DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 18, 2019 | |
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Entity Address, Address Line One | 5245 Hellyer Avenue | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-23441 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | POWER INTEGRATIONS, INC. | |
Trading Symbol | POWI | |
Entity Central Index Key | 0000833640 | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 29,422,335 | |
Entity Tax Identification Number | 94-3065014 | |
Entity Address, Postal Zip Code | 95138 | |
Security Exchange Name | NASDAQ | |
City Area Code | 408 | |
Local Phone Number | 414-9200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 80,162 | $ 134,137 |
Short-term marketable securities | 164,649 | 94,451 |
Accounts receivable, net of allowances for doubtful accounts of $763 and $706 in 2019 and 2018, respectively | 25,819 | 11,072 |
Inventories | 88,710 | 80,857 |
Prepaid expenses and other current assets | 15,316 | 11,915 |
Total current assets | 374,656 | 332,432 |
PROPERTY AND EQUIPMENT, net | 114,930 | 114,117 |
INTANGIBLE ASSETS, net | 18,238 | 21,152 |
GOODWILL | 91,849 | 91,849 |
DEFERRED TAX ASSETS | 5,564 | 6,906 |
OTHER ASSETS | 31,173 | 22,241 |
Total assets | 636,410 | 588,697 |
CURRENT LIABILITIES: | ||
Accounts payable | 30,542 | 31,552 |
Accrued payroll and related expenses | 10,796 | 12,131 |
Taxes payable | 597 | 933 |
Other accrued liabilities | 7,717 | 3,750 |
Total current liabilities | 49,652 | 48,366 |
LONG-TERM INCOME TAXES PAYABLE | 9,309 | 8,652 |
DEFERRED TAX LIABILITIES | 152 | 216 |
OTHER LIABILITIES | 11,969 | 4,391 |
Total liabilities | 71,082 | 61,625 |
COMMITMENTS AND CONTINGENCIES (Notes 11, 12, 13 and 14) | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 28 | 28 |
Additional paid-in capital | 143,554 | 126,164 |
Accumulated other comprehensive loss | (1,084) | (1,689) |
Retained earnings | 422,830 | 402,569 |
Total stockholders’ equity | 565,328 | 527,072 |
Total liabilities and stockholders’ equity | $ 636,410 | $ 588,697 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Allowances For Doubtful Accounts - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 763 | $ 706 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Income Statement [Abstract] | |||||
NET REVENUES | $ 114,159 | $ 110,085 | $ 306,212 | $ 322,648 | |
COST OF REVENUES | 56,028 | 53,080 | 151,035 | 155,865 | |
GROSS PROFIT | 58,131 | 57,005 | 155,177 | 166,783 | |
OPERATING EXPENSES: | |||||
Research and development | 17,957 | 17,236 | 55,172 | 52,615 | |
Sales and marketing | 13,452 | 13,278 | 39,678 | 39,863 | |
General and administrative | 9,224 | 8,466 | 26,948 | 26,700 | |
Total operating expenses | 40,633 | 38,980 | 121,798 | 119,178 | |
INCOME FROM OPERATIONS | 17,498 | 18,025 | 33,379 | 47,605 | |
OTHER INCOME | 1,078 | 1,098 | 3,540 | 2,819 | |
INCOME BEFORE INCOME TAXES | 18,576 | 19,123 | 36,919 | 50,424 | |
PROVISION FOR INCOME TAXES | 1,477 | 1,456 | 1,742 | 3,176 | |
NET INCOME | $ 17,099 | $ 17,667 | $ 35,177 | $ 47,248 | |
EARNINGS PER SHARE: | |||||
Basic (in dollars per share) | $ 0.58 | $ 0.60 | $ 1.20 | $ 1.60 | |
Diluted (in dollars per share) | [1] | $ 0.57 | $ 0.59 | $ 1.18 | $ 1.56 |
SHARES USED IN PER SHARE CALCULATION: | |||||
Basic (in shares) | 29,385 | 29,365 | 29,213 | 29,558 | |
Diluted (in shares) | 29,866 | 29,998 | 29,709 | 30,281 | |
[1] | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2019 and 2018 calculations as the shares were not contingently issuable as of the end of the reporting periods. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 17,099 | $ 17,667 | $ 35,177 | $ 47,248 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of $0 tax in each of the three and nine months ended September 30, 2019 and 2018 | 27 | (184) | (245) | (184) |
Unrealized gain on marketable securities, net of $0 tax in each of the three and nine months ended September 30, 2019 and 2018 | 208 | 165 | 799 | 153 |
Amortization of defined benefit pension items, net of tax of $5 and $15 in the three and nine months ended September 30, 2019, respectively, and $9 and $27 in the three and nine months ended September 30, 2018, respectively | 17 | 31 | 51 | 94 |
Total other comprehensive income | 252 | 12 | 605 | 63 |
TOTAL COMPREHENSIVE INCOME | $ 17,351 | $ 17,679 | $ 35,782 | $ 47,311 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Tax Effects - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized gain (loss) on marketable securities, tax | 0 | 0 | 0 | 0 |
Amortization of defined benefit pension items, tax | $ 5 | $ 9 | $ 15 | $ 27 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance at Dec. 31, 2017 | $ 29 | $ 198,384 | $ (2,139) | $ 351,408 | |
Common stock issued under employee stock plans | 0 | 8,550 | |||
Repurchase of common stock | 1 | (74,377) | |||
Stock-based compensation | 16,139 | ||||
Other comprehensive income | $ 63 | 63 | |||
Net income | 47,248 | 47,248 | |||
Payment of dividends to stockholders | (14,172) | ||||
Ending balance at Sep. 30, 2018 | 531,132 | 28 | 148,696 | (2,076) | 384,484 |
Beginning balance at Jun. 30, 2018 | 28 | 152,380 | (2,088) | 371,509 | |
Common stock issued under employee stock plans | 0 | 2,915 | |||
Repurchase of common stock | 0 | (10,988) | |||
Stock-based compensation | 4,389 | ||||
Other comprehensive income | 12 | 12 | |||
Net income | 17,667 | ||||
Payment of dividends to stockholders | (4,692) | ||||
Ending balance at Sep. 30, 2018 | 531,132 | 28 | 148,696 | (2,076) | 384,484 |
Beginning balance at Dec. 31, 2018 | 527,072 | 28 | 126,164 | (1,689) | 402,569 |
Common stock issued under employee stock plans | 0 | 9,683 | |||
Repurchase of common stock | (7,300) | 0 | (7,302) | ||
Stock-based compensation | 15,009 | ||||
Other comprehensive income | 605 | 605 | |||
Net income | 35,177 | 35,177 | |||
Payment of dividends to stockholders | (14,916) | ||||
Ending balance at Sep. 30, 2019 | 565,328 | 28 | 143,554 | (1,084) | 422,830 |
Beginning balance at Jun. 30, 2019 | 28 | 134,443 | (1,336) | 410,730 | |
Common stock issued under employee stock plans | 0 | 4,005 | |||
Repurchase of common stock | 0 | 0 | |||
Stock-based compensation | 5,106 | ||||
Other comprehensive income | 252 | 252 | |||
Net income | 17,099 | ||||
Payment of dividends to stockholders | (4,999) | ||||
Ending balance at Sep. 30, 2019 | $ 565,328 | $ 28 | $ 143,554 | $ (1,084) | $ 422,830 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 35,177 | $ 47,248 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 14,262 | 14,369 |
Amortization of intangibles | 3,840 | 3,967 |
Loss on disposal of property and equipment | 214 | 455 |
Stock-based compensation expense | 15,009 | 16,138 |
Amortization of premium (accretion of discount) on marketable securities | (296) | 342 |
Deferred income taxes | 1,278 | (1,395) |
Increase in accounts receivable allowances | 57 | 170 |
Change in operating assets and liabilities: | ||
Accounts receivable | (14,804) | 2,886 |
Inventories | (7,853) | (17,114) |
Prepaid expenses and other assets | (3,034) | (2,721) |
Accounts payable | (2,636) | 2,647 |
Taxes payable and accrued liabilities | 1,126 | (1,357) |
Net cash provided by operating activities | 42,340 | 65,635 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (14,325) | (19,120) |
Acquisition of technology licenses | (351) | (900) |
Purchases of marketable securities | (135,288) | (58,221) |
Proceeds from sales and maturities of marketable securities | 66,184 | 147,501 |
Net cash provided by (used in) investing activities | (83,780) | 69,260 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock under employee stock plans | 9,683 | 8,550 |
Repurchase of common stock | (7,302) | (74,377) |
Payments of dividends to stockholders | (14,916) | (14,172) |
Proceeds from draw on line of credit | 0 | 8,000 |
Payments on line of credit | 0 | (8,000) |
Net cash used in financing activities | (12,535) | (79,999) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (53,975) | 54,896 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 134,137 | 93,655 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 80,162 | 148,551 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unpaid property and equipment | 2,868 | 3,424 |
Unpaid technology licenses | 675 | 100 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes, net | $ 1,083 | $ 5,897 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: The condensed consolidated financial statements include the accounts of Power Integrations, Inc., a Delaware corporation (the “Company”), and its wholly owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. While the financial information furnished is unaudited, the condensed consolidated financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair presentation of the results of operations for the interim periods covered and the financial condition of the Company at the date of the interim balance sheet in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The results for interim periods are not necessarily indicative of the results for the entire year. The condensed consolidated financial statements should be read in conjunction with the Power Integrations, Inc. consolidated financial statements and the notes thereto for the year ended December 31, 2018 , included in its Form 10-K filed on February 13, 2019 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant accounting policies and recent accounting pronouncements [Text Block] | SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS: Significant Accounting Policies and Estimates Except for the adoption of the new accounting standards for leases mentioned below, no material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements , in its Annual Report on Form 10-K, filed on February 13, 2019 , for the year ended December 31, 2018 . Adoption of New Accounting Standards In February 2016, the FASB amended the existing accounting standards for leases, ASU 2016-02, Leases . The amendments require lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases. The accounting by lessors will remain largely unchanged from that applied under previous U.S. GAAP. The Company is required to adopt the amendments in the first quarter of fiscal 2019, with early adoption permitted. The Company adopted the new standards in the first quarter of 2019, effective January 1, 2019, using the optional transition method, under which the new standards were applied prospectively rather than restating the prior periods presented. The Company elected the practical expedients under the transition guidance, which includes the use of hindsight in determining the lease term and the practical expedient package to not reassess whether any expired or existing contracts are or contain leases, to not reassess the classification of any expired or existing leases, and to not reassess initial direct costs for any existing leases. In addition, the Company elected the practical expedient to recognize lease and non-lease components as a single lease component. The Company has elected not to record on the balance sheet leases with an initial term of twelve months or less. Upon adoption, the Company recognized both right-of-use assets and corresponding lease liabilities of approximately $7.3 million and $7.2 million , respectively, on the condensed consolidated balance sheet. The difference between the right-of-use assets and lease liabilities was due to prepaid rent. There was no impact on the condensed consolidated statement of income or the condensed consolidated statement of cash flows. |
COMPONENTS OF THE COMPANY'S CON
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Disclosures | COMPONENTS OF THE COMPANY’S CONDENSED CONSOLIDATED BALANCE SHEETS: Accounts Receivable (In thousands) September 30, December 31, Accounts receivable trade $ 61,056 $ 54,055 Allowances for ship and debit (30,678 ) (40,118 ) Allowances for stock rotation and rebate (3,796 ) (2,159 ) Allowances for doubtful accounts (763 ) (706 ) Total $ 25,819 $ 11,072 Inventories (In thousands) September 30, December 31, Raw materials $ 38,286 $ 41,138 Work-in-process 22,727 15,612 Finished goods 27,697 24,107 Total $ 88,710 $ 80,857 Prepaid Expenses and Other Current Assets (In thousands) September 30, December 31, Prepaid legal fees $ 1,906 $ 181 Prepaid income tax 4,028 3,081 Prepaid maintenance agreements 1,062 2,047 Interest receivable 1,286 595 Advance to suppliers 3,074 2,157 Other 3,960 3,854 Total $ 15,316 $ 11,915 Intangible Assets September 30, 2019 December 31, 2018 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Domain name $ 1,261 $ — $ 1,261 $ 1,261 $ — $ 1,261 In-process research and development — — — 4,690 — 4,690 Developed technology 37,960 (24,993 ) 12,967 33,270 (22,464 ) 10,806 Customer relationships 20,030 (17,720 ) 2,310 20,030 (16,520 ) 3,510 Technology licenses 1,926 (226 ) 1,700 1,000 (115 ) 885 Total $ 61,177 $ (42,939 ) $ 18,238 $ 60,251 $ (39,099 ) $ 21,152 The estimated future amortization expense related to finite-lived intangible assets at September 30, 2019 , is as follows: Fiscal Year Estimated Amortization (In thousands) 2019 (remaining three months) $ 1,380 2020 4,355 2021 3,489 2022 2,411 2023 2,169 Thereafter 3,173 Total $ 16,977 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for three and nine months ended September 30, 2019 and 2018 , were as follows: Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension Items Foreign Currency Items Total Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Beginning balance $ 325 $ (439 ) $ (678 ) $ (1,174 ) $ (983 ) $ (475 ) $ (1,336 ) $ (2,088 ) Other comprehensive income (loss) before reclassifications 208 165 — — 27 (184 ) 235 (19 ) Amounts reclassified from accumulated other comprehensive loss — — 17 (1 ) 31 (1 ) — — 17 31 Net-current period other comprehensive income (loss) 208 165 17 31 27 (184 ) 252 12 Ending balance $ 533 $ (274 ) $ (661 ) $ (1,143 ) $ (956 ) $ (659 ) $ (1,084 ) $ (2,076 ) _______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended September 30, 2019 and 2018 . Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension Items Foreign Currency Items Total Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Beginning balance $ (266 ) $ (427 ) $ (712 ) $ (1,237 ) $ (711 ) $ (475 ) $ (1,689 ) $ (2,139 ) Other comprehensive income (loss) before reclassifications 799 153 — — (245 ) (184 ) 554 (31 ) Amounts reclassified from accumulated other comprehensive loss — — 51 (1 ) 94 (1 ) — — 51 94 Net-current period other comprehensive income (loss) 799 153 51 94 (245 ) (184 ) 605 63 Ending balance $ 533 $ (274 ) $ (661 ) $ (1,143 ) $ (956 ) $ (659 ) $ (1,084 ) $ (2,076 ) _______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the nine months ended September 30, 2019 and 2018 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS: The FASB established a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company's cash equivalents and short-term marketable securities are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The fair-value hierarchy of the Company's cash equivalents and marketable securities at September 30, 2019 , and December 31, 2018 , was as follows: Fair Value Measurement at September 30, 2019 (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Corporate securities $ 161,408 $ — $ 161,408 Commercial paper 48,323 — 48,323 Money market funds 3,157 3,157 — Total $ 212,888 $ 3,157 $ 209,731 Fair Value Measurement at December 31, 2018 (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Corporate securities $ 94,451 $ — $ 94,451 Commercial paper 96,366 — 96,366 Money market funds 304 304 — Total $ 191,121 $ 304 $ 190,817 The Company did not transfer any investments between Level 1 and Level 2 of the fair-value hierarchy in the nine months ended September 30, 2019 , and the twelve months ended December 31, 2018 . |
MARKETABLE SECURITITES
MARKETABLE SECURITITES | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | MARKETABLE SECURITIES: Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at September 30, 2019 , were as follows: Amortized Cost Gross Unrealized Estimated Fair Market Value (In thousands) Gains Losses Investments due in 3 months or less: Commercial paper $ 3,241 $ — $ — $ 3,241 Corporate securities 900 — — 900 Total 4,141 — — 4,141 Investments due in 4-12 months: Corporate securities 68,989 310 — 69,299 Total 68,989 310 — 69,299 Investments due in 12 months or greater: Corporate securities 90,986 228 (5 ) 91,209 Total 90,986 228 (5 ) 91,209 Total marketable securities $ 164,116 $ 538 $ (5 ) $ 164,649 Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2018 , were as follows: Amortized Cost Gross Unrealized Estimated Fair Market Value (In thousands) Gains Losses Investments due in 3 months or less: Corporate securities $ 6,788 $ — $ (2 ) $ 6,786 Total 6,788 — (2 ) 6,786 Investments due in 4-12 months: Corporate securities 60,123 — (244 ) 59,879 Total 60,123 — (244 ) 59,879 Investments due in 12 months or greater: Corporate securities 27,806 2 (22 ) 27,786 Total 27,806 2 (22 ) 27,786 Total marketable securities $ 94,717 $ 2 $ (268 ) $ 94,451 As of September 30, 2019 , and December 31, 2018 , the Company evaluated the nature of the investments with a loss position, which were primarily high-quality corporate securities, and determined the unrealized losses were not other-than-temporary. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK PLANS AND SHARE-BASED COMPENSATION | STOCK-BASED COMPENSATION: The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and nine months ended September 30, 2019 , and September 30, 2018 : Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Cost of revenues $ 280 $ 243 $ 824 $ 784 Research and development 1,893 1,634 5,669 5,744 Sales and marketing 1,211 1,105 3,413 3,507 General and administrative 1,722 1,416 5,103 6,103 Total stock-based compensation expense $ 5,106 $ 4,398 $ 15,009 $ 16,138 Stock-based compensation expense in the three months ended September 30, 2019 , was approximately $5.1 million , comprising approximately $4.4 million related to restricted stock unit (RSU) awards, $0.3 million related to performance-based (PSU) awards and long-term performance-based (PRSU) awards and $0.4 million related to the Company’s employee stock purchase plan. In the nine months ended September 30, 2019, stock-based compensation expense was approximately $15.0 million , comprising approximately $13.2 million related to RSUs, $0.6 million related to PSUs and PRSUs and $1.2 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the three months ended September 30, 2018 , was approximately $4.4 million , comprising approximately $4.2 million related to RSUs, a reduction to expense of $0.1 million related to PSUs and PRSUs and $0.3 million related to the Company’s employee stock purchase plan. In the nine months ended September 30, 2018, stock-based compensation expense was approximately $16.1 million , comprising approximately $12.4 million related to RSUs, $2.6 million related to PSUs and PRSUs and $1.1 million related to the Company’s employee stock purchase plan. Stock Options A summary of stock options outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 335 $ 32.41 Granted — — Exercised (162 ) $ 25.51 Forfeited or expired — — Outstanding at September 30, 2019 173 $ 38.85 1.51 $ 8,945 Vested and exercisable at September 30, 2019 173 1.51 $ 8,945 PSU Awards Under the performance-based awards program, the Company grants awards in the performance year in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The number of shares that are released at the end of the performance year can range from zero to 200% of the target number depending on the Company’s performance. The performance metrics of this program are annual targets consisting of a combination of net revenue, non-GAAP operating income and strategic goals. As the net revenue, non-GAAP operating income and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures, is recognized over the service period based on an assessment of the achievement of the performance targets. The fair value of these PSUs is determined using the fair value of the Company’s common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In January 2019 , it was determined that approximately 26,000 shares of the PSUs granted in 2018 vested in aggregate; the shares were released to the Company’s employees and executives in the first quarter of 2019 . A summary of PSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 26 $ 62.87 Granted 92 $ 70.08 Vested (26 ) $ 62.87 Forfeited — — Outstanding at September 30, 2019 92 $ 70.08 0.25 $ 8,353 Outstanding and expected to vest at September 30, 2019 34 0.25 $ 3,141 PRSU Awards The Company's PRSU program provides for the issuance of PRSUs which will vest based on the Company's performance measured against the PRSU program's established revenue targets. PRSUs are granted in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The actual number of shares the recipient receives is determined at the end of a three-year performance period based on results achieved versus the Company's performance goals, and may range from zero to 200% of the target number. The performance goals for PRSUs granted in fiscal 2017, 2018 and 2019 were based on the Company’s annual revenue growth over the respective three-year performance period. Expense associated with these awards, net of estimated forfeitures, is recorded throughout the year depending on the number of shares expected to vest based on progress toward the performance target. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In January 2019 , it was determined that approximately 70,000 shares of the PRSUs granted in 2016, vested in aggregate; the shares were released to the Company’s executives in the first quarter of 2019 . A summary of PRSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 213 $ 55.48 Granted 72 $ 68.17 Vested (70 ) $ 43.26 Forfeited — — Outstanding at September 30, 2019 215 $ 63.70 1.25 $ 19,424 Outstanding and expected to vest at September 30, 2019 58 2.25 $ 5,274 RSU Awards A summary of RSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 895 $ 58.19 Granted 275 $ 68.88 Vested (295 ) $ 56.15 Forfeited (19 ) $ 62.32 Outstanding at September 30, 2019 856 $ 62.24 1.81 $ 77,414 Outstanding and expected to vest at September 30, 2019 789 1.72 $ 71,347 |
SIGNIFICANT CUSTOMERS AND GEOGR
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 9 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in the high-voltage power-conversion market. The Company’s chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Customer Concentration The Company's top ten customers accounted for approximately 55% and 54% of net revenues for the three and nine months ended September 30, 2019 , respectively, and approximately 56% and 57% , respectively, of net revenues in the corresponding periods of the previous year. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including original equipment manufacturers, or OEMs, and merchant power supply manufacturers. Sales to distributors were $78.0 million and $222.7 million in the three and nine months ended September 30, 2019 , respectively, and $83.3 million and $245.4 million , respectively, for the corresponding periods of 2018 . Direct sales to OEMs and power-supply manufacturers accounted for the remainder. In each of three and nine months ended September 30, 2019 and 2018 , one customer, a distributor of the Company's products, accounted for more than 10% of the Company’s net revenues. The following table discloses this customer’s percentage of revenues for the respective periods: Three Months Ended Nine Months Ended Customer September 30, September 30, September 30, September 30, Avnet 11 % 14 % 11 % 14 % No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2019 , and December 31, 2018 , 65% and 64% , respectively, of accounts receivable were concentrated with the Company’s top ten customers. The following customers represented 10% or more of accounts receivable: Customer September 30, December 31, Avnet 14 % 17 % Powertech Distribution Ltd. * 11 % *Total customer accounts receivable was less than 10% of net accounts receivables. No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. Geographic Net Revenues The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues, based on “bill to” customer locations, for the three and nine months ended September 30, 2019 , and September 30, 2018 , were as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, United States of America $ 2,878 $ 4,460 $ 8,162 $ 12,056 Hong Kong/China 64,526 59,178 171,110 169,149 Taiwan 10,410 11,210 27,246 36,010 Korea 7,177 8,087 22,621 25,965 Western Europe (excluding Germany) 9,220 12,842 28,746 37,910 Japan 4,753 5,040 11,312 15,238 Germany 4,921 3,873 13,661 10,882 Other 10,274 5,395 23,354 15,438 Total net revenues $ 114,159 $ 110,085 $ 306,212 $ 322,648 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity [Text Block] | STOCKHOLDERS’ EQUITY: Common Stock Shares Outstanding Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Beginning balance 29,330 29,421 28,889 29,782 Common stock issued under employee stock plans 89 59 651 630 Repurchased — (152 ) (121 ) (1,084 ) Ending balance 29,419 29,328 29,419 29,328 Common Stock Repurchases As of December 31, 2018, the Company had approximately $51.2 million remaining under its stock-repurchase program. In the nine months ended September 30, 2019 , the Company repurchased approximately 121,000 shares of its common stock for approximately $7.3 million . As of September 30, 2019 , the Company had approximately $43.9 million remaining under its current repurchase program, which has no expiration date. Authorization of future repurchase programs is at the discretion of the board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors. Cash Dividends In January 2019, the Company’s board of directors declared four quarterly cash dividends in the amount of $0.17 per share to be paid to stockholders of record at the end of each quarter in 2019 . In October 2019, the Company’s board of directors raised the cash dividends per share with the declaration of five cash dividends, consisting of (a) a dividend in the amount of $0.02 per share to be paid to stockholders of record at the end of the fourth quarter in 2019, which is in addition to the dividend in the amount of $0.17 per share to be paid to stockholders of record at the end of the fourth quarter in 2019 previously declared by the board in January 2019, and (b) a dividend in the amount of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2020. For the three and nine months ended September 30, 2019 , and 2018, cash dividends declared and paid were as follows: Three Months Ended Nine Months Ended (In thousands, except per share amounts) September 30, September 30, September 30, September 30, Dividends declared and paid $ 4,999 $ 4,692 $ 14,916 $ 14,172 Dividends declared per common share $ 0.17 $ 0.16 $ 0.51 $ 0.48 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE: Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units, the assumed issuance of awards under the stock purchase plan and contingently issuable performance-based awards, as computed using the treasury stock method. A summary of the earnings per share calculation is as follows: Three Months Ended Nine Months Ended (In thousands, except per share amounts) September 30, September 30, September 30, September 30, Basic earnings per share: Net income $ 17,099 $ 17,667 $ 35,177 $ 47,248 Weighted-average common shares 29,385 29,365 29,213 29,558 Basic earnings per share $ 0.58 $ 0.60 $ 1.20 $ 1.60 Diluted earnings per share: (1) Net income $ 17,099 $ 17,667 $ 35,177 $ 47,248 Weighted-average common shares 29,385 29,365 29,213 29,558 Effect of dilutive awards: Employee stock plans 481 633 496 723 Diluted weighted-average common shares 29,866 29,998 29,709 30,281 Diluted earnings per share $ 0.57 $ 0.59 $ 1.18 $ 1.56 _______________ (1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2019 and 2018 calculations as the shares were not contingently issuable as of the end of the reporting periods. In the three and nine months ended September 30, 2019 and 2018 , no outstanding stock awards were determined to be anti-dilutive and therefore excluded from the computation of diluted earnings per share. |
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
PROVISION FOR INCOME TAXES | PROVISION FOR INCOME TAXES: Income-tax expense includes a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to the Company and its subsidiaries, adjusted for certain discrete items which are fully recognized in the period they occur. Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate. The Company's effective tax rates for the three and nine months ended September 30, 2019 , were 8.0% and 4.7% , respectively, and 7.6% and 6.3% , respectively, for the corresponding periods of 2018. In the three and nine months ended September 30, 2019 and 2018 , the effective tax rate was lower than the statutory federal income-tax rate of 21% due to the geographic distribution of the Company’s world-wide earnings in lower-tax jurisdictions, federal research tax credits and the recognition of excess tax benefits related to share-based payments. These benefits were partially offset by foreign income subject to U.S. tax, known as global intangible low-taxed income. The Company’s primary jurisdiction where foreign earnings are derived is the Cayman Islands, which is a non-taxing jurisdiction. Income earned in other foreign jurisdictions was not material. The Company has not been granted any incentivized tax rates and does not operate under any tax holidays in any jurisdiction. As of September 30, 2019 , the Company maintained a valuation allowance on its California deferred tax assets, New Jersey deferred tax assets, and capital losses for federal purposes, and a valuation allowance with respect to its deferred tax assets relating to tax credits in Canada. Determining the consolidated provision for income-tax expense, income-tax liabilities and deferred tax assets and liabilities involves judgment. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES: The Company’s leases consist of operating leases for administrative office spaces, research-and-development facilities, design centers and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total lease expense was $0.7 million and $1.8 million in the three and nine months ended September 30, 2019 , respectively, while short-term and variable lease expenses were not material. Balance sheet information related to leases was as follows: (In thousands) Balance Sheet Classification September 30, Right-of-use assets Operating lease assets Other assets $ 9,881 Lease liabilities Current operating lease liabilities Other accrued liabilities $ 1,803 Non-current operating lease liabilities Other liabilities 7,409 Total $ 9,212 Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to nine years , some of which include options to extend for up to six years , and some of which include options to terminate within one year . Leases with an initial term of twelve months or less are not recorded on the balance sheet. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at commencement date. Lease term and discount rate September 30, Weighted average remaining lease term 5.0 years Weighted average discount rate 3.9 % Supplemental cash flows information related to leases was as follow: Nine Months Ended (In thousands) September 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,429 Right-of-use assets obtained in exchange for new operating lease obligations $ 4,501 Future minimum lease payments under all non-cancelable lease agreements as of September 30, 2019 , are as follows: (In thousands) September 30, 2019 (remaining three months) $ 311 2020 2,308 2021 2,261 2022 1,882 2023 1,655 Thereafter 1,744 Total future minimum lease payments 10,161 Less imputed interest (949 ) Total $ 9,212 |
COMMITMENTS
COMMITMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS: Supplier Agreements Under the terms of the Company's wafer-supply agreements with Seiko Epson Corporation ("Epson"), and ROHM Lapis Semiconductor Co., Ltd. ("Lapis") the wafers purchased from these suppliers are priced in U.S. dollars, with mutual sharing of the impact of fluctuations in the exchange rate between the Japanese yen and the U.S. dollar on future purchases. Each year, the Company's management and these two suppliers review and negotiate future pricing; the negotiated pricing is denominated in U.S. dollars but is subject to contractual exchange rate provisions. The fluctuation in the exchange rate is shared equally between the Company and each of these suppliers on future purchases. |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS AND CONTINGENCIES | LEGAL PROCEEDINGS AND CONTINGENCIES: From time to time in the ordinary course of business, the Company becomes involved in lawsuits, or customers and distributors may make claims against the Company. In accordance with ASC 450-10, Contingencies , the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. On October 4, 2019, the Company entered into a binding term sheet (the “Term Sheet”) with ON Semiconductor Corporation and its wholly owned subsidiaries Fairchild Semiconductor and Semiconductor Components Industries, LLC (collectively, “ON”) pursuant to which the parties agreed to end all outstanding legal and administrative disputes. Pursuant to the Term Sheet, ON agreed to pay Power Integrations $175.0 million in cash. In addition, each party agreed to release the other party from any claims to damages or monetary relief for certain alleged acts of patent infringement across the various patent infringement litigations, occurring on or before June 30, 2020, and not to file any additional action for legal or equitable relief prior to June 30, 2023 (although following that date a party may file a legal action for alleged patent infringement occurring after June 30, 2020). Neither party granted any licenses to the other. On October 19, 2019, the parties memorialized the terms of the Term Sheet in a definitive agreement (the “Definitive Agreement”). On October 22, 2019, the Company received ON’s payment of $175.0 million . The Company and ON are in the process of filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties, as detailed below. On October 20, 2004, the Company filed a complaint against Fairchild Semiconductor International, Inc. and Fairchild Semiconductor Corporation (referred to collectively as “Fairchild”) in the United States District Court for the District of Delaware. In its complaint, the Company alleged that Fairchild has and is infringing four of Power Integrations’ patents pertaining to pulse width modulation (PWM) integrated circuit devices. Fairchild denied infringement and asked for a declaration from the court that it does not infringe any Power Integrations patent and that the patents are invalid. The Court issued a claim construction order on March 31, 2006, which was favorable to the Company. The Court set a first trial on the issues of infringement, willfulness and damages for October 2, 2006. At the close of the first trial, on October 10, 2006, the jury returned a verdict in favor of the Company finding all asserted claims of all four patents-in-suit to be willfully infringed by Fairchild and awarding $34.0 million in damages. Fairchild raised defenses contending that the asserted patents are invalid or unenforceable, and the Court held a second trial on these issues beginning on September 17, 2007. On September 21, 2007, the jury returned a verdict in the Company’s favor, affirming the validity of the asserted claims of all four patents-in-suit. Fairchild submitted further materials on the issue of enforceability along with various other post-trial motions, and the Company filed post-trial motions seeking a permanent injunction and increased damages and attorneys’ fees, among other things. On September 24, 2008, the Court denied Fairchild’s motion regarding enforceability and ruled that all four patents are enforceable. On December 12, 2008, the Court ruled on the remaining post-trial motions, including granting a permanent injunction, reducing the damages award to $6.1 million , granting Fairchild a new trial on the issue of willful infringement in view of an intervening change in the law, and denying the Company’s motion for increased damages and attorneys’ fees with leave to renew the motion after the resolution of the issue of willful infringement. On December 22, 2008, at Fairchild’s request, the Court temporarily stayed the permanent injunction for 90 days. On January 12, 2009, Fairchild filed a notice of appeal challenging the Court’s refusal to enter a more permanent stay of the injunction, and Fairchild filed additional motions requesting that both the Federal Circuit and the District Court extend the stay of injunction. The District Court temporarily extended the stay pending the Federal Circuit ruling on Fairchild’s pending motion, but the Federal Circuit dismissed Fairchild’s appeal and denied its motion on May 5, 2009, and the District Court issued an order on May 13, 2009 confirming the reinstatement of the permanent injunction as originally entered in December 2008. On June 22, 2009, the Court held a brief bench re-trial on the issue of willful infringement. On July 22, 2010, the Court found that Fairchild willfully infringed all four of the asserted patents, and the Court also invited briefing on enhanced damages and attorneys’ fees. Fairchild also filed a motion requesting that the Court amend its findings regarding willfulness. On January 18, 2011, the Court denied Fairchild’s request to amend the findings regarding Fairchild’s willful infringement and doubled the damages award against Fairchild but declined to award attorneys’ fees. On February 3, 2011, the Court entered final judgment in favor of the Company for a total damages award of $12.9 million . Fairchild filed a notice of appeal challenging the final judgment and a number of the underlying rulings, and the Company filed a cross-appeal seeking to increase the damages award. The appeal was argued on January 11, 2012, and the Federal Circuit issued a mixed ruling on March 26, 2013, affirming Fairchild’s infringement of certain claims that support the basis for the permanent injunction while reversing, vacating, and remanding the findings with respect to other claims, including the Company’s claim for damages. The Company filed a petition seeking Supreme Court review of the Federal Circuit’s ruling on damages issues, and the Supreme Court called for a response from Fairchild but ultimately declined to review the case. On remand, the District Court reinstated the prior findings that Fairchild willfully infringed three of the Company’s patents; the Company intends to pursue its claim for financial compensation based on Fairchild’s infringement. Moreover, following a new Supreme Court case on patent damages, the District Court on October 4, 2018 determined that the Federal Circuit’s ruling on damages in the earlier appeal had been overruled; that issue is now on appeal at the Federal Circuit, with briefing completed to determine the impact of the Supreme Court’s ruling and the scope of the proceedings on remand. Oral argument and rulings would have been expected in the coming months. However, this case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On May 23, 2008, the Company filed a complaint against Fairchild Semiconductor International, Inc., Fairchild Semiconductor Corporation, and Fairchild’s wholly owned subsidiary System General Corporation (referred to collectively as “Fairchild”), in the United States District Court for the District of Delaware. In its complaint, the Company alleged that Fairchild has infringed and is infringing three patents pertaining to power supply controller integrated circuit devices. Fairchild answered the Company’s complaint on November 7, 2008, denying infringement and asking for a declaration from the Court that it does not infringe any Power Integrations patent and that the patents are invalid and unenforceable. Fairchild’s answer also included counterclaims accusing the Company of infringing three patents pertaining to primary side power conversion integrated circuit devices. Fairchild had earlier brought these same claims in a separate suit against the Company, also in Delaware, which Fairchild dismissed in favor of adding its claims to the Company’s already pending suit against Fairchild. The Company has answered Fairchild’s counterclaims, denying infringement and asking for a declaration from the Court that it does not infringe any Fairchild patent and that the Fairchild patents are invalid. Fairchild also filed a motion to stay the case, but the Court denied that motion on December 19, 2008. On March 5, 2009, Fairchild filed a motion for summary judgment to preclude any recovery for post-verdict sales of parts found to infringe in the parties’ other ongoing litigation, described above, and the Company filed its opposition and a cross-motion to preclude Fairchild from re-litigating the issues of infringement and damages for those same products. On June 26, 2009, the Court held a hearing on the parties’ motions, and on July 9, 2009 the Court issued an order denying the parties’ motions but staying proceedings with respect to the products that were found to infringe and which are subject to the injunction in the other Delaware case between the parties pending the entry of final judgment in that case; those products are expected to be addressed in the context of the parties’ remand proceedings following the appeal in their earlier litigation in Delaware, and the remainder of the case is proceeding. On December 18, 2009, the Court issued an order construing certain terms in the asserted claims of the Company’s and Fairchild’s patents in suit. Following the Court’s ruling on claim construction, Fairchild withdrew its claim related to one of its patents and significantly reduced the number of claims asserted for the remaining two patents. The parties thereafter filed and argued a number of motions for summary judgment, and the Court denied the majority of the parties’ motions but granted the Company’s motion to preclude Fairchild from re-arguing validity positions that were rejected in the prior case between the parties. Because the assigned Judge retired at the end of July 2010, the case was re-assigned to a different Judge, and the Court vacated the trial schedule and had the parties provide their input on the appropriate course of action. The Court thereafter set a trial schedule with the jury trial on infringement and validity to begin in July 2011. On April 18, 2011, the Court rescheduled the trial to begin in January 2012, and on June 2, 2011, the Court moved the trial date to April 2012 to permit the parties to address another patent the Company accused Fairchild of infringing. Following a trial in April 2012, the jury returned a verdict finding that Fairchild infringes two of the Company’s patents, that Fairchild has induced others to infringe the Company’s patents, and also upheld the validity of the infringed patents. Of the two remaining counterclaim patents Fairchild asserted in the case, one was found not to be infringed, but the jury found the second patent to be infringed by a limited number of the Company’s products, although the jury further found the Company did not induce infringement by any customers, including customers outside the United States. On March 29, 2013, the District Court denied most of the parties’ post-trial motions on liability but granted the Company’s motion for judgment as a matter of law finding that Fairchild infringed another of the Company’s patents. On April 25, 2013, the Court denied both parties’ motions regarding the unenforceability of each other’s patents. The Company challenged adverse findings on appeal; nevertheless, the Company estimated that even if the verdict on Fairchild’s patent had ultimately been upheld, the sales potentially impacted would have amounted to less than 0.5% of the Company’s revenues. The Company requested an injunction preventing further infringement of its own patents by Fairchild, and Fairchild requested an injunction as well. Following a hearing on the issue in June 2014, the Court denied Fairchild’s request for an injunction against the Company and granted the Company’s request for an injunction against Fairchild. On January 13, 2015, the District Court entered final judgment on the liability and validity issues discussed above, and both parties filed appeals with the Federal Circuit. After briefing was completed, oral argument on the appeal took place in early July 2016, and on December 12, 2016, the Federal Circuit issued its opinion in the appeal, overturning the lone infringement verdict against the Company, finding one of the Company’s patents invalid, and overturning the District Court’s jury instruction on inducement. In view of the Federal Circuit’s rejection of the District Court’s jury instruction on inducement, the Court also vacated the inducement findings and associated injunction against Fairchild and remanded the case for a retrial on inducement, but the underlying validity and infringement findings against Fairchild on those two patents remain intact. At the conclusion of the retrial, the jury returned a verdict in favor of the Company, finding that Fairchild willfully infringed the Company’s patents and induced infringement of the patents, awarding $24.3 million in damages on November 9, 2018. Although the jury awarded damages, at this stage of the proceedings the Company cannot state the amount, if any, it might ultimately recover from Fairchild, and no benefits have been recorded in the Company’s condensed consolidated financial statements as a result of the damages verdict. Fairchild challenged the verdict, and the Company sought enhanced damages for Fairchild’s willful infringement in post-trial proceedings, but on July 2019, the Court denied both parties’ motions. The Court did, however, award $7.1 million in pre-judgement interest as a result of Fairchild’s infringement. The case is now on appeal, and briefing was expected to begin over the coming months, with oral arguments and rulings to follow. However, this case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On June 28, 2004, the Company filed a complaint for patent infringement in the U.S. District Court, Northern District of California, against System General Corporation (SG), a Taiwanese company, and its U.S. subsidiary. The Company’s complaint alleged that certain integrated circuits produced by SG infringed and continue to infringe certain of its patents. On June 10, 2005, in response to the initiation of an International Trade Commission (ITC) investigation on the patents asserted in the District Court lawsuit, the District Court stayed all proceedings. Subsequent to the completion of the ITC proceedings, the District Court temporarily lifted the stay and scheduled a case management conference. On December 6, 2006, SG filed a notice of appeal of the ITC decision. In response, and by agreement of the parties, the District Court vacated the scheduled case management conference and renewed the stay of proceedings pending the outcome of the Federal Circuit appeal of the ITC determination. On November 19, 2007, the Federal Circuit affirmed the ITC’s findings in all respects, and SG did not file a petition for review. The parties subsequently filed a motion to dismiss the District Court case without prejudice. On November 4, 2009, the Company re-filed its complaint for patent infringement against SG and its parent corporations, Fairchild Semiconductor International, Inc. and Fairchild Semiconductor Corporation, to address their continued infringement of patents at issue in the original suit that recently emerged from SG requested reexamination proceedings before the U.S. Patent and Trademark Office (USPTO). The Company seeks, among other things, an order enjoining SG and Fairchild from infringing the Company’s patents and an award of damages resulting from the alleged infringement. Fairchild has denied infringement and asked for a declaration from the Court that it does not infringe any Power Integrations patent, that the patents are invalid, and that one of the two of the Company’s patents now at issue in the case is unenforceable. On May 5, 2010, SG and Fairchild filed an amended answer including counterclaims accusing the Company of infringing two patents, and later Fairchild withdrew its claim for infringement of one of the patents it originally asserted against the Company but added another patent to the case over the Company’s objections. Both parties filed summary judgment motions and challenges to each other’s experts’ testimony, and the Court granted the Company’s motion for summary judgment of non-infringement with respect to one of Fairchild’s two patents. Following a trial on the remaining claims in February 2014, the jury returned a verdict in the Company’s favor, affirming the validity of the asserted claims of the Company’s patents-in-suit, finding that SG and Fairchild infringed the Company’s asserted patents and induced infringement by others, and awarding $105.0 million in damages. The Jury also rejected Fairchild’s remaining counterclaims for infringement against the Company. Fairchild challenged these rulings in post-trial motions, but the judge confirmed the jury’s determinations on infringement and damages, although the Court declined to find Fairchild’s infringement willful. Fairchild also pressed its unenforceability claim with respect to one of the two patents it was found to infringe in post-trial briefing, but the Court rejected Fairchild’s unenforceability claim. Fairchild also requested reconsideration of the damages determinations, and the Court granted a new trial with respect to damages but none of the other issues addressed in the previous trial, with the retrial scheduled for December 2015. Thereafter, the parties completed pretrial proceedings challenging each other’s experts, and the Court granted portions of each party’s motions limiting the scope of expert testimony for purposes of the damages retrial, but neither party was successful in their efforts to prevent the other side’s experts from testifying at trial. Following a retrial on the issue of damages in December 2015, the jury returned a verdict in the Company’s favor, finding that the Company’s patented technology created the basis for customer demand for the infringing Fairchild products and awarding $139.8 million in damages. Although the jury awarded damages, at this stage of the proceedings the Company cannot state the amount, if any, it might ultimately recover from Fairchild, and no benefits have been recorded in the Company’s consolidated financial statements as a result of the damages verdict. Fairchild filed post-trial motions challenging the verdict, but the Court rejected Fairchild’s motions challenging the damages verdict in August 2016. The Company also filed motions requesting enhanced damages and attorney fees and reinstatement of the willfulness finding against Fairchild in view of an intervening change of law; on January 13, 2017, the District Court reinstated the finding that Fairchild’s infringement was willful but declined to enhance damages or award fees. In January 2017, Fairchild filed a further challenge to the verdict, but the Court rejected Fairchild’s motion and entered a final judgment of $146.5 million after factoring in pre-judgment interest. Fairchild’s appeal on the merits challenged the infringement findings and damages award. In July 2018, on appeal, the Federal Circuit affirmed the findings that Fairchild infringed both of the Company’s asserted patents but vacated the damages award and remanded the case for further proceedings. The Company filed a petition for review by the Supreme Court seeking to overturn the Federal Circuit’s ruling, but the Supreme Court denied further reviews. On remand, the Company intends to pursue its claim for damages. Although the patent claims at issue in litigation were rejected by the Patent Office in IPR proceedings, the relevant Patent Office decision in IPR has been overturned on appeal, subject to further challenge by Fairchild/ON Semiconductor as discussed below. On remand from the court of appeals, the case was set for trial in March 2021, with interim deadlines for discovery and further submissions to the court. However, this case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On May 1, 2012, Fairchild Semiconductor Corporation and Fairchild’s wholly owned subsidiary, System General Corporation (referred to collectively as “Fairchild”), filed a complaint against the Company in the United States District Court for the District of Delaware. In its complaint, Fairchild alleged that the Company has infringed and is infringing four patents pertaining to power conversion integrated circuit devices. The Company answered Fairchild’s complaint, denying infringement and asking for a declaration from the Court that it does not infringe any Fairchild patent and that the Fairchild patents are invalid, and the Company also asserted counterclaims against Fairchild for infringement of five of the Company’s patents. Fairchild withdrew its claim for infringement of one of the patents it asserted against the Company after the Company’s preliminary challenge. The parties streamlined their contentions in view of the Court’s pretrial rulings, and following a trial in late May and early June 2015, a jury returned a verdict finding that Fairchild infringed one of the Company’s patents, that Fairchild has induced and contributed to others’ infringement of the Company’s patent, and that the Company induced infringement of a Fairchild patent that was previously found infringed in the 2012 trial described above, with a damages award of $2.4 million in favor of Fairchild. Both parties filed post-trial motions and challenges to various portions of the jury verdicts, and the Court addressed the first wave of post-trial motions, denying each side’s challenges to the verdict and denying Fairchild’s request for an injunction. In parallel proceedings, the Federal Circuit overturned the underlying finding of infringement against the Company on the Fairchild patent-in-suit, and the Company moved to vacate the inducement and damages judgment against the Company, a motion that Fairchild did not oppose. Following a retrial on indirect infringement and damages for Fairchild’s infringement of one of the Company’s asserted patents, a jury awarded the Company $0.7 million in damages on November 15, 2018. Fairchild challenged the verdict in post-trial proceedings, but the Court denied Fairchild’s challenges. The case is now on appeal, and briefing was expected to begin over the coming months, with oral argument and rulings to follow. However, this case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On October 21, 2015, the Company filed a complaint for patent infringement in the United States District Court for the Northern District of California against Fairchild Semiconductor Corporation, Fairchild Semiconductor International, Inc., and wholly-owned subsidiary Fairchild (Taiwan) Corporation (referred to collectively as “Fairchild”) to address Fairchild’s continued infringement of two patents Fairchild was previously found to infringe in the three District Court cases the Company brought against Fairchild discussed above. In each of the three prior cases, Fairchild was found to infringe one of the patents at issue in the latest complaint, and Fairchild’s challenges to the validity of the patents were rejected during the course of the prior lawsuits as well. Fairchild has answered the Company’s complaint, denying infringement and asking for a declaration from the Court that it does not infringe any Power Integrations patent and that the patents are invalid. Fairchild’s answer also included counterclaims accusing the Company of infringing four patents pertaining to power conversion integrated circuit devices, including one patent the Company was found not to infringe in prior litigation. The Company has answered Fairchild’s counterclaims, denying infringement and asking for a declaration from the Court that it does not infringe any Fairchild patent and that the Fairchild patents are invalid. On December 15, 2016, the Court stayed the case pending resolution of the parties’ inter partes review (IPR) and reexamination proceedings regarding the patents-in-suit. Following additional briefing regarding the Company’s proposal to move forward with some of the Company’s claims, the Court lifted the stay as to two of the Company’s patents and one of Fairchild’s patents and set a trial for November 2020, with fact and expert discovery taking place in the interim. However, this case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On March 10, 2016, Silver Star Capital, LLC filed a petition with the U.S. Patent & Trademark Office (PTO) requesting that the PTO conduct an IPR of the validity of the Company’s U.S. Patent No. 6,212,079 (the ‘079 patent), which the Company has asserted against Fairchild Semiconductor in the California litigation initiated in 2004, as discussed above. The Company’s ‘079 patent is also asserted in the Company’s most recent lawsuits against Fairchild filed in October 2015 and against ON Semiconductor filed in November 2016, also discussed herein. On March 29, 2016, ON Semiconductor filed another petition requesting an IPR of the Company’s ‘079 patent. Since that time, ON Semiconductor filed eleven more IPR petitions requesting review of various patents that the Company previously asserted against Fairchild as described above, and another eleven IPR petitions requesting review of various patents that the Company asserted against ON Semiconductor as described herein. The PTO denied Silver Star Capital’s IPR petition on the ‘079 patent but instituted IPR proceedings with respect to ON Semiconductor’s petitions directed to the ‘079 patent. The PTO also instituted IPR proceedings in response to eight of ON Semiconductor’s eleven other petitions challenging patents previously asserted against Fairchild, denying institution in three cases. On September 22, 2017, the PTO rejected as obvious the claims of the Company’s ‘079 patent that were asserted in litigation and which formed the basis for the $146.5 million judgment against Fairchild; an appeal was filed to reverse the PTO’s adverse findings, and on appeal the Federal Circuit sided with the Company and ruled that ON Semiconductor’s initial IPR against the asserted claims of the ‘079 patent was improper because of ON Semiconductor’s relationship with Fairchild. In four parallel appeals, the Federal Circuit similarly ruled that ON Semiconductor’s IPR petitions regarding other patents the Company had asserted against Fairchild were improper. ON Semiconductor has stated that it intends to seek further review of these decisions, with further proceedings expected in the coming months. The PTO also instituted proceedings in response to ON Semiconductor’s eleven petitions filed against patents the Company asserted against ON Semiconductor. The PTO has rejected a number of the Company’s patent claims in the context of all of these ongoing proceedings, and further proceedings and appeals regarding the various IPRs are expected in the coming months as well. Although the validity of many of the Company’s challenged patents has previously been confirmed in the Company’s District Court litigation with Fairchild and in many cases in prior PTO reexamination proceedings as well, and though the Company intends to vigorously defend the validity of its patents, the outcome of the IPR proceedings is uncertain. These PTO proceedings with ON Semiconductor are subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On April 1, 2016, Opticurrent, LLC filed a complaint against the Company in the United States District Court for the Eastern District of Texas. In its complaint, Opticurrent alleges that the Company has infringed and is infringing one patent pertaining to transistor switch devices. The Company filed a motion to transfer the case to California, which the Court granted, and the case was assigned to a new judge in San Francisco following the transfer. On December 21, 2018, the Court granted the Company’s challenge to Opticurrent’s damages expert but denied the Company’s motion for summary judgment. Following a trial in February 2019, a jury issued a finding of direct infringement by the Company but found that the Company did not induce infringement, and awarded Opticurrent damages of $6.7 million . The Company challenged those findings in post-trial proceedings, and the Court granted one of the Company’s post-trial motions, reducing the damages award to $1.2 million . The Company believes it has strong defenses, and intends to vigorously defend itself against Opticurrent’s claims through appeals, which are currently under way, with briefing to follow in the coming months and oral argument thereafter. On June 19, 2019, Opticurrent, LLC filed a follow-on lawsuit accusing more of the Company’s products of infringing the same claim of the same patent asserted in the parties’ prior litigation, as described above. The Company believes it has strong defenses, and intends to vigorously defend itself against Opticurrent’s claims, with appeals to follow if necessary. On August 11, 2016, ON Semiconductor filed a complaint against the Company in the United States District Court for the District of Arizona. In its complaint, ON Semiconductor alleged that the Company has infringed and is infringing six patents and requested injunctive relief. The Company filed a motion to transfer the case to the Northern District of California, which the Court granted, and the case has been consolidated with the Company’s affirmative case against ON Semiconductor in the Northern District of California, as discussed below. This case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On November 1, 2016, the Company filed a lawsuit against ON Semiconductor in the United States District Court for the Northern District of California to address ON Semiconductor’s infringement of six patents. The court denied ON Semiconductor’s motion requesting that the case be transferred to Arizona and scheduled trial for December of 2019, with interim deadlines for claim construction and dispositive motions. In consolidating the pleadings from the California and Arizona cases following the transfer of ON Semiconductor’s case from Arizona, ON Semiconductor asserted two additional patents, bringing the total number of patents asserted against the Company to eight in this case, and ON Semiconductor’s amended complaint also seeks a declaration of non-infringement with respect to another of the Company’s patents that was previously asserted against Fairchild Semiconductor. Further proceedings were scheduled to take place over the coming months, with a trial scheduled for December of 2019. However, this case is subject to the the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. On December 27, 2016, ON Semiconductor filed a complaint against the Company in the United States District Court for the Eastern District of Texas. In its complaint, ON Semiconductor alleged that the Company has infringed and is infringing six patents and requests injunctive relief. On March 9, 2017, ON Semiconductor dismissed its Texas complaint and re-filed a substantially similar complaint in the District of Delaware. After the Company filed a motion to dismiss, ON Semiconductor filed an amended complaint; the Company has answered ON Semiconductor’s complaint and asserted claims for infringement of several of the Company’s patents. Trial has been scheduled for February 2020. This case is subject to the Definitive Agreement noted above, whereby the Company and ON are filing papers to dismiss, withdraw, or terminate all of the pending legal proceedings between the parties. In November 2017, ON Semiconductor filed suit aga |
INDEMNIFICATIONS
INDEMNIFICATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
INDEMNIFICATIONS | INDEMNIFICATIONS: The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSA”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company's products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (“Customer Indemnification”). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees' development work to the Company. To date, the Company has not had to reimburse any of its distributors or customers for any losses related to these indemnifications and no material claims were outstanding as of September 30, 2019 . For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. |
COMPONENTS OF THE COMPANY'S C_2
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Accounts Receivable (In thousands) September 30, December 31, Accounts receivable trade $ 61,056 $ 54,055 Allowances for ship and debit (30,678 ) (40,118 ) Allowances for stock rotation and rebate (3,796 ) (2,159 ) Allowances for doubtful accounts (763 ) (706 ) Total $ 25,819 $ 11,072 |
Schedule of Inventory, Current | Inventories (In thousands) September 30, December 31, Raw materials $ 38,286 $ 41,138 Work-in-process 22,727 15,612 Finished goods 27,697 24,107 Total $ 88,710 $ 80,857 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets (In thousands) September 30, December 31, Prepaid legal fees $ 1,906 $ 181 Prepaid income tax 4,028 3,081 Prepaid maintenance agreements 1,062 2,047 Interest receivable 1,286 595 Advance to suppliers 3,074 2,157 Other 3,960 3,854 Total $ 15,316 $ 11,915 |
Schedule Of Intangible Assets | Intangible Assets September 30, 2019 December 31, 2018 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Domain name $ 1,261 $ — $ 1,261 $ 1,261 $ — $ 1,261 In-process research and development — — — 4,690 — 4,690 Developed technology 37,960 (24,993 ) 12,967 33,270 (22,464 ) 10,806 Customer relationships 20,030 (17,720 ) 2,310 20,030 (16,520 ) 3,510 Technology licenses 1,926 (226 ) 1,700 1,000 (115 ) 885 Total $ 61,177 $ (42,939 ) $ 18,238 $ 60,251 $ (39,099 ) $ 21,152 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense related to finite-lived intangible assets at September 30, 2019 , is as follows: Fiscal Year Estimated Amortization (In thousands) 2019 (remaining three months) $ 1,380 2020 4,355 2021 3,489 2022 2,411 2023 2,169 Thereafter 3,173 Total $ 16,977 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss for three and nine months ended September 30, 2019 and 2018 , were as follows: Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension Items Foreign Currency Items Total Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Beginning balance $ 325 $ (439 ) $ (678 ) $ (1,174 ) $ (983 ) $ (475 ) $ (1,336 ) $ (2,088 ) Other comprehensive income (loss) before reclassifications 208 165 — — 27 (184 ) 235 (19 ) Amounts reclassified from accumulated other comprehensive loss — — 17 (1 ) 31 (1 ) — — 17 31 Net-current period other comprehensive income (loss) 208 165 17 31 27 (184 ) 252 12 Ending balance $ 533 $ (274 ) $ (661 ) $ (1,143 ) $ (956 ) $ (659 ) $ (1,084 ) $ (2,076 ) _______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the three months ended September 30, 2019 and 2018 . Unrealized Gains and Losses on Marketable Securities Defined Benefit Pension Items Foreign Currency Items Total Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Beginning balance $ (266 ) $ (427 ) $ (712 ) $ (1,237 ) $ (711 ) $ (475 ) $ (1,689 ) $ (2,139 ) Other comprehensive income (loss) before reclassifications 799 153 — — (245 ) (184 ) 554 (31 ) Amounts reclassified from accumulated other comprehensive loss — — 51 (1 ) 94 (1 ) — — 51 94 Net-current period other comprehensive income (loss) 799 153 51 94 (245 ) (184 ) 605 63 Ending balance $ 533 $ (274 ) $ (661 ) $ (1,143 ) $ (956 ) $ (659 ) $ (1,084 ) $ (2,076 ) _______________ (1) This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost for the nine months ended September 30, 2019 and 2018 . |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value of marketable securities and investments | The fair-value hierarchy of the Company's cash equivalents and marketable securities at September 30, 2019 , and December 31, 2018 , was as follows: Fair Value Measurement at September 30, 2019 (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Corporate securities $ 161,408 $ — $ 161,408 Commercial paper 48,323 — 48,323 Money market funds 3,157 3,157 — Total $ 212,888 $ 3,157 $ 209,731 Fair Value Measurement at December 31, 2018 (In thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Corporate securities $ 94,451 $ — $ 94,451 Commercial paper 96,366 — 96,366 Money market funds 304 304 — Total $ 191,121 $ 304 $ 190,817 |
MARKETABLE SECURITITES (Tables)
MARKETABLE SECURITITES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at September 30, 2019 , were as follows: Amortized Cost Gross Unrealized Estimated Fair Market Value (In thousands) Gains Losses Investments due in 3 months or less: Commercial paper $ 3,241 $ — $ — $ 3,241 Corporate securities 900 — — 900 Total 4,141 — — 4,141 Investments due in 4-12 months: Corporate securities 68,989 310 — 69,299 Total 68,989 310 — 69,299 Investments due in 12 months or greater: Corporate securities 90,986 228 (5 ) 91,209 Total 90,986 228 (5 ) 91,209 Total marketable securities $ 164,116 $ 538 $ (5 ) $ 164,649 Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2018 , were as follows: Amortized Cost Gross Unrealized Estimated Fair Market Value (In thousands) Gains Losses Investments due in 3 months or less: Corporate securities $ 6,788 $ — $ (2 ) $ 6,786 Total 6,788 — (2 ) 6,786 Investments due in 4-12 months: Corporate securities 60,123 — (244 ) 59,879 Total 60,123 — (244 ) 59,879 Investments due in 12 months or greater: Corporate securities 27,806 2 (22 ) 27,786 Total 27,806 2 (22 ) 27,786 Total marketable securities $ 94,717 $ 2 $ (268 ) $ 94,451 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and nine months ended September 30, 2019 , and September 30, 2018 : Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Cost of revenues $ 280 $ 243 $ 824 $ 784 Research and development 1,893 1,634 5,669 5,744 Sales and marketing 1,211 1,105 3,413 3,507 General and administrative 1,722 1,416 5,103 6,103 Total stock-based compensation expense $ 5,106 $ 4,398 $ 15,009 $ 16,138 |
Summary of Option Activity Under the Plans | A summary of stock options outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 335 $ 32.41 Granted — — Exercised (162 ) $ 25.51 Forfeited or expired — — Outstanding at September 30, 2019 173 $ 38.85 1.51 $ 8,945 Vested and exercisable at September 30, 2019 173 1.51 $ 8,945 |
Performance Based Awards (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of PSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 26 $ 62.87 Granted 92 $ 70.08 Vested (26 ) $ 62.87 Forfeited — — Outstanding at September 30, 2019 92 $ 70.08 0.25 $ 8,353 Outstanding and expected to vest at September 30, 2019 34 0.25 $ 3,141 |
Long-Term Performance-Based Awards (PRSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of PRSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 213 $ 55.48 Granted 72 $ 68.17 Vested (70 ) $ 43.26 Forfeited — — Outstanding at September 30, 2019 215 $ 63.70 1.25 $ 19,424 Outstanding and expected to vest at September 30, 2019 58 2.25 $ 5,274 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of RSUs outstanding as of September 30, 2019 , and activity during the nine months then ended, is presented below: Shares (In thousands) Weighted- Average Grant Date Fair Value Per Share Weighted-Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2019 895 $ 58.19 Granted 275 $ 68.88 Vested (295 ) $ 56.15 Forfeited (19 ) $ 62.32 Outstanding at September 30, 2019 856 $ 62.24 1.81 $ 77,414 Outstanding and expected to vest at September 30, 2019 789 1.72 $ 71,347 |
SIGNIFICANT CUSTOMERS AND GEO_2
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Concentration Risk [Line Items] | |
Geographic Net Revenues | The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues, based on “bill to” customer locations, for the three and nine months ended September 30, 2019 , and September 30, 2018 , were as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, United States of America $ 2,878 $ 4,460 $ 8,162 $ 12,056 Hong Kong/China 64,526 59,178 171,110 169,149 Taiwan 10,410 11,210 27,246 36,010 Korea 7,177 8,087 22,621 25,965 Western Europe (excluding Germany) 9,220 12,842 28,746 37,910 Japan 4,753 5,040 11,312 15,238 Germany 4,921 3,873 13,661 10,882 Other 10,274 5,395 23,354 15,438 Total net revenues $ 114,159 $ 110,085 $ 306,212 $ 322,648 |
Revenue from Contract with Customer Benchmark [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor | The following table discloses this customer’s percentage of revenues for the respective periods: Three Months Ended Nine Months Ended Customer September 30, September 30, September 30, September 30, Avnet 11 % 14 % 11 % 14 % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor | The following customers represented 10% or more of accounts receivable: Customer September 30, December 31, Avnet 14 % 17 % Powertech Distribution Ltd. * 11 % *Total customer accounts receivable was less than 10% of net accounts receivables. No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Common Stock [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Beginning balance 29,330 29,421 28,889 29,782 Common stock issued under employee stock plans 89 59 651 630 Repurchased — (152 ) (121 ) (1,084 ) Ending balance 29,419 29,328 29,419 29,328 |
Dividends Declared and Paid [Table Text Block] | Three Months Ended Nine Months Ended (In thousands, except per share amounts) September 30, September 30, September 30, September 30, Dividends declared and paid $ 4,999 $ 4,692 $ 14,916 $ 14,172 Dividends declared per common share $ 0.17 $ 0.16 $ 0.51 $ 0.48 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share calculation | A summary of the earnings per share calculation is as follows: Three Months Ended Nine Months Ended (In thousands, except per share amounts) September 30, September 30, September 30, September 30, Basic earnings per share: Net income $ 17,099 $ 17,667 $ 35,177 $ 47,248 Weighted-average common shares 29,385 29,365 29,213 29,558 Basic earnings per share $ 0.58 $ 0.60 $ 1.20 $ 1.60 Diluted earnings per share: (1) Net income $ 17,099 $ 17,667 $ 35,177 $ 47,248 Weighted-average common shares 29,385 29,365 29,213 29,558 Effect of dilutive awards: Employee stock plans 481 633 496 723 Diluted weighted-average common shares 29,866 29,998 29,709 30,281 Diluted earnings per share $ 0.57 $ 0.59 $ 1.18 $ 1.56 _______________ (1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2019 and 2018 calculations as the shares were not contingently issuable as of the end of the reporting periods. |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information of Operating Leases [Table Text Block] | Balance sheet information related to leases was as follows: (In thousands) Balance Sheet Classification September 30, Right-of-use assets Operating lease assets Other assets $ 9,881 Lease liabilities Current operating lease liabilities Other accrued liabilities $ 1,803 Non-current operating lease liabilities Other liabilities 7,409 Total $ 9,212 |
Lease Terms and Discount Rate [Table Text Block] | Lease term and discount rate September 30, Weighted average remaining lease term 5.0 years Weighted average discount rate 3.9 % |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Supplemental cash flows information related to leases was as follow: Nine Months Ended (In thousands) September 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,429 Right-of-use assets obtained in exchange for new operating lease obligations $ 4,501 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under all non-cancelable lease agreements as of September 30, 2019 , are as follows: (In thousands) September 30, 2019 (remaining three months) $ 311 2020 2,308 2021 2,261 2022 1,882 2023 1,655 Thereafter 1,744 Total future minimum lease payments 10,161 Less imputed interest (949 ) Total $ 9,212 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Lease Accounting (Details) - Accounting Standards Update 2016-02 [Member] $ in Millions | Jan. 01, 2019USD ($) |
Operating Lease, Right-of-Use Asset [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7.3 |
Operating Lease, Liability [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7.2 |
COMPONENTS OF THE COMPANY'S C_3
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable trade | $ 61,056 | $ 54,055 |
Allowances for ship and debit | (30,678) | (40,118) |
Allowances for stock rotation and rebate | (3,796) | (2,159) |
Allowances for doubtful accounts | (763) | (706) |
Total | $ 25,819 | $ 11,072 |
COMPONENTS OF THE COMPANY'S C_4
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 38,286 | $ 41,138 |
Work-in-process | 22,727 | 15,612 |
Finished goods | 27,697 | 24,107 |
Total | $ 88,710 | $ 80,857 |
COMPONENTS OF THE COMPANY'S C_5
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid legal fees | $ 1,906 | $ 181 |
Prepaid income tax | 4,028 | 3,081 |
Prepaid maintenance agreements | 1,062 | 2,047 |
Interest receivable | 1,286 | 595 |
Advance to suppliers | 3,074 | 2,157 |
Other | 3,960 | 3,854 |
Total | $ 15,316 | $ 11,915 |
COMPONENTS OF THE COMPANY'S C_6
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Intangible Assets [Table] [Line Items] | ||
Intangible Assets, Gross | $ 61,177 | $ 60,251 |
Finite-Lived Intangible Assets, Accumulated Amortization | (42,939) | (39,099) |
Total | 18,238 | 21,152 |
Finite-Lived Intangible Assets, Net | 16,977 | |
Developed technology | ||
Schedule of Intangible Assets [Table] [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 37,960 | 33,270 |
Finite-Lived Intangible Assets, Accumulated Amortization | (24,993) | (22,464) |
Finite-Lived Intangible Assets, Net | 12,967 | 10,806 |
Customer relationships | ||
Schedule of Intangible Assets [Table] [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 20,030 | 20,030 |
Finite-Lived Intangible Assets, Accumulated Amortization | (17,720) | (16,520) |
Finite-Lived Intangible Assets, Net | 2,310 | 3,510 |
Technology licenses | ||
Schedule of Intangible Assets [Table] [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,926 | 1,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (226) | (115) |
Finite-Lived Intangible Assets, Net | 1,700 | 885 |
Internet Domain Names [Member] | ||
Schedule of Intangible Assets [Table] [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 1,261 | 1,261 |
In Process Research and Development [Member] | ||
Schedule of Intangible Assets [Table] [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 4,690 |
COMPONENTS OF THE COMPANY'S C_7
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 (remaining three months) | $ 1,380 |
2020 | 4,355 |
2021 | 3,489 |
2022 | 2,411 |
2023 | 2,169 |
Thereafter | 3,173 |
Total | $ 16,977 |
COMPONENTS OF THE COMPANY'S C_8
COMPONENTS OF THE COMPANY'S CONDENSED CONSOLIDATED BALANCE SHEETS Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (1,336) | $ (2,088) | $ (1,689) | $ (2,139) |
Other comprehensive income (loss) before reclassifications | 235 | (19) | 554 | (31) |
Amounts reclassified from accumulated other comprehensive loss | 17 | 31 | 51 | 94 |
Net-current period other comprehensive income (loss) | 252 | 12 | 605 | 63 |
Ending balance | (1,084) | (2,076) | (1,084) | (2,076) |
Unrealized Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 325 | (439) | (266) | (427) |
Other comprehensive income (loss) before reclassifications | 208 | 165 | 799 | 153 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net-current period other comprehensive income (loss) | 208 | 165 | 799 | 153 |
Ending balance | 533 | (274) | 533 | (274) |
Defined Benefit Pension Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (678) | (1,174) | (712) | (1,237) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 17 | 31 | 51 | 94 |
Net-current period other comprehensive income (loss) | 17 | 31 | 51 | 94 |
Ending balance | (661) | (1,143) | (661) | (1,143) |
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (983) | (475) | (711) | (475) |
Other comprehensive income (loss) before reclassifications | 27 | (184) | (245) | (184) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net-current period other comprehensive income (loss) | 27 | (184) | (245) | (184) |
Ending balance | $ (956) | $ (659) | $ (956) | $ (659) |
FAIR VALUE MEASUREMENTS Fair Va
FAIR VALUE MEASUREMENTS Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments at Fair Value | $ 212,888 | $ 191,121 |
Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 161,408 | 94,451 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 48,323 | 96,366 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 3,157 | 304 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments at Fair Value | 3,157 | 304 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 3,157 | 304 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments at Fair Value | 209,731 | 190,817 |
Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 161,408 | 94,451 |
Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | 48,323 | 96,366 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at Fair Value | $ 0 | $ 0 |
MARKETABLE SECURITITES Marketab
MARKETABLE SECURITITES Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 164,116 | $ 94,717 |
Gross Unrealized Gains | 538 | 2 |
Gross Unrealized Losses | (5) | (268) |
Estimated Fair Market Value | 164,649 | 94,451 |
Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,141 | 6,788 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (2) |
Estimated Fair Market Value | 4,141 | 6,786 |
Investments due in 4-12 months: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 68,989 | 60,123 |
Gross Unrealized Gains | 310 | 0 |
Gross Unrealized Losses | 0 | (244) |
Estimated Fair Market Value | 69,299 | 59,879 |
Investments due in 12 months or greater: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 90,986 | 27,806 |
Gross Unrealized Gains | 228 | 2 |
Gross Unrealized Losses | (5) | (22) |
Estimated Fair Market Value | 91,209 | 27,786 |
Commercial paper | Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,241 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Market Value | 3,241 | |
Corporate securities | Investments due in 3 months or less: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 900 | 6,788 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (2) |
Estimated Fair Market Value | 900 | 6,786 |
Corporate securities | Investments due in 4-12 months: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 68,989 | 60,123 |
Gross Unrealized Gains | 310 | 0 |
Gross Unrealized Losses | 0 | (244) |
Estimated Fair Market Value | 69,299 | 59,879 |
Corporate securities | Investments due in 12 months or greater: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 90,986 | 27,806 |
Gross Unrealized Gains | 228 | 2 |
Gross Unrealized Losses | (5) | (22) |
Estimated Fair Market Value | $ 91,209 | $ 27,786 |
STOCK-BASED COMPENSATION Stock-
STOCK-BASED COMPENSATION Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | $ 5,106 | $ 4,398 | $ 15,009 | $ 16,138 |
Performance Based Awards and Long Term Performance based Units | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 300 | (100) | 600 | 2,600 |
Restricted Stock Units (RSUs) | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 4,400 | 4,200 | 13,200 | 12,400 |
Employee Stock Purchase Plan | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 400 | 300 | 1,200 | 1,100 |
Cost of revenues | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 280 | 243 | 824 | 784 |
Research and development | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 1,893 | 1,634 | 5,669 | 5,744 |
Sales and marketing | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | 1,211 | 1,105 | 3,413 | 3,507 |
General and administrative | ||||
Stock-based compensation expense for stock options, stock awards and employee stock purchases included in operations: | ||||
Stock-Based Compensation Expense | $ 1,722 | $ 1,416 | $ 5,103 | $ 6,103 |
STOCK-BASED COMPENSATION Option
STOCK-BASED COMPENSATION Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Option activity under the Plans | |
Outstanding at January 1, 2019 | 335 |
Granted | 0 |
Exercised | (162) |
Forfeited or expired | 0 |
Outstanding at September 30, 2019 | 173 |
Vested and exercisable at September 30, 2019 | 173 |
Weighted- Average Exercise Price (in dollars per share) | |
Outstanding at January 1, 2019 | $ / shares | $ 32.41 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 25.51 |
Forfeited or expired | $ / shares | 0 |
Outstanding at September 30, 2019 | $ / shares | $ 38.85 |
Weighted-Average Remaining Contractual Term (In years) | |
Outstanding, weighted-average remaining contractual term at period end | 1 year 6 months 3 days |
Exercisable, weighted-average remaining contractual term, at period-end | 1 year 6 months 3 days |
Aggregate Intrinsic Value [Abstract] | |
Outstanding, aggregate intrinsic value at period end | $ | $ 8,945 |
Exercisable, aggregate intrinsic value, at period end | $ | $ 8,945 |
STOCK-BASED COMPENSATION Perfor
STOCK-BASED COMPENSATION Performance-based Awards and Restricted Stock Units (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Restricted Stock Units (RSUs) | |
Shares | |
Outstanding at January 1, 2019 | 895,000 |
Granted | 275,000 |
Vested | (295,000) |
Forfeited | (19,000) |
Outstanding at September 30, 2019 | 856,000 |
Outstanding and expected to vest at September 30, 2019 | 789,000 |
Weighted- Average Grant Date Fair Value Per Share (in dollars per share) | |
Outstanding at January 1, 2019 | $ / shares | $ 58.19 |
Granted | $ / shares | 68.88 |
Vested | $ / shares | 56.15 |
Forfeited | $ / shares | 62.32 |
Outstanding at September 30, 2019 | $ / shares | $ 62.24 |
Weighted-Average Remaining Contractual Term (In years) | |
Outstanding at September 30, 2019 | 1 year 9 months 21 days |
Outstanding and expected to vest at September 30, 2019 | 1 year 8 months 19 days |
Aggregate Intrinsic Value (In thousands) | |
Outstanding at September 30, 2019 | $ | $ 77,414 |
Outstanding and expected to vest at September 30, 2019 | $ | $ 71,347 |
Long-Term Performance-Based Awards (PRSUs) | |
Shares | |
Outstanding at January 1, 2019 | 213,000 |
Granted | 72,000 |
Vested | (70,000) |
Forfeited | 0 |
Outstanding at September 30, 2019 | 215,000 |
Outstanding and expected to vest at September 30, 2019 | 58,000 |
Weighted- Average Grant Date Fair Value Per Share (in dollars per share) | |
Outstanding at January 1, 2019 | $ / shares | $ 55.48 |
Granted | $ / shares | 68.17 |
Vested | $ / shares | 43.26 |
Forfeited | $ / shares | 0 |
Outstanding at September 30, 2019 | $ / shares | $ 63.70 |
Weighted-Average Remaining Contractual Term (In years) | |
Outstanding at September 30, 2019 | 1 year 3 months |
Outstanding and expected to vest at September 30, 2019 | 2 years 3 months |
Aggregate Intrinsic Value (In thousands) | |
Outstanding at September 30, 2019 | $ | $ 19,424 |
Outstanding and expected to vest at September 30, 2019 | $ | $ 5,274 |
Performance Based Awards (PSUs) | |
Shares | |
Outstanding at January 1, 2019 | 26,000 |
Granted | 92,000 |
Vested | (26,000) |
Forfeited | 0 |
Outstanding at September 30, 2019 | 92,000 |
Outstanding and expected to vest at September 30, 2019 | 34,000 |
Weighted- Average Grant Date Fair Value Per Share (in dollars per share) | |
Outstanding at January 1, 2019 | $ / shares | $ 62.87 |
Granted | $ / shares | 70.08 |
Vested | $ / shares | 62.87 |
Forfeited | $ / shares | 0 |
Outstanding at September 30, 2019 | $ / shares | $ 70.08 |
Weighted-Average Remaining Contractual Term (In years) | |
Outstanding at September 30, 2019 | 3 months |
Outstanding and expected to vest at September 30, 2019 | 3 months |
Aggregate Intrinsic Value (In thousands) | |
Outstanding at September 30, 2019 | $ | $ 8,353 |
Outstanding and expected to vest at September 30, 2019 | $ | $ 3,141 |
Minimum [Member] | Long-Term Performance-Based Awards (PRSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Performance Based Awards Shares Released As Percentage Of Target Number | 0.00% |
Minimum [Member] | Performance Based Awards (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Performance Based Awards Shares Released As Percentage Of Target Number | 0.00% |
Maximum [Member] | Long-Term Performance-Based Awards (PRSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Performance Based Awards Shares Released As Percentage Of Target Number | 200.00% |
Maximum [Member] | Performance Based Awards (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Performance Based Awards Shares Released As Percentage Of Target Number | 200.00% |
SIGNIFICANT CUSTOMERS AND GEO_3
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES Customer and Credit Risk Concentration (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)Customer | Sep. 30, 2018USD ($)Customer | Sep. 30, 2019USD ($)Customer | Sep. 30, 2018USD ($)Customer | Dec. 31, 2018Customer | |
Concentration Risk [Line Items] | |||||
NET REVENUES | $ | $ 114,159 | $ 110,085 | $ 306,212 | $ 322,648 | |
Distributors [Member] | |||||
Concentration Risk [Line Items] | |||||
NET REVENUES | $ | $ 78,000 | $ 222,700 | $ 83,300 | $ 245,400 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of major customers | 1 | 1 | 1 | 1 | |
Concentration risk percentage benchmark | 10.00% | 10.00% | 10.00% | 10.00% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Avnet | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total net revenues | 11.00% | 14.00% | 11.00% | 14.00% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Ten Customers | |||||
Concentration Risk [Line Items] | |||||
Number of major customers | 10 | 10 | 10 | 10 | |
Concentration risk, percentage of total net revenues | 55.00% | 56.00% | 54.00% | 57.00% | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of major customers | 10 | 10 | 10 | ||
Concentration risk percentage benchmark for accounts receivable (more than) | 10.00% | 10.00% | 10.00% | ||
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Avnet | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage benchmark | 14.00% | 17.00% | |||
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Powertech Distribution Ltd. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage benchmark | 11.00% | ||||
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Ten Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage benchmark | 65.00% | 64.00% |
SIGNIFICANT CUSTOMERS AND GEO_4
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES Geograpic Net Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue by Geography | ||||
Total net revenues | $ 114,159 | $ 110,085 | $ 306,212 | $ 322,648 |
United States of America | ||||
Revenue by Geography | ||||
Total net revenues | 2,878 | 4,460 | 8,162 | 12,056 |
Hong Kong/China | ||||
Revenue by Geography | ||||
Total net revenues | 64,526 | 59,178 | 171,110 | 169,149 |
Taiwan | ||||
Revenue by Geography | ||||
Total net revenues | 10,410 | 11,210 | 27,246 | 36,010 |
Korea | ||||
Revenue by Geography | ||||
Total net revenues | 7,177 | 8,087 | 22,621 | 25,965 |
Western Europe (excluding Germany) | ||||
Revenue by Geography | ||||
Total net revenues | 9,220 | 12,842 | 28,746 | 37,910 |
Japan | ||||
Revenue by Geography | ||||
Total net revenues | 4,753 | 5,040 | 11,312 | 15,238 |
Germany | ||||
Revenue by Geography | ||||
Total net revenues | 4,921 | 3,873 | 13,661 | 10,882 |
Other | ||||
Revenue by Geography | ||||
Total net revenues | $ 10,274 | $ 5,395 | $ 23,354 | $ 15,438 |
STOCKHOLDERS' EQUITY Common Sto
STOCKHOLDERS' EQUITY Common Stock Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common Stock Shares Outstanding [Abstract] | ||||
Beginning balance | 29,330,000 | 29,421,000 | 28,889,000 | 29,782,000 |
Common stock issued under employee stock plans | 89,000 | 59,000 | 651,000 | 630,000 |
Repurchased | 0 | (152,000) | (121,000) | (1,084,000) |
Ending balance | 29,419,000 | 29,328,000 | 29,419,000 | 29,328,000 |
STOCKHOLDERS' EQUITY Common S_2
STOCKHOLDERS' EQUITY Common Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Repurchase of common stock | $ 7.3 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 43.9 | $ 43.9 | $ 51.2 | ||
Stock Repurchased During Period, Shares | 0 | 152,000 | 121,000 | 1,084,000 |
STOCKHOLDERS' EQUITY Cash Divid
STOCKHOLDERS' EQUITY Cash Dividends (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2019quarters$ / shares | Jan. 31, 2019Quarter$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | |
Dividends Declared and Paid [Line Items] | ||||||
Payments of dividends to stockholders | $ | $ 4,999 | $ 4,692 | $ 14,916 | $ 14,172 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.17 | $ 0.16 | $ 0.51 | $ 0.48 | ||
Common Stock, Dividends, Number of Quarterly Distributions Declared, Current Fiscal Year | Quarter | 4 | |||||
Common Stock, Dividends, Per Share, Declared, Current Fiscal Year, First Quarter | $ 0.17 | |||||
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Second Quarter | 0.17 | |||||
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Third Quarter | 0.17 | |||||
Common Stock, Dividends Per Share Declared, Current Fiscal Year, Fourth Quarter | $ 0.17 | |||||
Subsequent Event [Member] | ||||||
Dividends Declared and Paid [Line Items] | ||||||
Common Stock, Dividends, Number of Quarterly Distributions Declared | quarters | 5 | |||||
Common Stock, Dividends, Per Share, Declared, Additional, Current Fiscal Year, Fourth Quarter | $ 0.02 | |||||
Common Stock, Dividends, Per Share, Declared, Next Fiscal Year, First Quarter | 0.19 | |||||
Common Stock, Dividends Per Share Declared, Next Fiscal Year, Second Quarter | 0.19 | |||||
Common Stock, Dividends Per Share Declared, Next Fiscal Year, Third Quarter | 0.19 | |||||
Common Stock, Dividends Per Share Declared, Next Fiscal Year, Fourth Quarter | $ 0.19 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Basic earnings per share: | |||||
NET INCOME | $ 17,099 | $ 17,667 | $ 35,177 | $ 47,248 | |
Weighted-average common shares | 29,385,000 | 29,365,000 | 29,213,000 | 29,558,000 | |
Basic earnings per share | $ 0.58 | $ 0.60 | $ 1.20 | $ 1.60 | |
Diluted earnings per share: | |||||
NET INCOME | $ 17,099 | $ 17,667 | $ 35,177 | $ 47,248 | |
Weighted-average common shares | 29,385,000 | 29,365,000 | 29,213,000 | 29,558,000 | |
Effect of dilutive awards: | |||||
Employee stock plans | 481,000 | 633,000 | 496,000 | 723,000 | |
Diluted weighted-average common shares | 29,866,000 | 29,998,000 | 29,709,000 | 30,281,000 | |
Diluted earnings per share | [1] | $ 0.57 | $ 0.59 | $ 1.18 | $ 1.56 |
Stock awards excluded in the computation of diluted earnings per share | 0 | 0 | 0 | 0 | |
[1] | The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2019 and 2018 calculations as the shares were not contingently issuable as of the end of the reporting periods. |
PROVISION FOR INCOME TAXES (Det
PROVISION FOR INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effective income tax rate | 8.00% | 7.60% | 4.70% | 6.30% |
LEASES Lease Expense and Balanc
LEASES Lease Expense and Balance Sheet Information of Operating Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Expense | $ 700 | $ 1,800 |
Operating Lease, Right-of-Use Asset | 9,881 | 9,881 |
Operating Lease, Liability, Current | 1,803 | 1,803 |
Operating Lease, Liability, Noncurrent | 7,409 | 7,409 |
Operating Lease, Total Liability | $ 9,212 | $ 9,212 |
LEASES Lease Terms and Discount
LEASES Lease Terms and Discount Rate (Details) | 9 Months Ended |
Sep. 30, 2019Rate | |
Lease Terms and Discount Rate [Line Items] | |
Lessee, Operating Lease, Option to Extension Term, Maximum | 6 years |
Lessee, Operating Lease, Option to Terminate Term Within | 1 year |
Weighted average remaining lease term | 5 years |
Weighted average discount rate | 3.90% |
Minimum [Member] | |
Lease Terms and Discount Rate [Line Items] | |
Lesee Operating Lease Remaining Lease Term Range | 1 year |
Maximum [Member] | |
Lease Terms and Discount Rate [Line Items] | |
Lesee Operating Lease Remaining Lease Term Range | 9 years |
LEASES Supplemental Cash Flows
LEASES Supplemental Cash Flows Information Regarding Operating Leases (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases, cash paid | $ 2,429 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 4,501 |
LEASES Maturities of Operating
LEASES Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (remaining three months) | $ 311 |
2020 | 2,308 |
2021 | 2,261 |
2022 | 1,882 |
2023 | 1,655 |
Thereafter | 1,744 |
Total future minimum lease payments | 10,161 |
Less imputed interest | (949) |
Total | $ 9,212 |
LEGAL PROCEEDINGS AND CONTING_2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions | Oct. 22, 2019USD ($) | Oct. 04, 2019USD ($) | Nov. 15, 2018USD ($) | Nov. 09, 2018USD ($) | Dec. 27, 2016patent | Nov. 01, 2016patent | Aug. 11, 2016patent | Apr. 01, 2016patent | Oct. 21, 2015patents | May 01, 2012USD ($)patents | Feb. 03, 2011USD ($) | May 05, 2010patents | Dec. 18, 2009patents | Nov. 04, 2009patentpatents | Dec. 22, 2008 | Dec. 12, 2008USD ($) | Nov. 07, 2008patents | May 23, 2008patents | Oct. 10, 2006USD ($) | Oct. 20, 2004patents | Jul. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Nov. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015patent | Feb. 28, 2014USD ($)patentpatents | Apr. 30, 2012patents | May 31, 2010patents | Sep. 30, 2019USD ($) |
Pending Litigation [Member] | Patent Infringement Claim One | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Period for petition for further stay of permanent injunction | 90 days | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Two | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Allegedly Infringed upon, Number | 3 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Two Counterclaim [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Number of patents withdrawn from infringement claims | 1 | |||||||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ | $ 24.3 | $ 7.1 | ||||||||||||||||||||||||||||
Number of patents remaining in infringement claims | 2 | 2 | ||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | 3 | |||||||||||||||||||||||||||||
Potential impact on revenue by patent litigation, less than (as a percentage) | 0.50% | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Three Counterclaim [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Number of patents withdrawn from infringement claims | 1 | |||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | 2 | 1 | ||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Five | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Number of patents withdrawn from infringement claims | 1 | |||||||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ | $ 0.7 | |||||||||||||||||||||||||||||
Gain Contingency, Patents Allegedly Infringed upon, Number | 5 | |||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | 4 | |||||||||||||||||||||||||||||
Loss Contingency, Damages Awarded, Value | $ | $ 2.4 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Six | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Found Infringed upon, Number | 2 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Seven | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 1 | |||||||||||||||||||||||||||||
Loss Contingency, Damages Awarded, Value | $ | $ 6.7 | $ 1.2 | ||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Eight [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 6 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Nine [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Allegedly Infringed upon, Number | patent | 6 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Ten [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 6 | |||||||||||||||||||||||||||||
Pending Litigation [Member] | Patent Infringement Claim Eleven [Domain] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Damages sought after the Company | $ | $ 1 | |||||||||||||||||||||||||||||
Judicial Ruling [Member] | Patent Infringement Claim Two | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Found Infringed upon, Number | 2 | |||||||||||||||||||||||||||||
Judicial Ruling [Member] | Patent Infringement Claim Two Counterclaim [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Number of Patents Not Infringed | 1 | |||||||||||||||||||||||||||||
Judicial Ruling [Member] | Patent Infringement Claim Five | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Found Infringed upon, Number | patent | 1 | |||||||||||||||||||||||||||||
Positive Outcome of Litigation [Member] | Patent Infringement Claim One | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Gain Contingency, Patents Found Infringed upon, Number | 4 | |||||||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ | $ 12.9 | |||||||||||||||||||||||||||||
Loss Contingency, Damages Awarded, Value | $ | $ 6.1 | $ 34 | ||||||||||||||||||||||||||||
Positive Outcome of Litigation [Member] | Patent Infringement Claim Three [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ | $ 146.5 | $ 139.8 | $ 105 | |||||||||||||||||||||||||||
Number of patents in infringement case deemed unenforceable by Fairchild | patent | 1 | 1 | ||||||||||||||||||||||||||||
Gain Contingency, Patents Allegedly Infringed upon, Number | 2 | |||||||||||||||||||||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | 2 | |||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||
Gain and Loss Contingencies [Line Items] | ||||||||||||||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ | $ 175 | |||||||||||||||||||||||||||||
Proceeds from Legal Settlements | $ | $ 175 |