Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 21-May-15 | Sep. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | IXYS CORP /DE/ | ||
Trading Symbol | IXYS | ||
Entity Central Index Key | 945699 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -28 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $261,281,622 | ||
Entity Common Stock Shares Outstanding | 31,703,282 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
Statement_of_Earnings
Statement of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Net revenues | $338,767 | $336,330 | $280,014 |
Cost of goods sold | 236,802 | 236,120 | 195,134 |
Gross profit | 101,965 | 100,210 | 84,880 |
Operating expenses: | |||
Research, development and engineering | 26,667 | 30,884 | 28,022 |
Selling, general and administrative | 41,810 | 41,983 | 39,287 |
Amortization of acquired intangible assets | 5,978 | 10,521 | 2,244 |
Total operating expenses | 74,455 | 83,388 | 69,553 |
Operating income | 27,510 | 16,822 | 15,327 |
Other income (expense): | |||
Interest income | 240 | 157 | 334 |
Interest expense | -1,397 | -1,579 | -938 |
Other income (expense), net | 4,077 | -1,941 | -41 |
Income before income tax provision | 30,430 | 13,459 | 14,682 |
Provision for income tax | -6,690 | -7,413 | -7,034 |
Net income (loss) | $23,740 | $6,046 | $7,648 |
Net income per share | |||
Basic | $0.75 | $0.19 | $0.25 |
Diluted | $0.74 | $0.19 | $0.24 |
Cash dividends per common share | $0.14 | $0.12 | $0.06 |
Weighted average shares used in per share calculation: | |||
Basic | 31,531 | 31,146 | 31,025 |
Diluted | 32,239 | 31,916 | 31,695 |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $121,164,000 | $98,438,000 |
Restricted cash | 266,000 | 337,000 |
Accounts receivable | 41,042,000 | 45,707,000 |
Inventories | 82,005,000 | 93,028,000 |
Prepaid expenses and other current assets | 3,413,000 | 9,520,000 |
Deferred income taxes | 7,077,000 | 7,975,000 |
Total current assets | 254,967,000 | 255,005,000 |
Property, plant and equipment, net | 42,545,000 | 50,569,000 |
Intangible assets, net | 10,384,000 | 16,347,000 |
Goodwill | 27,375,000 | 25,164,000 |
Deferred income taxes | 24,880,000 | 24,316,000 |
Other assets | 13,704,000 | 11,781,000 |
Total assets | 373,855,000 | 383,182,000 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 464,000 | 2,468,000 |
Current portion of loans payable | 45,790,000 | 1,028,000 |
Accounts payable | 12,675,000 | 15,684,000 |
Accrued expenses and other current liabilities | 19,865,000 | 50,166,000 |
Total current liabilities | 78,794,000 | 69,346,000 |
Capitalized lease obligations, net of current portion | 0 | 723,000 |
Long term loans, net of current portion | 3,433,000 | 19,831,000 |
Pension liabilities | 17,232,000 | 15,545,000 |
Other long term liabilities | 7,095,000 | 7,105,000 |
Total liabilities | 106,554,000 | 112,550,000 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 381,000 | 380,000 |
Additional paid-in capital | 209,707,000 | 206,290,000 |
Treasury stock | -56,833,000 | -58,782,000 |
Retained earnings | 137,134,000 | 117,715,000 |
Accumulated other comprehensive income (loss) | -23,088,000 | 5,029,000 |
Total stockholders' equity | 267,301,000 | 270,632,000 |
Total liabilities and stockholders' equity | $373,855,000 | $383,182,000 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parentheticals) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Accounts receivable allowance for doubtful accounts | $2,768 | $3,013 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 38,116,884 | 38,016,909 |
Common stock, shares outstanding | 31,674,782 | 31,353,819 |
Treasury stock, shares | 6,442,102 | 6,663,090 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Income and Comprehensive Income [Abstract] | |||
Net income (loss) | $23,740 | $6,046 | $7,648 |
Foreign currency translation adjustments | -24,112 | 7,553 | -3,490 |
Changes in unrealized gain (losses), net of tax | -1,536 | 361 | -672 |
Investment in securities, reclassification adjustment for net losses (gains) realized in net income (loss), net of tax | 1,218 | -96 | 800 |
Net changes in market value of investments | -318 | 265 | 128 |
Changes in accumulated net actuarial income (loss), net of tax | -3,830 | 89 | -1,957 |
Defined benefit plans, reclassification adjustment for net losses (gains) realized in net income (loss), net of tax | 143 | 215 | 136 |
Net changes in defined benefit plan accumulated net actuarial income (loss) | -3,687 | 304 | -1,821 |
Other comprehensive income (loss) | -28,117 | 8,122 | -5,183 |
Total comprehensive income (loss) | ($4,377) | $14,168 | $2,465 |
Statement_of_Comprehensive_Inc1
Statement of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income Loss, Tax, Portion Attributable To Parent [Abstract] | |||
Other comprehensive income (loss), available for sale securities, before reclassification adjustments, tax expenses (benefits) | ($825) | $196 | ($363) |
Other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities, tax benefits (expenses) | 655 | -52 | 431 |
Other comprehensive (income) loss, pension and other postretirement benefit plans, before reclassification adjustments, tax expenses (benefits) | -960 | 8 | -449 |
Other comprehensive (income) loss, reclassification adjustment from AOCI, pension and other postretirement benefit plans, tax benefits (expenses) | $36 | $21 | $31 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | |||
Net income (loss) | $23,740 | $6,046 | $7,648 |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | |||
Depreciation and amortization | 17,311 | 21,274 | 12,492 |
Provision for receivable allowances | 8,935 | 8,563 | 10,064 |
Write-down of marketable equity securities | 1,903 | 7 | 1,342 |
Net change in inventory provision | 2,852 | 1,724 | 1,295 |
Stock-based compensation | 2,867 | 2,785 | 3,451 |
Deferred income taxes | 1,340 | -551 | 2,495 |
Tax impacts due to employee equity incentive plans | -105 | -152 | 38 |
Foreign currency adjustments on intercompany amounts and other non-cash items | -5,033 | 312 | -142 |
Changes in operating assets and liabilities, net of business acquired: | |||
Accounts receivable | -7,342 | -14,755 | -487 |
Inventories | -2,203 | -6,296 | -839 |
Prepaid expenses and other current assets | 5,103 | -5,518 | -3,878 |
Other assets | 828 | -968 | 832 |
Accounts payable | -2,646 | 2,067 | -1,304 |
Accrued expenses and other liabilities | 2,058 | 5,698 | -744 |
Pension liabilities | -1,414 | -907 | -626 |
Net cash provided by (used in) operating activities | 48,194 | 19,329 | 31,637 |
Cash flows from investing activities: | |||
Change in restricted cash | 71 | -23 | 195 |
Purchase of businesses, net of cash and cash equivalents acquired and installment payments | -2,297 | -20,000 | 0 |
Purchases of investments | -5,887 | 0 | -4,538 |
Purchases of plant and equipment | -7,018 | -7,623 | -7,192 |
Proceeds from sale of investments | 54 | 512 | 453 |
Net cash used in investing activities | -15,077 | -27,134 | -11,082 |
Cash flows from financing activities: | |||
Principal payments on capital lease obligations | -2,414 | -2,570 | -2,774 |
Repayments of loans and notes payable | -1,144 | -1,000 | -1,667 |
Iinstallment payments for business acquisition | -30,000 | 0 | 0 |
Proceeds from loans | 30,000 | 0 | 0 |
Tax impacts due to employee equity incentive plans | 105 | 152 | -38 |
Purchases of treasury stock | 0 | -602 | -6,505 |
Payments of cash dividends to stockholders | -4,263 | -3,744 | -1,854 |
Proceeds from employee equity plans | 2,587 | 4,420 | 1,982 |
Net cash used in financing activities | -5,129 | -3,344 | -10,856 |
Effect of exchange rate fluctuations on cash and cash equivalents | -5,262 | 2,471 | -1,187 |
Net increase (decrease) in cash and cash equivalents | 22,726 | -8,678 | 8,512 |
Cash and cash equivalents at beginning of the year | 98,438 | 107,116 | 98,604 |
Cash and cash equivalents at end of the year | 121,164 | 98,438 | 107,116 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 2,172 | 801 | 897 |
Cash paid during the period for income taxes | $1,416 | $4,760 | $126 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (USD $) | Total | Common Stock and Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Balance at Mar. 31, 2012 | $254,107 | $198,661 | ($56,838) | $110,194 | $2,090 |
Beginning balance, shares at Mar. 31, 2012 | 37,806 | 6,482 | |||
Net income (loss) | 7,648 | 7,648 | |||
Other comprehensive income (loss) | -5,183 | -5,183 | |||
Stock-based compensation | 3,451 | 3,451 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | 865 | 865 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others, shares | 115 | ||||
Purchase of treasury stock | -6,505 | -6,505 | |||
Purchase of treasury stock, shares | 707 | ||||
Re-issurance of treasury stock under stock compensation plans | 1,079 | 1,349 | -270 | ||
Re-issuance of treasury stock under stock compensation plans, shares | -153 | ||||
Dividend | -1,854 | -1,854 | |||
Balance at Mar. 31, 2013 | 253,608 | 202,977 | -61,994 | 115,718 | -3,093 |
Ending balance, shares at Mar. 31, 2013 | 37,921 | 7,036 | |||
Net income (loss) | 6,046 | 6,046 | |||
Other comprehensive income (loss) | 8,122 | 8,122 | |||
Stock-based compensation | 2,785 | 2,785 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | 908 | 908 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others, shares | 96 | ||||
Purchase of treasury stock | -602 | -602 | |||
Purchase of treasury stock, shares | 60 | ||||
Re-issurance of treasury stock under stock compensation plans | 3,509 | 3,814 | -305 | ||
Re-issuance of treasury stock under stock compensation plans, shares | -433 | ||||
Dividend | -3,744 | -3,744 | |||
Balance at Mar. 31, 2014 | 270,632 | 206,670 | -58,782 | 117,715 | 5,029 |
Ending balance, shares at Mar. 31, 2014 | 38,017 | 6,663 | |||
Net income (loss) | 23,740 | 23,740 | |||
Other comprehensive income (loss) | -28,117 | -28,117 | |||
Stock-based compensation | 2,867 | 2,867 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | 551 | 551 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others, shares | 100 | ||||
Re-issurance of treasury stock under stock compensation plans | 1,891 | 1,949 | -58 | ||
Re-issuance of treasury stock under stock compensation plans, shares | -221 | ||||
Dividend | -4,263 | -4,263 | |||
Balance at Mar. 31, 2015 | $267,301 | $210,088 | ($56,833) | $137,134 | ($23,088) |
Ending balance, shares at Mar. 31, 2015 | 38,117 | 6,442 |
Note_1_Description_of_Business
Note 1 Description of Business | 12 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. Description of Business |
We design, develop, manufacture and market power semiconductors, digital and analog integrated circuits, or ICs, and systems and radio frequency, or RF, power semiconductors. | |
Power semiconductors are used primarily in controlling energy in motor drives, power conversion including uninterruptible power supplies, or UPS, and switch mode power supplies, or SMPS, and medical electronics. Our power semiconductors convert electricity at relatively high voltage and current levels to create efficient power as required by a specific application. Our target market includes segments of the power semiconductor market that require medium to high power semiconductors, with a particular emphasis on high power semiconductors. Our power semiconductors include power metal-oxide-silicon field-effect transistors, or Power MOSFETs, insulated-gate bipolar transistors, or IGBTs, thyristors and rectifiers, including fast-recovery epitaxial diodes, or FREDs. Our ICs include solid state relays, or SSRs, for telecommunications applications and power management and control ICs, such as current regulators, motion controllers, digital power modulators and drivers, and microcontrollers such as embedded flash microcontrollers and 8-bit microcontrollers. Our systems include laser diode drivers, high voltage pulse generators and modulators, and high power subsystems, sometimes know as stacks, that are principally based on our high power semiconductor devices. | |
We sell products in North America, Europe and Asia through an organization that includes direct sales personnel, independent representatives and distributors. We are headquartered in Northern California with principal operations in California, Massachusetts, Germany, the Philippines and the United Kingdom. Each site has manufacturing, research and development and sales and distribution activities. We also make use of subcontract manufacturers for fabrication of wafers and for assembly and test operations. |
Note_2_Summary_of_Significant_
Note 2 Summary of Significant Accounting Policies | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Accounting Policies [Abstract] | ||||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | |||||
Principles of Consolidation | ||||||
The consolidated financial statements include the accounts of IXYS and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. | ||||||
Foreign Currency Translation and Transaction | ||||||
The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. IXYS Semiconductor GmbH, or IXYS GmbH utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders' equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. | ||||||
Use of Estimates | ||||||
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not limited to, revenue reserves, inventory valuation, deferred income taxes and related valuation allowances, allocation of purchase price in business combinations, valuation of goodwill and identifiable intangible assets and asset impairment analysis. | ||||||
Revenue Recognition | ||||||
Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are met when title to the products is passed to the buyers. Sales with destination point terms are recognized upon delivery. | ||||||
We sell to distributors and original equipment manufacturers. Approximately 55.6% of our revenues in fiscal 2015 were from distributors. We provide certain of our distributors with the following programs: stock rotation and ship and debit. | ||||||
Reserves for sales returns and allowances, including allowances for so called “ship and debit” transactions, are recorded at the time of shipment, based on historical levels of returns and discounts, current economic trends and changes in customer demand. | ||||||
Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfer, typically upon shipment from us, at which point we have a legally enforceable right to collection under normal payment terms. Under certain circumstances where we are not able to reasonably and reliably estimate the actual returns, revenues and costs relating to distributor sales are deferred until products are sold by the distributors to the distributor's end customers. Deferred amounts are presented net and included under “Accrued expenses and other liabilities.” | ||||||
Allowance for sales returns. We maintain an allowance for sales returns for estimated product returns by our customers. We estimate our allowance for sales returns based on our historical return experience, current economic trends, changes in customer demand, known returns we have not received and other assumptions. If we were to make different judgments or utilize different estimates, the amount and timing of our revenue could be materially different. Given that our revenues consist of a high volume of relatively similar products, to date our actual returns and allowances have not fluctuated significantly from period to period, and our returns provisions have historically been reasonably accurate. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. | ||||||
Allowance for stock rotation. We also provide “stock rotation” to select distributors. The rotation allows distributors to return a percentage of the previous six months' sales. In the fiscal years ended March 31, 2015, 2014 and 2013, approximately $1.7 million, $1.5 million and $2.4 million, respectively, of products were returned to us under the program. We establish the stock rotation allowance immediately upon sales except where the revenue recognition is deferred and recognized on the sale by the distributor of products to the end customer. The allowance, which is management's best estimate of future returns, is based upon the historical experience of returns and inventory levels at the distributors. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. | ||||||
Allowance for ship and debit. Ship and debit is a program designed to assist distributors in meeting competitive prices in the marketplace on sales to their end customers. Ship and debit requires a request from the distributor for a pricing adjustment for a specific part for a customer sale to be shipped from the distributor's stock. We have no obligation to accept this request. However, it is our historical practice to allow some companies to obtain pricing adjustments for inventory held. We receive periodic statements regarding our products held by our distributors. Ship and debit authorizations may cover current and future distributor activity for a specific part for sale to a distributor's customer. At the time we record sales to distributors, we provide an allowance for the estimated future distributor activity related to such sales since it is probable that such sales to distributors will result in ship and debit activity. The sales allowance requirement is based on sales during the period, credits issued to distributors, distributor inventory levels, historical trends, market conditions, pricing trends we see in our direct sales activity with original equipment manufacturers and other customers, and input from sales, marketing and other key management. We believe that the analysis of these inputs enable us to make reliable estimates of future credits under the ship and debit program. This analysis requires the exercise of significant judgments. Our actual results to date have approximated our estimates. At the time the distributor ships the part from stock, the distributor debits us for the authorized pricing adjustment. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. If competitive pricing were to decrease sharply and unexpectedly, our estimates might be insufficient, which could significantly adversely affect our operating results. | ||||||
Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period and reduce revenues and gross profit in the period. The following table sets forth the beginning and ending balances of, additions to, and deductions from, the allowance for ship and debit during the three years ended March 31, 2015 (in thousands): | ||||||
Balance March 31, 2012 | $ | 1,101 | ||||
Additions | 5,842 | |||||
Deductions | -5,547 | |||||
Balance March 31, 2013 | 1,396 | |||||
Additions | 4,757 | |||||
Deductions | -5,082 | |||||
Balance March 31, 2014 | 1,071 | |||||
Additions | 5,765 | |||||
Deductions | -5,777 | |||||
Balance March 31, 2015 | $ | 1,059 | ||||
We state our revenues net of any taxes collected from customers that are required to be remitted to the various government agencies. The amount of taxes collected from customers and payable to government is included under “Accrued expenses and other liabilities.” Shipping and handling costs are included in cost of sales. | ||||||
Trade accounts receivable and allowance for doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determine the allowance based on the aging of our accounts receivable, the financial condition of our customers and their payment history, our historical write-off experience and other assumptions. The allowance for doubtful accounts is reviewed quarterly. Past due balances and other specified accounts as necessary are reviewed individually. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Actual write-offs may be in excess of the recorded allowance. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a “selling, general and administrative expense” in the statement of operations. | ||||||
Cash and Cash Equivalents | ||||||
We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents include investments in commercial paper and money market accounts at banks. | ||||||
Restricted Cash | ||||||
Restricted cash balances at March 31, 2015 and March 31, 2014 were $266,000 and $337,000, respectively. The restricted cash balances constitute funds segregated for pension payments in Germany. | ||||||
Inventories | ||||||
Inventories are recorded at the lower of a currently adjusted standard cost, which approximates actual cost on a first-in-first-out basis, or market value. Our accounting for inventory costing is based on the applicable expenditure incurred, directly or indirectly, in bringing the inventory to its existing condition. Such expenditures include acquisition costs, production costs and other costs incurred to bring the inventory to its use. As it is impractical to track inventory from the time of purchase to the time of sale for the purpose of specifically identifying inventory cost, inventory is, therefore, valued based on a standard cost, given that the materials purchased are identical and interchangeable at various production processes. The authoritative guidance provided by Financial Accounting Standards Board, or FASB, requires certain abnormal expenditures to be recognized as expenses in the current period versus being capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We review our standard costs on an as-needed basis, but in any event at least once a year, and update them as appropriate to approximate actual costs. | ||||||
We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may be required to reduce the valuation of our inventories below cost. We regularly review inventory quantities on hand and record an estimated provision for excess inventory based primarily on our historical sales and expectations for future use. Actual demand and market conditions may be different from those projected by our management. This could have a material effect on our operating results and financial position. If we were to make different judgments or utilize different estimates, the amount and timing of the write-down of inventories could be materially different. | ||||||
Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. Sales of excess inventory have the effect of increasing the gross profit margin beyond that which would otherwise occur, because of previous write-downs. Once inventory is written down below cost, it is not written back up when it is subsequently sold or scrapped. We do not physically segregate excess inventory and assign unique tracking numbers to it in our accounting systems. Consequently, we cannot isolate the sales prices of excess inventory from the sales prices of non-excess inventory. Therefore, we are unable to report the amount of gross profit resulting from the sale of excess inventory or quantify the favorable impact of such gross profit on our gross profit margin. | ||||||
The following table provides information on our excess and obsolete inventory reserve charged against inventory at cost (in thousands): | ||||||
Balance at March 31, 2012 | $ | 28,138 | ||||
Utilization or sale | -2,242 | |||||
Scrap | -3,662 | |||||
Additional provision | 3,385 | |||||
Foreign currency translation adjustments | -330 | |||||
Balance at March 31, 2013 | 25,289 | |||||
Utilization or sale | -1,579 | |||||
Scrap | -3,422 | |||||
Additional provision | 3,503 | |||||
Foreign currency translation adjustments | 513 | |||||
Balance at March 31, 2014 | 24,304 | |||||
Utilization or sale | -1,637 | |||||
Scrap | -2,901 | |||||
Additional provision | 4,487 | |||||
Foreign currency translation adjustments | -1,500 | |||||
Balance at March 31, 2015 | $ | 22,753 | ||||
The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not know whether or when all the semiconductors resulting from a lot of wafers will sell. With more than 10,000 different part numbers for semiconductors, excess inventory resulting from the manufacture of some of those semiconductors will be continual and ordinary. Because the cost of storage is minimal when compared to potential value and because the products of our company do not quickly become obsolete, we expect to hold excess inventory for potential future sale for years. Consequently, we have no set time line for the sale or scrapping of excess inventory. | ||||||
In addition, our inventory is also being written down to lower of cost or market or net realizable value. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that the selling price is lower than current cost, the inventory is marked down accordingly. At March 31, 2015 and 2014, our lower of cost or market reserves were $444,000 and $474,000, respectively. | ||||||
We periodically identify any inventory that is no longer usable and write it off against recorded reserves. | ||||||
Property, Plant and Equipment | ||||||
Property, plant and equipment, including equipment under capital leases, are stated at cost less accumulated depreciation. Equipment under capital lease is stated at the lower of the present value of the minimum lease payments at the beginning of the lease term or the fair value of the leased assets at the inception of the lease. Depreciation is computed using the straight-line method over estimated useful lives of 1 to 14 years for equipment and 24 years to 50 years for property and plant. Upon disposal, the assets and related accumulated depreciation are removed from our accounts and the resulting gains or losses are reflected in the statements of operations. Repairs and maintenance costs are charged to expense. Depreciation of leasehold improvements is provided on the straight-line method over the shorter of the estimated useful life or the term of the lease. | ||||||
The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Impairment is assessed when the forecasted undiscounted cash flows derived for the operation to which the assets relate are less than the carrying amount including associated intangible assets of the operation. If the operation is determined to be unable to recover the carrying amount of its assets, then impairment loss is recognized by reducing the carrying amount of the long-lived asset group on a pro-rata basis using the relative carrying amounts of those assets. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. Judgment is used when applying these impairment rules to determine the timing of the impairment test, the undiscounted expected cash flows used to assess impairments and the fair value of an impaired asset. The dynamic economic environment in which we operate and the resulting assumptions used to estimate future cash flows affect the outcome of these impairment tests. | ||||||
On June 10, 2005, IXYS GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank AG, or IKB. This loan was collateralized by a security interest in our facility in Lampertheim, Germany. In April 2015, we replaced the loan with a new borrowing of €6.5 million, or about $7.2 million. The loan is expected to be paid in full by March 31, 2022 and is also collateralized by a security interest in our facility in Lampertheim, Germany. See Note 8, “Borrowing and Installment Payment Arrangements” and Note 18, “Subsequent Events” for more details. | ||||||
Treasury Stock | ||||||
We account for treasury stock using the cost method. Cost includes fees charged in connection with acquiring treasury stock. | ||||||
Other Assets | ||||||
Other assets include marketable equity securities classified as available-for-sale and long term equity investments accounted under the equity method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense). | ||||||
We have a 45% equity interest in Powersem GmbH, or Powersem, a semiconductor manufacturer based in Germany and a 20% equity interest in EB Tech Ltd., or EB Tech, a radiation services provider based in South Korea. In fiscal 2015, we acquired 24.3% equity interest in Automated Technology, Inc., or ATEC, an assembly and test services provider in the Philippines. These investments are accounted for using the equity method. In fiscal 2015, we recognized $140,000 loss on our investment in ATEC. In addition, in fiscal 2015, we recognized income of $7,000 on our investment in Powersem and $126,000 on our investment in EB Tech Ltd. In fiscal 2014, we recognized income of $115,000 and $188,000 on each of these investments, respectively. In fiscal 2013, we recognized income of $107,000 and $124,000 on each of these investments, respectively. | ||||||
Refer to Note 5, “Other Assets” and Note 13, “Related Party Transactions” for further information regarding the investment balances and the related transactions of those long term equity investments. | ||||||
Goodwill and Intangible Assets | ||||||
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. | ||||||
Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, or more frequently if events and circumstances indicate that the asset might be impaired, in accordance with the authoritative guidance provided by FASB. We first assess qualitative factors to determine whether it is necessary to perform the two-step fair value-based impairment test described below. If we believe that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. | ||||||
Under the quantitative approach, there are two steps in the determination of the impairment of goodwill. The first step compares the carrying amount of the net assets to the fair value of the reporting unit. The second step, if necessary, recognizes an impairment loss to the extent the carrying value of the reporting unit's net assets exceed the implied fair value of goodwill. An impairment loss would be recognized to the extent that the carrying amount exceeds the fair value of the reporting unit. We operate our business as one reporting unit. | ||||||
We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not be recoverable. After our initial assessment, if it is necessary, we perform the impairment test by determining whether the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. | ||||||
See Note 7, “Goodwill and Intangible Assets” for further discussion of impairment analysis of goodwill and related charges recorded. | ||||||
Derivative Financial Instruments | ||||||
Although the majority of our transactions are in U.S. dollars, we enter into foreign exchange forward and option contracts to manage foreign currency exchange risk associated with our operations. From time to time, we purchase short-term, foreign exchange forward and option contracts to hedge the impact of foreign currency fluctuations on certain underlying assets, liabilities and commitments for operating expenses denominated in foreign currencies. The purpose of entering into these hedge transactions is to minimize the impact of foreign currency fluctuations on the results of operations. The contracts generally have maturity dates that do not exceed six months. We did not have any open foreign exchange forward and option contracts at March 31, 2015. In order to manage our variable interest rate exposure on our former loan from IKB, we entered into an interest rate swap, which will end in June 2015. | ||||||
We do not purchase derivative contracts for trading purposes. We elected not to designate these contracts as accounting hedges and any changes in fair value are marked to market and other income (expense), net. See Note 4, “Fair Value” and Note 8, “Borrowing and Installment Payment Arrangements” for further information on the borrowing from IKB. | ||||||
Defined Benefit Plans | ||||||
We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management's judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. | ||||||
Fair Value of Financial Instruments | ||||||
The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||||||
Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 valuations. | ||||||
Advertising Expense | ||||||
We expense advertising as the costs are incurred. Advertising expense for the years ended March 31, 2015, 2014 and 2013 was $437,000, $631,000 and $649,000, respectively. Advertising expense is included in “Selling, general and administrative expenses” on our consolidated statements of operations. | ||||||
Research and Development Expense | ||||||
Research and development costs are charged to operations as incurred. | ||||||
Income Taxes | ||||||
Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not to be realized. In determining the amount of the valuation allowance, we consider income over recent years, estimated future taxable income, feasible tax planning strategies, and other factors, in each taxing jurisdiction in which we operate. If we determine that it is more likely than not that we will not realize all or a portion of our remaining deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that it is more likely than not that we will ultimately be able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been provided, the related portion of the valuation allowance will be released, which will have the effect of reducing income tax expense. Significant management judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to establish or increase an additional valuation allowance that could materially impact our financial position and results of operations. Our ability to utilize our deferred tax assets and the continuing need for related valuation allowances are monitored on an ongoing basis. See Note 16, “Income Taxes” for further discussion regarding income taxes. | ||||||
Other Income and Expense | ||||||
Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. | ||||||
Indemnification | ||||||
Product guarantees and warranties have not historically proved to be material. On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2015 and 2014. | ||||||
Legal Contingencies | ||||||
We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. | ||||||
Net Income (Loss) per Share | ||||||
Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. See Note 12, “Computation of Earnings per Share.” | ||||||
Accumulated Other Comprehensive Income | ||||||
Accumulated other comprehensive income or loss represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. See Note 11, “Accumulated Other Comprehensive Income (Loss).” | ||||||
Concentration and Business Risks | ||||||
Dependence on Third Parties for Wafer Fabrication and Assembly | ||||||
Measured in dollars, in fiscal 2015 we manufactured approximately 54.0% of our wafers, an integral component of our products, in our facilities in Germany, the UK, Massachusetts and California. We relied on third party suppliers to provide the remaining 46.0%. There can be no assurance that material disruptions in supply will not occur in the future. In such event, we may have to identify and secure additional foundry capacity and may be unable to identify or secure sufficient foundry capacity to meet demand. Even if such capacity is available from another manufacturer, the qualification process could take six months or longer. If we were unable to qualify alternative manufacturing sources for existing or new products in a timely manner or if such sources were unable to produce semiconductor devices with acceptable manufacturing yields and at acceptable prices, our business, financial condition and results of operations would be materially and adversely affected. | ||||||
Dependence on Suppliers | ||||||
We purchase silicon substrates from a limited number of vendors, most of whom we do not have long term supply agreements with. Any of these suppliers could terminate their relationship with us at any time. Our reliance on a limited number of suppliers involves several risks, including potential inability to obtain an adequate supply of silicon substrates and reduced control over the price, timely delivery, reliability and quality of the silicon substrates. There can be no assurance that problems will not occur in the future with suppliers. | ||||||
Employees Covered by Collective Bargaining Arrangements | ||||||
Approximately 50.6% and 94.4% of our employees in the United Kingdom and Germany, respectively, are covered by collective bargaining arrangements. | ||||||
Concentration of Credit Risk | ||||||
Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers' acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. | ||||||
We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three months or less. Our non-interest bearing domestic cash balances exceed federally insured limits. Additionally, we may invest in commercial paper with financial institutions that management believes to be creditworthy. These securities mature within ninety days or less and bear minimal credit risk. We have not experienced any losses on such investments. | ||||||
We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not require collateral. An allowance for potential credit losses is maintained by us. See Note 15, “Segment and Geographic Information” for a discussion of revenues by geography. | ||||||
In fiscal 2015, 2014 and 2013, one distributor accounted for 10.2%, 10.8% and 10.3% of our net revenues, respectively. In fiscal 2015 and 2013, another distributor accounted for 10.5% and 13.2% of our net revenues, respectively. | ||||||
We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. | ||||||
Stock-Based Compensation Plans | ||||||
We have employee equity incentive plans, which are described more fully in Note 10, “Employee Equity Incentive Plans.” The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and shares expected to vest. | ||||||
Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. | ||||||
The fair value of issuances under our Employee Stock Purchase Plan is estimated on the issuance date using the Black-Scholes options pricing model. | ||||||
Recent Accounting Pronouncements | ||||||
In April 2014, FASB issued changes to the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. We expect this guidance to have an impact on our financial statements only in the event of a future disposition which meets the criteria. | ||||||
In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early adoption is prohibited. In April 2015, FASB proposed deferring the implementation of the guidance by one year. Different transition methods are available — full retrospective method, retrospective with certain practical expedients, and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements including selection of the transition method. | ||||||
In August 2014, FASB issued a new standard on the disclosure of uncertainties about an entity's ability to continue as a going concern. The guidance seeks to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted. We do not believe that the adoption of this guidance will have any material impact on our financial position or results of operations. | ||||||
In November 2014, FASB issued a new standard on pushdown accounting in business acquisitions. The standard provides guidance on whether and at what threshold an acquired entity that is a business can apply pushdown accounting in its separate financial statements. This standard was effective for us on November 18, 2014 and the adoption of the standard did not have significant impact on our consolidated financial statements. | ||||||
In April 2015, the FASB issued the authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. The new standard is required to be applied retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We do not expect this guidance to have significant impact on our consolidated financial statements. |
Note_3_Business_Combination
Note 3 Business Combination | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Combinations [Abstract] | ||||||
Business Combination Disclosure [Text Block] | 3. Business Combinations | |||||
Acquired MCU Business | ||||||
On June 27, 2013, we completed the acquisition of an 8-bit microcontroller product line, or the Acquired MCU Business, from the System LSI Division of Samsung Electronics Co., Ltd. The acquired product line includes microcontrollers potentially useful in a number of applications, which have to date been principally used in consumer product applications. The acquisition was intended to bolster our product portfolio and empower customers to utilize products from across our multiple product lines. | ||||||
The aggregate purchase price for the acquired assets was $50.0 million. The closing payment was $20.0 million and we were obligated to pay $30.0 million in two installment payments of $15.0 million each. The first installment and interest were paid on June 26, 2014 and the second installment and interest were paid on December 23, 2014. The installment payments and interest were included in “Accrued expenses and other current liabilities” on our audited consolidated balance sheet. | ||||||
We incurred $403,000 in legal and consulting costs related to the acquisition in fiscal 2014. The costs incurred were fully expensed and included in “Selling, general and administrative” expenses, or SG&A expenses, on our audited consolidated statements of operations. | ||||||
The following table summarizes the values of the assets acquired at the acquisition date (in thousands): | ||||||
Purchase Price Allocation | ||||||
Inventories | $ | 800 | ||||
Property, plant and equipment | 36 | |||||
Identifiable intangible assets | 24,000 | |||||
Total identifiable net assets | 24,836 | |||||
Goodwill | 25,164 | |||||
Total purchase price | $ | 50,000 | ||||
Identifiable intangible assets consisted of developed intellectual property, customer relationships, contract backlog and a non-competition agreement. The valuation of the acquired intangibles was classified as a Level 3 measurement under the fair value measurement guidance, because the valuation was based on significant unobservable inputs and involved management judgment and assumptions about market participants and pricing. In determining fair value of the acquired intangible assets, we determined the appropriate unit of measure, the exit market and the highest and best use for the assets. The income approach and cost approach were used to estimate the fair value. The income approach indicates the fair value of an asset based on the value of the cash flows that the asset can be expected to generate in the future through a discounted cash flow method. The income approach was used to determine the fair values of developed intellectual property, the non-competition agreement, contract backlog and customer relationships. The goodwill arising from the acquisition was largely attributable to the synergies expected to be realized after our acquisition and integration of the Acquired MCU Business. The goodwill is not deductible for tax purposes. See Note 7, “Goodwill and Intangible Assets” for the valuation of identified intangible assets resulting from the acquisition. | ||||||
The Acquired MCU Business contributed revenues of $40.0 million and $36.1 million in our audited consolidated statements of operations for fiscal 2015 and fiscal 2014, respectively. As the Acquired MCU Business is fully integrated within our existing operations we are not able to calculate and report the net income contribution specific to the Acquired MCU Business. | ||||||
Supplemental Pro Forma Financial Information | ||||||
The following pro forma summary gives effect to the acquisition of the Acquired MCU Business as if it had occurred at the beginning of fiscal 2013. The pro forma financial information reflects the business combination accounting effects resulting from this acquisition including our amortization charges from acquired intangible assets, the acquisition related expenses and the interest expenses on installment payments of the acquisition. The summary is provided for illustrative purposes only and is not necessarily indicative of the consolidated results of operations for future periods. | ||||||
The Acquired MCU Business's fiscal year ended on December 31, while our fiscal year ends on March 31. As such, the financial information of the Acquired MCU Business is included in the following unaudited pro forma table so as to align with the reporting periods of our fiscal quarters. In the following unaudited pro forma table, the financial information for fiscal 2014 includes the historical financial results of IXYS Corporation for the twelve months ended March 31, 2014 and the historical financial results of the Acquired MCU Business for the three months ended March 31, 2013; the financial information for fiscal 2013 includes the historical financial results of IXYS Corporation for the twelve months ended March 31, 2013 and the historical financial results of the Acquired MCU Business for the twelve months ended December 31, 2012 (in thousands, except per share data): | ||||||
Years Ended March 31 | ||||||
2014 | 2013 | |||||
(unaudited) | ||||||
Pro forma net revenues | $ | 360,228 | $ | 369,086 | ||
Pro forma net income | $ | 15,364 | $ | 18,189 | ||
Pro forma net income per share (basic) | $ | 0.49 | $ | 0.59 | ||
Pro forma net income per share (diluted) | $ | 0.48 | $ | 0.57 | ||
Other Acquisition | ||||||
In the quarter ended June 30, 2014, we completed a business acquisition for a cash consideration of $2.3 million, net of cash acquired. The acquisition resulted in a goodwill of $2.8 million and we assumed debt of $723,000. The goodwill balance as of March 31, 2015 reflected a cumulative reduction of $570,000 caused by changes in the foreign exchange translation rate. This acquisition was not significant to our audited consolidated financial statements for the current period. |
Note_4_Fair_Value
Note 4 Fair Value | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | 4. Fair Value | ||||||||||||||||||||
We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of non-performance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: | |||||||||||||||||||||
Level 1 — Quoted prices for identical instruments in active markets. | |||||||||||||||||||||
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |||||||||||||||||||||
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | |||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||
March 31, 2015 (1) | March 31, 2014 (1) | ||||||||||||||||||||
Fair Value Measured at | Fair Value Measured at | ||||||||||||||||||||
Reporting Date Using | Reporting Date Using | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||
Money market funds (2) | $ | 76,317 | $ | 76,317 | $ | - | $ | 59,706 | $ | 59,706 | $ | - | |||||||||
Marketable equity securities (3) | 1,737 | 1,737 | - | 4,158 | 4,158 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -19 | - | -19 | -112 | - | -112 | |||||||||||||||
Total | $ | 78,385 | $ | 78,054 | $ | 331 | $ | 64,102 | $ | 63,864 | $ | 238 | |||||||||
-1 | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | ||||||||||||||||||||
-2 | Included in "Cash and cash equivalents" on our audited consolidated balance sheets. | ||||||||||||||||||||
-3 | Included in "Other assets" on our audited consolidated balance sheets. | ||||||||||||||||||||
-4 | Included in ''Accrued expenses and other current liabilities'' on our audited consolidated balance sheets. | ||||||||||||||||||||
We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. All of the marketable equity securities are subject to a periodic impairment review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and, our ability and intent to hold or sell the securities. Based on our review, we recognized an other than temporary impairment loss of $1.9 million in marketable equity securities during fiscal 2015. | |||||||||||||||||||||
From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period's statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. See Note 8, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the derivative contract. | |||||||||||||||||||||
Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. All of our ARPS have credit ratings of at least AA, are 100% collateralized and continue to pay interest in accordance with their contractual terms. Additionally, the collateralized asset value ranges exceed the value of our ARPS by approximately 300 percent. Accordingly, the remaining ARPS balance was categorized as Level 2 for fair value measurement in accordance with the authoritative guidance provided by FASB and was recorded at full par value on the audited consolidated balance sheets as of March 31, 2015 and 2014. We currently believe that the ARPS values are not impaired and as such, no impairment has been recognized against the investment. If future auctions fail to materialize and the credit rating of the issuers deteriorates, we may be required to record an impairment charge against the value of our ARPS. | |||||||||||||||||||||
Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. | |||||||||||||||||||||
Our pension liabilities, net of plan assets approximate fair value. See Note 9, “Pension Plans” for a discussion of pension liabilities. Our indebtedness for borrowed money and our installment payment obligations approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of these items was approximately $49.2 million and $51.6 million at March 31, 2015 and March 31, 2014, respectively. Our indebtedness for borrowed money, which primarily consists of loans from banks, and our installment payment obligations at March 31, 2014, which consisted of the installment payments for our Acquired MCU Business, are categorized as Level 2 for fair value measurement. | |||||||||||||||||||||
Note_5_Other_Assets
Note 5 Other Assets | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Other Assets Noncurrent Disclosure [Abstract] | |||||||||||||||||
Other Assets Disclosure Noncurrent [Text Block] | 5. Other Assets | ||||||||||||||||
Other assets consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Marketable equity securities | $ | 1,737 | $ | 4,158 | |||||||||||||
Auction rate preferred securities | 350 | 350 | |||||||||||||||
Long-term equity method investments | 11,041 | 5,921 | |||||||||||||||
Other items | 576 | 1,352 | |||||||||||||||
Total | $ | 13,704 | $ | 11,781 | |||||||||||||
In fiscal 2015 and 2014, based on evaluation of available evidence we concluded that certain marketable equity securities had impairment other than temporary. As a result, we realized an impairment loss totaling $1.9 million and $7,000 in each fiscal year, respectively. Available-for-sale investment securities have been stated at their fair value as of March 31, 2015 and include an unrealized gain, net of taxes, of $7,000 at March 31, 2015, and an unrealized gain, net of taxes, of $325,000 at March 31, 2014. | |||||||||||||||||
On December 12, 2014, we acquired 24.3% of the outstanding common shares of ATEC for a purchase price of $5.9 million. ATEC is a supplier located in the Philippines that provides assembly and test services and the acquisition is part of a vertical integration strategy. The investment is accounted for by the equity method and is included in “Other assets” on our audited consolidated balance sheet. | |||||||||||||||||
The investment was initially recorded at cost. Subsequent periodic adjustments to cost are made to record our share in the operating results of ATEC subsequent cash contributions and distributions and our share of the differences between the fair value and carrying cost of assets acquired and liabilities assumed. In fiscal 2015, we recognized $140,000 loss on our investment in ATEC. | |||||||||||||||||
We incurred approximately $14,000 in legal and consulting expense for the transaction. The costs incurred were expensed and included in “Selling, general and administrative expenses” on our audited consolidated statements of operations. | |||||||||||||||||
Available-for-sale investments as of March 31, 2015 and 2014 were as follows (in thousands): | |||||||||||||||||
Fiscal Year 2015 | Fiscal Year 2014 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
Marketable equity securities | $1,726 | $53 | ($42) | $1,737 | $3,658 | $509 | ($9) | $4,158 | |||||||||
Auction rate preferred securities | $350 | $ - | $ - | $350 | $350 | $ - | $ - | $350 | |||||||||
The available-for-sale investments that were in a continuous unrealized loss position as of March 31, 2015 and March 31, 2014, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): | |||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||
Period | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||
31-Mar-15 | $ - | $ - | $42 | $286 | $42 | $286 | |||||||||||
31-Mar-14 | $ - | $ - | $9 | $307 | $9 | $307 | |||||||||||
Gross unrealized losses on our available-for-sale portfolio were immaterial to the consolidated balance sheets at March 31, 2015 and March 31, 2014. | |||||||||||||||||
During fiscal 2015, we recognized a gain of $30,000 on the sale of available-for-sale investment securities. In respect of those securities, there was an unrealized gain of $32,000 included in accumulated other comprehensive income as of March 31, 2014. | |||||||||||||||||
Our equity method investments constitute investments accounted for under the equity method of accounting. See Note 2, “Summary of Significant Accounting Policies” and Note 13, “Related Party Transactions” for further information on these investments. |
Note_6_Balance_Sheet_Details
Note 6 Balance Sheet Details | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | 6. Balance Sheet Details | ||||||||||||||||
Allowances Movement (in thousands): | |||||||||||||||||
Balance at Beginning of Year | Additions | Utilization | Translation Adjustments | Balance at End of Year | |||||||||||||
Allowances for accounts receivable and for doubtful accounts | |||||||||||||||||
Year ended March 31, 2015 | $ | 3,013 | $ | 8,935 | $ | -9,004 | $ | -176 | $ | 2,768 | |||||||
Year ended March 31, 2014 | $ | 2,656 | $ | 8,563 | $ | -8,255 | $ | 49 | $ | 3,013 | |||||||
Year ended March 31, 2013 | $ | 2,473 | $ | 10,064 | $ | -9,851 | $ | -30 | $ | 2,656 | |||||||
Inventories | |||||||||||||||||
Inventories consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Raw materials | $ | 17,169 | $ | 19,957 | |||||||||||||
Work in process | 37,491 | 44,165 | |||||||||||||||
Finished goods | 27,345 | 28,906 | |||||||||||||||
Total | $ | 82,005 | $ | 93,028 | |||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Property and plant (useful life of 24 years to 50 years) | $ | 33,328 | $ | 34,271 | |||||||||||||
Equipment owned (useful life of 1 to 14 years) | 98,408 | 107,378 | |||||||||||||||
Equipment capital leases (useful life of 4 years) | 33,222 | 41,931 | |||||||||||||||
Leasehold improvements (useful life of up to 8 years) | 1,304 | 1,253 | |||||||||||||||
166,262 | 184,833 | ||||||||||||||||
Accumulated depreciation | -123,717 | -134,264 | |||||||||||||||
$ | 42,545 | $ | 50,569 | ||||||||||||||
Depreciation expense for fiscal years ended March 31, 2015, 2014 and 2013 amounted to $11.3 million, $10.7 million | |||||||||||||||||
and $10.2 million, respectively. | |||||||||||||||||
Accrued Expenses and Other Liabilities | |||||||||||||||||
Accrued expenses and other liabilities consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Uninvoiced goods and services | $ | 8,473 | $ | 9,098 | |||||||||||||
Compensation and benefits | 6,230 | 6,880 | |||||||||||||||
Income taxes | 2,459 | - | |||||||||||||||
Short-term installment payment obligations | - | 30,781 | |||||||||||||||
Commission, royalties and other | 2,703 | 3,407 | |||||||||||||||
Total | $ | 19,865 | $ | 50,166 |
Note_7_Goodwill_and_Intangible
Note 7 Goodwill and Intangible Assets | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Intangible Assets | ||||||||||
Goodwill | |||||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in connection with our acquisitions. The acquisition of the Acquired MCU Business was completed in June 2013 and resulted in goodwill of $25.2 million. We recorded goodwill of $2.8 million related to an acquisition completed during the fiscal 2015 and the goodwill balance as of March 31, 2015 reflected changes in the foreign exchange translation rate. | |||||||||||
The changes in the carrying amount of goodwill for the years ended March 31, 2015 and 2014 are as follows (in thousands): | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
Goodwill | $ | 38,356 | $ | 13,192 | |||||||
Accumulated impairment losses | -13,192 | -13,192 | |||||||||
Net goodwill at beginning of year | 25,164 | - | |||||||||
Goodwill acquired in acquisition | 2,781 | 25,164 | |||||||||
Currency translation adjustment | -570 | - | |||||||||
Net goodwill at end of year | $ | 27,375 | $ | 25,164 | |||||||
The accumulated impairment losses as of March 31, 2015 and 2014 were $13.2 million. | |||||||||||
Identifiable Intangible Assets | |||||||||||
Identified intangible assets consisted of the following as of March 31, 2015 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 8,084 | $ | 8,220 | |||||
Customer relationships | 13,020 | 11,290 | 1,730 | ||||||||
Contract backlog | 7,155 | 7,155 | - | ||||||||
Other intangible assets | 1,608 | 1,174 | 434 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 27,703 | $ | 10,384 | |||||
Identified intangible assets consisted of the following as of March 31, 2014 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 4,984 | $ | 11,320 | |||||
Customer relationships | 13,020 | 8,695 | 4,325 | ||||||||
Contract backlog | 7,155 | 7,155 | - | ||||||||
Other intangible assets | 1,608 | 906 | 702 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 21,740 | $ | 16,347 | |||||
The following table summarizes the components of the acquired identifiable intangible assets associated with the acquisitions of the Acquired MCU Business and Zilog. The fair value of the amortizable intangible assets was determined using the income approach, royalty savings approach and cost approach. | |||||||||||
Acquisition Date | Estimated | ||||||||||
Fair Value | Amortization | Useful Life | |||||||||
(In thousands) | Method | (In months) | |||||||||
Acquired MCU Business | |||||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||||
Trade name | 421 | Straight-line | 60 | ||||||||
Total for Acquired MCU Business | $ | 24,000 | |||||||||
Zilog | |||||||||||
Developed intellectual property | $ | 4,800 | Straight-line | 72 | |||||||
Customer relationships | 6,100 | Accelerated | 37 | ||||||||
Contract backlog | 2,000 | Straight-line | 12 | ||||||||
Trade name | 1,100 | Straight-line | 72 | ||||||||
Total for Zilog | $ | 14,000 | |||||||||
The amortization of intangible assets is expected to be approximately $4.7 million, $2.7 million, $2.4 million and $596,000 in fiscal 2016, 2017, 2018 and 2019, respectively. |
Note_8_Borrowing_Arrangements
Note 8 Borrowing Arrangements | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Debt Disclosure [Text Block] | 8. Borrowing and Installment Payment Arrangements | ||||
Bank of the West | |||||
On December 6, 2013, we entered into an Amended and Restated Credit Agreement with Bank of the West, or BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement are due and payable on November 30, 2015. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by two of our subsidiaries. At March 31, 2015, the outstanding principal under the credit agreement was $45.0 million. | |||||
The credit agreement provides different interest rate alternatives under which we may borrow funds. We may elect to borrow based on LIBOR plus a margin, an alternative base rate plus a margin or a floating rate plus a margin. The margin can range from 0.75% to 2.5%, depending on interest rate alternatives and on our leverage of liabilities to effective tangible net worth. The effective interest rate as of March 31, 2015 was 1.94%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625%, depending on leverage. | |||||
The credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. As of March 31, 2015, we complied with all of these financial covenants. | |||||
The credit agreement also includes a $3.0 million letter of credit subfacility. See Note 17, “Commitments and Contingencies” for further information regarding the terms of the subfacility. | |||||
IKB Deutsche Industriebank | |||||
On June 10, 2005, IXYS Semiconductor GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB. This loan was collateralized by a security interest in our facility in Lampertheim, Germany and was to be paid in full by June 30, 2020. The outstanding balance at March 31, 2015 was €3.5 million, or $3.8 million. | |||||
The interest rate on the loan was determined by adding the then effective three month Euribor rate and a margin. The margin ranged from 0.7% to 1.25%, depending on the calculation of a ratio of indebtedness to cash flow for our German subsidiary. In June 2010, we entered into an interest rate swap agreement commencing June 30, 2010. The swap agreement has a fixed interest rate of 1.99% and expires on June 30, 2015. The effective interest rate on the loan as of March 31, 2015 was 2.69%. The swap is not designated as a hedge in the financial statements. See Note 4, “Fair Value” for further information regarding the derivative contract. | |||||
During each fiscal quarter, a principal payment of €167,000, or about $181,000, and a payment of accrued interest were required. Financial covenants included a ratio of indebtedness to cash flow, a ratio of equity to total assets and a minimum stockholders' equity for the German subsidiary. At March 31, 2015, we complied with the financial covenants. | |||||
In April 2015, we replaced the loan with a new loan from IKB. Under the new agreement, we borrowed €6.5 million, or about $7.2 million at the time. The loan has a term ending March 31, 2022 and bears a fixed annual interest rate of 1.75%. Each fiscal quarter a principal payment of €232,000, or $256,000, and a payment of accrued interest are required. Financial covenants for a ratio of indebtedness to cash flow, a ratio of equity to total assets and a minimum stockholders' equity for the German subsidiary must be satisfied for the loan to remain in good standing. The loan may be prepaid in whole or in part with a modest penalty. The loan is also collateralized by a security interest in the facility in Lampertheim, Germany. | |||||
Acquired MCU Business Installment Payments | |||||
We were obligated to pay $30.0 million in two installment payments of $15.0 million each as partial purchase price for the Acquired MCU Business. The first installment and interest were paid on June 26, 2014 and the second installment and interest were paid on December 23, 2014. The installment payments and interest accrual were included in “Accrued expenses and other current liabilities” on our March 31, 2014 audited consolidated balance sheet. | |||||
Loans Assumed from Business Acquisition | |||||
We assumed loans of approximately $723,000 related to an acquisition completed during the quarter ended June 30, 2014. The assumed borrowings were non-interest loans from government agencies to support the research and development activities with maturity dates varying from fiscal 2017 to fiscal 2021, other than a loan of $99,000 that we paid off during the quarter ended September 30, 2014. | |||||
Aggregate Debt Maturities | |||||
Aggregate debt maturities at March 31, 2015 were as follows (in thousands): | |||||
Fiscal Year Payable | Amount | ||||
2016 | $ | 45,790 | |||
2017 | 790 | ||||
2018 | 790 | ||||
2019 | 790 | ||||
2020 | 777 | ||||
Thereafter | 286 | ||||
Total | 49,223 | ||||
Less: current portion | 45,790 | ||||
Long-term portion | $ | 3,433 |
Note_9_Pension_Plans
Note 9 Pension Plans | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Abstract] | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. Pension Plans | ||||||||||||||||||||||||||
We maintain three defined benefit pension plans: one for United Kingdom employees, one for German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. | |||||||||||||||||||||||||||
Net Period Pension Cost | |||||||||||||||||||||||||||
The net periodic pension expense includes the following components (in thousands): | |||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | 104 | $ | 108 | $ | 96 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 1,803 | 1,886 | 1,890 | ||||||||||||||||||||||||
Expected return on plan assets | -1,910 | -1,685 | -1,517 | ||||||||||||||||||||||||
Recognized actuarial loss | 179 | 236 | 167 | ||||||||||||||||||||||||
Net periodic pension expense | $ | 176 | $ | 545 | $ | 636 | |||||||||||||||||||||
Net Amount Recognized (in thousands): | |||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||
Projected benefit obligation at the beginning of the year | $ | 44,558 | $ | 41,459 | |||||||||||||||||||||||
Service cost | 104 | 108 | |||||||||||||||||||||||||
Interest cost | 1,803 | 1,886 | |||||||||||||||||||||||||
Actuarial (gain) loss | 9,036 | -636 | |||||||||||||||||||||||||
Benefits paid | -1,467 | -1,498 | |||||||||||||||||||||||||
Foreign currency adjustment | -6,688 | 3,239 | |||||||||||||||||||||||||
Projected benefit obligation at year end | $ | 47,346 | $ | 44,558 | |||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 29,013 | $ | 25,129 | |||||||||||||||||||||||
Actual return on plan assets | 4,306 | 1,711 | |||||||||||||||||||||||||
Employer contribution | 1,089 | 1,022 | |||||||||||||||||||||||||
Benefits paid from assets | -970 | -1,030 | |||||||||||||||||||||||||
Foreign currency adjustment | -3,324 | 2,181 | |||||||||||||||||||||||||
Plan assets at fair value at year end | $ | 30,114 | $ | 29,013 | |||||||||||||||||||||||
Unfunded status of the plan at year end | $ | -17,232 | $ | -15,545 | |||||||||||||||||||||||
Pension liability recognized on the balance sheet due after one year | $ | 17,232 | $ | 15,545 | |||||||||||||||||||||||
Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||
Projected benefit obligation at year end | $ | 47,346 | $ | 44,558 | |||||||||||||||||||||||
Accumulated benefit obligation at year end | $ | 46,695 | $ | 43,910 | |||||||||||||||||||||||
Plan assets at fair value at year end | $ | 30,114 | $ | 29,013 | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||
Unrecognized actuarial loss, before tax | $ | -12,354 | $ | -7,743 | |||||||||||||||||||||||
Amount recognized as component of stockholders’ equity – pretax | $ | -12,354 | $ | -7,743 | |||||||||||||||||||||||
Accumulated benefit obligation at year end | $ | 46,695 | $ | 43,910 | |||||||||||||||||||||||
Weighted average actuarial assumptions used to determine benefit obligations for the plans were as follows: | |||||||||||||||||||||||||||
Year End March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Discount rate | 1.8-4.8% | 3.4-4.8% | |||||||||||||||||||||||||
Expected long term rate of return on assets | 5.6-7.0% | 6.8-7.0% | |||||||||||||||||||||||||
Salary scale | 6.00% | 1.5-6.0% | |||||||||||||||||||||||||
Information on Plan Assets | |||||||||||||||||||||||||||
We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of March 31, 2015 and 2014, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands): | |||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash funds | $ | 2,588 | $ | - | $ | - | $ | 2,588 | $ | 1,523 | $ | - | $ | - | $ | 1,523 | |||||||||||
Currency contracts | - | -30 | - | -30 | - | -4 | - | -4 | |||||||||||||||||||
Equity | 19,997 | 652 | 7 | 20,656 | 20,946 | 439 | 2 | 21,387 | |||||||||||||||||||
Fixed interest | 861 | 5,887 | 1 | 6,749 | 749 | 5,323 | 1 | 6,073 | |||||||||||||||||||
Mortgage backed securities | - | 16 | - | 16 | - | 15 | - | 15 | |||||||||||||||||||
Swaps and other | 2 | 133 | - | 135 | 1 | 18 | - | 19 | |||||||||||||||||||
Total | $ | 23,448 | $ | 6,658 | $ | 8 | $ | 30,114 | $ | 23,219 | $ | 5,791 | $ | 3 | $ | 29,013 | |||||||||||
The expected long term rate of return on assets is a weighted average of the returns expected for the underlying broad asset classes. The expected returns for each asset class are estimated in light of the market conditions on the accounting date and the past performance of the asset classes generally. | |||||||||||||||||||||||||||
The amount of accumulated other comprehensive income expected to be recognized in net periodic pension cost in fiscal 2016 includes amortization of actuarial loss of $189,000. Approximately 68% of the accrued pension liability relates to the German plan and 31% to the United Kingdom plan. The accrued pension liability related to the Philippine plan is immaterial. | |||||||||||||||||||||||||||
The investment policies and strategies for the United Kingdom plan assets are determined by the respective plan's trustees in consultation with independent investment consultants and the employer. Our practice is to fund these plans in amounts at least sufficient to meet the minimum requirements of local laws and regulations. The trustees are aware that the nature of the liabilities of the plans will evolve as the age profile and life expectancy of the membership changes. These changing liability profiles lead to consultations about the appropriate balance of investment assets to be used by the plans (equity, debt, other), as well as timescales, within which required adjustments should be implemented. The plan assets in the United Kingdom are held in pooled investment funds operated by Fidelity Worldwide Investments. Our plan assets do not include direct holdings of our securities. The investment managers have discretion to vary the balance of investments of the scheme according to prevailing investment conditions and the trustees regularly monitor all investment decisions affecting the scheme and the overall investment performance. At March 31, 2015, approximately 79% of the assets of the United Kingdom fund were invested in equity securities while 21% were in debt securities. The investments in debt securities are made in government instruments and investment grade corporate bonds. The target allocation of the United Kingdom plan assets that we control is 75% equity securities and 25% fixed income instruments. This objective has not been achieved due to the relative investment return of the two asset classes. | |||||||||||||||||||||||||||
The German plan was held by a separate legal entity. As of March 31, 2015, the German defined benefit plan was completely unfunded. | |||||||||||||||||||||||||||
For our Philippine plan, the local law requires us to appoint a trustee for the fund. We have appointed Bank of the Philippine Islands, or BPI, as the trustee of the plan. The plan assets are fully invested with BPI. The main role of the trustee is to manage the fund according to the mandate given by the retirement committee of our Philippine entity and to pay the covered/eligible employees in accordance with the plan. BPI Asset Management and Trust Group, an independent unit of BPI, provides investment management services to the trustee. At March 31, 2015, approximately 62% of the assets of the fund were invested in fixed income securities, 33% in equity securities and 5% in cash. The target allocation for the Philippine fund was 75% to fixed income securities, 20% to equities and 5% to cash and cash equivalents. | |||||||||||||||||||||||||||
We expect to make contributions to the plans of approximately $994,000 in the fiscal year ending March 31, 2016. This contribution is primary contractual. | |||||||||||||||||||||||||||
We expect to pay benefits in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter of approximately the following (in thousands): | |||||||||||||||||||||||||||
Fiscal Year Ended: | Benefit Payment | ||||||||||||||||||||||||||
31-Mar-16 | $ | 1,441 | |||||||||||||||||||||||||
31-Mar-17 | 1,670 | ||||||||||||||||||||||||||
31-Mar-18 | 1,664 | ||||||||||||||||||||||||||
31-Mar-19 | 1,792 | ||||||||||||||||||||||||||
31-Mar-20 | 1,935 | ||||||||||||||||||||||||||
Five fiscal years ended March 31, 2025 | 10,151 | ||||||||||||||||||||||||||
Total benefit payments for the ten fiscal years ended March 31, 2025 | $ | 18,653 |
Note_10_Employee_Equity_Incent
Note 10 Employee Equity Incentive Plans | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Employee Equity Incentive Plans | ||||||||||||||||||
Stock Purchase and Stock Option Plans | |||||||||||||||||||
The 2009 Equity Incentive Plan, the 2011 Equity Incentive Plan and the 2013 Equity Incentive Plan | |||||||||||||||||||
On September 10, 2009, our stockholders approved the 2009 Equity Incentive Plan, or the 2009 Plan, under which 900,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On September 16, 2011, our stockholders approved the 2011 Equity Incentive Plan, or the 2011 Plan, under which 600,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On August 30, 2013, our stockholders approved the 2013 Equity Incentive Plan, or the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. The 2009 Plan, the 2011 Plan and the 2013 Plan are referred to as the Plans. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
Under the Plans, nonqualified and incentive stock options may be granted to employees, consultants and non-employee directors. Generally, the per share exercise price shall not be less than 100% of the fair market value of a share on the grant date. The Board of Directors has the full power to determine the provisions of each option issued under the Plans. While we may grant options that become exercisable at different times or within different periods, we have primarily granted options that vest over four years. The options, once granted, expire ten years from the date of grant. | |||||||||||||||||||
Stock Awards | |||||||||||||||||||
Stock awards, denominated restricted stock under the 2009 Plan and the 2011 Plan, may be granted to any employee, director or consultant under the Plans. Pursuant to a stock award, we will issue shares of common stock. Shares that are subject to the restriction will be released from restriction if certain requirements, including continued performance of services, are met. | |||||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||||
Awards of stock appreciation rights, or SARs, may be granted to employees, consultants and non-employee directors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not be less than 100% of the fair market value of a share on the grant date and shall expire no later than ten years from the grant date. Upon exercise, the holder of a SAR shall be entitled to receive payment either in cash or a number of shares by dividing such cash amount by the fair market value of a share on the exercise date. | |||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||
Restricted stock units, denominated performance units in the 2009 Plan, may be granted to employees, consultants and non-employee directors under the Plans. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. | |||||||||||||||||||
The 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan | |||||||||||||||||||
Prior to May 2009, stock options were granted under the 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan, or the 1999 Plans, for not less than 85% of fair market value at the time of grant. Once granted, the options expire ten years from the date of grant. Options granted to employees under the 1999 Equity Incentive Plan typically vested over four years. The initial option grants under the 1999 Non-Employee Directors' Equity Incentive Plan typically vested over four years and subsequent annual grants vested over one year. The 1999 Plans expired in May 2009 and no additional grants may be made thereunder. | |||||||||||||||||||
Zilog 2004 Omnibus Stock Incentive Plan | |||||||||||||||||||
The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2004 Plan. Under the 2004 Plan, non-statutory stock options were granted. At the time of the assumption of the Zilog 2004 Plan by our company, up to 652,963 shares of our common stock were available for grant under the plan. | |||||||||||||||||||
In general, the options and shares granted pursuant to the Zilog 2004 Plan are exercisable at such time or times, and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as the plan administrator, generally the Compensation Committee of our Board of Directors, determined in the applicable option agreement. The exercise price per share, payable upon the exercise of an option, was established by such administrator at the time of the grant and is not less than the par value per share of common stock on the date of the grant and, in the case of an incentive stock option, generally is not less than 100% of the fair market value per share on the date of grant. The Zilog 2004 Plan expired in February 2014 and no additional grants may be made thereunder. | |||||||||||||||||||
Zilog 2002 Omnibus Stock Incentive Plan | |||||||||||||||||||
The Zilog 2002 Omnibus Stock Incentive Plan, or the Zilog 2002 Plan, was adopted in 2002. In connection with the acquisition of Zilog, our Board of Directors approved the assumption of the Zilog 2002 Plan with respect to the shares available for grant as stock options. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2002 Plan. At the time of the assumption of the Zilog 2002 Plan by our company, up to 366,589 shares of our common stock were available for grant under the plan. | |||||||||||||||||||
Stock options granted under the Zilog 2002 Plan were permitted to be: (i) incentive stock options or nonqualified stock options or (ii) EBITDA-linked options and/or non-EBITDA linked options. We did not grant any EBITDA-linked options and none are outstanding. In general, non-EBITDA-linked options granted pursuant to the Zilog 2002 Plan was exercisable at such time or times and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as determined by the plan administrator in the applicable award agreements or thereafter. The exercise price per share payable upon the exercise of an option was established by such administrator at the time of grant. The term of each non-EBITDA-linked option was determined at the time of grant and does not exceed ten years. The Zilog 2002 Plan expired in May 2012 and no additional grants may be made thereunder. | |||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||
The Board of Directors has approved the Amended and Restated 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,550,000 shares of common stock for issuance under the Purchase Plan. Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee's eligible compensation. During the year ended March 31, 2015, there were 99,975 shares purchased under the Purchase Plan, leaving approximately 337,515 shares available for purchase under the Purchase Plan in the future. | |||||||||||||||||||
Fair Value of Stock Compensation | |||||||||||||||||||
The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award. | |||||||||||||||||||
Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. | |||||||||||||||||||
The fair value of issuances under our Purchase Plan is estimated on the issuance date and using the Black-Scholes options pricing model, consistent with the requirements of the authoritative guidance provided by FASB. | |||||||||||||||||||
The following table summarizes the effects of share-based compensation expenses recognized on our consolidated statement of operations resulting from options granted under our equity incentive plans and rights to acquire stock granted under our Purchase Plan (in thousands): | |||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||
Statement of Operations Classifications | 2015 | 2014 | 2013 | ||||||||||||||||
Cost of goods sold | $ | 433 | $ | 457 | $ | 398 | |||||||||||||
Research, development and engineering | 814 | 978 | 1,030 | ||||||||||||||||
Selling, general and administrative | 1,620 | 1,350 | 2,023 | ||||||||||||||||
Stock-based compensation effect on income before taxes | 2,867 | 2,785 | 3,451 | ||||||||||||||||
Benefit from income taxes | 1,009 | 1,071 | 1,287 | ||||||||||||||||
Net stock-based compensation effects on net income | $ | 1,858 | $ | 1,714 | $ | 2,164 | |||||||||||||
As of March 31, 2015, there were $4.3 million of total unrecognized compensation costs related to stock options granted. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.4 years. | |||||||||||||||||||
The weighted average estimated values of employee stock option grants and rights granted under the Purchase Plan, as well as the weighted average assumptions that were used in calculating such values during fiscal 2015, 2014 and 2013, were based on estimates at the date of grant as follows: | |||||||||||||||||||
Stock Options | Purchase Plan | ||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||
Weighted average estimated per share | |||||||||||||||||||
fair value of grant | $ | 5.54 | $ | 5.31 | $ | 5.26 | $ | 2.9 | $ | 2.75 | $ | 3.22 | |||||||
Risk-free interest rate | 1.80% | 1.80% | 1.10% | 0.10% | 0.10% | 0.20% | |||||||||||||
Expected term in years | 6.25 | 6.05 | 6.34 | 0.5 | 0.5 | 0.5 | |||||||||||||
Volatility | 52.20% | 54.90% | 55.30% | 36.90% | 37.00% | 46.40% | |||||||||||||
Dividend yield (1) | 1.00% | 1.00% | 0% | 1.10% | 0% | 0% | |||||||||||||
(1) Prior to October 1, 2013, the fair value of our equity awards was based on 0% dividend yield. | |||||||||||||||||||
We estimate the expected term of options granted based on the historical average period over which the options are exercised by employees. We estimate the volatility of our common stock based on historical volatility measures. We base the risk-free interest rate that is used in the option valuation model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the options. | |||||||||||||||||||
After establishing a history of quarterly dividend payments, we started using a dividend yield during the quarter ended December 31, 2013. We estimate the dividend yield based on the historical trend and our expectation of future dividends. Dividend yield is calculated based on the annualized cash dividends per share declared during the quarter and the closing stock price on the date of grant. In the case of the Purchase Plan, the dividend yield calculation was first effective for the grant date of June 1, 2014. We are required to estimate forfeitures at the time of grants and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. | |||||||||||||||||||
We recognize the estimated compensation cost of restricted stock over the vesting term. The estimated compensation cost is based on the fair value of our common stock on the date of grant. | |||||||||||||||||||
We recognize the compensation cost relating to stock bonuses on the date of grant based on the fair value of our common stock on the date of grant, as such stock bonuses are vested immediately. We did not grant any bonus shares during fiscal 2015. | |||||||||||||||||||
Stock compensation activity under our equity incentive plans for fiscal 2015, 2014 and 2013 is summarized below: | |||||||||||||||||||
Shares Available for Grant | Options Outstanding | Weighted Average Exercise Price per Share | |||||||||||||||||
Number of Shares (1) | Intrinsic Value (2) | ||||||||||||||||||
0 | |||||||||||||||||||
Balances, March 31, 2012 | 748,036 | 5,472,004 | $19,532 | $9.75 | |||||||||||||||
Plan authorization expired | -589 | - | |||||||||||||||||
Options granted | -455,000 | 455,000 | $9.93 | ||||||||||||||||
Options exercised | - | -153,131 | $443 | $7.03 | |||||||||||||||
Options cancelled | 7,500 | -67,425 | $8.34 | ||||||||||||||||
Options expired | - | -378,975 | $7.31 | ||||||||||||||||
Balances, March 31, 2013 | 299,947 | 5,327,473 | $4,273 | $10.04 | |||||||||||||||
New shares authorized (3) | 2,000,000 | - | |||||||||||||||||
Plan authorization expired | -47,963 | - | |||||||||||||||||
Options granted | -515,000 | 515,000 | $10.63 | ||||||||||||||||
Options exercised | - | -572,338 | $1,695 | $8.72 | |||||||||||||||
Options cancelled | 24,000 | -34,000 | $11.42 | ||||||||||||||||
Options expired | 17,500 | -34,500 | $12.62 | ||||||||||||||||
Balances, March 31, 2014 | 1,778,484 | 5,201,635 | $8,658 | $10.22 | |||||||||||||||
Options granted | -249,000 | 249,000 | $11.83 | ||||||||||||||||
Options exercised | - | -339,374 | $1,310 | $8.62 | |||||||||||||||
Options cancelled | 39,750 | -94,250 | $11.46 | ||||||||||||||||
Options expired | 26,000 | -74,500 | $11.17 | ||||||||||||||||
Balances, March 31, 2015 | 1,595,234 | 4,942,511 | $10,831 | $10.37 | |||||||||||||||
(1) The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||||||||||||||||||
(2) Except for options exercised, these amounts represent the difference between the exercise price and $12.32 per share, the closing price of our stock on March 31, 2015 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. | |||||||||||||||||||
(3) On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. | |||||||||||||||||||
The following table summarizes information about stock options outstanding at March 31, 2015: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Exercise Price per Share | Number of Shares Outstanding | Weighted Average Contractual Life | Weighted Average Exercise Price per Share | Number of Shares Exercisable | Weighted Average Exercise Price per Share | ||||||||||||||
$5.01 - $7.75 | 958,897 | 3.6 | $6.62 | 958,897 | $6.62 | ||||||||||||||
$7.76 - $10.00 | 1,293,500 | 5.7 | $9.32 | 941,750 | $9.24 | ||||||||||||||
$10.01 - $12.50 | 1,807,326 | 5.8 | $11.50 | 1,228,826 | $11.36 | ||||||||||||||
$12.51 - $15.81 | 882,788 | 2.7 | $13.68 | 812,788 | $13.76 | ||||||||||||||
$5.01 - $15.81 | 4,942,511 | 4.8 | $10.37 | 3,942,261 | $10.20 | ||||||||||||||
Of the 4,942,511 options outstanding, 3,942,261 were exercisable on March 31, 2015 at a weighted average exercise price of $10.20 per share, with an intrinsic value of $9.5 million. The weighted average remaining contractual life of options outstanding and options exercisable at March 31, 2015 was 4.8 years and 3.9 years, respectively. The fair value of options that vested during the year ended March 31, 2015 was $2.8 million. |
Note_11_Accumulated_Other_Comp
Note 11 Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | 11. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
The components and the changes in accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | ||||||||||||||||
Foreign Currency | Unrealized Gains on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance as of March 31, 2012 | $ | 6,472 | $ | -68 | $ | -4,314 | $ | 2,090 | ||||||||
Other comprehensive loss | ||||||||||||||||
before reclassifications | -3,490 | -672 | -1,957 | -6,119 | ||||||||||||
Net loss reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | 800 | 136 | 936 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive income (loss) | -3,490 | 128 | -1,821 | -5,183 | ||||||||||||
Balance as of March 31, 2013 | 2,982 | 60 | -6,135 | -3,093 | ||||||||||||
Other comprehensive income | ||||||||||||||||
before reclassifications | 7,553 | 361 | 89 | 8,003 | ||||||||||||
Net losses (gains) reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | -96 | 215 | 119 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive income | 7,553 | 265 | 304 | 8,122 | ||||||||||||
Balance as of March 31, 2014 | 10,535 | 325 | -5,831 | 5,029 | ||||||||||||
Other comprehensive loss | ||||||||||||||||
before reclassifications | -24,112 | -1,536 | -3,830 | -29,478 | ||||||||||||
Net losses reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | 1,218 | 143 | 1,361 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive loss | -24,112 | -318 | -3,687 | -28,117 | ||||||||||||
Balance as of March 31, 2015 | $ | -13,577 | $ | 7 | $ | -9,518 | $ | -23,088 | ||||||||
The amounts reclassified out of accumulated other comprehensive income (loss) for the fiscal year 2015, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||
Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Statements of Operations | ||||||||||||||
Net gain on sales of investments | $ | 30 | $ | 155 | $ | 111 | Other income (expense), net | |||||||||
Impairment of marketable securities | -1,903 | -7 | -1,342 | Other income (expense), net | ||||||||||||
Recognized actuarial loss | -179 | -236 | -167 | Cost of goods sold | ||||||||||||
Subtotal | -2,052 | -88 | -1,398 | Income before income tax provision | ||||||||||||
Tax impact | 691 | -31 | 462 | Provision for income tax | ||||||||||||
Total reclassifications for the period | $ | -1,361 | $ | -119 | $ | -936 | Net income |
Note_12_Computation_of_Earning
Note 12 Computation of Earnings per Share | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share [Text Block] | 12. Computation of Earnings per Share | ||||||||||
Basic and diluted earnings per share are calculated as follows (in thousands, except per share amounts): | |||||||||||
Year Ended March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 23,740 | $ | 6,046 | $ | 7,648 | |||||
Weighted average shares - basic | 31,531 | 31,146 | 31,025 | ||||||||
Weighted average shares - diluted | 32,239 | 31,916 | 31,695 | ||||||||
Net income per share - basic | $ | 0.75 | $ | 0.19 | $ | 0.25 | |||||
Net income per share - diluted | $ | 0.74 | $ | 0.19 | $ | 0.24 | |||||
Diluted weighted average shares include approximately 708,000, 770,000 and 670,000 common equivalent shares from stock options for fiscal 2015, 2014 and 2013, respectively. | |||||||||||
Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options using the treasury stock method. In fiscal 2015, 2014 and 2013, there were outstanding options to purchase 2,357,772, 2,483,106 and 2,660,163 shares, respectively, at weighted average exercise prices of $12.24, $11.93 and $11.86 per share, respectively, that were not included in the computation of dilutive net income per share since the exercise prices of the options exceeded the market price of the common stock and thus their inclusion would be anti-dilutive. These options could dilute earnings per share in future periods if the market price of the common stock increases. |
Note_13_Related_Party_Transact
Note 13 Related Party Transactions | 12 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions |
We own 45% of the outstanding equity of Powersem, a module manufacturer based in Germany. The investment is accounted for using the equity method. In fiscal 2015, 2014 and 2013, we recorded revenues of $1.8 million, $2.1 million and $1.3 million, respectively, from sales of products to Powersem for use as components in their products. In fiscal 2015, 2014 and 2013, we purchased $4.0 million, $5.2 million and $2.9 million, respectively, of products from Powersem. In fiscal 2014, we recorded approximately $43,000 in dividend income from Powersem. At March 31, 2015, 2014 and 2013, the accounts receivable balances from our sales to Powersem were $82,000, $74,000 and $121,000, respectively. The accounts payable balances to Powersem, as of March 31, 2015, 2014 and 2013, were $115,000, $137,000 and $59,000, respectively. | |
We own 20% of the outstanding equity of EB Tech Ltd., a company with expertise in radiation technology based in South Korea. The investment is accounted for using the equity method. In fiscal 2015, 2014 and 2013, EB Tech rendered processing services totaling approximately $278,000, $211,000 and $121,000, respectively, to our company. As of March 31, 2015, our accounts payable balance to EB Tech was $23,000. There was no accounts payable balance due to EB Tech as of March 31, 2014. | |
On December 12, 2014, we acquired 24.3% of the outstanding common shares of ATEC, a supplier located in the Philippines that provides assembly and test services. The investment is accounted for by the equity method. In fiscal 2015, ATEC rendered assembly and test services totaling approximately $2.0 million to our company. As of March 31, 2015, the accounts payable balance to ATEC was $632,000. | |
We had no other material related party transactions with companies in which we invested and which were accounted for by the equity method during fiscal 2015. |
Note_14_Employee_Savings_and_R
Note 14 Employee Savings and Retirement Plans | 12 Months Ended |
Mar. 31, 2015 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Postemployment Benefits Disclosure [Text Block] | 14. Employee Savings and Retirement Plans |
We have a 401(k) plan, known as the “IXYS Corporation and Subsidiary Employee Savings and Retirement Plan.” Eligibility to participate in the plan is subject to certain minimum service requirements. Employees may voluntarily contribute up to the limit prescribed by law and we may make matching contributions in our discretion. Employees are 100% vested immediately in any contributions by us. For the years ended March 31, 2015, 2014 and 2013, we contributed $615,000, $620,000 and $625,000, respectively. | |
IXYS UK also has a defined contribution plan, known as “Westcode Semiconductor Group Personal Pension.” The plan is subject to minimum service requirements. Employees contribute up to 4.5% of the pensionable salary. IXYS UK contributes up to 7% depending upon the contribution by the employee. Additionally, IXYS UK pays the annual management charges for the plan. Employees are 100% vested immediately in any contributions by IXYS UK. For the years ended March 31, 2015, 2014 and 2013, IXYS UK contributed $287,000, $313,000 and $298,000, respectively. |
Note_15_Segment_and_Geographic
Note 15 Segment and Geographic Information | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment Reporting Disclosure [Text Block] | 15. Segment and Geographic Information | |||||||||
We have a single operating segment and reportable segment. We design develop, manufacture and market high performance semiconductor products. Our Chief Executive Officer and our President, together, have been identified as the chief operating decision makers. Our chief operating decision makers review financial information presented on one operating segment basis for the purpose of making decisions, allocating resources and assessing financial performance. | ||||||||||
Our net revenues by major geographic areas (based on destination) were as follows (in thousands): | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
United States | $ | 85,314 | $ | 89,734 | $ | 84,789 | ||||
Europe and the Middle East | ||||||||||
France | 7,917 | 5,554 | 5,235 | |||||||
Germany | 32,866 | 34,423 | 32,287 | |||||||
Hungary | 2,571 | 3,620 | 2,952 | |||||||
Italy | 4,645 | 4,506 | 4,087 | |||||||
Russia | 5,051 | 2,821 | 2,774 | |||||||
Sweden | 4,460 | 4,938 | 4,588 | |||||||
Switzerland | 2,569 | 3,714 | 3,216 | |||||||
United Kingdom | 19,832 | 19,524 | 23,853 | |||||||
Other | 20,196 | 19,949 | 19,576 | |||||||
Asia Pacific | ||||||||||
China | 83,597 | 83,849 | 44,504 | |||||||
Indonesia | 3,224 | 1,914 | 1,456 | |||||||
Japan | 8,469 | 6,740 | 6,514 | |||||||
Korea | 22,371 | 19,466 | 8,311 | |||||||
Malaysia | 5,580 | 3,766 | 4,606 | |||||||
Singapore | 11,694 | 11,838 | 9,994 | |||||||
Taiwan | 2,688 | 2,962 | 3,981 | |||||||
Thailand | 4,300 | 3,031 | 2,529 | |||||||
Other | 1,143 | 2,075 | 1,509 | |||||||
Rest of the World | ||||||||||
India | 5,163 | 5,245 | 6,080 | |||||||
Other | 5,117 | 6,661 | 7,173 | |||||||
Total | $ | 338,767 | $ | 336,330 | $ | 280,014 | ||||
The following table sets forth net revenues for each of our product groups fiscal 2015, 2014 and 2013 (in thousands): | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Power semiconductors | $ | 219,445 | $ | 222,813 | $ | 200,907 | ||||
Integrated circuits | 95,547 | 91,189 | 57,993 | |||||||
Systems and RF power semiconductors | 23,775 | 22,328 | 21,114 | |||||||
Total | $ | 338,767 | $ | 336,330 | $ | 280,014 | ||||
In fiscal 2015, 2014 and 2013, one distributor accounted for 10.2%, 10.8% and 10.3% of our net revenues, respectively. In fiscal 2015 and 2013, another distributor accounted for 10.5% and 13.2% of our net revenues, respectively. | ||||||||||
Our principal foreign operations consist of our subsidiaries, IXYS GmbH in Germany, IXYS UK in the United Kingdom and IXYS Semiconductor BV in The Netherlands. The following table summarizes the net revenues, net income and long-lived assets of our domestic and foreign operations (in thousands): | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Net revenues: | ||||||||||
Foreign | $ | 188,964 | $ | 167,428 | $ | 134,962 | ||||
Domestic | 149,803 | 168,902 | 145,052 | |||||||
$ | 338,767 | $ | 336,330 | $ | 280,014 | |||||
Net income: | ||||||||||
Foreign | $ | 21,379 | $ | 4,087 | $ | 7,774 | ||||
Domestic | 2,361 | 1,959 | -126 | |||||||
$ | 23,740 | $ | 6,046 | $ | 7,648 | |||||
Year Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Property, plant and equipment, net: | ||||||||||
United States | $ | 27,740 | $ | 27,287 | ||||||
Germany | 13,228 | 21,697 | ||||||||
Other countries | 1,577 | 1,585 | ||||||||
Total property, plant and equipment | $ | 42,545 | $ | 50,569 |
Note_16_Income_Taxes
Note 16 Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 16. Income Taxes | ||||||||||||
Income before income tax consists of the following (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 3,390 | $ | 7,104 | $ | 7,359 | |||||||
International | 27,040 | 6,355 | 7,323 | ||||||||||
$ | 30,430 | $ | 13,459 | $ | 14,682 | ||||||||
Our provision for income taxes consists of the following (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
Current: | 2015 | 2014 | 2013 | ||||||||||
Federal | $ | 201 | $ | 4,804 | $ | 1,795 | |||||||
State | 83 | 73 | 278 | ||||||||||
Foreign | 5,066 | 3,087 | 2,466 | ||||||||||
5,350 | 7,964 | 4,539 | |||||||||||
Deferred: | |||||||||||||
Federal | 945 | 183 | 1,734 | ||||||||||
State | 20 | 86 | -102 | ||||||||||
Foreign | 375 | -820 | 863 | ||||||||||
1,340 | -551 | 2,495 | |||||||||||
Total income tax provision | $ | 6,690 | $ | 7,413 | $ | 7,034 | |||||||
The reconciliation of our effective tax rate to the U.S. statutory federal income tax rate is as follows: | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(%) | (%) | (%) | |||||||||||
Statutory federal income tax rate | 35 | 35 | 35 | ||||||||||
State taxes, net of federal tax benefit | 1 | 1 | 1 | ||||||||||
Expense (benefit) of lower-tax foreign jurisdictions | -15 | - | - | ||||||||||
Research and development tax credits | -1 | -1 | -4 | ||||||||||
Valuation allowance | - | 2 | 6 | ||||||||||
Permanent items | - | 3 | 4 | ||||||||||
Tax reserves | - | 2 | 3 | ||||||||||
Share-based compensation | - | - | 2 | ||||||||||
Tax assessment | - | 1 | - | ||||||||||
Foreign income | 2 | 12 | 1 | ||||||||||
Effective tax provision rate | 22 | 55 | 48 | ||||||||||
The significant components of net deferred income tax assets are as follows (in thousands): | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and allowances | $ | 5,612 | $ | 6,384 | |||||||||
Other liabilities and accruals | 1,465 | 1,591 | |||||||||||
Total short term deferred tax assets | 7,077 | 7,975 | |||||||||||
Other long term liabilities and accruals | 4,464 | 2,973 | |||||||||||
Depreciable assets | 2,951 | 2,883 | |||||||||||
Net operating loss carryforward | 13,993 | 15,216 | |||||||||||
Share-based compensation | 4,971 | 4,777 | |||||||||||
Credits carryforward | 2,403 | 2,337 | |||||||||||
Total long term deferred tax assets | 28,782 | 28,186 | |||||||||||
Total deferred tax assets | 35,859 | 36,161 | |||||||||||
Less: Valuation allowance and other reserves | -3,902 | -3,870 | |||||||||||
Net deferred tax asset | $ | 31,957 | $ | 32,291 | |||||||||
The authoritative guidance provided by FASB requires deferred tax assets and liabilities to be recognized for temporary differences between the tax basis and financial reporting basis of assets and liabilities, computed at the expected tax rates for the periods in which the assets or liabilities will be realized, as well as for the expected tax benefit of net operating loss and tax credit carryforwards. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. Our management evaluates the recoverability of these net deferred tax assets in accordance with the authoritative guidance provided by FASB. Our ability to utilize the deferred tax assets and the continuing need for a related valuation allowance are being monitored on an ongoing basis. During fiscal 2015, we recorded certain adjustments on the valuation allowance, tax contingency reserves and other temporary items. The impact of these adjustments is discussed further in this note. | |||||||||||||
At March 31, 2015, we had U.S. net operating loss carryforwards of approximately $77.5 million, all of which are subject to the limitations under Section 382 of the U.S. tax code resulting from a change in ownership. These carryforwards will expire, if not utilized, from fiscal 2016 to 2023 for U.S. tax purposes. None of the U.S. net operating loss carryforwards include stock option deductions arising from our stock option plan. As of March 31, 2015 we had net operating loss carryforwards for foreign income tax purposes of approximately $9.1 million with a corresponding valuation allowance of $8.9 million. | |||||||||||||
Increases in the valuation allowance in fiscal 2015 and fiscal 2014 were $32,000 and $87,000, respectively, and were primarily related to net operating losses in foreign jurisdictions, including Spain and Switzerland. | |||||||||||||
At the end of fiscal 2015, we had $8.2 million of gross unrecognized tax benefits, all of which would affect our effective tax rate if recognized. The $8.2 million has been classified under “Other Long term liabilities” on our consolidated balance sheet. Our liability for unrecognized tax benefits increased by $1.2 million from the prior year, principally due to an increase in current year adjustments of $4.0 million and an increase of $406,000 in accrued interest and penalties. The liability for unrecognized tax benefits was offset by the lapse of statutes of limitation in respect of certain tax positions. We do not anticipate any unrecognized tax benefits in the next 12 months that would result in a material change to our financial position. | |||||||||||||
We include interest and penalties in the financial statements as a component of income tax expense. We had $1.0 million of accrued interest and penalties at March 31, 2015, which included $406,000 of interest and penalties accrued for the year ended March 31, 2015. | |||||||||||||
The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands): | |||||||||||||
Balance as of March 31, 2012 | $ | 6,318 | |||||||||||
Lapse of statute of limitations | -827 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 281 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 964 | ||||||||||||
Balance as of March 31, 2013 | 6,736 | ||||||||||||
Lapse of statute of limitations | -941 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 499 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 684 | ||||||||||||
Balance as of March 31, 2014 | 6,978 | ||||||||||||
Lapse of statute of limitations | -3,070 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 213 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 4,035 | ||||||||||||
Balance as of March 31, 2015 | $ | 8,156 | |||||||||||
As of March 31, 2015, U.S. income taxes were not provided for on a cumulative total of approximately $110.7 million of undistributed earnings for certain foreign subsidiaries. We intend to reinvest these earnings indefinitely in operations outside of the U.S. If these earnings were distributed to the U.S. in the form of dividends or otherwise, or if the shares of the relevant foreign subsidiaries were sold or otherwise transferred, we would be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. Determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable. | |||||||||||||
Under the Tax Reform Act of 1986, the amounts of and benefits from net operating loss carryforwards and tax credit carryforwards may be impaired or limited in certain circumstances. Events that may restrict utilization of net operating loss and credit carryforwards include, but are not limited to, certain ownership change limitations and continuity of business requirements, as defined in Internal Revenue Code Section 382 and similar state provisions. Current utilization of carryforwards is restricted by an annual limitation, which results in the expiration of net operating loss carryforwards and credit carryforwards before they can be utilized. | |||||||||||||
We conduct business globally and, as a result, we file income tax returns in various jurisdictions throughout the world including the U.S. federal and various U.S. state jurisdictions as well as with various foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world. We remain subject to U.S. federal examination for years from 2005 and forward by virtue of the tax attributes carrying forward from those years. We also remain subject to examination in most jurisdictions for all years since 2010. |
Note_17_Commitments_and_Contin
Note 17 Commitments and Continencies | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Commitments and Contingencies [Abstract] | |||||||||||
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies | ||||||||||
Commitments | |||||||||||
We lease certain equipment under capital lease arrangements expiring through fiscal 2016 at interest rates of 3.6% to 5.4%. We rent certain of our facilities under operating leases expiring through fiscal 2023. | |||||||||||
Future minimum lease payments under capital leases, operating leases and commitments for the purchase of inventory and property and equipment are as follows (in thousands): | |||||||||||
Fiscal Year Ended March 31, | Capital Leases | Operating Leases | Other Purchase Obligations | ||||||||
2016 | $ | 468 | $ | 1,442 | $ | 20,671 | |||||
2017 | - | 1,249 | 3,671 | ||||||||
2018 | - | 1,061 | - | ||||||||
2019 | - | 910 | - | ||||||||
2020 | - | 726 | - | ||||||||
Thereafter | - | 1,069 | - | ||||||||
Total minimum payments | 468 | $ | 6,457 | $ | 24,342 | ||||||
Less: interest | 4 | ||||||||||
464 | |||||||||||
Less: current portion | 464 | ||||||||||
Capitalized lease obligations, net of current portion | $ | - | |||||||||
Rent expense for fiscal years ended March 31, 2015, 2014 and 2013 amounted to $1.4 million, $1.4 million and $1.3 million, respectively. | |||||||||||
As of March 31, 2015 and 2014, we had cash deposits with financial institutions of $266,000 and $337,000, respectively, which were restricted as to use and represent funds segregated for pension payments in Germany. These balances are included in restricted cash on our balance sheets. | |||||||||||
Bank of the West | |||||||||||
On December 6, 2013, we entered into an Amended and Restated Credit Agreement with BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement are due and payable on November 30, 2015. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by two of our subsidiaries. The credit agreement includes a letter of credit subfacility, under which BOTW agrees to issue letters of credit of up to $3.0 million. However, borrowing under this subfacility is limited to the extent of availability under the $50.0 million revolving line of credit. At March 31, 2015, the outstanding principal under the credit agreement was $45.0 million. See Note 8, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the credit agreement. | |||||||||||
Other Commitments and Contingencies | |||||||||||
On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2015 and 2014. |
Note_18_Subsequent_Events
Note 18 Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18. Subsequent Events |
On May 1, 2015, we acquired RadioPulse, Inc., or RadioPulse. RadioPulse is a Korean semiconductor company that focuses on wireless connectivity in various market applications. At closing, we paid cash consideration of $14.9 million. The total consideration may also include earnout payments aggregating up to $6.0 million payable over three years. We are currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. During the year ended December 31, 2014, RadioPulse's revenues were approximately $7.9 million. We incurred $193,000 in legal and consulting costs in connection with the acquisition. | |
In April 2015, we entered into a €6.5 million, or about $7.2 million at the time, loan agreement with IKB. The agreement replaced our loan with IKB as of March 31, 2015. The new loan has a term ending March 31, 2022 and bears a fixed annual interest rate of 1.75%. The loan is collateralized by a security interest in the facility in Lampertheim, Germany. See Note 8, “Borrowing and Installment Payment Arrangements” for further information about the borrowing. |
Note_2_Summary_of_Significant_1
Note 2 Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation Policy [Policy Text Block] | Principles of Consolidation |
The consolidated financial statements include the accounts of IXYS and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. | |
Foreign Currency Translation and Transaction Policy [Policy Text Block] | Foreign Currency Translation and Transaction |
The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. IXYS Semiconductor GmbH, or IXYS GmbH utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders' equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. | |
Use of Estimates Policy [Policy Text Block] | Use of Estimates |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not limited to, revenue reserves, inventory valuation, deferred income taxes and related valuation allowances, allocation of purchase price in business combinations, valuation of goodwill and identifiable intangible assets and asset impairment analysis. | |
Revenue Recognition Policy [Policy Text Block] | Revenue Recognition |
Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are met when title to the products is passed to the buyers. Sales with destination point terms are recognized upon delivery. | |
We sell to distributors and original equipment manufacturers. | |
We provide certain of our distributors with the following programs: stock rotation and ship and debit. | |
Reserves for sales returns and allowances, including allowances for so called “ship and debit” transactions, are recorded at the time of shipment, based on historical levels of returns and discounts, current economic trends and changes in customer demand. | |
Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfer, typically upon shipment from us, at which point we have a legally enforceable right to collection under normal payment terms. Under certain circumstances where we are not able to reasonably and reliably estimate the actual returns, revenues and costs relating to distributor sales are deferred until products are sold by the distributors to the distributor's end customers. Deferred amounts are presented net and included under “Accrued expenses and other liabilities.” | |
Allowance for sales returns. We maintain an allowance for sales returns for estimated product returns by our customers. We estimate our allowance for sales returns based on our historical return experience, current economic trends, changes in customer demand, known returns we have not received and other assumptions. If we were to make different judgments or utilize different estimates, the amount and timing of our revenue could be materially different. Given that our revenues consist of a high volume of relatively similar products, to date our actual returns and allowances have not fluctuated significantly from period to period, and our returns provisions have historically been reasonably accurate. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. | |
Allowance for stock rotation. We also provide “stock rotation” to select distributors. The rotation allows distributors to return a percentage of the previous six months' sales. | |
We establish the stock rotation allowance immediately upon sales except where the revenue recognition is deferred and recognized on the sale by the distributor of products to the end customer. The allowance, which is management's best estimate of future returns, is based upon the historical experience of returns and inventory levels at the distributors. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. | |
Allowance for ship and debit. Ship and debit is a program designed to assist distributors in meeting competitive prices in the marketplace on sales to their end customers. Ship and debit requires a request from the distributor for a pricing adjustment for a specific part for a customer sale to be shipped from the distributor's stock. We have no obligation to accept this request. However, it is our historical practice to allow some companies to obtain pricing adjustments for inventory held. We receive periodic statements regarding our products held by our distributors. Ship and debit authorizations may cover current and future distributor activity for a specific part for sale to a distributor's customer. At the time we record sales to distributors, we provide an allowance for the estimated future distributor activity related to such sales since it is probable that such sales to distributors will result in ship and debit activity. The sales allowance requirement is based on sales during the period, credits issued to distributors, distributor inventory levels, historical trends, market conditions, pricing trends we see in our direct sales activity with original equipment manufacturers and other customers, and input from sales, marketing and other key management. We believe that the analysis of these inputs enable us to make reliable estimates of future credits under the ship and debit program. This analysis requires the exercise of significant judgments. Our actual results to date have approximated our estimates. At the time the distributor ships the part from stock, the distributor debits us for the authorized pricing adjustment. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a reduction of revenues in the statement of operations. If competitive pricing were to decrease sharply and unexpectedly, our estimates might be insufficient, which could significantly adversely affect our operating results. | |
Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period and reduce revenues and gross profit in the period. | |
We state our revenues net of any taxes collected from customers that are required to be remitted to the various government agencies. The amount of taxes collected from customers and payable to government is included under “Accrued expenses and other liabilities.” Shipping and handling costs are included in cost of sales. | |
Trade accounts receivable and allowance for doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determine the allowance based on the aging of our accounts receivable, the financial condition of our customers and their payment history, our historical write-off experience and other assumptions. The allowance for doubtful accounts is reviewed quarterly. Past due balances and other specified accounts as necessary are reviewed individually. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Actual write-offs may be in excess of the recorded allowance. This allowance is included as part of the accounts receivable allowance on the balance sheet and as a “selling, general and administrative expense” in the statement of operations. | |
Cash and Cash Equivalents Policy [Policy Text Block] | Cash and Cash Equivalents |
We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents include investments in commercial paper and money market accounts at banks. | |
Restricted Cash Policy [Policy Text Block] | Restricted Cash |
The restricted cash balances constitute funds segregated for pension payments in Germany. | |
Inventories Policy [Policy Text Block] | Inventories |
Inventories are recorded at the lower of a currently adjusted standard cost, which approximates actual cost on a first-in-first-out basis, or market value. Our accounting for inventory costing is based on the applicable expenditure incurred, directly or indirectly, in bringing the inventory to its existing condition. Such expenditures include acquisition costs, production costs and other costs incurred to bring the inventory to its use. As it is impractical to track inventory from the time of purchase to the time of sale for the purpose of specifically identifying inventory cost, inventory is, therefore, valued based on a standard cost, given that the materials purchased are identical and interchangeable at various production processes. The authoritative guidance provided by Financial Accounting Standards Board, or FASB, requires certain abnormal expenditures to be recognized as expenses in the current period versus being capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We review our standard costs on an as-needed basis, but in any event at least once a year, and update them as appropriate to approximate actual costs. | |
We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may be required to reduce the valuation of our inventories below cost. We regularly review inventory quantities on hand and record an estimated provision for excess inventory based primarily on our historical sales and expectations for future use. Actual demand and market conditions may be different from those projected by our management. This could have a material effect on our operating results and financial position. If we were to make different judgments or utilize different estimates, the amount and timing of the write-down of inventories could be materially different. | |
Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. Sales of excess inventory have the effect of increasing the gross profit margin beyond that which would otherwise occur, because of previous write-downs. Once inventory is written down below cost, it is not written back up when it is subsequently sold or scrapped. We do not physically segregate excess inventory and assign unique tracking numbers to it in our accounting systems. Consequently, we cannot isolate the sales prices of excess inventory from the sales prices of non-excess inventory. | |
The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not know whether or when all the semiconductors resulting from a lot of wafers will sell. With more than 10,000 different part numbers for semiconductors, excess inventory resulting from the manufacture of some of those semiconductors will be continual and ordinary. Because the cost of storage is minimal when compared to potential value and because the products of our company do not quickly become obsolete, we expect to hold excess inventory for potential future sale for years. Consequently, we have no set time line for the sale or scrapping of excess inventory. | |
In addition, our inventory is also being written down to lower of cost or market or net realizable value. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that the selling price is lower than current cost, the inventory is marked down accordingly. | |
We periodically identify any inventory that is no longer usable and write it off against recorded reserves. | |
Property, Plant and Equipment Policy [Policy Text Block] | Property, Plant and Equipment |
Property, plant and equipment, including equipment under capital leases, are stated at cost less accumulated depreciation. Equipment under capital lease is stated at the lower of the present value of the minimum lease payments at the beginning of the lease term or the fair value of the leased assets at the inception of the lease. Depreciation is computed using the straight-line method over estimated useful lives of 1 to 14 years for equipment and 24 years to 50 years for property and plant. Upon disposal, the assets and related accumulated depreciation are removed from our accounts and the resulting gains or losses are reflected in the statements of operations. Repairs and maintenance costs are charged to expense. Depreciation of leasehold improvements is provided on the straight-line method over the shorter of the estimated useful life or the term of the lease. | |
The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Impairment is assessed when the forecasted undiscounted cash flows derived for the operation to which the assets relate are less than the carrying amount including associated intangible assets of the operation. If the operation is determined to be unable to recover the carrying amount of its assets, then impairment loss is recognized by reducing the carrying amount of the long-lived asset group on a pro-rata basis using the relative carrying amounts of those assets. Fair value is determined based on discounted cash flows or appraised values, depending on the nature of the assets. Judgment is used when applying these impairment rules to determine the timing of the impairment test, the undiscounted expected cash flows used to assess impairments and the fair value of an impaired asset. The dynamic economic environment in which we operate and the resulting assumptions used to estimate future cash flows affect the outcome of these impairment tests. | |
Treasury Stock Policy [Policy Text Block] | Treasury Stock |
We account for treasury stock using the cost method. Cost includes fees charged in connection with acquiring treasury stock. | |
Other Assets Policy [Policy Text Block] | Other Assets |
Other assets include marketable equity securities classified as available-for-sale and long term equity investments accounted under the equity method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense). | |
Goodwill and Intangible Assets Policy [Policy Text Block] | Goodwill and Intangible Assets |
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. | |
Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, or more frequently if events and circumstances indicate that the asset might be impaired, in accordance with the authoritative guidance provided by FASB. We first assess qualitative factors to determine whether it is necessary to perform the two-step fair value-based impairment test described below. If we believe that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. | |
Under the quantitative approach, there are two steps in the determination of the impairment of goodwill. The first step compares the carrying amount of the net assets to the fair value of the reporting unit. The second step, if necessary, recognizes an impairment loss to the extent the carrying value of the reporting unit's net assets exceed the implied fair value of goodwill. An impairment loss would be recognized to the extent that the carrying amount exceeds the fair value of the reporting unit. We operate our business as one reporting unit. | |
We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not be recoverable. After our initial assessment, if it is necessary, we perform the impairment test by determining whether the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. | |
Derivative Financial Instruments Policy [Policy Text Block] | Derivative Financial Instruments |
Although the majority of our transactions are in U.S. dollars, we enter into foreign exchange forward and option contracts to manage foreign currency exchange risk associated with our operations. From time to time, we purchase short-term, foreign exchange forward and option contracts to hedge the impact of foreign currency fluctuations on certain underlying assets, liabilities and commitments for operating expenses denominated in foreign currencies. The purpose of entering into these hedge transactions is to minimize the impact of foreign currency fluctuations on the results of operations. The contracts generally have maturity dates that do not exceed six months. | |
We do not purchase derivative contracts for trading purposes. We elected not to designate these contracts as accounting hedges and any changes in fair value are marked to market and other income (expense), net. | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Defined Benefit Plans |
We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management's judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. | |
We maintain three defined benefit pension plans: one for United Kingdom employees, one for German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. | |
Fair Value of Financial Instruments Policy [Policy Text Block] | Fair Value of Financial Instruments |
The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | |
Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 valuations. | |
We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of non-performance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: | |
Level 1 — Quoted prices for identical instruments in active markets. | |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | |
We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. All of the marketable equity securities are subject to a periodic impairment review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and, our ability and intent to hold or sell the securities. | |
From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period's statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. | |
Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. | |
Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. | |
Our pension liabilities, net of plan assets approximate fair value. | |
Our indebtedness for borrowed money and our installment payment obligations approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. | |
Our indebtedness for borrowed money, which primarily consists of loans from banks, and our installment payment obligations at March 31, 2014, which consisted of the installment payments for our Acquired MCU Business, are categorized as Level 2 for fair value measurement. | |
Research and Development Expense Policy [Policy Text Block] | Research and Development Expense |
Research and development costs are charged to operations as incurred. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not to be realized. In determining the amount of the valuation allowance, we consider income over recent years, estimated future taxable income, feasible tax planning strategies, and other factors, in each taxing jurisdiction in which we operate. If we determine that it is more likely than not that we will not realize all or a portion of our remaining deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that it is more likely than not that we will ultimately be able to utilize all or a portion of the deferred tax assets for which a valuation allowance has been provided, the related portion of the valuation allowance will be released, which will have the effect of reducing income tax expense. Significant management judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to establish or increase an additional valuation allowance that could materially impact our financial position and results of operations. Our ability to utilize our deferred tax assets and the continuing need for related valuation allowances are monitored on an ongoing basis. | |
Other Income and Expense Policy [Policy Text Block] | Other Income and Expense |
Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. | |
Indemnification Policy [Policy Text Block] | Indemnification |
Product guarantees and warranties have not historically proved to be material. On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. | |
Legal Contingencies, Policy [Policy Text Block] | Legal Contingencies |
We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. | |
Net Income (Loss) Per Share Policy [Policy Text Block] | Net Income (Loss) per Share |
Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. | |
Accumulated Other Comprehensive Income Policy [Policy Text Block] | Accumulated Other Comprehensive Income |
Accumulated other comprehensive income or loss represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. | |
Concentration and Business Risk Policy [Policy Text Block] | Concentration and Business Risks |
Dependence on Third Parties for Wafer Fabrication and Assembly | |
There can be no assurance that material disruptions in supply will not occur in the future. In such event, we may have to identify and secure additional foundry capacity and may be unable to identify or secure sufficient foundry capacity to meet demand. Even if such capacity is available from another manufacturer, the qualification process could take six months or longer. If we were unable to qualify alternative manufacturing sources for existing or new products in a timely manner or if such sources were unable to produce semiconductor devices with acceptable manufacturing yields and at acceptable prices, our business, financial condition and results of operations would be materially and adversely affected. | |
Dependence on Suppliers | |
We purchase silicon substrates from a limited number of vendors, most of whom we do not have long term supply agreements with. Any of these suppliers could terminate their relationship with us at any time. Our reliance on a limited number of suppliers involves several risks, including potential inability to obtain an adequate supply of silicon substrates and reduced control over the price, timely delivery, reliability and quality of the silicon substrates. There can be no assurance that problems will not occur in the future with suppliers. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers' acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. | |
We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three months or less. Our non-interest bearing domestic cash balances exceed federally insured limits. Additionally, we may invest in commercial paper with financial institutions that management believes to be creditworthy. These securities mature within ninety days or less and bear minimal credit risk. | |
We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not require collateral. An allowance for potential credit losses is maintained by us. | |
We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. | |
Stock-based Compensation Plans Policy [Policy Text Block] | Stock-Based Compensation Plans |
The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and shares expected to vest. | |
Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. | |
The fair value of issuances under our Employee Stock Purchase Plan is estimated on the issuance date using the Black-Scholes options pricing model. | |
Stock Purchase and Stock Option Plans | |
The 2009 Equity Incentive Plan, the 2011 Equity Incentive Plan and the 2013 Equity Incentive Plan | |
On September 10, 2009, our stockholders approved the 2009 Equity Incentive Plan, or the 2009 Plan, under which 900,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On September 16, 2011, our stockholders approved the 2011 Equity Incentive Plan, or the 2011 Plan, under which 600,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On August 30, 2013, our stockholders approved the 2013 Equity Incentive Plan, or the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. The 2009 Plan, the 2011 Plan and the 2013 Plan are referred to as the Plans. | |
Stock Options | |
Under the Plans, nonqualified and incentive stock options may be granted to employees, consultants and non-employee directors. Generally, the per share exercise price shall not be less than 100% of the fair market value of a share on the grant date. The Board of Directors has the full power to determine the provisions of each option issued under the Plans. While we may grant options that become exercisable at different times or within different periods, we have primarily granted options that vest over four years. The options, once granted, expire ten years from the date of grant. | |
Stock Awards | |
Stock awards, denominated restricted stock under the 2009 Plan and the 2011 Plan, may be granted to any employee, director or consultant under the Plans. Pursuant to a stock award, we will issue shares of common stock. Shares that are subject to the restriction will be released from restriction if certain requirements, including continued performance of services, are met. | |
Stock Appreciation Rights | |
Awards of stock appreciation rights, or SARs, may be granted to employees, consultants and non-employee directors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not be less than 100% of the fair market value of a share on the grant date and shall expire no later than ten years from the grant date. Upon exercise, the holder of a SAR shall be entitled to receive payment either in cash or a number of shares by dividing such cash amount by the fair market value of a share on the exercise date. | |
Restricted Stock Units | |
Restricted stock units, denominated performance units in the 2009 Plan, may be granted to employees, consultants and non-employee directors under the Plans. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. | |
The 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan | |
Prior to May 2009, stock options were granted under the 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan, or the 1999 Plans, for not less than 85% of fair market value at the time of grant. Once granted, the options expire ten years from the date of grant. Options granted to employees under the 1999 Equity Incentive Plan typically vested over four years. The initial option grants under the 1999 Non-Employee Directors' Equity Incentive Plan typically vested over four years and subsequent annual grants vested over one year. The 1999 Plans expired in May 2009 and no additional grants may be made thereunder. | |
Zilog 2004 Omnibus Stock Incentive Plan | |
The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2004 Plan. Under the 2004 Plan, non-statutory stock options were granted. At the time of the assumption of the Zilog 2004 Plan by our company, up to 652,963 shares of our common stock were available for grant under the plan. | |
In general, the options and shares granted pursuant to the Zilog 2004 Plan are exercisable at such time or times, and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as the plan administrator, generally the Compensation Committee of our Board of Directors, determined in the applicable option agreement. The exercise price per share, payable upon the exercise of an option, was established by such administrator at the time of the grant and is not less than the par value per share of common stock on the date of the grant and, in the case of an incentive stock option, generally is not less than 100% of the fair market value per share on the date of grant. The Zilog 2004 Plan expired in February 2014 and no additional grants may be made thereunder. | |
Zilog 2002 Omnibus Stock Incentive Plan | |
The Zilog 2002 Omnibus Stock Incentive Plan, or the Zilog 2002 Plan, was adopted in 2002. In connection with the acquisition of Zilog, our Board of Directors approved the assumption of the Zilog 2002 Plan with respect to the shares available for grant as stock options. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2002 Plan. At the time of the assumption of the Zilog 2002 Plan by our company, up to 366,589 shares of our common stock were available for grant under the plan. | |
Stock options granted under the Zilog 2002 Plan were permitted to be: (i) incentive stock options or nonqualified stock options or (ii) EBITDA-linked options and/or non-EBITDA linked options. We did not grant any EBITDA-linked options and none are outstanding. In general, non-EBITDA-linked options granted pursuant to the Zilog 2002 Plan was exercisable at such time or times and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as determined by the plan administrator in the applicable award agreements or thereafter. The exercise price per share payable upon the exercise of an option was established by such administrator at the time of grant. The term of each non-EBITDA-linked option was determined at the time of grant and does not exceed ten years. The Zilog 2002 Plan expired in May 2012 and no additional grants may be made thereunder. | |
Employee Stock Purchase Plan | |
The Board of Directors has approved the Amended and Restated 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,550,000 shares of common stock for issuance under the Purchase Plan. Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee's eligible compensation. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In April 2014, FASB issued changes to the criteria for determining which disposals are required to be presented as discontinued operations. The changes require a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The amendments apply on a prospective basis to disposals of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. We expect this guidance to have an impact on our financial statements only in the event of a future disposition which meets the criteria. | |
In May 2014, FASB issued a new standard on the recognition of revenue from contracts with customers, which includes a single set of rules and criteria for revenue recognition to be used across all industries. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the entity satisfies a performance obligation. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early adoption is prohibited. In April 2015, FASB proposed deferring the implementation of the guidance by one year. Different transition methods are available — full retrospective method, retrospective with certain practical expedients, and a modified retrospective (cumulative effect) approach. We are currently evaluating the impact of the adoption of the standard on our consolidated financial statements including selection of the transition method. | |
In August 2014, FASB issued a new standard on the disclosure of uncertainties about an entity's ability to continue as a going concern. The guidance seeks to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. This standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods during the annual period. Early application is permitted. We do not believe that the adoption of this guidance will have any material impact on our financial position or results of operations. | |
In November 2014, FASB issued a new standard on pushdown accounting in business acquisitions. The standard provides guidance on whether and at what threshold an acquired entity that is a business can apply pushdown accounting in its separate financial statements. This standard was effective for us on November 18, 2014 and the adoption of the standard did not have significant impact on our consolidated financial statements. | |
In April 2015, the FASB issued the authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The guidance will be effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. The new standard is required to be applied retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We do not expect this guidance to have significant impact on our consolidated financial statements. |
Note_4_Fair_Value_policy
Note 4 Fair Value (policy) | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments Policy [Policy Text Block] | Fair Value of Financial Instruments |
The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | |
Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 valuations. | |
We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of non-performance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: | |
Level 1 — Quoted prices for identical instruments in active markets. | |
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | |
Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | |
We measure our marketable securities and derivative contracts at fair value. Marketable securities are valued using the quoted market prices and are therefore classified as Level 1 estimates. All of the marketable equity securities are subject to a periodic impairment review. We review any impairment to determine whether it is other than temporarily impaired. This review is based on factors such as length of time of impairment, extent to which the fair value is below the cost basis, financial conditions of the issuer of the security, our expectations of future recoveries and, our ability and intent to hold or sell the securities. | |
From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not to designate these instruments as accounting hedges. The changes in the fair value of these instruments are recorded in the current period's statement of operations and are included in other income (expense), net. All of our derivative instruments are traded on over-the-counter markets where quoted market prices are not readily available. For those derivatives, we measure fair value using prices obtained from the counterparties with whom we have traded. The counterparties price the derivatives based on models that use primarily market observable inputs, such as yield curves and option volatilities. Accordingly, we classify these derivatives as Level 2. | |
Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs including historical redemptions received from the ARPS issuers. | |
Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. | |
Our pension liabilities, net of plan assets approximate fair value. | |
Our indebtedness for borrowed money and our installment payment obligations approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. | |
Our indebtedness for borrowed money, which primarily consists of loans from banks, and our installment payment obligations at March 31, 2014, which consisted of the installment payments for our Acquired MCU Business, are categorized as Level 2 for fair value measurement. | |
Note_9_Pension_Plans_Policy
Note 9 Pension Plans (Policy) | 12 Months Ended |
Mar. 31, 2015 | |
Pension and Other Postretirement Benefits Disclosure [Abstract] | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Defined Benefit Plans |
We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management's judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. | |
We maintain three defined benefit pension plans: one for United Kingdom employees, one for German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. | |
Note_10_Employee_Equity_Incent1
Note 10 Employee Equity Incentive Plans (Policy) | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Plans Policy [Policy Text Block] | Stock-Based Compensation Plans |
The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and shares expected to vest. | |
Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. | |
The fair value of issuances under our Employee Stock Purchase Plan is estimated on the issuance date using the Black-Scholes options pricing model. | |
Stock Purchase and Stock Option Plans | |
The 2009 Equity Incentive Plan, the 2011 Equity Incentive Plan and the 2013 Equity Incentive Plan | |
On September 10, 2009, our stockholders approved the 2009 Equity Incentive Plan, or the 2009 Plan, under which 900,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On September 16, 2011, our stockholders approved the 2011 Equity Incentive Plan, or the 2011 Plan, under which 600,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. On August 30, 2013, our stockholders approved the 2013 Equity Incentive Plan, or the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. The 2009 Plan, the 2011 Plan and the 2013 Plan are referred to as the Plans. | |
Stock Options | |
Under the Plans, nonqualified and incentive stock options may be granted to employees, consultants and non-employee directors. Generally, the per share exercise price shall not be less than 100% of the fair market value of a share on the grant date. The Board of Directors has the full power to determine the provisions of each option issued under the Plans. While we may grant options that become exercisable at different times or within different periods, we have primarily granted options that vest over four years. The options, once granted, expire ten years from the date of grant. | |
Stock Awards | |
Stock awards, denominated restricted stock under the 2009 Plan and the 2011 Plan, may be granted to any employee, director or consultant under the Plans. Pursuant to a stock award, we will issue shares of common stock. Shares that are subject to the restriction will be released from restriction if certain requirements, including continued performance of services, are met. | |
Stock Appreciation Rights | |
Awards of stock appreciation rights, or SARs, may be granted to employees, consultants and non-employee directors pursuant to the Plans. A SAR is payable on the difference between the market price at the time of exercise and the exercise price at the date of grant. In any event, the exercise price of a SAR shall not be less than 100% of the fair market value of a share on the grant date and shall expire no later than ten years from the grant date. Upon exercise, the holder of a SAR shall be entitled to receive payment either in cash or a number of shares by dividing such cash amount by the fair market value of a share on the exercise date. | |
Restricted Stock Units | |
Restricted stock units, denominated performance units in the 2009 Plan, may be granted to employees, consultants and non-employee directors under the Plans. Each restricted stock unit shall have a value equal to the fair market value of one share. After the applicable performance period has ended, the holder will be entitled to receive a payment, either in cash or in the form of shares, based on the number of restricted stock units earned over the performance period, to be determined as a function of the extent to which the corresponding performance goals or other vesting provisions have been achieved. | |
The 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan | |
Prior to May 2009, stock options were granted under the 1999 Equity Incentive Plan and the 1999 Non-Employee Directors' Equity Incentive Plan, or the 1999 Plans, for not less than 85% of fair market value at the time of grant. Once granted, the options expire ten years from the date of grant. Options granted to employees under the 1999 Equity Incentive Plan typically vested over four years. The initial option grants under the 1999 Non-Employee Directors' Equity Incentive Plan typically vested over four years and subsequent annual grants vested over one year. The 1999 Plans expired in May 2009 and no additional grants may be made thereunder. | |
Zilog 2004 Omnibus Stock Incentive Plan | |
The Zilog 2004 Omnibus Stock Incentive Plan, or the Zilog 2004 Plan, was approved by the stockholders of Zilog in 2004, and was amended and approved by the stockholders of Zilog in 2007. In connection with the acquisition of Zilog, our Board of Directors approved assumption of the Zilog 2004 Plan. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2004 Plan. Under the 2004 Plan, non-statutory stock options were granted. At the time of the assumption of the Zilog 2004 Plan by our company, up to 652,963 shares of our common stock were available for grant under the plan. | |
In general, the options and shares granted pursuant to the Zilog 2004 Plan are exercisable at such time or times, and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as the plan administrator, generally the Compensation Committee of our Board of Directors, determined in the applicable option agreement. The exercise price per share, payable upon the exercise of an option, was established by such administrator at the time of the grant and is not less than the par value per share of common stock on the date of the grant and, in the case of an incentive stock option, generally is not less than 100% of the fair market value per share on the date of grant. The Zilog 2004 Plan expired in February 2014 and no additional grants may be made thereunder. | |
Zilog 2002 Omnibus Stock Incentive Plan | |
The Zilog 2002 Omnibus Stock Incentive Plan, or the Zilog 2002 Plan, was adopted in 2002. In connection with the acquisition of Zilog, our Board of Directors approved the assumption of the Zilog 2002 Plan with respect to the shares available for grant as stock options. Employees of Zilog and persons first employed by our company after the closing of the acquisition of Zilog were eligible to receive grants under the Zilog 2002 Plan. At the time of the assumption of the Zilog 2002 Plan by our company, up to 366,589 shares of our common stock were available for grant under the plan. | |
Stock options granted under the Zilog 2002 Plan were permitted to be: (i) incentive stock options or nonqualified stock options or (ii) EBITDA-linked options and/or non-EBITDA linked options. We did not grant any EBITDA-linked options and none are outstanding. In general, non-EBITDA-linked options granted pursuant to the Zilog 2002 Plan was exercisable at such time or times and subject to such terms and conditions (including the vesting schedule, period of exercisability and expiration date) as determined by the plan administrator in the applicable award agreements or thereafter. The exercise price per share payable upon the exercise of an option was established by such administrator at the time of grant. The term of each non-EBITDA-linked option was determined at the time of grant and does not exceed ten years. The Zilog 2002 Plan expired in May 2012 and no additional grants may be made thereunder. | |
Employee Stock Purchase Plan | |
The Board of Directors has approved the Amended and Restated 1999 Employee Stock Purchase Plan, or the Purchase Plan, and reserved a total of 1,550,000 shares of common stock for issuance under the Purchase Plan. Under the Purchase Plan, all eligible employees may purchase our common stock at a price equal to 85% of the lower of the fair market value at the beginning of the offer period or the semi-annual purchase date. Stock purchases are limited to 15% of an employee's eligible compensation. |
Note_12_Computation_of_Earning1
Note 12 Computation of Earnings Per Share (Policy) | 12 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Policy [Policy Text Block] | Net Income (Loss) per Share |
Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. |
Note_15_Segment_and_Geographic1
Note 15 Segment and Geographic Information (Policy) | 12 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We have a single operating segment and reportable segment. We design develop, manufacture and market high performance semiconductor products. Our Chief Executive Officer and our President, together, have been identified as the chief operating decision makers. Our chief operating decision makers review financial information presented on one operating segment basis for the purpose of making decisions, allocating resources and assessing financial performance. |
Note_2_Summary_of_Significant_2
Note 2 Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Accounting Policies [Abstract] | ||||||
Schedule of Allowance for Accounts Receivable, Ship and Debit [Table Text Block] | Balance March 31, 2012 | $ | 1,101 | |||
Additions | 5,842 | |||||
Deductions | -5,547 | |||||
Balance March 31, 2013 | 1,396 | |||||
Additions | 4,757 | |||||
Deductions | -5,082 | |||||
Balance March 31, 2014 | 1,071 | |||||
Additions | 5,765 | |||||
Deductions | -5,777 | |||||
Balance March 31, 2015 | $ | 1,059 | ||||
Schedule of Excess Inventory Reserve [Table Text Block] | Balance at March 31, 2012 | $ | 28,138 | |||
Utilization or sale | -2,242 | |||||
Scrap | -3,662 | |||||
Additional provision | 3,385 | |||||
Foreign currency translation adjustments | -330 | |||||
Balance at March 31, 2013 | 25,289 | |||||
Utilization or sale | -1,579 | |||||
Scrap | -3,422 | |||||
Additional provision | 3,503 | |||||
Foreign currency translation adjustments | 513 | |||||
Balance at March 31, 2014 | 24,304 | |||||
Utilization or sale | -1,637 | |||||
Scrap | -2,901 | |||||
Additional provision | 4,487 | |||||
Foreign currency translation adjustments | -1,500 | |||||
Balance at March 31, 2015 | $ | 22,753 |
Note_3_Business_Combination_Ta
Note 3 Business Combination (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Combinations [Abstract] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation | |||||
Inventories | $ | 800 | ||||
Property, plant and equipment | 36 | |||||
Identifiable intangible assets | 24,000 | |||||
Total identifiable net assets | 24,836 | |||||
Goodwill | 25,164 | |||||
Total purchase price | $ | 50,000 | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended March 31 | |||||
2014 | 2013 | |||||
(unaudited) | ||||||
Pro forma net revenues | $ | 360,228 | $ | 369,086 | ||
Pro forma net income | $ | 15,364 | $ | 18,189 | ||
Pro forma net income per share (basic) | $ | 0.49 | $ | 0.59 | ||
Pro forma net income per share (diluted) | $ | 0.48 | $ | 0.57 |
Note_4_Fair_Value_Tables
Note 4 Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2015 (1) | March 31, 2014 (1) | |||||||||||||||||||
Fair Value Measured at | Fair Value Measured at | ||||||||||||||||||||
Reporting Date Using | Reporting Date Using | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||
Money market funds (2) | $ | 76,317 | $ | 76,317 | $ | - | $ | 59,706 | $ | 59,706 | $ | - | |||||||||
Marketable equity securities (3) | 1,737 | 1,737 | - | 4,158 | 4,158 | - | |||||||||||||||
Auction rate preferred securities (3) | 350 | - | 350 | 350 | - | 350 | |||||||||||||||
Derivative liabilities (4) | -19 | - | -19 | -112 | - | -112 | |||||||||||||||
Total | $ | 78,385 | $ | 78,054 | $ | 331 | $ | 64,102 | $ | 63,864 | $ | 238 | |||||||||
-1 | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | ||||||||||||||||||||
-2 | Included in "Cash and cash equivalents" on our audited consolidated balance sheets. | ||||||||||||||||||||
-3 | Included in "Other assets" on our audited consolidated balance sheets. | ||||||||||||||||||||
-4 | Included in ''Accrued expenses and other current liabilities'' on our audited consolidated balance sheets. |
Note_5_Other_Assets_Tables
Note 5 Other Assets (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Other Assets Noncurrent Disclosure [Abstract] | |||||||||||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets consist of the following (in thousands): | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Marketable equity securities | $ | 1,737 | $ | 4,158 | |||||||||||||
Auction rate preferred securities | 350 | 350 | |||||||||||||||
Long-term equity method investments | 11,041 | 5,921 | |||||||||||||||
Other items | 576 | 1,352 | |||||||||||||||
Total | $ | 13,704 | $ | 11,781 | |||||||||||||
Available-for-sale Securities [Table Text Block] | Available-for-sale investments as of March 31, 2015 and 2014 were as follows (in thousands): | ||||||||||||||||
Fiscal Year 2015 | Fiscal Year 2014 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
Marketable equity securities | $1,726 | $53 | ($42) | $1,737 | $3,658 | $509 | ($9) | $4,158 | |||||||||
Auction rate preferred securities | $350 | $ - | $ - | $350 | $350 | $ - | $ - | $350 | |||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||
Period | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||
31-Mar-15 | $ - | $ - | $42 | $286 | $42 | $286 | |||||||||||
31-Mar-14 | $ - | $ - | $9 | $307 | $9 | $307 |
Note_6_Balance_Sheet_Details_T
Note 6 Balance Sheet Details (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||
Schedule of Allowance Movement [Table Text Block] | Allowances Movement (in thousands): | ||||||||||||||||
Balance at Beginning of Year | Additions | Utilization | Translation Adjustments | Balance at End of Year | |||||||||||||
Allowances for accounts receivable and for doubtful accounts | |||||||||||||||||
Year ended March 31, 2015 | $ | 3,013 | $ | 8,935 | $ | -9,004 | $ | -176 | $ | 2,768 | |||||||
Year ended March 31, 2014 | $ | 2,656 | $ | 8,563 | $ | -8,255 | $ | 49 | $ | 3,013 | |||||||
Year ended March 31, 2013 | $ | 2,473 | $ | 10,064 | $ | -9,851 | $ | -30 | $ | 2,656 | |||||||
Schedule of Inventory, Current [Table Text Block] | Inventories | ||||||||||||||||
Inventories consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Raw materials | $ | 17,169 | $ | 19,957 | |||||||||||||
Work in process | 37,491 | 44,165 | |||||||||||||||
Finished goods | 27,345 | 28,906 | |||||||||||||||
Total | $ | 82,005 | $ | 93,028 | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Property and plant (useful life of 24 years to 50 years) | $ | 33,328 | $ | 34,271 | |||||||||||||
Equipment owned (useful life of 1 to 14 years) | 98,408 | 107,378 | |||||||||||||||
Equipment capital leases (useful life of 4 years) | 33,222 | 41,931 | |||||||||||||||
Leasehold improvements (useful life of up to 8 years) | 1,304 | 1,253 | |||||||||||||||
166,262 | 184,833 | ||||||||||||||||
Accumulated depreciation | -123,717 | -134,264 | |||||||||||||||
$ | 42,545 | $ | 50,569 | ||||||||||||||
Depreciation expense for fiscal years ended March 31, 2015, 2014 and 2013 amounted to $11.3 million, $10.7 million | |||||||||||||||||
and $10.2 million, respectively. | |||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses and Other Liabilities | ||||||||||||||||
Accrued expenses and other liabilities consist of the following (in thousands): | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Uninvoiced goods and services | $ | 8,473 | $ | 9,098 | |||||||||||||
Compensation and benefits | 6,230 | 6,880 | |||||||||||||||
Income taxes | 2,459 | - | |||||||||||||||
Short-term installment payment obligations | - | 30,781 | |||||||||||||||
Commission, royalties and other | 2,703 | 3,407 | |||||||||||||||
Total | $ | 19,865 | $ | 50,166 |
Note_7_Goodwill_and_Intangible1
Note 7 Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Schedule of Goodwill [Table Text Block] | March 31, | ||||||||||
2015 | 2014 | ||||||||||
Goodwill | $ | 38,356 | $ | 13,192 | |||||||
Accumulated impairment losses | -13,192 | -13,192 | |||||||||
Net goodwill at beginning of year | 25,164 | - | |||||||||
Goodwill acquired in acquisition | 2,781 | 25,164 | |||||||||
Currency translation adjustment | -570 | - | |||||||||
Net goodwill at end of year | $ | 27,375 | $ | 25,164 | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Identifiable Intangible Assets | ||||||||||
Identified intangible assets consisted of the following as of March 31, 2015 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 8,084 | $ | 8,220 | |||||
Customer relationships | 13,020 | 11,290 | 1,730 | ||||||||
Contract backlog | 7,155 | 7,155 | - | ||||||||
Other intangible assets | 1,608 | 1,174 | 434 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 27,703 | $ | 10,384 | |||||
Identified intangible assets consisted of the following as of March 31, 2014 (in thousands): | |||||||||||
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||
Developed intellectual property | $ | 16,304 | $ | 4,984 | $ | 11,320 | |||||
Customer relationships | 13,020 | 8,695 | 4,325 | ||||||||
Contract backlog | 7,155 | 7,155 | - | ||||||||
Other intangible assets | 1,608 | 906 | 702 | ||||||||
Total identifiable intangible assets | $ | 38,087 | $ | 21,740 | $ | 16,347 | |||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquisition Date | Estimated | |||||||||
Fair Value | Amortization | Useful Life | |||||||||
(In thousands) | Method | (In months) | |||||||||
Acquired MCU Business | |||||||||||
Developed intellectual property | $ | 11,504 | Straight-line | 60 | |||||||
Customer relationships | 6,920 | Accelerated | 36 | ||||||||
Contract backlog | 5,155 | Straight-line | 9 | ||||||||
Trade name | 421 | Straight-line | 60 | ||||||||
Total for Acquired MCU Business | $ | 24,000 | |||||||||
Zilog | |||||||||||
Developed intellectual property | $ | 4,800 | Straight-line | 72 | |||||||
Customer relationships | 6,100 | Accelerated | 37 | ||||||||
Contract backlog | 2,000 | Straight-line | 12 | ||||||||
Trade name | 1,100 | Straight-line | 72 | ||||||||
Total for Zilog | $ | 14,000 |
Note_8_Borrowing_Arrangements_
Note 8 Borrowing Arrangements (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Long-term Debt Instruments [Table Text Block] | Fiscal Year Payable | Amount | |||
2016 | $ | 45,790 | |||
2017 | 790 | ||||
2018 | 790 | ||||
2019 | 790 | ||||
2020 | 777 | ||||
Thereafter | 286 | ||||
Total | 49,223 | ||||
Less: current portion | 45,790 | ||||
Long-term portion | $ | 3,433 |
Note_9_Pension_Plans_Tables
Note 9 Pension Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Abstract] | |||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Year Ended March 31, | ||||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | 104 | $ | 108 | $ | 96 | |||||||||||||||||||||
Interest cost on projected benefit obligation | 1,803 | 1,886 | 1,890 | ||||||||||||||||||||||||
Expected return on plan assets | -1,910 | -1,685 | -1,517 | ||||||||||||||||||||||||
Recognized actuarial loss | 179 | 236 | 167 | ||||||||||||||||||||||||
Net periodic pension expense | $ | 176 | $ | 545 | $ | 636 | |||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net Amount Recognized (in thousands): | ||||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||
Projected benefit obligation at the beginning of the year | $ | 44,558 | $ | 41,459 | |||||||||||||||||||||||
Service cost | 104 | 108 | |||||||||||||||||||||||||
Interest cost | 1,803 | 1,886 | |||||||||||||||||||||||||
Actuarial (gain) loss | 9,036 | -636 | |||||||||||||||||||||||||
Benefits paid | -1,467 | -1,498 | |||||||||||||||||||||||||
Foreign currency adjustment | -6,688 | 3,239 | |||||||||||||||||||||||||
Projected benefit obligation at year end | $ | 47,346 | $ | 44,558 | |||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 29,013 | $ | 25,129 | |||||||||||||||||||||||
Actual return on plan assets | 4,306 | 1,711 | |||||||||||||||||||||||||
Employer contribution | 1,089 | 1,022 | |||||||||||||||||||||||||
Benefits paid from assets | -970 | -1,030 | |||||||||||||||||||||||||
Foreign currency adjustment | -3,324 | 2,181 | |||||||||||||||||||||||||
Plan assets at fair value at year end | $ | 30,114 | $ | 29,013 | |||||||||||||||||||||||
Unfunded status of the plan at year end | $ | -17,232 | $ | -15,545 | |||||||||||||||||||||||
Pension liability recognized on the balance sheet due after one year | $ | 17,232 | $ | 15,545 | |||||||||||||||||||||||
Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||
Projected benefit obligation at year end | $ | 47,346 | $ | 44,558 | |||||||||||||||||||||||
Accumulated benefit obligation at year end | $ | 46,695 | $ | 43,910 | |||||||||||||||||||||||
Plan assets at fair value at year end | $ | 30,114 | $ | 29,013 | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||
Unrecognized actuarial loss, before tax | $ | -12,354 | $ | -7,743 | |||||||||||||||||||||||
Amount recognized as component of stockholders’ equity – pretax | $ | -12,354 | $ | -7,743 | |||||||||||||||||||||||
Accumulated benefit obligation at year end | $ | 46,695 | $ | 43,910 | |||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted average actuarial assumptions used to determine benefit obligations for the plans were as follows: | ||||||||||||||||||||||||||
Year End March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Discount rate | 1.8-4.8% | 3.4-4.8% | |||||||||||||||||||||||||
Expected long term rate of return on assets | 5.6-7.0% | 6.8-7.0% | |||||||||||||||||||||||||
Salary scale | 6.00% | 1.5-6.0% | |||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | |||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash funds | $ | 2,588 | $ | - | $ | - | $ | 2,588 | $ | 1,523 | $ | - | $ | - | $ | 1,523 | |||||||||||
Currency contracts | - | -30 | - | -30 | - | -4 | - | -4 | |||||||||||||||||||
Equity | 19,997 | 652 | 7 | 20,656 | 20,946 | 439 | 2 | 21,387 | |||||||||||||||||||
Fixed interest | 861 | 5,887 | 1 | 6,749 | 749 | 5,323 | 1 | 6,073 | |||||||||||||||||||
Mortgage backed securities | - | 16 | - | 16 | - | 15 | - | 15 | |||||||||||||||||||
Swaps and other | 2 | 133 | - | 135 | 1 | 18 | - | 19 | |||||||||||||||||||
Total | $ | 23,448 | $ | 6,658 | $ | 8 | $ | 30,114 | $ | 23,219 | $ | 5,791 | $ | 3 | $ | 29,013 | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Ended: | Benefit Payment | |||||||||||||||||||||||||
31-Mar-16 | $ | 1,441 | |||||||||||||||||||||||||
31-Mar-17 | 1,670 | ||||||||||||||||||||||||||
31-Mar-18 | 1,664 | ||||||||||||||||||||||||||
31-Mar-19 | 1,792 | ||||||||||||||||||||||||||
31-Mar-20 | 1,935 | ||||||||||||||||||||||||||
Five fiscal years ended March 31, 2025 | 10,151 | ||||||||||||||||||||||||||
Total benefit payments for the ten fiscal years ended March 31, 2025 | $ | 18,653 |
Note_10_Employee_Equity_Incent2
Note 10 Employee Equity Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended March 31, | ||||||||||||||||||
Statement of Operations Classifications | 2015 | 2014 | 2013 | ||||||||||||||||
Cost of goods sold | $ | 433 | $ | 457 | $ | 398 | |||||||||||||
Research, development and engineering | 814 | 978 | 1,030 | ||||||||||||||||
Selling, general and administrative | 1,620 | 1,350 | 2,023 | ||||||||||||||||
Stock-based compensation effect on income before taxes | 2,867 | 2,785 | 3,451 | ||||||||||||||||
Benefit from income taxes | 1,009 | 1,071 | 1,287 | ||||||||||||||||
Net stock-based compensation effects on net income | $ | 1,858 | $ | 1,714 | $ | 2,164 | |||||||||||||
Schedule of Employee Service Share-based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options | Purchase Plan | |||||||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||
Weighted average estimated per share | |||||||||||||||||||
fair value of grant | $ | 5.54 | $ | 5.31 | $ | 5.26 | $ | 2.9 | $ | 2.75 | $ | 3.22 | |||||||
Risk-free interest rate | 1.80% | 1.80% | 1.10% | 0.10% | 0.10% | 0.20% | |||||||||||||
Expected term in years | 6.25 | 6.05 | 6.34 | 0.5 | 0.5 | 0.5 | |||||||||||||
Volatility | 52.20% | 54.90% | 55.30% | 36.90% | 37.00% | 46.40% | |||||||||||||
Dividend yield (1) | 1.00% | 1.00% | 0% | 1.10% | 0% | 0% | |||||||||||||
(1) Prior to October 1, 2013, the fair value of our equity awards was based on 0% dividend yield. | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options Activity [Table Text Block] | Stock compensation activity under our equity incentive plans for fiscal 2015, 2014 and 2013 is summarized below: | ||||||||||||||||||
Shares Available for Grant | Options Outstanding | Weighted Average Exercise Price per Share | |||||||||||||||||
Number of Shares (1) | Intrinsic Value (2) | ||||||||||||||||||
0 | |||||||||||||||||||
Balances, March 31, 2012 | 748,036 | 5,472,004 | $19,532 | $9.75 | |||||||||||||||
Plan authorization expired | -589 | - | |||||||||||||||||
Options granted | -455,000 | 455,000 | $9.93 | ||||||||||||||||
Options exercised | - | -153,131 | $443 | $7.03 | |||||||||||||||
Options cancelled | 7,500 | -67,425 | $8.34 | ||||||||||||||||
Options expired | - | -378,975 | $7.31 | ||||||||||||||||
Balances, March 31, 2013 | 299,947 | 5,327,473 | $4,273 | $10.04 | |||||||||||||||
New shares authorized (3) | 2,000,000 | - | |||||||||||||||||
Plan authorization expired | -47,963 | - | |||||||||||||||||
Options granted | -515,000 | 515,000 | $10.63 | ||||||||||||||||
Options exercised | - | -572,338 | $1,695 | $8.72 | |||||||||||||||
Options cancelled | 24,000 | -34,000 | $11.42 | ||||||||||||||||
Options expired | 17,500 | -34,500 | $12.62 | ||||||||||||||||
Balances, March 31, 2014 | 1,778,484 | 5,201,635 | $8,658 | $10.22 | |||||||||||||||
Options granted | -249,000 | 249,000 | $11.83 | ||||||||||||||||
Options exercised | - | -339,374 | $1,310 | $8.62 | |||||||||||||||
Options cancelled | 39,750 | -94,250 | $11.46 | ||||||||||||||||
Options expired | 26,000 | -74,500 | $11.17 | ||||||||||||||||
Balances, March 31, 2015 | 1,595,234 | 4,942,511 | $10,831 | $10.37 | |||||||||||||||
(1) The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||||||||||||||||||
(2) Except for options exercised, these amounts represent the difference between the exercise price and $12.32 per share, the closing price of our stock on March 31, 2015 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. | |||||||||||||||||||
(3) On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. | |||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | |||||||||||||||||
Exercise Price per Share | Number of Shares Outstanding | Weighted Average Contractual Life | Weighted Average Exercise Price per Share | Number of Shares Exercisable | Weighted Average Exercise Price per Share | ||||||||||||||
$5.01 - $7.75 | 958,897 | 3.6 | $6.62 | 958,897 | $6.62 | ||||||||||||||
$7.76 - $10.00 | 1,293,500 | 5.7 | $9.32 | 941,750 | $9.24 | ||||||||||||||
$10.01 - $12.50 | 1,807,326 | 5.8 | $11.50 | 1,228,826 | $11.36 | ||||||||||||||
$12.51 - $15.81 | 882,788 | 2.7 | $13.68 | 812,788 | $13.76 | ||||||||||||||
$5.01 - $15.81 | 4,942,511 | 4.8 | $10.37 | 3,942,261 | $10.20 |
Note_11_Accumulated_Other_Comp1
Note 11 Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components and the changes in accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | |||||||||||||||
Foreign Currency | Unrealized Gains on Securities | Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance as of March 31, 2012 | $ | 6,472 | $ | -68 | $ | -4,314 | $ | 2,090 | ||||||||
Other comprehensive loss | ||||||||||||||||
before reclassifications | -3,490 | -672 | -1,957 | -6,119 | ||||||||||||
Net loss reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | 800 | 136 | 936 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive income (loss) | -3,490 | 128 | -1,821 | -5,183 | ||||||||||||
Balance as of March 31, 2013 | 2,982 | 60 | -6,135 | -3,093 | ||||||||||||
Other comprehensive income | ||||||||||||||||
before reclassifications | 7,553 | 361 | 89 | 8,003 | ||||||||||||
Net losses (gains) reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | -96 | 215 | 119 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive income | 7,553 | 265 | 304 | 8,122 | ||||||||||||
Balance as of March 31, 2014 | 10,535 | 325 | -5,831 | 5,029 | ||||||||||||
Other comprehensive loss | ||||||||||||||||
before reclassifications | -24,112 | -1,536 | -3,830 | -29,478 | ||||||||||||
Net losses reclassified from | ||||||||||||||||
accumulated other | ||||||||||||||||
comprehensive income (loss) | - | 1,218 | 143 | 1,361 | ||||||||||||
Net current period other | ||||||||||||||||
comprehensive loss | -24,112 | -318 | -3,687 | -28,117 | ||||||||||||
Balance as of March 31, 2015 | $ | -13,577 | $ | 7 | $ | -9,518 | $ | -23,088 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified out of accumulated other comprehensive income (loss) for the fiscal year 2015, 2014 and 2013 are as follows (in thousands): | |||||||||||||||
Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Impacted Line Item on Consolidated Statements of Operations | ||||||||||||||
Net gain on sales of investments | $ | 30 | $ | 155 | $ | 111 | Other income (expense), net | |||||||||
Impairment of marketable securities | -1,903 | -7 | -1,342 | Other income (expense), net | ||||||||||||
Recognized actuarial loss | -179 | -236 | -167 | Cost of goods sold | ||||||||||||
Subtotal | -2,052 | -88 | -1,398 | Income before income tax provision | ||||||||||||
Tax impact | 691 | -31 | 462 | Provision for income tax | ||||||||||||
Total reclassifications for the period | $ | -1,361 | $ | -119 | $ | -936 | Net income |
Note_12_Computation_of_Earning2
Note 12 Computation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 23,740 | $ | 6,046 | $ | 7,648 | |||||
Weighted average shares - basic | 31,531 | 31,146 | 31,025 | ||||||||
Weighted average shares - diluted | 32,239 | 31,916 | 31,695 | ||||||||
Net income per share - basic | $ | 0.75 | $ | 0.19 | $ | 0.25 | |||||
Net income per share - diluted | $ | 0.74 | $ | 0.19 | $ | 0.24 | |||||
Note_15_Segment_and_Geographic2
Note 15 Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Schedule of Revenue from External Customers by Geographic Area [Table Text Block] | Year Ended March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||
United States | $ | 85,314 | $ | 89,734 | $ | 84,789 | ||||
Europe and the Middle East | ||||||||||
France | 7,917 | 5,554 | 5,235 | |||||||
Germany | 32,866 | 34,423 | 32,287 | |||||||
Hungary | 2,571 | 3,620 | 2,952 | |||||||
Italy | 4,645 | 4,506 | 4,087 | |||||||
Russia | 5,051 | 2,821 | 2,774 | |||||||
Sweden | 4,460 | 4,938 | 4,588 | |||||||
Switzerland | 2,569 | 3,714 | 3,216 | |||||||
United Kingdom | 19,832 | 19,524 | 23,853 | |||||||
Other | 20,196 | 19,949 | 19,576 | |||||||
Asia Pacific | ||||||||||
China | 83,597 | 83,849 | 44,504 | |||||||
Indonesia | 3,224 | 1,914 | 1,456 | |||||||
Japan | 8,469 | 6,740 | 6,514 | |||||||
Korea | 22,371 | 19,466 | 8,311 | |||||||
Malaysia | 5,580 | 3,766 | 4,606 | |||||||
Singapore | 11,694 | 11,838 | 9,994 | |||||||
Taiwan | 2,688 | 2,962 | 3,981 | |||||||
Thailand | 4,300 | 3,031 | 2,529 | |||||||
Other | 1,143 | 2,075 | 1,509 | |||||||
Rest of the World | ||||||||||
India | 5,163 | 5,245 | 6,080 | |||||||
Other | 5,117 | 6,661 | 7,173 | |||||||
Total | $ | 338,767 | $ | 336,330 | $ | 280,014 | ||||
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||
Power semiconductors | $ | 219,445 | $ | 222,813 | $ | 200,907 | ||||
Integrated circuits | 95,547 | 91,189 | 57,993 | |||||||
Systems and RF power semiconductors | 23,775 | 22,328 | 21,114 | |||||||
Total | $ | 338,767 | $ | 336,330 | $ | 280,014 | ||||
Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, | |||||||||
2015 | 2014 | 2013 | ||||||||
Net revenues: | ||||||||||
Foreign | $ | 188,964 | $ | 167,428 | $ | 134,962 | ||||
Domestic | 149,803 | 168,902 | 145,052 | |||||||
$ | 338,767 | $ | 336,330 | $ | 280,014 | |||||
Net income: | ||||||||||
Foreign | $ | 21,379 | $ | 4,087 | $ | 7,774 | ||||
Domestic | 2,361 | 1,959 | -126 | |||||||
$ | 23,740 | $ | 6,046 | $ | 7,648 | |||||
Year Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Property, plant and equipment, net: | ||||||||||
United States | $ | 27,740 | $ | 27,287 | ||||||
Germany | 13,228 | 21,697 | ||||||||
Other countries | 1,577 | 1,585 | ||||||||
Total property, plant and equipment | $ | 42,545 | $ | 50,569 |
Note_16_Income_Taxes_Tables
Note 16 Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income tax consists of the following (in thousands): | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 3,390 | $ | 7,104 | $ | 7,359 | |||||||
International | 27,040 | 6,355 | 7,323 | ||||||||||
$ | 30,430 | $ | 13,459 | $ | 14,682 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended March 31, | |||||||||||||
Current: | 2015 | 2014 | 2013 | ||||||||||
Federal | $ | 201 | $ | 4,804 | $ | 1,795 | |||||||
State | 83 | 73 | 278 | ||||||||||
Foreign | 5,066 | 3,087 | 2,466 | ||||||||||
5,350 | 7,964 | 4,539 | |||||||||||
Deferred: | |||||||||||||
Federal | 945 | 183 | 1,734 | ||||||||||
State | 20 | 86 | -102 | ||||||||||
Foreign | 375 | -820 | 863 | ||||||||||
1,340 | -551 | 2,495 | |||||||||||
Total income tax provision | $ | 6,690 | $ | 7,413 | $ | 7,034 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of our effective tax rate to the U.S. statutory federal income tax rate is as follows: | ||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
(%) | (%) | (%) | |||||||||||
Statutory federal income tax rate | 35 | 35 | 35 | ||||||||||
State taxes, net of federal tax benefit | 1 | 1 | 1 | ||||||||||
Expense (benefit) of lower-tax foreign jurisdictions | -15 | - | - | ||||||||||
Research and development tax credits | -1 | -1 | -4 | ||||||||||
Valuation allowance | - | 2 | 6 | ||||||||||
Permanent items | - | 3 | 4 | ||||||||||
Tax reserves | - | 2 | 3 | ||||||||||
Share-based compensation | - | - | 2 | ||||||||||
Tax assessment | - | 1 | - | ||||||||||
Foreign income | 2 | 12 | 1 | ||||||||||
Effective tax provision rate | 22 | 55 | 48 | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of net deferred income tax assets are as follows (in thousands): | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and allowances | $ | 5,612 | $ | 6,384 | |||||||||
Other liabilities and accruals | 1,465 | 1,591 | |||||||||||
Total short term deferred tax assets | 7,077 | 7,975 | |||||||||||
Other long term liabilities and accruals | 4,464 | 2,973 | |||||||||||
Depreciable assets | 2,951 | 2,883 | |||||||||||
Net operating loss carryforward | 13,993 | 15,216 | |||||||||||
Share-based compensation | 4,971 | 4,777 | |||||||||||
Credits carryforward | 2,403 | 2,337 | |||||||||||
Total long term deferred tax assets | 28,782 | 28,186 | |||||||||||
Total deferred tax assets | 35,859 | 36,161 | |||||||||||
Less: Valuation allowance and other reserves | -3,902 | -3,870 | |||||||||||
Net deferred tax asset | $ | 31,957 | $ | 32,291 | |||||||||
Summary of Income Tax Contingencies [Table Text Block] | The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands): | ||||||||||||
Balance as of March 31, 2012 | $ | 6,318 | |||||||||||
Lapse of statute of limitations | -827 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 281 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 964 | ||||||||||||
Balance as of March 31, 2013 | 6,736 | ||||||||||||
Lapse of statute of limitations | -941 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 499 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 684 | ||||||||||||
Balance as of March 31, 2014 | 6,978 | ||||||||||||
Lapse of statute of limitations | -3,070 | ||||||||||||
Increases in balances related to tax positions taken during prior periods | 213 | ||||||||||||
Increases in balances related to tax positions taken during the current period | 4,035 | ||||||||||||
Balance as of March 31, 2015 | $ | 8,156 |
Note_17_Commitments_and_Contin1
Note 17 Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Commitments and Contingencies [Abstract] | |||||||||||
Schedule of Capital Leases, Operating Leases and Purchase Obligations [Table Text Block] | Fiscal Year Ended March 31, | Capital Leases | Operating Leases | Other Purchase Obligations | |||||||
2016 | $ | 468 | $ | 1,442 | $ | 20,671 | |||||
2017 | - | 1,249 | 3,671 | ||||||||
2018 | - | 1,061 | - | ||||||||
2019 | - | 910 | - | ||||||||
2020 | - | 726 | - | ||||||||
Thereafter | - | 1,069 | - | ||||||||
Total minimum payments | 468 | $ | 6,457 | $ | 24,342 | ||||||
Less: interest | 4 | ||||||||||
464 | |||||||||||
Less: current portion | 464 | ||||||||||
Capitalized lease obligations, net of current portion | $ | - |
Note_2_Summary_of_Significant_3
Note 2 Summary of Significant Accounting Policies (Narratives) (Details) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Dec. 12, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | Distributor 1 [Member] | Distributor 1 [Member] | Distributor 2 [Member] | Distributor 2 [Member] | Distributor 2 [Member] | Powersem GmbH [Member] | Powersem GmbH [Member] | Powersem GmbH [Member] | EB Tech Ltd [Member] | EB Tech Ltd [Member] | EB Tech Ltd [Member] | ATEC [Member] | ATEC [Member] | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | April 2015 IKB Deutshe Industriebank Loan Payable [Member] | April 2015 IKB Deutshe Industriebank Loan Payable [Member] | Equipment Owned [Member] | Property and Plant [Member] | |
N | N | N | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||
Revenue from Distributors | 55.60% | |||||||||||||||||||||
Sales Returns under Stock Rotation | $1,700,000 | $1,500,000 | $2,400,000 | |||||||||||||||||||
Restricted Cash and Investments, Current [Abstract] | ||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 266,000 | 337,000 | ||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||
Gross Profit Margin from Sales of Excess Inventory | 100.00% | |||||||||||||||||||||
Product Part Numbers | more than 10,000 | |||||||||||||||||||||
Inventory Valuation Reserves, Lower of Cost or Market Value | 444,000 | 474,000 | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Property, Plant and Equipment, Estimated Useful Lives | 1 to 14 years | 24 years to 50 years | ||||||||||||||||||||
Property, Plant and Equipment, Depreciation Methods | straight-line | |||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Issuance Date | 10-Jun-05 | 10-Jun-05 | 1-Apr-15 | 1-Apr-15 | ||||||||||||||||||
Debt Instrument, Face Amount | 12,200,000 | 10,000,000 | 7,200,000 | 6,500,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | 30-Jun-20 | 30-Jun-20 | 31-Mar-22 | 31-Mar-22 | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 20.00% | 24.30% | 24.30% | ||||||||||||||||||
Income (Loss) from Equity Method Investments | 7,000 | 115,000 | 107,000 | 126,000 | 188,000 | 124,000 | -140,000 | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method or accelerated method | |||||||||||||||||||||
Marketing and Advertising Expense [Abstract] | ||||||||||||||||||||||
Advertising Expense | $437,000 | $631,000 | $649,000 | |||||||||||||||||||
Risks and Uncertainties [Abstract] | ||||||||||||||||||||||
Percentage of Wafers Manufactured Internally | 54.00% | |||||||||||||||||||||
Percentage of Wafers Manufactured Externally | 46.00% | |||||||||||||||||||||
Concentration Risk, Labor Subject to Collective Bargaining Arrangements | Employees Covered by Collective Bargaining Arrangements Approximately 50.6% and 94.4% of our employees in the United Kingdom and Germany, respectively, are covered by collective bargaining arrangements. | |||||||||||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||||||||||||
Concentration Risk, Percentage | 10.50% | 13.20% | 10.20% | 10.80% | 10.30% | |||||||||||||||||
Number Of Entity Wide Revenue Major Customers | 2 | 1 | 2 |
Note_2_Summary_of_Significant_4
Note 2 Summary of Significant Accounting Policies (Allowance for Ship and Debit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Accounts Receivable Ship And Debit [Roll Forward] | |||
Beninning Balance | $1,071 | $1,396 | $1,101 |
Additions | 5,765 | 4,757 | 5,842 |
Deductions | -5,777 | -5,082 | -5,547 |
Ending Balance | $1,059 | $1,071 | $1,396 |
Note_2_Summary_of_Significant_5
Note 2 Summary of Significant Accounting Policies (Excess and Obsolete Inventory Reserve) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Excess and Obsolete Inventory Reserve [Roll Forward] | |||
Beninning Balance | $24,304 | $25,289 | $28,138 |
Utilization or Sale | -1,637 | -1,579 | -2,242 |
Scrap | -2,901 | -3,422 | -3,662 |
Additional Provision | 4,487 | 3,503 | 3,385 |
Foreign Currency Translation Adjustments | -1,500 | 513 | -330 |
Ending Balance | $22,753 | $24,304 | $25,289 |
Note_3_Business_Combination_De
Note 3 Business Combination (Details) (Narrative) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 27, 2013 | Jun. 30, 2014 | Mar. 31, 2015 | |
N | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $2,297,000 | $20,000,000 | $0 | |||
Goodwill, Acquired in Acquisition During Period | 2,781,000 | 25,164,000 | ||||
Goodwill, Translation Adjustments | -570,000 | 0 | ||||
MCU Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Name of Acquired Entity | System LSI Division of Samsung Electronics Co., Ltd. | |||||
Business Acquisition, Description of Acquired Entity | The acquired product line includes microcontrollers potentially useful in a number of applications, which have to date been principally used in consumer product applications. | |||||
Business Combination, Reason for Business Combination | To bolster our product portfolio and empower customers to utilize products from across our multiple product lines | |||||
Business Acquisition, Effective Date of Acquisition | 27-Jun-13 | |||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 50,000,000 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 20,000,000 | |||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Total | 30,000,000 | |||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Each Installment | 15,000,000 | |||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Number of Installment Payments | 2 | |||||
Business Acquisition, Cost of Acquired Entity, Payment Date of First Installment Payment | 26-Jun-14 | |||||
Business Acquisition, Cost of Acquired Entity, Payment Date of Second Installment Payment | 23-Dec-14 | |||||
Business Combination, Acquisition Related Costs | 403,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 40,000,000 | 36,100,000 | ||||
Goodwill, Acquired in Acquisition During Period | 25,164,000 | |||||
Other Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,300,000 | |||||
Goodwill, Acquired in Acquisition During Period | 2,800,000 | |||||
Loans Assumed from Business Acquisition | 723,000 | |||||
Goodwill, Translation Adjustments | ($570,000) |
Note_3_Business_Combination_De1
Note 3 Business Combination (Details) (Purchase Price Allocation) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 27, 2013 |
Business Acquisition [Line Items] | |||
Goodwill, Acquired in Acquisition During Period | $2,781 | $25,164 | |
MCU Business [Member] | |||
Business Acquisition [Line Items] | |||
Inventories | 800 | ||
Property, Plant and Equipment | 36 | ||
Identifiable Intangible Assets | 24,000 | ||
Total Identifiable Net Assets | 24,836 | ||
Goodwill, Acquired in Acquisition During Period | 25,164 | ||
Total Purchase Price | $50,000 |
Note_3_Business_Combination_De2
Note 3 Business Combination (Details) (Pro Forma) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $360,228 | $369,086 |
Business Acquisition, Pro Forma Net Income (Loss) | $15,364 | $18,189 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.49 | $0.59 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.48 | $0.57 |
Note_4_Fair_Value_Narratives_D
Note 4 Fair Value (Narratives) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Auction Market Preferred Securities [Abstract] | ||
Collateralized Asset Value Exceeding Value of ARPS Percentage | 300.00% | |
Auction Rate Preferred Securities, Credit Ratings | at least AA | |
Auction Rate Preferred Securities, Percentage Collateralized | 100.00% | |
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Total | $1,900,000 | $7,000 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Debt, Fair Value | $49,200,000 | $51,600,000 |
Note_4_Fair_Value_Details
Note 4 Fair Value (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Equity Securities | $1,737 | $4,158 | ||
Auction Rate Preferred Securities | 350 | 350 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds | 76,317 | [1],[2] | 59,706 | [1],[2] |
Marketable Equity Securities | 1,737 | [1],[3] | 4,158 | [1],[3] |
Auction Rate Preferred Securities | 350 | [1],[3] | 350 | [1],[3] |
Derivative Liabilities | -19 | [1],[4] | -112 | [1],[4] |
Total | 78,385 | [1] | 64,102 | [1] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds | 76,317 | [1],[2] | 59,706 | [1],[2] |
Marketable Equity Securities | 1,737 | [1],[3] | 4,158 | [1],[3] |
Total | 78,054 | [1] | 63,864 | [1] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Auction Rate Preferred Securities | 350 | [1],[3] | 350 | [1],[3] |
Derivative Liabilities | -19 | [1],[4] | -112 | [1],[4] |
Total | $331 | [1] | $238 | [1] |
[1] | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | |||
[2] | Included in "Cash and cash equivalents" on our audited consolidated balance sheets. | |||
[3] | Included in "Other assets" on our audited consolidated balance sheets. | |||
[4] | Included in ''Accrued expenses and other current liabilities'' on our audited consolidated balance sheets. |
Note_5_Other_Assets_Narratives
Note 5 Other Assets (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 12, 2014 | |
Available-for-sale Securities, Other Disclosure Items [Abstract] | |||
Other than Temporary Impairment Losses, Investments, Total | $1,900,000 | $7,000 | |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 7,000 | 325,000 | |
Available-for-sale Securities, Gross Realized Gains | 30,000 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 32,000 | ||
Schedule of Equity Method Investments [Line Items] | |||
Long-term Equity Method Investments | 11,041,000 | 5,921,000 | |
ATEC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Investment Effective Date | 12-Dec-14 | ||
Equity Method Investment, Ownership Percentage | 24.30% | 24.30% | |
Long-term Equity Method Investments | 5,900,000 | ||
Equity Method Investment, Description of Principal Activities | ATEC is a supplier located in the Philippines that provides assembly and test services | ||
Income (Loss) from Equity Method Investments | -140,000 | ||
Equity Method Investment, Aggregate Cost | $14,000 |
Note_5_Other_Assets_Other_Asse
Note 5 Other Assets (Other Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets Noncurrent Disclosure [Abstract] | ||
Marketable Equity Securities | $1,737 | $4,158 |
Auction Rate Preferred Securities | 350 | 350 |
Long-term Equity Method Investments | 11,041 | 5,921 |
Other Items | 576 | 1,352 |
Other Assets, Noncurrent | $13,704 | $11,781 |
Note_5_Other_Assets_Availablef
Note 5 Other Assets (Available-for-sale Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $1,726 | $3,658 |
Gross Unrealized Gains | 53 | 509 |
Gross Unrealized (Losses) | -42 | -9 |
Fair Value | 1,737 | 4,158 |
Auction Rate Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 350 | 350 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | $350 | $350 |
Note_5_Other_Assets_Unrealized
Note 5 Other Assets (Unrealized Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Gross Unrealized Losses, Less than 12 Months | $0 | $0 |
Fair Value, Less than 12 Months | 0 | 0 |
Gross Unrealized Losses, 12 Months or Greater | 42 | 9 |
Fair Value, 12 Months or Greater | 286 | 307 |
Gross Unrealized Losses, Total | 42 | 9 |
Fair Value, Total | $286 | $307 |
Note_6_Balance_Sheet_Details_A
Note 6 Balance Sheet Details (Allowances Movement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowances for Accounts Receivable and for Doubtful Accounts | |||
Balance at Beginning of Year | $3,013 | $2,656 | $2,473 |
Additions | 8,935 | 8,563 | 10,064 |
Utilization | -9,004 | -8,255 | -9,851 |
Translation Adjustments | -176 | 49 | -30 |
Balance at End of Year | $2,768 | $3,013 | $2,656 |
Note_6_Balance_Sheet_Details_I
Note 6 Balance Sheet Details (Inventories) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw Materials | $17,169 | $19,957 |
Work in Process | 37,491 | 44,165 |
Finished Goods | 27,345 | 28,906 |
Inventory, Total | $82,005 | $93,028 |
Note_6_Balance_Sheet_Details_P
Note 6 Balance Sheet Details (Property, Plant and Equipment) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Property and Plant (Useful Life of 24 Years to 50 Years) | $33,328,000 | $34,271,000 | |
Equipment Owned (Useful Life of 1 to 14 Years) | 98,408,000 | 107,378,000 | |
Equipment Capital Leases (Useful Life of 4 Years) | 33,222,000 | 41,931,000 | |
Leasehold Improvements (Useful Life of up to 8 Years) | 1,304,000 | 1,253,000 | |
Property, Plant and Equipment, Gross | 166,262,000 | 184,833,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -123,717,000 | -134,264,000 | |
Property, Plant and Equipment, Net | 42,545,000 | 50,569,000 | |
Depreciation Expense | $11,300,000 | $10,700,000 | $10,200,000 |
Property and Plant [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Property and Plant [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 24 years | ||
Equipment Owned [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 14 years | ||
Equipment Owned [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Equipment Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years |
Note_6_Balance_Sheet_Details_A1
Note 6 Balance Sheet Details (Accrued Expenses and Other Liabilities) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Liabilities, Current [Abstract] | ||
Uninvoiced Goods and Services | $8,473 | $9,098 |
Compensation and Benefits | 6,230 | 6,880 |
Income Taxes | 2,459 | 0 |
Short-term Installment Payment Obligation | 0 | 30,781 |
Commission, Royalties and Other | 2,703 | 3,407 |
Accrued Expenses and Other Liabilities, Total | $19,865 | $50,166 |
Note_7_Goodwill_and_Intangible2
Note 7 Goodwill and Intangible Assets (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 27, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
Future Amortization Expense, Year One | $4,700,000 | ||||
Future Amortization Expense, Year Two | 2,700,000 | ||||
Future Amortization Expense, Year Three | 2,400,000 | ||||
Future Amortization Expense, Year Four | 596,000 | ||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired in Acquisition During Period | 2,781,000 | 25,164,000 | |||
Goodwill, Impaired, Accumulated Impairment Losses | -13,192,000 | -13,192,000 | -13,192,000 | ||
MCU Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | 27-Jun-13 | ||||
Goodwill, Acquired in Acquisition During Period | 25,164,000 | ||||
Other Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Acquired in Acquisition During Period | $2,800,000 |
Note_7_Goodwill_and_Intangible3
Note 7 Goodwill and Intangible Assets (Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, Gross | $38,356,000 | $13,192,000 | |
Goodwill, Impaired, Accumulated Impairment Losses | -13,192,000 | -13,192,000 | -13,192,000 |
Goodwill, Net, Beginning Balance | 25,164,000 | 0 | |
Goodwill, Acquired in Acquisition During Period | 2,781,000 | 25,164,000 | |
Goodwill, Translation Adjustments | -570,000 | 0 | |
Goodwill, Net, Ending Balance | $27,375,000 | $25,164,000 |
Note_7_Goodwill_and_Intangible4
Note 7 Goodwill and Intangible Assets (Identifiable Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $38,087 | $38,087 |
Accumulated Amortization | 27,703 | 21,740 |
Net Intangible Assets | 10,384 | 16,347 |
Developed Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 16,304 | 16,304 |
Accumulated Amortization | 8,084 | 4,984 |
Net Intangible Assets | 8,220 | 11,320 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 13,020 | 13,020 |
Accumulated Amortization | 11,290 | 8,695 |
Net Intangible Assets | 1,730 | 4,325 |
Contract Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 7,155 | 7,155 |
Accumulated Amortization | 7,155 | 7,155 |
Net Intangible Assets | 0 | 0 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 1,608 | 1,608 |
Accumulated Amortization | 1,174 | 906 |
Net Intangible Assets | $434 | $702 |
Note_7_Goodwill_and_Intangible5
Note 7 Goodwill and Intangible Assets (Acquired Intangibles) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 18, 2010 | Jun. 27, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Method | straight-line method or accelerated method | ||
Zilog Inc [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | $14,000 | ||
MCU Business [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 24,000 | ||
Developed Intellectual Property [Member] | Zilog Inc [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 4,800 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 72 months | ||
Developed Intellectual Property [Member] | MCU Business [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 11,504 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 60 months | ||
Customer Relationships [Member] | Zilog Inc [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 6,100 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 37 months | ||
Customer Relationships [Member] | MCU Business [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 6,920 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 36 months | ||
Contract Backlog [Member] | Zilog Inc [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 2,000 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 12 months | ||
Contract Backlog [Member] | MCU Business [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 5,155 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 9 months | ||
Trade Names [Member] | Zilog Inc [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | 1,100 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 72 months | ||
Trade Names [Member] | MCU Business [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets Acquired | $421 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Asset, Estimated Useful Life | 60 months |
Note_8_Borrowing_Arrangements_1
Note 8 Borrowing Arrangements (Narratives) (Details) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2015 | Jun. 27, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | April 2015 IKB Deutshe Industriebank Loan Payable [Member] | April 2015 IKB Deutshe Industriebank Loan Payable [Member] | MCU Business [Member] | Minimum [Member] | Maximum [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | June 2005 IKB Deutshe Industriebank Loans Payable [Member] | USD ($) | Minimum [Member] | Maximum [Member] | ||||
N | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Line of Credit Facility, Initiation Date | 6-Dec-13 | ||||||||||||||
Line of Credit Facility, Expiration Date | 30-Nov-15 | ||||||||||||||
Line of Credit Facility, Amount Outstanding | $45,000,000 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin, an alternative base rate plus a margin or a floating rate plus a margin | ||||||||||||||
Line of Credit Facility, Basis Spread on Variable Rate | 0.75% | 2.50% | |||||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.94% | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.63% | |||||||||||||
Available Credit Line for Letter of Credit | 3,000,000 | ||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Total | 30,000,000 | ||||||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Each Installment | 15,000,000 | ||||||||||||||
Business Acquisition, Cost of Acquired Entity, Installment Payments, Number of Installment Payments | 2 | ||||||||||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of First Installment Payment | 26-Jun-14 | ||||||||||||||
Business Acquisition, Cost of Acquired Entity, Payment Date of Second Installment Payment | 23-Dec-14 | ||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 12,200,000 | 10,000,000 | 7,200,000 | 6,500,000 | |||||||||||
Debt Instrument, Issuance Date | 10-Jun-05 | 10-Jun-05 | 1-Apr-15 | 1-Apr-15 | |||||||||||
Debt Instrument, Maturity Date | 30-Jun-20 | 30-Jun-20 | 31-Mar-22 | 31-Mar-22 | |||||||||||
Debt Instrument, Payment Terms | each fiscal quarter | each fiscal quarter | each fiscal quarter | each fiscal quarter | |||||||||||
Debt Instrument, Description of Variable Rate Basis | three month Euribor rate | three month Euribor rate | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | 1.25% | |||||||||||||
Debt Instrument, Periodic Payment, Principal | 181,000 | 167,000 | 256,000 | 232,000 | |||||||||||
Long-term Debt, Gross | 3,800,000 | 3,500,000 | |||||||||||||
Derivative, Inception Date | 30-Jun-10 | 30-Jun-10 | |||||||||||||
Derivative, Maturity Date | 30-Jun-15 | 30-Jun-15 | |||||||||||||
Derivative, Swaption Interest Rate | 1.99% | 1.99% | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.69% | 2.69% | |||||||||||||
Loans Assumed from Business Acquisition | 723,000 | ||||||||||||||
Repayments of loans and notes payable | $1,144,000 | $1,000,000 | $1,667,000 | $99,000 | |||||||||||
Debt Instrument, Maturity Date, Description | from fiscal 2017 to fiscal 2021 |
Note_8_Borrowing_Arrangements_2
Note 8 Borrowing Arrangements (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long-term Debt, by Maturity [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $45,790 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 790 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 790 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 790 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 777 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 286 | |
Long-term Debt, Total | 49,223 | |
Long-term Debt, Current Maturities | 45,790 | 1,028 |
Long-term Debt, Excluding Current Maturities | $3,433 | $19,831 |
Note_9_Pension_Plans_Narrative
Note 9 Pension Plans (Narratives) (Details) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Pension and Other Postretirement Benefits Disclosure [Abstract] | |
Number of Defined Benefit Plans | three |
Defined Benefit Plan, Measurement Date | 31-Mar |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $189,000 |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $994,000 |
German Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of the Accrued Pension Liability, by Each Plan | 68.00% |
United Kingdom Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of the Accrued Pension Liability, by Each Plan | 31.00% |
United Kingdom Plan [Member] | Marketable Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 75.00% |
Defined Benefit Plan, Actual Plan Asset Allocations | 79.00% |
United Kingdom Plan [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% |
Defined Benefit Plan, Actual Plan Asset Allocations | 21.00% |
Philippine Plan [Member] | Marketable Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% |
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% |
Philippine Plan [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 75.00% |
Defined Benefit Plan, Actual Plan Asset Allocations | 62.00% |
Philippine Plan [Member] | Other Plan Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% |
Note_9_Pension_Plans_Net_Perio
Note 9 Pension Plans (Net Period Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | $104 | $108 | $96 |
Interest Cost on Projected Benefit Obligation | 1,803 | 1,886 | 1,890 |
Expected Return on Plan Assets | -1,910 | -1,685 | -1,517 |
Recognized Actuarial Loss | 179 | 236 | 167 |
Net Periodic Pension Expense | $176 | $545 | $636 |
Note_9_Pension_Plans_Net_Amoun
Note 9 Pension Plans (Net Amount Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Change in Projected Benefit Obligation | |||
Projected Benefit Obligation at the Beginning of the Year | $44,558 | $41,459 | |
Service Cost | 104 | 108 | 96 |
Interest Cost | 1,803 | 1,886 | 1,890 |
Actuarial (Gain) Loss | 9,036 | -636 | |
Benefits Paid | -1,467 | -1,498 | |
Foreign Currency Adjustment | -6,688 | 3,239 | |
Projected Benefit Obligation at Year End | 47,346 | 44,558 | 41,459 |
Change in Plan Assets | |||
Fair Value of Plan Assets at the Beginning of the Year | 29,013 | 25,129 | |
Actual Return on Plan Assets | 4,306 | 1,711 | |
Employer Contribution | 1,089 | 1,022 | |
Benefits Paid from Assets | -970 | -1,030 | |
Foreign Currency Adjustment | -3,324 | 2,181 | |
Plan Assets at Fair Value at Year End | 30,114 | 29,013 | 25,129 |
Underfunded Status of the Plan at Year End | -17,232 | -15,545 | |
Pension Liability Recognized on the Balance Sheet Due after One Year | 17,232 | 15,545 | |
Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets: | |||
Projected Benefit Obligation at Year End | 47,346 | 44,558 | |
Accumulated Benefit Obligation at Year End | 46,695 | 43,910 | |
Plan Assets at Fair Value at Year End | 30,114 | 29,013 | |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss): | |||
Unrecognized Actuarial Loss, before Tax | -12,354 | -7,743 | |
Amount Recognized as Component of Stockholders Equity (Pretax) | -12,354 | -7,743 | |
Accumulated Benefit Obligation at Year End | $46,695 | $43,910 |
Note_9_Pension_Plans_Assumptio
Note 9 Pension Plans (Assumptions Used in Calculations) (Details) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Maximum [Member] | ||
Defined Benefit Plan, Assumptions Used in Calculations [Line Items] | ||
Discount Rate | 4.80% | 4.80% |
Expected Long Term Rate of Return on Assets | 7.00% | 7.00% |
Salary Scale | 6.00% | 6.00% |
Minimum [Member] | ||
Defined Benefit Plan, Assumptions Used in Calculations [Line Items] | ||
Discount Rate | 1.80% | 3.40% |
Expected Long Term Rate of Return on Assets | 5.60% | 6.80% |
Salary Scale | 6.00% | 1.50% |
Note_9_Pension_Plans_Informati
Note 9 Pension Plans (Information on Plan Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $30,114 | $29,013 | $25,129 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23,448 | 23,219 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,658 | 5,791 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 3 | |
Cash and Cash Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,588 | 1,523 | |
Cash and Cash Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,588 | 1,523 | |
Currency Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -30 | -4 | |
Currency Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -30 | -4 | |
Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,656 | 21,387 | |
Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 19,997 | 20,946 | |
Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 652 | 439 | |
Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 2 | |
Fixed Interest [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,749 | 6,073 | |
Fixed Interest [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 861 | 749 | |
Fixed Interest [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,887 | 5,323 | |
Fixed Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | |
Mortgage Back Security [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 15 | |
Mortgage Back Security [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 15 | |
Swaps and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 135 | 19 | |
Swaps and Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 1 | |
Swaps and Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $133 | $18 |
Note_9_Pension_Plans_Estimated
Note 9 Pension Plans (Estimated Future Benefit Payments) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
31-Mar-16 | $1,441 |
31-Mar-17 | 1,670 |
31-Mar-18 | 1,664 |
31-Mar-19 | 1,792 |
31-Mar-20 | 1,935 |
Five Fiscal Years Ended March 31, 2025 | 10,151 |
Total Benefits Payments for the Ten Fiscal Years Ended March 31, 2025 | $18,653 |
Note_10_Employee_Equity_Incent3
Note 10 Employee Equity Incentive Plans (Narratives) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | [1] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,942,511 | 5,201,635 | 5,327,473 | 5,472,004 | |
Common Stock, Dividends, Per Share | $0.14 | $0.12 | $0.06 | ||
Range of Exercise Price $5.01 to $15.81 [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,942,511 | ||||
Weighted Average Contractual Life | 4 years 9 months 18 days | ||||
Number of Shares Exercisable | 3,942,261 | ||||
Weighted Average Exercise Price Per Share (Options Exercisable) | $10.20 | ||||
Plan 2013 [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||||
Plan 2009 [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | ||||
Plan 2011 [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ||||
Stock Options of The 2009 2011 and 2013 Plans [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 0 months 0 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Stock Options of The 2009 2011 and 2013 Plans [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||
Stock Appreciation Rights of The 2009 2011 and 2013 Plans [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||
Stock Appreciation Rights of The 2009 2011 and 2013 Plans [Member] | Maximum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Stock Options of the 1999 Equity Incentive Plans [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 0 months 0 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Plan Expiration Date | May-09 | ||||
Stock Options of the 1999 Equity Incentive Plans [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Initial Option Grants Under the 1999 Non-Employee Directors' Equity Incentive Plan [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 0 months 0 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Plan Expiration Date | May-09 | ||||
Initial Option Grants Under the 1999 Non-Employee Directors' Equity Incentive Plan [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Subsequent Annual Grants Under the 1999 Non-Employee Directors' Equity Incentive Plan [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 0 months 0 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Plan Expiration Date | May-09 | ||||
Subsequent Annual Grants Under the 1999 Non-Employee Directors' Equity Incentive Plan [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Zilog 2004 Plan [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Plan Expiration Date | Feb-14 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Assumed | 652,963 | ||||
Zilog 2004 Plan [Member] | Minimum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||
Zilog 2002 Plan [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Plan Expiration Date | May-12 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Assumed | 366,589 | ||||
Zilog 2002 Plan [Member] | Maximum [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 0 months 0 days | ||||
Employee Stock Purchase Plan 1999 Approved in May 1999 [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
ESPP Purchase Period | semi-annual | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 99,975 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 337,515 | ||||
Equity Incentive Plans Total [Member] | |||||
Employee Equity Incentive Plans [Line Items] | |||||
Unrecognized Compensation Cost of Stock Option Granted | $4.30 | ||||
Weighted Average Period of the Unrecognized Compensation Cost to be Recognized | 2 years 4 months 24 days | ||||
Intrinsic Value of Options Exercisable | 9.5 | ||||
Weighted Average Remaining Contractual Life of Options Exercisable | 3 years 10 months 24 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $2.80 | ||||
[1] | On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. |
Note_10_Employee_Equity_Incent4
Note 10 Employee Equity Incentive Plans (Share-based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based Compensation Effect on Income before Taxes | $2,867 | $2,785 | $3,451 |
Benefit from Income Taxes | 1,009 | 1,071 | 1,287 |
Net Stock-based Compensation Effects on Net Income | 1,858 | 1,714 | 2,164 |
Cost of Good Sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based Compensation Effect on Income before Taxes | 433 | 457 | 398 |
Research, Development and Engineering [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based Compensation Effect on Income before Taxes | 814 | 978 | 1,030 |
Selling, General and Administrative [[Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based Compensation Effect on Income before Taxes | $1,620 | $1,350 | $2,023 |
Note_10_Employee_Equity_Incent5
Note 10 Employee Equity Incentive Plans (Fair Value and Assumptions) (Details) (USD $) | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Line Items] | ||||||
Weighted Average Estimated Per Share Fair Value of Grant | $5.54 | $5.31 | $5.26 | |||
Risk-free Interest Rate | 1.80% | 1.80% | 1.10% | |||
Expected Term in Years | 6 years 3 months 0 days | 6 years 0 months 18 days | 6 years 4 months 3 days | |||
Volatility | 52.20% | 54.90% | 55.30% | |||
Dividend Yield | 1.00% | [1] | 1.00% | [1] | 0.00% | [1] |
Employee Stock Purchase Plan 1999 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Line Items] | ||||||
Weighted Average Estimated Per Share Fair Value of Grant | $2.90 | $2.75 | $3.22 | |||
Risk-free Interest Rate | 0.10% | 0.10% | 0.20% | |||
Expected Term in Years | 0 years 6 months 0 days | 0 years 6 months 0 days | 0 years 6 months 0 days | |||
Volatility | 36.90% | 37.00% | 46.40% | |||
Dividend Yield | 1.10% | [1] | 0.00% | [1] | 0.00% | [1] |
[1] | Prior to October 1, 2013, the fair value of our equity awards was based on 0% dividend yield. |
Note_10_Employee_Equity_Incent6
Note 10 Employee Equity Incentive Plans (Option Activity) (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||||
Options Outstanding Intrinsic Value [Abstract] | ||||||||
Aggregate Intrinsic Value, Outstanding | $10,831 | [1] | $8,658 | [1] | $4,273 | [1] | $19,532 | [1] |
Aggregate Intrinsic Value, Exercised | $1,310 | [1] | $1,695 | [1] | $443 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward] | ||||||||
Beginning Balance | 1,778,484 | 299,947 | 748,036 | |||||
New Shares Authorized | 2,000,000 | [2] | ||||||
Plan Authorization Expired | -47,963 | -589 | ||||||
Options Granted | -249,000 | -515,000 | -455,000 | |||||
Options Cancelled | 39,750 | 24,000 | 7,500 | |||||
Options Expired | 26,000 | 17,500 | ||||||
Ending Balance | 1,595,234 | 1,778,484 | 299,947 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Payment Award, Number of Shares Available for Grant | 1,595,234 | 1,778,484 | 299,947 | |||||
Share Price | $12.32 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Beginning Balance | 5,201,635 | 5,327,473 | 5,472,004 | |||||
Options Granted | 249,000 | 515,000 | 455,000 | |||||
Options Exercised | -339,374 | [3] | -572,338 | [3] | -153,131 | [3] | ||
Options Cancelled | -94,250 | -34,000 | -67,425 | |||||
Options Expired | -74,500 | -34,500 | -378,975 | |||||
Ending Balance | 4,942,511 | 5,201,635 | 5,327,473 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Exercise Price [Abstract] | ||||||||
Weighted Average Exercise Price Per Share (Options Outstanding) | $10.37 | $10.22 | $10.04 | $9.75 | ||||
Options Granted | $11.83 | $10.63 | $9.93 | |||||
Options Exercised | $8.62 | $8.72 | $7.03 | |||||
Options Cancelled | $11.46 | $11.42 | $8.34 | |||||
Options Expired | $11.17 | $12.62 | $7.31 | |||||
[1] | Except for option exercised, these amounts represents the difference between the exercise price and $12.32 per share, the closing price of our stock on March 31, 2015 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. | |||||||
[2] | On August 30, 2013, our stockholders approved the 2013 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options. | |||||||
[3] | The number of stock option exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Note_10_Employee_Equity_Incent7
Note 10 Employee Equity Incentive Plans (Stock Options by Exercise Price Range) (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,942,511 | 5,201,635 | 5,327,473 | 5,472,004 |
Weighted Average Exercise Price Per Share (Options Outstanding) | $10.37 | $10.22 | $10.04 | $9.75 |
Range of Exercise Price $5.01 to $7.75 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 958,897 | |||
Weighted Average Contractual Life | 3 years 7 months 6 days | |||
Weighted Average Exercise Price Per Share (Options Outstanding) | $6.62 | |||
Number of Shares Exercisable | 958,897 | |||
Weighted Average Exercise Price Per Share (Options Exercisable) | $6.62 | |||
Range of Exercise Price $7.76 to $10.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,293,500 | |||
Weighted Average Contractual Life | 5 years 8 months 12 days | |||
Weighted Average Exercise Price Per Share (Options Outstanding) | $9.32 | |||
Number of Shares Exercisable | 941,750 | |||
Weighted Average Exercise Price Per Share (Options Exercisable) | $9.24 | |||
Range of Exercise Price $10.01 to $12.50 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,807,326 | |||
Weighted Average Contractual Life | 5 years 9 months 18 days | |||
Weighted Average Exercise Price Per Share (Options Outstanding) | $11.50 | |||
Number of Shares Exercisable | 1,228,826 | |||
Weighted Average Exercise Price Per Share (Options Exercisable) | $11.36 | |||
Range of Exercise Price $12.51 to $15.81 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 882,788 | |||
Weighted Average Contractual Life | 2 years 8 months 12 days | |||
Weighted Average Exercise Price Per Share (Options Outstanding) | $13.68 | |||
Number of Shares Exercisable | 812,788 | |||
Weighted Average Exercise Price Per Share (Options Exercisable) | $13.76 | |||
Range of Exercise Price $5.01 to $15.81 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,942,511 | |||
Weighted Average Contractual Life | 4 years 9 months 18 days | |||
Weighted Average Exercise Price Per Share (Options Outstanding) | $10.37 | |||
Number of Shares Exercisable | 3,942,261 | |||
Weighted Average Exercise Price Per Share (Options Exercisable) | $10.20 |
Note_11_Accumulated_Other_Comp2
Note 11 Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | ($23,088) | $5,029 | ||
Other Comprehensive Income (Loss), Net of Tax | -28,117 | 8,122 | -5,183 | |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | -13,577 | 10,535 | 2,982 | 6,472 |
Other Comprehensive Income Loss Before Reclassifications, Net of Tax | -24,112 | 7,553 | -3,490 | |
Reclassification from Accumulated Other Comprehensive Income,Current Period, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | -24,112 | 7,553 | -3,490 | |
Unrealized Gains (Losses) on Securities [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | 7 | 325 | 60 | -68 |
Other Comprehensive Income Loss Before Reclassifications, Net of Tax | -1,536 | 361 | -672 | |
Reclassification from Accumulated Other Comprehensive Income,Current Period, Net of Tax | 1,218 | -96 | 800 | |
Other Comprehensive Income (Loss), Net of Tax | -318 | 265 | 128 | |
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | -9,518 | -5,831 | -6,135 | -4,314 |
Other Comprehensive Income Loss Before Reclassifications, Net of Tax | -3,830 | 89 | -1,957 | |
Reclassification from Accumulated Other Comprehensive Income,Current Period, Net of Tax | 143 | 215 | 136 | |
Other Comprehensive Income (Loss), Net of Tax | -3,687 | 304 | -1,821 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss) Net Of Tax | -23,088 | 5,029 | -3,093 | 2,090 |
Other Comprehensive Income Loss Before Reclassifications, Net of Tax | -29,478 | 8,003 | -6,119 | |
Reclassification from Accumulated Other Comprehensive Income,Current Period, Net of Tax | 1,361 | 119 | 936 | |
Other Comprehensive Income (Loss), Net of Tax | ($28,117) | $8,122 | ($5,183) |
Note_11_Reclassification_Adjus
Note 11 Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Impairment of Marketable Securities | ($1,903) | ($7) | ($1,342) |
Recognized Actuarial Gain (Loss) | -179 | -236 | -167 |
Income before Income Tax Provision | 30,430 | 13,459 | 14,682 |
Tax Impact | -6,690 | -7,413 | -7,034 |
Net Income (Loss) | 23,740 | 6,046 | 7,648 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net Gain on Sales of Investments | 30 | 155 | 111 |
Impairment of Marketable Securities | -1,903 | -7 | -1,342 |
Recognized Actuarial Gain (Loss) | -179 | -236 | -167 |
Income before Income Tax Provision | -2,052 | -88 | -1,398 |
Tax Impact | 691 | -31 | 462 |
Net Income (Loss) | ($1,361) | ($119) | ($936) |
Note_12_Computation_of_Earning3
Note 12 Computation of Earnings Per Share (Narratives) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 708,000 | 770,000 | 670,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,357,772 | 2,483,106 | 2,660,163 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price | $12.24 | $11.93 | $11.86 |
Note_12_Computation_of_Earning4
Note 12 Computation of Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | |||
Net Income (Loss) | $23,740 | $6,046 | $7,648 |
Weighted Average Shares - Basic | 31,531 | 31,146 | 31,025 |
Weighted Average Shares - Diluted | 32,239 | 31,916 | 31,695 |
Net Income Per Share - Basic | $0.75 | $0.19 | $0.25 |
Net Income Per Share - Diluted | $0.74 | $0.19 | $0.24 |
Note_13_Related_Party_Transact1
Note 13 Related Party Transactions (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 12, 2014 | |
Powersem GmbH [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Related Party Transaction, Revenue from Related Parties | $1,800,000 | $2,100,000 | $1,300,000 | |
Related Party Transaction, Expenses from Transactions with Related Party | 4,000,000 | 5,200,000 | 2,900,000 | |
Accounts Receivable, Related Parties | 82,000 | 74,000 | 121,000 | |
Accounts Payable, Related Parties | 115,000 | 137,000 | 59,000 | |
Related Party Transaction, Other Revenues from Transactions with Related Party | 43,000 | |||
EB Tech Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Related Party Transaction, Expenses from Transactions with Related Party | 278,000 | 211,000 | 121,000 | |
Accounts Payable, Related Parties | 23,000 | |||
Equity Method Investment, Other than Temporary Impairment | 0 | |||
ATEC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 24.30% | 24.30% | ||
Related Party Transaction, Expenses from Transactions with Related Party | 2,000,000 | |||
Accounts Payable, Related Parties | $632,000 | |||
Equity Investment Effective Date | 12-Dec-14 |
Note_14_Employee_Savings_and_R1
Note 14 Employee Savings and Retirement Plans (Narratives) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Plan 401(k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Contribution, Total | $615,000 | $620,000 | $625,000 |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Westcode Semiconductor Group Personal Pension [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Contribution, Total | $287,000 | $313,000 | $298,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% |
Note_15_Segment_and_Geographic3
Note 15 Segment and Geographic Information (Narratives) (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
N | N | N | |
Revenue, Major Customer [Line Items] | |||
Number of Major Customers | 2 | 1 | 2 |
Distributor 1 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.50% | 13.20% | |
Distributor 2 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.20% | 10.80% | 10.30% |
Note_15_Segment_and_Geographic4
Note 15 Segment and Geographic Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Net Revenues | $338,767 | $336,330 | $280,014 |
Net Income (Loss) | 23,740 | 6,046 | 7,648 |
Property, Plant and Equipment, Net | 42,545 | 50,569 | |
Power Semiconductors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 219,445 | 222,813 | 200,907 |
Integrated Circuits [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 95,547 | 91,189 | 57,993 |
System and RF Semiconductors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 23,775 | 22,328 | 21,114 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 85,314 | 89,734 | 84,789 |
Property, Plant and Equipment, Net | 27,740 | 27,287 | |
France [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 7,917 | 5,554 | 5,235 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 13,228 | 21,697 | |
Germany [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 32,866 | 34,423 | 32,287 |
Hungary [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 2,571 | 3,620 | 2,952 |
Italy [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 4,645 | 4,506 | 4,087 |
Russia [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 5,051 | 2,821 | 2,774 |
Sweden [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 4,460 | 4,938 | 4,588 |
Switzerland [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 2,569 | 3,714 | 3,216 |
United Kingdom [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 19,832 | 19,524 | 23,853 |
China [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 83,597 | 83,849 | 44,504 |
Indonesia [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 3,224 | 1,914 | 1,456 |
Japan [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 8,469 | 6,740 | 6,514 |
Korea [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 22,371 | 19,466 | 8,311 |
Malaysia [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 5,580 | 3,766 | 4,606 |
Singapore [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 11,694 | 11,838 | 9,994 |
Taiwan [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 2,688 | 2,962 | 3,981 |
Thailand [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 4,300 | 3,031 | 2,529 |
India [Member] | Rest of the World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 5,163 | 5,245 | 6,080 |
Other Geographic Regions [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 1,577 | 1,585 | |
Other Geographic Regions [Member] | Europe and the Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 20,196 | 19,949 | 19,576 |
Other Geographic Regions [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 1,143 | 2,075 | 1,509 |
Other Geographic Regions [Member] | Rest of the World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 5,117 | 6,661 | 7,173 |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 188,964 | 167,428 | 134,962 |
Net Income (Loss) | 21,379 | 4,087 | 7,774 |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 149,803 | 168,902 | 145,052 |
Net Income (Loss) | $2,361 | $1,959 | ($126) |
Note_16_Income_Taxes_Narrative
Note 16 Income Taxes (Narratives) (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | $213,000 | $499,000 | $281,000 | |
Income Tax Disclosure [Abstract] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 77,500,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 9,100,000 | |||
Expiration of Operating Loss Carryforwards | from fiscal 2016 to 2023 | |||
Operating Loss Carryforwards, Valuation Allowance | 8,900,000 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 32,000 | 87,000 | ||
Unrecognized Tax Benefits | 8,156,000 | 6,978,000 | 6,736,000 | 6,318,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 1,200,000 | |||
Increases in Balances Related to Tax Positions Taken during the Current Period | 4,035,000 | 684,000 | 964,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,000,000 | |||
Undistributed Earnings of Foreign Subsidiaries | 110,700,000 | |||
Unrecognized Tax Benefits, Increase in Income Tax Penalties and Interest Accrued [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | $406,000 |
Note_16_Income_Taxes_Geographi
Note 16 Income Taxes (Geographical Breakdown Income (loss) Before Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | |||
Domestic | $3,390 | $7,104 | $7,359 |
International | 27,040 | 6,355 | 7,323 |
Income before income tax provision | $30,430 | $13,459 | $14,682 |
Note_16_Income_Taxes_Income_Ta
Note 16 Income Taxes (Income Taxes Provision Breakdown) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $201 | $4,804 | $1,795 |
Current State and Local Tax Expense (Benefit) | 83 | 73 | 278 |
Current Foreign Tax Expense (Benefit) | 5,066 | 3,087 | 2,466 |
Current Income Tax Expense (Benefit) | 5,350 | 7,964 | 4,539 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 945 | 183 | 1,734 |
Deferred State and Local Income Tax Expense (Benefit) | 20 | 86 | -102 |
Deferred Foreign Income Tax Expense (Benefit) | 375 | -820 | 863 |
Deferred Income Tax Expense (Benefit) | 1,340 | -551 | 2,495 |
Total Income Tax Provision | $6,690 | $7,413 | $7,034 |
Note_16_Income_Taxes_Effective
Note 16 Income Taxes (Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory Federal Income Tax Rate | 35.00% | 35.00% | 35.00% |
State Taxes, Net of Federal Tax Benefit | 1.00% | 1.00% | 1.00% |
Expense (Benefit) of Lower-tax Foreign Jurisdictions | -15.00% | 0.00% | 0.00% |
Research and Development Tax Credits | -1.00% | -1.00% | -4.00% |
Valuation Allowance | 0.00% | 2.00% | 6.00% |
Permanent Items | 0.00% | 3.00% | 4.00% |
Tax Reserves | 0.00% | 2.00% | 3.00% |
Share-based Compensation | 0.00% | 0.00% | 2.00% |
Tax assessment | 0.00% | 1.00% | 0.00% |
Foreign Income | 2.00% | 12.00% | 1.00% |
Effective Tax Provision Rate | 22.00% | 55.00% | 48.00% |
Note_16_Income_Taxes_Deferred_
Note 16 Income Taxes (Deferred Tax Assets) (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net [Abstract] | ||
Reserves and Allowances | $5,612 | $6,384 |
Other Liabilities and Accruals | 1,465 | 1,591 |
Total Short Term Deferred Tax Assets | 7,077 | 7,975 |
Other Long Term Liabilities and Accruals | 4,464 | 2,973 |
Depreciable Assets | 2,951 | 2,883 |
Net Operating Loss Carryforward | 13,993 | 15,216 |
Share-based Compensation | 4,971 | 4,777 |
Credits Carryforward | 2,403 | 2,337 |
Total Long Term Deferred Tax Assets | 28,782 | 28,186 |
Total Deferred Tax Assets | 35,859 | 36,161 |
Less: Valuation Allowance and Other Reserves | -3,902 | -3,870 |
Net Deferred Tax Asset | $31,957 | $32,291 |
Note_16_Income_Taxes_Unrecogni
Note 16 Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $6,978 | $6,736 | $6,318 |
Lapse of Statute of Limitations | -3,070 | -941 | -827 |
Increases in Balances Related to Tax Positions Taken during Prior Periods | 213 | 499 | 281 |
Increases in Balances Related to Tax Positions Taken during the Current Period | 4,035 | 684 | 964 |
Ending Balance | $8,156 | $6,978 | $6,736 |
Note_17_Commitments_and_Contin2
Note 17 Commitments and Contingencies (Narratives) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Capital Leases Expiration Year | fiscal 2016 | ||
Capital Leases Interest Rate, Minimum | 3.60% | ||
Capital Leases Interest Rate, Maximum | 5.40% | ||
Operating Leases Expiration Year | fiscal 2023 | ||
Operating Leases, Rent Expense, Net | $1,400,000 | $1,400,000 | $1,300,000 |
Restricted Cash | 266,000 | 337,000 | |
Bank of West Amended and Restated Credit Agreement December 6 2013 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Initiation Date | 6-Dec-13 | ||
Line of Credit Facility, Expiration Date | 30-Nov-15 | ||
Line of Credit Facility, Amount Outstanding | 45,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||
Available Credit Line for Letter of Credit | $3,000,000 |
Note_17_Commitments_and_Contin3
Note 17 Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Capital Leases, Future Minimum Payments Due [Abstract] | ||
Capital Leases, Future Minimum Payments Due, Current | $468 | |
Capital Leases, Future Minimum Payments Due in Two Years | 0 | |
Capital Leases, Future Minimum Payments Due in Three Years | 0 | |
Capital Leases, Future Minimum Payments Due in Four Years | 0 | |
Capital Leases, Future Minimum Payments Due in Five Years | 0 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Capital Leases, Future Minimum Payments Due | 468 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 4 | |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 464 | |
Capital Lease Obligations, Current | 464 | 2,468 |
Capitalized Lease Obligations, Net of Current Portion | 0 | 723 |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
Operating Leases, Future Minimum Payments Due, Current | 1,442 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,249 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,061 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 910 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 726 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,069 | |
Operating Leases, Future Minimum Payments Due | 6,457 | |
Purchase Obligations, Future Minimum Payments Due [Abstract] | ||
Purchase Obligations, Future Minimum Payments Due, Current | 20,671 | |
Purchase Obligations, Future Minimum Payments, Due in Two Years | 3,671 | |
Purchase Obligations, Future Minimum Payments, Due in Three Years | 0 | |
Purchase Obligations, Future Minimum Payments, Due in Four Years | 0 | |
Purchase Obligations, Future Minimum Payments, Due in Five Years | 0 | |
Purchase Obligations, Future Minimum Payments, Due Thereafter | 0 | |
Purchase Obligations, Future Minimum Payments Due | $24,342 |
Note_18_Subsequent_Events_Narr
Note 18 Subsequent Events (Narratives) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
April 2015 IKB Deutshe Industriebank Loan Payable [Member] | April 2015 IKB Deutshe Industriebank Loan Payable [Member] | RadioPulse [Member] | RadioPulse [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | |
Subsequent Event [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 1-May-15 | |||
Business Acquisition, Name of Acquired Entity | RadioPulse, Inc. | |||
Payments to Acquire Businesses, Gross | $14,900,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,000,000 | |||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 7,900,000 | |||
Business Combination, Acquisition Related Costs | 193,000 | |||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $7,200,000 | € 6,500,000 | ||
Debt Instrument, Issuance Date | 1-Apr-15 | 1-Apr-15 | ||
Debt Instrument, Maturity Date | 31-Mar-22 | 31-Mar-22 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% |