Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 27, 2020 | |
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 | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
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 | 5808 Lake Washington Blvd. NE | |
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 $0.001 per share | |
Trading Symbol | MPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,913,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 156,483 | $ 172,960 |
Short-term investments | 355,840 | 282,437 |
Accounts receivable, net | 55,136 | 52,704 |
Inventories | 152,119 | 127,500 |
Other current assets | 29,286 | 19,605 |
Total current assets | 748,864 | 655,206 |
Property and equipment, net | 251,980 | 228,315 |
Long-term investments | 3,032 | 3,138 |
Goodwill | 6,571 | 6,571 |
Deferred tax assets, net | 13,432 | 17,193 |
Other long-term assets | 47,276 | 45,952 |
Total assets | 1,071,155 | 956,375 |
Current liabilities: | ||
Accounts payable | 45,169 | 27,271 |
Accrued compensation and related benefits | 32,785 | 26,164 |
Other accrued liabilities | 58,831 | 44,790 |
Total current liabilities | 136,785 | 98,225 |
Income tax liabilities | 35,624 | 37,596 |
Other long-term liabilities | 49,801 | 47,063 |
Total liabilities | 222,210 | 182,884 |
Stockholders’ equity: | ||
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 44,911 and 43,616, respectively | 605,165 | 549,517 |
Retained earnings | 247,864 | 229,450 |
Accumulated other comprehensive loss | (4,084) | (5,476) |
Total stockholders’ equity | 848,945 | 773,491 |
Total liabilities and stockholders’ equity | $ 1,071,155 | $ 956,375 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
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) | 44,911 | 43,616 |
Common stock, shares outstanding (in shares) | 44,911 | 43,616 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 186,209 | $ 151,007 | $ 351,987 | $ 292,370 |
Cost of revenue | 83,616 | 67,782 | 157,947 | 131,139 |
Gross profit | 102,593 | 83,225 | 194,040 | 161,231 |
Operating expenses: | ||||
Research and development | 31,673 | 27,545 | 57,629 | 53,003 |
Selling, general and administrative | 40,883 | 35,058 | 73,047 | 65,611 |
Litigation expense | 2,082 | 503 | 4,423 | 781 |
Total operating expenses | 74,638 | 63,106 | 135,099 | 119,395 |
Income from operations | 27,955 | 20,119 | 58,941 | 41,836 |
Other income, net | 5,200 | 2,229 | 3,486 | 5,569 |
Income before income taxes | 33,155 | 22,348 | 62,427 | 47,405 |
Income tax expense (benefit) | 2,988 | 1,655 | (3,495) | 531 |
Net income | $ 30,167 | $ 20,693 | $ 65,922 | $ 46,874 |
Net income per share | ||||
Basic (in dollars per share) | $ 0.67 | $ 0.48 | $ 1.48 | $ 1.09 |
Diluted (in dollars per share) | $ 0.64 | $ 0.45 | $ 1.41 | $ 1.03 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 44,785 | 43,109 | 44,620 | 42,929 |
Diluted (in shares) | 46,831 | 45,483 | 46,750 | 45,358 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 30,167 | $ 20,693 | $ 65,922 | $ 46,874 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 1,018 | (3,709) | (1,864) | (32) |
Change in unrealized gain on available-for-sale securities, net of tax of $(406), $(64), $(351) and $(162), respectively | 4,909 | 611 | 3,256 | 1,437 |
Other comprehensive income (loss), net of tax | 5,927 | (3,098) | 1,392 | 1,405 |
Comprehensive income | $ 36,094 | $ 17,595 | $ 67,314 | $ 48,279 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Change in unrealized gain (loss) on available-for-sale securities, tax | $ (406) | $ (64) | $ (351) | $ (162) |
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, 2018 | 42,505 | |||
Balance at Dec. 31, 2018 | $ 450,908 | $ 194,728 | $ (5,543) | $ 640,093 |
Net income | 0 | 46,874 | 0 | 46,874 |
Other comprehensive income (loss) | 0 | 0 | 1,405 | 1,405 |
Dividends and dividend equivalents declared | $ 0 | (37,069) | 0 | (37,069) |
Common stock issued under the employee equity incentive plan (in shares) | 715 | |||
Common stock issued under the employee equity incentive plan | $ 12,471 | 0 | 0 | 12,471 |
Stock-based compensation expense | $ 38,753 | 0 | 0 | 38,753 |
Balance (in shares) at Jun. 30, 2019 | 43,234 | |||
Balance at Jun. 30, 2019 | $ 503,759 | 204,533 | (4,138) | 704,154 |
Common stock issued under the employee stock purchase plan (in shares) | 14 | |||
Common stock issued under the employee stock purchase plan | $ 1,627 | 0 | 0 | 1,627 |
Balance (in shares) at Mar. 31, 2019 | 43,033 | |||
Balance at Mar. 31, 2019 | $ 478,913 | 202,378 | (1,040) | 680,251 |
Net income | 0 | 20,693 | 0 | 20,693 |
Other comprehensive income (loss) | 0 | 0 | (3,098) | (3,098) |
Dividends and dividend equivalents declared | $ 0 | (18,538) | 0 | (18,538) |
Common stock issued under the employee equity incentive plan (in shares) | 201 | |||
Common stock issued under the employee equity incentive plan | $ 2,088 | 0 | 0 | 2,088 |
Stock-based compensation expense | $ 22,758 | 0 | 0 | 22,758 |
Balance (in shares) at Jun. 30, 2019 | 43,234 | |||
Balance at Jun. 30, 2019 | $ 503,759 | 204,533 | (4,138) | $ 704,154 |
Balance (in shares) at Dec. 31, 2019 | 43,616 | 43,616 | ||
Balance at Dec. 31, 2019 | $ 549,517 | 229,450 | (5,476) | $ 773,491 |
Net income | 0 | 65,922 | 0 | 65,922 |
Other comprehensive income (loss) | 0 | 0 | 1,392 | 1,392 |
Dividends and dividend equivalents declared | $ 0 | (47,508) | 0 | (47,508) |
Common stock issued under the employee equity incentive plan (in shares) | 1,280 | |||
Common stock issued under the employee equity incentive plan | $ 14,110 | 0 | 0 | 14,110 |
Stock-based compensation expense | $ 39,646 | 0 | 0 | $ 39,646 |
Balance (in shares) at Jun. 30, 2020 | 44,911 | 44,911 | ||
Balance at Jun. 30, 2020 | $ 605,165 | 247,864 | (4,084) | $ 848,945 |
Common stock issued under the employee stock purchase plan (in shares) | 15 | |||
Common stock issued under the employee stock purchase plan | $ 1,892 | 0 | 0 | 1,892 |
Balance (in shares) at Mar. 31, 2020 | 44,715 | |||
Balance at Mar. 31, 2020 | $ 581,736 | 241,465 | (10,011) | 813,190 |
Net income | 0 | 30,167 | 0 | 30,167 |
Other comprehensive income (loss) | 0 | 0 | 5,927 | 5,927 |
Dividends and dividend equivalents declared | $ 0 | (23,768) | 0 | (23,768) |
Common stock issued under the employee equity incentive plan (in shares) | 196 | |||
Common stock issued under the employee equity incentive plan | $ 2,352 | 0 | 0 | 2,352 |
Stock-based compensation expense | $ 21,077 | 0 | 0 | $ 21,077 |
Balance (in shares) at Jun. 30, 2020 | 44,911 | 44,911 | ||
Balance at Jun. 30, 2020 | $ 605,165 | $ 247,864 | $ (4,084) | $ 848,945 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends and dividend equivalents declared per share (in dollars per share) | $ 0.50 | $ 0.40 | $ 1 | $ 0.80 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 65,922 | $ 46,874 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,829 | 6,994 |
Loss on disposal and sale of property and equipment, net | 3 | 15 |
Amortization of premium on available-for-sale securities | 1,121 | 216 |
(Gain) loss on deferred compensation plan investments | 178 | (2,555) |
Deferred taxes, net | 3,400 | (20) |
Stock-based compensation expense | 39,606 | 38,719 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,428) | (176) |
Inventories | (24,580) | (7,205) |
Other assets | (10,001) | (42) |
Accounts payable | 15,489 | 2,153 |
Accrued compensation and related benefits | 6,773 | 4,124 |
Income tax liabilities | (61) | (6,627) |
Other accrued liabilities | 6,498 | 423 |
Net cash provided by operating activities | 110,749 | 82,893 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (24,536) | (77,638) |
Acquisition of in-place leases | 0 | (981) |
Purchases of short-term investments | (189,637) | (21,546) |
Proceeds from maturities and sales of short-term investments | 118,701 | 57,999 |
Proceeds from sales of long-term investments | 125 | 75 |
Proceeds from sales of property and equipment | 1 | 1,456 |
Contributions to deferred compensation plan, net | (775) | (1,435) |
Net cash used in investing activities | (96,121) | (42,070) |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (4,061) | (3) |
Proceeds from common stock issued under the employee equity incentive plan | 14,110 | 12,471 |
Proceeds from common stock issued under the employee stock purchase plan | 1,892 | 1,627 |
Dividends and dividend equivalents paid | (42,267) | (30,784) |
Net cash used in financing activities | (30,326) | (16,689) |
Effect of change in exchange rates | (777) | 175 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (16,475) | 24,309 |
Cash, cash equivalents and restricted cash, beginning of period | 173,076 | 172,818 |
Cash, cash equivalents and restricted cash, end of period | 156,601 | 197,127 |
Supplemental disclosures for cash flow information: | ||
Cash paid for taxes | 633 | 7,168 |
Non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 7,258 | 3,028 |
Liability accrued for dividends and dividend equivalents | $ 25,044 | $ 19,749 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019, February 28, 2020. 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, 2020 Use of Estimates The preparation of financial statements in conformity with GAAP 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 reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these condensed consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. The coronavirus pandemic first December 2019 ( 19” not three six June 30, 2020, 2020. As of the date of issuance of these condensed consolidated financial statements, the Company is not 10 December 31, 2019. may Recently Adopted Accounting Pronouncements In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 3 first 2020 not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 two not first 2020 not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 first 2020, not Recent Accounting Pronouncemen t Not June 30 , 2020 In December 2019, No. 2019 12, Income Taxes (Topic 740 December 15, 2020. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
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 (“ICs”), as well as dies in wafer form. These product sales accounted for 97% and 99% of the Company’s total revenue for the three June 30, 2020 2019, six June 30, 2020 2019, third not 7 The Company sells its products primarily through third three June 30, 2020 2019, six June 30, 2020 2019, 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 Accounts Receivable: The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of June 30, 2020 December 31, 2019, 30 60 not may not June 30, 2020, not December 31, 2019, not Contract Liabilities: For certain customers located in Asia, the Company requires cash payments two June 30, 2020 December 31, 2019, six June 30, 2020 six June 30, 2020, December 31, 2019. 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 a quarter. The Company has elected 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 | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. 2014 ity Incentive Plan The Board of Directors (the “Board”) adopted the 2014 “2014 April 2013, June 2013. October 2014, 2014 2014 November 13, 2014 April 2020, 2014 2014 June 2020. 2014 June 11, 2020 2014 June 11, 2030. June 30, 2020, 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 642 $ 663 $ 1,199 $ 1,193 Research and development 4,962 5,412 9,332 9,841 Selling, general and administrative 15,440 16,634 29,075 27,685 Total stock-based compensation expense $ 21,044 $ 22,709 $ 39,606 $ 38,719 Tax benefit related to stock-based compensation (1) $ 468 $ 706 $ 938 $ 1,544 ( 1 Amounts reflect the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. 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 (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, 2020 180 $ 115.45 1,987 $ 74.50 1,886 $ 37.63 4,053 $ 59.16 Granted 70 $ 181.41 383 (1) $ 169.65 - $ - 453 $ 171.47 Vested (60 ) $ 105.95 (1,058 ) $ 57.29 (162 ) $ 23.57 (1,280 ) $ 55.30 Forfeited (4 ) $ 129.31 (9 ) $ 83.15 (5 ) $ 68.48 (18 ) $ 89.81 Outstanding at June 30, 2020 186 $ 143.09 1,303 $ 116.39 1,719 $ 38.86 3,208 $ 76.39 ( 1 Amount reflects the number of awards that may The intrinsic value related to vested RSUs was $39.7 million and $26.3 million for the three June 30, 2020 2019, six June 30, 2020 2019, June 30, 2020, June 30, 2020, three Cash proceeds from vested PSUs with a purchase price requirement totaled $14.1 million and $12.5 million for the six June 30, 2020 2019, Time-Based RSUs: For the six June 30, 2020, four one 2020 In February 2020, two 2020 2021 two “2020 2020 2020 first 2022 2020 two 2020 In February 2020, 2021 two 2020 2021 two “2020 2020 2020 first 2022 2020 two 2020 The 2020 2020 $30 20 $30 second 2020. 2004 No shares were issued under the ESPP for the three June 30, 2020 2019. six June 30, 2020 2019, June 30, 2020, The intrinsic value of the shares issued was $1.0 million and $0.3 million for the six June 30, 2020 2019, June 30, 2020, third 2020. Six Months Ended June 30, 2020 2019 Expected term (in years) 0.5 0.5 Expected volatility 31.4 % 37.3 % Risk-free interest rate 1.6 % 2.5 % Dividend yield 1.1 % 1.2 % Cash proceeds from the shares issued under the ESPP were $1.9 million and $1.6 million for the six June 30, 2020 2019, |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Inventories Inventories consist of the following (in thousands): June 30, December 31, 2020 2019 Raw materials $ 24,447 $ 22,872 Work in process 64,992 42,681 Finished goods 62,680 61,947 Total $ 152,119 $ 127,500 Other Current Assets Other current assets consist of the following (in thousands): June 30, December 31, 2020 2019 RSU tax withholding proceeds receivable $ 8,125 $ 6,106 Prepaid expense 15,543 7,991 Accrued interest receivable 2,847 2,490 Assets for product returns 1,262 1,585 Other 1,509 1,433 Total $ 29,286 $ 19,605 Other Long-Term Assets Other long-term assets consist of the following (in thousands): June 30, December 31, 2020 2019 Deferred compensation plan assets $ 39,456 $ 38,858 Operating lease right-of-use ("ROU") assets 3,909 2,863 Prepaid expense 2,515 2,687 Other 1,396 1,544 Total $ 47,276 $ 45,952 Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Dividends and dividend equivalents $ 26,466 $ 21,747 Stock rotation and sales returns 4,705 5,530 Accrued purchases of property and equipment 7,789 4,678 Income tax payable 4,343 2,435 Customer prepayments 6,731 3,412 Commissions 1,507 1,425 Operating lease liabilities 1,532 1,254 Warranty 1,174 1,139 Other 4,584 3,170 Total $ 58,831 $ 44,790 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Deferred compensation plan liabilities $ 41,087 $ 39,665 Dividend equivalents 6,787 6,265 Operating lease liabilities 1,897 1,103 Other 30 30 Total $ 49,801 $ 47,063 |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 5. 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 five five not As of June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019, Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease costs: Operating lease costs $ 363 $ 332 $ 729 $ 637 Short-term and other lease costs 71 84 148 182 Total lease costs $ 434 $ 416 $ 877 $ 819 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 330 $ 423 $ 703 $ 727 ROU assets obtained in exchange for new operating lease liabilities (1) $ 1,467 $ 317 $ 1,744 $ 2,581 June 30, December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.7 2.1 Weighted-average discount rate 3.0 % 3.7 % ( 1 For the six June 30, 2019, January 1, 2019. As of June 30, 2020, 2020 (remaining six months) $ 851 2021 1,296 2022 852 2023 271 2024 186 2025 130 Total remaining lease payments 3,586 Less: imputed interest (157 ) Total lease liabilities $ 3,429 Reported as: Current liabilities $ 1,532 Long-term liabilities $ 1,897 Lessor The Company owns certain office buildings and leases a portion of these properties to third one five five For the three June 30, 2020 2019, six June 30, 2020 2019, June 30, 2020, 2020 (remaining six months) $ 1,010 2021 2,281 2022 2,069 2023 1,477 2024 552 Thereafter 59 Total $ 7,448 |
Note 6 - Net Income Per Share
Note 6 - Net Income Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. 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 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 30,167 $ 20,693 $ 65,922 $ 46,874 Denominator: Weighted-average outstanding shares - basic 44,785 43,109 44,620 42,929 Effect of dilutive securities 2,046 2,374 2,130 2,429 Weighted-average outstanding shares - diluted 46,831 45,483 46,750 45,358 Net income per share: Basic $ 0.67 $ 0.48 $ 1.48 $ 1.09 Diluted $ 0.64 $ 0.45 $ 1.41 $ 1.03 Anti-dilutive common stock equivalents were not |
Note 7 - Segment, Significant C
Note 7 - Segment, Significant Customers and Geographic Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. The Company operates in one The Company sells its products primarily through third 10% 10% Revenue Accounts Receivable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, Customer 2020 2019 2020 2019 2020 2019 Distributor A 26 % 22 % 24 % 22 % 27 % 24 % Distributor B * * * * * 11 % Value-added reseller A * * * * 19 % 13 % Direct customer A * 13 % * 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 June 30, Six Months Ended June 30, Country or Region 2020 2019 2020 2019 China $ 112,756 $ 94,837 $ 218,493 $ 171,035 Taiwan 22,322 16,018 38,862 37,365 Europe 13,443 13,040 26,515 26,024 South Korea 12,573 9,623 23,517 19,234 Southeast Asia 11,622 7,122 20,402 15,794 Japan 8,756 6,292 15,646 12,934 United States 4,681 4,013 8,418 9,819 Other 56 62 134 165 Total $ 186,209 $ 151,007 $ 351,987 $ 292,370 The following is a summary of revenue by product family (in thousands): Three Months Ended June 30, Six Months Ended June 30, Product Family 2020 2019 2020 2019 DC to DC $ 176,113 $ 139,691 $ 332,988 $ 272,402 Lighting Control 10,096 11,316 18,999 19,968 Total $ 186,209 $ 151,007 $ 351,987 $ 292,370 The following is a summary of long-lived assets by geographic regions (in thousands): June 30, December 31, Country 2020 2019 China $ 129,700 $ 113,888 United States 100,716 94,671 Taiwan 17,808 17,652 Other 3,756 2,104 Total $ 251,980 $ 228,315 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Product Warranties The Company generally provides one two no not The changes in warranty reserves are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance at beginning of period $ 1,144 $ 2,045 $ 1,139 $ 4,564 Warranty provision for product sales 499 311 1,040 579 Settlements made (395 ) (28 ) (506 ) (2,299 ) Unused warranty provision (74 ) (580 ) (499 ) (1,096 ) Balance at end of period $ 1,174 $ 1,748 $ 1,174 $ 1,748 Purchase Commitments The Company has outstanding purchase commitments with its suppliers and other parties that require the future purchases of goods or services, which primarily consist of wafer and other inventory purchases, assembly and other manufacturing services, construction or purchases of property and equipment, and license arrangements. As of June 30, 2020, 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 June 30, 2020, no |
Note 9 - Cash, Cash Equivalents
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 9. The following is a summary of the Company’s cash, cash equivalents and investments (in thousands): June 30, December 31, 2020 2019 Cash, cash equivalents and investments: Cash $ 130,397 $ 144,860 Money market funds 26,086 28,100 Corporate debt securities 333,622 260,950 Commercial paper 7,968 1,994 U.S. treasuries and government agency bonds 14,250 19,493 Auction-rate securities backed by student-loan notes 3,032 3,138 Total $ 515,355 $ 458,535 June 30, December 31, 2020 2019 Reported as: Cash and cash equivalents $ 156,483 $ 172,960 Short-term investments 355,840 282,437 Long-term investments 3,032 3,138 Total $ 515,355 $ 458,535 The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of June 30, 2020 ( Amortized Cost Fair Value Due in less than 1 year $ 168,329 $ 169,259 Due in 1 - 5 years 183,611 186,581 Due in greater than 5 years 3,195 3,032 Total $ 355,135 $ 358,872 Realized gains and losses recognized on the sales and maturities of the available-for-sale investments were not The following tables summarize the unrealized gain and loss positions related to the available-for sale investments (in thousands): June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 26,086 $ - $ - $ 26,086 Corporate debt securities 329,755 3,930 (63 ) 333,622 Commercial paper 7,936 32 - 7,968 U.S. treasuries and government agency bonds 14,249 2 (1 ) 14,250 Auction-rate securities backed by student-loan notes 3,195 - (163 ) 3,032 Total $ 381,221 $ 3,964 $ (227 ) $ 384,958 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 28,100 $ - $ - $ 28,100 Corporate debt securities 260,645 383 (78 ) 260,950 Commercial paper 1,994 - - 1,994 U.S. treasuries and government agency bonds 19,487 7 (1 ) 19,493 Auction-rate securities backed by student-loan notes 3,320 - (182 ) 3,138 Total $ 313,546 $ 390 $ (261 ) $ 313,675 The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 12 June 30, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 23,533 $ (63 ) $ - $ - $ 23,533 $ (63 ) U.S. treasuries and government agency bonds 2,499 (1 ) - - 2,499 (1 ) Auction-rate securities backed by student-loan notes - - 3,032 (163 ) 3,032 (163 ) Total $ 26,032 $ (64 ) $ 3,032 $ (163 ) $ 29,064 $ (227 ) December 31, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 82,126 $ (63 ) $ 11,136 $ (15 ) $ 93,262 $ (78 ) U.S. treasuries and government agency bonds 993 (1 ) - - 993 (1 ) Auction-rate securities backed by student-loan notes - - 3,138 (182 ) 3,138 (182 ) Total $ 83,119 $ (64 ) $ 14,274 $ (197 ) $ 97,393 $ (261 ) An impairment exists when the fair value of an investment is less than its amortized cost basis. As of June 30, 2020, not December 31, 2019, not one not The Company’s auction-rate securities are backed by pools of student loans supported by guarantees by the U.S. Department of Education. The underlying maturities of these securities are up to 26 years. The Company has received all scheduled interest payments on a timely basis pursuant to the terms and conditions of the securities. The Company does not not not Restricted Cash June 30, December 31, 2020 2019 Cash and cash equivalents $ 156,483 $ 172,960 Restricted cash included in other long-term assets 118 116 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 156,601 $ 173,076 As of June 30, 2020 December 31, 2019, |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. The following tables summarize the fair value measurement of the financial assets (in thousands): June 30, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 26,086 $ 26,086 $ - $ - Corporate debt securities 333,622 - 333,622 - Commercial paper 7,968 - 7,968 - U.S. treasuries and government agency bonds 14,250 - 14,250 - Auction-rate securities backed by student-loan notes 3,032 - - 3,032 Mutual funds and money market funds under deferred compensation plan 22,177 22,177 - - Total $ 407,135 $ 48,263 $ 355,840 $ 3,032 December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 28,100 $ 28,100 $ - $ - Corporate debt securities 260,950 - 260,950 - Commercial paper 1,994 - 1,994 - U.S. treasuries and government agency bonds 19,493 - 19,493 - Auction-rate securities backed by student-loan notes 3,138 - - 3,138 Mutual funds and money market funds under deferred compensation plan 21,975 21,975 - - Total $ 335,650 $ 50,075 $ 282,437 $ 3,138 ● Level 1—includes ● Level 2—includes may third ● Level 3—includes The Company’s level 3 Balance at January 1, 2020 $ 3,138 Change in unrealized gain included in other comprehensive income 19 Sale and settlement at par (125 ) Balance at June 30, 2020 $ 3,032 The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: June 30, 2020 (1) December 31, 2019 Time-to-liquidity (in years) 2 - 3 (2.5) 2 - 3 Discount rate 3.0% - 7.3% (5.0%) 4.0% - 8.3% ( 1 The parenthetical value represents the weighted average, which was calculated based on the relative fair value of the securities. The fair value measurement involves the analysis of valuation techniques and evaluation of unobservable inputs commonly used by market participants to price similar instruments. Outputs from the valuation process are assessed against various market sources when they are available, including marketplace quotes, recent trades of similar illiquid securities and independent pricing services. The valuation of the auction-rate securities is subject to significant management judgment regarding projected future cash flows, which will depend on many factors, including the quality of the underlying collateral, estimated time to liquidity including potential to be called or restructured, underlying final maturity, and market conditions, among others. Changes in any of the unobservable inputs used in the fair value measurement of auction-rate securities in isolation would result in a lower or higher fair value measurement. For example, an increase in the time-to-liquidity assumption or estimated discount rate would result in a lower fair value measurement. |
Note 11 - Deferred Compensation
Note 11 - Deferred Compensation Plan | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11. The following table summarizes the deferred compensation plan balances on the Condensed Consolidated Balance Sheets (in thousands): June 30, December 31, 2020 2019 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 17,279 $ 16,883 Fair value of mutual funds and money market funds 22,177 21,975 Total $ 39,456 $ 38,858 Deferred compensation plan assets reported in: Other long-term assets $ 39,456 $ 38,858 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 155 $ 425 Other long-term liabilities 41,087 39,665 Total $ 41,242 $ 40,090 |
Note 12 - Other Income, Net
Note 12 - Other Income, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 12. , NET The components of other income, net, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest income $ 2,388 $ 1,661 $ 4,762 $ 3,357 Amortization of premium on available-for-sale securities (627 ) (95 ) (1,121 ) (216 ) Gain (loss) on deferred compensation plan investments 3,572 620 (178 ) 2,555 Foreign currency exchange gain (loss) (133 ) 73 (130 ) (128 ) Other - (30 ) 153 1 Total $ 5,200 $ 2,229 $ 3,486 $ 5,569 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. The income tax provision or benefit 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 June 30, 2020 six June 30, 2020 The income tax expense for the three June 30, 2019 six June 30, 2019 The Company’s uncertain tax positions relate to the allocation of income and deductions among its global entities and to the determination of the research and development tax credit. Various events, some of which cannot be predicted, such as clarification of tax law by administrative or judicial means, may twelve not July 2015, Altera Corp. v. Commissioner, December 2015, June 2016. June 2019, July 2019, November 2019, February 2020, June 2020, no |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. 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, 2020 $ 135 $ (5,611 ) $ (5,476 ) Other comprehensive loss before reclassifications (1,680 ) (2,882 ) (4,562 ) Amounts reclassified from accumulated other comprehensive loss (28 ) - (28 ) Tax effect 55 - 55 Net current period other comprehensive loss (1,653 ) (2,882 ) (4,535 ) Balance as of March 31, 2020 (1,518 ) (8,493 ) (10,011 ) Other comprehensive income before reclassifications 5,386 1,018 6,404 Amounts reclassified from accumulated other comprehensive loss (71 ) - (71 ) Tax effect (406 ) - (406 ) Net current period other comprehensive income 4,909 1,018 5,927 Balance as of June 30, 2020 $ 3,391 $ (7,475 ) $ (4,084 ) The amounts reclassified from accumulated other comprehensive loss were recorded in other income, net, on the Condensed Consolidated Statements of Operations. |
Note 15 - Dividends and Dividen
Note 15 - Dividends and Dividend Equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 15. Cash Dividend Program The Company has a dividend program approved by the Board of Directors, pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Based on the Company’s historical practice, stockholders of record as of the last business day of the quarter are entitled to receive the quarterly cash dividends when and if declared by the Board of Directors, which are payable to the stockholders in the following month. The Board of Directors declared the following cash dividends (in thousands, except per-share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividend declared per share $ 0.50 $ 0.40 $ 1.00 $ 0.80 Total amount $ 22,415 $ 17,261 $ 44,731 $ 34,441 As of June 30, 2020 December 31, 2019, 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. The Company also anticipates that earnings from other foreign subsidiaries will continue to be indefinitely reinvested. Cash Dividend Equivalent Rights The Company's 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 June 30, 2020 December 31, 2019, |
Note 16 - Subsequent Event
Note 16 - Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. In July 2020, “2020 2020 July 20, 2023, one December 31, 2021. 2020 July 20, 2023 2020 July 20, 2024. one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP 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 reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these condensed consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. The coronavirus pandemic first December 2019 ( 19” not three six June 30, 2020, 2020. As of the date of issuance of these condensed consolidated financial statements, the Company is not 10 December 31, 2019. may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 3 first 2020 not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 two not first 2020 not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 first 2020, not Recent Accounting Pronouncemen t Not June 30 , 2020 In December 2019, No. 2019 12, Income Taxes (Topic 740 December 15, 2020. |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 642 $ 663 $ 1,199 $ 1,193 Research and development 4,962 5,412 9,332 9,841 Selling, general and administrative 15,440 16,634 29,075 27,685 Total stock-based compensation expense $ 21,044 $ 22,709 $ 39,606 $ 38,719 Tax benefit related to stock-based compensation (1) $ 468 $ 706 $ 938 $ 1,544 |
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, 2020 180 $ 115.45 1,987 $ 74.50 1,886 $ 37.63 4,053 $ 59.16 Granted 70 $ 181.41 383 (1) $ 169.65 - $ - 453 $ 171.47 Vested (60 ) $ 105.95 (1,058 ) $ 57.29 (162 ) $ 23.57 (1,280 ) $ 55.30 Forfeited (4 ) $ 129.31 (9 ) $ 83.15 (5 ) $ 68.48 (18 ) $ 89.81 Outstanding at June 30, 2020 186 $ 143.09 1,303 $ 116.39 1,719 $ 38.86 3,208 $ 76.39 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2020 2019 Expected term (in years) 0.5 0.5 Expected volatility 31.4 % 37.3 % Risk-free interest rate 1.6 % 2.5 % Dividend yield 1.1 % 1.2 % |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2020 2019 Raw materials $ 24,447 $ 22,872 Work in process 64,992 42,681 Finished goods 62,680 61,947 Total $ 152,119 $ 127,500 |
Schedule of Other Current Assets [Table Text Block] | June 30, December 31, 2020 2019 RSU tax withholding proceeds receivable $ 8,125 $ 6,106 Prepaid expense 15,543 7,991 Accrued interest receivable 2,847 2,490 Assets for product returns 1,262 1,585 Other 1,509 1,433 Total $ 29,286 $ 19,605 |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 30, December 31, 2020 2019 Deferred compensation plan assets $ 39,456 $ 38,858 Operating lease right-of-use ("ROU") assets 3,909 2,863 Prepaid expense 2,515 2,687 Other 1,396 1,544 Total $ 47,276 $ 45,952 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2020 2019 Dividends and dividend equivalents $ 26,466 $ 21,747 Stock rotation and sales returns 4,705 5,530 Accrued purchases of property and equipment 7,789 4,678 Income tax payable 4,343 2,435 Customer prepayments 6,731 3,412 Commissions 1,507 1,425 Operating lease liabilities 1,532 1,254 Warranty 1,174 1,139 Other 4,584 3,170 Total $ 58,831 $ 44,790 |
Other Noncurrent Liabilities [Table Text Block] | June 30, December 31, 2020 2019 Deferred compensation plan liabilities $ 41,087 $ 39,665 Dividend equivalents 6,787 6,265 Operating lease liabilities 1,897 1,103 Other 30 30 Total $ 49,801 $ 47,063 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease costs: Operating lease costs $ 363 $ 332 $ 729 $ 637 Short-term and other lease costs 71 84 148 182 Total lease costs $ 434 $ 416 $ 877 $ 819 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 330 $ 423 $ 703 $ 727 ROU assets obtained in exchange for new operating lease liabilities (1) $ 1,467 $ 317 $ 1,744 $ 2,581 June 30, December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.7 2.1 Weighted-average discount rate 3.0 % 3.7 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 (remaining six months) $ 851 2021 1,296 2022 852 2023 271 2024 186 2025 130 Total remaining lease payments 3,586 Less: imputed interest (157 ) Total lease liabilities $ 3,429 Reported as: Current liabilities $ 1,532 Long-term liabilities $ 1,897 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2020 (remaining six months) $ 1,010 2021 2,281 2022 2,069 2023 1,477 2024 552 Thereafter 59 Total $ 7,448 |
Note 6 - Net Income Per Share (
Note 6 - Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 30,167 $ 20,693 $ 65,922 $ 46,874 Denominator: Weighted-average outstanding shares - basic 44,785 43,109 44,620 42,929 Effect of dilutive securities 2,046 2,374 2,130 2,429 Weighted-average outstanding shares - diluted 46,831 45,483 46,750 45,358 Net income per share: Basic $ 0.67 $ 0.48 $ 1.48 $ 1.09 Diluted $ 0.64 $ 0.45 $ 1.41 $ 1.03 |
Note 7 - Segment, Significant_2
Note 7 - Segment, Significant Customers and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Revenue Accounts Receivable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, Customer 2020 2019 2020 2019 2020 2019 Distributor A 26 % 22 % 24 % 22 % 27 % 24 % Distributor B * * * * * 11 % Value-added reseller A * * * * 19 % 13 % Direct customer A * 13 % * 10 % * * |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Country or Region 2020 2019 2020 2019 China $ 112,756 $ 94,837 $ 218,493 $ 171,035 Taiwan 22,322 16,018 38,862 37,365 Europe 13,443 13,040 26,515 26,024 South Korea 12,573 9,623 23,517 19,234 Southeast Asia 11,622 7,122 20,402 15,794 Japan 8,756 6,292 15,646 12,934 United States 4,681 4,013 8,418 9,819 Other 56 62 134 165 Total $ 186,209 $ 151,007 $ 351,987 $ 292,370 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Product Family 2020 2019 2020 2019 DC to DC $ 176,113 $ 139,691 $ 332,988 $ 272,402 Lighting Control 10,096 11,316 18,999 19,968 Total $ 186,209 $ 151,007 $ 351,987 $ 292,370 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 30, December 31, Country 2020 2019 China $ 129,700 $ 113,888 United States 100,716 94,671 Taiwan 17,808 17,652 Other 3,756 2,104 Total $ 251,980 $ 228,315 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance at beginning of period $ 1,144 $ 2,045 $ 1,139 $ 4,564 Warranty provision for product sales 499 311 1,040 579 Settlements made (395 ) (28 ) (506 ) (2,299 ) Unused warranty provision (74 ) (580 ) (499 ) (1,096 ) Balance at end of period $ 1,174 $ 1,748 $ 1,174 $ 1,748 |
Note 9 - Cash, Cash Equivalen_2
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, December 31, 2020 2019 Cash, cash equivalents and investments: Cash $ 130,397 $ 144,860 Money market funds 26,086 28,100 Corporate debt securities 333,622 260,950 Commercial paper 7,968 1,994 U.S. treasuries and government agency bonds 14,250 19,493 Auction-rate securities backed by student-loan notes 3,032 3,138 Total $ 515,355 $ 458,535 June 30, December 31, 2020 2019 Reported as: Cash and cash equivalents $ 156,483 $ 172,960 Short-term investments 355,840 282,437 Long-term investments 3,032 3,138 Total $ 515,355 $ 458,535 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in less than 1 year $ 168,329 $ 169,259 Due in 1 - 5 years 183,611 186,581 Due in greater than 5 years 3,195 3,032 Total $ 355,135 $ 358,872 |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 26,086 $ - $ - $ 26,086 Corporate debt securities 329,755 3,930 (63 ) 333,622 Commercial paper 7,936 32 - 7,968 U.S. treasuries and government agency bonds 14,249 2 (1 ) 14,250 Auction-rate securities backed by student-loan notes 3,195 - (163 ) 3,032 Total $ 381,221 $ 3,964 $ (227 ) $ 384,958 December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 28,100 $ - $ - $ 28,100 Corporate debt securities 260,645 383 (78 ) 260,950 Commercial paper 1,994 - - 1,994 U.S. treasuries and government agency bonds 19,487 7 (1 ) 19,493 Auction-rate securities backed by student-loan notes 3,320 - (182 ) 3,138 Total $ 313,546 $ 390 $ (261 ) $ 313,675 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | June 30, 2020 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 23,533 $ (63 ) $ - $ - $ 23,533 $ (63 ) U.S. treasuries and government agency bonds 2,499 (1 ) - - 2,499 (1 ) Auction-rate securities backed by student-loan notes - - 3,032 (163 ) 3,032 (163 ) Total $ 26,032 $ (64 ) $ 3,032 $ (163 ) $ 29,064 $ (227 ) December 31, 2019 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 82,126 $ (63 ) $ 11,136 $ (15 ) $ 93,262 $ (78 ) U.S. treasuries and government agency bonds 993 (1 ) - - 993 (1 ) Auction-rate securities backed by student-loan notes - - 3,138 (182 ) 3,138 (182 ) Total $ 83,119 $ (64 ) $ 14,274 $ (197 ) $ 97,393 $ (261 ) |
Restrictions on Cash and Cash Equivalents [Table Text Block] | June 30, December 31, 2020 2019 Cash and cash equivalents $ 156,483 $ 172,960 Restricted cash included in other long-term assets 118 116 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 156,601 $ 173,076 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 26,086 $ 26,086 $ - $ - Corporate debt securities 333,622 - 333,622 - Commercial paper 7,968 - 7,968 - U.S. treasuries and government agency bonds 14,250 - 14,250 - Auction-rate securities backed by student-loan notes 3,032 - - 3,032 Mutual funds and money market funds under deferred compensation plan 22,177 22,177 - - Total $ 407,135 $ 48,263 $ 355,840 $ 3,032 December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 28,100 $ 28,100 $ - $ - Corporate debt securities 260,950 - 260,950 - Commercial paper 1,994 - 1,994 - U.S. treasuries and government agency bonds 19,493 - 19,493 - Auction-rate securities backed by student-loan notes 3,138 - - 3,138 Mutual funds and money market funds under deferred compensation plan 21,975 21,975 - - Total $ 335,650 $ 50,075 $ 282,437 $ 3,138 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at January 1, 2020 $ 3,138 Change in unrealized gain included in other comprehensive income 19 Sale and settlement at par (125 ) Balance at June 30, 2020 $ 3,032 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, 2020 (1) December 31, 2019 Time-to-liquidity (in years) 2 - 3 (2.5) 2 - 3 Discount rate 3.0% - 7.3% (5.0%) 4.0% - 8.3% |
Note 11 - Deferred Compensati_2
Note 11 - Deferred Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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] | June 30, December 31, 2020 2019 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 17,279 $ 16,883 Fair value of mutual funds and money market funds 22,177 21,975 Total $ 39,456 $ 38,858 Deferred compensation plan assets reported in: Other long-term assets $ 39,456 $ 38,858 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 155 $ 425 Other long-term liabilities 41,087 39,665 Total $ 41,242 $ 40,090 |
Note 12 - Other Income, Net (Ta
Note 12 - Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest income $ 2,388 $ 1,661 $ 4,762 $ 3,357 Amortization of premium on available-for-sale securities (627 ) (95 ) (1,121 ) (216 ) Gain (loss) on deferred compensation plan investments 3,572 620 (178 ) 2,555 Foreign currency exchange gain (loss) (133 ) 73 (130 ) (128 ) Other - (30 ) 153 1 Total $ 5,200 $ 2,229 $ 3,486 $ 5,569 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 $ 135 $ (5,611 ) $ (5,476 ) Other comprehensive loss before reclassifications (1,680 ) (2,882 ) (4,562 ) Amounts reclassified from accumulated other comprehensive loss (28 ) - (28 ) Tax effect 55 - 55 Net current period other comprehensive loss (1,653 ) (2,882 ) (4,535 ) Balance as of March 31, 2020 (1,518 ) (8,493 ) (10,011 ) Other comprehensive income before reclassifications 5,386 1,018 6,404 Amounts reclassified from accumulated other comprehensive loss (71 ) - (71 ) Tax effect (406 ) - (406 ) Net current period other comprehensive income 4,909 1,018 5,927 Balance as of June 30, 2020 $ 3,391 $ (7,475 ) $ (4,084 ) |
Note 15 - Dividends and Divid_2
Note 15 - Dividends and Dividend Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividend declared per share $ 0.50 $ 0.40 $ 1.00 $ 0.80 Total amount $ 22,415 $ 17,261 $ 44,731 $ 34,441 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lapse Period for Consignment (Day) | 60 days | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 55,136 | $ 55,136 | $ 52,704 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | 0 | ||
Contract with Customer, Liability, Current | 6,731 | 6,731 | 3,412 | ||
Contract with Customer, Liability, Revenue Recognized | $ 3,300 | ||||
Minimum [Member] | |||||
Contract with Customer, Payment Term (Day) | 30 days | ||||
Maximum [Member] | |||||
Contract with Customer, Payment Term (Day) | 60 days | ||||
Certain Customers in China [Member] | |||||
Contract with Customer, Payment Term Required Prior to Shipping Products (Week) | 14 days | ||||
Certain Customers in China [Member] | Accrued Liabilities, Current [Member] | |||||
Contract with Customer, Liability, Current | $ 6,700 | $ 6,700 | $ 3,400 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Percentage | 83.00% | 77.00% | 82.00% | 80.00% | |
Product [Member] | |||||
Percentage of Revenue | 97.00% | 99.00% | 98.00% | 99.00% |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 11, 2020 | Feb. 29, 2020 | Feb. 28, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Nov. 13, 2014 |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ 14,110 | $ 12,471 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 453,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 171.47 | |||||||
Proceeds from Stock Plans | $ 1,892 | 1,627 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 39,700 | $ 26,300 | 221,900 | 84,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 721,300 | $ 721,300 | ||||||
Share Price (in dollars per share) | $ 237 | $ 237 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 135,800 | $ 135,800 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ 14,100 | $ 12,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 70,000 | |||||||
Time-Based RSUs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 70,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 181.41 | |||||||
Time-Based RSUs [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
Time-Based RSUs [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
PSU 2020 [Member] | ||||||||
Share Price (in dollars per share) | $ 182.62 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Price Per Share Payable Upon Vesting of Equity Instruments Other than Options (in dollars per share) | 30 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 182.62 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.60% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.10% | |||||||
PSU 2020 [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Measurement Period of Relative Revenue Growth Rate to Industry Average (Year) | 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 | $ 51,100 | |||||||
PSU 2020 [Member] | Executive Officer [Member] | Vesting First Quarter of 2022 if Performance Conditions are Met [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
PSU 2020 [Member] | Executive Officer [Member] | Vesting Over Two Years Following First Quarter of 2022 on Quarterly Basis [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Measurement Period of Relative Revenue Growth Rate to Industry Average (Year) | 2 years | |||||||
Maximum Stock Compensation Costs | $ 12,900 | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 200.00% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Vesting First Quarter of 2020 if Performance Conditions are Met [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
PSU 2020 [Member] | Non-Executive Employees [Member] | Vesting Over Two Years Following First Quarter of 2022 on Quarterly Basis [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
PSU 2018 [Member] | Non-Executive Employees [Member] | Annual or Quarterly Vesting of Awards Not Based on Performance [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||
The2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,500,000 | |||||||
Amended and Restated 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 10,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,200,000 | 6,200,000 | ||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,500,000 | 4,500,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | $ 100 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0 | 0 | 15,000 | 14,000 | ||||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ 1,000 | $ 300 | ||||||
Proceeds from Stock Plans | $ 1,900 | $ 1,600 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Share based compensation expense | $ 21,044 | $ 22,709 | $ 39,606 | $ 38,719 | |
Tax benefit related to stock-based compensation | [1] | 468 | 706 | 938 | 1,544 |
Cost of Sales [Member] | |||||
Share based compensation expense | 642 | 663 | 1,199 | 1,193 | |
Research and Development Expense [Member] | |||||
Share based compensation expense | 4,962 | 5,412 | 9,332 | 9,841 | |
Selling, General and Administrative Expenses [Member] | |||||
Share based compensation expense | $ 15,440 | $ 16,634 | $ 29,075 | $ 27,685 | |
[1] | Amounts reflect the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - RSU Summary (Details) shares in Thousands | 6 Months Ended | |
Jun. 30, 2020$ / sharesshares | ||
Beginning balance (in shares) | shares | 4,053 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 59.16 | |
Granted (in shares) | shares | 453 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 171.47 | |
Vested (in shares) | shares | (1,280) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 55.30 | |
Forfeited (in shares) | shares | (18) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 89.81 | |
Ending balance (in shares) | shares | 3,208 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 76.39 | |
Time-Based RSUs [Member] | ||
Beginning balance (in shares) | shares | 180 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 115.45 | |
Granted (in shares) | shares | 70 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 181.41 | |
Vested (in shares) | shares | (60) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 105.95 | |
Forfeited (in shares) | shares | (4) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 129.31 | |
Ending balance (in shares) | shares | 186 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 143.09 | |
PSUs and MPSUs [Member] | ||
Beginning balance (in shares) | shares | 1,987 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 74.50 | |
Granted (in shares) | shares | 383 | [1] |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 169.65 | |
Vested (in shares) | shares | (1,058) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 57.29 | |
Forfeited (in shares) | shares | (9) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 83.15 | |
Ending balance (in shares) | shares | 1,303 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 116.39 | |
MSUs [Member] | ||
Beginning balance (in shares) | shares | 1,886 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ / shares | $ 37.63 | |
Granted (in shares) | shares | 0 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ / shares | $ 0 | |
Vested (in shares) | shares | (162) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ / shares | $ 23.57 | |
Forfeited (in shares) | shares | (5) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ / shares | $ 68.48 | |
Ending balance (in shares) | shares | 1,719 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ / shares | $ 38.86 | |
[1] | Amount reflects the number of awards that may ultimately be earned based on management’s 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] | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Expected term (Year) | 6 months | 6 months |
Expected volatility | 31.40% | 37.30% |
Risk-free interest rate | 1.60% | 2.50% |
Dividend yield | 1.10% | 1.20% |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Raw materials | $ 24,447 | $ 22,872 |
Work in process | 64,992 | 42,681 |
Finished goods | 62,680 | 61,947 |
Total | $ 152,119 | $ 127,500 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
RSU tax withholding proceeds receivable | $ 8,125 | $ 6,106 |
Prepaid expense | 15,543 | 7,991 |
Accrued interest receivable | 2,847 | 2,490 |
Assets for product returns | 1,262 | 1,585 |
Other | 1,509 | 1,433 |
Total | $ 29,286 | $ 19,605 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred compensation plan assets | $ 39,456 | $ 38,858 |
Operating lease right-of-use ("ROU") assets | 3,909 | 2,863 |
Prepaid expense | 2,515 | 2,687 |
Other | 1,396 | 1,544 |
Total | $ 47,276 | $ 45,952 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Dividends and dividend equivalents | $ 26,466 | $ 21,747 |
Stock rotation and sales returns | 4,705 | 5,530 |
Accrued purchases of property and equipment | 7,789 | 4,678 |
Income tax payable | 4,343 | 2,435 |
Customer prepayments | 6,731 | 3,412 |
Commissions | 1,507 | 1,425 |
Warranty | 1,174 | 1,139 |
Other | 4,584 | 3,170 |
Total | 58,831 | 44,790 |
Accrued Liabilities, Current [Member] | ||
Operating lease liabilities | $ 1,532 | $ 1,254 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred compensation plan liabilities | $ 41,087 | $ 39,665 |
Dividend equivalents | 6,787 | 6,265 |
Other | 30 | 30 |
Total | 49,801 | 47,063 |
Other Long-term Liabilities [Member] | ||
Operating lease liabilities | $ 1,897 | $ 1,103 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Operating Lease, Right-of-Use Asset | $ 3,909 | $ 3,909 | $ 2,863 | |||||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,200 | 1,467 | [1] | $ 317 | [1] | 1,744 | [1] | $ 2,581 | [1] | |
Operating Lease, Lease Income, Lease Payments | 400 | $ 700 | 800 | $ 900 | ||||||
Other Assets [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | 3,900 | 3,900 | 2,900 | |||||||
Other Liabilities [Member] | ||||||||||
Operating Lease, Liability, Total | $ 3,400 | $ 3,400 | $ 2,400 | |||||||
Maximum [Member] | ||||||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years | 5 years | ||||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||||||||
Lessor, Remaining Lease Term (Year) | 5 years | |||||||||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||||||||
Minimum [Member] | ||||||||||
Lessor, Remaining Lease Term (Year) | 1 year | |||||||||
[1] | For the six months ended June 30, 2019, the amount includes $2.2 million for operating leases existing on January 1, 2019. |
Note 5 - Leases - Leases Cost (
Note 5 - Leases - Leases Cost (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Operating lease costs | $ 363 | $ 332 | $ 729 | $ 637 | ||||||
Short-term and other lease costs | 71 | 84 | 148 | 182 | ||||||
Total lease costs | 434 | 416 | 877 | 819 | ||||||
Operating cash flows from operating leases | 330 | 423 | 703 | 727 | ||||||
ROU assets obtained in exchange for new operating lease liabilities (1) | $ 2,200 | $ 1,467 | [1] | $ 317 | [1] | $ 1,744 | [1] | $ 2,581 | [1] | |
Weighted-average remaining lease term (in years) (Year) | 2 years 8 months 12 days | 2 years 8 months 12 days | 2 years 1 month 6 days | |||||||
Weighted-average discount rate | 3.00% | 3.00% | 3.70% | |||||||
[1] | For the six months ended June 30, 2019, the amount includes $2.2 million for operating leases existing on January 1, 2019. |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
2020 (remaining six months) | $ 851 | |
2021 | 1,296 | |
2022 | 852 | |
2023 | 271 | |
2024 | 186 | |
2025 | 130 | |
Total remaining lease payments | 3,586 | |
Less: imputed interest | (157) | |
Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Total lease liabilities | 3,429 | |
Accrued Liabilities, Current [Member] | ||
Current liabilities | 1,532 | $ 1,254 |
Other Long-term Liabilities [Member] | ||
Long-term liabilities | $ 1,897 | $ 1,103 |
Note 5 - Leases - Maturities _2
Note 5 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2020 (remaining six months) | $ 1,010 |
2021 | 2,281 |
2022 | 2,069 |
2023 | 1,477 |
2024 | 552 |
Thereafter | 59 |
Total | $ 7,448 |
Note 6 - Net Income Per Share -
Note 6 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net income | $ 30,167 | $ 20,693 | $ 65,922 | $ 46,874 |
Denominator: | ||||
Weighted-average outstanding shares - basic (in shares) | 44,785 | 43,109 | 44,620 | 42,929 |
Effect of dilutive securities (in shares) | 2,046 | 2,374 | 2,130 | 2,429 |
Weighted-average outstanding shares - diluted (in shares) | 46,831 | 45,483 | 46,750 | 45,358 |
Net income per share: | ||||
Earnings per share, basic (in dollars per share) | $ 0.67 | $ 0.48 | $ 1.48 | $ 1.09 |
Earnings per share, diluted (in dollars per share) | $ 0.64 | $ 0.45 | $ 1.41 | $ 1.03 |
Note 7 - Segment, Significant_3
Note 7 - Segment, Significant Customers and Geographic Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 1 |
Note 7 - Segment, Significant_4
Note 7 - Segment, Significant Customers and Geographic Information - Customers with Sales and Accounts Receivable Greater Than 10% (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | |||||
Concentration risk | 83.00% | 77.00% | 82.00% | 80.00% | |
Revenue Benchmark [Member] | Distributor A [Member] | |||||
Concentration risk | 26.00% | 22.00% | 24.00% | 22.00% | |
Revenue Benchmark [Member] | Customer A (Direct) [Member] | |||||
Concentration risk | 13.00% | 10.00% | |||
Accounts Receivable [Member] | Distributor A [Member] | |||||
Concentration risk | 27.00% | 24.00% | |||
Accounts Receivable [Member] | Distributor B [Member] | |||||
Concentration risk | 11.00% | ||||
Accounts Receivable [Member] | Value Added Reseller A [Member] | |||||
Concentration risk | 19.00% | 13.00% |
Note 7 - Segment, Significant_5
Note 7 - Segment, Significant Customers and Geographic Information - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 186,209 | $ 151,007 | $ 351,987 | $ 292,370 |
CHINA | ||||
Revenue | 112,756 | 94,837 | 218,493 | 171,035 |
TAIWAN, PROVINCE OF CHINA | ||||
Revenue | 22,322 | 16,018 | 38,862 | 37,365 |
Europe [Member] | ||||
Revenue | 13,443 | 13,040 | 26,515 | 26,024 |
KOREA, REPUBLIC OF | ||||
Revenue | 12,573 | 9,623 | 23,517 | 19,234 |
South East Asia [Member] | ||||
Revenue | 11,622 | 7,122 | 20,402 | 15,794 |
JAPAN | ||||
Revenue | 8,756 | 6,292 | 15,646 | 12,934 |
UNITED STATES | ||||
Revenue | 4,681 | 4,013 | 8,418 | 9,819 |
Other Region [Member] | ||||
Revenue | $ 56 | $ 62 | $ 134 | $ 165 |
Note 7 - Segment, Significant_6
Note 7 - Segment, Significant Customers and Geographic Information - Revenue by Product Family (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 186,209 | $ 151,007 | $ 351,987 | $ 292,370 |
DC To DC Products [Member] | ||||
Revenue | 176,113 | 139,691 | 332,988 | 272,402 |
Lighting Control Products [Member] | ||||
Revenue | $ 10,096 | $ 11,316 | $ 18,999 | $ 19,968 |
Note 7 - Segment, Significant_7
Note 7 - Segment, Significant Customers and Geographic Information - Long Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Long lived assets by region | $ 251,980 | $ 228,315 |
CHINA | ||
Long lived assets by region | 129,700 | 113,888 |
UNITED STATES | ||
Long lived assets by region | 100,716 | 94,671 |
TAIWAN, PROVINCE OF CHINA | ||
Long lived assets by region | 17,808 | 17,652 |
Other Region [Member] | ||
Long lived assets by region | $ 3,756 | $ 2,104 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Purchase Obligation, Total | $ 101 |
Minimum [Member] | |
Warranty Period (Year) | 1 year |
Maximum [Member] | |
Warranty Period (Year) | 2 years |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 1,144 | $ 2,045 | $ 1,139 | $ 4,564 |
Warranty provision for product sales | 499 | 311 | 1,040 | 579 |
Settlements made | (395) | (28) | (506) | (2,299) |
Unused warranty provision | (74) | (580) | (499) | (1,096) |
Balance | $ 1,174 | $ 1,748 | $ 1,174 | $ 1,748 |
Note 9 - Cash, Cash Equivalen_3
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Auction Rate Securities Maturities (Year) | 26 years | |
Redemption, Auction Rate Securities to Date | $ 40,100 | |
Percentage of Auction Rate Securities Redeemed at Par Value | 93.00% |
Note 9 - Cash, Cash Equivalen_4
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash | $ 130,397 | $ 144,860 |
Money market funds | 26,086 | 28,100 |
Commercial paper | 7,968 | 1,994 |
U.S. treasuries and government agency bonds | 14,250 | 19,493 |
Total | 515,355 | 458,535 |
Cash and cash equivalents | 156,483 | 172,960 |
Short-term investments | 355,840 | 282,437 |
Long-term investments | 3,032 | 3,138 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 333,622 | 260,950 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | $ 3,032 | $ 3,138 |
Note 9 - Cash, Cash Equivalen_5
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Due in less than 1 year, Amortized cost | $ 168,329 |
Due in less than 1 year, fair value | 169,259 |
Due in 1 - 5 years, Amortized cost | 183,611 |
Due in 1 - 5 years | 186,581 |
Due in greater than 5 years, Amortized cost | 3,195 |
Due in greater than 5 years | 3,032 |
Total, Amortized cost | 355,135 |
Total | $ 358,872 |
Note 9 - Cash, Cash Equivalen_6
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 381,221 | $ 313,546 |
Unrealized Gains | 3,964 | 390 |
Unrealized Losses | (227) | (261) |
Total Fair Value | 384,958 | 313,675 |
Money Market Funds [Member] | ||
Amortized Cost | 26,086 | 28,100 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 26,086 | 28,100 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 329,755 | 260,645 |
Unrealized Gains | 3,930 | 383 |
Unrealized Losses | (63) | (78) |
Total Fair Value | 333,622 | 260,950 |
Commercial Paper [Member] | ||
Amortized Cost | 7,936 | 1,994 |
Unrealized Gains | 32 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 7,968 | 1,994 |
US Government Agencies Short-term Debt Securities [Member] | ||
Amortized Cost | 14,249 | 19,487 |
Unrealized Gains | 2 | 7 |
Unrealized Losses | (1) | (1) |
Total Fair Value | 14,250 | 19,493 |
Auction Rate Securities [Member] | ||
Amortized Cost | 3,195 | 3,320 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (163) | (182) |
Total Fair Value | $ 3,032 | $ 3,138 |
Note 9 - Cash, Cash Equivalen_7
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Continuous Unrealized Loss Position (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Continuous Unrealized Loss Position, Less than 12 Months | $ 26,032,000 | $ 83,119,000 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (64,000) | (64,000) |
Continuous Unrealized Loss Position, 12 Months or Longer | 3,032,000 | 14,274,000 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (163,000) | (197,000) |
Unrealized Loss Position, Total | 29,064,000 | 97,393,000 |
Unrealized Loss Position, Accumulated Loss, Total | (227,000) | (261,000) |
Corporate Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 23,533,000 | 82,126,000 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (63,000) | (63,000) |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 11,136,000 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (15,000) |
Unrealized Loss Position, Total | 23,533,000 | 93,262,000 |
Unrealized Loss Position, Accumulated Loss, Total | (63,000) | (78,000) |
US Treasury and Government Short-term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 2,499,000 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,000) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 2,499,000 | |
Unrealized Loss Position, Accumulated Loss, Total | (1,000) | |
US Government Agencies Short-term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 993,000 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,000) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 993,000 | |
Unrealized Loss Position, Accumulated Loss, Total | (1,000) | |
Auction Rate Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Continuous Unrealized Loss Position, 12 Months or Longer | 3,032,000 | 3,138,000 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (163,000) | (182,000) |
Unrealized Loss Position, Total | 3,032,000 | 3,138,000 |
Unrealized Loss Position, Accumulated Loss, Total | $ (163,000) | $ (182,000) |
Note 9 - Cash, Cash Equivalen_8
Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 156,483 | $ 172,960 | ||
Restricted cash included in other long-term assets | 118 | 116 | ||
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows | $ 156,601 | $ 173,076 | $ 197,127 | $ 172,818 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Total Fair Value | $ 384,958 | $ 313,675 |
Assets, fair value | 407,135 | 335,650 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 48,263 | 50,075 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 355,840 | 282,437 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 3,032 | 3,138 |
Money Market Funds [Member] | ||
Total Fair Value | 26,086 | 28,100 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 26,086 | 28,100 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Total Fair Value | 333,622 | 260,950 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 333,622 | 260,950 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Commercial Paper [Member] | ||
Total Fair Value | 7,968 | 1,994 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 7,968 | 1,994 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
US Government Agencies Short-term Debt Securities [Member] | ||
Total Fair Value | 14,250 | 19,493 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 14,250 | 19,493 |
US Government Agencies Short-term Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | ||
Total Fair Value | 3,032 | 3,138 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 3,032 | 3,138 |
Mutual Fund [Member] | ||
Total Fair Value | 22,177 | 21,975 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 22,177 | 21,975 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 0 | $ 0 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Level 3 Investments (Details) - Auction Rate Securities [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance, auction rate securities | $ 3,138 |
Change in unrealized gain (loss) included in other comprehensive income | 19 |
Sale and settlement at par | (125) |
Balance, auction rate securities | $ 3,032 |
Note 10 - Fair Value Measurem_5
Note 10 - Fair Value Measurements - Discounted Cash Flow Assumptions (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | |||
Minimum [Member] | ||||
Time-to-liquidity (Year) | 2 years | [1] | 2 years | |
Discount rate | 3.00% | [1] | 4.00% | |
Maximum [Member] | ||||
Time-to-liquidity (Year) | 3 years | [1] | 3 years | |
Discount rate | 7.30% | [1] | 8.30% | |
Weighted Average [Member] | ||||
Time-to-liquidity (Year) | [1] | 2 years 6 months | ||
Discount rate | [1] | (5.00%) | ||
[1] | The parenthetical information represents the weighted-average values, which were calculated based on the relative fair value of the securities. |
Note 11 - Deferred Compensati_3
Note 11 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred compensation plan assets | $ 39,456 | $ 38,858 |
Deferred compensation plan liabilities | 41,242 | 40,090 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 39,456 | 38,858 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities | 155 | 425 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities | 41,087 | 39,665 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 17,279 | 16,883 |
Mutual Funds and Money Market Funds, Fair Value [Member] | ||
Deferred compensation plan assets | $ 22,177 | $ 21,975 |
Note 12 - Other Income, Net - I
Note 12 - Other Income, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income | $ 2,388 | $ 1,661 | $ 4,762 | $ 3,357 |
Amortization of premium on available-for-sale securities | (627) | (95) | (1,121) | (216) |
Gain (loss) on deferred compensation plan investments | 3,572 | 620 | (178) | 2,555 |
Foreign currency exchange gain (loss) | (133) | 73 | (130) | (128) |
Other | 0 | (30) | 153 | 1 |
Total | $ 5,200 | $ 2,229 | $ 3,486 | $ 5,569 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jul. 10, 2019 | Jun. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ 2,988 | $ 1,655 | $ (3,495) | $ 500 | $ 531 |
Effective Income Tax Rate Reconciliation, Percent, Total | 9.00% | 7.40% | 5.60% | 1.10% |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Balance | $ 813,190 | $ 773,491 |
Balance | 848,945 | 813,190 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (1,518) | 135 |
Other comprehensive loss before reclassifications | 5,386 | (1,680) |
Amounts reclassified from accumulated other comprehensive loss | (71) | (28) |
Tax effect | (406) | 55 |
Net current period other comprehensive loss | 4,909 | (1,653) |
Balance | 3,391 | (1,518) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (8,493) | (5,611) |
Other comprehensive loss before reclassifications | 1,018 | (2,882) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Tax effect | 0 | 0 |
Net current period other comprehensive loss | 1,018 | (2,882) |
Balance | (7,475) | (8,493) |
AOCI Attributable to Parent [Member] | ||
Balance | (10,011) | (5,476) |
Other comprehensive loss before reclassifications | 6,404 | (4,562) |
Amounts reclassified from accumulated other comprehensive loss | (71) | (28) |
Tax effect | (406) | 55 |
Net current period other comprehensive loss | 5,927 | (4,535) |
Balance | $ (4,084) | $ (10,011) |
Note 15 - Dividends and Divid_3
Note 15 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Dividends Payable, Current | $ 22.4 | $ 17.4 |
Accrued Dividend Equivalents | $ 10.8 | $ 10.6 |
Note 15 - Dividends and Divid_4
Note 15 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividend declared per share (in dollars per share) | $ 0.50 | $ 0.40 | $ 1 | $ 0.80 |
Total amount | $ 22,415 | $ 17,261 | $ 44,731 | $ 34,441 |
Note 16 - Subsequent Event (Det
Note 16 - Subsequent Event (Details Textual) | 1 Months Ended | 6 Months Ended |
Jul. 31, 2020$ / sharesshares | Jun. 30, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 453,000 | |
Subsequent Event [Member] | MPSUs 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 500.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | |
Share Based Compensation Arrangement By Share Based Payment Award, Post-vesting Sales Restriction Period (Year) | 1 year | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Vest on July, 2023 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Vest on July 20, 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award, Stock Price Target (in dollars per share) | $ / shares | $ 260 | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award, Stock Price Target (in dollars per share) | $ / shares | $ 300 | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 43,000 | |
Subsequent Event [Member] | MPSUs 2020 [Member] | Key Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,000 |