Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 28, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001280452 | |
Entity Registrant Name | MONOLITHIC POWER SYSTEMS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-51026 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0466789 | |
Entity Address, Address Line One | 4040 Lake Washington Blvd. NE, Suite 201 | |
Entity Address, City or Town | Kirkland | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98033 | |
City Area Code | 425 | |
Local Phone Number | 296-9956 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,439,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 205,229 | $ 172,704 |
Short-term investments | 213,511 | 204,577 |
Accounts receivable, net | 58,261 | 55,214 |
Inventories | 135,634 | 136,384 |
Other current assets | 16,660 | 11,931 |
Total current assets | 629,295 | 580,810 |
Property and equipment, net | 217,043 | 150,001 |
Long-term investments | 3,264 | 3,241 |
Goodwill | 6,571 | 6,571 |
Deferred tax assets, net | 16,619 | 16,830 |
Other long-term assets | 43,343 | 35,979 |
Total assets | 916,135 | 793,432 |
Current liabilities: | ||
Accounts payable | 30,318 | 22,678 |
Accrued compensation and related benefits | 28,724 | 18,799 |
Other accrued liabilities | 45,984 | 38,962 |
Total current liabilities | 105,026 | 80,439 |
Income tax liabilities | 32,402 | 34,375 |
Other long-term liabilities | 44,279 | 38,525 |
Total liabilities | 181,707 | 153,339 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 43,435 and 42,505, respectively | 528,775 | 450,908 |
Retained earnings | 215,692 | 194,728 |
Accumulated other comprehensive loss | (10,039) | (5,543) |
Total stockholders’ equity | 734,428 | 640,093 |
Total liabilities and stockholders’ equity | $ 916,135 | $ 793,432 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000 | 150,000 |
Common stock, shares issued (in shares) | 43,435 | 42,505 |
Common stock, shares outstanding (in shares) | 43,435 | 42,505 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 168,813 | $ 159,975 | $ 461,183 | $ 428,885 |
Cost of revenue | 75,655 | 70,957 | 206,794 | 190,810 |
Gross profit | 93,158 | 89,018 | 254,389 | 238,075 |
Operating expenses: | ||||
Research and development | 27,742 | 25,630 | 80,746 | 70,720 |
Selling, general and administrative | 34,692 | 29,552 | 100,302 | 85,431 |
Litigation expense | 692 | 343 | 1,473 | 1,513 |
Total operating expenses | 63,126 | 55,525 | 182,521 | 157,664 |
Income from operations | 30,032 | 33,493 | 71,868 | 80,411 |
Interest and other income, net | 2,257 | 2,714 | 7,827 | 5,387 |
Income before income taxes | 32,289 | 36,207 | 79,695 | 85,798 |
Income tax expense | 2,761 | 4,639 | 3,293 | 8,168 |
Net income | $ 29,528 | $ 31,568 | $ 76,402 | $ 77,630 |
Net income per share | ||||
Basic (in dollars per share) | $ 0.68 | $ 0.75 | $ 1.77 | $ 1.84 |
Diluted (in dollars per share) | $ 0.64 | $ 0.71 | $ 1.68 | $ 1.75 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 43,308 | 42,362 | 43,055 | 42,173 |
Diluted (in shares) | 45,833 | 44,669 | 45,516 | 44,450 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 29,528 | $ 31,568 | $ 76,402 | $ 77,630 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (6,135) | (4,526) | (6,167) | (6,999) |
Change in unrealized gain (loss) on available-for-sale securities, net of tax of $(38), $241, $(200) and $241, respectively | 234 | 491 | 1,671 | (554) |
Other comprehensive loss, net of tax | (5,901) | (4,035) | (4,496) | (7,553) |
Comprehensive income | $ 23,627 | $ 27,533 | $ 71,906 | $ 70,077 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Change in unrealized gain (loss) on available-for-sale securities, tax | $ (38) | $ 241 | $ (200) | $ 241 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 41,614 | |||
Balance at Dec. 31, 2017 | $ 376,586 | $ 143,608 | $ 1,813 | $ 522,007 |
Net income | 0 | 77,630 | 0 | 77,630 |
Other comprehensive loss | 0 | 0 | (7,553) | (7,553) |
Dividends and dividend equivalents declared | $ 0 | (40,798) | 0 | (40,798) |
Common stock issued under employee equity incentive plans (in shares) | 761 | |||
Common stock issued under employee equity incentive plans | $ 9,684 | 0 | 0 | 9,684 |
Common stock issued under employee stock purchase plan (in shares) | 33 | |||
Common stock issued under employee stock purchase plan | $ 3,028 | 0 | 0 | 3,028 |
Stock-based compensation expense | 45,787 | 0 | 0 | 45,787 |
Cumulative effect of a change in accounting principles at Sep. 30, 2018 | $ 0 | 379 | 0 | 379 |
Balance (in shares) at Sep. 30, 2018 | 42,408 | |||
Balance at Sep. 30, 2018 | $ 435,085 | 180,819 | (5,740) | 610,164 |
Balance (in shares) at Jun. 30, 2018 | 42,285 | |||
Balance at Jun. 30, 2018 | $ 417,866 | 162,859 | (1,705) | 579,020 |
Net income | 0 | 31,568 | 0 | 31,568 |
Other comprehensive loss | 0 | 0 | (4,035) | (4,035) |
Dividends and dividend equivalents declared | $ 0 | (13,608) | 0 | (13,608) |
Common stock issued under employee equity incentive plans (in shares) | 108 | |||
Common stock issued under employee equity incentive plans | $ 1,465 | 0 | 0 | 1,465 |
Common stock issued under employee stock purchase plan (in shares) | 15 | |||
Common stock issued under employee stock purchase plan | $ 916 | 0 | 0 | 916 |
Stock-based compensation expense | 14,838 | 0 | 0 | 14,838 |
Cumulative effect of a change in accounting principles at Sep. 30, 2018 | $ 0 | 379 | 0 | 379 |
Balance (in shares) at Sep. 30, 2018 | 42,408 | |||
Balance at Sep. 30, 2018 | $ 435,085 | 180,819 | (5,740) | $ 610,164 |
Balance (in shares) at Dec. 31, 2018 | 42,505 | 42,505 | ||
Balance at Dec. 31, 2018 | $ 450,908 | 194,728 | (5,543) | $ 640,093 |
Net income | 0 | 76,402 | 0 | 76,402 |
Other comprehensive loss | 0 | 0 | (4,496) | (4,496) |
Dividends and dividend equivalents declared | $ 0 | (55,438) | 0 | (55,438) |
Common stock issued under employee equity incentive plans (in shares) | 902 | |||
Common stock issued under employee equity incentive plans | $ 14,561 | 0 | 0 | 14,561 |
Common stock issued under employee stock purchase plan (in shares) | 28 | |||
Common stock issued under employee stock purchase plan | $ 3,277 | 0 | 0 | 3,277 |
Stock-based compensation expense | $ 60,029 | 0 | 0 | $ 60,029 |
Balance (in shares) at Sep. 30, 2019 | 43,435 | 43,435 | ||
Balance at Sep. 30, 2019 | $ 528,775 | 215,692 | (10,039) | $ 734,428 |
Balance (in shares) at Jun. 30, 2019 | 43,234 | |||
Balance at Jun. 30, 2019 | $ 503,759 | 204,533 | (4,138) | 704,154 |
Net income | 0 | 29,528 | 0 | 29,528 |
Other comprehensive loss | 0 | 0 | (5,901) | (5,901) |
Dividends and dividend equivalents declared | $ 0 | (18,369) | 0 | (18,369) |
Common stock issued under employee equity incentive plans (in shares) | 187 | |||
Common stock issued under employee equity incentive plans | $ 2,090 | 0 | 0 | 2,090 |
Common stock issued under employee stock purchase plan (in shares) | 14 | |||
Common stock issued under employee stock purchase plan | $ 1,650 | 0 | 0 | 1,650 |
Stock-based compensation expense | $ 21,276 | 0 | 0 | $ 21,276 |
Balance (in shares) at Sep. 30, 2019 | 43,435 | 43,435 | ||
Balance at Sep. 30, 2019 | $ 528,775 | $ 215,692 | $ (10,039) | $ 734,428 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Retained Earnings [Member] | ||||
Dividends and dividend equivalents declared per share (in dollars per share) | $ 0.40 | $ 0.30 | $ 1.20 | $ 0.90 |
Dividends and dividend equivalents declared per share (in dollars per share) | $ 0.40 | $ 0.30 | $ 1.20 | $ 0.90 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 76,402 | $ 77,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,817 | 9,058 |
Gain on disposal and sale of property and equipment, net | (282) | 0 |
Amortization of premium on available-for-sale securities | 384 | 1,122 |
Gain on deferred compensation plan investments | (2,630) | (949) |
Deferred taxes, net | (18) | 3,169 |
Stock-based compensation expense | 60,019 | 45,765 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,048) | (22,752) |
Inventories | 754 | (37,496) |
Other assets | (5,849) | (665) |
Accounts payable | 7,173 | 5,978 |
Accrued compensation and related benefits | 10,328 | 7,838 |
Other accrued liabilities | 7,453 | 4,635 |
Income tax liabilities | (6,186) | 528 |
Net cash provided by operating activities | 155,317 | 93,861 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (87,129) | (18,057) |
Acquisition of in-place leases | (981) | 0 |
Purchases of short-term investments | (106,409) | (86,021) |
Proceeds from maturities and sales of short-term investments | 98,814 | 83,679 |
Proceeds from sales of long-term investments | 125 | 0 |
Proceeds from sales of property and equipment | 9,268 | 0 |
Contributions to deferred compensation plan, net | (1,797) | (1,396) |
Net cash used in investing activities | (88,109) | (21,795) |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (204) | 0 |
Proceeds from common stock issued under employee equity incentive plans | 14,561 | 9,684 |
Proceeds from common stock issued under employee stock purchase plan | 3,277 | 3,028 |
Dividends and dividend equivalents paid | (48,641) | (34,381) |
Net cash used in financing activities | (31,007) | (21,669) |
Effect of change in exchange rates | (2,516) | (2,062) |
Net increase in cash, cash equivalents and restricted cash | 33,685 | 48,335 |
Cash, cash equivalents and restricted cash, beginning of period | 172,818 | 82,874 |
Cash, cash equivalents and restricted cash, end of period | 206,503 | 131,209 |
Supplemental disclosures for cash flow information: | ||
Cash paid for taxes | 9,472 | 6,388 |
Non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 4,969 | 1,563 |
Liability accrued for dividends and dividend equivalents | $ 20,866 | $ 15,397 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The accompanying unaudited condensed consolidated financial statements have been prepared by Monolithic Power Systems, Inc. (the “Company” or “MPS”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted in accordance with these accounting principles, rules and regulations. The information in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10 December 31, 2018, March 1, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The financial statements contained in this Form 10 not may December 31, 2019 Summary of Significant Accounting Policies Except for the changes related to leases discussed in Note 6, no three nine September 30, 2019, 10 December 31, 2018. Recently Adopted Accounting Pronouncement In February 2016, No. 2016 02, Leases (Topic 842 12 January 1, 2019 not not January 1, 2019. Upon adoption, the Company recognized ROU assets and lease liabilities of its outstanding operating leases on the Condensed Consolidated Balance Sheets, primarily related to real estate. The adoption did not 6 Recent Accounting Pronounce ments Not September 30, 2019 In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 3 December 15, 2019. not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 two not December 15, 2019. not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019, December 15, 2018. not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue from Product Sales The Company generates revenue primarily from product sales, which include assembled and tested integrated circuits, as well as dies in wafer form. These product sales were 99% and 98% of the Company’s total revenue for the three September 30, 2019 2018, nine September 30, 2019 2018, third not 8 The Company sells its products primarily through third three September 30, 2019 2018, nine September 30, 2019 2018, not The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company excludes taxes assessed by government authorities, such as sales taxes, from revenue. Product sales consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue from distributors and direct end customers when the following events have occurred: (a) the Company has transferred physical possession of the products, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. In accordance with the shipping terms specified in the contracts, these criteria are generally met when the products are shipped from the Company’s facilities (such as the “Ex Works” shipping term) or delivered to the customers’ locations (such as the “Delivered Duty Paid” shipping term). Under certain consignment agreements, revenue is not not Variable Consideration The Company accounts for price adjustment and stock rotation rights as variable consideration that reduces the transaction price, and recognizes that reduction in the same period the associated revenue is recognized. Three U.S.-based distributors have price adjustment rights when they sell the Company’s products to their end customers at a price that is lower than the distribution price invoiced by the Company. When the Company receives claims from the distributors that products have been sold to the end customers at the lower price, the Company issues the distributors credit memos for the price adjustments. The Company estimates the price adjustments using the expected value method based on an analysis of historical claims, at both the distributor and product level, as well as an assessment of any known trends of product sales mix. Other U.S. distributors and non-U.S. distributors, which make up the majority of the Company’s total sales to distributors, do not Certain distributors have limited stock rotation rights that permit the return of a small percentage of the previous six Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of September 30, 2019 December 31, 2018, not September 30, 2019 December 31, 2018. For certain customers located in Asia, the Company requires cash payments two September 30, 2019 December 31, 2018, nine September 30, 2019 nine September 30, 2019, December 31, 2018. Practical Expedients The Company has elected the practical expedient to expense sales commissions as incurred because the amortization period would have been one The Company’s standard payment terms generally require customers to pay 30 to 60 days after the Company satisfies the performance obligations. For those customers who are required to pay in advance, the Company satisfies the performance obligations generally within two not The Company’s unsatisfied performance obligations primarily include products held in consignment arrangements and customer purchase orders for products that the Company has not one not |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. 2014 “2014 The Board of Directors adopted the 2014 April 2013, June 2013. October 2014, 2014 2014 November 13, 2014 2014 November 13, 2024. September 30, 2019, 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of revenue $ 641 $ 471 $ 1,834 $ 1,384 Research and development 4,960 3,979 14,801 12,168 Selling, general and administrative 15,699 10,393 43,384 32,213 Total stock-based compensation expense $ 21,300 $ 14,843 $ 60,019 $ 45,765 Tax benefit related to stock-based compensation $ 595 $ 764 $ 2,139 $ 2,723 Restricted Stock Units (“RSUs”) The Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions (“MSUs”), and RSUs with both market and performance conditions (“MPSUs”). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the “Compensation Committee”). All awards include service conditions which require continued employment with the Company. A summary of RSU activity is presented in the table below (in thousands, except per-share amounts): Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 240 $ 95.38 2,174 $ 61.61 2,219 $ 35.69 4,633 $ 50.94 Granted 47 $ 141.03 535 (1) $ 98.45 - $ - 582 $ 101.89 Vested (88 ) $ 79.91 (571 ) $ 54.41 (243 ) $ 23.57 (902 ) $ 48.61 Forfeited (6 ) $ 110.23 (43 ) $ 42.72 (7 ) $ 68.48 (56 ) $ 53.06 Outstanding at September 30, 2019 193 $ 113.22 2,095 $ 73.37 1,969 $ 37.08 4,257 $ 58.38 ( 1 Amount reflects the number of PSUs that may The intrinsic value related to vested RSUs was $26.1 million and $13.9 million for the three September 30, 2019 2018, nine September 30, 2019 2018, September 30, 2019, September 30, 2019, Cash proceeds from vested PSUs with a purchase price totaled $14.6 million and $9.6 million for the nine September 30, 2019 2018, Time-Based RSUs: For the nine September 30, 2019, four one 2019 In February 2019, two 2019 2020 two “2019 2019 2019 first 2021 2019 two 2019 The 2019 not not 2019 2004 For the three September 30, 2019 2018, nine September 30, 2019 2018, September 30, 2019, The intrinsic value of the shares issued was $0.4 million and $0.6 million for the three September 30, 2019 2018, nine September 30, 2019 2018, September 30, 2019, first 2020. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 36.7 % 30.8 % 37.0 % 29.5 % Risk-free interest rate 1.9 % 2.2 % 2.2 % 2.0 % Dividend yield 1.1 % 0.9 % 1.1 % 1.0 % Cash proceeds from the shares issued under the ESPP were $3.3 million and $3.0 million for the nine September 30, 2019 2018, |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Inventories Inventories consist of the following (in thousands): September 30, December 31, 2019 2018 Raw materials $ 27,001 $ 43,017 Work in process 43,076 38,674 Finished goods 65,557 54,693 Total $ 135,634 $ 136,384 Other Current Assets Other current assets consist of the following (in thousands): September 30, December 31, 2019 2018 RSU tax withholding proceeds receivable $ 5,331 $ 39 Prepaid expense 4,024 3,425 Assets for product returns 2,261 1,602 Interest receivable 1,869 1,441 Value-added tax receivable 628 423 Prepaid wafer refund receivable - 4,297 Other 2,547 704 Total $ 16,660 $ 11,931 Other Long-Term Assets Other long-term assets consist of the following (in thousands): September 30, December 31, 2019 2018 Deferred compensation plan assets $ 36,397 $ 31,970 Operating lease ROU assets 3,102 - Prepaid expense 2,274 2,713 Other 1,570 1,296 Total $ 43,343 $ 35,979 Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Dividends and dividend equivalents $ 21,895 $ 15,044 Stock rotation and sales returns 7,884 5,363 Customer prepayments 4,160 2,520 Income tax payable 2,778 7,018 Operating lease liabilities 1,318 - Warranty 1,267 4,564 Commissions 976 1,369 Other 5,706 3,084 Total $ 45,984 $ 38,962 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Deferred compensation plan liabilities $ 36,968 $ 32,283 Dividend equivalents 6,091 6,145 Operating lease liabilities 1,190 - Other 30 97 Total $ 44,279 $ 38,525 |
Note 5 - Real Estate Transactio
Note 5 - Real Estate Transaction | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Real Estate Transaction [Text Block] | 5. In March 2019, The purchase price allocation was as follows (in thousands): Building $ 30,078 Land 22,254 In-place leases 981 Total $ 53,313 The fair value of the building was determined based on the income approach, which considered the discounted cash flows and direct capitalization analysis, and the sales comparison approach. The fair value of land was determined based on the sales comparison approach. The fair value of the in-place leases was determined primarily based on the analysis of the economic benefits of certain cost savings attributable to the leases. The building is depreciated over a useful life of 40 years and the in-place leases are amortized over the average remaining lease terms of 3.5 years. Land is not |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 6. Lessee The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units, and certain equipment. These leases have remaining lease terms from less than a year to four five not Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs incurred and prepaid lease payments, less lease incentives received. As of September 30, 2019, As permitted by Topic 842, not 12 not The following tables summarize certain information related to the leases (in thousands, except percentages): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease costs: Operating lease costs $ 377 $ 1,013 Short-term and other lease costs 102 394 Total lease costs $ 479 $ 1,407 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 299 $ 1,026 ROU assets obtained in exchange for operating lease liabilities (1) $ 869 $ 3,450 September 30, 2019 Weighted-average remaining lease term (in years) 2.3 Weighted-average discount rate 3.9 % ( 1 For the nine September 30, 2019, January 1, 2019. As of September 30, 2019, 2019 (remaining three months) $ 364 2020 1,241 2021 634 2022 379 2023 22 Total remaining lease payments 2,640 Less: imputed interest (132 ) Total lease liabilities $ 2,508 Reported as: Current liabilities $ 1,318 Long-term liabilities $ 1,190 Lessor The Company owns certain office buildings and leases a portion of these properties to third two five five For the three nine September 30, 2019, September 30, 2019, 2019 (remaining three months) $ 279 2020 1,539 2021 1,384 2022 1,136 2023 602 2024 and beyond 597 Total $ 5,537 |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if outstanding securities or other contracts to issue common stock were exercised or converted into common shares, and calculated using the treasury stock method. Contingently issuable shares, including equity awards with performance conditions or market conditions, are considered outstanding common shares and included in the basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in the diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. The Company’s outstanding RSUs contain forfeitable rights to receive cash dividend equivalents, which are accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not not not The following table sets forth the computation of basic and diluted net income per share (in thousands, except per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 29,528 $ 31,568 $ 76,402 $ 77,630 Denominator: Weighted-average outstanding shares - basic 43,308 42,362 43,055 42,173 Effect of dilutive securities 2,525 2,307 2,461 2,277 Weighted-average outstanding shares - diluted 45,833 44,669 45,516 44,450 Net income per share: Basic $ 0.68 $ 0.75 $ 1.77 $ 1.84 Diluted $ 0.64 $ 0.71 $ 1.68 $ 1.75 |
Note 8 - Segment and Geographic
Note 8 - Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance analog solutions for the computing and storage, automotive, industrial, communications and consumer markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations. The Company sells its products primarily through third 10% 10% Revenue Accounts Receivable Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, Customer 2019 2018 2019 2018 2019 2018 Company A (distributor) 24 % 23 % 23 % 21 % 25 % 25 % Company B (distributor) * 10 % * 10 % 12 % 16 % Company A (value-added reseller) * * * * 10 % * * Represents less than 10%. The Company’s agreements with these third may may not The following is a summary of revenue by geographic regions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Country or Region 2019 2018 2019 2018 China $ 105,857 $ 91,509 $ 276,892 $ 245,580 Taiwan 18,547 20,774 55,912 55,315 Europe 12,047 12,579 38,071 36,696 Korea 11,990 11,406 31,224 30,046 Southeast Asia 7,904 11,259 23,698 28,261 Japan 8,150 6,895 21,084 18,994 United States 4,225 5,375 14,044 13,404 Other 93 178 258 589 Total $ 168,813 $ 159,975 $ 461,183 $ 428,885 The following is a summary of revenue by product family (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Product Family 2019 2018 2019 2018 DC to DC $ 159,723 $ 147,727 $ 432,125 $ 394,492 Lighting Control 9,090 12,248 29,058 34,393 Total $ 168,813 $ 159,975 $ 461,183 $ 428,885 The following is a summary of property and equipment, net, by geographic regions (in thousands): September 30, December 31, Country 2019 2018 China $ 105,030 $ 93,096 United States 93,967 39,054 Taiwan 16,750 16,972 Other 1,296 879 Total $ 217,043 $ 150,001 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Product Warranties The following table presents changes in the warranty reserve (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,748 $ 3,951 $ 4,564 $ 2,416 Warranty provision for product sales 92 3,840 671 5,654 Settlements made (326 ) (36 ) (2,625 ) (100 ) Unused warranty provision (247 ) (2,821 ) (1,343 ) (3,036 ) Balance at end of period $ 1,267 $ 4,934 $ 1,267 $ 4,934 Purchase Commitments The Company has outstanding purchase commitments with its suppliers and other parties that require the future purchase of goods or services, which primarily consist of wafer purchases, assembly and other manufacturing services, construction services and license arrangements. As of September 30, 2019, Litigation The Company is a party to actions and proceedings in the ordinary course of business, including potential litigation initiated by its stockholders, challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. These proceedings often involve complex questions of fact and law and may September 30, 2019, no |
Note 10 - Cash, Cash Equivalent
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 10. The following is a summary of the Company’s cash, cash equivalents and investments (in thousands): September 30, December 31, 2019 2018 Cash, cash equivalents and investments: Cash $ 162,741 $ 131,569 Money market funds 39,982 41,135 Corporate debt securities 195,667 170,909 U.S. treasuries and government agency bonds 20,350 32,068 Certificates of deposit - 1,600 Auction-rate securities backed by student-loan notes 3,264 3,241 Total $ 422,004 $ 380,522 September 30, December 31, 2019 2018 Reported as: Cash and cash equivalents $ 205,229 $ 172,704 Short-term investments 213,511 204,577 Long-term investments 3,264 3,241 Total $ 422,004 $ 380,522 The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands): September 30, December 31, 2019 2018 Due in less than 1 year $ 142,336 $ 125,845 Due in 1 - 5 years 71,175 78,732 Due in greater than 5 years 3,264 3,241 Total $ 216,775 $ 207,818 The following tables summarize the unrealized gain and loss positions related to the Company’s available-for sale investments (in thousands): September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 39,982 $ - $ - $ 39,982 $ - Corporate debt securities 195,471 324 (128 ) 195,667 83,247 U.S. treasuries and government agency bonds 20,341 11 (2 ) 20,350 7,998 Auction-rate securities backed by student-loan notes 3,445 - (181 ) 3,264 3,264 Total $ 259,239 $ 335 $ (311 ) $ 259,263 $ 94,509 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 41,135 $ - $ - $ 41,135 $ - Corporate debt securities 172,288 7 (1,386 ) 170,909 166,204 U.S. treasuries and government agency bonds 32,207 2 (141 ) 32,068 28,507 Certificates of deposit 1,600 - - 1,600 - Auction-rate securities backed by student-loan notes 3,570 - (329 ) 3,241 3,241 Total $ 250,800 $ 9 $ (1,856 ) $ 248,953 $ 197,952 As of September 30, 2019 December 31, 2018, 12 September 30, 2019, not Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands): September 30, December 31, 2019 2018 Cash and cash equivalents $ 205,229 $ 172,704 Restricted cash included in other current assets 1,161 - Restricted cash included in other long-term assets 113 114 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 206,503 $ 172,818 As of September 30, 2019, September 30, 2019 December 31, 2018, |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. The following tables summarize the fair value measurement of the financial assets (in thousands): Fair Value Measurement at September 30, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 39,982 $ 39,982 $ - $ - Corporate debt securities 195,667 - 195,667 - U.S. treasuries and government agency bonds 20,350 - 20,350 - Auction-rate securities backed by student-loan notes 3,264 - - 3,264 Mutual funds and money market funds under deferred compensation plan 19,968 19,968 - - Total $ 279,231 $ 59,950 $ 216,017 $ 3,264 Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds $ 41,135 $ 41,135 $ - $ - Corporate debt securities 170,909 - 170,909 - U.S. treasuries and government agency bonds 32,068 - 32,068 - Certificates of deposit 1,600 - 1,600 - Auction-rate securities backed by student-loan notes 3,241 - - 3,241 Mutual funds and money market funds under deferred compensation plan 18,867 18,867 - - Total $ 267,820 $ 60,002 $ 204,577 $ 3,241 ● Level 1—includes ● Level 2—includes may third ● Level 3—includes The Company’s level 3 Balance at January 1, 2019 $ 3,241 Change in unrealized gain included in other comprehensive income 148 Sale and settlement at par (125 ) Balance at September 30, 2019 $ 3,264 The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: September 30, December 31, 2019 2018 Time-to-liquidity (in years) 2 - 3 2 - 3 Discount rate 3.7% - 7.9% 4.9% - 10.1% |
Note 12 - Deferred Compensation
Note 12 - Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 12. The following table summarizes the deferred compensation plan balances on the Condensed Consolidated Balance Sheets (in thousands): September 30, December 31, 2019 2018 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 16,429 $ 13,103 Fair value of mutual funds and money market funds 19,968 18,867 Total $ 36,397 $ 31,970 Deferred compensation plan assets reported in: Other long-term assets $ 36,397 $ 31,970 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 425 $ 447 Other long-term liabilities 36,968 32,283 Total $ 37,393 $ 32,730 |
Note 13 - Interest and Other In
Note 13 - Interest and Other Income, Net | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 13. The components of interest and other income, net, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest income $ 1,850 $ 1,583 $ 5,207 $ 4,606 Amortization of premium on available-for-sale securities (168 ) (314 ) (384 ) (1,122 ) Gain on deferred compensation plan investments 74 717 2,630 949 Foreign currency exchange gain 175 700 47 915 Other 326 28 327 39 Total $ 2,257 $ 2,714 $ 7,827 $ 5,387 For the three nine September 30, 2019, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. The income tax provision for interim periods is generally determined using an estimate of the Company’s annual effective tax rate and adjusted for discrete items, if any, in the relevant period. Each quarter the estimate of the annual effective tax rate is updated, and if the Company’s estimated tax rate changes, a cumulative adjustment is made. The income tax expense for the three September 30, 2019 nine September 30, 2019 The income tax provision for the three September 30, 2018 nine September 30, 2018 For the three nine September 30, 2019, three nine September 30, 2018, The Company’s uncertain tax positions relate to the allocation of income and deductions between the Company’s global entities and to the determination of the research and development tax credit. It is reasonably possible that over the next twelve may not July 2015, Altera Corp. v. Commissioner, December 2015, June 2016. June 2019, July 2019, not September 30, 2019. |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. The following table summarizes the changes in accumulated other comprehensive loss (in thousands): Unrealized Gains (Losses) on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2019 $ (1,638 ) $ (3,905 ) $ (5,543 ) Other comprehensive income before reclassifications 924 3,677 4,601 Tax effect (98 ) - (98 ) Other comprehensive income 826 3,677 4,503 Balance as of March 31, 2019 (812 ) (228 ) (1,040 ) Other comprehensive income (loss) before reclassifications 675 (3,709 ) (3,034 ) Tax effect (64 ) - (64 ) Other comprehensive income (loss) 611 (3,709 ) (3,098 ) Balance as of June 30, 2019 (201 ) (3,937 ) (4,138 ) Other comprehensive income (loss) before reclassifications 272 (6,135 ) (5,863 ) Tax effect (38 ) - (38 ) Other comprehensive income (loss) 234 (6,135 ) (5,901 ) Balance as of September 30, 2019 $ 33 $ (10,072 ) $ (10,039 ) |
Note 16 - Dividends and Dividen
Note 16 - Dividends and Dividend Equivalents | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 16. Cash Dividend Program In June 2014, Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Dividend declared per share $ 0.40 $ 0.30 $ 1.20 $ 0.90 Total amount $ 17,341 $ 12,722 $ 51,782 $ 38,052 As of September 30, 2019 December 31, 2018, The declaration of any future cash dividends is at the discretion of the Board of Directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, business conditions, and other factors that the Board of Directors may The Company anticipates that cash used for future dividend payments will come from its domestic cash, cash generated from ongoing U.S. operations, and cash repatriated from its Bermuda subsidiary. Earnings from other foreign subsidiaries will continue to be indefinitely reinvested. Cash Dividend Equivalent Rights Under the Company’s stock plans, outstanding RSUs contain rights to receive cash dividend equivalents, which entitle employees who hold RSUs to the same dividend value per share as holders of common stock. The dividend equivalents are accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not not September 30, 2019 December 31, 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated financial statements have been prepared by Monolithic Power Systems, Inc. (the “Company” or “MPS”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted in accordance with these accounting principles, rules and regulations. The information in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10 December 31, 2018, March 1, 2019. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The financial statements contained in this Form 10 not may December 31, 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncement In February 2016, No. 2016 02, Leases (Topic 842 12 January 1, 2019 not not January 1, 2019. Upon adoption, the Company recognized ROU assets and lease liabilities of its outstanding operating leases on the Condensed Consolidated Balance Sheets, primarily related to real estate. The adoption did not 6 Recent Accounting Pronounce ments Not September 30, 2019 In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 3 December 15, 2019. not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 two not December 15, 2019. not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019, December 15, 2018. not |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of revenue $ 641 $ 471 $ 1,834 $ 1,384 Research and development 4,960 3,979 14,801 12,168 Selling, general and administrative 15,699 10,393 43,384 32,213 Total stock-based compensation expense $ 21,300 $ 14,843 $ 60,019 $ 45,765 Tax benefit related to stock-based compensation $ 595 $ 764 $ 2,139 $ 2,723 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 240 $ 95.38 2,174 $ 61.61 2,219 $ 35.69 4,633 $ 50.94 Granted 47 $ 141.03 535 (1) $ 98.45 - $ - 582 $ 101.89 Vested (88 ) $ 79.91 (571 ) $ 54.41 (243 ) $ 23.57 (902 ) $ 48.61 Forfeited (6 ) $ 110.23 (43 ) $ 42.72 (7 ) $ 68.48 (56 ) $ 53.06 Outstanding at September 30, 2019 193 $ 113.22 2,095 $ 73.37 1,969 $ 37.08 4,257 $ 58.38 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 36.7 % 30.8 % 37.0 % 29.5 % Risk-free interest rate 1.9 % 2.2 % 2.2 % 2.0 % Dividend yield 1.1 % 0.9 % 1.1 % 1.0 % |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2019 2018 Raw materials $ 27,001 $ 43,017 Work in process 43,076 38,674 Finished goods 65,557 54,693 Total $ 135,634 $ 136,384 |
Schedule of Other Current Assets [Table Text Block] | September 30, December 31, 2019 2018 RSU tax withholding proceeds receivable $ 5,331 $ 39 Prepaid expense 4,024 3,425 Assets for product returns 2,261 1,602 Interest receivable 1,869 1,441 Value-added tax receivable 628 423 Prepaid wafer refund receivable - 4,297 Other 2,547 704 Total $ 16,660 $ 11,931 |
Schedule of Other Assets, Noncurrent [Table Text Block] | September 30, December 31, 2019 2018 Deferred compensation plan assets $ 36,397 $ 31,970 Operating lease ROU assets 3,102 - Prepaid expense 2,274 2,713 Other 1,570 1,296 Total $ 43,343 $ 35,979 |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2019 2018 Dividends and dividend equivalents $ 21,895 $ 15,044 Stock rotation and sales returns 7,884 5,363 Customer prepayments 4,160 2,520 Income tax payable 2,778 7,018 Operating lease liabilities 1,318 - Warranty 1,267 4,564 Commissions 976 1,369 Other 5,706 3,084 Total $ 45,984 $ 38,962 |
Other Noncurrent Liabilities [Table Text Block] | September 30, December 31, 2019 2018 Deferred compensation plan liabilities $ 36,968 $ 32,283 Dividend equivalents 6,091 6,145 Operating lease liabilities 1,190 - Other 30 97 Total $ 44,279 $ 38,525 |
Note 5 - Real Estate Transact_2
Note 5 - Real Estate Transaction (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Asset Acquisition, Allocation of Consideration [Table Text Block] | Building $ 30,078 Land 22,254 In-place leases 981 Total $ 53,313 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease costs: Operating lease costs $ 377 $ 1,013 Short-term and other lease costs 102 394 Total lease costs $ 479 $ 1,407 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 299 $ 1,026 ROU assets obtained in exchange for operating lease liabilities (1) $ 869 $ 3,450 September 30, 2019 Weighted-average remaining lease term (in years) 2.3 Weighted-average discount rate 3.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 (remaining three months) $ 364 2020 1,241 2021 634 2022 379 2023 22 Total remaining lease payments 2,640 Less: imputed interest (132 ) Total lease liabilities $ 2,508 Reported as: Current liabilities $ 1,318 Long-term liabilities $ 1,190 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2019 (remaining three months) $ 279 2020 1,539 2021 1,384 2022 1,136 2023 602 2024 and beyond 597 Total $ 5,537 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 29,528 $ 31,568 $ 76,402 $ 77,630 Denominator: Weighted-average outstanding shares - basic 43,308 42,362 43,055 42,173 Effect of dilutive securities 2,525 2,307 2,461 2,277 Weighted-average outstanding shares - diluted 45,833 44,669 45,516 44,450 Net income per share: Basic $ 0.68 $ 0.75 $ 1.77 $ 1.84 Diluted $ 0.64 $ 0.71 $ 1.68 $ 1.75 |
Note 8 - Segment and Geograph_2
Note 8 - Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Revenue Accounts Receivable Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, Customer 2019 2018 2019 2018 2019 2018 Company A (distributor) 24 % 23 % 23 % 21 % 25 % 25 % Company B (distributor) * 10 % * 10 % 12 % 16 % Company A (value-added reseller) * * * * 10 % * |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Country or Region 2019 2018 2019 2018 China $ 105,857 $ 91,509 $ 276,892 $ 245,580 Taiwan 18,547 20,774 55,912 55,315 Europe 12,047 12,579 38,071 36,696 Korea 11,990 11,406 31,224 30,046 Southeast Asia 7,904 11,259 23,698 28,261 Japan 8,150 6,895 21,084 18,994 United States 4,225 5,375 14,044 13,404 Other 93 178 258 589 Total $ 168,813 $ 159,975 $ 461,183 $ 428,885 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Product Family 2019 2018 2019 2018 DC to DC $ 159,723 $ 147,727 $ 432,125 $ 394,492 Lighting Control 9,090 12,248 29,058 34,393 Total $ 168,813 $ 159,975 $ 461,183 $ 428,885 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | September 30, December 31, Country 2019 2018 China $ 105,030 $ 93,096 United States 93,967 39,054 Taiwan 16,750 16,972 Other 1,296 879 Total $ 217,043 $ 150,001 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,748 $ 3,951 $ 4,564 $ 2,416 Warranty provision for product sales 92 3,840 671 5,654 Settlements made (326 ) (36 ) (2,625 ) (100 ) Unused warranty provision (247 ) (2,821 ) (1,343 ) (3,036 ) Balance at end of period $ 1,267 $ 4,934 $ 1,267 $ 4,934 |
Note 10 - Cash, Cash Equivale_2
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, December 31, 2019 2018 Cash, cash equivalents and investments: Cash $ 162,741 $ 131,569 Money market funds 39,982 41,135 Corporate debt securities 195,667 170,909 U.S. treasuries and government agency bonds 20,350 32,068 Certificates of deposit - 1,600 Auction-rate securities backed by student-loan notes 3,264 3,241 Total $ 422,004 $ 380,522 September 30, December 31, 2019 2018 Reported as: Cash and cash equivalents $ 205,229 $ 172,704 Short-term investments 213,511 204,577 Long-term investments 3,264 3,241 Total $ 422,004 $ 380,522 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, December 31, 2019 2018 Due in less than 1 year $ 142,336 $ 125,845 Due in 1 - 5 years 71,175 78,732 Due in greater than 5 years 3,264 3,241 Total $ 216,775 $ 207,818 |
Unrealized Gain (Loss) on Investments [Table Text Block] | September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 39,982 $ - $ - $ 39,982 $ - Corporate debt securities 195,471 324 (128 ) 195,667 83,247 U.S. treasuries and government agency bonds 20,341 11 (2 ) 20,350 7,998 Auction-rate securities backed by student-loan notes 3,445 - (181 ) 3,264 3,264 Total $ 259,239 $ 335 $ (311 ) $ 259,263 $ 94,509 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 41,135 $ - $ - $ 41,135 $ - Corporate debt securities 172,288 7 (1,386 ) 170,909 166,204 U.S. treasuries and government agency bonds 32,207 2 (141 ) 32,068 28,507 Certificates of deposit 1,600 - - 1,600 - Auction-rate securities backed by student-loan notes 3,570 - (329 ) 3,241 3,241 Total $ 250,800 $ 9 $ (1,856 ) $ 248,953 $ 197,952 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | September 30, December 31, 2019 2018 Cash and cash equivalents $ 205,229 $ 172,704 Restricted cash included in other current assets 1,161 - Restricted cash included in other long-term assets 113 114 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 206,503 $ 172,818 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at September 30, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 39,982 $ 39,982 $ - $ - Corporate debt securities 195,667 - 195,667 - U.S. treasuries and government agency bonds 20,350 - 20,350 - Auction-rate securities backed by student-loan notes 3,264 - - 3,264 Mutual funds and money market funds under deferred compensation plan 19,968 19,968 - - Total $ 279,231 $ 59,950 $ 216,017 $ 3,264 Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds $ 41,135 $ 41,135 $ - $ - Corporate debt securities 170,909 - 170,909 - U.S. treasuries and government agency bonds 32,068 - 32,068 - Certificates of deposit 1,600 - 1,600 - Auction-rate securities backed by student-loan notes 3,241 - - 3,241 Mutual funds and money market funds under deferred compensation plan 18,867 18,867 - - Total $ 267,820 $ 60,002 $ 204,577 $ 3,241 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at January 1, 2019 $ 3,241 Change in unrealized gain included in other comprehensive income 148 Sale and settlement at par (125 ) Balance at September 30, 2019 $ 3,264 |
Schedule Of Level 3 Assumptions [Table Text Block] | September 30, December 31, 2019 2018 Time-to-liquidity (in years) 2 - 3 2 - 3 Discount rate 3.7% - 7.9% 4.9% - 10.1% |
Note 12 - Deferred Compensati_2
Note 12 - Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] | September 30, December 31, 2019 2018 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 16,429 $ 13,103 Fair value of mutual funds and money market funds 19,968 18,867 Total $ 36,397 $ 31,970 Deferred compensation plan assets reported in: Other long-term assets $ 36,397 $ 31,970 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 425 $ 447 Other long-term liabilities 36,968 32,283 Total $ 37,393 $ 32,730 |
Note 13 - Interest and Other _2
Note 13 - Interest and Other Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest income $ 1,850 $ 1,583 $ 5,207 $ 4,606 Amortization of premium on available-for-sale securities (168 ) (314 ) (384 ) (1,122 ) Gain on deferred compensation plan investments 74 717 2,630 949 Foreign currency exchange gain 175 700 47 915 Other 326 28 327 39 Total $ 2,257 $ 2,714 $ 7,827 $ 5,387 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2019 $ (1,638 ) $ (3,905 ) $ (5,543 ) Other comprehensive income before reclassifications 924 3,677 4,601 Tax effect (98 ) - (98 ) Other comprehensive income 826 3,677 4,503 Balance as of March 31, 2019 (812 ) (228 ) (1,040 ) Other comprehensive income (loss) before reclassifications 675 (3,709 ) (3,034 ) Tax effect (64 ) - (64 ) Other comprehensive income (loss) 611 (3,709 ) (3,098 ) Balance as of June 30, 2019 (201 ) (3,937 ) (4,138 ) Other comprehensive income (loss) before reclassifications 272 (6,135 ) (5,863 ) Tax effect (38 ) - (38 ) Other comprehensive income (loss) 234 (6,135 ) (5,901 ) Balance as of September 30, 2019 $ 33 $ (10,072 ) $ (10,039 ) |
Note 16 - Dividends and Divid_2
Note 16 - Dividends and Dividend Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Dividend declared per share $ 0.40 $ 0.30 $ 1.20 $ 0.90 Total amount $ 17,341 $ 12,722 $ 51,782 $ 38,052 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Lapse Period for Consignment | 60 days | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 58,261 | $ 58,261 | $ 55,214 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Contract with Customer, Liability, Current | 4,160 | $ 4,160 | 2,520 | ||
Revenue, Performance Obligation, Performance Period Following Prepayment | 14 days | ||||
Minimum [Member] | |||||
Contract with Customer, Payment Term | 30 days | ||||
Maximum [Member] | |||||
Contract with Customer, Payment Term | 60 days | ||||
Certain Customers in China [Member] | |||||
Contract with Customer, Payment Term Required Prior to Shipping Products | 14 days | ||||
Contract with Customer, Liability, Revenue Recognized | $ 2,500 | ||||
Certain Customers in China [Member] | Accrued Liabilities, Current [Member] | |||||
Contract with Customer, Liability, Current | $ 4,200 | $ 4,200 | $ 2,500 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Distributor Sales [Member] | |||||
Concentration Risk, Percentage | 88.00% | 87.00% | 83.00% | 87.00% | |
Product [Member] | |||||
Percentage of Revenue | 99.00% | 98.00% | 99.00% | 98.00% |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Nov. 13, 2014 | |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ 14,561 | $ 9,684 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 582,000 | |||||
Proceeds from Stock Plans | $ 3,277 | 3,028 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 26,100 | $ 13,900 | 110,100 | 79,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 617,600 | $ 617,600 | ||||
Share Price | $ 155.63 | $ 155.63 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 120,500 | $ 120,500 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days | |||||
Performance-based RSUs (PSUs) [Member] | ||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ 14,600 | $ 9,600 | ||||
Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 47,000 | |||||
Time-Based RSUs [Member] | Non-executive Employees and Non-employer Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 88,000 | |||||
Time-Based RSUs [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Time-Based RSUs [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
PSU 2019 [Member] | Executive Officer [Member] | ||||||
Share Price | $ 130.67 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 151,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Measurement Period of Relative Revenue Growth Rate to Industry Average | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||
Maximum Stock Compensation Costs | $ 46,600 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Price Per Share Payable Upon Vesting of Equity Instruments Other than Options | $ 30 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 7 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.50% | |||||
PSU 2019 [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
PSU 2019 [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
The2014 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,600,000 | 1,600,000 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,500,000 | 4,500,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 400 | $ 400 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,000 | 15,000 | 28,000 | 33,000 | ||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ 400 | $ 600 | $ 700 | $ 1,100 | ||
Proceeds from Stock Plans | $ 3,300 | $ 3,000 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share based compensation expense | $ 21,300 | $ 14,843 | $ 60,019 | $ 45,765 |
Tax benefit related to stock-based compensation | 595 | 764 | 2,139 | 2,723 |
Cost of Sales [Member] | ||||
Share based compensation expense | 641 | 471 | 1,834 | 1,384 |
Research and Development Expense [Member] | ||||
Share based compensation expense | 4,960 | 3,979 | 14,801 | 12,168 |
Selling, General and Administrative Expenses [Member] | ||||
Share based compensation expense | $ 15,699 | $ 10,393 | $ 43,384 | $ 32,213 |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - RSU Summary (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2019$ / sharesshares | ||
Beginning balance (in shares) | shares | 4,633 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 50.94 | |
Granted (in shares) | shares | 582 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 101.89 | |
Vested (in shares) | shares | (902) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 48.61 | |
Forfeited (in shares) | shares | (56) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 53.06 | |
Ending balance (in shares) | shares | 4,257 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 58.38 | |
Time-Based RSUs [Member] | ||
Beginning balance (in shares) | shares | 240 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 95.38 | |
Granted (in shares) | shares | 47 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 141.03 | |
Vested (in shares) | shares | (88) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 79.91 | |
Forfeited (in shares) | shares | (6) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 110.23 | |
Ending balance (in shares) | shares | 193 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 113.22 | |
PSUs and MPSUs [Member] | ||
Beginning balance (in shares) | shares | 2,174 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 61.61 | |
Granted (in shares) | shares | 535 | [1] |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 98.45 | |
Vested (in shares) | shares | (571) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 54.41 | |
Forfeited (in shares) | shares | (43) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 42.72 | |
Ending balance (in shares) | shares | 2,095 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 73.37 | |
MSUs [Member] | ||
Beginning balance (in shares) | shares | 2,219 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 35.69 | |
Granted (in shares) | shares | 0 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 0 | |
Vested (in shares) | shares | (243) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 23.57 | |
Forfeited (in shares) | shares | (7) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 68.48 | |
Ending balance (in shares) | shares | 1,969 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 37.08 | |
[1] | Amount reflects the number of PSUs that may ultimately be earned based on managements probability assessment of the achievement of performance conditions at each reporting period. |
Note 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Valuation Assumptions (Details) - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Expected term (in years) (Year) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 36.70% | 30.80% | 37.00% | 29.50% |
Risk-free interest rate | 1.90% | 2.20% | 2.20% | 2.00% |
Dividend yield | 1.10% | 0.90% | 1.10% | 1.00% |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Raw materials | $ 27,001 | $ 43,017 |
Work in process | 43,076 | 38,674 |
Finished goods | 65,557 | 54,693 |
Total | $ 135,634 | $ 136,384 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
RSU tax withholding proceeds receivable | $ 5,331 | $ 39 |
Prepaid expense | 4,024 | 3,425 |
Assets for product returns | 2,261 | 1,602 |
Interest receivable | 1,869 | 1,441 |
Value-added tax receivable | 628 | 423 |
Prepaid wafer refund receivable | 0 | 4,297 |
Other | 2,547 | 704 |
Total | $ 16,660 | $ 11,931 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred compensation plan assets | $ 36,397 | $ 31,970 |
Operating lease ROU assets | 3,102 | 0 |
Prepaid expense | 2,274 | 2,713 |
Other | 1,570 | 1,296 |
Total | $ 43,343 | $ 35,979 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Dividends and dividend equivalents | $ 21,895 | $ 15,044 |
Stock rotation and sales returns | 7,884 | 5,363 |
Customer prepayments | 4,160 | 2,520 |
Income tax payable | 2,778 | 7,018 |
Operating lease liabilities | 1,318 | 0 |
Warranty | 1,267 | 4,564 |
Commissions | 976 | 1,369 |
Other | 5,706 | 3,084 |
Total | $ 45,984 | $ 38,962 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Long-term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred compensation plan liabilities | $ 36,968 | $ 32,283 |
Dividend equivalents | 6,091 | 6,145 |
Operating lease liabilities | 1,190 | 0 |
Other | 30 | 97 |
Total | $ 44,279 | $ 38,525 |
Note 5 - Real Estate Transact_3
Note 5 - Real Estate Transaction (Details Textual) $ in Millions | 1 Months Ended |
Mar. 31, 2019USD ($) | |
Payments to Acquire Real Estate, Total | $ 52.9 |
Real Estate, Capitalized Transaction Costs | $ 0.4 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 6 months |
Building [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Note 5 - Real Estate Transact_4
Note 5 - Real Estate Transaction - Allocation of Consideration (Details) - Property in Kirkland, Washington [Member] $ in Thousands | Sep. 30, 2019USD ($) |
Building | $ 30,078 |
Land | 22,254 |
In-place leases | 981 |
Total | $ 53,313 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 3,102 | $ 3,102 | $ 0 | |||
Operating Lease, Liability, Total | 2,508 | 2,508 | ||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,200 | $ 869 | [1] | $ 3,450 | [1] | |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 3 months 18 days | 2 years 3 months 18 days | ||||
Operating Lease, Lease Income, Lease Payments | $ 500 | $ 1,300 | ||||
Maximum [Member] | ||||||
Lessee, Operating Lease, Term of Contract | 4 years | 4 years | ||||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | ||||
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 5 years | ||||
Lessor, Operating Lease, Renewal Term | 5 years | 5 years | ||||
Minimum [Member] | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years | 2 years | ||||
[1] | For the nine months ended September 30, 2019, the amount includes $2.2 million for operating leases existing on January 1, 2019. |
Note 6 - Leases - Leases Cost (
Note 6 - Leases - Leases Cost (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | ||
Operating lease costs | $ 377 | $ 1,013 | |||
Short-term and other lease costs | 102 | 394 | |||
Total lease costs | 479 | 1,407 | |||
Operating cash flows from operating leases | 299 | 1,026 | |||
ROU assets obtained in exchange for operating lease liabilities (1) | $ 2,200 | $ 869 | [1] | $ 3,450 | [1] |
Weighted-average remaining lease term (in years) (Year) | 2 years 3 months 18 days | 2 years 3 months 18 days | |||
Weighted-average discount rate | 3.90% | 3.90% | |||
[1] | For the nine months ended September 30, 2019, the amount includes $2.2 million for operating leases existing on January 1, 2019. |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
2019 (remaining three months) | $ 364 | |
2020 | 1,241 | |
2021 | 634 | |
2022 | 379 | |
2023 | 22 | |
Total remaining lease payments | 2,640 | |
Less: imputed interest | (132) | |
Total lease liabilities | 2,508 | |
Current liabilities | 1,318 | $ 0 |
Long-term liabilities | $ 1,190 | $ 0 |
Note 6 - Leases - Maturities _2
Note 6 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2019 (remaining three months) | $ 279 |
2020 | 1,539 |
2021 | 1,384 |
2022 | 1,136 |
2023 | 602 |
2024 and beyond | 597 |
Total | $ 5,537 |
Note 7 - Net Income Per Share -
Note 7 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income | $ 29,528 | $ 31,568 | $ 76,402 | $ 77,630 |
Denominator: | ||||
Weighted-average outstanding shares - basic (in shares) | 43,308 | 42,362 | 43,055 | 42,173 |
Effect of dilutive securities (in shares) | 2,525 | 2,307 | 2,461 | 2,277 |
Weighted-average outstanding shares - diluted (in shares) | 45,833 | 44,669 | 45,516 | 44,450 |
Net income per share: | ||||
Earnings per share, basic (in dollars per share) | $ 0.68 | $ 0.75 | $ 1.77 | $ 1.84 |
Earnings per share, diluted (in dollars per share) | $ 0.64 | $ 0.71 | $ 1.68 | $ 1.75 |
Note 8 - Segment and Geograph_3
Note 8 - Segment and Geographic Information (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Number of Reportable Segments | 1 |
Note 8 - Segment and Geograph_4
Note 8 - Segment and Geographic Information - Customers with Sales and Accounts Receivable Greater Than 10% (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Revenue Benchmark [Member] | Distributor A [Member] | ||||||
Concentration risk | 24.00% | 23.00% | 23.00% | 21.00% | ||
Revenue Benchmark [Member] | Distributor B [Member] | ||||||
Concentration risk | [1] | 10.00% | 10.00% | |||
Accounts Receivable [Member] | Distributor A [Member] | ||||||
Concentration risk | 25.00% | 25.00% | ||||
Accounts Receivable [Member] | Distributor B [Member] | ||||||
Concentration risk | [1] | 12.00% | 16.00% | |||
Accounts Receivable [Member] | End Customer [Member] | ||||||
Concentration risk | 10.00% | |||||
[1] | Represents less than 10%. |
Note 8 - Segment and Geograph_5
Note 8 - Segment and Geographic Information - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 168,813 | $ 159,975 | $ 461,183 | $ 428,885 |
CHINA | ||||
Revenue | 105,857 | 91,509 | 276,892 | 245,580 |
TAIWAN, PROVINCE OF CHINA | ||||
Revenue | 18,547 | 20,774 | 55,912 | 55,315 |
Europe [Member] | ||||
Revenue | 12,047 | 12,579 | 38,071 | 36,696 |
KOREA, REPUBLIC OF | ||||
Revenue | 11,990 | 11,406 | 31,224 | 30,046 |
South East Asia [Member] | ||||
Revenue | 7,904 | 11,259 | 23,698 | 28,261 |
JAPAN | ||||
Revenue | 8,150 | 6,895 | 21,084 | 18,994 |
UNITED STATES | ||||
Revenue | 4,225 | 5,375 | 14,044 | 13,404 |
Other Region [Member] | ||||
Revenue | $ 93 | $ 178 | $ 258 | $ 589 |
Note 8 - Segment and Geograph_6
Note 8 - Segment and Geographic Information - Revenue by Product Family (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 168,813 | $ 159,975 | $ 461,183 | $ 428,885 |
DC To DC Products [Member] | ||||
Revenue | 159,723 | 147,727 | 432,125 | 394,492 |
Lighting Control Products [Member] | ||||
Revenue | $ 9,090 | $ 12,248 | $ 29,058 | $ 34,393 |
Note 8 - Segment and Geograph_7
Note 8 - Segment and Geographic Information - Long Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Long lived assets by region | $ 217,043 | $ 150,001 |
CHINA | ||
Long lived assets by region | 105,030 | 93,096 |
UNITED STATES | ||
Long lived assets by region | 93,967 | 39,054 |
TAIWAN, PROVINCE OF CHINA | ||
Long lived assets by region | 16,750 | 16,972 |
Other Region [Member] | ||
Long lived assets by region | $ 1,296 | $ 879 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2019USD ($) |
Purchase Obligation, Total | $ 70.9 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 1,748 | $ 3,951 | $ 4,564 | $ 2,416 |
Warranty provision for product sales | 92 | 3,840 | 671 | 5,654 |
Settlements made | (326) | (36) | (2,625) | (100) |
Unused warranty provision | (247) | (2,821) | (1,343) | (3,036) |
Balance | $ 1,267 | $ 4,934 | $ 1,267 | $ 4,934 |
Note 10 - Cash, Cash Equivale_3
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash (Details Textual) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0.3 | $ 1.6 |
Note 10 - Cash, Cash Equivale_4
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash | $ 162,741 | $ 131,569 |
Money market funds | 39,982 | 41,135 |
U.S. treasuries and government agency bonds | 20,350 | 32,068 |
Certificates of deposit | 1,600 | |
Total | 422,004 | 380,522 |
Cash and cash equivalents | 205,229 | 172,704 |
Short-term investments | 213,511 | 204,577 |
Long-term investments | 3,264 | 3,241 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 195,667 | 170,909 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | $ 3,264 | $ 3,241 |
Note 10 - Cash, Cash Equivale_5
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Due in less than 1 year | $ 142,336 | $ 125,845 |
Due in 1 - 5 years | 71,175 | 78,732 |
Due in greater than 5 years | 3,264 | 3,241 |
Total | $ 216,775 | $ 207,818 |
Note 10- Cash, Cash Equivalents
Note 10- Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Adjusted Cost | $ 259,239 | $ 250,800 |
Total Fair Value | 259,263 | 248,953 |
Unrealized Gains | 335 | 9 |
Unrealized Losses | (311) | (1,856) |
Fair Value of Investments in Unrealized Loss Position | 94,509 | 197,952 |
Money Market Funds [Member] | ||
Adjusted Cost | 39,982 | 41,135 |
Total Fair Value | 39,982 | 41,135 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 195,471 | 172,288 |
Total Fair Value | 195,667 | 170,909 |
Unrealized Gains | 324 | 7 |
Unrealized Losses | (128) | (1,386) |
Fair Value of Investments in Unrealized Loss Position | 83,247 | 166,204 |
US Government Agencies Short-term Debt Securities [Member] | ||
Adjusted Cost | 20,341 | 32,207 |
Total Fair Value | 20,350 | 32,068 |
Unrealized Gains | 11 | 2 |
Unrealized Losses | (2) | (141) |
Fair Value of Investments in Unrealized Loss Position | 7,998 | 28,507 |
Auction Rate Securities [Member] | ||
Adjusted Cost | 3,445 | 3,570 |
Total Fair Value | 3,264 | 3,241 |
Unrealized Losses | (181) | (329) |
Fair Value of Investments in Unrealized Loss Position | $ 3,264 | 3,241 |
Certificates of Deposit [Member] | ||
Adjusted Cost | 1,600 | |
Total Fair Value | $ 1,600 |
Note 10 - Cash, Cash Equivale_6
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 205,229 | $ 172,704 | ||
Restricted cash included in other current assets | 1,161 | 0 | ||
Restricted cash included in other long-term assets | 113 | 114 | ||
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows | $ 206,503 | $ 172,818 | $ 131,209 | $ 82,874 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total Fair Value | $ 259,263 | $ 248,953 |
Assets, fair value | 279,231 | 267,820 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 59,950 | 60,002 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 216,017 | 204,577 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 3,264 | 3,241 |
Money Market Funds [Member] | ||
Total Fair Value | 39,982 | 41,135 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 39,982 | 41,135 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
Corporate Debt Securities [Member] | ||
Total Fair Value | 195,667 | 170,909 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 195,667 | 170,909 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
US Government Agencies Short-term Debt Securities [Member] | ||
Total Fair Value | 20,350 | 32,068 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 20,350 | 32,068 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
Auction Rate Securities [Member] | ||
Total Fair Value | 3,264 | 3,241 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 3,264 | 3,241 |
Certificates of Deposit [Member] | ||
Total Fair Value | 1,600 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 1,600 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
Mutual Fund [Member] | ||
Total Fair Value | 19,968 | 18,867 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | $ 19,968 | 18,867 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 0 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Level 3 Investments (Details) - Auction Rate Securities [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Balance, auction rate securities | $ 3,241 |
Change in unrealized gain included in other comprehensive income | 148 |
Sale and settlement at par | (125) |
Balance, auction rate securities | $ 3,264 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Discounted Cash Flow Assumptions (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Minimum [Member] | ||
Time-to-liquidity (Year) | 2 years | 2 years |
Discount rate | 3.70% | 4.90% |
Maximum [Member] | ||
Time-to-liquidity (Year) | 3 years | 3 years |
Discount rate | 7.90% | 10.10% |
Note 12 - Deferred Compensati_3
Note 12 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred compensation plan assets | $ 36,397 | $ 31,970 |
Deferred compensation plan assets reported in: | ||
Deferred compensation plan assets | 36,397 | 31,970 |
Deferred compensation plan liabilities reported in: | ||
Deferred compensation plan liabilities | 37,393 | 32,730 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 36,397 | 31,970 |
Deferred compensation plan assets reported in: | ||
Deferred compensation plan assets | 36,397 | 31,970 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities reported in: | ||
Deferred compensation plan liabilities | 425 | 447 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities reported in: | ||
Deferred compensation plan liabilities | 36,968 | 32,283 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 16,429 | 13,103 |
Deferred compensation plan assets reported in: | ||
Deferred compensation plan assets | 16,429 | 13,103 |
Mutual Funds and Money Market Funds, Fair Value [Member] | ||
Deferred compensation plan assets | 19,968 | 18,867 |
Deferred compensation plan assets reported in: | ||
Deferred compensation plan assets | $ 19,968 | $ 18,867 |
Note 13 - Interest and Other _3
Note 13 - Interest and Other Income, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Other Nonoperating Income (Expense) [Member] | Land [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0.7 | $ 0.7 |
Note 13 - Interest and Other _4
Note 13 - Interest and Other Income, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income | $ 1,850 | $ 1,583 | $ 5,207 | $ 4,606 |
Amortization of premium on available-for-sale securities | (168) | (314) | (384) | (1,122) |
Gain on deferred compensation plan investments | 74 | 717 | 2,630 | 949 |
Foreign currency exchange gain | 175 | 700 | 47 | 915 |
Other | 326 | 28 | 327 | 39 |
Total | $ 2,257 | $ 2,714 | $ 7,827 | $ 5,387 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 2,761 | $ 4,639 | $ 3,293 | $ 8,168 |
Effective Income Tax Rate Reconciliation, Percent, Total | 8.60% | 12.80% | 4.10% | 9.50% |
GILTI Income | $ 13,000 | $ 18,400 | $ 38,500 | $ 46,200 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Balance | $ 704,154 | $ 640,093 | |
Balance | 734,428 | $ 704,154 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | (201) | (812) | (1,638) |
Other comprehensive income before reclassifications | 272 | 675 | 924 |
Tax effect | (38) | (64) | (98) |
Other comprehensive income | 234 | 611 | 826 |
Balance | 33 | (201) | (812) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (3,937) | (228) | (3,905) |
Other comprehensive income before reclassifications | (6,135) | (3,709) | 3,677 |
Other comprehensive income | (6,135) | (3,709) | 3,677 |
Balance | (10,072) | (3,937) | (228) |
AOCI Attributable to Parent [Member] | |||
Balance | (4,138) | (1,040) | (5,543) |
Other comprehensive income before reclassifications | (5,863) | (3,034) | 4,601 |
Tax effect | (38) | (64) | (98) |
Other comprehensive income | (5,901) | (3,098) | 4,503 |
Balance | $ (10,039) | $ (4,138) | $ (1,040) |
Note 16 - Dividends and Divid_3
Note 16 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Dividends Payable, Current | $ 17.3 | $ 12.8 |
Accrued Dividend Equivalents | $ 10.6 | $ 8.4 |
Note 16 - Dividends and Divid_4
Note 16 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividend declared per share (in dollars per share) | $ 0.40 | $ 0.30 | $ 1.20 | $ 0.90 |
Total amount | $ 17,341 | $ 12,722 | $ 51,782 | $ 38,052 |