Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 12,700,000,000 | ||
Entity Common Stock, Shares Outstanding | 46,509,000 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | San Jose, California | ||
Auditor Firm ID | 42 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 189,265 | $ 334,944 |
Short-term investments | 535,817 | 260,169 |
Accounts receivable, net | 104,813 | 66,843 |
Inventories | 259,417 | 157,062 |
Other current assets | 35,540 | 22,980 |
Total current assets | 1,124,852 | 841,998 |
Property and equipment, net | 362,962 | 281,528 |
Goodwill | 6,571 | 6,571 |
Deferred tax assets, net | 21,917 | 18,556 |
Other long-term assets | 69,523 | 59,838 |
Total assets | 1,585,825 | 1,208,491 |
Current liabilities: | ||
Accounts payable | 83,027 | 38,169 |
Accrued compensation and related benefits | 62,635 | 45,840 |
Other accrued liabilities | 81,282 | 62,960 |
Total current liabilities | 226,944 | 146,969 |
Income tax liabilities | 47,669 | 37,062 |
Other long-term liabilities | 67,227 | 57,873 |
Total liabilities | 341,840 | 241,904 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 46,256 and 45,267, respectively | 803,226 | 657,701 |
Retained earnings | 424,879 | 298,746 |
Accumulated other comprehensive income | 15,880 | 10,140 |
Total stockholders’ equity | 1,243,985 | 966,587 |
Total liabilities and stockholders’ equity | $ 1,585,825 | $ 1,208,491 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 46,256 | 45,267 |
Common stock, shares outstanding (in shares) | 46,256 | 45,267 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 1,207,798 | $ 844,452 | $ 627,921 |
Cost of revenue | 522,339 | 378,498 | 281,596 |
Gross profit | 685,459 | 465,954 | 346,325 |
Operating expenses: | |||
Research and development | 190,627 | 137,598 | 107,757 |
Selling, general and administrative | 226,190 | 161,670 | 133,542 |
Litigation expense, net | 6,225 | 7,804 | 2,464 |
Total operating expenses | 423,042 | 307,072 | 243,763 |
Operating income | 262,417 | 158,882 | 102,562 |
Other income, net | 9,802 | 10,460 | 10,558 |
Income before income taxes | 272,219 | 169,342 | 113,120 |
Income tax expense | 30,196 | 4,967 | 4,281 |
Net income | $ 242,023 | $ 164,375 | $ 108,839 |
Net income per share | |||
Basic (in dollars per share) | $ 5.28 | $ 3.67 | $ 2.52 |
Diluted (in dollars per share) | $ 5.05 | $ 3.50 | $ 2.38 |
Weighted-average shares outstanding: | |||
Basic (in shares) | 45,851 | 44,840 | 43,165 |
Diluted (in shares) | 47,889 | 47,014 | 45,763 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 242,023 | $ 164,375 | $ 108,839 |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | 8,404 | 14,150 | (1,706) |
Change in unrealized gain (loss) on available-for-sale securities, net of tax of $613, $(325) and $(203), respectively | (2,664) | 1,466 | 1,773 |
Other comprehensive income, net of tax | 5,740 | 15,616 | 67 |
Comprehensive income | $ 247,763 | $ 179,991 | $ 108,906 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in unrealized gain (loss) on available-for-sale securities, tax | $ 613 | $ (325) | $ (203) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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 | 108,839 | 0 | 108,839 |
Other comprehensive income | 0 | 0 | 67 | 67 |
Dividends and dividend equivalents declared | $ 0 | (74,117) | 0 | (74,117) |
Common stock issued under the employee equity incentive plan (in shares) | 1,083 | |||
Common stock issued under the employee equity incentive plan | $ 16,650 | 0 | 0 | 16,650 |
Common stock issued under the employee stock purchase plan (in shares) | 28 | |||
Common stock issued under the employee stock purchase plan | $ 3,277 | 0 | 0 | 3,277 |
Stock-based compensation expense | $ 78,682 | 0 | 0 | 78,682 |
Balance (in shares) at Dec. 31, 2019 | 43,616 | |||
Balance at Dec. 31, 2019 | $ 549,517 | 229,450 | (5,476) | 773,491 |
Net income | 0 | 164,375 | 0 | 164,375 |
Other comprehensive income | 0 | 0 | 15,616 | 15,616 |
Dividends and dividend equivalents declared | $ 0 | (95,079) | 0 | (95,079) |
Common stock issued under the employee equity incentive plan (in shares) | 1,623 | |||
Common stock issued under the employee equity incentive plan | $ 18,767 | 0 | 0 | 18,767 |
Common stock issued under the employee stock purchase plan (in shares) | 28 | |||
Common stock issued under the employee stock purchase plan | $ 3,819 | 0 | 0 | 3,819 |
Stock-based compensation expense | $ 85,598 | 0 | 0 | $ 85,598 |
Balance (in shares) at Dec. 31, 2020 | 45,267 | 45,267 | ||
Balance at Dec. 31, 2020 | $ 657,701 | 298,746 | 10,140 | $ 966,587 |
Net income | 0 | 242,023 | 0 | 242,023 |
Other comprehensive income | 0 | 0 | 5,740 | 5,740 |
Dividends and dividend equivalents declared | $ 0 | (115,890) | 0 | (115,890) |
Common stock issued under the employee equity incentive plan (in shares) | 972 | |||
Common stock issued under the employee equity incentive plan | $ 17,322 | 0 | 0 | 17,322 |
Common stock issued under the employee stock purchase plan (in shares) | 17 | |||
Common stock issued under the employee stock purchase plan | $ 4,670 | 0 | 0 | 4,670 |
Stock-based compensation expense | $ 123,533 | 0 | 0 | $ 123,533 |
Balance (in shares) at Dec. 31, 2021 | 46,256 | 46,256 | ||
Balance at Dec. 31, 2021 | $ 803,226 | $ 424,879 | $ 15,880 | $ 1,243,985 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends and dividend equivalents declared per share (in dollars per share) | $ 2.40 | $ 2 | $ 1.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 242,023 | $ 164,375 | $ 108,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,699 | 19,186 | 14,867 |
Amortization of premium on available-for-sale securities | 4,674 | 2,979 | 729 |
Gain on deferred compensation plan investments | (4,563) | (4,592) | (3,806) |
Deferred taxes, net | (2,772) | (1,627) | (577) |
Stock-based compensation expense | 123,479 | 85,551 | 78,699 |
Other | 110 | (1,072) | (259) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (37,976) | (14,123) | 2,512 |
Inventories | (102,323) | (29,503) | 8,865 |
Other assets | (15,311) | (3,003) | (10,204) |
Accounts payable | 32,926 | 10,410 | 3,048 |
Accrued compensation and related benefits | 16,536 | 18,524 | 7,496 |
Income tax liabilities | 11,771 | 747 | (1,355) |
Other accrued liabilities | 22,737 | 19,951 | 7,449 |
Net cash provided by operating activities | 320,010 | 267,803 | 216,303 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (94,445) | (55,639) | (95,806) |
Sales of property and equipment | 25 | 29 | 9,268 |
Purchases of short-term investments | (394,886) | (334,947) | (212,562) |
Maturities and sales of short-term investments | 113,255 | 357,092 | 135,801 |
Purchases of long-term investments | 0 | (3,316) | 0 |
Sales of long-term investments | 500 | 300 | 250 |
Contributions to deferred compensation plan, net | (2,542) | (2,696) | (3,082) |
Purchases of intangible assets | (793) | 0 | (981) |
Net cash used in investing activities | (378,886) | (39,177) | (167,112) |
Cash flows from financing activities: | |||
Property and equipment purchased on extended payment terms | (2,834) | (5,357) | (683) |
Proceeds from common stock issued under the employee equity incentive plan | 17,322 | 18,767 | 16,650 |
Proceeds from common stock issued under the employee stock purchase plan | 4,670 | 3,819 | 3,277 |
Dividends and dividend equivalents paid | (109,364) | (88,786) | (67,294) |
Net cash used in financing activities | (90,206) | (71,557) | (48,050) |
Effect of change in exchange rates | 3,400 | 4,926 | (883) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (145,682) | 161,995 | 258 |
Cash, cash equivalents and restricted cash, beginning of period | 335,071 | 173,076 | 172,818 |
Cash, cash equivalents and restricted cash, end of period | 189,389 | 335,071 | 173,076 |
Supplemental disclosures for cash flow information: | |||
Cash paid for taxes | 21,148 | 1,405 | 10,700 |
Non-cash investing and financing activities: | |||
Liability accrued for property and equipment purchases | 17,877 | 7,839 | 7,803 |
Liability accrued for dividends and dividend equivalents | $ 33,059 | $ 27,507 | $ 21,955 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Monolithic Power Systems, Inc. (the “Company”) was incorporated in the State of California on August 22, 1997. November 17, 2004, Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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 consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. Actual results could differ from these estimates and assumptions, and any such differences may The COVID- 19 not December 31, 2021 2020 . not . Certain Significant Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments and accounts receivable. The Company’s cash equivalents include short-term, highly liquid investments purchased with remaining maturities at the date of purchase of three may The Company does not may The Company participates in the dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered by the Company; changes in third Foreign Currency In general, the functional currency of the Company’s international subsidiaries is the local currency. The primary subsidiaries are located in China, Taiwan and Europe, which utilize the Renminbi, the New Taiwan Dollar and the Euro as their currencies, respectively. Accordingly, assets and liabilities of the foreign subsidiaries are translated using exchange rates in effect at the end of the period. Revenue and costs are translated using average exchange rates for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income on the Consolidated Balance Sheets. In addition, the Company incurs foreign currency exchange gains or losses related to certain transactions, including intercompany transactions between the U.S. and its foreign subsidiaries, that are denominated in a currency other than the functional currency. In connection with the remeasurement and settlement of the balances, the Company recorded foreign currency exchange losses of $0.7 million, $1.4 million and $0.3 million for the years ended December 31, 2021, 2020 2019, For intercompany transactions that are of a long-term investment nature, the Company records the foreign currency exchange gains and losses in accumulated other comprehensive income on the Consolidated Balance Sheets. Cash Equivalents and Debt Investments The Company classifies all highly liquid investments with stated maturities of three may one Cash equivalents are stated at cost, which approximates fair market value. The Company’s short-term and long-term debt investments are classified as available-for-sale securities and are stated at their fair market value, with unrealized gains and losses recorded in accumulated other comprehensive income on the Consolidated Balance Sheets. Premiums and discounts on debt investments are generally amortized or accreted over the life of the related available-for-sale securities. Interest income is recognized when earned. The cost of investments sold is determined on a specific identification method. Available-for-sale investments are subject to impairment reviews when the fair value is below the amortized cost basis. If the Company determines that the decline in fair value below the amortized cost basis is due to credit-related factors, the impairment is recognized as an allowance on the Consolidated Balance Sheets with a corresponding adjustment to earnings. An impairment that is not not Equity Investments Equity investments in privately held companies without readily determinable fair values are accounted for under the measurement alternative method, provided that the Company does not The Company monitors its non-marketable equity investments for impairment indicators, such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist for a security and the fair value is below the carrying amount, the Company writes down the security to fair value. Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value, the Company considers the principal or most advantageous market in which the Company would transact, as well as assumptions that market participants would use when pricing the assets or liabilities. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three ● Level 1 ● Level 2 not ● Level 3 Inventories Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first first may may not Property and Equipment Property and equipment are stated at cost. Depreciation commences when an asset is placed in service and available for its intended use. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements have estimated useful lives of 20 to 40 years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the lease period. Production equipment and software have estimated useful lives of three eight three five not Impairment of Long-Lived Assets The Company evaluates its long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not Goodwill Goodwill represents the excess of the fair value of purchase consideration over the fair value of net tangible and identified intangible assets as of the date of acquisition. Goodwill is not The Company tests goodwill for impairment at least annually in the fourth may first not not No Deferred Compensation Plan The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in other income, net, on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands): December 31, 2021 2020 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 21,386 $ 19,222 Fair value of mutual funds and money market funds 31,786 26,924 Total $ 53,172 $ 46,146 Deferred compensation plan assets reported in: Other long-term assets $ 53,172 $ 46,146 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 282 $ 155 Other long-term liabilities 55,489 48,280 Total $ 55,771 $ 48,435 Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. See Note 2 Research and Development Costs incurred in research and development are expensed as incurred. Warranty Reserve The Company generally provides one two no not Leases The Company determines if an arrangement is a lease at inception. Lease terms may not The Company does not 12 For lease arrangements where the Company is the lessor, the Company recognizes lease income from operating leases on a straight-line basis over the lease term. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of RSUs with only service conditions is determined based on the grant date stock price. The fair value of all other awards is determined based on the following valuation methods: Type of Awards Valuation Method RSUs with performance conditions Black-Scholes model RSUs with market conditions Monte Carlo simulation model RSUs with both performance and market conditions Monte Carlo simulation model Shares issued under the employee stock purchase plan (“ESPP”) Black-Scholes model Compensation expense related to awards with service conditions is recorded on a straight-line basis over the requisite service period. Compensation expense related to awards subject to performance or market conditions is recognized over the requisite service period for each separately vesting tranche. For awards with only market conditions, compensation expense is not not not The Company accounts for forfeitures of equity awards when they occur. Accounting for Income Taxes The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable or refundable in the current fiscal year by tax jurisdiction. The Company also recognizes federal, state and foreign deferred tax assets or liabilities for its estimate of future tax effects attributable to temporary differences and carryforwards. The Company records a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not The Company’s calculation of current and deferred tax assets and liabilities is based on certain estimates and judgments and involves dealing with uncertainties in the application of complex tax laws. The Company’s estimates of current and deferred tax assets and liabilities may 50% may Litigation and Contingencies The Company is a party to actions and proceedings in the ordinary course of business, including potential litigation regarding its stockholders and its intellectual property, 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. The pending proceedings involve complex questions of fact and law and will require the expenditure of significant funds and the diversion of other resources to prosecute and defend. In addition, from time to time, the Company becomes aware that it is subject to other contingent liabilities. When this occurs, the Company will evaluate the appropriate accounting for the potential contingent liabilities to determine whether a contingent liability should be recorded. In making this determination, management may, may not Litigation expense, net, recorded on the Consolidated Statements of Operations includes primarily patent infringement litigation and other business matters. The Company records litigation costs in the period in which they are incurred. Proceeds resulting from settlement of litigation or favorable judgments are recorded as a reduction against litigation expense, net. Net Income per Share 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 Comprehensive Income Comprehensive income represents the change in the Company’s net assets during the period from non-owner sources. Accumulated other comprehensive income presented on the Consolidated Balance Sheets primarily consists of unrealized gains or losses related to available-for-sale investments and foreign currency translation adjustments. Recently Adopted Accounting Pronouncements In December 2021, No. 120, fourth 2021 not In December 2019, No. 2019 12, Income Taxes (Topic 740 December 15, 2020. first 2021 not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
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 ICs, as well as dies in wafer form. These product sales accounted for 97%, 97% and 99% of the Company’s total revenue for the years ended December 31, 2021, 2020 2019 , third not 16 The Company sells its products primarily through third December 31, 2021, 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. Four 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 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 December 31, 2021 2020 , 30 90 not Contract Liabilities: For certain customers located in Asia, the Company requires cash payments two December 31, 2021 2020 , December 31, 2021 December 31, 2021 , December 31, 2020 . 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 90 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 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 3. CASH, CASH EQUIVALENTS, INVESTMENTS AND RESTRICTED CASH The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands): December 31, 2021 2020 Cash $ 174,937 $ 300,609 Money market funds 14,328 34,335 Certificates of deposit 141,478 - Corporate debt securities 386,883 249,671 Commercial paper - 2,999 U.S. treasuries and government agency bonds 7,456 7,499 Auction-rate securities backed by student-loan notes 2,401 2,861 Total $ 727,483 $ 597,974 December 31, 2021 2020 Reported as: Cash and cash equivalents $ 189,265 $ 334,944 Short-term investments 535,817 260,169 Investment within other long-term assets 2,401 2,861 Total $ 727,483 $ 597,974 The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of December 31, 2021 ( Amortized Cost Fair Value Due in less than 1 year $ 123,204 $ 123,381 Due in 1 - 5 years 413,850 412,436 Due in greater than 5 years 2,520 2,401 Total $ 539,574 $ 538,218 For the year ended December 31, 2020, not The following tables summarize the unrealized gain and loss positions related to the available-for sale investments (in thousands): December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 14,328 $ - $ - $ 14,328 Certificates of deposit 141,478 - - 141,478 Corporate debt securities 388,081 570 (1,768 ) 386,883 U.S. treasuries and government agency bonds 7,495 - (39 ) 7,456 Auction-rate securities backed by student-loan notes 2,520 - (119 ) 2,401 Total $ 553,902 $ 570 $ (1,926 ) $ 552,546 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 34,335 $ - $ - $ 34,335 Corporate debt securities 247,591 2,177 (97 ) 249,671 Commercial paper 2,999 - - 2,999 U.S. treasuries and government agency bonds 7,499 2 (2 ) 7,499 Auction-rate securities backed by student-loan notes 3,020 - (159 ) 2,861 Total $ 295,444 $ 2,179 $ (258 ) $ 297,365 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 December 31, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 285,954 $ (1,765 ) $ 4,760 $ (3 ) $ 290,714 $ (1,768 ) U.S. treasuries and government agency bonds 7,456 (39 ) - - 7,456 (39 ) Auction-rate securities backed by student-loan notes - - 2,401 (119 ) 2,401 (119 ) Total $ 293,410 $ (1,804 ) $ 7,161 $ (122 ) $ 300,571 $ (1,926 ) December 31, 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 $ 59,144 $ (97 ) $ - $ - $ 59,144 $ (97 ) U.S. treasuries and government agency bonds 5,998 (2 ) - - 5,998 (2 ) Auction-rate securities backed by student-loan notes - - 2,861 (159 ) 2,861 (159 ) Total $ 65,142 $ (99 ) $ 2,861 $ (159 ) $ 68,003 $ (258 ) An impairment exists when the fair value of an investment is less than its amortized cost basis. As of December 31, 2021 2020, not one not 24 not not not Non-Marketable Equity Investment In November 2020, December 31, 2021 2020, not December 31, 2021 2020. Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the amounts reported on the Consolidated Statements of Cash Flows (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 189,265 $ 334,944 Restricted cash included in other long-term assets 124 127 Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows $ 189,389 $ 335,071 As of December 31, 2021 2020, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. The following table details the fair value of the financial assets measured on a recurring basis (in thousands): December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 14,328 $ 14,328 $ - $ - Certificates of deposit 141,478 - 141,478 - Corporate debt securities 386,883 - 386,883 - U.S. treasuries and government agency bonds 7,456 - 7,456 - Auction-rate securities backed by student-loan notes 2,401 - - 2,401 Mutual funds and money market funds under deferred compensation plan 31,786 31,786 - - Total $ 584,332 $ 46,114 $ 535,817 $ 2,401 December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 34,335 $ 34,335 $ - $ - Corporate debt securities 249,671 - 249,671 - Commercial paper 2,999 - 2,999 - U.S. treasuries and government agency bonds 7,499 - 7,499 - Auction-rate securities backed by student-loan notes 2,861 - - 2,861 Mutual funds and money market funds under deferred compensation plan 26,924 26,924 - - Total $ 324,289 $ 61,259 $ 260,169 $ 2,861 ● Level 1 ● Level 2 may third ● Level 3 Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 not |
Note 5 - Balance Sheet Componen
Note 5 - Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. Inventories Inventories consist of the following (in thousands): December 31, 2021 2020 Raw materials $ 29,478 $ 25,503 Work in process 130,029 77,100 Finished goods 99,910 54,459 Total $ 259,417 $ 157,062 Other Current Assets Other current assets consist of the following (in thousands): December 31, 2021 2020 RSU tax withholding proceeds receivable $ 16,224 $ 12,504 Prepaid expense 9,526 5,032 Accrued interest receivable 5,440 1,914 Other 4,350 3,530 Total $ 35,540 $ 22,980 Property and Equipment, Net Property and equipment, net, consist of the following (in thousands): December 31, 2021 2020 Land $ 38,872 $ 35,432 Production equipment and software 233,398 163,317 Buildings and improvements 202,901 142,869 Transportation equipment 28,608 18,396 Leasehold improvements 8,990 8,705 Furniture and fixtures 10,738 6,383 Construction in progress 11,333 49,575 Property and equipment, gross 534,840 424,677 Less: accumulated depreciation and amortization (171,878 ) (143,149 ) Total $ 362,962 $ 281,528 Depreciation and amortization expense on property and equipment was $28.4 million, $18.9 million and $14.5 million for the years ended December 31, 2021, 2020 2019, Other Long-Term Assets Other long-term assets consist of the following (in thousands): December 31, 2021 2020 Deferred compensation plan assets $ 53,172 $ 46,146 Prepaid expense 2,311 2,340 Other 14,040 11,352 Total $ 69,523 $ 59,838 Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): December 31, 2021 2020 Dividends and dividend equivalents $ 32,364 $ 26,435 Warranty 20,989 6,895 Stock rotation and sales returns 5,748 6,005 Customer prepayments 4,300 7,238 Other 17,881 16,387 Total $ 81,282 $ 62,960 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): December 31, 2021 2020 Deferred compensation plan liabilities $ 55,489 $ 48,280 Dividend equivalents 8,470 7,871 Other 3,268 1,722 Total $ 67,227 $ 57,873 |
Note 6 - Real Estate Transactio
Note 6 - Real Estate Transaction | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Transaction [Text Block] | 6. In March 2019, The purchase price allocation was as follows (in thousands): Building $ 30,078 Land 22,254 In-place leases 981 Total $ 53,313 The fair value of the building was determined based on the income approach, which considered the discounted cash flows and direct capitalization analysis, and the sales comparison approach. The fair value of land was determined based on the sales comparison approach. The fair value of the in-place leases was determined primarily based on the analysis of the economic benefits of certain cost savings attributable to the leases. The building is depreciated over a useful life of 40 years and the in-place leases are amortized over the average remaining lease terms of 3.5 years. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 7. Lessee The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than a year to four two not The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands): December 31, Financial Statement Line Item 2021 2020 Operating lease ROU assets Other long-term assets $ 6,297 $ 3,719 Operating lease liabilities Other accrued liabilities $ 2,539 $ 1,406 Other long-term liabilities $ 3,268 $ 1,693 The following tables summarize certain information related to the leases (in thousands, except percentages): Year Ended December 31, 2021 2020 2019 Lease costs: Operating lease costs $ 2,454 $ 1,488 $ 1,509 Other 740 300 465 Total lease costs $ 3,194 $ 1,788 $ 1,974 Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,315 $ 1,526 $ 1,364 ROU assets obtained in exchange for new operating lease liabilities (1) $ 5,195 $ 2,181 $ 3,667 December 31, 2021 2020 Weighted-average remaining lease term (in years) 2.8 2.7 Weighted-average discount rate 2.0 % 2.7 % ___________ ( 1 For the year ended December 31, 2019 , January 1, 2019, No. 2016 02, Leases (Topic 842 As of December 31, 2021, 2022 $ 2,630 2023 1,724 2024 956 2025 656 2026 8 Total remaining lease payments 5,974 Less: imputed interest (167 ) Total lease liabilities $ 5,807 As of December 31, 2021, not Lessor The Company owns certain office buildings and leases a portion of these properties to third one four five Income related to lease payments was $2.2 million, $1.9 million and $1.8 million for the years ended December 31, 2021, 2020 2019, December 31, 2021 , 2022 $ 2,255 2023 1,582 2024 617 2025 109 2026 21 Total $ 4,584 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. STOCK-BASED COMPENSATION 2014 Equity Incentive Plan In April 2013 , 2014 “2014 June 2013 . October 2014 , 2014 2014 November 13, 2014 April 2020 , 2014 2014 June 2020 . 2014 June 11, 2020 2014 June 11, 2030 . December 31, 2021 , 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expense as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 3,543 $ 2,592 $ 2,409 Research and development 26,030 20,033 19,584 Selling, general and administrative 93,906 62,926 56,706 Total stock-based compensation expense $ 123,479 $ 85,551 $ 78,699 Tax benefit related to stock-based compensation (1) $ 1,760 $ 1,855 $ 2,754 ______________ 1 162 RSUs The Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions (“MSUs”), and RSUs with both market and performance conditions (“MPSUs”). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the “Compensation Committee”). All awards also include service conditions which require continued employment with the Company. A summary of RSU activity is presented in the table below (in thousands, except per-share amounts): Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 240 $ 95.38 2,174 $ 61.61 2,219 $ 35.69 4,633 $ 50.94 Granted 52 $ 141.32 512 (1) $ 99.88 - $ - 564 $ 103.68 Vested (103 ) $ 81.53 (656 ) $ 53.72 (324 ) $ 23.57 (1,083 ) $ 47.34 Forfeited (9 ) $ 117.31 (43 ) $ 42.72 (9 ) $ 68.48 (61 ) $ 57.01 Outstanding at December 31, 2019 180 $ 115.45 1,987 $ 74.50 1,886 $ 37.63 4,053 $ 59.16 Granted 76 $ 189.28 627 (1) $ 173.40 - $ - 703 $ 175.12 Vested (86 ) $ 110.67 (1,213 ) $ 59.03 (324 ) $ 23.57 (1,623 ) $ 54.70 Forfeited (9 ) $ 138.34 (11 ) $ 84.48 (8 ) $ 68.48 (28 ) $ 96.35 Outstanding at December 31, 2020 161 $ 151.62 1,390 $ 132.60 1,554 $ 40.40 3,105 $ 87.42 Granted 46 $ 384.33 365 (1) $ 354.12 - $ - 411 $ 357.49 Vested (71 ) $ 144.46 (577 ) $ 91.50 (324 ) $ 23.57 (972 ) $ 72.69 Forfeited (11 ) $ 207.04 (12 ) $ 103.84 (12 ) $ 68.48 (35 ) $ 124.50 Outstanding at December 31, 2021 125 $ 235.82 1,166 $ 222.78 1,218 $ 44.59 2,509 $ 136.87 _________ ( 1 Amount reflects the number of awards that may The intrinsic value related to vested RSUs was $381.2 million, $326.2 million and $138.3 million for the years ended December 31, 2021, 2020 2019, December 31, 2021, December 31, 2021, two Cash proceeds from vested PSUs with a purchase price totaled $17.3 million, $18.8 million and $16.6 million for the years ended December 31, 2021, 2020 2019, Time-Based RSUs For the years ended December 31, 2021, 2020 2019, four one PSUs and MPSUs 2021 In February 2021, two “2021 first 2021 two 2021 2022 two 2021 first 2023 2021 two second 100% 2021 December 31, 2023. 2021 no December 31, 2022. one 2021 In February 2021, 2022 two 2021 2022 two “2021 2021 2021 first 2023 2021 two 2021 The 2021 2021 $30 20 December 31, 2022 $30 third 2021. 2021 2021 4.0 2021 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. 2020 2020 2020 MPSUs: In July 2020 , “2020 2020 five July 20, 2023 , one December 31, 2021 . December 31, 2020, five 2020 July 20, 2023 2020 July 20, 2024 . one 2020 The Company determined the grant date fair value of the 2020 2019 In February 2019, two 2019 2020 two “2019 2019 2019 first 2021. 2019 two 2019 The 2019 not not 2019 In October 2018, 2020 two 2019 2020 two “2019 2019 2019 first 2021. 2019 two 2019 The 2019 not not 2019 2018 In February 2018, two 2018 2019 two “2018 2018 2018 first 2020. 2018 two 2018 In February 2018, 2019 two 2018 2019 two “2018 2018 2018 first 2020. 2018 two 2018 The 2018 2018 not not 2018 2018 2015 In December 2015, “2015 2015 2015 four December 31, 2019. first five January 1, 2016 December 31, 2019. The second, third fourth five second January 1, 2017 December 31, 2019. five third January 1, 2018 December 31, 2019. five fourth January 1, 2019 December 31, 2019. In addition, each of the second, third fourth one six 1. Successful implementation of full digital solutions for certain power products. 2. Successful implementation, and adoption by a key customer, of an integrated, software-based motor driver with sensor and field-oriented control. 3. Successful implementation of certain advanced power analog processes. 4. Successful design wins and achievement of a specific level of revenue with a global networking customer. 5. Achievement of a specific level of revenue with a global electronics manufacturer. 6. Achievement of a specific level of market share with certain core power products. The following table summarizes the achievement of the market and performance conditions: Tranche Market Conditions Performance Conditions One All stock price targets were achieved as of September 30, 2017. Not Two All stock price targets were achieved as of December 31, 2017. Operating metric #1 December 31, 2018. Three All stock price targets were achieved as of September 30, 2018. Operating metric #2 December 31, 2018. Four All stock price targets were achieved as of March 31, 2019. Operating metric #3 September 30, 2019. A total of 600,000 shares were awarded to the employees. The 2015 January 1, 2020, two The Company determined the grant date fair value of the 2015 2015 first second third fourth MSUs 2018 In October 2018, “2018 2018 five October 26, 2018 December 31, 2023. December 31, 2019, 2018 January 1, 2024, two 2018 The Company determined the grant date fair value of the 2018 2013 In December 2013, “2013 2013 five January 1, 2014 December 31, 2018. December 31, 2015, 2013 January 1, 2019 December 31, 2023. 2013 The Company determined the grant date fair value of the 2013 not ESPP Under the ESPP, eligible employees may may not six one million first December 31, 2021, November 2024. For the years ended December 31, 2021, 2020 2019, December 31, 2021, 2020 2019, December 31, 2021, first 2022. Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.5 0.5 0.5 Expected volatility 43.2 % 48.9 % 37.0 % Risk-free interest rate 0.1 % 0.8 % 2.2 % Dividend yield 0.6 % 0.9 % 1.1 % Cash proceeds from the shares issued under the ESPP were $4.7 million, $3.8 million and $3.3 million for the years ended December 31, 2021, 2020 2019, |
Note 9 - Dividends and Dividend
Note 9 - Dividends and Dividend Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 9. 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): Year Ended December 31, 2021 2020 2019 Dividend declared per share $ 2.40 $ 2.00 $ 1.60 Total amount $ 110,206 $ 89,832 $ 69,196 As of December 31, 2021 2020, 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 December 31, 2021 2020 , |
Note 10 - Other Income, Net
Note 10 - Other Income, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 10. The components of other income, net, are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Interest income $ 11,637 $ 9,327 $ 7,305 Amortization of premium on available-for-sale securities (4,674 ) (2,979 ) (729 ) Gain on deferred compensation plan investments 4,563 4,592 3,806 Foreign currency exchange loss (727 ) (1,364 ) (310 ) Other (997 ) 884 486 Total $ 9,802 $ 10,460 $ 10,558 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 242,023 $ 164,375 $ 108,839 Denominator: Weighted-average outstanding shares - basic 45,851 44,840 43,165 Effect of dilutive securities 2,038 2,174 2,598 Weighted-average outstanding shares - diluted 47,889 47,014 45,763 Net income per share: Basic $ 5.28 $ 3.67 $ 2.52 Diluted $ 5.05 $ 3.50 $ 2.38 Anti-dilutive common stock equivalents were not |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The components of income before income taxes are as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ (15,542 ) $ 39,286 $ (4,134 ) Foreign 287,761 130,056 117,254 Income before income taxes $ 272,219 $ 169,342 $ 113,120 The components of the income tax expense are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 24,955 $ 2,842 $ 1,682 State 35 (1 ) 8 Foreign 3,801 3,814 3,105 Deferred: Federal 4,929 (1,221 ) (213 ) Foreign (3,524 ) (467 ) (301 ) Income tax expense $ 30,196 $ 4,967 $ 4,281 The effective tax rate differs from the applicable U.S. statutory federal income tax rate as follows: Year Ended December 31, 2021 2020 2019 U.S. statutory federal tax rate 21.0 % 21.0 % 21.0 % Foreign income at lower rates (23.2 ) (15.2 ) (20.7 ) GILTI 11.4 11.1 11.0 Changes in valuation allowance 0.5 1.6 2.1 Stock-based compensation 1.6 (11.2 ) (1.5 ) Tax credits, net of reserves (1.1 ) (3.8 ) (6.2 ) State income taxes (0.5 ) (1.6 ) (0.7 ) Other adjustments 1.4 1.0 (1.2 ) Effective tax rate 11.1 % 2.9 % 3.8 % The components of net deferred tax assets consist of the following (in thousands): December 31, 2021 2020 Deferred tax assets: Tax credits $ 26,302 $ 23,501 Stock-based compensation 2,027 2,392 Deferred compensation 8,526 7,895 Net operating losses 5,818 1,150 Other expenses not currently deductible 5,151 4,617 Deferred tax assets, gross 47,824 39,555 Valuation allowance (19,520 ) (18,190 ) Deferred tax assets, net of valuation allowance 28,304 21,365 Deferred tax liabilities: Depreciation and amortization (5,067 ) (1,600 ) Undistributed foreign earnings (375 ) (77 ) Other expenses currently deductible (945 ) (1,132 ) Deferred tax liabilities (6,387 ) (2,809 ) Net deferred tax assets $ 21,917 $ 18,556 GILTI: The Company accounts for GILTI as a period cost. Valuation Allowance: The Company periodically evaluates its deferred tax assets, including a determination of whether a valuation allowance is necessary, based upon its ability to utilize the assets using a more likely than not December 31, 2021 2020, not not Undistributed Earnings of Subsidiaries: The Company has analyzed its global working capital and cash requirements, and has determined that it plans to repatriate cash from its Bermuda subsidiary on an ongoing basis to fund its future U.S.-based expenditures and dividends. For the years ended December 31, 2021, 2020 2019, For all other foreign subsidiaries, the Company expects to indefinitely reinvest undistributed earnings to fund their operations and research and development. As of December 31, 2021 2020, were approximately $46.2 not Other Income Tax Provision Matters As of December 31, 2021, not December 31, 2021, 2024. December 31, 2021, 2029. As of December 31, 2021, 2040, In the event of a change in ownership, as defined under federal and state tax laws, the Company's net operating loss and tax credit carryforwards could be subject to annual limitations. The annual limitations could result in the expiration of the net operating loss and tax credit carryforwards prior to utilization. As of December 31, 2021, December 31, 2020, A reconciliation of the gross unrecognized tax benefits is as follows (in thousands): Balance as of January 1, 2019 $ 20,491 Increase for tax position of prior year 1,589 Increase for tax position of current year 4,663 Decrease due to settlement with tax authorities (560 ) Decrease due to lapse of statute of limitation (776 ) Balance as of December 31, 2019 25,407 Increase for tax position of current year 9,782 Decrease for tax position of prior year (907 ) Decrease due to settlement with tax authorities (560 ) Decrease due to lapse of statute of limitation (223 ) Balance as of December 31, 2020 33,499 Increase for tax position of current year 9,191 Decrease for tax position of prior year (657 ) Decrease due to settlement with tax authorities (54 ) Decrease due to lapse of statute of limitation (458 ) Balance as of December 31, 2021 $ 41,521 The Company recognizes interest and penalties, if any, related to uncertain tax positions in its income tax provision. As of December 31, 2021 2020, Uncertain tax positions relate to the allocation of income and deductions among the Company’s global entities and to the determination of the research and development tax credit. It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 not The Company currently has reduced tax rates in its subsidiaries in Chengdu and Hangzhou, China through 2030 2023, Income Tax Examination The Company is subject to examination of its income tax returns by the IRS and other tax authorities. In general, the tax years for 2007 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Warranty and Indemnification Provisions The changes in warranty reserves are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 6,895 $ 1,139 $ 4,564 Warranty provision for product sales 16,507 7,584 891 Settlements made (1,770 ) (843 ) (2,768 ) Unused warranty provision (643 ) (985 ) (1,548 ) Balance at end of period $ 20,989 $ 6,895 $ 1,139 For the year ended December 31, 2021, December 31, 2020 2019, not The Company provides indemnification agreements to certain direct or indirect customers. The Company agrees to reimburse these parties for any damages, costs and expenses incurred by them as a result of legal actions taken against them by third It is not no no not Purchase Commitments The Company has outstanding purchase obligations with its suppliers and other parties that require the purchases of goods or services, which primarily consist of wafer and other inventory purchases, assembly and other manufacturing services, construction of manufacturing and R&D facilities, purchases of production and other equipment, and license arrangements. As of December 31, 2021 , 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 December 31, 2021 , no |
Note 14 - Employee 401(k) Plan
Note 14 - Employee 401(k) Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 14. EMPLOYEE 401 The Company sponsors a 401 may not not December 31, 2021, 2020 2019. |
Note 15 - Significant Customers
Note 15 - Significant Customers | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 15. SIGNIFICANT CUSTOMERS The Company sells its products primarily through third 10% Year Ended December 31, Customer 2021 2020 2019 Distributor A 26 % 24 % 23 % Distributor B 15 % 11 % * Distributor C 10 % * * * Represents less than 10%. The Company’s agreements with these third may may not The following table summarizes those customers with accounts receivable equal to 10% December 31, 2021 2020 Distributor A 26 % 24 % Distributor B 17 % 21 % Value-added reseller A 12 % 13 % Direct customer A * 10 % * Represents less than 10%. |
Note 16 - Segment and Geographi
Note 16 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the computing and storage, automotive, industrial, communications and consumer markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations. The following is a summary of revenue by geographic regions (in thousands): Year Ended December 31, Country or Region 2021 2020 2019 China $ 700,985 $ 516,519 $ 382,740 Taiwan 169,130 109,256 73,801 Europe 85,201 56,329 49,467 South Korea 93,027 64,093 43,900 Southeast Asia 54,611 42,403 32,031 Japan 68,720 35,461 27,812 United States 35,770 20,098 17,836 Other 354 293 334 Total $ 1,207,798 $ 844,452 $ 627,921 The following is a summary of revenue by major product families (in thousands): Year Ended December 31, Product Family 2021 2020 2019 DC to DC $ 1,147,329 $ 800,478 $ 589,651 Lighting Control 60,469 43,974 38,270 Total $ 1,207,798 $ 844,452 $ 627,921 The following is a summary of long-lived assets by geographic regions (in thousands): December 31, Country 2021 2020 2019 China $ 211,973 $ 151,752 $ 113,888 United States 113,805 101,768 94,671 Taiwan 19,607 18,797 17,652 Other 17,577 9,211 2,104 Total $ 362,962 $ 281,528 $ 228,315 |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 17. The following table summarizes the changes in accumulated other comprehensive income (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 income before reclassifications 2,878 14,150 17,028 Amounts reclassified from accumulated other comprehensive income (1,087 ) - (1,087 ) Tax effect (325 ) - (325 ) Net current period other comprehensive income 1,466 14,150 15,616 Balance as of December 31, 2020 1,601 8,539 10,140 Other comprehensive income (loss) before reclassifications (3,244 ) 8,404 5,160 Amounts reclassified from accumulated other comprehensive income (33 ) - (33 ) Tax effect 613 - 613 Net current period other comprehensive income (loss) (2,664 ) 8,404 5,740 Balance as of December 31, 2021 $ (1,063 ) $ 16,943 $ 15,880 The amounts reclassified from accumulated other comprehensive income were recorded in other income, net, on the Consolidated Statements of Operations. |
Note 18 - Subsequent Event
Note 18 - Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Cash Dividend Increase In February 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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 consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. Actual results could differ from these estimates and assumptions, and any such differences may The COVID- 19 not December 31, 2021 2020 . not . |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Certain Significant Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments and accounts receivable. The Company’s cash equivalents include short-term, highly liquid investments purchased with remaining maturities at the date of purchase of three may The Company does not may The Company participates in the dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered by the Company; changes in third |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency In general, the functional currency of the Company’s international subsidiaries is the local currency. The primary subsidiaries are located in China, Taiwan and Europe, which utilize the Renminbi, the New Taiwan Dollar and the Euro as their currencies, respectively. Accordingly, assets and liabilities of the foreign subsidiaries are translated using exchange rates in effect at the end of the period. Revenue and costs are translated using average exchange rates for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income on the Consolidated Balance Sheets. In addition, the Company incurs foreign currency exchange gains or losses related to certain transactions, including intercompany transactions between the U.S. and its foreign subsidiaries, that are denominated in a currency other than the functional currency. In connection with the remeasurement and settlement of the balances, the Company recorded foreign currency exchange losses of $0.7 million, $1.4 million and $0.3 million for the years ended December 31, 2021, 2020 2019, For intercompany transactions that are of a long-term investment nature, the Company records the foreign currency exchange gains and losses in accumulated other comprehensive income on the Consolidated Balance Sheets. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Debt Investments The Company classifies all highly liquid investments with stated maturities of three may one Cash equivalents are stated at cost, which approximates fair market value. The Company’s short-term and long-term debt investments are classified as available-for-sale securities and are stated at their fair market value, with unrealized gains and losses recorded in accumulated other comprehensive income on the Consolidated Balance Sheets. Premiums and discounts on debt investments are generally amortized or accreted over the life of the related available-for-sale securities. Interest income is recognized when earned. The cost of investments sold is determined on a specific identification method. Available-for-sale investments are subject to impairment reviews when the fair value is below the amortized cost basis. If the Company determines that the decline in fair value below the amortized cost basis is due to credit-related factors, the impairment is recognized as an allowance on the Consolidated Balance Sheets with a corresponding adjustment to earnings. An impairment that is not not |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Equity Investments Equity investments in privately held companies without readily determinable fair values are accounted for under the measurement alternative method, provided that the Company does not The Company monitors its non-marketable equity investments for impairment indicators, such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist for a security and the fair value is below the carrying amount, the Company writes down the security to fair value. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value, the Company considers the principal or most advantageous market in which the Company would transact, as well as assumptions that market participants would use when pricing the assets or liabilities. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three ● Level 1 ● Level 2 not ● Level 3 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first first may may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation commences when an asset is placed in service and available for its intended use. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements have estimated useful lives of 20 to 40 years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the lease period. Production equipment and software have estimated useful lives of three eight three five not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company evaluates its long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of purchase consideration over the fair value of net tangible and identified intangible assets as of the date of acquisition. Goodwill is not The Company tests goodwill for impairment at least annually in the fourth may first not not No |
Deferred Compensation Plan, Policy [Policy Text Block] | Deferred Compensation Plan The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in other income, net, on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands): December 31, 2021 2020 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 21,386 $ 19,222 Fair value of mutual funds and money market funds 31,786 26,924 Total $ 53,172 $ 46,146 Deferred compensation plan assets reported in: Other long-term assets $ 53,172 $ 46,146 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 282 $ 155 Other long-term liabilities 55,489 48,280 Total $ 55,771 $ 48,435 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. See Note 2 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs incurred in research and development are expensed as incurred. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserve The Company generally provides one two no not |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease at inception. Lease terms may not The Company does not 12 For lease arrangements where the Company is the lessor, the Company recognizes lease income from operating leases on a straight-line basis over the lease term. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of RSUs with only service conditions is determined based on the grant date stock price. The fair value of all other awards is determined based on the following valuation methods: Type of Awards Valuation Method RSUs with performance conditions Black-Scholes model RSUs with market conditions Monte Carlo simulation model RSUs with both performance and market conditions Monte Carlo simulation model Shares issued under the employee stock purchase plan (“ESPP”) Black-Scholes model Compensation expense related to awards with service conditions is recorded on a straight-line basis over the requisite service period. Compensation expense related to awards subject to performance or market conditions is recognized over the requisite service period for each separately vesting tranche. For awards with only market conditions, compensation expense is not not not The Company accounts for forfeitures of equity awards when they occur. |
Income Tax, Policy [Policy Text Block] | Accounting for Income Taxes The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable or refundable in the current fiscal year by tax jurisdiction. The Company also recognizes federal, state and foreign deferred tax assets or liabilities for its estimate of future tax effects attributable to temporary differences and carryforwards. The Company records a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not The Company’s calculation of current and deferred tax assets and liabilities is based on certain estimates and judgments and involves dealing with uncertainties in the application of complex tax laws. The Company’s estimates of current and deferred tax assets and liabilities may 50% may |
Litigation and Contingencies, Policy [Policy Text Block] | Litigation and Contingencies The Company is a party to actions and proceedings in the ordinary course of business, including potential litigation regarding its stockholders and its intellectual property, 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. The pending proceedings involve complex questions of fact and law and will require the expenditure of significant funds and the diversion of other resources to prosecute and defend. In addition, from time to time, the Company becomes aware that it is subject to other contingent liabilities. When this occurs, the Company will evaluate the appropriate accounting for the potential contingent liabilities to determine whether a contingent liability should be recorded. In making this determination, management may, may not Litigation expense, net, recorded on the Consolidated Statements of Operations includes primarily patent infringement litigation and other business matters. The Company records litigation costs in the period in which they are incurred. Proceeds resulting from settlement of litigation or favorable judgments are recorded as a reduction against litigation expense, net. |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Share 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 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income represents the change in the Company’s net assets during the period from non-owner sources. Accumulated other comprehensive income presented on the Consolidated Balance Sheets primarily consists of unrealized gains or losses related to available-for-sale investments and foreign currency translation adjustments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2021, No. 120, fourth 2021 not In December 2019, No. 2019 12, Income Taxes (Topic 740 December 15, 2020. first 2021 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Compensation Plan [Table Text Block] | December 31, 2021 2020 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 21,386 $ 19,222 Fair value of mutual funds and money market funds 31,786 26,924 Total $ 53,172 $ 46,146 Deferred compensation plan assets reported in: Other long-term assets $ 53,172 $ 46,146 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 282 $ 155 Other long-term liabilities 55,489 48,280 Total $ 55,771 $ 48,435 |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 2020 Cash $ 174,937 $ 300,609 Money market funds 14,328 34,335 Certificates of deposit 141,478 - Corporate debt securities 386,883 249,671 Commercial paper - 2,999 U.S. treasuries and government agency bonds 7,456 7,499 Auction-rate securities backed by student-loan notes 2,401 2,861 Total $ 727,483 $ 597,974 December 31, 2021 2020 Reported as: Cash and cash equivalents $ 189,265 $ 334,944 Short-term investments 535,817 260,169 Investment within other long-term assets 2,401 2,861 Total $ 727,483 $ 597,974 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in less than 1 year $ 123,204 $ 123,381 Due in 1 - 5 years 413,850 412,436 Due in greater than 5 years 2,520 2,401 Total $ 539,574 $ 538,218 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 14,328 $ - $ - $ 14,328 Certificates of deposit 141,478 - - 141,478 Corporate debt securities 388,081 570 (1,768 ) 386,883 U.S. treasuries and government agency bonds 7,495 - (39 ) 7,456 Auction-rate securities backed by student-loan notes 2,520 - (119 ) 2,401 Total $ 553,902 $ 570 $ (1,926 ) $ 552,546 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 34,335 $ - $ - $ 34,335 Corporate debt securities 247,591 2,177 (97 ) 249,671 Commercial paper 2,999 - - 2,999 U.S. treasuries and government agency bonds 7,499 2 (2 ) 7,499 Auction-rate securities backed by student-loan notes 3,020 - (159 ) 2,861 Total $ 295,444 $ 2,179 $ (258 ) $ 297,365 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2021 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 285,954 $ (1,765 ) $ 4,760 $ (3 ) $ 290,714 $ (1,768 ) U.S. treasuries and government agency bonds 7,456 (39 ) - - 7,456 (39 ) Auction-rate securities backed by student-loan notes - - 2,401 (119 ) 2,401 (119 ) Total $ 293,410 $ (1,804 ) $ 7,161 $ (122 ) $ 300,571 $ (1,926 ) December 31, 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 $ 59,144 $ (97 ) $ - $ - $ 59,144 $ (97 ) U.S. treasuries and government agency bonds 5,998 (2 ) - - 5,998 (2 ) Auction-rate securities backed by student-loan notes - - 2,861 (159 ) 2,861 (159 ) Total $ 65,142 $ (99 ) $ 2,861 $ (159 ) $ 68,003 $ (258 ) |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2021 2020 Cash and cash equivalents $ 189,265 $ 334,944 Restricted cash included in other long-term assets 124 127 Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows $ 189,389 $ 335,071 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 14,328 $ 14,328 $ - $ - Certificates of deposit 141,478 - 141,478 - Corporate debt securities 386,883 - 386,883 - U.S. treasuries and government agency bonds 7,456 - 7,456 - Auction-rate securities backed by student-loan notes 2,401 - - 2,401 Mutual funds and money market funds under deferred compensation plan 31,786 31,786 - - Total $ 584,332 $ 46,114 $ 535,817 $ 2,401 December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 34,335 $ 34,335 $ - $ - Corporate debt securities 249,671 - 249,671 - Commercial paper 2,999 - 2,999 - U.S. treasuries and government agency bonds 7,499 - 7,499 - Auction-rate securities backed by student-loan notes 2,861 - - 2,861 Mutual funds and money market funds under deferred compensation plan 26,924 26,924 - - Total $ 324,289 $ 61,259 $ 260,169 $ 2,861 |
Note 5 - Balance Sheet Compon_2
Note 5 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Raw materials $ 29,478 $ 25,503 Work in process 130,029 77,100 Finished goods 99,910 54,459 Total $ 259,417 $ 157,062 |
Schedule of Other Current Assets [Table Text Block] | December 31, 2021 2020 RSU tax withholding proceeds receivable $ 16,224 $ 12,504 Prepaid expense 9,526 5,032 Accrued interest receivable 5,440 1,914 Other 4,350 3,530 Total $ 35,540 $ 22,980 |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land $ 38,872 $ 35,432 Production equipment and software 233,398 163,317 Buildings and improvements 202,901 142,869 Transportation equipment 28,608 18,396 Leasehold improvements 8,990 8,705 Furniture and fixtures 10,738 6,383 Construction in progress 11,333 49,575 Property and equipment, gross 534,840 424,677 Less: accumulated depreciation and amortization (171,878 ) (143,149 ) Total $ 362,962 $ 281,528 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2021 2020 Deferred compensation plan assets $ 53,172 $ 46,146 Prepaid expense 2,311 2,340 Other 14,040 11,352 Total $ 69,523 $ 59,838 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Dividends and dividend equivalents $ 32,364 $ 26,435 Warranty 20,989 6,895 Stock rotation and sales returns 5,748 6,005 Customer prepayments 4,300 7,238 Other 17,881 16,387 Total $ 81,282 $ 62,960 |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2021 2020 Deferred compensation plan liabilities $ 55,489 $ 48,280 Dividend equivalents 8,470 7,871 Other 3,268 1,722 Total $ 67,227 $ 57,873 |
Note 6 - Real Estate Transact_2
Note 6 - Real Estate Transaction (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Asset Acquisition, Allocation of Consideration [Table Text Block] | Building $ 30,078 Land 22,254 In-place leases 981 Total $ 53,313 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Balance Sheet Information [Table Text Block] | December 31, Financial Statement Line Item 2021 2020 Operating lease ROU assets Other long-term assets $ 6,297 $ 3,719 Operating lease liabilities Other accrued liabilities $ 2,539 $ 1,406 Other long-term liabilities $ 3,268 $ 1,693 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2021 2020 2019 Lease costs: Operating lease costs $ 2,454 $ 1,488 $ 1,509 Other 740 300 465 Total lease costs $ 3,194 $ 1,788 $ 1,974 Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,315 $ 1,526 $ 1,364 ROU assets obtained in exchange for new operating lease liabilities (1) $ 5,195 $ 2,181 $ 3,667 December 31, 2021 2020 Weighted-average remaining lease term (in years) 2.8 2.7 Weighted-average discount rate 2.0 % 2.7 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 2,630 2023 1,724 2024 956 2025 656 2026 8 Total remaining lease payments 5,974 Less: imputed interest (167 ) Total lease liabilities $ 5,807 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2022 $ 2,255 2023 1,582 2024 617 2025 109 2026 21 Total $ 4,584 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 2021 2020 2019 Cost of revenue $ 3,543 $ 2,592 $ 2,409 Research and development 26,030 20,033 19,584 Selling, general and administrative 93,906 62,926 56,706 Total stock-based compensation expense $ 123,479 $ 85,551 $ 78,699 Tax benefit related to stock-based compensation (1) $ 1,760 $ 1,855 $ 2,754 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs PSUs and MPSUs MSUs Total Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 240 $ 95.38 2,174 $ 61.61 2,219 $ 35.69 4,633 $ 50.94 Granted 52 $ 141.32 512 (1) $ 99.88 - $ - 564 $ 103.68 Vested (103 ) $ 81.53 (656 ) $ 53.72 (324 ) $ 23.57 (1,083 ) $ 47.34 Forfeited (9 ) $ 117.31 (43 ) $ 42.72 (9 ) $ 68.48 (61 ) $ 57.01 Outstanding at December 31, 2019 180 $ 115.45 1,987 $ 74.50 1,886 $ 37.63 4,053 $ 59.16 Granted 76 $ 189.28 627 (1) $ 173.40 - $ - 703 $ 175.12 Vested (86 ) $ 110.67 (1,213 ) $ 59.03 (324 ) $ 23.57 (1,623 ) $ 54.70 Forfeited (9 ) $ 138.34 (11 ) $ 84.48 (8 ) $ 68.48 (28 ) $ 96.35 Outstanding at December 31, 2020 161 $ 151.62 1,390 $ 132.60 1,554 $ 40.40 3,105 $ 87.42 Granted 46 $ 384.33 365 (1) $ 354.12 - $ - 411 $ 357.49 Vested (71 ) $ 144.46 (577 ) $ 91.50 (324 ) $ 23.57 (972 ) $ 72.69 Forfeited (11 ) $ 207.04 (12 ) $ 103.84 (12 ) $ 68.48 (35 ) $ 124.50 Outstanding at December 31, 2021 125 $ 235.82 1,166 $ 222.78 1,218 $ 44.59 2,509 $ 136.87 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2021 2020 2019 Expected term (in years) 0.5 0.5 0.5 Expected volatility 43.2 % 48.9 % 37.0 % Risk-free interest rate 0.1 % 0.8 % 2.2 % Dividend yield 0.6 % 0.9 % 1.1 % |
Note 9 - Dividends and Divide_2
Note 9 - Dividends and Dividend Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Year Ended December 31, 2021 2020 2019 Dividend declared per share $ 2.40 $ 2.00 $ 1.60 Total amount $ 110,206 $ 89,832 $ 69,196 |
Note 10 - Other Income, Net (Ta
Note 10 - Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Year Ended December 31, 2021 2020 2019 Interest income $ 11,637 $ 9,327 $ 7,305 Amortization of premium on available-for-sale securities (4,674 ) (2,979 ) (729 ) Gain on deferred compensation plan investments 4,563 4,592 3,806 Foreign currency exchange loss (727 ) (1,364 ) (310 ) Other (997 ) 884 486 Total $ 9,802 $ 10,460 $ 10,558 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 242,023 $ 164,375 $ 108,839 Denominator: Weighted-average outstanding shares - basic 45,851 44,840 43,165 Effect of dilutive securities 2,038 2,174 2,598 Weighted-average outstanding shares - diluted 47,889 47,014 45,763 Net income per share: Basic $ 5.28 $ 3.67 $ 2.52 Diluted $ 5.05 $ 3.50 $ 2.38 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2021 2020 2019 United States $ (15,542 ) $ 39,286 $ (4,134 ) Foreign 287,761 130,056 117,254 Income before income taxes $ 272,219 $ 169,342 $ 113,120 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2021 2020 2019 Current: Federal $ 24,955 $ 2,842 $ 1,682 State 35 (1 ) 8 Foreign 3,801 3,814 3,105 Deferred: Federal 4,929 (1,221 ) (213 ) Foreign (3,524 ) (467 ) (301 ) Income tax expense $ 30,196 $ 4,967 $ 4,281 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 2019 U.S. statutory federal tax rate 21.0 % 21.0 % 21.0 % Foreign income at lower rates (23.2 ) (15.2 ) (20.7 ) GILTI 11.4 11.1 11.0 Changes in valuation allowance 0.5 1.6 2.1 Stock-based compensation 1.6 (11.2 ) (1.5 ) Tax credits, net of reserves (1.1 ) (3.8 ) (6.2 ) State income taxes (0.5 ) (1.6 ) (0.7 ) Other adjustments 1.4 1.0 (1.2 ) Effective tax rate 11.1 % 2.9 % 3.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Tax credits $ 26,302 $ 23,501 Stock-based compensation 2,027 2,392 Deferred compensation 8,526 7,895 Net operating losses 5,818 1,150 Other expenses not currently deductible 5,151 4,617 Deferred tax assets, gross 47,824 39,555 Valuation allowance (19,520 ) (18,190 ) Deferred tax assets, net of valuation allowance 28,304 21,365 Deferred tax liabilities: Depreciation and amortization (5,067 ) (1,600 ) Undistributed foreign earnings (375 ) (77 ) Other expenses currently deductible (945 ) (1,132 ) Deferred tax liabilities (6,387 ) (2,809 ) Net deferred tax assets $ 21,917 $ 18,556 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance as of January 1, 2019 $ 20,491 Increase for tax position of prior year 1,589 Increase for tax position of current year 4,663 Decrease due to settlement with tax authorities (560 ) Decrease due to lapse of statute of limitation (776 ) Balance as of December 31, 2019 25,407 Increase for tax position of current year 9,782 Decrease for tax position of prior year (907 ) Decrease due to settlement with tax authorities (560 ) Decrease due to lapse of statute of limitation (223 ) Balance as of December 31, 2020 33,499 Increase for tax position of current year 9,191 Decrease for tax position of prior year (657 ) Decrease due to settlement with tax authorities (54 ) Decrease due to lapse of statute of limitation (458 ) Balance as of December 31, 2021 $ 41,521 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31, 2021 2020 2019 Balance at beginning of period $ 6,895 $ 1,139 $ 4,564 Warranty provision for product sales 16,507 7,584 891 Settlements made (1,770 ) (843 ) (2,768 ) Unused warranty provision (643 ) (985 ) (1,548 ) Balance at end of period $ 20,989 $ 6,895 $ 1,139 |
Note 15 - Significant Custome_2
Note 15 - Significant Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended December 31, Customer 2021 2020 2019 Distributor A 26 % 24 % 23 % Distributor B 15 % 11 % * Distributor C 10 % * * December 31, 2021 2020 Distributor A 26 % 24 % Distributor B 17 % 21 % Value-added reseller A 12 % 13 % Direct customer A * 10 % |
Note 16 - Segment and Geograp_2
Note 16 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended December 31, Country or Region 2021 2020 2019 China $ 700,985 $ 516,519 $ 382,740 Taiwan 169,130 109,256 73,801 Europe 85,201 56,329 49,467 South Korea 93,027 64,093 43,900 Southeast Asia 54,611 42,403 32,031 Japan 68,720 35,461 27,812 United States 35,770 20,098 17,836 Other 354 293 334 Total $ 1,207,798 $ 844,452 $ 627,921 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 31, Product Family 2021 2020 2019 DC to DC $ 1,147,329 $ 800,478 $ 589,651 Lighting Control 60,469 43,974 38,270 Total $ 1,207,798 $ 844,452 $ 627,921 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | December 31, Country 2021 2020 2019 China $ 211,973 $ 151,752 $ 113,888 United States 113,805 101,768 94,671 Taiwan 19,607 18,797 17,652 Other 17,577 9,211 2,104 Total $ 362,962 $ 281,528 $ 228,315 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 income before reclassifications 2,878 14,150 17,028 Amounts reclassified from accumulated other comprehensive income (1,087 ) - (1,087 ) Tax effect (325 ) - (325 ) Net current period other comprehensive income 1,466 14,150 15,616 Balance as of December 31, 2020 1,601 8,539 10,140 Other comprehensive income (loss) before reclassifications (3,244 ) 8,404 5,160 Amounts reclassified from accumulated other comprehensive income (33 ) - (33 ) Tax effect 613 - 613 Net current period other comprehensive income (loss) (2,664 ) 8,404 5,740 Balance as of December 31, 2021 $ (1,063 ) $ 16,943 $ 15,880 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (727) | $ (1,364) | $ (310) |
Goodwill, Impairment Loss | $ 0 | ||
Minimum [Member] | |||
Warranty Term (Year) | 1 year | ||
Maximum [Member] | |||
Warranty Term (Year) | 2 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||
Computer Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 8 years | ||
Transportation Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Transportation Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred compensation plan assets | $ 53,172 | $ 46,146 |
Deferred compensation plan liabilities | 55,771 | 48,435 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 53,172 | 46,146 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities | 282 | 155 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities | 55,489 | 48,280 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 21,386 | 19,222 |
Mutual Funds and Money Market Funds, Fair Value [Member] | ||
Deferred compensation plan assets | $ 31,786 | $ 26,924 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lapse Period for Consignment (Day) | 60 days | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 104,813 | $ 66,843 | |
Contract with Customer, Liability, Current | 4,300 | 7,238 | |
Contract with Customer, Liability, Revenue Recognized | $ 7,200 | ||
Minimum [Member] | |||
Contract with Customer, Payment Term (Day) | 30 days | ||
Maximum [Member] | |||
Contract with Customer, Payment Term (Day) | 90 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 | $ 4,300 | $ 7,200 | |
Product [Member] | |||
Percentage of Revenue | 97.00% | 97.00% | 99.00% |
Product Sales Through Distribution Arrangements [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 88.00% | 81.00% | 83.00% |
Note 3 - Cash, Cash Equivalen_3
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Sale of Investments, Total | $ 1,100 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | 0 |
Redemption, Auction Rate Securities to Date | $ 40,800 | |
Percentage of Auction Rate Securities Redeemed at Par Value | 94.00% | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,300 | $ 3,400 |
Note 3 - Cash, Cash Equivalen_4
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash, Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash | $ 174,937 | $ 300,609 |
Money market funds | 14,328 | 34,335 |
Certificates of deposit | 141,478 | 0 |
Commercial paper | 0 | 2,999 |
U.S. treasuries and government agency bonds | 7,456 | 7,499 |
Total | 727,483 | 597,974 |
Cash and cash equivalents | 189,265 | 334,944 |
Short-term investments | 535,817 | 260,169 |
Investment within other long-term assets | 2,401 | 2,861 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 386,883 | 249,671 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | $ 2,401 | $ 2,861 |
Note 3 - Cash, Cash Equivalen_5
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Due in less than 1 year, Amortized cost | $ 123,204 |
Due in less than 1 year, fair value | 123,381 |
Due in 1 - 5 years, Amortized cost | 413,850 |
Due in 1 - 5 years | 412,436 |
Due in greater than 5 years, Amortized cost | 2,520 |
Due in greater than 5 years | 2,401 |
Total, Amortized cost | 539,574 |
Total | $ 538,218 |
Note 3 - Cash, Cash Equivalen_6
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 553,902 | $ 295,444 |
Unrealized Gains | 570 | 2,179 |
Unrealized Losses | (1,926) | (258) |
Total Fair Value | 552,546 | 297,365 |
Money Market Funds [Member] | ||
Amortized Cost | 14,328 | 34,335 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 14,328 | 34,335 |
Certificates of Deposit [Member] | ||
Amortized Cost | 141,478 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Total Fair Value | 141,478 | |
Corporate Debt Securities [Member] | ||
Amortized Cost | 388,081 | 247,591 |
Unrealized Gains | 570 | 2,177 |
Unrealized Losses | (1,768) | (97) |
Total Fair Value | 386,883 | 249,671 |
Commercial Paper [Member] | ||
Amortized Cost | 2,999 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Total Fair Value | 2,999 | |
US Government Agencies Short-term Debt Securities [Member] | ||
Amortized Cost | 7,495 | 7,499 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | (39) | (2) |
Total Fair Value | 7,456 | 7,499 |
Auction Rate Securities [Member] | ||
Amortized Cost | 2,520 | 3,020 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (119) | (159) |
Total Fair Value | $ 2,401 | $ 2,861 |
Note 3 - Cash, Cash Equivalen_7
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Continuous Unrealized Loss Position, Less than 12 Months | $ 293,410 | $ 65,142 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,804) | (99) |
Continuous Unrealized Loss Position, 12 Months or Longer | 7,161 | 2,861 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (122) | (159) |
Unrealized Loss Position, Total | 300,571 | 68,003 |
Unrealized Loss Position, Accumulated Loss, Total | (1,926) | (258) |
Corporate Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 285,954 | 59,144 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,765) | (97) |
Continuous Unrealized Loss Position, 12 Months or Longer | 4,760 | 0 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3) | 0 |
Unrealized Loss Position, Total | 290,714 | 59,144 |
Unrealized Loss Position, Accumulated Loss, Total | (1,768) | (97) |
US Treasury and Government Short-term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 7,456 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (39) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 7,456 | |
Unrealized Loss Position, Accumulated Loss, Total | (39) | |
US Government Agencies Short-term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 5,998 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 5,998 | |
Unrealized Loss Position, Accumulated Loss, Total | (2) | |
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 | 2,401 | 2,861 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (119) | (159) |
Unrealized Loss Position, Total | 2,401 | 2,861 |
Unrealized Loss Position, Accumulated Loss, Total | $ (119) | $ (159) |
Note 3 - Cash, Cash Equivalen_8
Note 3 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 189,265 | $ 334,944 | ||
Restricted cash included in other long-term assets | 124 | 127 | ||
Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows | $ 189,389 | $ 335,071 | $ 173,076 | $ 172,818 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total Fair Value | $ 552,546 | $ 297,365 |
Assets, fair value | 584,332 | 324,289 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 46,114 | 61,259 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 535,817 | 260,169 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 2,401 | 2,861 |
Money Market Funds [Member] | ||
Total Fair Value | 14,328 | 34,335 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 14,328 | 34,335 |
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 |
Certificates of Deposit [Member] | ||
Total Fair Value | 141,478 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 141,478 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
Corporate Debt Securities [Member] | ||
Total Fair Value | 386,883 | 249,671 |
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 | 386,883 | 249,671 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Commercial Paper [Member] | ||
Total Fair Value | 2,999 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 2,999 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | |
US Government Agencies Short-term Debt Securities [Member] | ||
Total Fair Value | 7,456 | 7,499 |
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 | 7,456 | 7,499 |
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 | 2,401 | 2,861 |
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 | 2,401 | 2,861 |
Mutual Fund [Member] | ||
Total Fair Value | 31,786 | 26,924 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 31,786 | 26,924 |
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 5 - Balance Sheet Compon_3
Note 5 - Balance Sheet Components (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 28.4 | $ 18.9 | $ 14.5 |
Note 5 - Balance Sheet Compon_4
Note 5 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 29,478 | $ 25,503 |
Work in process | 130,029 | 77,100 |
Finished goods | 99,910 | 54,459 |
Total | $ 259,417 | $ 157,062 |
Note 5 - Balance Sheet Compon_5
Note 5 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
RSU tax withholding proceeds receivable | $ 16,224 | $ 12,504 |
Prepaid expense | 9,526 | 5,032 |
Accrued interest receivable | 5,440 | 1,914 |
Other | 4,350 | 3,530 |
Total | $ 35,540 | $ 22,980 |
Note 5 - Balance Sheet Compon_6
Note 5 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment | $ 534,840 | $ 424,677 |
Less: accumulated depreciation and amortization | (171,878) | (143,149) |
Total | 362,962 | 281,528 |
Land [Member] | ||
Property and equipment | 38,872 | 35,432 |
Production Equipment and Software [Member] | ||
Property and equipment | 233,398 | 163,317 |
Building and Building Improvements [Member] | ||
Property and equipment | 202,901 | 142,869 |
Transportation Equipment [Member] | ||
Property and equipment | 28,608 | 18,396 |
Leasehold Improvements [Member] | ||
Property and equipment | 8,990 | 8,705 |
Furniture and Fixtures [Member] | ||
Property and equipment | 10,738 | 6,383 |
Construction in Progress [Member] | ||
Property and equipment | $ 11,333 | $ 49,575 |
Note 5 - Balance Sheet Compon_7
Note 5 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred compensation plan assets | $ 53,172 | $ 46,146 |
Prepaid expense | 2,311 | 2,340 |
Other | 14,040 | 11,352 |
Total | $ 69,523 | $ 59,838 |
Note 5 - Balance Sheet Compon_8
Note 5 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Dividends and dividend equivalents | $ 32,364 | $ 26,435 |
Warranty | 20,989 | 6,895 |
Stock rotation and sales returns | 5,748 | 6,005 |
Customer prepayments | 4,300 | 7,238 |
Other | 17,881 | 16,387 |
Total | $ 81,282 | $ 62,960 |
Note 5 - Balance Sheet Compon_9
Note 5 - Balance Sheet Components - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred compensation plan liabilities | $ 55,489 | $ 48,280 |
Dividend equivalents | 8,470 | 7,871 |
Other | 3,268 | 1,722 |
Total | $ 67,227 | $ 57,873 |
Note 6 - Real Estate Transact_3
Note 6 - Real Estate Transaction (Details Textual) $ in Millions | 1 Months Ended |
Mar. 31, 2019USD ($) | |
Payments to Acquire Real Estate, Total | $ 52.9 |
Real Estate, Capitalized Transaction Costs | $ 0.4 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years 6 months |
Building [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Note 6 - Real Estate Transact_4
Note 6 - Real Estate Transaction - Allocation of Consideration (Details) - Property in Kirkland, Washington [Member] $ in Thousands | Mar. 31, 2019USD ($) |
Building | $ 30,078 |
Land | 22,254 |
In-place leases | 981 |
Total | $ 53,313 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee, Operating Lease, Lease Not yet Commenced, Future Lease Obligations | $ 0 | |||
Operating Lease, Lease Income, Lease Payments | $ 2,200 | $ 1,900 | $ 1,800 | |
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 2,300 | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 2 years | |||
Lessor, Operating Lease, Remaining Lease Term (Year) | 4 years | |||
Lessor, Operating Lease, Renewal Term (Year) | 5 years | |||
Minimum [Member] | ||||
Lessor, Operating Lease, Remaining Lease Term (Year) | 1 year |
Note 7 - Leases - Balance Sheet
Note 7 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Long-term Assets [Member] | ||
Operating lease ROU assets | $ 6,297 | $ 3,719 |
Other Accrued Liabilities [Member] | ||
Operating lease liabilities | 2,539 | 1,406 |
Other Long-term Liabilities [Member] | ||
Operating Lease, Liability, Noncurrent | $ 3,268 | $ 1,693 |
Note 7 - Leases - Leases Cost (
Note 7 - Leases - Leases Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease costs | $ 2,454 | $ 1,488 | $ 1,509 | |
Other | 740 | 300 | 465 | |
Total lease costs | 3,194 | 1,788 | 1,974 | |
Operating cash flows from operating leases | 2,315 | 1,526 | 1,364 | |
ROU assets obtained in exchange for new operating lease liabilities (1) | [1] | $ 5,195 | $ 2,181 | $ 3,667 |
Weighted-average remaining lease term (in years) (Year) | 2 years 9 months 18 days | 2 years 8 months 12 days | ||
Weighted-average discount rate | 2.00% | 2.70% | ||
[1] | For the year ended December 31, 2019, the amount includes $2.3 million for operating leases existing on January 1, 2019, the adoption date of ASU No. 2016-02, Leases (Topic 842). |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 2,630 |
2023 | 1,724 |
2024 | 956 |
2025 | 656 |
2026 | 8 |
Total remaining lease payments | 5,974 |
Less: imputed interest | (167) |
Accrued Liabilities and Other Long-term Liabilities [Member] | |
Total lease liabilities | $ 5,807 |
Note 7 - Leases - Maturities _2
Note 7 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 2,255 |
2023 | 1,582 |
2024 | 617 |
2025 | 109 |
2026 | 21 |
Total | $ 4,584 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | Jun. 11, 2020shares | Jan. 01, 2020 | Feb. 28, 2021USD ($)$ / sharesshares | Jul. 31, 2020USD ($)$ / sharesshares | Feb. 29, 2020USD ($)$ / sharesshares | Feb. 28, 2019USD ($)$ / sharesshares | Oct. 31, 2018USD ($)$ / sharesshares | Feb. 28, 2018USD ($)$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Nov. 13, 2014shares |
Share Price (in dollars per share) | $ / shares | $ 374.57 | $ 493.33 | ||||||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ | $ 17,322 | $ 18,767 | $ 16,650 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 411,000 | 703,000 | 564,000 | |||||||||||
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) | $ / shares | $ 357.49 | $ 175.12 | $ 103.68 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 972,000 | 1,623,000 | 1,083,000 | |||||||||||
Share-based Payment Arrangement, Expense | $ | $ 123,479 | $ 85,551 | $ 78,699 | |||||||||||
Proceeds from Stock Plans | $ | 4,670 | 3,819 | 3,277 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | 381,200 | 326,200 | 138,300 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | 1,200,000 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 156,400 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||||||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | $ | $ 17,300 | $ 18,800 | $ 16,600 | |||||||||||
Time-Based RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 46,000 | 76,000 | 52,000 | |||||||||||
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) | $ / shares | $ 384.33 | $ 189.28 | $ 141.32 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 71,000 | 86,000 | 103,000 | |||||||||||
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 2021 [Member] | ||||||||||||||
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) | $ / shares | 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) | $ / shares | $ 374.57 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 41.40% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.60% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 9.80% | |||||||||||||
PSU 2021 [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 80,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||||||||||
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 | $ | $ 114,400 | |||||||||||||
PSU 2021 [Member] | Executive Officer [Member] | Vesting First Quarter of 2023 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
PSU 2021 [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 14,000 | |||||||||||||
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 | $ | $ 12,100 | |||||||||||||
PSU 2021 [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 2021 [Member] | Non-Executive Employees [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 300.00% | |||||||||||||
PSU 2021 [Member] | Non-Executive Employees [Member] | Vesting First Quarter of 2021 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
PSU 2020 [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 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) | $ / shares | 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) | $ / shares | $ 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 | 300,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||||||||||
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 | $ | $ 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] | 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 | 71,000 | ||||||||||||
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 | $ | $ 12,100 | |||||||||||||
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 2021 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] | 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 | |||||||||||||
MPSUs 2020 [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 248.71 | |||||||||||||
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, Fair Value Assumptions, Expected Term (Year) | 4 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 38.80% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 8.90% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 221,000 | |||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 42,100 | |||||||||||||
MPSUs 2020 [Member] | Minimum [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Stock Price Target (in dollars per share) | $ / shares | $ 260 | |||||||||||||
MPSUs 2020 [Member] | Maximum [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Stock Price Target (in dollars per share) | $ / shares | $ 300 | |||||||||||||
MPSUs 2020 [Member] | Vest on July, 2023 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | |||||||||||||
MPSUs 2020 [Member] | Vest on July 20, 2024 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
PSU 2019 [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 130.67 | $ 108.43 | ||||||||||||
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) | $ / shares | $ 30 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years 7 months 6 days | 2 years 10 months 24 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.00% | 28.70% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.50% | 2.90% | ||||||||||||
PSU 2019 [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 151,000 | 454,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||||||||||
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 | $ | $ 46,600 | |||||||||||||
PSU 2019 [Member] | Executive Officer [Member] | Vesting First Quarter of 2023 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
PSU 2019 [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 53,000 | 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 | |||||||||||||
Maximum Stock Compensation Costs | $ | $ 8,100 | |||||||||||||
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) | $ / shares | $ 30 | |||||||||||||
PSU 2019 [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 2019 [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 2019 [Member] | Non-Executive Employees [Member] | Vesting First Quarter of 2023 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
PSU 2018 [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 110 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years 7 months 6 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.50% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.30% | |||||||||||||
PSU 2018 [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 188,000 | 558,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 300.00% | |||||||||||||
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 | $ | $ 45,600 | |||||||||||||
PSU 2018 [Member] | Executive Officer [Member] | Vesting First Quarter of 2021 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
PSU 2018 [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 44,000 | 75,000 | ||||||||||||
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 | $ | $ 6,000 | |||||||||||||
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) | $ / shares | $ 30 | |||||||||||||
PSU 2018 [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 2018 [Member] | Non-Executive Employees [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 300.00% | |||||||||||||
PSU 2018 [Member] | Non-Executive Employees [Member] | Vesting First Quarter of 2021 if Performance Conditions are Met [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
2015 MPSUs [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 61.35 | $ 61.35 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 500.00% | |||||||||||||
Maximum Stock Compensation Costs | $ | $ 24,600 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.20% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 7.80% | |||||||||||||
Number of MPSU Tranches | 4 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Post-Award Vesting Period, Restriction Period on Sales (Year) | 2 years | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||
Maximum Stock Compensation Costs | $ | $ 8,300 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | 5 | ||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche One [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 71.36 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche One [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 95.57 | |||||||||||||
2015 MPSUs [Member] | Second, Third, and Fourth Tranches [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 600,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | 5 | ||||||||||||
Total number of performance conditions | 6 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||
Maximum Stock Compensation Costs | $ | $ 4,500 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 89.56 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | 106.81 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||||
Maximum Stock Compensation Costs | $ | 5,200 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | 120.80 | |||||||||||||
2015 MPSUs [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | 135.48 | |||||||||||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||||||||||
Maximum Stock Compensation Costs | $ | $ 6,600 | |||||||||||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Four [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | 126.08 | |||||||||||||
2015 MPSUs [Member] | Share-based Compensation Award, Tranche Four [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 136.79 | |||||||||||||
2015 MPSUs [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 86,000 | |||||||||||||
2015 MPSUs [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 41,000 | |||||||||||||
MSUs 2018 [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 108.43 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 600,000 | |||||||||||||
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, Fair Value Assumptions, Expected Volatility Rate | 31.60% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 8.70% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | |||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 39,100 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Post-Award Vesting Period, Restriction Period on Sales (Year) | 2 years | |||||||||||||
MSUs 2018 [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 140 | |||||||||||||
MSUs 2018 [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 172 | |||||||||||||
MSUs 2018 [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,000 | |||||||||||||
MSUs 2018 [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,000 | |||||||||||||
2013 MSU's [Member] | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 31.73 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed | 500.00% | |||||||||||||
Maximum Stock Compensation Costs | $ | $ 38,200 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 38.70% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Price Targets | 5 | |||||||||||||
Total MSUs Earned (in shares) | 1,800,000 | |||||||||||||
2013 MSU's [Member] | Minimum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 40 | |||||||||||||
2013 MSU's [Member] | Maximum [Member] | ||||||||||||||
Market Awards Price Targets (in dollars per share) | $ / shares | $ 56 | |||||||||||||
2013 MSU's [Member] | Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 276,000 | |||||||||||||
2013 MSU's [Member] | Non-Executive Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 84,000 | |||||||||||||
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) | 5,600,000 | |||||||||||||
Employee Stock Purchase Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4.5 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 200 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares) | 2,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares per Employee Value (in shares) | 25,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Automatic Increase Shares (in shares) | 1,000,000 | |||||||||||||
Share-basedCompensation Arrangement by Share-based Payment Award, Other Than Options, Percent Increases in Period | 2.00% | |||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 17,000 | 28,000 | 28,000 | |||||||||||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ | $ 2,400 | $ 2,500 | $ 700 | |||||||||||
Proceeds from Stock Plans | $ | $ 4,700 | $ 3,800 | $ 3,300 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share based compensation expense | $ 123,479 | $ 85,551 | $ 78,699 | |
Tax benefit related to stock-based compensation | [1] | 1,760 | 1,855 | 2,754 |
Cost of Sales [Member] | ||||
Share based compensation expense | 3,543 | 2,592 | 2,409 | |
Research and Development Expense [Member] | ||||
Share based compensation expense | 26,030 | 20,033 | 19,584 | |
Selling, General and Administrative Expenses [Member] | ||||
Share based compensation expense | $ 93,906 | $ 62,926 | $ 56,706 | |
[1] | Amount reflects 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. Equity awards granted to the Company’s executive officers are subject to the tax deduction limitations set by Section 162(m) of the Internal Revenue Code ("IRC"). |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - RSU Summary (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Balance (in shares) | 3,105,000 | 4,053,000 | 4,633,000 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ 87.42 | $ 59.16 | $ 50.94 | |
Granted (in shares) | 411,000 | 703,000 | 564,000 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 357.49 | $ 175.12 | $ 103.68 | |
Vested (in shares) | (972,000) | (1,623,000) | (1,083,000) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 72.69 | $ 54.70 | $ 47.34 | |
Forfeited (in shares) | (35,000) | (28,000) | (61,000) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 124.50 | $ 96.35 | $ 57.01 | |
Balance (in shares) | 2,509,000 | 3,105,000 | 4,053,000 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 136.87 | $ 87.42 | $ 59.16 | |
Time-Based RSUs [Member] | ||||
Balance (in shares) | 161,000 | 180,000 | 240,000 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ 151.62 | $ 115.45 | $ 95.38 | |
Granted (in shares) | 46,000 | 76,000 | 52,000 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 384.33 | $ 189.28 | $ 141.32 | |
Vested (in shares) | (71,000) | (86,000) | (103,000) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 144.46 | $ 110.67 | $ 81.53 | |
Forfeited (in shares) | (11,000) | (9,000) | (9,000) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 207.04 | $ 138.34 | $ 117.31 | |
Balance (in shares) | 125,000 | 161,000 | 180,000 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 235.82 | $ 151.62 | $ 115.45 | |
PSUs and MPSUs [Member] | ||||
Balance (in shares) | 1,390,000 | 1,987,000 | 2,174,000 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ 132.60 | $ 74.50 | $ 61.61 | |
Granted (in shares) | [1] | 365,000 | 627,000 | 512,000 |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 354.12 | $ 173.40 | $ 99.88 | |
Vested (in shares) | (577,000) | (1,213,000) | (656,000) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 91.50 | $ 59.03 | $ 53.72 | |
Forfeited (in shares) | (12,000) | (11,000) | (43,000) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 103.84 | $ 84.48 | $ 42.72 | |
Balance (in shares) | 1,166,000 | 1,390,000 | 1,987,000 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 222.78 | $ 132.60 | $ 74.50 | |
MSUs [Member] | ||||
Balance (in shares) | 1,554,000 | 1,886,000 | 2,219,000 | |
Weighted-Average Grant Date Fair Value Per Share, beginning balance (in dollars per share) | $ 40.40 | $ 37.63 | $ 35.69 | |
Granted (in shares) | 0 | 0 | 0 | |
Weighted-Average Grant Date Fair Value Per Share, granted (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Vested (in shares) | (324,000) | (324,000) | (324,000) | |
Weighted-Average Grant Date Fair Value Per Share, vested (in dollars per share) | $ 23.57 | $ 23.57 | $ 23.57 | |
Forfeited (in shares) | (12,000) | (8,000) | (9,000) | |
Weighted-Average Grant Date Fair Value Per Share, forfeited (in dollars per share) | $ 68.48 | $ 68.48 | $ 68.48 | |
Balance (in shares) | 1,218,000 | 1,554,000 | 1,886,000 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance (in dollars per share) | $ 44.59 | $ 40.40 | $ 37.63 | |
[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 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Valuation Assumptions (Details) - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expected term (Year) | 6 months | 6 months | 6 months |
Expected volatility | 43.20% | 48.90% | 37.00% |
Risk-free interest rate | 0.10% | 0.80% | 2.20% |
Dividend yield | 0.60% | 0.90% | 1.10% |
Note 9 - Dividends and Divide_3
Note 9 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Dividends Payable, Current | $ 27.7 | $ 22.6 |
Accrued Dividend Equivalents | $ 13.1 | $ 11.7 |
Note 9 - Dividends and Divide_4
Note 9 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend declared per share (in dollars per share) | $ 2.40 | $ 2 | $ 1.60 |
Total amount | $ 110,206 | $ 89,832 | $ 69,196 |
Note 10 - Other Expense, Net -
Note 10 - Other Expense, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | $ 11,637 | $ 9,327 | $ 7,305 |
Amortization of premium on available-for-sale securities | (4,674) | (2,979) | (729) |
Gain on deferred compensation plan investments | 4,563 | 4,592 | 3,806 |
Foreign currency exchange loss | (727) | (1,364) | (310) |
Other | (997) | 884 | 486 |
Total | $ 9,802 | $ 10,460 | $ 10,558 |
Note 11 - Net Income Per Shar_2
Note 11 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 242,023 | $ 164,375 | $ 108,839 |
Weighted-average outstanding shares - basic (in shares) | 45,851 | 44,840 | 43,165 |
Effect of dilutive securities (in shares) | 2,038 | 2,174 | 2,598 |
Weighted-average outstanding shares - diluted (in shares) | 47,889 | 47,014 | 45,763 |
Earnings per share, basic (in dollars per share) | $ 5.28 | $ 3.67 | $ 2.52 |
Earnings per share, diluted (in dollars per share) | $ 5.05 | $ 3.50 | $ 2.38 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Undistributed Earnings of Foreign Subsidiaries | $ 46,200 | $ 27,700 | ||
Unrecognized Tax Benefits, Ending Balance | 41,521 | 33,499 | $ 25,407 | $ 20,491 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 31,500 | 24,300 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3,300 | 2,400 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 0 | |||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 1,500 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | 20,000 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 33,400 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 34,100 | |||
Bermuda Subsidiary [Member] | ||||
Foreign Earnings Repatriated | $ 70,000 | $ 30,000 | $ 75,000 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
United States | $ (15,542) | $ 39,286 | $ (4,134) |
Foreign | 287,761 | 130,056 | 117,254 |
Income before income taxes | $ 272,219 | $ 169,342 | $ 113,120 |
Note 12 - Income Taxes - Comp_2
Note 12 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ 24,955 | $ 2,842 | $ 1,682 |
State | 35 | (1) | 8 |
Foreign | 3,801 | 3,814 | 3,105 |
Federal | 4,929 | (1,221) | (213) |
Foreign | (3,524) | (467) | (301) |
Income tax expense | $ 30,196 | $ 4,967 | $ 4,281 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. statutory federal tax rate | 21.00% | 21.00% | 21.00% |
Foreign income at lower rates | (23.20%) | (15.20%) | (20.70%) |
GILTI | 11.40% | 11.10% | 11.00% |
Changes in valuation allowance | 0.50% | 1.60% | 2.10% |
Stock-based compensation | 1.60% | (11.20%) | (1.50%) |
Tax credits, net of reserves | (1.10%) | (3.80%) | (6.20%) |
State income taxes | (0.50%) | (1.60%) | (0.70%) |
Other adjustments | 1.40% | 1.00% | (1.20%) |
Effective tax rate | 11.10% | 2.90% | 3.80% |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Tax credits | $ 26,302 | $ 23,501 |
Stock-based compensation | 2,027 | 2,392 |
Deferred compensation | 8,526 | 7,895 |
Net operating losses | 5,818 | 1,150 |
Other expenses not currently deductible | 5,151 | 4,617 |
Deferred tax assets, gross | 47,824 | 39,555 |
Valuation allowance | (19,520) | (18,190) |
Deferred tax assets, net of valuation allowance | 28,304 | 21,365 |
Depreciation and amortization | (5,067) | (1,600) |
Undistributed foreign earnings | (375) | (77) |
Other expenses currently deductible | (945) | (1,132) |
Deferred tax liabilities | (6,387) | (2,809) |
Net deferred tax assets | $ 21,917 | $ 18,556 |
Note 12 - Income Taxes - Unreco
Note 12 - Income Taxes - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 33,499 | $ 25,407 | $ 20,491 |
Increase for tax position of prior year | 1,589 | ||
Increase for tax position of current year | 9,191 | 9,782 | 4,663 |
Decrease due to settlement with tax authorities | (54) | (560) | (560) |
Decrease due to lapse of statute of limitation | (458) | (223) | (776) |
Decrease for tax position of prior year | (657) | (907) | |
Balance | $ 41,521 | $ 33,499 | $ 25,407 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 5.2 |
Purchase Obligation, Total | $ 198.6 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 6,895 | $ 1,139 | $ 4,564 |
Warranty provision for product sales | 16,507 | 7,584 | 891 |
Settlements made | (1,770) | (843) | (2,768) |
Unused warranty provision | (643) | (985) | (1,548) |
Balance | $ 20,989 | $ 6,895 | $ 1,139 |
Note 14 - Employee 401(k) Plan
Note 14 - Employee 401(k) Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 15 - Significant Custome_3
Note 15 - Significant Customers - Customers Concentration Summary (Details) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | Distributor A [Member] | |||
Concentration Risk, Percentage | 26.00% | 24.00% | 23.00% |
Revenue Benchmark [Member] | Distributor B [Member] | |||
Concentration Risk, Percentage | 15.00% | 11.00% | |
Revenue Benchmark [Member] | Distributor C [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Accounts Receivable [Member] | Distributor A [Member] | |||
Concentration Risk, Percentage | 26.00% | 24.00% | |
Accounts Receivable [Member] | Distributor B [Member] | |||
Concentration Risk, Percentage | 17.00% | 21.00% | |
Accounts Receivable [Member] | Value Added Reseller A [Member] | |||
Concentration Risk, Percentage | 12.00% | 13.00% | |
Accounts Receivable [Member] | Customer A (Direct) [Member] | |||
Concentration Risk, Percentage | 10.00% |
Note 16 - Segment and Geograp_3
Note 16 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 1 |
Note 16 - Segment and Geograp_4
Note 16 - Segment and Geographic Information - Revenue By Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 1,207,798 | $ 844,452 | $ 627,921 |
CHINA | |||
Revenue | 700,985 | 516,519 | 382,740 |
TAIWAN, PROVINCE OF CHINA | |||
Revenue | 169,130 | 109,256 | 73,801 |
Europe [Member] | |||
Revenue | 85,201 | 56,329 | 49,467 |
KOREA, REPUBLIC OF | |||
Revenue | 93,027 | 64,093 | 43,900 |
South East Asia [Member] | |||
Revenue | 54,611 | 42,403 | 32,031 |
JAPAN | |||
Revenue | 68,720 | 35,461 | 27,812 |
UNITED STATES | |||
Revenue | 35,770 | 20,098 | 17,836 |
Other Region [Member] | |||
Revenue | $ 354 | $ 293 | $ 334 |
Note 16 - Segment and Geograp_5
Note 16 - Segment and Geographic Information - Revenue By Product Family (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 1,207,798 | $ 844,452 | $ 627,921 |
DC To DC Products [Member] | |||
Revenue | 1,147,329 | 800,478 | 589,651 |
Lighting Control Products [Member] | |||
Revenue | $ 60,469 | $ 43,974 | $ 38,270 |
Note 16- Segment and Geographic
Note 16- Segment and Geographic Information - Long Lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Long lived assets by region | $ 362,962 | $ 281,528 | $ 228,315 |
CHINA | |||
Long lived assets by region | 211,973 | 151,752 | 113,888 |
UNITED STATES | |||
Long lived assets by region | 113,805 | 101,768 | 94,671 |
TAIWAN, PROVINCE OF CHINA | |||
Long lived assets by region | 19,607 | 18,797 | 17,652 |
Other Region [Member] | |||
Long lived assets by region | $ 17,577 | $ 9,211 | $ 2,104 |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 966,587 | $ 773,491 |
Balance | 1,243,985 | 966,587 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 1,601 | 135 |
Other comprehensive income (loss) before reclassifications | (3,244) | 2,878 |
Amounts reclassified from accumulated other comprehensive income | (33) | (1,087) |
Tax effect | 613 | (325) |
Net current period other comprehensive income (loss) | (2,664) | 1,466 |
Balance | (1,063) | 1,601 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | 8,539 | (5,611) |
Other comprehensive income (loss) before reclassifications | 8,404 | 14,150 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Tax effect | 0 | 0 |
Net current period other comprehensive income (loss) | 8,404 | 14,150 |
Balance | 16,943 | 8,539 |
AOCI Attributable to Parent [Member] | ||
Balance | 10,140 | (5,476) |
Other comprehensive income (loss) before reclassifications | 5,160 | 17,028 |
Amounts reclassified from accumulated other comprehensive income | (33) | (1,087) |
Tax effect | 613 | (325) |
Net current period other comprehensive income (loss) | 5,740 | 15,616 |
Balance | $ 15,880 | $ 10,140 |
Note 18 - Subsequent Event (Det
Note 18 - Subsequent Event (Details Textual) - $ / shares | 2 Months Ended | 12 Months Ended | ||
Feb. 25, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 2.40 | $ 2 | $ 1.60 | |
Quarterly Cash Dividends [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.60 | |||
Quarterly Cash Dividends [Member] | Subsequent Event [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.75 |