At December 31, 2014, the estimated number of RSUs expected to vest was 1.3 million shares with a weighted average remaining contractual life of 2.7 years and an estimated aggregate intrinsic value of $19.2 million. The aggregate intrinsic value of vested RSUs amount to $4.0 million for the year ended December 31, 2014. | |||||||||||||||||
Share-based Compensation | |||||||||||||||||
The following table shows total share-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenues | $ | 997 | $ | 1,060 | $ | 1,178 | |||||||||||
Research and development | 3,197 | 2,875 | 3,132 | ||||||||||||||
Selling, general and administrative | 3,430 | 3,162 | 3,282 | ||||||||||||||
Pre-tax share-based compensation expense | 7,624 | 7,097 | 7,592 | ||||||||||||||
Less income tax effect | (2,613 | ) | (2,314 | ) | (2,583 | ) | |||||||||||
Net share-based compensation expense | $ | 5,011 | $ | 4,783 | $ | 5,009 | |||||||||||
Total share-based compensation capitalized as part of inventory at both December 31, 2014 and 2013 was $0.2 million, respectively. At December 31, 2014, there was $4.8 million of total unrecognized share-based compensation related to non-vested stock option awards and $10.8 million related to restricted stock units which are expected to be recognized over a weighted-average period of 2.44 years and 2.89 years, respectively. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Under the Company’s Employee Stock Purchase Plan (“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 2014, 2013 and 2012 were less than 0.1 million in each of the years at a weighted average price of $11.43, $9.32 and $9.40 respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
The income tax provision for the years ended December 31, 2014, 2013 and 2012, as a percentage of income before income taxes, was 19%, 8% and 56%, respectively. | |||||||||||||
A reconciliation of the statutory federal income tax rate to the effective tax rate for the years ended December 31 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Research and development credit | (14 | ) | (22 | ) | — | ||||||||
Qualified production activities deduction | (5 | ) | (3 | ) | (4 | ) | |||||||
State income taxes (net of federal income tax benefit) | — | — | (2 | ) | |||||||||
Non-deductible stock compensation | — | 1 | 1 | ||||||||||
Valuation allowance | — | — | 27 | ||||||||||
Deemed dividend income | — | 3 | — | ||||||||||
Other * | 3 | (6 | ) | (1 | ) | ||||||||
Effective tax rate | 19 | % | 8 | % | 56 | % | |||||||
* Other, in 2014 and 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, 2014, 2013, and 2012 consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4,869 | $ | 4,833 | $ | 8,847 | |||||||
State | 78 | (66 | ) | (1,731 | ) | ||||||||
Foreign | 544 | 494 | 563 | ||||||||||
Total current | 5,491 | 5,261 | 7,679 | ||||||||||
Deferred: | |||||||||||||
Federal | (2,179 | ) | (3,698 | ) | (8,489 | ) | |||||||
State | (5 | ) | (31 | ) | 16,901 | ||||||||
Foreign | (140 | ) | 52 | (125 | ) | ||||||||
Total deferred | (2,324 | ) | (3,677 | ) | 8,287 | ||||||||
Total provision | $ | 3,167 | $ | 1,584 | $ | 15,966 | |||||||
Pre-tax income from U.S. and non-U.S. jurisdictions was $16.6 million and less than $0.1 million, respectively, for the year ended December 31, 2014. 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. | |||||||||||||
Deferred tax assets and liabilities result primarily from temporary differences between book and tax bases of assets and liabilities and state research and development credit carryforwards. The Company had net deferred tax assets of $24.3 million at December 31, 2014. 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 believes that future taxable income levels will be sufficient to realize the tax benefits of net deferred tax assets. Therefore, the Company has not established a valuation allowance except for a valuation allowance of $12.2 million and $9.0 million, respectively, that was established against state deferred assets at December 31, 2014 and 2013 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. Should the Company determine that future realization of these tax benefits is not more likely than not, 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, 2014 and 2013 were as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals, reserves and other amounts not currently deductible | $ | 13,034 | $ | 11,346 | |||||||||
Deferred income | 8,106 | 9,547 | |||||||||||
Tax credit carryforwards | 12,184 | 9,170 | |||||||||||
Non-qualified share-based compensation | 6,245 | 6,115 | |||||||||||
Capitalized research and development | 18 | — | |||||||||||
Unrealized loss on investments and other | 181 | 278 | |||||||||||
Gross deferred tax assets | 39,768 | 36,456 | |||||||||||
Valuation allowance | (12,229 | ) | (8,999 | ) | |||||||||
Total deferred tax assets | 27,539 | 27,457 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-lived assets | (3,265 | ) | (5,187 | ) | |||||||||
Foreign undistributed earnings | (18 | ) | — | ||||||||||
Total deferred tax liability | (3,283 | ) | (5,187 | ) | |||||||||
Net deferred tax assets (current and non-current) | $ | 24,256 | $ | 22,270 | |||||||||
Included in net deferred tax assets are credit carryforwards. The Company has available state research and development credit carryforwards of approximately $22.1 million. The state research credit carryforwards are not subject to expiration and may be carried forward indefinitely until utilized. | |||||||||||||
At December 31, 2014, the gross liability for uncertain tax positions was $7.6 million and the net liability, reduced for the federal effects of potential state tax exposures, was $6.0 million. If these uncertain tax positions are sustained upon tax authority audit, or otherwise become certain, a net $3.5 million would favorably affect the Company’s tax provision in such future periods. The remaining $2.5 million would increase deferred assets on which a valuation allowance is placed and would be expected to also increase the valuation allowance by a corresponding amount. The $3.5 million liability is included in long-term income taxes payable. The Company does not anticipate a significant change to unrecognized tax benefits for 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): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 9,433 | $ | 8,259 | $ | 8,532 | |||||||
Additions based on tax positions related to the current year | 909 | 762 | 487 | ||||||||||
Additions for tax positions related to prior years | 662 | 1,593 | 77 | ||||||||||
Subtractions for tax positions related to prior years and settlements of audits | (4,959 | ) | (1,181 | ) | (837 | ) | |||||||
Ending balance | $ | 6,045 | $ | 9,433 | $ | 8,259 | |||||||
The unrecognized tax benefits presented above include amounts related to potential tax exposures, which are presented net of federal tax benefits. | |||||||||||||
During 2014, the Company recognized $4.9 million of previously unrecognized tax benefits due to expiration of statutes of limitations and settlement of the California FTB audit. | |||||||||||||
The Company continues to recognize interest and penalties related to uncertain tax benefits as part of the income tax provision. At December 31, 2014 and 2013, the Company had $0.3 million and $0.3 million, respectively, accrued for interest and none accrued for penalties for both years. These accruals were included as a component of long-term income taxes payable for $3.5 million and reduction of prepaid taxes of less than $0.1 million at December 31, 2014. | |||||||||||||
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 and Texas, and generally, the Company is subject to routine examination for years 2008 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 2007 and forward in various immaterial foreign tax jurisdictions in which it operates. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Accrued Liabilities | ACCRUED LIABILITIES | |||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 7,050 | $ | 5,767 | ||||
Accrued commissions | 1,605 | 1,666 | ||||||
Accrued restructuring | 360 | 902 | ||||||
Other accrued liabilities | 3,854 | 4,539 | ||||||
Total accrued liabilities | $ | 12,869 | $ | 12,874 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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 2015 through 2019. 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, | ||||
2015 | $ | 960 | ||
2016 | 526 | |||
2017 | 420 | |||
2018 | 120 | |||
2019 | 21 | |||
Total | $ | 2,047 | ||
Rent expense under operating leases for each of the years ended December 31, 2014, 2013 and 2012 was $1.1 million. | ||||
Open Purchase Orders | ||||
At December 31, 2014, the Company had approximately $19.4 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, 2014, 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, for 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. | ||||
Legal Matters | ||||
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 the Company can provide no assurance that it 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. At December 31, 2014, the Company has not recorded any accrual for contingent liabilities associated with legal proceedings on the assessment that liabilities are not probable. Further, ranges of possible losses in these matters cannot be reasonably estimated at this time. |
ProfitSharing_401k_Plan
Profit-Sharing 401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
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 $0.4 million in contributions for the year ended December 31, 2014 and made $0.2 million and $0.4 million in contributions to the Plan for the years ended December 31, 2013 and 2012, respectively. Participants vest in the Company’s contributions ratably over six years of service. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING | ||||||||||||||||||||||||
The Company currently operates in one segment: the design, manufacturing, marketing and sale of semiconductor products. | |||||||||||||||||||||||||
For the year ended December 31, 2014, no OEM customer accounted for more than 10% of the Company’s net revenues and distributors A and B accounted for 25% and 18% of the Company’s net revenues, respectively. For the year ended December 31, 2013, no OEM customer accounted for more than 10% of the Company’s net revenues and distributors A and B 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 distributors A and B 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. | |||||||||||||||||||||||||
The Company recorded revenue from customers located throughout the United States; Canada and Mexico (collectively referred to as “Other North American Countries”); the United Kingdom, 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, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
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 | $ | 55,574 | $ | 50,125 | $ | 62,667 | $ | 48,432 | $ | 66,267 | $ | 51,715 | |||||||||||||
Other North American Countries | 176 | — | 144 | — | 193 | — | |||||||||||||||||||
Korea | 23,324 | 9 | 28,050 | 16 | 36,896 | 24 | |||||||||||||||||||
Taiwan | 25,114 | 3,093 | 23,503 | 2,956 | 22,507 | 3,492 | |||||||||||||||||||
Singapore | 31,899 | 9 | 26,353 | 9 | 23,899 | 8 | |||||||||||||||||||
China | 16,073 | 1,684 | 15,873 | 2,424 | 16,183 | 1,417 | |||||||||||||||||||
Hong Kong | 43,060 | 60 | 33,881 | 86 | 37,300 | 215 | |||||||||||||||||||
Japan | 16,582 | 2 | 14,686 | 23 | 14,329 | 1 | |||||||||||||||||||
Other Asian Countries | 1,377 | 5,447 | 1,259 | 3,727 | 1,284 | 3,717 | |||||||||||||||||||
Europe | 34,415 | 24 | 30,664 | 106 | 31,254 | 103 | |||||||||||||||||||
Total | $ | 247,594 | $ | 60,453 | $ | 237,080 | $ | 57,779 | $ | 250,112 | $ | 60,692 | |||||||||||||
__________ | |||||||||||||||||||||||||
(1) Long-lived assets consist of property, plant and equipment. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Dividends, Common Stock [Abstract] | |
DIVIDENDS | DIVIDENDS |
During the years ended December 31, 2014, 2013 and 2012, the Company paid cash dividends of $11.3 million, $8.2 million and $12.1 million, respectively, representing $0.20, $0.1425 and $0.205 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 at 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, 2014 | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and Related Activities Disclosure | RESTRUCTURING CHARGES | |||||||||||||||
In 2014, the Company continued its efforts to reduce operating expenses. Therefore, the Company recorded restructuring charges of $1.0 million related to workforce reductions and facility closure. The Company paid $1.5 million related to severance costs in the year ended December 31, 2014 and expects to pay the remaining amount accrued in 2015, which is included in accrued liabilities on the consolidated balance sheet. In 2013, the Company recorded restructuring charges of $1.4 million related to workforce reductions. The following table summarizes the activity related to the accrual for restructuring charges for the year ended December 31, 2014 and 2013 by event (in thousands): | ||||||||||||||||
Plan Initiated in Q4'13 | Plan Initiated in Q3'14 | Plan Initiated in Q4'14 | Total | |||||||||||||
Restructuring charges | $ | 1,376 | $ | 1,376 | ||||||||||||
Payments | (474 | ) | (474 | ) | ||||||||||||
Balance at December 31, 2013 | 902 | 902 | ||||||||||||||
Restructuring charges | — | 631 | 361 | 992 | ||||||||||||
Payments | (882 | ) | (560 | ) | (92 | ) | (1,534 | ) | ||||||||
Balance at December 31, 2014 | $ | 20 | $ | 71 | $ | 269 | $ | 360 | ||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT |
On January 29, 2015, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock, payable on February 25, 2015 to shareholders of record as of February 11, 2015. |
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Summary - Unaudited Supplemental Quarterly Financial Summary - Unaudited | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | SUPPLEMENTAL QUARTERLY FINANCIAL SUMMARY — UNAUDITED | ||||||||||||||||
(in thousands, except per share amounts) | Three Months Ended 2014 | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
Net revenues | $ | 59,857 | $ | 62,339 | $ | 67,480 | $ | 57,918 | |||||||||
Gross profit | $ | 31,219 | $ | 32,791 | $ | 34,408 | $ | 29,610 | |||||||||
Net income (1) | $ | 2,289 | $ | 3,529 | $ | 4,675 | $ | 3,054 | |||||||||
Net income per share: | |||||||||||||||||
Basic (1) | $ | 0.04 | $ | 0.06 | $ | 0.08 | $ | 0.05 | |||||||||
Diluted (1) | $ | 0.04 | $ | 0.06 | $ | 0.08 | $ | 0.05 | |||||||||
Weighted-average shares used in computing | |||||||||||||||||
per share amounts: | |||||||||||||||||
Basic | 56,388 | 56,537 | 56,642 | 56,490 | |||||||||||||
Diluted | 57,208 | 57,448 | 57,708 | 57,710 | |||||||||||||
Cash dividends per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
(in thousands, except per share amounts) | Three Months Ended 2013 | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
Net revenues | $ | 59,733 | $ | 59,171 | $ | 58,169 | $ | 60,007 | |||||||||
Gross profit | $ | 31,080 | $ | 31,082 | $ | 29,471 | $ | 30,413 | |||||||||
Net income (2) | $ | 5,245 | $ | 5,035 | $ | 4,004 | $ | 3,364 | |||||||||
Net income: | |||||||||||||||||
Basic (2) | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Diluted (2) | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Weighted-average shares used in computing | |||||||||||||||||
per share amounts: | |||||||||||||||||
Basic | 58,270 | 58,303 | 57,752 | 56,908 | |||||||||||||
Diluted | 59,030 | 59,007 | 58,440 | 57,546 | |||||||||||||
Cash dividends per common share | $ | — | $ | 0.0425 | $ | 0.05 | $ | 0.05 | |||||||||
__________ | |||||||||||||||||
(1) During the third and fourth quarter of 2014, the Company recorded a restructuring charge of $0.5 million and $0.5 million for employee severances and facility closure, respectively. | |||||||||||||||||
(2) During the fourth quarter of 2013, the Company recorded a restructuring charge of $1.4 million for employee severances. |
Valuations_and_Qualifying_Acco
Valuations and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | MICREL, INCORPORATED | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||||||||||
(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, 2014 | |||||||||||||||||||||
Allowances for OEM and sell-in distributor returns and price adjustments | $ | 737 | $ | 1,970 | $ | (1,889 | ) | $ | — | $ | 818 | ||||||||||
Allowances for unclaimed sell-through distributor price adjustments (1) | — | 64,530 | (64,397 | ) | — | 133 | |||||||||||||||
Allowances for doubtful accounts | 23 | 114 | — | (30 | ) | 107 | |||||||||||||||
Total allowances | $ | 760 | $ | 66,614 | $ | (66,286 | ) | $ | (30 | ) | $ | 1,058 | |||||||||
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 (1) | 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 | ||||||||||
___________ | |||||||||||||||||||||
(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, 2014 | |
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 presented 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 losses, 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 remaining maturities of three months or less at the time of purchase to be cash equivalents. |
Investment, Policy | Investments purchased with remaining maturity 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 at December 31, 2014, consisted primarily of liquid municipal securities, corporate debt securities, commercial paper and U.S. government agencies securities and were classified as available-for-sale securities. Long-term investments at December 31, 2014, 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. At December 31, 2014, accumulated other comprehensive loss of $0.1 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, money market funds, corporate debt securities, municipal 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, 2014, distributors A, C and B accounted for 24%, 15%, and 13%, respectively, of total accounts receivable. At December 31, 2013, distributors A and B accounted for 36%, and 11%, 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 | Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. |
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 projected revenues 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 2014, 2013 and 2012. | |
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 2014 and 2013, no indicators of impairment were identified. | |
Revenue Recognition, Policy | The Company generates revenue by selling products to original equipment manufacturers (“OEM”), 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. |
The Company provides certain sell-through distributors price protection rights and pricing adjustments subsequent to the initial product shipment to allow them to price the Company's products competitively for specific resale opportunities. As these price adjustments have historically been significant, and price adjustments are difficult to reliably estimate, the Company defers recognition of revenue and related cost of revenues (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 revenues are not recognized, the Company records an accounts receivable and relieves inventory at the time of initial product shipment. The Company's 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 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. | |
During the third quarter of 2014, the Company amended the terms of its agreements with certain sell-through distributors. These amendments included the removal of significant return rights, price protection and pricing adjustments subsequent to the initial product shipment. Therefore, upon amendment of the agreements, these distributors were changed from sell-through distributors to sell-in distributors and the Company recognized the revenue for sales to these distributors upon the initial product shipments to these distributors, net of estimated allowance for returns established based upon historical return rates. In addition, revenue was recognized for unsold inventory held by these distributors on the date of change. The effect of changing these sell-through distributors to sell-in distributors resulted in a one-time increase in revenue of approximately $5.1 million and related cost of revenues of $1.6 million related to unsold inventory held by these distributors at June 30, 2014. | |
Sales to OEM customers and 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. 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. Actual future returns and price adjustments could be different than the allowance established. | |
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. Legal fees are expensed as incurred. 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 2014, 2013 and 2012 were $0.3 million, $0.1 million and $1.0 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 over the employee's requisite service period as expense in the consolidated statements of operations. 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. |
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 and restricted stock units (“RSUs”) using the treasury stock method. |
Fair Value of Financial Instruments, Policy | Financial instruments included in the Company’s consolidated balance sheets at December 31, 2014 and 2013, 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. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Reconciliation of weighted-average shares used in computing net income per share | Reconciliation of weighted-average shares used in computing basic and diluted net income per share attributable to Micrel, Incorporated shareholders is as follows (in thousands): | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Shares used in computing basic net income per share | 56,508 | 57,803 | 59,623 | ||||||
Dilutive effect of stock options and restricted stock units | 1,030 | 703 | 665 | ||||||
Shares used in computing diluted net income per share | 57,538 | 58,506 | 60,288 | ||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||||||||||
Available-for-sale Securities | A summary of the Company’s short-term investments at December 31, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Corporate Debt Securities | $ | 43,327 | $ | 3 | $ | (68 | ) | $ | 43,262 | $ | 36,947 | $ | 10 | $ | — | $ | 36,957 | |||||||||||||||
Commercial Paper | 14,975 | 5 | (3 | ) | 14,977 | 13,991 | 2 | — | 13,993 | |||||||||||||||||||||||
Municipal Securities | 5,191 | 3 | — | 5,194 | 13,858 | — | (2 | ) | 13,856 | |||||||||||||||||||||||
U.S. Government Agencies Securities | 2,000 | — | (5 | ) | 1,995 | — | — | — | — | |||||||||||||||||||||||
Total | $ | 65,493 | $ | 11 | $ | (76 | ) | $ | 65,428 | $ | 64,796 | $ | 12 | $ | (2 | ) | $ | 64,806 | ||||||||||||||
Available-for-sale Securities, Long Term Investments | A summary of the Company’s long-term investments at December 31, 2014 and December 31, 2013 was as follows (in thousands): | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Fair | Cost | Gross Unrealized | Gross Unrealized | Fair | |||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Auction Rate Notes | $ | 1,500 | $ | — | $ | (64 | ) | $ | 1,436 | $ | 4,700 | $ | — | $ | (505 | ) | $ | 4,195 | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
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) | $ | 4,725 | $ | — | $ | — | $ | 4,725 | ||||||||||||||||||||||||
Corporate Debt Securities (2) | — | 43,262 | — | 43,262 | ||||||||||||||||||||||||||||
Commercial Paper (2) | — | 14,977 | — | 14,977 | ||||||||||||||||||||||||||||
Municipal Securities (2) | — | 5,194 | — | 5,194 | ||||||||||||||||||||||||||||
U.S. Government Agencies Securities (2) | — | 1,995 | — | 1,995 | ||||||||||||||||||||||||||||
Auction-rate notes (3) | — | — | 1,436 | 1,436 | ||||||||||||||||||||||||||||
Total | $ | 4,725 | $ | 65,428 | $ | 1,436 | $ | 71,589 | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||||||||
(1) Included in cash and cash equivalents | ||||||||||||||||||||||||||||||||
(2) Included in short-term investments | ||||||||||||||||||||||||||||||||
(3) Included in long-term investments | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | For the year ended December 31, 2014, 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, 2013 | $ | 4,195 | ||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||
Total unrealized gains, before tax, included in other comprehensive income | 441 | |||||||||||||||||||||||||||||||
Sales | (3,200 | ) | ||||||||||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 1,436 | ||||||||||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories consisted of the following (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Finished goods | $ | 15,395 | $ | 11,592 | ||||
Work in process | 27,500 | 30,109 | ||||||
Raw materials | 1,241 | 1,500 | ||||||
Total inventories | $ | 44,136 | $ | 43,201 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, plant and equipment | Property, plant and equipment consisted of the following (in thousands): | |||||||||
Life | December 31, | December 31, | ||||||||
2014 | 2013 | |||||||||
Machinery and equipment | 5 years | $ | 189,335 | $ | 180,851 | |||||
Land | — | 8,101 | 8,101 | |||||||
Buildings and improvements | * | 54,483 | 53,915 | |||||||
Computer equipment and software | 3 years | 11,094 | 11,742 | |||||||
Office furniture and fixtures | 5 years | 1,528 | 1,928 | |||||||
264,541 | 256,537 | |||||||||
Accumulated depreciation | (204,088 | ) | (198,758 | ) | ||||||
Total property, plant and equipment, net | $ | 60,453 | $ | 57,779 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Developed and core technology | $ | 7,443 | $ | (1,810 | ) | $ | 5,633 | $ | 7,783 | $ | (986 | ) | $ | 6,797 | |||||||||||
Customer relationships | 3,800 | (1,181 | ) | 2,619 | 3,800 | (552 | ) | 3,248 | |||||||||||||||||
Trademarks | 610 | (370 | ) | 240 | 610 | (284 | ) | 326 | |||||||||||||||||
Non-competition agreements | — | — | — | 450 | (372 | ) | 78 | ||||||||||||||||||
In-process research and development | 1,300 | — | 1,300 | 1,300 | — | 1,300 | |||||||||||||||||||
$ | 13,153 | $ | (3,361 | ) | $ | 9,792 | $ | 13,943 | $ | (2,194 | ) | $ | 11,749 | ||||||||||||
Schedule of future amortization expenses | The estimated future amortization expense of intangible assets at December 31, 2014 was as follows (in thousands): | ||||||||||||||||||||||||
Year Ending December 31, | |||||||||||||||||||||||||
2015 | $ | 1,535 | |||||||||||||||||||||||
2016 | 1,510 | ||||||||||||||||||||||||
2017 | 1,281 | ||||||||||||||||||||||||
2018 | 1,223 | ||||||||||||||||||||||||
2019 | 1,140 | ||||||||||||||||||||||||
Thereafter | 3,103 | ||||||||||||||||||||||||
$ | 9,792 | ||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2011 (3,366,610 shares 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 shares 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 shares 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 | |||||||||||||||
Granted | 445,767 | 10.85 | |||||||||||||||
Exercised | (1,485,784 | ) | 8.56 | ||||||||||||||
Canceled | (586,132 | ) | 12.38 | ||||||||||||||
Outstanding, December 31, 2014 (3,512,257 shares exercisable at a weighted average price of $10.53 per share and a weighted average remaining contractual life of 4.8 years) | 5,886,939 | $ | 10.64 | ||||||||||||||
Schedule of Share-based Compensation, Options by Exercise Price Range | Additional information regarding options outstanding at December 31, 2014 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 | 132,020 | 3.5 | $ | 6.63 | 132,020 | $ | 6.63 | ||||||||||
$ 7.01 to $ 7.46 | 298,340 | 4.1 | 7.25 | 293,380 | 7.25 | ||||||||||||
$ 7.49 to $ 8.00 | 288,283 | 4.4 | 7.82 | 283,803 | 7.82 | ||||||||||||
$ 8.01 to $ 9.00 | 151,588 | 3.6 | 8.54 | 141,785 | 8.53 | ||||||||||||
$ 9.01 to $10.00 | 1,282,671 | 6.5 | 9.61 | 643,954 | 9.65 | ||||||||||||
$10.01 to $11.00 | 1,982,999 | 6.8 | 10.41 | 868,161 | 10.4 | ||||||||||||
$11.01 to $13.00 | 697,258 | 6 | 12.09 | 407,874 | 12.16 | ||||||||||||
$13.01 to $16.00 | 973,780 | 5.5 | 13.7 | 661,280 | 13.67 | ||||||||||||
$16.01 to $49.50 | 80,000 | 1.2 | 16.21 | 80,000 | 16.21 | ||||||||||||
5,886,939 | 5.9 | $ | 10.64 | 3,512,257 | $ | 10.53 | |||||||||||
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, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected term (years) | 6 | 5.9 | 5.8 | ||||||||||||||
Stock volatility | 30.7 | % | 34.5 | % | 36.6 | % | |||||||||||
Risk free interest rates | 2 | % | 1.6 | % | 1 | % | |||||||||||
Dividends during expected terms | 1.6 | % | 1.9 | % | 1.6 | % | |||||||||||
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, 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 | |||||||||||||||
Granted | 780,225 | 10.78 | |||||||||||||||
Vested | (349,451 | ) | 9.61 | ||||||||||||||
Forfeited | (116,935 | ) | 9.89 | ||||||||||||||
Outstanding, December 31, 2014 | 1,509,101 | $ | 10.21 | ||||||||||||||
Share-based compensation expense, period costs | The following table shows total share-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenues | $ | 997 | $ | 1,060 | $ | 1,178 | |||||||||||
Research and development | 3,197 | 2,875 | 3,132 | ||||||||||||||
Selling, general and administrative | 3,430 | 3,162 | 3,282 | ||||||||||||||
Pre-tax share-based compensation expense | 7,624 | 7,097 | 7,592 | ||||||||||||||
Less income tax effect | (2,613 | ) | (2,314 | ) | (2,583 | ) | |||||||||||
Net share-based compensation expense | $ | 5,011 | $ | 4,783 | $ | 5,009 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Research and development credit | (14 | ) | (22 | ) | — | ||||||||
Qualified production activities deduction | (5 | ) | (3 | ) | (4 | ) | |||||||
State income taxes (net of federal income tax benefit) | — | — | (2 | ) | |||||||||
Non-deductible stock compensation | — | 1 | 1 | ||||||||||
Valuation allowance | — | — | 27 | ||||||||||
Deemed dividend income | — | 3 | — | ||||||||||
Other * | 3 | (6 | ) | (1 | ) | ||||||||
Effective tax rate | 19 | % | 8 | % | 56 | % | |||||||
* Other, in 2014 and 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, 2014, 2013, and 2012 consisted of the following (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4,869 | $ | 4,833 | $ | 8,847 | |||||||
State | 78 | (66 | ) | (1,731 | ) | ||||||||
Foreign | 544 | 494 | 563 | ||||||||||
Total current | 5,491 | 5,261 | 7,679 | ||||||||||
Deferred: | |||||||||||||
Federal | (2,179 | ) | (3,698 | ) | (8,489 | ) | |||||||
State | (5 | ) | (31 | ) | 16,901 | ||||||||
Foreign | (140 | ) | 52 | (125 | ) | ||||||||
Total deferred | (2,324 | ) | (3,677 | ) | 8,287 | ||||||||
Total provision | $ | 3,167 | $ | 1,584 | $ | 15,966 | |||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals, reserves and other amounts not currently deductible | $ | 13,034 | $ | 11,346 | |||||||||
Deferred income | 8,106 | 9,547 | |||||||||||
Tax credit carryforwards | 12,184 | 9,170 | |||||||||||
Non-qualified share-based compensation | 6,245 | 6,115 | |||||||||||
Capitalized research and development | 18 | — | |||||||||||
Unrealized loss on investments and other | 181 | 278 | |||||||||||
Gross deferred tax assets | 39,768 | 36,456 | |||||||||||
Valuation allowance | (12,229 | ) | (8,999 | ) | |||||||||
Total deferred tax assets | 27,539 | 27,457 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Long-lived assets | (3,265 | ) | (5,187 | ) | |||||||||
Foreign undistributed earnings | (18 | ) | — | ||||||||||
Total deferred tax liability | (3,283 | ) | (5,187 | ) | |||||||||
Net deferred tax assets (current and non-current) | $ | 24,256 | $ | 22,270 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The amount of unrecognized tax benefits for the years ended December 31 consisted of the following (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 9,433 | $ | 8,259 | $ | 8,532 | |||||||
Additions based on tax positions related to the current year | 909 | 762 | 487 | ||||||||||
Additions for tax positions related to prior years | 662 | 1,593 | 77 | ||||||||||
Subtractions for tax positions related to prior years and settlements of audits | (4,959 | ) | (1,181 | ) | (837 | ) | |||||||
Ending balance | $ | 6,045 | $ | 9,433 | $ | 8,259 | |||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 7,050 | $ | 5,767 | ||||
Accrued commissions | 1,605 | 1,666 | ||||||
Accrued restructuring | 360 | 902 | ||||||
Other accrued liabilities | 3,854 | 4,539 | ||||||
Total accrued liabilities | $ | 12,869 | $ | 12,874 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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, | ||||
2015 | $ | 960 | ||
2016 | 526 | |||
2017 | 420 | |||
2018 | 120 | |||
2019 | 21 | |||
Total | $ | 2,047 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | |||||||||||||||||||||||||
Geographic Information (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
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 | $ | 55,574 | $ | 50,125 | $ | 62,667 | $ | 48,432 | $ | 66,267 | $ | 51,715 | |||||||||||||
Other North American Countries | 176 | — | 144 | — | 193 | — | |||||||||||||||||||
Korea | 23,324 | 9 | 28,050 | 16 | 36,896 | 24 | |||||||||||||||||||
Taiwan | 25,114 | 3,093 | 23,503 | 2,956 | 22,507 | 3,492 | |||||||||||||||||||
Singapore | 31,899 | 9 | 26,353 | 9 | 23,899 | 8 | |||||||||||||||||||
China | 16,073 | 1,684 | 15,873 | 2,424 | 16,183 | 1,417 | |||||||||||||||||||
Hong Kong | 43,060 | 60 | 33,881 | 86 | 37,300 | 215 | |||||||||||||||||||
Japan | 16,582 | 2 | 14,686 | 23 | 14,329 | 1 | |||||||||||||||||||
Other Asian Countries | 1,377 | 5,447 | 1,259 | 3,727 | 1,284 | 3,717 | |||||||||||||||||||
Europe | 34,415 | 24 | 30,664 | 106 | 31,254 | 103 | |||||||||||||||||||
Total | $ | 247,594 | $ | 60,453 | $ | 237,080 | $ | 57,779 | $ | 250,112 | $ | 60,692 | |||||||||||||
__________ | |||||||||||||||||||||||||
(1) Long-lived assets consist of property, plant and equipment. |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Schedule of Restructuring and Related Costs | The following table summarizes the activity related to the accrual for restructuring charges for the year ended December 31, 2014 and 2013 by event (in thousands): | |||||||||||||||
Plan Initiated in Q4'13 | Plan Initiated in Q3'14 | Plan Initiated in Q4'14 | Total | |||||||||||||
Restructuring charges | $ | 1,376 | $ | 1,376 | ||||||||||||
Payments | (474 | ) | (474 | ) | ||||||||||||
Balance at December 31, 2013 | 902 | 902 | ||||||||||||||
Restructuring charges | — | 631 | 361 | 992 | ||||||||||||
Payments | (882 | ) | (560 | ) | (92 | ) | (1,534 | ) | ||||||||
Balance at December 31, 2014 | $ | 20 | $ | 71 | $ | 269 | $ | 360 | ||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Summary - Unaudited Supplemental Quarterly Financial Summary - Unaudited (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | SUPPLEMENTAL QUARTERLY FINANCIAL SUMMARY — UNAUDITED | ||||||||||||||||
(in thousands, except per share amounts) | Three Months Ended 2014 | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
Net revenues | $ | 59,857 | $ | 62,339 | $ | 67,480 | $ | 57,918 | |||||||||
Gross profit | $ | 31,219 | $ | 32,791 | $ | 34,408 | $ | 29,610 | |||||||||
Net income (1) | $ | 2,289 | $ | 3,529 | $ | 4,675 | $ | 3,054 | |||||||||
Net income per share: | |||||||||||||||||
Basic (1) | $ | 0.04 | $ | 0.06 | $ | 0.08 | $ | 0.05 | |||||||||
Diluted (1) | $ | 0.04 | $ | 0.06 | $ | 0.08 | $ | 0.05 | |||||||||
Weighted-average shares used in computing | |||||||||||||||||
per share amounts: | |||||||||||||||||
Basic | 56,388 | 56,537 | 56,642 | 56,490 | |||||||||||||
Diluted | 57,208 | 57,448 | 57,708 | 57,710 | |||||||||||||
Cash dividends per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
(in thousands, except per share amounts) | Three Months Ended 2013 | ||||||||||||||||
March 31, | June 30, | Sept. 30, | Dec. 31, | ||||||||||||||
Net revenues | $ | 59,733 | $ | 59,171 | $ | 58,169 | $ | 60,007 | |||||||||
Gross profit | $ | 31,080 | $ | 31,082 | $ | 29,471 | $ | 30,413 | |||||||||
Net income (2) | $ | 5,245 | $ | 5,035 | $ | 4,004 | $ | 3,364 | |||||||||
Net income: | |||||||||||||||||
Basic (2) | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Diluted (2) | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Weighted-average shares used in computing | |||||||||||||||||
per share amounts: | |||||||||||||||||
Basic | 58,270 | 58,303 | 57,752 | 56,908 | |||||||||||||
Diluted | 59,030 | 59,007 | 58,440 | 57,546 | |||||||||||||
Cash dividends per common share | $ | — | $ | 0.0425 | $ | 0.05 | $ | 0.05 | |||||||||
__________ | |||||||||||||||||
(1) During the third and fourth quarter of 2014, the Company recorded a restructuring charge of $0.5 million and $0.5 million for employee severances and facility closure, respectively. | |||||||||||||||||
(2) During the fourth quarter of 2013, the Company recorded a restructuring charge of $1.4 million for employee severances. |
Valuations_and_Qualifying_Acco1
Valuations and Qualifying Accounts Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and Qualifying Accounts [Table Text Block] | MICREL, INCORPORATED | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||||||||||
(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, 2014 | |||||||||||||||||||||
Allowances for OEM and sell-in distributor returns and price adjustments | $ | 737 | $ | 1,970 | $ | (1,889 | ) | $ | — | $ | 818 | ||||||||||
Allowances for unclaimed sell-through distributor price adjustments (1) | — | 64,530 | (64,397 | ) | — | 133 | |||||||||||||||
Allowances for doubtful accounts | 23 | 114 | — | (30 | ) | 107 | |||||||||||||||
Total allowances | $ | 760 | $ | 66,614 | $ | (66,286 | ) | $ | (30 | ) | $ | 1,058 | |||||||||
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 (1) | 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 | ||||||||||
___________ | |||||||||||||||||||||
(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_Policie3
Significant Accounting Policies Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($83) | ($320) |
Significant_Accounting_Policie4
Significant Accounting Policies Certain Significant Risks (Details) (Customer Concentration Risk [Member], Accounts Receivable [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Distributor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 24.00% | 36.00% |
Distributor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | |
Distributor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% | 11.00% |
Significant_Accounting_Policie5
Significant Accounting Policies Impairment of long-lived assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Impaired Intangible Assets [Abstract] | |||
Goodwill, Impairment Loss | $0 | $0 | $0 |
Impairment of technology | 0 | 0 | 1,000,000 |
Research and Development Expense [Member] | |||
Impaired Intangible Assets [Abstract] | |||
Impairment of technology | $1,000,000 |
Significant_Accounting_Policie6
Significant Accounting Policies Revenue Recognition (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Accounting Policies [Abstract] | |
Amount of one-time increase in revenue from conversion of distributors to sell-in revenue recognition method | $5.10 |
Amount of one-time increase in cost of goods sold from conversion of distributors to sell-in revenue recognition method | $1.60 |
Significant_Accounting_Policie7
Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Impairment Charges | $0 | $0 | |
Advertising expenses | $300,000 | $100,000 | $1,000,000 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of weighted-average shares used in computing net income per share | |||||||||||
Shares used in computing basic net income per share | 56,490,000 | 56,642,000 | 56,537,000 | 56,388,000 | 56,908,000 | 57,752,000 | 58,303,000 | 58,270,000 | 56,508,000 | 57,803,000 | 59,623,000 |
Dilutive effect of stock options and restricted stock units | 1,030,000 | 703,000 | 665,000 | ||||||||
Shares used in computing diluted net income per share | 57,710,000 | 57,708,000 | 57,448,000 | 57,208,000 | 57,546,000 | 58,440,000 | 59,007,000 | 59,030,000 | 57,538,000 | 58,506,000 | 60,288,000 |
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 | 2,700,000 | 5,400,000 | 5,200,000 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 09, 2013 | Aug. 30, 2013 | Dec. 20, 2012 | Apr. 02, 2012 | |
Business Acquisition [Line Items] | |||||||
Payments to acquire remaining noncontrolling interest | $0 | $6,122,000 | $0 | ||||
Discera, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of acquisition agreement | 30-Aug-13 | ||||||
Acquisition effective date | 9-Sep-13 | ||||||
Total purchase price | 7,200,000 | ||||||
Short-term debt | -1,100,000 | ||||||
Business Acquisition, Cash paid at closing | 6,100,000 | ||||||
Business Acquisition, Cash Withheld | 1,100,000 | ||||||
Payment of restricted cash | 1,000,000 | ||||||
Goodwill, Other Changes | 100,000 | ||||||
Goodwill | 2,600,000 | ||||||
PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition effective date | 2-Apr-12 | ||||||
Percentage of outstanding shares acquired | 5.00% | 95.00% | |||||
Total purchase price | 19,700,000 | ||||||
Payments to acquire remaining noncontrolling interest | 900,000 | ||||||
Resulting ownership percentage in PhaseLink | 100.00% | ||||||
Business Acquisition, Cash paid at closing | $16,400,000 | ||||||
Customer relationships [Member] | Discera, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 3 years | ||||||
Customer relationships [Member] | PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 10 years | ||||||
Noncompete Agreements [Member] | Discera, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 1 year | ||||||
Noncompete Agreements [Member] | PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 2 years | ||||||
Trademarks [Member] | Discera, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 10 years | ||||||
Developed Technology Rights [Member] | Discera, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 10 years | ||||||
Developed Technology Rights [Member] | PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 10 years | ||||||
Minimum [Member] | Trademarks [Member] | PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 2 years | ||||||
Maximum [Member] | Trademarks [Member] | PhaseLink Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets estimated useful life | 5 years |
Acquisitions_Details
Acquisitions (Details) (USD $) | Dec. 31, 2014 | Sep. 09, 2013 | Apr. 02, 2012 |
In Millions, unless otherwise specified | |||
Discera, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $2.60 | ||
Short-term debt | -1.1 | ||
Total purchase price | 7.2 | ||
PhaseLink Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $19.70 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments in a continuous unrealized loss position, twelve months or longer | $0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -83,000 | -320,000 |
Gross Unrealized Losses | -76,000 | -2,000 |
Gross Unrealized Gains | 11,000 | 12,000 |
Fair Value | 65,428,000 | 64,806,000 |
Cost | 65,493,000 | 64,796,000 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses | -3,000 | 0 |
Gross Unrealized Gains | 5,000 | 2,000 |
Fair Value | 14,977,000 | 13,993,000 |
Cost | 14,975,000 | 13,991,000 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses | -68,000 | 0 |
Gross Unrealized Gains | 3,000 | 10,000 |
Fair Value | 43,262,000 | 36,957,000 |
Cost | 43,327,000 | 36,947,000 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses | 0 | -2,000 |
Gross Unrealized Gains | 3,000 | 0 |
Fair Value | 5,194,000 | 13,856,000 |
Cost | 5,191,000 | 13,858,000 |
Auction Rate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Auction Rate Notes Sold | 3,200,000 | |
Gross Unrealized Losses | -64,000 | -505,000 |
Gross Unrealized Gains | 0 | 0 |
Fair Value | 1,436,000 | 4,195,000 |
Cost | 1,500,000 | 4,700,000 |
Available-for-sale Securities, Amortized Cost Basis | 1,500,000 | |
U.S. Government Agencies Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses | -5,000 | 0 |
Gross Unrealized Gains | 0 | 0 |
Fair Value | 1,995,000 | 0 |
Cost | $2,000,000 | $0 |
Investments_Fair_Value_Measure
Investments Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
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 | $71,589,000 | [1] | $85,946,000 | ||
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 | ||||
Period for principal repayments | 33 years | ||||
Reset period for the securities held | seven or twenty eight days | ||||
Comprehensive income (loss) net of tax due to auction rate notes | 237,000 | 212,000 | 355,000 | ||
Money Market Funds [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 | 4,725,000 | [2] | 16,945,000 | [2] | |
Corporate Debt Securities [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 | 43,262,000 | [3] | 36,957,000 | ||
Commercial Paper [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 | 14,977,000 | [3] | 13,993,000 | ||
Auction Rate Notes [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 | 1,436,000 | [1] | 4,195,000 | ||
Interest rate, percent in excess of one month LIBOR | 1.50% | ||||
Comprehensive income (loss) before tax due to auction rate notes | -100,000 | ||||
Comprehensive income (loss) net of tax due to auction rate notes | -100,000 | ||||
Municipal Securities [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 | 5,194,000 | [3] | 13,856,000 | ||
U.S. Government Agencies Securities [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 | 1,995,000 | [3] | |||
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 | 4,725,000 | [1] | 16,945,000 | [1] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Money Market Funds [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 | 4,725,000 | [2] | 16,945,000 | [2] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Corporate Debt Securities [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 | 0 | [3] | 0 | [3] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Commercial Paper [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 | 0 | [3] | 0 | [3] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Auction Rate Notes [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 | 0 | [1] | 0 | [1] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Municipal Securities [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 | 0 | [3] | 0 | [3] | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | U.S. Government Agencies Securities [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 | 0 | [3] | |||
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 | 65,428,000 | [1] | 64,806,000 | [1] | |
Significant Other Observable Inputs Level 2 [Member] | Money Market Funds [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 | 0 | [2] | 0 | [2] | |
Significant Other Observable Inputs Level 2 [Member] | Corporate Debt Securities [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 | 43,262,000 | [3] | 36,957,000 | [3] | |
Significant Other Observable Inputs Level 2 [Member] | Commercial Paper [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 | 14,977,000 | [3] | 13,993,000 | [3] | |
Significant Other Observable Inputs Level 2 [Member] | Auction Rate Notes [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 | 0 | [1] | 0 | [1] | |
Significant Other Observable Inputs Level 2 [Member] | Municipal Securities [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 | 5,194,000 | [3] | 13,856,000 | [3] | |
Significant Other Observable Inputs Level 2 [Member] | U.S. Government Agencies Securities [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 | 1,995,000 | [3] | |||
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 | 1,436,000 | 4,195,000 | |||
Transfers in and/or out of Level 3 | 0 | ||||
Total gains, before tax | 441,000 | ||||
Settlements | -3,200,000 | ||||
Financial assets and liabilities measured at fair value on a recurring basis | 1,436,000 | [1] | 4,195,000 | [1] | |
Significant Unobservable Inputs Level 3 [Member] | Money Market Funds [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 | 0 | 0 | [2] | ||
Significant Unobservable Inputs Level 3 [Member] | Corporate Debt Securities [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 | 0 | [3] | 0 | [3] | |
Significant Unobservable Inputs Level 3 [Member] | Commercial Paper [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 | 0 | [3] | 0 | [3] | |
Significant Unobservable Inputs Level 3 [Member] | Auction Rate Notes [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 | 1,436,000 | [1] | 4,195,000 | [1] | |
Significant Unobservable Inputs Level 3 [Member] | Municipal Securities [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 | 0 | [3] | 0 | [3] | |
Significant Unobservable Inputs Level 3 [Member] | U.S. Government Agencies Securities [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 | $0 | [3] | |||
[1] | Included in long-term investments | ||||
[2] | Included in cash and cash equivalents | ||||
[3] | Included in short-term investments |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $15,395 | $11,592 |
Work in process | 27,500 | 30,109 |
Raw materials | 1,241 | 1,500 |
Inventories | ||
Total inventories | $44,136 | $43,201 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, plant and equipment | ||
Property, plant and equipment, Gross | $264,541 | $256,537 |
Accumulated depreciation | -204,088 | -198,758 |
Total property, plant and equipment, net | 60,453 | 57,779 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property, plant and equipment | ||
Property, plant and equipment, Gross | 189,335 | 180,851 |
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 | 54,483 | 53,915 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Property, plant and equipment | ||
Property, plant and equipment, Gross | 11,094 | 11,742 |
Office furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property, plant and equipment | ||
Property, plant and equipment, Gross | $1,528 | $1,928 |
Minimum [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | $3 | $1 | |
Property, Plant and Equipment (Textual) [Abstract] | |||
Depreciation | $11 | $11.10 | $11.50 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $1,600,000 | $1,400,000 | $800,000 |
Impairment of technology | 0 | 0 | 1,000,000 |
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 | ||
Discera, Inc. [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 2,700,000 | ||
PhaseLink Acquisition [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 8,300,000 | ||
Other Acquired Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $2,100,000 |
Finitelived_Intangible_Assets_
Finite-lived Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $13,153 | $13,943 |
Accumulated Amortization | -3,361 | -2,194 |
Net Carrying Amount | 9,792 | 11,749 |
Developed and core technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,443 | 7,783 |
Accumulated Amortization | -1,810 | -986 |
Net Carrying Amount | 5,633 | 6,797 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,800 | 3,800 |
Accumulated Amortization | -1,181 | -552 |
Net Carrying Amount | 2,619 | 3,248 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 610 | 610 |
Accumulated Amortization | -370 | -284 |
Net Carrying Amount | 240 | 326 |
Non-competition agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 450 |
Accumulated Amortization | 0 | -372 |
Net Carrying Amount | 0 | 78 |
In-process research and development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,300 | 1,300 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $1,300 | $1,300 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of future amortization expenses | ||
2015 | $1,535 | |
2016 | 1,510 | |
2017 | 1,281 | |
2018 | 1,223 | |
2019 | 1,140 | |
Thereafter | 3,103 | |
Net Carrying Amount | $9,792 | $11,749 |
Borrowing_Arrangements_Details
Borrowing Arrangements (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 02, 2012 | Dec. 31, 2014 | Jun. 30, 2012 | |
Term_Loans | |||
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 | ||
Line of Credit Facility, Description | Interest rates under the facility 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%. | ||
PhaseLink Acquisition [Member] | |||
Borrowing Arrangements (Additional Textual) [Abstract] | |||
Loans acquired with local bank in Taiwan | 300,000 | $0 |
Shareholders_Equity_and_ShareB1
Shareholders' Equity and Share-Based Compensation Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 24-May-12 |
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 | $145 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 30.7 | |||
Stock Repurchased During Period, Shares | 1,700,000 | |||
Stock Repurchased During Period, Value | 20.2 | |||
Share Repurchases Pending Cash Settlement | 0.2 | |||
Incentive Award Plans [Abstract] | ||||
Options exercisable and expected to vest | 5,172,424 | |||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 8 months 1 day | |||
Estimated intrinsic value of options exercisable and expected to vest | 20.3 | |||
Weighted average fair values of options granted | $2.93 | $2.86 | $2.96 | |
Aggregate intrinsic value of options exercised | 4.2 | 1.2 | 1 | |
Cash Received from Exercise of Stock Options | 12.7 | 4 | 3.3 | |
Excess tax benefit realized from exercise of non-qualified stock options and disqualifying dispositions of incentive stock options | 2 | 0.5 | 0.2 | |
Share Price | $14.51 | |||
Intrinsic value of outstanding options | 22.9 | |||
Intrinsic value of exercisable options | 14.1 | |||
Capitalized share-based compensation included in inventory | 0.2 | 0.2 | ||
Nonvested Awards, Compensation Not yet Recognized, Stock Options | 4.8 | |||
Employee Stock Purchase Plan [Abstract] | ||||
Stock issued during the period under the plan | 100,000 | 100,000 | 100,000 | |
Weighted average purchase price per share of shares purchased | $11.43 | $9.32 | $9.40 | |
2012 Equity Incentive Award Plan [Member] | ||||
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 | 6,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,400,000 | |||
Employee Stock Purchase Plan [Member] | ||||
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 | |||
Employee Stock Option [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Compensation cost not yet recognized, period for recognition | 2 years 5 months 10 days | |||
Employee Stock Option [Member] | 2012 Equity Incentive Award Plan [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Term of stock option grant | 10 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Incentive Award Plans [Abstract] | ||||
RSUs expected to vest | 1,300,000 | |||
RSUs, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 8 months 1 day | |||
RSUs, Aggregate Intrinsic Value, Nonvested | 19.2 | |||
Aggregate intrinsic value of RSU's expected to vest | 10.8 | |||
Aggregate Intrinsic Value of Vested RSUs | $4 | |||
Compensation cost not yet recognized, period for recognition | 2 years 10 months 20 days | |||
Vesting in Four Equal Installments [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Vesting percentage | 83.00% | |||
Vesting Period | 4 years | |||
Vesting One-Third Annually Beginning Third Anniversary of Grant Date [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Vesting percentage | 14.00% | |||
Minimum [Member] | Annual Vesting Percentage [Member] | Employee Stock Option [Member] | 2012 Equity Incentive Award Plan [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Vesting percentage | 20.00% | |||
Maximum [Member] | Annual Vesting Percentage [Member] | Employee Stock Option [Member] | 2012 Equity Incentive Award Plan [Member] | ||||
Incentive Award Plans [Abstract] | ||||
Vesting percentage | 25.00% |
Shareholders_Equity_and_ShareB2
Shareholders' Equity and Share-Based Compensation Stock Option Activity (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding, beginning, options | 7,513,088 | 8,156,269 | 7,960,170 | ||
Granted, options | 445,767 | 700,300 | 1,494,250 | ||
Exercised, options | -1,485,784 | -522,218 | -415,156 | ||
Canceled, options | -586,132 | -821,263 | -882,995 | ||
Outstanding, ending, options | 5,886,939 | 7,513,088 | 8,156,269 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||||
Outstanding, beginning, weighted average exercise price | $10.34 | $10.25 | $10.26 | ||
Granted, weighted average exercise price | $10.85 | $9.96 | $10.13 | ||
Exercised, weighted average exercise price | $8.56 | $7.62 | $7.91 | ||
Canceled, weighted average exercise price | $12.38 | $10.92 | $11.22 | ||
Outstanding, ending, weighted average exercise price | $10.64 | $10.34 | $10.25 | ||
Exercisable, options | 3,512,257 | 4,286,232 | 4,068,071 | 3,366,610 | |
Exercisable, options, weighted average exercise price | $10.53 | $10.12 | $9.98 | $10.31 | |
Exercisable, options, weighted average remaining contractual life | 4 years 9 months 1 day | 4 years 3 months 20 days | 4 years 2 months 13 days | 4 years 3 months 20 days |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Number of Outstanding Options | 5,886,939 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 11 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $10.64 |
Exercise Price Range, Number of Exercisable Options | 3,512,257 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.53 |
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 | 132,020 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 5 months 19 days |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $6.63 |
Exercise Price Range, Number of Exercisable Options | 132,020 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $6.63 |
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 | 298,340 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 1 month |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $7.25 |
Exercise Price Range, Number of Exercisable Options | 293,380 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.25 |
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 | $7.49 |
Exercise Price Range, Upper Range Limit | $8 |
Exercise Price Range, Number of Outstanding Options | 288,283 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 5 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $7.82 |
Exercise Price Range, Number of Exercisable Options | 283,803 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.82 |
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 | $8.01 |
Exercise Price Range, Upper Range Limit | $9 |
Exercise Price Range, Number of Outstanding Options | 151,588 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 7 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8.54 |
Exercise Price Range, Number of Exercisable Options | 141,785 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $8.53 |
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 | $9.01 |
Exercise Price Range, Upper Range Limit | $10 |
Exercise Price Range, Number of Outstanding Options | 1,282,671 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 6 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $9.61 |
Exercise Price Range, Number of Exercisable Options | 643,954 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $9.65 |
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 | $10.01 |
Exercise Price Range, Upper Range Limit | $11 |
Exercise Price Range, Number of Outstanding Options | 1,982,999 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 9 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $10.41 |
Exercise Price Range, Number of Exercisable Options | 868,161 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.40 |
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 | $11.01 |
Exercise Price Range, Upper Range Limit | $13 |
Exercise Price Range, Number of Outstanding Options | 697,258 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 0 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $12.09 |
Exercise Price Range, Number of Exercisable Options | 407,874 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $12.16 |
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 | $13.01 |
Exercise Price Range, Upper Range Limit | $16 |
Exercise Price Range, Number of Outstanding Options | 973,780 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 6 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $13.70 |
Exercise Price Range, Number of Exercisable Options | 661,280 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $13.67 |
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 | $16.01 |
Exercise Price Range, Upper Range Limit | $49.50 |
Exercise Price Range, Number of Outstanding Options | 80,000 |
Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 2 months |
Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $16.21 |
Exercise Price Range, Number of Exercisable Options | 80,000 |
Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $16.21 |
Shareholders_Equity_and_ShareB3
Shareholders' Equity and Share-Based Compensation Restricted Stock Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 1,195,262 | 877,050 | 667,277 |
Granted, restricted stock units | 780,225 | 591,974 | 417,531 |
Vested, restricted stock units | -349,451 | -209,819 | -146,327 |
Forfeited, restricted stock units | -116,935 | -63,943 | -61,431 |
Outstanding, ending, restricted stock units | 1,509,101 | 1,195,262 | 877,050 |
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 | $9.63 | $9.83 | $9.73 |
Granted, weighted average grant date fair value | $10.78 | $9.31 | $9.67 |
Vested, weighted average grant date fair value | $9.61 | $9.60 | $9.49 |
Forfeited, weighted average grant date fair value | $9.89 | $9.69 | $9.65 |
Outstanding, ending, weghted average grant date fair value | $10.21 | $9.63 | $9.83 |
Shareholders_Equity_and_ShareB4
Shareholders' Equity and Share-Based Compensation Option Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options granted under the Company's option plans | |||
Expected term | 6 years 0 months 0 days | 5 years 10 months 29 days | 5 years 9 months 22 days |
Stock volatility | 30.70% | 34.50% | 36.60% |
Risk free interest rates | 2.00% | 1.60% | 1.00% |
Dividends during expected terms | 1.60% | 1.90% | 1.60% |
ShareBased_Compensation_Period
Share-Based Compensation, Period Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based compensation expense | |||
Share-based compensation | $7,624 | $7,097 | $7,592 |
Less income tax effect | -2,613 | -2,314 | -2,583 |
Net Share-based Compensation Expense | 5,011 | 4,783 | 5,009 |
Cost of revenues [Member] | |||
Share-based compensation expense | |||
Share-based compensation | 997 | 1,060 | 1,178 |
Research and development [Member] | |||
Share-based compensation expense | |||
Share-based compensation | 3,197 | 2,875 | 3,132 |
Selling, general and administrative [Member] | |||
Share-based compensation expense | |||
Share-based compensation | $3,430 | $3,162 | $3,282 |
Income_Taxes_Income_Tax_Rate_R
Income Taxes Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
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 | -14.00% | -22.00% | 0.00% | |
Qualified production activities deduction | -5.00% | -3.00% | -4.00% | |
State income taxes (net of federal income tax benefit) | 0.00% | 0.00% | -2.00% | |
Non-deductible stock compensation | 0.00% | 1.00% | 1.00% | |
Valuation allowance | 0.00% | 0.00% | 27.00% | |
Deemed dividend income | 0.00% | 3.00% | 0.00% | |
Other | 3.00% | [1] | -6.00% | -1.00% |
Effective tax rate | 19.00% | 8.00% | 56.00% | |
[1] | Other, in 2014 and 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $4,869 | $4,833 | $8,847 |
State | 78 | -66 | -1,731 |
Foreign | 544 | 494 | 563 |
Total current | 5,491 | 5,261 | 7,679 |
Deferred: | |||
Federal | -2,179 | -3,698 | -8,489 |
State | -5 | -31 | 16,901 |
Foreign | -140 | 52 | -125 |
Total deferred | -2,324 | -3,677 | 8,287 |
Total provision | $3,167 | $1,584 | $15,966 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pre-tax income from U.S. jurisdiction | $16,600,000 | $16,900,000 | $28,000,000 |
Pre-tax income from foreign jurisdictions | 100,000 | 2,300,000 | 300,000 |
Deferred Tax Assets, Net, Current | 24,300,000 | ||
Deferred Tax Assets, Valuation Allowance | 12,229,000 | 8,999,000 | |
Liability for Uncertain Tax Positions, Current | 7,600,000 | ||
Net amount, reduced for the federal effects of potential state tax exposures | 6,000,000 | ||
Net amount, favorably affect the company's tax provision in future periods | 3,500,000 | ||
Increase in deferred tax assets, uncertain tax positions | 2,500,000 | ||
Liability for uncertain tax positions in long term taxes payable | 3,511,000 | 3,575,000 | |
Unrecognized Tax Benefits, Recognized in Current Period from Lapse of Statute of Limitations | 4,900,000 | ||
Income Tax Examination, Interest Accrued | 300,000 | 300,000 | |
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 22,100,000 | ||
Current Income Taxes Payable [Member] | |||
Income Tax Examination, Interest Accrued | 55,000 | ||
Long-Term Income Taxes Payable [Member] | |||
Income Tax Examination, Interest Accrued | $3,500,000 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accruals, reserves and other amounts not currently deductible | $13,034 | $11,346 |
Deferred income | 8,106 | 9,547 |
Tax credit carryforwards | 12,184 | 9,170 |
Non-qualified share-based compensation | 6,245 | 6,115 |
Capitalized research and development | 18 | 0 |
Unrealized loss on investments and other | 181 | 278 |
Gross deferred tax assets | 39,768 | 36,456 |
Valuation allowance | -12,229 | -8,999 |
Total deferred tax assets | 27,539 | 27,457 |
Deferred tax liabilities: | ||
Long-lived assets | -3,265 | -5,187 |
Foreign undistributed earnings | -18 | 0 |
Total deferred tax liability | -3,283 | -5,187 |
Net deferred tax assets (current and non-current) | $24,256 | $22,270 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $9,433 | $8,259 | $8,532 |
Additions based on tax positions related to the current year | 909 | 762 | 487 |
Additions for tax positions related to prior years | 662 | 1,593 | 77 |
Subtractions for tax positions related to prior years and settlements of audits | -4,959 | -1,181 | -837 |
Ending balance | $6,045 | $9,433 | $8,259 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Accrued compensation | $7,050 | $5,767 |
Accrued commissions | 1,605 | 1,666 |
Accrued restructuring | 360 | 902 |
Other accrued liabilities | 3,854 | 4,539 |
Accrued Liabilities, Current | $12,869 | $12,874 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2006 | Jun. 30, 2012 | Mar. 31, 2012 | |
Loss Contingencies [Line Items] | |||||||
Nadatel purchased low-dropout voltage regulators | 17,000 | 17,000 | |||||
2015 | $960,000 | ||||||
2016 | 526,000 | ||||||
2017 | 420,000 | ||||||
2018 | 120,000 | ||||||
2019 | 21,000 | ||||||
Total | 2,047,000 | ||||||
Rent expense under operating leases | 1,100,000 | 1,100,000 | 1,100,000 | ||||
Open purchase orders | 19,400,000 | ||||||
Letters of credit outstanding | 300,000 | ||||||
Selling, general and administrative [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement expense | $200,000 | $200,000 |
ProfitSharing_401k_Plan_Detail
Profit-Sharing 401(k) Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $0.40 | ||
Employer's discretionary annual contribution to the plan | $0.20 | $0.40 | |
Ratable vesting period for employer's contributuions to the plan | 6 years |
Segment_Reporting_Details
Segment Reporting (Details) (Customer Concentration Risk [Member], Sales [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Original Equipment Manufacturer [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration Risk, Number of Significant Customers | 0 | 0 | 1 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Distributor A [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 25.00% | 29.00% | 22.00% |
Distributor B [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 18.00% | 17.00% | 15.00% |
Segment_Reporting_Geographic_I
Segment Reporting Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | $57,918 | $67,480 | $62,339 | $59,857 | $60,007 | $58,169 | $59,171 | $59,733 | $247,594 | $237,080 | $250,112 | |||||
Long-Lived Assets (1) | 60,453 | [1] | 57,779 | [1] | 60,453 | [1] | 57,779 | [1] | 60,692 | [1] | ||||||
United States of America | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 55,574 | 62,667 | 66,267 | |||||||||||||
Long-Lived Assets (1) | 50,125 | 48,432 | 50,125 | 48,432 | 51,715 | |||||||||||
Other North American Countries | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 176 | 144 | 193 | |||||||||||||
Long-Lived Assets (1) | 0 | 0 | 0 | 0 | 0 | |||||||||||
Korea | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 23,324 | 28,050 | 36,896 | |||||||||||||
Long-Lived Assets (1) | 9 | 16 | 9 | 16 | 24 | |||||||||||
Taiwan | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 25,114 | 23,503 | 22,507 | |||||||||||||
Long-Lived Assets (1) | 3,093 | 2,956 | 3,093 | 2,956 | 3,492 | |||||||||||
Singapore | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 31,899 | 26,353 | 23,899 | |||||||||||||
Long-Lived Assets (1) | 9 | 9 | 9 | 9 | 8 | |||||||||||
China | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 16,073 | 15,873 | 16,183 | |||||||||||||
Long-Lived Assets (1) | 1,684 | 2,424 | 1,684 | 2,424 | 1,417 | |||||||||||
Hong Kong | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 43,060 | 33,881 | 37,300 | |||||||||||||
Long-Lived Assets (1) | 60 | 86 | 60 | 86 | 215 | |||||||||||
Japan | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 16,582 | 14,686 | 14,329 | |||||||||||||
Long-Lived Assets (1) | 2 | 23 | 2 | 23 | 1 | |||||||||||
Other Asian Countries | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 1,377 | 1,259 | 1,284 | |||||||||||||
Long-Lived Assets (1) | 5,447 | 3,727 | 5,447 | 3,727 | 3,717 | |||||||||||
Europe | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total Net Revenues | 34,415 | 30,664 | 31,254 | |||||||||||||
Long-Lived Assets (1) | $24 | $106 | $24 | $106 | $103 | |||||||||||
[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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends, Common Stock [Abstract] | ||||
Payment of cash dividends | $11,299,000 | $8,219,000 | $12,072,000 | |
Dividends paid per common share | $0.20 | $0.14 | $0.21 | |
Accelerated cash dividend per share | $0.04 | |||
Payment of accelerated cash dividends | $2,500,000 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $500 | $500 | $1,400 | $992 | $1,376 | $0 |
Payments for Restructuring | -1,534 | -474 | ||||
Accrued restructuring | 360 | 902 | 360 | 902 | ||
Q42013 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0 | 1,376 | ||||
Payments for Restructuring | -882 | -474 | ||||
Accrued restructuring | 20 | 902 | 20 | 902 | ||
Q32014 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 631 | |||||
Payments for Restructuring | -560 | |||||
Accrued restructuring | 71 | 71 | ||||
Q42014 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 361 | |||||
Payments for Restructuring | -92 | |||||
Accrued restructuring | $269 | $269 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | ||
Jan. 30, 2014 | Feb. 26, 2015 | Feb. 12, 2015 | |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | 29-Jan-15 | ||
Dividends, Declared, Per Share | $0.05 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date to be Paid | 25-Feb-15 | ||
Dividends Payable, Date of Record | 11-Feb-15 |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Summary - Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Total Net Revenues | $57,918 | $67,480 | $62,339 | $59,857 | $60,007 | $58,169 | $59,171 | $59,733 | $247,594 | $237,080 | $250,112 | |||||||||
Gross Profit | 29,610 | 34,408 | 32,791 | 31,219 | 30,413 | 29,471 | 31,082 | 31,080 | 128,028 | 122,046 | 132,927 | |||||||||
Net income | 3,054 | [1] | 4,675 | [1] | 3,529 | [1] | 2,289 | [1] | 3,364 | [2] | 4,004 | [2] | 5,035 | [2] | 5,245 | [2] | 13,547 | 17,648 | 12,328 | |
Earnings Per Share, Basic | $0.05 | [1] | $0.08 | [1] | $0.06 | [1] | $0.04 | [1] | $0.06 | [2] | $0.07 | [2] | $0.09 | [2] | $0.09 | [2] | $0.24 | $0.31 | $0.21 | |
Earnings Per Share, Diluted | $0.05 | [1] | $0.08 | [1] | $0.06 | [1] | $0.04 | [1] | $0.06 | [2] | $0.07 | [2] | $0.09 | [2] | $0.09 | [2] | $0.24 | $0.30 | $0.20 | |
Shares used in computing basic net income per share | 56,490 | 56,642 | 56,537 | 56,388 | 56,908 | 57,752 | 58,303 | 58,270 | 56,508 | 57,803 | 59,623 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | 57,710 | 57,708 | 57,448 | 57,208 | 57,546 | 58,440 | 59,007 | 59,030 | 57,538 | 58,506 | 60,288 | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.04 | $0 | $0.20 | $0.14 | $0.21 | [3] | ||||||||
Restructuring charges | $500 | $500 | $1,400 | $992 | $1,376 | $0 | ||||||||||||||
[1] | During the third and fourth quarter of 2014, the Company recorded a restructuring charge of $0.5 million and $0.5 million for employee severances and facility closure, respectively. | |||||||||||||||||||
[2] | During the fourth quarter of 2013, the Company recorded a restructuring charge of $1.4 million for employee severances. | |||||||||||||||||||
[3] | 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. |
Valuations_and_Qualifying_Acco2
Valuations and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | $760 | $812 | $1,294 | |||
Allowance Additions or (Reductions) | 66,614 | 79,057 | 75,116 | |||
Returns and Price Adjustments | -66,286 | -79,109 | -75,598 | |||
Bad Debt Write-offs | -30 | 0 | 0 | |||
Balance at End of Year | 1,058 | 760 | 812 | |||
OEM and Stocking Representative Returns and Price Adjustments [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | 737 | 712 | 1,066 | |||
Allowance Additions or (Reductions) | 1,970 | 1,954 | 1,452 | |||
Returns and Price Adjustments | -1,889 | -1,929 | -1,806 | |||
Bad Debt Write-offs | 0 | 0 | 0 | |||
Balance at End of Year | 818 | 737 | 712 | |||
Unclaimed Distributor Price Adjustments [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | 0 | [1] | 51 | [1] | 169 | [1] |
Allowance Additions or (Reductions) | 64,530 | [1] | 77,129 | [1] | 73,674 | [1] |
Returns and Price Adjustments | -64,397 | [1] | -77,180 | [1] | -73,792 | [1] |
Bad Debt Write-offs | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at End of Year | 133 | [1] | 0 | [1] | 51 | [1] |
Allowance for Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | 23 | 49 | 59 | |||
Allowance Additions or (Reductions) | 114 | -26 | -10 | |||
Returns and Price Adjustments | 0 | 0 | 0 | |||
Bad Debt Write-offs | -30 | 0 | 0 | |||
Balance at End of Year | $107 | $23 | $49 | |||
[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. |