þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | |
For the fiscal year ended December 31, 2015. | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | |
For the transition period from to . |
Delaware | 84-0846841 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1625 Sharp Point Drive, Fort Collins, CO | 80525 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.001 par value | NASDAQ Global Select Market |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | |
EX-21.1 | |
EX-23.1 | |
EX-31.1 | |
EX-31.2 | |
EX-32.1 | |
EX-32.2 |
ITEM 1. | BUSINESS |
Years ended December 31, | ||||||||||||
Sales to external customers: | 2015 | 2014 | 2013 | |||||||||
(In thousands) | ||||||||||||
United States | $ | 268,257 | $ | 230,843 | $ | 169,362 | ||||||
Canada | 195 | 347 | 93 | |||||||||
North America | 268,452 | 231,190 | 169,455 | |||||||||
People's Republic of China | 12,687 | 12,903 | 27,420 | |||||||||
Other Asian countries | 61,839 | 56,938 | 62,706 | |||||||||
Asia | 74,526 | 69,841 | 90,126 | |||||||||
Germany | 46,719 | 43,343 | 31,651 | |||||||||
United Kingdom | 25,100 | 22,670 | 5,752 | |||||||||
Other European Countries | 14 | 289 | 2,397 | |||||||||
Europe | 71,833 | 66,302 | 39,800 | |||||||||
Total sales | $ | 414,811 | $ | 367,333 | $ | 299,381 |
• | selecting and qualifying alternate suppliers for key parts using rigorous technical and commercial evaluation of suppliers' products and business processes including testing their components' performance, quality, and reliability on our power conversion product at our customers' and their customer's processes. The qualification process for Precision Power, particularly as it pertains to semiconductor customers, follows semiconductor industry standard practices, such as “copy exact”; |
• | monitoring the financial condition of key suppliers; |
• | maintaining appropriate inventories of key parts, including making last time purchases of key parts when notified by suppliers that they are ending the supply of those parts; |
• | qualifying new parts on a timely basis and in geographies that reduce costs without degradation in quality; |
• | locating certain manufacturing operations in areas that are closer to suppliers and customers; and |
• | competitively sourcing parts through electronic bidding tools to ensure the lowest total cost is achieved for the parts needed in our products. |
• | our future revenues; |
• | our future sales, including backlog orders; |
• | unanticipated costs in fulfilling our warranty obligations for solar inverters; |
• | our future gross profit; |
• | our competition; |
• | market acceptance of, and demand for, our products; |
• | the fair value of our assets and financial instruments; |
• | research and development expenses; |
• | selling, general, and administrative expenses; |
• | sufficiency and availability of capital resources; |
• | capital expenditures; |
• | our share repurchase program; |
• | our tax assets and liabilities; |
• | our other commitments and contingent liabilities; |
• | adequacy of our reserve for excess and obsolete inventory; |
• | adequacy of our warranty reserves; |
• | restructuring activities and expenses; |
• | the integration of our acquisitions; |
• | general global economic conditions; and |
• | industry trends. |
ITEM 1A. | RISK FACTORS |
• | the inability to obtain an adequate supply of required parts, components, or subassemblies; |
• | supply shortages, if a sole or limited source provider ceases operations; |
• | the need to fund the operating losses of a sole or limited source provider; |
• | reduced control over pricing and timing of delivery of raw materials and parts, components, or subassemblies; |
• | the need to qualify alternative suppliers; |
• | suppliers that may provide parts, components or subassemblies that are defective, contain counterfeit goods or are otherwise misrepresented to us in terms of form, fit or function; and |
• | the inability of our suppliers to develop technologically advanced products to support our growth and development of new products. |
• | our ability to effectively manage our employees at remote locations who are operating in different business environments from the United States; |
• | our ability to develop and maintain relationships with suppliers and other local businesses; |
• | compliance with product safety requirements and standards that are different from those of the United States; |
• | variations and changes in laws applicable to our operations in different jurisdictions, including enforceability of intellectual property and contract rights; |
• | trade restrictions, political instability, disruptions in financial markets, and deterioration of economic conditions; |
• | customs regulations and the import and export of goods (including, but not limited to, any United States imposition of antidumping or countervailing duty orders, safeguards, remedies, or compensation with respect to our products or subcomponents of our products, particularly those produced in the PRC); |
• | the ability to provide sufficient levels of technical support in different locations; |
• | our ability to obtain business licenses that may be needed in international locations to support expanded operations; |
• | timely collecting accounts receivable from foreign customers including $14.5 million in accounts receivable from foreign customers as of December 31, 2015; and |
• | changes in tariffs, taxes, and foreign currency exchange rates. |
• | substantial costs in the form of legal fees, fines, and royalty payments; |
• | restrictions on our ability to sell certain products or in certain markets; |
• | an inability to prevent others from using technology we have developed; and |
• | a need to redesign products or seek alternative marketing strategies. |
• | we could be subject to fines and penalties; |
• | our production or shipments could be suspended; and |
• | we could be prohibited from offering particular products in specified markets. |
• | issue stock that would dilute our current stockholders' percentage ownership; |
• | pay cash that would decrease our working capital; |
• | incur debt; |
• | assume liabilities; or |
• | incur expenses related to impairment of goodwill and amortization. |
• | problems combining or separating the acquired/divested operations, systems, technologies, or products; |
• | an inability to realize expected sales forecasts, operating efficiencies or product integration benefits; |
• | difficulties in coordinating and integrating geographically separated personnel, organizations, systems, and facilities; |
• | difficulties integrating business cultures; |
• | unanticipated costs or liabilities; |
• | diversion of management's attention from our core business; |
• | adverse effects on existing business relationships with suppliers and customers; |
• | potential loss of key employees, particularly those of purchased organizations; |
• | incurring unforeseen obligations or liabilities in connection with either acquisitions or divestitures; and |
• | the failure to complete acquisitions even after signing definitive agreements which, among other things, would result in the expensing of potentially significant professional fees and other charges in the period in which the acquisition or negotiations are terminated. |
• | sell, transfer, lease or dispose of our assets; |
• | create, incur or assume additional indebtedness; |
• | encumber or permit liens on certain of our assets |
• | make restricted payments, including paying dividends on, repurchasing or making distributions with respect to our common stock; |
• | make specified investments (including loans and advances); |
• | consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; and |
• | enter into certain transactions with our affiliates. |
• | negatively impact global demand for our products, which could result in a reduction of sales, operating income and cash flows; |
• | make it more difficult or costly for us to obtain financing for our operations or investments or to refinance our debt in the future; |
• | cause our lenders to depart from prior credit industry practice and make more difficult or expensive the granting of any technical or other waivers under our debt agreements to the extend we may seek them in the future; |
• | decrease the value of our investments; and |
• | impair the financial viability of our insurers. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
Location | Principal Activity | Ownership | ||
Fort Collins, CO | Corporate headquarters, research and development, distribution, sales, and service | Leased | ||
Villaz-St-Pierre, Switzerland | Research and development | Leased | ||
San Jose, CA | Distribution, sales, and service, research and development | Leased | ||
Vancouver, WA | Research and development, manufacturing, distribution, sales, and service | Leased | ||
Georgetown, MA | Service | Leased | ||
Toronto, Canada | Service | Leased | ||
Shanghai, China | Distribution and sales | Leased | ||
Shenzhen, China | Manufacturing, distribution, service, and research and development | Leased | ||
Metzingen, Germany | Distribution, sales, and service | Leased | ||
Warstein-Belecke, Germany | Research, distribution, sales, and service | Leased | ||
Pune, India | Distribution and sales | Leased | ||
Tokyo, Japan | Sales | Leased | ||
Hwasung Kyunggi-do, South Korea | Distribution, sales, and service | Leased | ||
Sungnam City, South Korea | Distribution, sales, service and research and development | Owned | ||
Singapore | Sales and service | Leased | ||
Taipei, Taiwan | Distribution, sales, and service | Leased | ||
Littlehampton, United Kingdom | Manufacturing, distribution, service, and research and development | Leased | ||
Ronkonkoma, New York | Manufacturing, distribution, service, and research and development | Leased |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
2015 | 2014 | |||||||||||||||
High | Low | High | Low | |||||||||||||
First Quarter | $ | 27.35 | $ | 22.29 | $ | 28.88 | $ | 22.88 | ||||||||
Second Quarter | 29.39 | 24.31 | 25.86 | 16.87 | ||||||||||||
Third Quarter | 27.73 | 23.47 | 19.90 | 16.60 | ||||||||||||
Fourth Quarter | 29.88 | 26.14 | 24.19 | 16.72 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Value of Shares that May Yet Be Purchased Under the Program | ||||||||||
November - ASR (1) | 1,382 | $ | 28.67 | 1,382 | ||||||||||
Total | 1,382 | 1,382 | $ | 110,387 | ||||||||||
(1) Shares purchased in November 2015 does not include the final share delivery amount under the ASR Agreement. |
12/10 | 12/11 | 12/12 | 12/13 | 12/14 | 12/15 | |||||||||||||||||||
Advanced Energy Industries, Inc. | $ | 100.00 | $ | 78.67 | $ | 101.24 | $ | 167.60 | $ | 173.75 | $ | 206.96 | ||||||||||||
NASDAQ Composite | 100.00 | 100.53 | 116.92 | 166.19 | 188.78 | 199.95 | ||||||||||||||||||
PHLX Semiconductor | 100.00 | 103.93 | 114.90 | 152.42 | 194.30 | 180.02 |
ITEM 6. | SELECTED FINANCIAL DATA |
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Consolidated Statements of Operations Data: | (In thousands, except per share data) | |||||||||||||||||||
Sales | $ | 414,811 | $ | 367,333 | $ | 299,381 | $ | 228,287 | $ | 301,473 | ||||||||||
Operating income | 106,656 | 86,091 | 47,847 | 17,446 | 42,847 | |||||||||||||||
Income from continuing operations before income taxes | 105,442 | 86,005 | 48,322 | 19,698 | 43,749 | |||||||||||||||
Income from continuing operations, net of income taxes | 83,482 | 69,495 | 59,710 | 11,997 | 31,944 | |||||||||||||||
(Loss) income from discontinued operations, net of income taxes | (241,968 | ) | (22,513 | ) | (27,624 | ) | 8,584 | 4,370 | ||||||||||||
Net (loss) income | (158,486 | ) | 46,982 | 32,086 | 20,581 | 36,314 | ||||||||||||||
Earnings per Share: | ||||||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Basic earnings per share | $ | 2.05 | $ | 1.72 | $ | 1.51 | $ | 0.31 | $ | 0.73 | ||||||||||
Diluted earnings per share | $ | 2.03 | $ | 1.69 | $ | 1.47 | $ | 0.30 | $ | 0.73 | ||||||||||
Discontinued Operations: | ||||||||||||||||||||
Basic (loss) earnings per share | $ | (5.94 | ) | $ | (0.56 | ) | $ | (0.70 | ) | $ | 0.22 | $ | 0.10 | |||||||
Diluted (loss) earnings per share | $ | (5.94 | ) | $ | (0.56 | ) | $ | (0.70 | ) | $ | 0.22 | $ | 0.10 | |||||||
Net (Loss) Income: | ||||||||||||||||||||
Basic (loss) earnings per share | $ | (3.89 | ) | $ | 1.16 | $ | 0.81 | $ | 0.53 | $ | 0.84 | |||||||||
Diluted (loss) earnings per share | $ | (3.89 | ) | $ | 1.14 | $ | 0.79 | $ | 0.52 | $ | 0.83 | |||||||||
Basic weighted-average common shares outstanding | 40,746 | 40,420 | 39,597 | 38,879 | 43,465 | |||||||||||||||
Diluted weighted-average common shares outstanding | 41,077 | 41,034 | 40,667 | 39,447 | 43,954 | |||||||||||||||
Consolidated Balance Sheets Data: | ||||||||||||||||||||
Total assets | $ | 462,688 | $ | 684,568 | $ | 652,977 | $ | 537,242 | $ | 532,460 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Sales | $ | 414,811 | $ | 367,333 | $ | 299,381 | ||||||
Gross profit | 216,870 | 188,060 | 145,593 | |||||||||
Operating expenses | 110,214 | 101,969 | 97,746 | |||||||||
Operating income | 106,656 | 86,091 | 47,847 | |||||||||
Other income (expense) | (1,214 | ) | (86 | ) | 475 | |||||||
Income from continuing operations before income taxes | 105,442 | 86,005 | 48,322 | |||||||||
Provision (benefit) for income taxes | 21,960 | 16,510 | (11,388 | ) | ||||||||
Income from continuing operations, net of income taxes | $ | 83,482 | $ | 69,495 | $ | 59,710 |
Years Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Sales | 100.0 | % | 100.0 | % | 100.0 | % | |||
Gross profit | 52.3 | % | 51.2 | % | 48.6 | % | |||
Operating expenses | 26.5 | % | 27.7 | % | 32.7 | % | |||
Operating income | 25.8 | % | 23.5 | % | 15.9 | % | |||
Other income (expense) | (0.3 | )% | — | % | 0.1 | % | |||
Income from continuing operations before income taxes | 25.5 | % | 23.5 | % | 16.0 | % | |||
Provision (benefit) for income taxes | 5.3 | % | 4.5 | % | (3.8 | )% | |||
Income from continuing operations, net of income taxes | 20.2 | % | 19.0 | % | 19.8 | % |
Years Ended December 31, | Increase | Percent Change | ||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 v. 2014 | 2014 v. 2013 | 2015 v. 2014 | 2014 v. 2013 | ||||||||||||||||||||
Semiconductor capital equipment market | $ | 266,465 | $ | 234,223 | $ | 176,230 | $ | 32,242 | $ | 57,993 | 13.8 | % | 32.9 | % | ||||||||||||
Industrial capital equipment | 84,217 | 78,585 | 70,575 | 5,632 | 8,010 | 7.2 | % | 11.3 | % | |||||||||||||||||
Global Support | 64,129 | 54,525 | 52,576 | 9,604 | 1,949 | 17.6 | % | 3.7 | % | |||||||||||||||||
Total | $ | 414,811 | $ | 367,333 | $ | 299,381 | $ | 47,478 | $ | 67,952 | 12.9 | % | 22.7 | % |
Years Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Semiconductor capital equipment market | 64.2 | % | 63.8 | % | 58.9 | % | |||
Industrial capital equipment | 20.3 | % | 21.4 | % | 23.6 | % | |||
Global Support | 15.5 | % | 14.8 | % | 17.6 | % | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Research and development | $ | 39,551 | 9.5 | % | $ | 36,915 | 10.0 | % | $ | 35,383 | 11.8 | % | |||||||||
Selling, general, and administrative | 66,097 | 15.9 | % | 58,549 | 15.9 | % | 57,334 | 19.2 | % | ||||||||||||
Amortization of intangible assets | 4,368 | 1.1 | % | 4,998 | 1.4 | % | 850 | 0.3 | % | ||||||||||||
Restructuring charges | 198 | — | % | 1,507 | 0.4 | % | 4,179 | 1.4 | % | ||||||||||||
Total operating expenses | $ | 110,214 | 26.5 | % | $ | 101,969 | 27.7 | % | $ | 97,746 | 32.7 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Sales | $ | 95,856 | $ | 215,763 | $ | 247,623 | |||||
Cost of sales | 139,045 | 209,795 | 183,080 | ||||||||
Total operating expenses (including restructuring) | 232,262 | 51,637 | 97,767 | ||||||||
Operating loss from discontinued operations | (275,451 | ) | (45,669 | ) | (33,224 | ) | |||||
Other expense | (55 | ) | (658 | ) | (814 | ) | |||||
Loss from discontinued operations before income taxes | (275,506 | ) | (46,327 | ) | (34,038 | ) | |||||
Provision for income taxes | (33,538 | ) | (23,814 | ) | (6,414 | ) | |||||
Loss from discontinued operations, net of income taxes | $ | (241,968 | ) | $ | (22,513 | ) | $ | (27,624 | ) |
Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items | Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | ||||||||||
Gross Profit from continuing operations, as reported | $ | 216,870 | $ | 188,060 | $ | 145,593 | ||||||
Operating expenses from continuing operations, as reported | 110,214 | 101,969 | 97,746 | |||||||||
Adjustments: | ||||||||||||
Restructuring charges | (198 | ) | (1,507 | ) | (4,179 | ) | ||||||
Acquisition-related costs | — | (730 | ) | — | ||||||||
Stock-based compensation | (2,810 | ) | (3,712 | ) | (9,849 | ) | ||||||
Amortization of intangible assets | (4,368 | ) | (4,998 | ) | (850 | ) | ||||||
Nonrecurring executive severance | — | (867 | ) | — | ||||||||
Non-GAAP operating expenses from continuing operations | 102,838 | 90,155 | 82,868 | |||||||||
Non-GAAP operating income from continuing operations | $ | 114,032 | $ | 97,905 | $ | 62,725 | ||||||
Income from continuing operations, net of income taxes, as reported | $ | 83,482 | $ | 69,495 | $ | 59,710 | ||||||
Adjustments, net of tax | ||||||||||||
Restructuring charges | 157 | 1,218 | 3,379 | |||||||||
Acquisition-related costs | — | 590 | — | |||||||||
Stock-based compensation | 2,225 | 2,999 | 7,963 | |||||||||
Amortization of intangible assets | 3,459 | 4,039 | 687 | |||||||||
Nonrecurring executive severance | — | 701 | — | |||||||||
Non-GAAP income from continuing operations, net of income taxes | $ | 89,323 | $ | 79,042 | $ | 71,739 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net cash provided by operating activities | $ | 104,808 | $ | 75,586 | $ | 35,316 | ||||||
Net cash used in investing activities | (13,265 | ) | (54,996 | ) | (70,926 | ) | ||||||
Net cash provided by (used in) financing activities | (45,641 | ) | (32,480 | ) | 26,313 | |||||||
Effect of currency translation on cash | (1,467 | ) | (950 | ) | 858 | |||||||
Increase (decrease) in cash and cash equivalents | 44,435 | (12,840 | ) | (8,439 | ) | |||||||
Cash and cash equivalents, beginning of the period | 125,285 | 138,125 | 146,564 | |||||||||
Cash and cash equivalents, end of the period | $ | 169,720 | $ | 125,285 | $ | 138,125 |
Twelve Months Ended December 31, | |||||||||||
From | To | 2015 | 2014 | 2013 | |||||||
CNY | USD | (4.4 | )% | (2.4 | )% | 2.9 | % | ||||
EUR | USD | (10.3 | )% | (12.0 | )% | 4.2 | % | ||||
JPY | USD | (0.4 | )% | (12.1 | )% | (17.6 | )% | ||||
KRW | USD | (6.6 | )% | (3.9 | )% | 0.7 | % | ||||
TWD | USD | (3.8 | )% | (5.3 | )% | (3.0 | )% | ||||
GBP | USD | (5.5 | )% | (5.9 | )% | 1.9 | % | ||||
CAD | USD | (16.1 | )% | (8.6 | )% | (6.6 | )% | ||||
CHF | USD | (0.9 | )% | (10.2 | )% | 2.5 | % | ||||
INR | USD | (4.61 | )% | (2.1 | )% | (11.3 | )% |
Less than | More than 5 | |||||||||||||||||||
Total | 1 year | 1 -3 years | 4-5 years | years | ||||||||||||||||
Operating lease obligations | $ | 20,923 | $ | 5,898 | $ | 5,746 | $ | 4,732 | $ | 4,547 | ||||||||||
Purchase obligations | 44,176 | 44,176 | — | — | — | |||||||||||||||
Pension Funding Commitment | 8,622 | 958 | 2,874 | 1,916 | 2,874 | |||||||||||||||
Total | $ | 73,721 | $ | 51,032 | $ | 8,620 | $ | 6,648 | $ | 7,421 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Consolidated Statements of Comprehensive Income | ||
December 31, | ||||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 158,443 | $ | 121,401 | ||||
Marketable securities | 11,986 | 3,083 | ||||||
Accounts receivable, net of allowances of $8,739 and $1,052, respectively | 54,959 | 79,053 | ||||||
Inventories | 52,573 | 46,092 | ||||||
Deferred income tax assets | 6,004 | 5,103 | ||||||
Income taxes receivable | 9,040 | 14,472 | ||||||
Other current assets | 7,868 | 6,146 | ||||||
Current assets from discontinued operations | 41,902 | 101,403 | ||||||
Total current assets | 342,775 | 376,753 | ||||||
Property and equipment, net | 9,645 | 9,759 | ||||||
Deposits and other | 1,729 | 1,666 | ||||||
Goodwill | 42,729 | 43,875 | ||||||
Other intangible assets, net | 34,141 | 40,311 | ||||||
Deferred income tax assets | 30,398 | 35,997 | ||||||
Non-current assets from discontinued operations | 1,271 | 176,207 | ||||||
Total assets | $ | 462,688 | $ | 684,568 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 27,246 | $ | 24,540 | ||||
Income taxes payable | 13,972 | 1,495 | ||||||
Accrued payroll and employee benefits | 9,175 | 10,496 | ||||||
Accrued warranty expense | 1,633 | 1,612 | ||||||
Other accrued expenses | 12,258 | 11,790 | ||||||
Customer deposits and other | 3,319 | 4,067 | ||||||
Current liabilities from discontinued operations | 36,481 | 58,568 | ||||||
Total current liabilities | 104,084 | 112,568 | ||||||
Deferred income tax liabilities | 1,181 | 1,439 | ||||||
Uncertain tax positions | 2,086 | 6,484 | ||||||
Long term deferred revenue | 45,584 | 47,246 | ||||||
Other long-term liabilities | 18,871 | 23,192 | ||||||
Non-current liabilities from discontinued operations | 27,302 | 18,674 | ||||||
Total liabilities | 199,108 | 209,603 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock, $0.001 par value, 1,000 shares authorized, none issued and outstanding | — | — | ||||||
Common stock, $0.001 par value, 70,000 shares authorized; 39,756 and 40,613 | ||||||||
issued and outstanding, respectively | 40 | 41 | ||||||
Additional paid-in capital | 195,096 | 237,752 | ||||||
Retained earnings | 67,910 | 226,396 | ||||||
Accumulated other comprehensive income | 534 | 10,776 | ||||||
Total stockholders’ equity | 263,580 | 474,965 | ||||||
Total liabilities and stockholders’ equity | $ | 462,688 | $ | 684,568 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
SALES | $ | 414,811 | $ | 367,333 | $ | 299,381 | ||||||
COST OF SALES | 197,941 | 179,273 | 153,788 | |||||||||
GROSS PROFIT | 216,870 | 188,060 | 145,593 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Research and development | 39,551 | 36,915 | 35,383 | |||||||||
Selling, general, and administrative | 66,097 | 58,549 | 57,334 | |||||||||
Amortization of intangible assets | 4,368 | 4,998 | 850 | |||||||||
Restructuring charges and asset impairment | 198 | 1,507 | 4,179 | |||||||||
Total operating expenses | 110,214 | 101,969 | 97,746 | |||||||||
OPERATING INCOME | 106,656 | 86,091 | 47,847 | |||||||||
Interest (expense) income | (880 | ) | (476 | ) | 398 | |||||||
Other (expense) income, net | (334 | ) | 390 | 77 | ||||||||
Total other (expense) income | (1,214 | ) | (86 | ) | 475 | |||||||
Income from continuing operations before income taxes | 105,442 | 86,005 | 48,322 | |||||||||
Provision (benefit) for income taxes | 21,960 | 16,510 | (11,388 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS, NET OF INCOME TAXES | 83,482 | 69,495 | 59,710 | |||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (241,968 | ) | (22,513 | ) | (27,624 | ) | ||||||
NET (LOSS) INCOME | $ | (158,486 | ) | $ | 46,982 | $ | 32,086 | |||||
Basic weighted-average common shares outstanding | 40,746 | 40,420 | 39,597 | |||||||||
Diluted weighted-average common shares outstanding | 41,077 | 41,034 | 40,667 | |||||||||
EARNINGS (LOSS) PER SHARE: | ||||||||||||
CONTINUING OPERATIONS: | ||||||||||||
BASIC EARNINGS PER SHARE | $ | 2.05 | $ | 1.72 | $ | 1.51 | ||||||
DILUTED EARNINGS PER SHARE | $ | 2.03 | $ | 1.69 | $ | 1.47 | ||||||
DISCONTINUED OPERATIONS | ||||||||||||
BASIC LOSS PER SHARE | $ | (5.94 | ) | $ | (0.56 | ) | $ | (0.70 | ) | |||
DILUTED LOSS PER SHARE | $ | (5.94 | ) | $ | (0.56 | ) | $ | (0.70 | ) | |||
NET INCOME: | ||||||||||||
BASIC (LOSS) EARNINGS PER SHARE | $ | (3.89 | ) | $ | 1.16 | $ | 0.81 | |||||
DILUTED (LOSS) EARNINGS PER SHARE | $ | (3.89 | ) | $ | 1.14 | $ | 0.79 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net (loss) income | $ | (158,486 | ) | $ | 46,982 | $ | 32,086 | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Foreign currency translation adjustment | (10,228 | ) | (23,214 | ) | 3,733 | |||||||
Unrealized (losses) gains on marketable securities | (14 | ) | 533 | (1 | ) | |||||||
Comprehensive (loss) income | $ | (168,728 | ) | $ | 24,301 | $ | 35,818 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | |||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||
Balances, January 1, 2013 | 37,991 | $ | 38 | $ | 212,520 | $ | 147,328 | $ | 29,725 | $ | 389,611 | ||||||||||||
Stock issued from equity plans | 2,513 | 3 | 26,334 | — | — | 26,337 | |||||||||||||||||
Stock-based compensation | — | — | 13,742 | — | — | 13,742 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | (1,046 | ) | — | — | (1,046 | ) | |||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Equity adjustment from foreign currency translation | — | — | — | — | 3,733 | 3,733 | |||||||||||||||||
Unrealized holding gains | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||
Net income | — | — | — | 32,086 | — | 32,086 | |||||||||||||||||
Total comprehensive income | — | — | — | 32,086 | 3,732 | 35,818 | |||||||||||||||||
Balances, December 31, 2013 | 40,504 | $ | 41 | $ | 251,550 | $ | 179,414 | $ | 33,457 | $ | 464,462 | ||||||||||||
Stock issued from equity plans | 1,485 | 1 | 15,830 | — | — | 15,831 | |||||||||||||||||
Stock-based compensation | — | — | 4,993 | — | — | 4,993 | |||||||||||||||||
RSUs settled in cash | (11,198 | ) | (11,198 | ) | |||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 1,576 | — | — | 1,576 | |||||||||||||||||
Stock buyback | (1,376 | ) | (1 | ) | (24,999 | ) | — | — | (25,000 | ) | |||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Equity adjustment from foreign currency translation | — | — | — | — | (23,214 | ) | (23,214 | ) | |||||||||||||||
Unrealized holding losses | — | — | — | — | 533 | 533 | |||||||||||||||||
Net income | — | — | — | 46,982 | — | 46,982 | |||||||||||||||||
Total comprehensive income | — | — | — | 46,982 | (22,681 | ) | 24,301 | ||||||||||||||||
Balances, December 31, 2014 | 40,613 | $ | 41 | $ | 237,752 | $ | 226,396 | $ | 10,776 | $ | 474,965 | ||||||||||||
Stock issued from equity plans | 525 | — | 4,121 | — | — | 4,121 | |||||||||||||||||
Stock-based compensation | — | — | 3,321 | — | — | 3,321 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | (99 | ) | — | — | (99 | ) | |||||||||||||||
Stock buyback | (1,382 | ) | (1 | ) | (49,999 | ) | — | — | (50,000 | ) | |||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Equity adjustment from foreign currency translation | — | — | — | — | (10,228 | ) | (10,228 | ) | |||||||||||||||
Unrealized holding losses | — | — | — | — | (14 | ) | (14 | ) | |||||||||||||||
Net loss | — | — | — | (158,486 | ) | — | (158,486 | ) | |||||||||||||||
Total comprehensive loss | — | — | — | (158,486 | ) | (10,242 | ) | (168,728 | ) | ||||||||||||||
Balances at December 31, 2015 | 39,756 | $ | 40 | $ | 195,096 | $ | 67,910 | $ | 534 | $ | 263,580 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net (loss) income | $ | (158,486 | ) | $ | 46,982 | $ | 32,086 | |||||
Loss from discontinued operations, net of income taxes | (241,968 | ) | (22,513 | ) | (27,624 | ) | ||||||
Income from continuing operations, net of income taxes | 83,482 | 69,495 | 59,710 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 8,832 | 10,461 | 6,988 | |||||||||
Stock-based compensation expense | 2,810 | 3,712 | 9,849 | |||||||||
Provision for deferred income taxes | 3,498 | (21,561 | ) | 4,829 | ||||||||
Non-cash restructuring charges | — | — | 2,968 | |||||||||
Non-cash reserve for potential bad debts | 5,967 | — | — | |||||||||
Net (gain) loss on disposal of assets | (1,019 | ) | 502 | 680 | ||||||||
Changes in operating assets and liabilities, net of assets acquired: | ||||||||||||
Accounts receivable | 17,919 | (3,835 | ) | (18,084 | ) | |||||||
Inventories | (6,715 | ) | (7,416 | ) | (2,086 | ) | ||||||
Other current assets | (2,267 | ) | 3,029 | 5,249 | ||||||||
Accounts payable | 3,220 | 1,866 | 12,694 | |||||||||
Other current liabilities and accrued expenses | (9,500 | ) | (5,135 | ) | 17,223 | |||||||
Income taxes | 17,994 | 11,085 | (26,548 | ) | ||||||||
Net cash provided by operating activities from continuing operations | 124,221 | 62,203 | 73,472 | |||||||||
Net cash provided by (used in) operating activities from discontinued operations | (19,413 | ) | 13,383 | (38,156 | ) | |||||||
Net cash provided by operating activities | 104,808 | 75,586 | 35,316 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of marketable securities | (30,172 | ) | (6,432 | ) | (19,034 | ) | ||||||
Proceeds from sale of marketable securities | 21,095 | 14,835 | 33,093 | |||||||||
Proceeds from the sale of assets | — | (156 | ) | — | ||||||||
Acquisitions, net of cash acquired | (128 | ) | (57,138 | ) | — | |||||||
Purchases of property and equipment | (4,014 | ) | (3,449 | ) | (2,588 | ) | ||||||
Net cash provided by (used in) investing activities from continuing operations | (13,219 | ) | (52,340 | ) | 11,471 | |||||||
Net cash used in investing activities from discontinued operations | (46 | ) | (2,656 | ) | (82,397 | ) | ||||||
Net cash used in investing activities | (13,265 | ) | (54,996 | ) | (70,926 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Settlement of performance stock units | — | (11,198 | ) | — | ||||||||
Purchase and retirement of common stock | (50,000 | ) | (25,000 | ) | — | |||||||
Proceeds from exercise of stock options | 4,476 | 15,830 | 26,337 | |||||||||
Excess tax from stock-based compensation deduction | (99 | ) | 1,576 | (1,046 | ) | |||||||
Other financing activities | (4 | ) | (2 | ) | (1 | ) | ||||||
Net cash provided by (used in) financing activities from continuing operations | (45,627 | ) | (18,794 | ) | 25,290 | |||||||
Net cash provided by (used in) financing activities from discontinued operations | (14 | ) | (13,686 | ) | 1,023 | |||||||
Net cash provided by (used in) financing activities | (45,641 | ) | (32,480 | ) | 26,313 | |||||||
EFFECT OF CURRENCY TRANSLATION ON CASH | (1,467 | ) | (950 | ) | 858 | |||||||
INCREASE (DECREASE ) IN CASH AND CASH EQUIVALENTS | 44,435 | (12,840 | ) | (8,439 | ) | |||||||
CASH AND CASH EQUIVALENTS, beginning of period | 125,285 | 138,125 | 146,564 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | 169,720 | 125,285 | 138,125 | |||||||||
Less cash and cash equivalents from discontinued operations | 11,277 | 3,884 | 10,657 | |||||||||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period | $ | 158,443 | $ | 121,401 | $ | 127,468 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid for interest | $ | 361 | $ | 234 | $ | 63 | ||||||
Cash paid for income taxes | 7,161 | 5,241 | 13,396 | |||||||||
Cash received for refunds of income taxes | 5,377 | 7,261 | 1,569 | |||||||||
Cash held in banks outside the United States | 116,259 | 44,573 | 27,064 |
NOTE 1. | OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balances at beginning of period | $ | 1,052 | $ | 1,390 | $ | 4,100 | ||||||
Additions - charged to expense | 7,837 | 332 | — | |||||||||
Deductions - write-offs, net of recoveries | (150 | ) | (670 | ) | (2,710 | ) | ||||||
Balances at end of period | $ | 8,739 | $ | 1,052 | $ | 1,390 |
NOTE 2. | BUSINESS ACQUISITIONS |
Cash paid to owners | $ | 79,550 | |
Debt assumed | 11,873 | ||
Working capital adjustment | (2,340 | ) | |
Cash acquired | (1,836 | ) | |
Total fair value of consideration transferred | $ | 87,247 |
Accounts receivable | $ | 8,868 | |
Inventories | 13,610 | ||
Other current assets | 6,769 | ||
Property and equipment | 4,708 | ||
Other long-term assets | 130 | ||
Deferred tax assets | (3,156 | ) | |
Current liabilities | (33,397 | ) | |
Long-term liabilities | (41,646 | ) | |
(44,114 | ) | ||
Amortizable intangible assets: | |||
Trademarks | 1,300 | ||
Technology | 5,700 | ||
Customer relationships | 3,500 | ||
Total amortizable intangible assets | 10,500 | ||
Total identifiable net assets | (33,614 | ) | |
Goodwill | 120,861 | ||
Total fair value of consideration transferred | $ | 87,247 |
Amount | Amortization Method | Useful Life | ||||||
Trademarks | $ | 1,300 | Straight-line | 1.5 | ||||
Technology | 5,700 | Straight-line | 5 | |||||
Customer relationships | 3,500 | Straight-line | 5 | |||||
$ | 10,500 |
Cash paid to owners | $ | 3,525 | |
Cash acquired | (6,889 | ) | |
Total fair value of consideration received | $ | (3,364 | ) |
Accounts receivable | $ | 2,867 | |
Inventories | 4,980 | ||
Other current assets | 415 | ||
Property and equipment | 1,291 | ||
Deferred taxes on intangible values | 2,020 | ||
Current liabilities | (3,836 | ) | |
Long-term liabilities | (22,725 | ) | |
Total tangible assets, net | (14,988 | ) | |
Amortizable intangible assets: | |||
Tradename | 336 | ||
Technology | 4,029 | ||
Customer relationships | 8,225 | ||
Total amortizable intangible assets | 12,590 | ||
Total identifiable net assets | (2,398 | ) | |
Gain on bargain purchase * | (966 | ) | |
Total fair value of consideration received | $ | (3,364 | ) |
*A gain (bargain purchase gain) is recorded when the fair value of assets acquired exceeds the fair value of the liabilities assumed and consideration paid. This gain is recorded in Other income on our Consolidated Statements of Operations. |
Amount | Amortization Method | Useful Life | ||||||
Technology | $ | 4,029 | Straight-line | 10 | ||||
Tradename | 336 | Straight-line | 2.5 | |||||
Customer relationships | 8,225 | Straight-line | 15 | |||||
$ | 12,590 |
Purchase price | $ | 30,200 | |
Net working capital adjustment | 1,073 | ||
Total fair value of consideration transferred | $ | 31,273 |
Cash | $ | 758 | |
Accounts receivable | 1,694 | ||
Inventories | 2,599 | ||
Other current assets | 264 | ||
Property and equipment | 424 | ||
Long-term assets | 711 | ||
Deferred taxes on intangible values | (2,087 | ) | |
Current liabilities | (1,053 | ) | |
Total tangible assets, net | 3,310 | ||
Amortizable intangible assets: | |||
Technology | 2,100 | ||
Tradename | 200 | ||
Customer relationships | 8,600 | ||
Total amortizable intangible assets | 10,900 | ||
Total identifiable net assets | 14,210 | ||
Goodwill | 17,063 | ||
Total fair value of consideration transferred | $ | 31,273 |
Amount | Amortization Method | Useful Life | ||||||
Technology | $ | 2,100 | Straight-line | 10 | ||||
Tradename | 200 | Straight-line | 2.5 | |||||
Customer relationships | 8,600 | Straight-line | 12 | |||||
$ | 10,900 |
NOTE 3. | DISCONTINUED OPERATIONS |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Sales | $ | 95,856 | $ | 215,763 | $ | 247,623 | |||||
Cost of sales | 139,045 | 209,795 | 183,080 | ||||||||
Total operating expenses (including restructuring) | 232,262 | 51,637 | 97,767 | ||||||||
Operating loss from discontinued operations | (275,451 | ) | (45,669 | ) | (33,224 | ) | |||||
Other expense | (55 | ) | (658 | ) | (814 | ) | |||||
Loss from discontinued operations before income taxes | (275,506 | ) | (46,327 | ) | (34,038 | ) | |||||
Provision for income taxes | (33,538 | ) | (23,814 | ) | (6,414 | ) | |||||
Loss from discontinued operations, net of income taxes | $ | (241,968 | ) | $ | (22,513 | ) | $ | (27,624 | ) |
December 31, | ||||||||
2015 | 2014 | |||||||
Cash and cash equivalents | $ | 11,277 | $ | 3,884 | ||||
Account and other receivables, net* | 16,331 | 39,620 | ||||||
Inventories | — | 48,990 | ||||||
Deferred income tax assets | 14,294 | 8,909 | ||||||
Current assets of discontinued operations | $ | 41,902 | $ | 101,403 | ||||
Property, plant and equipment, net | — | 19,217 | ||||||
Intangibles and other assets, net | 1,271 | 156,990 | ||||||
Non-current assets of discontinued operations | $ | 1,271 | $ | 176,207 | ||||
Accounts payable and other accrued expenses | 19,261 | 41,985 | ||||||
Accrued warranty* | 11,852 | 16,157 | ||||||
Accrued restructuring* | 5,368 | 426 | ||||||
Current liabilities of discontinued operations | $ | 36,481 | $ | 58,568 | ||||
Accrued warranty* | 27,124 | 18,352 | ||||||
Other liabilities | 178 | 322 | ||||||
Non-current liabilities of discontinued operations | $ | 27,302 | $ | 18,674 |
NOTE 4. | INCOME TAXES |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Domestic | $ | 13,237 | $ | 16,735 | $ | 28,459 | ||||||
Foreign | 92,205 | 69,270 | 19,863 | |||||||||
$ | 105,442 | $ | 86,005 | $ | 48,322 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Current: | ||||||||||||
Federal | $ | 5,823 | $ | 6,436 | $ | (8,631 | ) | |||||
State | 335 | 481 | (769 | ) | ||||||||
Foreign | 5,950 | 4,312 | 3,850 | |||||||||
Total current provision (benefit) | $ | 12,108 | $ | 11,229 | $ | (5,550 | ) | |||||
Deferred: | ||||||||||||
Federal | $ | 569 | $ | 832 | $ | (4,351 | ) | |||||
State | 870 | 587 | (635 | ) | ||||||||
Foreign | 8,413 | 3,862 | (852 | ) | ||||||||
Total deferred provision (benefit) | $ | 9,852 | $ | 5,281 | $ | (5,838 | ) | |||||
Total provision (benefit) for income taxes | $ | 21,960 | $ | 16,510 | $ | (11,388 | ) |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income taxes per federal statutory rate | $ | 37,498 | $ | 29,786 | $ | 16,747 | ||||||
State income taxes, net of federal deduction | 1,204 | 135 | (1,329 | ) | ||||||||
Change in valuation allowance | 6,503 | 12 | (393 | ) | ||||||||
Stock based compensation | (166 | ) | (112 | ) | (296 | ) | ||||||
Executive compensation | — | 751 | 56 | |||||||||
Domestic production activity benefit | — | (124 | ) | (135 | ) | |||||||
Tax effect of foreign operations | (22,495 | ) | (12,081 | ) | (22,268 | ) | ||||||
Tax credits | (969 | ) | (2,208 | ) | (3,551 | ) | ||||||
Other permanent items, net | 385 | 351 | (219 | ) | ||||||||
$ | 21,960 | $ | 16,510 | $ | (11,388 | ) |
Years Ended December 31, | ||||||||
2015 | 2014 | |||||||
Deferred tax assets | ||||||||
Stock based compensation | $ | 3,716 | $ | 4,029 | ||||
Net operating loss and tax credit carryforwards | 49,374 | 19,434 | ||||||
Pension obligation | 3,662 | 4,242 | ||||||
Excess and obsolete inventory | 3,692 | 3,308 | ||||||
Deferred revenue | 12,423 | 13,271 | ||||||
Vacation accrual | 750 | 939 | ||||||
Restructuring | 83 | 115 | ||||||
Bad debt reserve | 114 | 341 | ||||||
Employee bonuses and commissions | 1,191 | 128 | ||||||
Unrealized gain/loss | 1,506 | 1,020 | ||||||
Warranty reserve | 91 | 170 | ||||||
Other | 899 | 369 | ||||||
Deferred tax assets | 77,501 | 47,366 | ||||||
Less: Valuation allowance | (37,208 | ) | (2,940 | ) | ||||
Net deferred tax assets | 40,293 | 44,426 | ||||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | 3,875 | 4,666 | ||||||
Foreign other | 1,050 | 555 | ||||||
Other | 260 | 153 | ||||||
Deferred tax liabilities | 5,185 | 5,374 | ||||||
Net deferred tax assets (liabilities) | $ | 35,108 | $ | 39,052 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balance at beginning of period | $ | 8,001 | $ | 5,523 | $ | 12,810 | ||||||
Additions based on tax positions taken during a prior period | 433 | 136 | 1,006 | |||||||||
Additions based on tax positions taken during the current period | 3,413 | 3,757 | 1,495 | |||||||||
Reductions related to a lapse of applicable statute of limitations | (1,798 | ) | (1,415 | ) | (9,788 | ) | ||||||
Balance at end of period | $ | 10,049 | $ | 8,001 | $ | 5,523 |
NOTE 5. | EARNINGS PER SHARE |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income from continuing operations, net of income taxes | $ | 83,482 | $ | 69,495 | $ | 59,710 | ||||||
Basic weighted-average common shares outstanding | 40,746 | 40,420 | 39,597 | |||||||||
Assumed exercise of dilutive stock options and restricted stock units | 331 | 614 | 1,070 | |||||||||
Diluted weighted-average common shares outstanding | 41,077 | 41,034 | 40,667 | |||||||||
Continuing operations: | ||||||||||||
Basic earnings per share | $ | 2.05 | $ | 1.72 | $ | 1.51 | ||||||
Diluted earnings per share | $ | 2.03 | $ | 1.69 | $ | 1.47 |
Years Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Stock options | 155 | 91 | 413 | ||||||
Restricted stock units | 1 | — | — |
NOTE 6. | MARKETABLE SECURITIES |
December 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Commercial paper | $ | 4,989 | $ | 4,995 | $ | — | $ | — | ||||||||
Certificates of deposit | 7,008 | 6,991 | 3,083 | 3,083 | ||||||||||||
Total marketable securities | $ | 11,997 | $ | 11,986 | $ | 3,083 | $ | 3,083 |
Earliest | Latest | |||||
Commercial paper | 1/21/2016 | to | 4/28/2016 | |||
Certificates of deposit | 3/1/2016 | to | 9/18/2017 |
NOTE 7. | DERIVATIVE FINANCIAL INSTRUMENTS |
NOTE 8. | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE |
Level 1: | Quoted market prices in active markets for identical assets or liabilities at the measurement date. |
Level 2: | Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable and can be corroborated by observable market data. |
Level 3: | Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. |
December 31, 2015 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Commercial paper | $ | — | $ | 4,995 | $ | — | $ | 4,995 | ||||||||
Certificates of deposit | — | 6,991 | — | 6,991 | ||||||||||||
Total marketable securities | $ | — | $ | 11,986 | $ | — | $ | 11,986 | ||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Certificates of deposit | $ | — | $ | 3,083 | $ | — | $ | 3,083 | ||||||||
Total marketable securities | $ | — | $ | 3,083 | $ | — | $ | 3,083 |
NOTE 9. | INVENTORIES |
December 31, | |||||||
2015 | 2014 | ||||||
Parts and raw materials | $ | 40,578 | $ | 28,014 | |||
Work in process | 5,643 | 5,645 | |||||
Finished goods | 6,352 | 12,433 | |||||
$ | 52,573 | $ | 46,092 |
NOTE 10. | PROPERTY AND EQUIPMENT, NET |
December 31, | |||||||
2015 | 2014 | ||||||
Buildings and land | $ | 1,623 | $ | 1,745 | |||
Machinery and equipment | 30,479 | 27,495 | |||||
Computer and communication equipment | 19,744 | 20,035 | |||||
Furniture and fixtures | 1,319 | 1,527 | |||||
Vehicles | 215 | 130 | |||||
Leasehold improvements | 15,173 | 15,243 | |||||
Construction in process | 15 | — | |||||
68,568 | 66,175 | ||||||
Less: Accumulated depreciation | (58,923 | ) | (56,416 | ) | |||
Total property and equipment, net | $ | 9,645 | $ | 9,759 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Depreciation expense | $ | 4,464 | $ | 5,463 | $ | 6,138 |
NOTE 11. | GOODWILL |
December 31, 2014 | Additions | Effect of Currency Translation | December 31, 2015 | |||||||||||||
Consolidated | $ | 43,875 | $ | 453 | $ | (1,599 | ) | $ | 42,729 | |||||||
December 31, 2013 | Additions | Effect of Currency Translation | December 31, 2014 | |||||||||||||
Consolidated | $ | 14,212 | $ | 32,997 | $ | (3,334 | ) | $ | 43,875 |
NOTE 12. | INTANGIBLE ASSETS |
Gross Carrying Amount | Effect of Changes in Exchange Rates | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | ||||||||||||||
Technology-based | $ | 14,130 | $ | (1,535 | ) | $ | (2,828 | ) | $ | 9,767 | 10 | |||||||
Customer relationships | 31,276 | (2,805 | ) | (5,550 | ) | 22,921 | 12 | |||||||||||
Trademarks and other | 2,892 | (247 | ) | (1,192 | ) | 1,453 | 10 | |||||||||||
Total intangible assets | $ | 48,298 | $ | (4,587 | ) | $ | (9,570 | ) | $ | 34,141 |
Gross Carrying Amount | Effect of Changes in Exchange Rates | Accumulated Amortization | Net Carrying Amount | Weighted-Average Useful Life in Years | ||||||||||||||
Technology-based | $ | 14,130 | $ | (928 | ) | $ | (1,526 | ) | $ | 11,676 | 12 | |||||||
Customer relationships | 31,276 | (1,710 | ) | (2,873 | ) | 26,693 | 12 | |||||||||||
Trademarks and other | 2,892 | (149 | ) | (801 | ) | 1,942 | 17 | |||||||||||
Total intangible assets | $ | 48,298 | $ | (2,787 | ) | $ | (5,200 | ) | $ | 40,311 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Amortization expense | $ | 4,368 | $ | 4,998 | $ | 850 |
Year Ending December 31, | ||||
2016 | $ | 4,215 | ||
2017 | 3,990 | |||
2018 | 3,977 | |||
2019 | 3,961 | |||
2020 | 3,332 | |||
Thereafter | 14,666 | |||
$ | 34,141 |
NOTE 13. | OTHER ACCRUED EXPENSES |
NOTE 14. | WARRANTIES |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Balances at beginning of period | $ | 1,612 | $ | 3,187 | $ | 2,601 | ||||||
Warranty liabilities acquired | — | 260 | — | |||||||||
Increases to accruals related to sales during the period | 1,071 | 788 | 2,849 | |||||||||
Warranty expenditures | (1,040 | ) | (2,618 | ) | (2,290 | ) | ||||||
Effect of changes in exchange rates | (10 | ) | (5 | ) | 27 | |||||||
Balances at end of period | $ | 1,633 | $ | 1,612 | $ | 3,187 |
NOTE 15. | STOCK-BASED COMPENSATION |
2015 | 2014 | 2013 | ||||
Fair value assumptions - stock options: | ||||||
Risk-free interest rates | 1.1% - 1.4% | 1.7% - 1.9% | 0.74% | |||
Expected dividend yield rates | —% | —% | —% | |||
Expected term | 4.3 years | 5.3 years | 5.6 years | |||
Expected volatility | 43% | 53% | 69% |
2015 | 2014 | 2013 | ||||||||||
Weighted-average grant date fair value of options | $ | 9.50 | $ | 10.80 | $ | 10.55 | ||||||
Total intrinsic value of options exercised | $ | 5,203 | $ | 13,657 | $ | 12,917 |
2015 | 2014 | 2013 | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||
Options outstanding at beginning of period | 642 | $ | 14.18 | 1,573 | $ | 13.29 | 4,036 | $ | 13.61 | ||||||||||||
Options granted | 171 | 26.26 | 57 | 18.77 | — | — | |||||||||||||||
Options exercised | (229 | ) | 13.95 | (910 | ) | 13.01 | (2,055 | ) | 13.31 | ||||||||||||
Options forfeited | (38 | ) | 14.55 | (76 | ) | 12.93 | (199 | ) | 13.01 | ||||||||||||
Options expired | (3 | ) | 16.25 | (2 | ) | 21.97 | (209 | ) | 19.74 | ||||||||||||
Options outstanding at end of period | 543 | $ | 18.06 | 642 | $ | 14.18 | 1,573 | $ | 13.29 | ||||||||||||
Options vested during the year | 304 | 180 | 294 |
2015 | 2014 | 2013 | |||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||
Options outstanding at beginning of period | 380 | $ | 12.58 | 1,239 | $ | 13.38 | 1,623 | $ | 12.65 | ||||||||||||
Options granted | — | — | 51 | 26.53 | 43 | 17.80 | |||||||||||||||
Options exercised | (137 | ) | 11.35 | (408 | ) | 11.03 | (89 | ) | 11.02 | ||||||||||||
Options forfeited | — | — | (384 | ) | 17.12 | (87 | ) | 11.02 | |||||||||||||
Options expired | (144 | ) | 13.06 | (118 | ) | 12.12 | (251 | ) | 11.10 | ||||||||||||
Options outstanding at end of period | 99 | $ | 12.68 | 380 | $ | 12.58 | 1,239 | $ | 13.38 | ||||||||||||
Options vested during the year | 64 | 364 | 314 |
Options Expected to Vest: | Number | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||
Options outstanding | 642 | $ | 17.10 | 6.3 years | $ | 7,146 | |||||||
Options expected to vest | 606 | 16.63 | 6.1 years | 7,031 | |||||||||
Options exercisable | 439 | 13.53 | 5.0 years | 6,454 |
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | Number Exercisable | Weighted-Average Exercise Price | |||||||||||
$7.69 to $9.51 | 51 | 4.7 years | $ | 8.98 | 51 | $ | 8.98 | |||||||||
$11.02 to $11.02 | 94 | 6.0 years | 11.02 | 94 | 11.02 | |||||||||||
$11.21 to $12.77 | 69 | 4.5 years | 12.34 | 69 | 12.35 | |||||||||||
$13.70 to $14.21 | 70 | 4.4 years | 14.00 | 70 | 14.00 | |||||||||||
$14.50 to $15.65 | 87 | 4.7 years | 14.83 | 87 | 14.83 | |||||||||||
$16.25 to $18.77 | 82 | 7.4 years | 17.99 | 44 | 17.32 | |||||||||||
$20.19 to $24.31 | 24 | 2.9 years | 22.69 | 19 | 22.29 | |||||||||||
$25.28 to $25.28 | 2 | 8.3 years | 25.28 | 2 | 25.28 | |||||||||||
$26.32 to $26.32 | 160 | 9.1 years | 26.32 | — | — | |||||||||||
$26.76 to $26.76 | 3 | 8.1 years | 26.76 | 3 | 26.76 | |||||||||||
$7.69 to $26.76 | 642 | 6.3 years | $ | 17.10 | 439 | $ | 13.53 |
2015 | 2014 | 2013 | |||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Balance at beginning of period | 115 | $ | 13.00 | 230 | $ | 13.41 | 442 | $ | 12.96 | ||||||||||||
RSUs granted | 159 | 26.70 | 86 | 21.05 | 99 | 17.58 | |||||||||||||||
RSUs vested | (86 | ) | 14.05 | (163 | ) | 14.72 | (242 | ) | 12.99 | ||||||||||||
RSUs forfeited | (14 | ) | 12.69 | (38 | ) | 13.39 | (69 | ) | 12.88 | ||||||||||||
Balance at end of period | 174 | $ | 24.88 | 115 | $ | 13.00 | 230 | $ | 13.41 |
2015 | 2014 | 2013 | |||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Balance at beginning of period | 242 | $ | 13.86 | 1,344 | $ | 11.42 | 1,631 | $ | 11.15 | ||||||||||||
RSUs granted | 62 | 26.27 | 59 | 26.53 | 50 | 17.80 | |||||||||||||||
RSUs vested | (75 | ) | 13.81 | — | — | (235 | ) | 11.10 | |||||||||||||
RSUs settled in cash | — | — | (418 | ) | 12.29 | — | — | ||||||||||||||
RSUs forfeited | (169 | ) | 14.25 | (743 | ) | 13.14 | (102 | ) | 11.02 | ||||||||||||
Balance at end of period | 60 | $ | 26.27 | 242 | $ | 13.86 | 1,344 | $ | 11.42 |
2015 | 2014 | 2013 | ||||||||||
Weighted-average grant date fair value of RSUs | $ | 26.66 | $ | 22.87 | $ | 17.73 | ||||||
Total fair value of RSUs converted to shares | $ | 3,782 | $ | 5,439 | $ | 11,032 |
2015 | 2014 | 2013 | |||||||
Risk-free interest rates | 0.07% - 0.42% | 0.06% - 0.08% | 0.07% - 0.10% | ||||||
Expected dividend yield rates | — | % | — | % | — | % | |||
Expected term | 0.5 years | 0.5 years | 0.5 years | ||||||
Expected volatility | 27.8 | % | 52.0 | % | 61.5 | % |
NOTE 16. | RETIREMENT PLANS |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Interest cost | $ | 1,093 | $ | 1,061 | |||
Expected return on plan assets | (562 | ) | (532 | ) | |||
Amortization of actuarial gains and losses | 373 | — | |||||
Net periodic pension cost | $ | 904 | $ | 529 |
Year Ended December 31, | |||||
2015 | 2014 | ||||
Discount Rate | 3.9 | % | 3.6 | % | |
Expected long-term return on plan assets | 4.3 | % | 4.0 | % |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Projected benefit obligation, beginning of year | $ | 34,475 | $ | — | |||
Acquisition | — | 34,816 | |||||
Interest cost | 1,093 | 1,061 | |||||
Actuarial (gain) loss | (1,435 | ) | 1,672 | ||||
Benefits paid | (825 | ) | (460 | ) | |||
Translation adjustment | (1,842 | ) | (2,614 | ) | |||
Projected benefit obligation, end of year | $ | 31,466 | $ | 34,475 | |||
Plan assets, beginning of year | $ | 14,339 | $ | — | |||
Acquisitions | — | 12,091 | |||||
Actual return on plan assets | 562 | 532 | |||||
Contributions | 958 | 3,084 | |||||
Benefits paid | (825 | ) | (460 | ) | |||
Actuarial (gain) | (583 | ) | (8 | ) | |||
Translation adjustment | (774 | ) | (900 | ) | |||
Plan assets, end of year | $ | 13,677 | $ | 14,339 | |||
Funded status of plan | $ | (17,789 | ) | $ | (20,136 | ) |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Multi-Asset Fund | $ | — | $ | 4,460 | $ | — | $ | 4,460 | |||||||
Diversified Growth Fund | — | 4,767 | — | 4,767 | |||||||||||
Index-Linked Gilts | — | 2,113 | — | 2,113 | |||||||||||
Corporate Bonds | — | 2,100 | — | 2,100 | |||||||||||
Cash | 237 | — | — | 237 | |||||||||||
Total | $ | 237 | $ | 13,440 | $ | — | $ | 13,677 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Multi-Asset Fund | $ | — | $ | 4,685 | $ | — | $ | 4,685 | |||||||
Diversified Growth Fund | — | 4,950 | — | 4,950 | |||||||||||
Index-Linked Gilts | — | 2,248 | — | 2,248 | |||||||||||
Corporate Bonds | — | 2,238 | — | 2,238 | |||||||||||
Cash | 218 | — | — | 218 | |||||||||||
Total | $ | 218 | $ | 14,121 | $ | — | $ | 14,339 |
NOTE 17. | ACCUMULATED OTHER COMPREHENSIVE INCOME |
Foreign Currency Adjustments | Unrealized Gains (Losses) on Marketable Securities | Total Accumulated Other Comprehensive Income | |||||||||
Balances at December 31, 2014 | $ | 10,249 | $ | 527 | $ | 10,776 | |||||
Current period other comprehensive income (loss) | (10,228 | ) | (14 | ) | (10,242 | ) | |||||
Balances at December 31, 2015 | $ | 21 | $ | 513 | $ | 534 |
NOTE 18. | COMMITMENTS AND CONTINGENCIES |
2016 | $ | 5,898 | |
2017 | 3,348 | ||
2018 | 2,398 | ||
2019 | 2,388 | ||
2020 | 2,344 | ||
Thereafter | 4,547 | ||
$ | 20,923 |
NOTE 19. | RESTRUCTURING COSTS |
Twelve Months Ended December 31, | Cumulative costs through December 31, | ||||||
2015 | 2015 | ||||||
Severance and related costs | $ | 184 | $ | 184 | |||
Contract settlement costs | 73 | 73 | |||||
Total restructuring charges | $ | 257 | $ | 257 |
Twelve Months Ended December 31, | Cumulative costs through December 31, | ||||||
2015 | 2015 | ||||||
Severance and related costs | $ | — | $ | 1,282 | |||
Facility closure costs | — | 582 | |||||
Total restructuring charges | $ | — | $ | 1,864 |
Twelve Months Ended December 31, | Cumulative costs through December 31, | ||||||
2015 | 2015 | ||||||
Severance and related costs | $ | — | $ | 2,762 | |||
Property and equipment and intangible asset impairments | — | 43 | |||||
Facility closure costs | (59 | ) | 1,206 | ||||
Total restructuring charges | $ | (59 | ) | $ | 4,011 |
Balances at December 31, 2014 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at December 31, 2015 | ||||||||||||||||
Severance and related costs | $ | — | $ | 184 | $ | (182 | ) | $ | — | $ | 2 | |||||||||
Contract settlement costs | — | 73 | (69 | ) | — | 4 | ||||||||||||||
Total restructuring liabilities | $ | — | $ | 257 | $ | (251 | ) | $ | — | $ | 6 |
Balances at December 31, 2014 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at December 31, 2015 | ||||||||||||||||
Severance and related costs | $ | 825 | $ | — | $ | (824 | ) | $ | (1 | ) | $ | — | ||||||||
Facility closure costs | 51 | — | (49 | ) | (2 | ) | — | |||||||||||||
Total restructuring liabilities | $ | 876 | $ | — | $ | (873 | ) | $ | (3 | ) | $ | — |
Balances at December 31, 2014 | Costs incurred and charged to expense | Cost paid or otherwise settled | Effect of change in exchange rates | Balances at December 31, 2015 | ||||||||||||||||
Severance and related costs | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Facility closure costs | 84 | (59 | ) | (12 | ) | (13 | ) | — | ||||||||||||
Total restructuring liabilities | $ | 84 | $ | (59 | ) | $ | (12 | ) | $ | (13 | ) | $ | — |
NOTE 20. | RELATED PARTY TRANSACTIONS |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Sales to related parties | $ | 706 | $ | 321 | $ | 622 | ||||||
Rent expense to related parties | — | 1,850 | 1,880 | |||||||||
Purchases from related parties | 40 | — | — |
NOTE 21. | GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION |
Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Sales to external customers: | (In thousands) | ||||||||||||||||||||
United States | $ | 268,257 | 64.7 | % | $ | 230,843 | 62.8 | % | $ | 169,362 | 56.6 | % | |||||||||
Canada | 195 | — | % | 347 | 0.1 | % | 93 | — | % | ||||||||||||
North America | 268,452 | 64.7 | % | 231,190 | 62.9 | % | 169,455 | 56.6 | % | ||||||||||||
People's Republic of China | 12,687 | 3.1 | % | 12,903 | 3.5 | % | 27,420 | 9.2 | % | ||||||||||||
Other Asian countries | 61,839 | 15.0 | % | 56,938 | 15.6 | % | 62,706 | 20.8 | % | ||||||||||||
Asia | 74,526 | 18.0 | % | 69,841 | 19.0 | % | 90,126 | 30.1 | % | ||||||||||||
Germany | 46,719 | 11.3 | % | 43,343 | 11.8 | % | 31,651 | 10.6 | % | ||||||||||||
United Kingdom | 25,100 | 6.1 | % | 22,670 | 6.2 | % | 5,752 | 1.9 | % | ||||||||||||
Other European countries | 14 | (0.1 | )% | 289 | — | % | 2,397 | 0.8 | % | ||||||||||||
Europe | 71,833 | 17.3 | % | 66,302 | 18.0 | % | 39,800 | 13.3 | % | ||||||||||||
Total sales | $ | 414,811 | 100.0 | % | $ | 367,333 | 100.0 | % | $ | 299,381 | 100.0 | % |
December 31, | ||||||||
2015 | 2014 | |||||||
*Long lived assets: | (In thousands) | |||||||
United States | $ | 31,556 | $ | 31,711 | ||||
Asia | 3,134 | 3,456 | ||||||
Europe | 51,825 | 58,778 | ||||||
$ | 86,515 | $ | 93,945 |
* | Long-lived assets include property and equipment, goodwill and other intangible assets. |
NOTE 22. | CREDIT FACILITY |
NOTE 23. | SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) |
Quarter Ended | ||||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||
Sales | $ | 86,891 | $ | 109,756 | $ | 108,654 | $ | 109,510 | ||||||||
Gross Profit | 42,684 | 58,538 | 56,549 | 59,099 | ||||||||||||
Restructuring | (117 | ) | 317 | — | (2 | ) | ||||||||||
Operating income | 16,173 | 30,168 | 28,779 | 31,536 | ||||||||||||
Income from continuing operations, net of income taxes | 11,490 | 23,313 | 23,024 | 25,655 | ||||||||||||
Income (loss) from discontinued operations, net of income taxes* | 24,775 | (6,881 | ) | (255,483 | ) | (4,379 | ) | |||||||||
Net income | 36,265 | 16,432 | (232,459 | ) | 21,276 | |||||||||||
Earnings per Share: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Basic earnings per share | $ | 0.29 | $ | 0.57 | $ | 0.56 | $ | 0.63 | ||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.56 | $ | 0.56 | $ | 0.62 | ||||||||
Discontinued Operations: | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.62 | $ | (0.17 | ) | $ | (6.24 | ) | $ | (0.11 | ) | |||||
Diluted earnings (loss) per share | $ | 0.61 | $ | (0.17 | ) | $ | (6.24 | ) | $ | (0.11 | ) | |||||
Net Income (Loss): | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.90 | $ | 0.40 | $ | (5.68 | ) | $ | 0.52 | |||||||
Diluted earnings (loss) per share | $ | 0.89 | $ | 0.40 | $ | (5.68 | ) | $ | 0.52 |
Quarter Ended | ||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | |||||||||||||
Sales | $ | 110,163 | $ | 91,584 | $ | 82,226 | $ | 83,360 | ||||||||
Gross Profit | 56,543 | 46,130 | 42,387 | 42,999 | ||||||||||||
Restructuring | 863 | 560 | 84 | — | ||||||||||||
Operating income | 28,609 | 20,130 | 16,000 | 21,353 | ||||||||||||
Income from continuing operations, net of income taxes | 23,312 | 15,917 | 13,127 | 17,139 | ||||||||||||
Loss from discontinued operations, net of income taxes* | (13,993 | ) | (3,615 | ) | (2,481 | ) | (2,424 | ) | ||||||||
Net income | 9,319 | 12,302 | 10,646 | 14,715 | ||||||||||||
Earnings per Share: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Basic earnings per share | $ | 0.58 | $ | 0.40 | $ | 0.32 | $ | 0.42 | ||||||||
Diluted earnings per share | $ | 0.57 | $ | 0.39 | $ | 0.32 | $ | 0.41 | ||||||||
Discontinued Operations: | ||||||||||||||||
Basic loss per share | $ | (0.35 | ) | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||||
Diluted loss per share | $ | (0.35 | ) | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||||
Net Income: | ||||||||||||||||
Basic earnings per share | $ | 0.23 | $ | 0.31 | $ | 0.26 | $ | 0.36 | ||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.30 | $ | 0.26 | $ | 0.35 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
3.1 | Restated Certificate of Incorporation, as amended. (1) | |
3.2 | Restated By-laws, as amended. (19) | |
3.3 | Amendment to Bylaws. (3) | |
3.4 | Second Amendment to the By-laws of Advanced Energy Industries, Inc. (21) | |
3.5 | Third Amendment to the By-Laws of Advanced Energy Industries, Inc. (22) | |
4.1 | Form of Specimen Certificate for Common Stock. (2) | |
10.1 | Lease, dated June 12, 1984, amended June 11, 1992, by and between Prospect Park East Partnership and Advanced Energy Industries, Inc., for property located in Fort Collins, Colorado. (2) | |
10.2 | Lease, dated March 14, 1994, as amended, by and between Sharp Point Properties, L.L.C., and Advanced Energy Industries, Inc., for property located in Fort Collins, Colorado. (2) | |
10.3 | Lease, dated May 19, 1995, by and between Sharp Point Properties, L.L.C. and Advanced Energy Industries, Inc., for a building located in Fort Collins, Colorado. (2) | |
10.4 | Lease dated March 20, 2000, by and between Sharp Point Properties, L.L.C. and Advanced Energy Industries, Inc., for a building located in Fort Collins, Colorado. (5) | |
10.5 | Lease Amendment, dated as of April 26, 2010 by and between Sharp Point Properties, LLC and Advanced Energy Industries, Inc., for a building located in Fort Collins, Colorado. (23) | |
10.6 | Lease Amendment, dated as of August 19, 2010, by and between Sharp Point Properties, LLC and Advanced Energy Industries, Inc., for a building located in Fort Collins, Colorado. (25) | |
10.7 | Lease Termination Agreement, dated as of December 28, 2011, by and between Sharp Point Properties, LLC and Advanced Energy Industries, Inc., for buildings located in Fort Collins, Colorado. (27) | |
10.8 | Lease Agreement, dated as of December 28, 2011, by and between Sharp Point Properties, LLC and Advanced Energy Industries, Inc., for a building located at 1625 Sharp Point Drive, Fort Collins, Colorado. (27) | |
10.9 | Lease Agreement, dated as of December 28, 2011, by and between Sharp Point Properties, LLC and Advanced Energy Industries, Inc., for a building located at 2424 Midpoint Drive, Fort Collins, Colorado. (27) | |
10.10 | Lease dated January 16, 2003, by and between China Great Wall Computer Shenzhen Co., Ltd., Great Wall Limited and Advanced Energy Industries (Shenzhen) Co., Ltd., for a building located in Shenzhen, China. (6) | |
10.11 | Form of Indemnification Agreement. (2) | |
10.12 | Form of Director Indemnification Agreement. (21) | |
10.13 | 1995 Stock Option Plan, as amended and restated through February 7, 2001. (7)* | |
10.14 | 1995 Non-Employee Directors’ Stock Option Plan, as amended and restated through February 7, 2001. (7)* | |
10.15 | 2001 Employee Stock Option Plan. (1)* | |
10.16 | 2002 Employee Stock Option Plan. (1)* | |
10.17 | 2003 Stock Option Plan. (1)* | |
10.18 | Amendment No. 1 to 2003 Stock Option Plan, dated January 31, 2005. (8)* | |
10.19 | Form of Stock Option Agreement pursuant to the 2003 Stock Option Plan. (8)* |
10.20 | Amended and Restated 2003 Employees’ Stock Option Plan. (4)* | |
10.21 | 2003 Non-Employee Directors’ Stock Option Plan. (1)* | |
10.22 | 2003 Non-Employee Directors’ Stock Option Plan, as amended and restated. (4)* | |
10.23 | Form of Restricted Stock Unit Award Agreement pursuant to the 2003 Non-Employee Directors’ Stock Option Plan, as amended and restated as of February 15, 2006. (9)* | |
10.24 | Form of Restricted Stock Unit Agreement pursuant to the 2003 Non-Employee Directors’ Stock Option Plan. (10)* | |
10.25 | Restricted Stock Unit Agreement pursuant to the 2003 Stock Option Plan. (11)* | |
10.26 | Form of Notice of Grant for Restricted Stock Unit. (36)* | |
10.27 | Form of Restricted Stock Unit Agreement. (36)* | |
10.28 | Form of Notice of Grant of Stock Option. (36)* | |
10.29 | Form of Incentive Stock Option Agreement. (36)* | |
10.30 | Form of Non-Qualified Stock Option Agreement. (36)* | |
10.31 | Form of LTI Notice of Grant. (36)* | |
10.32 | Form of LTI Performance Stock Option Agreement pursuant to the 2008 Omnibus Incentive Plan. (36)* | |
10.33 | Form of LTI Performance Stock Unit Agreement pursuant to the 2008 Omnibus Incentive Plan. (36)* | |
10.34 | Non-employee Director Compensation summary. (12)* | |
10.35 | Non-Employee Director Compensation Structure. (17)* | |
10.36 | 2012 - 2014 Long-Term Incentive (LTI) Plan. (44)* | |
10.37 | 2012 - 2014 Short Term Incentive (STI) Plan, as revised.* |
10.38 | 2015 Long-Term Incentive (LTI) Plan. (45)* | |
10.39 | 2015 Short-Term Incentive (STI) Plan. (45)* | |
10.40 | 2016 Long-Term Incentive (LTI) Plan.* | |
10.41 | 2016 Short-Term Incentive (STI) Plan.* | |
10.42 | 2008 Omnibus Incentive Plan, as amended May 4, 2010. (26)* | |
10.43 | Executive Change in Control Severance Agreement. (13) | |
10.43.1 | Form of Amendment to Executive Change in Control Agreement. (34) | |
10.44 | Retirement Term Sheet relating to Douglas S. Schatz. (14) | |
10.45 | Offer Letter, dated September 28, 2014, by and among Advanced Energy Industries, Inc. and Yuval Wasserman. (39) | |
10.46 | Executive Change in Control Agreement, dated April 28, 2011, by and among Advanced Energy Industries Inc. and Thomas O. McGimpsey. (31) | |
10.47 | Executive Change in Control Agreement, dated September 30, 2014, by and among Advanced Energy Industries, Inc. and Yuval Wasserman. (39) | |
10.48 | Relocation Agreement, dated August 5, 2013, by and among Advanced Energy Industries, Inc. and Yuval Wasserman. (19) | |
10.49 | Executive Separation Agreement and Release of all Claims, dated May 5, 2014, by and between Advanced Energy Industries, Inc. and Gordon Tredger. (37) | |
10.50 | Executive Transition and Separation Agreement, dated May 31, 2014, by and between Advanced Energy Industries, Inc. and Garry Rogerson. (38) | |
10.51 | Executive Transition and Separation Agreement, dated November 17, 2014, by and between Advanced Energy Industries, Inc. and Danny C. Herron. (40) | |
10.52 | Offer Letter to Thomas Liguori dated April 8, 2015. (41) | |
10.53 | Executive Change in Control Agreement, dated May 18, 2015, by and among Advanced Energy Industries, Inc. and Thomas Liguori. (41) | |
10.54 | Global Supply Agreement by and between Advanced Energy Industries, Inc. and Applied Materials Inc. dated August 29, 2005. (16)+ | |
10.55 | Shipping Amendment to the Global Supply Agreement by and between Advanced Energy Industries, Inc. and Applied Materials Inc. dated August 29, 2005. (16)+ | |
10.56 | Bridge Amendment to the Global Supply Agreement by and between Advanced Energy Industries, Inc. and Applied Materials Inc. dated January 26, 2011. (30)+ | |
10.57 | Sale and Purchase Agreement by and among Advanced Energy Industries, Inc., Blitz S13-103 GmbH, Jolaos Verwaltungs GmbH and Prettl Beteiligungs Holdings, GmbH, dated as of April 8, 2013. (35) | |
10.58 | Credit Agreement, dated October 12, 2012, by and among Wells Fargo Bank, National Association, as administrative agent for certain lenders, Advanced Energy Industries, Inc., AE Solar Energy Inc., and Sekidenko, Inc. (33) | |
10.59 | Guaranty and Security Agreement dated October 12, 2012 among Wells Fargo Bank, National Association, Advanced Energy Industries, Inc., AE Solar Energy, Inc., Sekidenko, Inc., AEI US Subsidiary, Inc. and Aera Corporation. (43) | |
10.60 | Amendment No. 1 to Credit Agreement dated November 8, 2012 among Wells Fargo Bank, National Association, Advanced Energy Industries, Inc., AE Solar Energy, Inc., Sekidenko, Inc., AEI US Subsidiary, Inc. and Aera Corporation. (34) | |
10.61 | Wells Fargo Credit Facility Amendment dated September 24, 2015. (42) | |
10.62 | Fixed Dollar Accelerated Share Repurchase Transaction, dated November 6, 2015, between Advanced Energy Industries, Inc. and Morgan Stanley & Co. LLC. (43) |
14.1 | Code of Ethical Conduct, as revised. | |
21.1 | Subsidiaries of Advanced Energy Industries, Inc. | |
23.1 | Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm. | |
31.1 | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of the Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
Attached as Exhibit 101 to this report are the following materials from Advanced Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Earnings, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders’ Equity, and (vi) the Notes to the Consolidated Financial Statements. |
(1) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (File No. 000-26966), filed November 4, 2003. |
(2) | Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 33-97188), filed September 2, 1995. |
(3) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed December 5, 2007. |
(4) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 000-26966), filed August 3, 2007. |
(5) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2000 (File No. 000-26966), filed March 27, 2001. |
(6) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 000-26966), filed February 24, 2004. |
(7) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2001 (File No. 000-26966), filed May 9, 2001. |
(8) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed February 3, 2005. |
(9) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed May 31, 2006. |
(10) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 (File No. 000-26966), filed August 9, 2006. |
(11) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 (File No. 000-26966), filed March 28, 2006. |
(12) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed February 1, 2006. |
(13) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 000-26966), filed March 31, 2005. |
(14) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed August 9, 2005. |
(15) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed July 6, 2005. |
(16) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 (File No. 000-26966), filed November 7, 2005. |
(17) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed July 28, 2006. |
(18) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed April 4, 2008. |
(19) | Incorporated by reference to the Registrant's Quarterly Report on Form 10-Q (File No. 000-26966), filed August 6, 2013. |
(20) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 000-26966), filed February 27, 2009. |
(21) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed December 14, 2009. |
(22) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed April 23, 2010. |
(23) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed May 7, 2010. |
(24) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed August 16, 2010. |
(25) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966), filed August 20, 2010. |
(26) | Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 000-26966), filed March 2, 2011. |
(27) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966), filed December 29, 2011. |
(28) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966), filed August 2, 2011. |
(29) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966), filed August 4, 2011. |
(30) | Incorporated by reference to the Registrant's Quarterly Report on Form 10-Q (File No. 000-26966), filed May 6, 2011. |
(31) | Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 000-26966) filed March 2, 2012. |
(32) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966) filed April 30, 2012. |
(33) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966) filed October 15, 2012. |
(34) | Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 000-26966) filed March 6, 2013. |
(35) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966) filed April 11, 2013. |
(36) | Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-26966) filed May 10, 2013. |
(37) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed May 5, 2014. |
(38) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed June 2, 2014. |
(39) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed October 1, 2014. |
(40) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed November 18, 2014. |
(41) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed April 16, 2015. |
(42) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-26966) filed November 5, 2015. |
(43) | Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-26966) filed November 6, 2015. |
(44) | Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 000-26966), filed March 6, 2013. |
(45) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-26966) filed May 6, 2015. |
* | Compensation Plan |
+ | Confidential treatment has been granted for portions of this agreement. |
Signatures | Title | Date | ||
/s/ Yuval Wasserman | Chief Executive Officer and Director | February 25, 2016 | ||
Yuval Wasserman | ||||
/s/ Thomas Liguori | Executive Vice President and Chief Financial Officer | February 25, 2016 | ||
Thomas Liguori | ||||
/s/ Grant H. Beard | Chairman of the Board | February 25, 2016 | ||
Grant H. Beard | ||||
/s/ Frederick A. Ball | Director | February 25, 2016 | ||
Frederick A. Ball | ||||
/s/ Terry F. Hudgens | Director | February 25, 2016 | ||
Terry F. Hudgens | ||||
/s/ Ronald C. Foster | Director | February 25, 2016 | ||
Ronald C. Foster | ||||
/s/ Edward C. Grady | Director | February 25, 2016 | ||
Edward C. Grady | ||||
/s/ Thomas M. Rohrs | Director | February 25, 2016 | ||
Thomas M. Rohrs |
Tier Level | Target Annual Value |
Tier 0 (CEO) | $1.75M |
Tier 1 (EVP CFO) | $625,000 |
Tier 1 (EVP GC) | $525,000 |
Tier 2 (SVP) | $250,000 to $300,000* |
Tier 3 (VP) | $125,000 |
Revenue Weight 50%(1) | Non-GAAP EPS Weight 50% | ||
Performance | Percentage of PSU Shares That Vest for Revenue Metric | Percent of Target PSU shares That Vest | Combined Percentage Vesting(2) |
Performance At Threshold | 25% | 25% | 50% |
Performance Equal to Target | 50% | 50% | 100% |
Performance At or Above Stretch Target | 100% | 100% | 200% |
Eligibility Date | 2016 Fiscal Year |
January 1, 2016 | 100% |
April 1, 2016 | 75% |
July 1, 2016 | 50% |
October 1, 2016 | 25% |
Tier Level | Annual Target |
0 - CEO | 100% |
1- EVP | 60-70%* |
2 - Senior VP | 50% |
3 - VP | 40% |
Weighted Payout Revenue* | Weighted Payout non-GAAP OI | Weighted Payout Operating Cash Flow | |
Stretch | 200% | 200% | 200% |
Target | 100% | 100% | 100% |
Threshold | 50% | 50% | 50% |
1. | Relationships with the Company and its Shareholders |
2. | Relationships with Customers and Vendors |
3. | Relationships with Our Communities and Society |
4. | Relationships with our Fellow Employees |
• | Misrepresentation in the Company’s publicly released financial statements or other public disclosures; |
• | Improper payment schemes such as seeking or taking from, paying or offering to, supplier or customers, kickbacks or gifts intended to influence business decisions; |
• | Misappropriation or theft of Company data, confidential information, intellectual property, or other assets including money or equipment or supplies; or |
• | Commercial bribery or bribery of a governmental official or other violation of anti-corruption law |
Name | Jurisdiction of Incorporation or Organization | |
Advanced Energy Japan K.K | Japan | |
Advanced Energy Industries U.K. Limited | United Kingdom | |
Advanced Energy Industries GmbH | Germany | |
Advanced Energy Taiwan, Ltd. | Taiwan | |
Advanced Energy Industries, Inc., Shanghai | China | |
Advanced Energy Industries (Shenzhen) Co., Ltd. (manufacturing) | China | |
AEI International Holdings CV | Netherlands | |
AE Korea, Ltd. | South Korea | |
AEI Korea Services, Ltd. | South Korea | |
Tamio Limited | Hong Kong | |
Advanced Energy Industries | China | |
Wankia Limited | Hong Kong | |
Advanced Energy Industries Limited | Hong Kong | |
Fuyogo Limited | Hong Kong | |
AEI Canada, Inc. | Canada | |
Advanced Energy Singapore, Pte. Ltd. | Singapore | |
Advanced Energy Services Pte. Ltd. | Singapore | |
AE Solar Energy, Inc. | Oregon | |
Sekidenko, Inc. | Washington | |
AEI US Subsidiary, Inc. | Delaware | |
AEI Holdings, GmbH | Germany | |
AEI Power GmbH | Germany | |
AEI Power India Pvt. Ltd. | India | |
HV Investments Ltd. U.K. | United Kingdom | |
Ascent Investments Ltd. U.K. | United Kingdom | |
Melbourne Group Ltd. U.K. | United Kingdom | |
HiTek Power Ltd. U.K. | United Kingdom | |
HiTek Power GmbH | Germany | |
HiTek Power Inc. | Delaware | |
UltraVolt Group, Inc. | Delaware | |
UltraVolt, Inc. | New York | |
Solvix GmbH | Switzerland | |
Solvix LLC | Colorado | |
AEI Finance Verwaltungs GmbH | Germany | |
AEI Finance GmbH & Co., KG | Germany | |
AE Precision Power Products Pvt. Ltd. | India | |
AE Equipment Surplus LLC | Colorado | |
Advanced Energy Services PTE Ltd. | Singapore | |
AEI Finance Ltd. | Hong Kong |
1. | I have reviewed this annual report on Form 10-K for the period ended December 31, 2015 of Advanced Energy Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Yuval Wasserman | ||||
Yuval Wasserman | ||||
Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K for the period ended December 31, 2015 of Advanced Energy Industries, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Thomas Liguori | ||||
Thomas Liguori | ||||
Executive Vice President & Chief Financial Officer | ||||
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Yuval Wasserman | ||||
Yuval Wasserman | ||||
Chief Executive Officer | ||||
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Thomas Liguori | ||||
Thomas Liguori | ||||
Executive Vice President & Chief Financial Officer | ||||
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DEI Parenthetical - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Feb. 23, 2016 |
|
Document Information [Line Items] | ||
Entity Registrant Name | ADVANCED ENERGY INDUSTRIES INC | |
Entity Central Index Key | 0000927003 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 1,127,440,745 | |
Entity Common Stock, Shares Outstanding | 39,850,932 |
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Allowance for Doubtful Accounts Receivable, Current | $ 8,739 | $ 1,052 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 39,756,000 | 40,613,000 |
Common stock, shares outstanding (in shares) | 39,756,000 | 40,613,000 |
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
NET INCOME | $ 36,265 | $ 16,432 | $ (232,459) | $ 21,276 | $ 9,319 | $ 12,302 | $ 10,646 | $ 14,715 | $ (158,486) | $ 46,982 | $ 32,086 |
Other comprehensive income (loss), net of tax: | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10,228) | (23,214) | 3,733 | ||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (14) | 533 | (1) | ||||||||
Comprehensive income | $ (168,728) | $ 24,301 | $ 35,818 |
Operations and Summary of Significant Accounting Policies and Estimates |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations And Summary Of Significant Accounting Policies [Text Block] | OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES We design, manufacture, sell and support power conversion and control products that transform power into various usable forms. Our products enable manufacturing processes that use thin film and plasma enhanced chemical and physical processing for various products, industrial electro-thermal applications for material and chemical processes, precision power for analytical instrumentation, as well as grid-tied power conversion. We also supply thermal instrumentation products for advanced temperature control in these markets. Our network of global service support centers provides local repair and field service capability in key regions. As of December 31, 2015, we have discontinued our Inverter production, engineering, and sales product line. As such, all Inverter revenues, costs, assets and liabilities are reported in Discontinued Operations for all periods presented herein and we currently report as a single unit. See Note 3. Discontinued Operations for more information. Principles of Consolidation — Our Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Our Consolidated Financial Statements are stated in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Use of Estimates in the Preparation of the Consolidated Financial Statements — The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We believe that the significant estimates, assumptions, and judgments when accounting for items and matters such as allowances for doubtful accounts, excess and obsolete inventory, warranty reserves, acquisitions, asset valuations, asset life, depreciation, amortization, recoverability of assets, impairments, deferred revenue, stock option and restricted stock grants, taxes, and other provisions are reasonable, based upon information available at the time they are made. Actual results may differ from these estimates, making it possible that a change in these estimates could occur in the near term. Foreign Currency Translation — The functional currency of our foreign subsidiaries is their local currency, with the exception of our manufacturing facility in Shenzhen, The People's Republic of China (“PRC”) where the United States dollar is the functional currency. Assets and liabilities of foreign subsidiaries are translated to United States dollars at period-end exchange rates, and our Consolidated Statements of Operations and Cash Flows are translated at average exchange rates during the period. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income. Transactions denominated in currencies other than the local currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in foreign currency transaction gains and losses which are reflected as unrealized (based on period end translation) or realized (upon settlement of the transactions) in other income, net in our Consolidated Statements of Operations. Fair Value of Financial Instruments — We value our financial assets and liabilities using fair value measurements. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount of cash and cash equivalents, marketable securities, accounts receivable, other current assets, accounts payable, accrued liabilities, and other current liabilities in our Consolidated Financial Statements approximates fair value because of the short-term nature of the instruments. Cash and Cash Equivalents — We consider all amounts on deposit with financial institutions and highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are highly liquid investments that consist primarily of short-term money market instruments and demand deposits with insignificant interest rate risk and original maturities of three months or less at the time of purchase. Sometimes we invest excess cash in money market funds not insured by the Federal Deposit Insurance Corporation. We believe that the investments in money market funds are on deposit with credit-worthy financial institutions and that the funds are highly liquid. The investments in money market funds are reported at fair value, with interest income recorded in earnings and are included in “Cash and cash equivalents.” The fair values of our investments in money market funds are based on the quoted market prices. As of December 31, 2015 we have $1.3 million of cash included in cash and cash equivalents that is restricted from immediate withdrawal. Of this amount, $0.7 million is a refund from a European tax authority, restricted until the tax authority completes its audit procedures, $0.1 million is restricted for Taiwan Customs Clearance transactions as a guarantee of Customs Duty, adjusted annually based on projected customs clearance transactions, and $0.5 million is collateral for the US purchasing card program, restricted for the duration of the card program. Marketable Securities — All of our investments in marketable securities are classified as available-for-sale at the respective balance sheet dates. Marketable securities classified as available-for-sale are recorded at fair value based upon quoted market prices, and any temporary difference between the cost and fair value of the investment is presented as a separate component of accumulated other comprehensive income (loss). We recognize gains and losses on the date our investments mature or are sold and record these gains and losses in other income, net. The specific identification method is used to determine the gains and losses on investments in marketable securities. Concentrations of Credit Risk — Financial instruments, which potentially subject us to credit risk, include cash and cash equivalents, marketable securities, and trade accounts receivable. To preserve capital and maintain liquidity, we invest with financial institutions we deem to be of high quality and sound financial condition. Our investments are in low-risk instruments and we limit our credit exposure in any one institution or type of investment instrument based upon criteria including creditworthiness. At December 31, 2015, our accounts receivable from Applied Materials and Lam Research were $17.1 million, or 31.2% of our total accounts receivable, and $7.3 million, or 13.3% of our total accounts receivable, respectively. At December 31, 2014, our accounts receivable from Applied Materials and Lam Research were $20.0 million, or 25.3% of our total accounts receivable, and $10.6 million, or 13.4% of our total accounts receivable, respectively. No other customer balance exceeded 10% of our total accounts receivable balance at December 31, 2015 or December 31, 2014. We have established an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable are recorded at net realizable value. We have not historically charged interest on overdue balances, although we do notify our customers that we reserve the right to do so. We maintain a credit approval process and we make significant judgments in connection with assessing our customers’ ability to pay at the time of shipment. Despite this assessment, from time to time, our customers are unable to meet their payment obligations. We continuously monitor our customers’ credit worthiness and use our judgment in establishing a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been within our expectations and the provisions established, there is no assurance that we will continue to experience the same credit loss rates that we have in the past. A significant change in the liquidity or financial position of our customers could have a material adverse impact on the collectability of accounts receivable and our future operating results. Changes in allowance for doubtful accounts are summarized as follows (in thousands):
During 2015, we recorded an allowance for doubtful accounts related to our inverter business of $16.3 million. Of this amount, $6.0 million is related to our inverter service business and is recorded in Selling, general and administrative expense and the remainder is recorded in Income from discontinued operations in our Consolidated Financial Statements. For more information on our discontinued operations, please see Note 3. Discontinued Operations. Inventories — Inventories include costs of materials, direct labor, manufacturing overhead, in-bound freight, and duty. Inventories are valued at the lower of cost (first-in, first-out method) or market and are presented net of reserves for excess and obsolete inventory. Reserves are provided for excess and obsolete inventory. We regularly review inventory quantities on hand and record a provision to write-down excess and obsolete inventory to its estimated net realizable value, if less than cost, based primarily on our estimated forecast of product demand. Demand for our products can fluctuate significantly. A significant decrease in demand could result in an increase in the charges for excess inventory quantities on hand. In addition, our industry is subject to technological change, new product development, and product technological obsolescence that could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, any significant unanticipated changes in demand or technological developments could have a significant impact on the value of our inventory and our reported operating results. During 2015, we recorded an impairment related to our legacy inverter inventory of $25.1 million, which is recorded in Income from discontinued operations in our Consolidated Financial Statements. For more information on discontinued operations, please see Note 3. Discontinued Operations. Property and Equipment — Property and equipment is stated at cost or estimated fair value if acquired in a business combination. Depreciation is computed over the estimated useful lives using the straight-line method. Estimated useful lives for financial reporting purposes are as follows: buildings, 20 to 40 years; machinery, equipment, furniture and fixtures and vehicles, three to 10 years; and computer and communication equipment, three years. Amortization of leasehold improvements and leased equipment is calculated using the straight-line method over the lease term or the estimated useful life of the assets, whichever period is shorter. Additions, improvements, and major renewals are capitalized, while maintenance, repairs, and minor renewals are expensed as incurred. When depreciable assets are retired, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in other income, net, in our Consolidated Statements of Operations. Intangible Assets, Goodwill and Other Long-Lived Assets — As a result of our acquisitions, we identified and recorded intangible assets and goodwill. Intangible assets are valued based on estimates of future cash flows and amortized over their estimated useful lives. Goodwill is subject to annual impairment testing, as well as testing upon the occurrence of any event that indicates a potential impairment. Intangible assets and other long-lived assets are subject to an impairment test if there is an indicator of impairment. The carrying value and ultimate realization of these assets is dependent upon our estimates of future earnings and benefits that we expect to generate from their use. If our expectations of future results and cash flows are significantly diminished, intangible assets and goodwill may be impaired and the resulting charge to operations may be material. When we determine that the carrying value of intangibles or other long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment, we use the projected undiscounted cash flow method to determine whether an impairment exists, and then measure the impairment using discounted cash flows. The estimation of useful lives and expected cash flows requires us to make significant judgments regarding future periods that are subject to some factors outside of our control. Changes in these estimates can result in significant revisions to our carrying value of these assets and may result in material charges to our results of operations. The annual impairment test for goodwill can be performed using an assessment of qualitative factors in determining if it is more likely than not that goodwill is impaired. If this assessment indicates that it is more likely than not that goodwill is impaired, the next step of impairment testing compares the fair value of a reporting unit to its carrying value. Goodwill would be impaired if the resulting implied fair value of goodwill was less than the recorded carrying value of the goodwill. In June 2015, the Company completed its six-month long process of seeking strategic alternatives for its inverter business and no satisfactory offers were received for all or a part of the inverter business. On June 29, 2015, we announced our decision to wind down our solar inverter business to focus solely on our Precision Power business. The result of this assessment was the recording of various asset impairments including Goodwill and Intangibles which is reflected in the "Loss from discontinued operations, net of income taxes" in our Consolidated Statements of Operations, as we have discontinued our inverter product line as of December 31, 2015. See Note 3. Discontinued Operations. Revenue Recognition — We recognize revenue from product sales upon transfer of title and risk of loss to our customers provided that there is evidence of an arrangement, the sales price is fixed or determinable, and the collection of the related receivable is reasonably assured. In most transactions, we have no obligations to our customers after the date products are shipped, other than pursuant to warranty obligations. Shipping and handling fees billed to customers, if any, are recognized as revenue. The related shipping and handling costs are recognized in cost of sales. We maintain a worldwide support organization in eight countries, including the United States, the PRC, Japan, Korea, Taiwan, Canada, Germany, and Great Britain. Support services include warranty and non-warranty repair services, upgrades, and refurbishments on the products we sell. Revenue from repairs and replacements, that are non-warranty in nature, are recognized as the work is performed on a time and materials basis. Repairs that are covered under our standard warranty do not generate revenue. As part of our ongoing service business, we also provide our customers with extended warranty and preventive maintenance service contract options on the products we sell. Any up-front fees received for extended warranties or maintenance plans are deferred and recognized ratably over the service periods, as defined in the agreements. We deferred revenue related to extended warranties totaling $45.6 million as of December 31, 2015 and $47.2 million as of December 31, 2014, including the current portion. Based on the credit worthiness of certain customers, we may require payment prior to the manufacture or shipment of products purchased by these customers. Cash payments received prior to shipment are recorded as customer deposits, a current liability, and then recognized as revenue when appropriate based upon the revenue recognition criteria discussed earlier in this section. As of December 31, 2015 and December 31, 2014 the total amount of customer deposits was $3.3 million and $4.1 million, respectively. We do not offer price protection to customers, or allow returns, unless covered by our normal policy for repair of defective products. We occasionally agree to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. These reductions in revenues are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to future sales, based on the specific facts and circumstances underlying each payment. Taxes Collected from Customers — In the course of doing business we collect various taxes from customers including, but not limited to, sales taxes and value added taxes. It is our policy to record revenue net of taxes collected from customers in our Consolidated Statements of Operations. Shipping and Handling Costs — Amounts billed to customers for shipping and handling are recorded in sales. Shipping and handling costs incurred by us for the delivery of products to customers are included in cost of sales. Advertising Costs — Advertising costs are expensed when incurred and are included in selling, general, and administrative expenses. Research and Development Expenses — Costs incurred to advance, test or otherwise modify our proprietary technology or develop new technologies are considered research and development costs and are expensed when incurred. These costs are primarily comprised of costs associated with the operation of our laboratories and research facilities, including internal labor, materials, and overhead. Warranty Costs — We provide for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. We offer warranty coverage for a majority of our Precision Power products for periods typically ranging from 12 to 24 months after shipment. We warranted our inverter products for five to ten years and provided the option to purchase additional warranty coverage up to 20 years. The warranty expense accrued related to our standard inverter product warranties is now considered part of our discontinued operations and is recorded as such on our Consolidated Balance Sheets. See Note 3. Discontinued Operations for more information. See Note 13. Warranties for more information on our warranties from continuing operations. We estimate the anticipated costs of repairing our products under such warranties based on the historical costs of the repairs. The assumptions we use to estimate warranty accruals are reevaluated periodically, in light of actual experience, and when appropriate, the accruals are adjusted. Should product failure rates differ from our estimates, actual costs could vary significantly from our expectations. Stock-Based Compensation — Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. We have estimated the fair value of all stock options and awards on the date of grant using the Black-Scholes-Merton pricing model, which is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, actual and projected employee option exercise behaviors, risk free interest rates and expected dividends. We also estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from our estimates. Our expected volatility assumption is based on the historical daily closing price of our stock over a period equivalent to the expected life of the options. Our 2012-2014 Long-term Incentive Plan included a cash settlement option for awards of restricted stock units. Income Taxes — We follow the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for future tax consequences. A deferred tax asset or liability is computed for both the expected future impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry-forwards. Tax rate changes are reflected in the period such changes are enacted. We assess the recoverability of our net deferred tax assets and the need for a valuation allowance on a quarterly basis. Our assessment includes a number of factors including historical results and taxable income projections for each jurisdiction. The ultimate realization of deferred income tax assets is dependent on the generation of taxable income in appropriate jurisdictions during the periods in which those temporary differences are deductible. We consider the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in determining the amount of the valuation allowance. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, we determine if we will realize the benefits of these deductible differences. Accounting for income taxes requires a two-step approach to recognize and measure uncertain tax positions. In general, we are subject to regular examination of our income tax returns by the Internal Revenue Service and other tax authorities. The first step is to evaluate the tax position for recognition by determining, if based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolutions of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. We regularly assess the likelihood of favorable or unfavorable outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Commitments and Contingencies — From time to time we are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations in a particular period. An unfavorable decision, particularly in patent litigation, could require material changes in production processes and products or result in our inability to ship products or components found to have violated third-party patent rights. We accrue loss contingencies when it is probable that a loss has occurred or will occur and the amount of the loss can be reasonably estimated. Our estimates of probability of losses are subjective, involve significant judgment and uncertainties, and are based on the best information we have at any given point in time. Resolution of these uncertainties in a manner inconsistent with our expectations could have a significant impact on our results of operations and financial condition. NEW ACCOUNTING STANDARDS From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Consolidated Financial Statements upon adoption. In April 2014, the FASB issued guidance redefining discontinued operations and requiring only those disposals of components of an entity, including classifications as held for sale, that represent a strategic shift that has, or will have, a major effect on an entity’s operations and financial results to be reported as discontinued operations. In addition, the new standard expands the disclosure requirements of discontinued operations. As of December 31, 2015, we have discontinued our inverter engineering, sales, and production and have applied this guidance to our Consolidated Financial Statements herein. In May 2014, the FASB issued guidance on revenue from contracts with customers, which implements a five step process for how an entity should recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for fiscal periods beginning after December 15, 2017 and for the interim periods within that year. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact that the adoption will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing reporting. In November 2015, the FASB issued guidance requiring entities to present deferred tax assets and liabilities as noncurrent in a classified balance sheet instead of separating into current and noncurrent amounts. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, on a prospective or retrospective basis. Early adoption is permitted for all companies in any interim or annual period. Advanced Energy has not determined in what period it will adopt or what adoption method it will use and is currently assessing the impact that this guidance may have on its Consolidated Financial Statements. |
Business Acquisition Business Acquisition and Disposition (Notes) |
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Business Combination Disclosure [Text Block] | BUSINESS ACQUISITIONS Refusol Holding On April 8, 2013, we acquired all the outstanding shares of Refusol Holding GmbH pursuant to a Sale and Purchase Agreement (the "SPA") between AEI Holdings, GmbH (formerly Blitz S13-103, GmbH) ("AEI Holdings"), an indirect wholly-owned subsidiary of Advanced Energy Industries, Inc.; Jolaos Verwaltungs GmbH ("Jolaos") and Prettl Beteilgungs Holding GmbH. Refusol Holding GmbH ("Refusol Holding") owns all of the shares of Refusol GmbH and its subsidiaries (collectively and together with Refusol Holding, "Refusol"). Refusol developed, manufactured, distributed and serviced PV inverters. The acquisition of Refusol is intended to broaden our portfolio and extend our geographic distribution. Consideration paid totaled approximately $87.2 million, consisting of a cash payment of $75.4 million, net of cash acquired and a working capital reduction and assumption of debt totaling $11.9 million. The agreement called for additional cash consideration if certain stretch financial targets were met by our Inverters segment and Refusol, on a combined basis, at the end of the twelve (12) calendar months following April 1, 2013. These financial targets were not met. The components of the fair value of the total consideration transferred for the Refusol acquisition are as follows (in thousands):
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 8, 2013 (in thousands):
A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 8, 2013 follows (in thousands, except useful life):
During the first two quarters of 2014, we finalized the purchase price accounting of Refusol and made adjustments to Goodwill of $29.4 million, primarily consisting of adjustments to the opening balance of accrued warranty and other accrued expenses. All assets and liabilities are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. The goodwill associated with the acquisition was fully impaired in 2015 as part of our inverter wind down. See Note 3. Discontinued Operations for more information. Power Control Module On January 27, 2014, we acquired the intellectual property related to AEG Power Solutions' Power Control Modules ("PCM"). PCM is comprised of the Thyro-Family of products and accessories and serves numerous power control applications in different industries ranging from materials thermal processing through chemical processing, glass manufacturing and numerous other general industrial power applications. This acquisition is expected to broaden our product offerings and will be added to our precision power portfolio. We paid total consideration of $31.5 million including contingent consideration, of which $15.0 million is included in Intangibles, $16.4 million in Goodwill, and $0.1 million in Property, plant, and equipment. Included in Goodwill is $1.4 million of contingent consideration that was paid in the first quarter of 2015. All assets and liabilities are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. The goodwill associated with the acquisition is the result of expected synergies and expansion of our product offerings into new markets. HiTek Power Group On April 12, 2014, Advanced Energy acquired all outstanding common stock of HiTek Power Group ("HiTek"), a privately-held provider of high voltage power solutions. Based in the United Kingdom, HiTek offers a comprehensive portfolio of high voltage and custom built power conversion products, ranging from 100V to 500kV, designed to meet the demanding requirements of OEMs worldwide. These products target applications including semiconductor wafer processing and metrology, scientific instrumentation, mass spectrometry, industrial printing, and analytical x-ray systems for industrial and analytical applications. HiTek's unique product architecture, encapsulation technology and control algorithms, combined with deep knowledge of its customer-specific applications, have made it a leading provider of critical, high-end, high voltage power solutions. We acquired HiTek to expand our product offerings in our precision power portfolio. The components of the fair value of the total consideration transferred for the HiTek acquisition are as follows (in thousands):
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 12, 2014 (in thousands):
A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 12, 2014 follows (in thousands, except useful life):
All assets and liabilities are recorded in the functional currency of the entity and are subject to changes due to translation at each balance sheet date. UltraVolt, Inc. On August 4, 2014, Advanced Energy acquired all outstanding common stock of UltraVolt, Inc. ("UltraVolt"), a privately-held provider of high voltage power solutions. Based in Ronkonkoma, New York, UltraVolt offers a comprehensive portfolio of high voltage power supplies and modules ranging from benchtop and rack mount systems to microsize printed circuit board mount modules. Its standard DC-to-DC product line consists of over 1,500 models, which can be combined with accessories and options to create thousands of product configurations. Serving over 100 markets, UltraVolt's fixed-frequency, high-voltage topology provides wide input and output operating ranges while retaining excellent stability and efficiencies. We acquired UltraVolt to expand our high voltage product offerings in our precision power portfolio. The components of the fair value of the total consideration transferred for the UltraVolt acquisition are as follows (in thousands):
The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of August 4, 2014 (in thousands):
A summary of the intangible assets acquired, amortization method and estimated useful lives as of August 4, 2014 follows (in thousands, except useful life):
The goodwill associated with the acquisition is the result of expected synergies and expansion of the technology into additional markets that we already serve. |
Discontinued Operations (Notes) |
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS In June 2015, the Company completed its six-month long process of seeking strategic alternatives for its inverter business and no satisfactory offers were received for all or a part of the inverter business. On June 29, 2015 we announced our decision to wind-down our inverter product business to focus solely on our core Precision Power business. This constituted a strategic shift as inverter engineering, manufacturing and sales constituted a separate reporting segment for the Company. The wind down was completed in December 2015 and as such inverter engineering, manufacturing and sales has been reflected as “Loss from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein. The sale of extended inverter warranties are reflected in deferred revenue on our Consolidated Balance Sheets and will be reflected in Continuing operations in future periods as the deferred revenue is earned and the associated services are rendered. The significant items included in "Loss from discontinued operations, net of income taxes" are as follows:
Assets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following:
*Any changes in the estimates which underlie these accruals and reserves will be reflected in “Loss from discontinued operations, net of tax” in future periods. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES The geographic distribution of pretax income from continuing operations is as follows (in thousands):
The provision (benefit) for income taxes from continuing operations is summarized as follows (in thousands):
The following reconciles our effective tax rate on income from continuing operations to the federal statutory rate of 35% (in thousands):
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following (in thousands):
As of December 31, 2015, the Company has recorded a valuation allowance on its U.S. domestic deferred tax assets of approximately $1.1 million related to state tax losses. The remaining valuation allowance on deferred tax assets approximates $36.1 million and relates to foreign losses that are both operating and capital in nature. The foreign operating losses are attributable to Germany, the UK, Japan, and India. As of December 31, 2015, there is not sufficient positive evidence to conclude that such losses will be recognized. The foreign capital losses are attributable to the UK and may carry forward to offset future capital gains only. The Company has determined that the future utilization of these capital losses is not more likely than not. As of December 31, 2015, the Company had federal, foreign, and state tax loss carryforwards of approximately $47.4 million, $132.8 million, and $75.2 million, respectively. The federal and state tax loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code and applicable state laws. The US federal tax losses will expire from 2028 to 2035. The US state losses will expire from 2018 to 2035. The foreign tax losses consist of approximately $101.4 million of German losses, $23.8 million of UK losses, $4.5 million of Japan losses, and $3.1 million of India losses, and, as noted above, are currently subject to a full valuation allowance. The Germany, UK, and India losses have no expiration date and the Japan losses will begin to expire in 2021. As of December 31, 2015, the Company has not provided for U.S. income tax or foreign withholding taxes on approximately $255.0 million of undistributed foreign earning because such earnings are considered to be permanently reinvested. The Company believes it is not practicable to calculate the deferred taxes associated with these earnings because of the variability of multiple factors that would need to be assessed at the time of any assumed repatriation. The Company believes, however, that foreign tax credits may be available to reduce federal income taxes in the event of distribution. We account for uncertain tax positions by applying a minimum recognition threshold to tax positions before recognizing these positions in the financial statements. The reconciliation of our total gross unrecognized tax benefits is as follows (in thousands):
The full $10.0 million of unrecognized tax benefits, if recognized, will impact the Company’s effective tax rate. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We had an immaterial amount of accrued interest and penalties at December 31, 2015 and 2014. We do not anticipate a material change to the amount of unrecognized tax positions within the next 12 months. The Company is currently under examination by the Internal Revenue Service (“IRS”) for the 2012 through 2014 tax years. As of December 31, 2015, the IRS has issued no notices of proposed assessment. The Company regularly assesses the likelihood of an adverse outcome resulting from such examinations. As of December 31, 2015, the Company believes the resolution of the current IRS audit will not have a material adverse impact on the Company’s financial statements. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2012. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the numerator is increased to exclude charges that would not have been incurred, and the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if securities containing potentially dilutive common shares (stock options and restricted stock units) had been converted to common shares, and if such assumed conversion is dilutive. The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share data):
The following stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive (in thousands):
Stock Buyback In May 2014, our Board of Directors authorized a program to repurchase up to $25.0 million of our stock over a twelve-month period. Under this program, during the twelve months ended December 31, 2015, we repurchased and retired 1.4 million shares of our common stock for a total of $25.0 million. We completed the share repurchase program in the second quarter of 2014. In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our stock over a thirty-month period. Under this program, on November 6, 2015, we entered into an accelerated stock repurchase arrangement with Morgan Stanley & Co. LLC (the “Counterparty”) pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction (the “ASR Agreement”) to purchase $50.0 million of shares of our common stock. On November 9, 2015, we advanced $50.0 million to the Counterparty. This transaction used $39.6 million and we received 1.4 million shares of our common stock based on then-current market prices of the $50.0 million advanced, representing 79% of the estimated shares to be repurchased under the ASR Agreement. The initial payment was recorded as a reduction to Stockholders' equity in our Consolidated Balance Sheets as of December 31, 2015. The total number of shares repurchased under the ASR Agreement is based on the average of the daily volume-weighted average prices of the common stock during the term of the Agreement, less a discount. At settlement, if the Counterparty pays less than the original amount advanced, they will be required to reimburse us. If the Counterparty pays more than the original advance, we will chose to reimburse the Counterparty with either cash or additional shares. Final settlement of the ASR Agreement is expected to occur in the second quarter of 2016. All shares repurchased were executed in the open market and no shares were repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares. |
Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | MARKETABLE SECURITIES Our investments with original maturities of more than three months at time of purchase are considered marketable securities available for sale. Our marketable securities consist of commercial paper and certificates of deposit as follows (in thousands):
The maturities of our marketable securities available for sale as of December 31, 2015 are as follows:
The value and liquidity of the marketable securities we hold are affected by market conditions, as well as the ability of the issuers of such securities to make principal and interest payments when due, and the functioning of the markets in which these securities are traded. Our current investments in marketable securities are expected to be liquidated during the next twelve months. As of December 31, 2015, we do not believe any of the underlying issuers of our marketable securities are at risk of default. |
Derivative Financial Instruments |
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Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS We are impacted by changes in foreign currency exchange rates. We manage these risks through the use of derivative financial instruments, primarily forward contracts with banks. During the years ended December 31, 2015, 2014, and 2013 we entered into foreign currency exchange forward contracts to manage the exchange rate risk associated with intercompany debt denominated in nonfunctional currencies. These derivative instruments are not designated as hedges; however, they do offset the fluctuations of our intercompany debt due to foreign exchange rate changes. These forward contracts are typically for one month periods. At December 31, 2015, 2014, and 2013 we had EUR forward contracts. At December 31, 2013 we also had CAD and CHF forward contracts. The notional amount of foreign currency exchange contracts at December 31, 2015, 2014, and 2013 was $37.2 million, $14.9 million, and $25.0 million, respectively, and the fair value of these contracts was not significant at December 31, 2015, 2014, and 2013. During the years ended December 31, 2015, 2014, and 2013, we recognized a gain of $1.9 million, a gain of $0.1 million and a loss of $0.9 million, respectively, on our foreign currency exchange contracts. These gains and losses were offset by corresponding gains and losses on the related intercompany debt and both are included as a component of other income, net, in our Consolidated Statements of Operations. |
Assets and Liabilities Measured at Fair Value |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE Fair Value Hierarchy Financial assets and liabilities recorded at fair value in our Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels:
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present information about our financial assets measured at fair value, on a recurring basis, as of December 31, 2015, and December 31, 2014. The fair value hierarchy of the valuation techniques utilized to determine such fair value, is as follows (in thousands):
We did not have any Level 3 investments or financial liabilities measured at fair value, on a recurring basis, as of December 31, 2015 and December 31, 2014. There were no transfers in or out of Level 1, 2, or 3 fair value measurements during the year ended December 31, 2015. |
Inventories |
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INVENTORIES | INVENTORIES For information regarding the valuation of our inventory refer to Note 1. Operations and Summary of Significant Accounting Policies and Estimates. Our inventories are valued at the lower of cost or market and computed on a first-in, first-out (FIFO) basis. Components of inventories, net of reserves, are as follows (in thousands):
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Property and Equipment |
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PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT, NET Details of property and equipment, net are as follows (in thousands):
Depreciation expense recorded in continuing operations and included in selling, general and administrative expense is as follows (in thousands):
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Goodwill |
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GOODWILL | GOODWILL The following summarizes the changes in goodwill during the years ended December 31, 2015 and 2014 (in thousands):
Additions during the year represent the difference between the purchase price paid and the values assigned to identifiable assets acquired and liabilities assumed in purchase accounting, as described in Note 2. Business Acquisitions. |
Intangible Assets |
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INTANGIBLE ASSETS | INTANGIBLE ASSETS Other intangible assets consisted of the following as of December 31, 2015 (in thousands, except weighted-average useful life):
Other intangible assets consisted of the following as of December 31, 2014 (in thousands, except weighted-average useful life):
Amortization expense relating to other intangible assets included in our income from continuing operations is as follows (in thousands):
Estimated amortization expense related to intangibles for each of the five years 2016 through 2020 and thereafter is as follows (in thousands):
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Accrued Liabilities |
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Dec. 31, 2015 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | ACCRUED EXPENSES As of December 31, 2015 and 2014, Other accrued liabilities was $12.3 million and $11.8 million, respectively. No individual items in Other accrued expenses exceeded 5% of total current liabilities. |
Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANTIES | WARRANTIES Provisions of our sales agreements include product warranties customary to these types of agreements, ranging from 12 months to 24 months following installation for Precision Power products and 3 years to 10 years following installation for our legacy inverter products. Costs related to legacy Inverter new product warranties are reflected in "Loss from discontinued operations, net of income taxes" in our Consolidated Statements of Operations, for all periods presented. Our provision for the estimated cost of warranties is recorded when revenue is recognized. We estimate the anticipated costs of repairing our products under such warranties based on the historical cost of the repairs. The assumptions we use to estimate warranty accruals are reevaluated periodically, in light of actual experience, and when appropriate, the accruals are adjusted. We also offer our legacy inverter customers the option to purchase additional warranty coverage up to 20 years after the base warranty period expires. These warranties, reflected as deferred revenue at time of sale, are included in Continuing operations on our Consolidated Statements of Operations as we will realize revenue in future periods as such warranty costs are incurred. We establish accruals for warranty issues that are probable to result in future costs. Changes in product warranty accruals are as follows (in thousands):
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Stock-Based Compensation |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | STOCK-BASED COMPENSATION As of December 31, 2015, we had two active stock-based incentive compensation plans; the 2008 Omnibus Incentive Plan and the Employee Stock Purchase Plan (“ESPP”). All new equity compensation grants are issued under these two plans; however, outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. At December 31, 2015, there were 3.4 million shares reserved and 2.5 million shares available for future grant under our stock-based incentive plans. 2008 OMNIBUS INCENTIVE PLAN — The 2008 Omnibus Incentive Plan (the “Plan”) provides officers, directors, key employees, and other persons an opportunity to acquire or increase a direct proprietary interest in our operations and future success. Our Board of Directors currently administers the Plan, and makes all decisions concerning which officers, directors, employees, and other persons are granted awards, how many to grant to each recipient, when awards are granted, how the Plan should be interpreted, whether to amend or terminate the Plan, and whether to delegate administration of the Plan to a committee. In May 2010, our shareholders approved an increase from 3,500,000 to 7,500,000 shares authorized for issuance under the Plan. The Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units (including deferred stock units), unrestricted stock, and dividend equivalent rights. Any of the awards may be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms of the Plan. Stock options granted under the Plan may be non-qualified stock options or incentive stock options except that stock options granted to outside directors, consultants, or advisers providing services to us shall in all cases be non-qualified stock options. Included in the Plan is our 2012-2014 Long Term Incentive Plan ("2012-2014 LTI Plan") and our 2015 Long Term Incentive Plan ("2015 LTI Plan"). The Plan will terminate on May 7, 2018 unless the administrator terminates the Plan earlier. As of December 31, 2015, 2,120,030 shares of common stock were available for grant under the Plan. Stock-based Compensation Expense Non-cash stock-based compensation expense is primarily included in selling, general and administrative expense and was $2.8 million, $3.7 million, and $9.8 million for the years ending December 31, 2015, 2014, and 2013, respectively. Our stock-based compensation expense is based on the value of the portion of share-based payment awards that are ultimately expected to vest, assuming estimated forfeitures at the time of grant. Estimated forfeiture rates for our stock-based compensation expense applicable to options and RSUs was approximately 18% for the year ended December 31, 2015, 17% for the year ended December 31, 2014, and 16% for the year ended December 31, 2013. Stock Options Stock option awards are generally granted with an exercise price equal to the market price of our stock at the date of grant and with either a three or four-year vesting schedule and a term of 10 years, except as noted below. Under our 2012-2014 LTI Plan, we made grants of performance based options during the first quarter of 2012, which vested in the first quarters of 2013, 2014, and 2015 based on the Company's achievement of return on net assets targets established by our Board of Directors at the beginning of 2012. Under our 2015 LTI Plan, we made grants of time-based options during the first quarter of 2015, which will vest annually over a three-year period. The fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the following assumptions by grant year:
The risk free interest rate is based on the five-year U.S. Treasury Bill at the time of the grant. Historically, company information is the primary basis for selection of the expected dividend yield. The expected term is based on historical experience. Expected volatility is based on historical volatility of our common stock using daily stock price observations. The weighted-average fair value of options issued and total intrinsic value of options exercised were (in thousands, except share prices):
Changes in outstanding time based stock options during the year ended December 31, 2015 were as follows (in thousands, except share prices):
Changes in outstanding performance based stock options during the year ended December 31, 2015 were as follows (in thousands, except share prices):
During each of the three years ended December 31, 2015, 2014 and 2013, the value of shares withheld for taxes from both time-based and performance based option exercises totaled $1.0 million, $1.6 million, and $1.3 million, respectively. As of December 31, 2015, there was $1.0 million of total unrecognized compensation cost related to stock options granted and outstanding, net of expected forfeitures related to non-vested options, which is expected to be recognized through fiscal year 2017, with a weighted-average remaining vesting period of 2.0 years. Information about our stock options that are outstanding, options that we expect to vest and options that are exercisable at December 31, 2015 were as follows (in thousands except share prices and lives):
The following table summarizes information about the stock options outstanding at December 31, 2015 (in thousands, except share prices and lives):
Restricted Stock Units The fair value of our RSUs is determined based upon the closing fair market value of our common stock on the grant date. Changes in the unvested time based restricted stock units during the year ended December 31, 2015 were as follows (in thousands):
Changes in the unvested performance based restricted stock units during the year ended December 31, 2015 were as follows (in thousands):
The weighted-average fair value of RSUs issued and total fair value of RSUs converted to shares were (in thousands, except share prices):
As of December 31, 2015, there was $2.5 million of total unrecognized compensation cost, net of expected forfeitures related to non-vested RSUs granted, which is expected to be recognized through fiscal 2018, with a weighted-average remaining vesting period of 1.2 years. Employee Stock Purchase Plan The ESPP, a stockholder-approved plan, provides for the issuance of rights to purchase up to 1,000,000 shares of common stock. In May 2010, shareholders approved an increase from 500,000 to 1,000,000 shares authorized for sale under our ESPP. Employees below the Vice President level are eligible to participate in the ESPP if employed by us for at least 20 hours per week during at least five months per calendar year. Participating employees may contribute up to the lesser of 15% of their eligible earnings or $5,000 during each plan period. Currently, the plan period is six months. The purchase price of common stock purchased under the ESPP is currently equal to the lower of: 1) 85% of the fair market value of our common stock on the commencement date of each plan period or 2) 85% of the fair market value of our common shares on each plan period purchase date. At December 31, 2015, 338,948 shares remained available for future issuance under the ESPP. Purchase rights granted under the ESPP are valued using the Black-Scholes-Merton model. As of December 31, 2015, there was $0.1 million of total unrecognized compensation cost related to the ESPP that is expected to be recognized over a remaining period of five months. Total compensation expense was $0.2 million for the year ended December 31, 2015, $0.4 million for the year ended December 31, 2014, and $0.2 million for the year ended December 31, 2013. The fair value of each purchase right granted under the ESPP was estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:
The risk free interest rate is based on the six month U.S. Treasury Bill at the time of the grant. Historical company information is the primary basis for selection of the expected dividend yield. The expected term is based on historical experience. Expected volatility is based on historical volatility of our common shares using daily stock price observations. |
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Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT PLANS Defined contribution plans We have a 401(k) profit sharing and retirement savings plan covering substantially all full-time U.S. employees. Participants may defer up to the maximum amount allowed as determined by law. Participants are immediately vested in their contributions. Profit sharing contributions to the plan, which are discretionary, are approved by the Board of Directors. Vesting in the profit sharing contribution account is based on years of service, with most participants fully vested after four years of credited service. For the years ended December 31, 2015, 2014, and 2013 our contribution for participants in our 401(k) plan was 50% matching on contributions by employees up to 6% of the employee’s compensation. During the years ended December 31, 2015, 2014, and 2013 we recognized total defined contribution plan costs of $0.7 million, $0.6 million, and $0.6 million, respectively, in "Selling, general, and administrative" expense on our Consolidated Statements of Operations. Defined benefit plans In connection with the HiTek acquisition discussed in Note 2. Business Acquisitions, we acquired the HiTek Power Limited Pension Scheme ("the HiTek Plan"). The HiTek Plan has been closed to new participants and additional accruals since 2006. In order to measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The net amount of the pension liability on our balance sheet recorded in Other long-term liabilities as of December 31, 2015 and December 31, 2014 was $17.8 million and $20.1 million, respectively. Anticipated payments to pensioners covered by the HiTek Plan are expected to be between $1.0 million and $1.5 million for each of the next ten years. We are committed to make annual fixed payments of $1.0 million into the Hitek plan through 2024. The following table sets forth the components of net periodic pension cost for the year ended December 31, 2015 (in thousands):
Assumptions used in the determination of the net periodic pension cost are:
We have derived the expected return on assets of 4.3% per annum from the weighted expected return on each of the major categories of assets. The status of the HiTek Plan as reflected in "Other long-term liabilities" on our Consolidated Balance Sheets is summarized as follows (in thousands):
The fair value of the Company's qualified pension plan assets by category for the year ended December 31, 2015 are as follows (in thousands):
At December 31, 2015 the HiTek Plan assets of $13.7 million were invested in four separate funds including a multi-asset fund (32.6%), a diversified growth fund (34.9%), an Investment grade long term bond fund (15.4%) and an index-linked gilt fund (15.4%). The asset and growth funds aim to generate an ‘equity-like’ return over an economic cycle with significantly reduced volatility relative to equity markets and have scope to use a diverse range of asset classes, including equities, bonds, cash and alternatives, e.g. property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency. The bond fund and gilt fund are invested in index-linked gilts and corporate bonds. These investments are intended to provide a degree of protection against changes in the value of the HiTek Plan's liabilities related to changes in long-term expectations for interest rates and inflation expectations, i.e. the protection assets provide a direct hedge against increases in the value of the HiTek Plan's liabilities caused by changes in financial conditions. The current strategy might be expected to generate a return of around 1.7% per annum in excess of the long-term expected return from gilts. The fair value of the Company's qualified pension plan assets by category for the year ended December 31, 2014 are as follows (in thousands):
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income consisted of the following (in thousands):
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Commitments and Contingencies |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Disputes and Legal Actions We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in patent litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third-party patent rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. German Lawsuit against Jolaos related to Purchase Price Adjustment in Acquisition of Refusol On April 8, 2013, our subsidiary AEI Holdings GmbH (“AEI Holdings”) acquired all the outstanding shares of Refusol Holding GmbH (“Refusol”) from Jolaos Verwaltungs GmbH ("Jolaos") pursuant to the terms of the SPA. Jolaos is an affiliate of various Prettl entities which are contract manufacturers of certain Refusol three phase string inverters. Under the SPA, the preliminary base price paid for the shares of Refusol was subject to a post-closing balance sheet adjustment based on confirmation of the financial statements of Refusol effective as of the closing date. AEI Holdings and Jolaos were in disagreement on various accounting adjustments to the closing date financial statements of Refusol. After repeated unsuccessful attempts to have Jolaos submit the dispute to an independent German accounting firm as required under the SPA, in December 2013 AEI Holdings petitioned the designated District Court in Stuttgart (Landgericht Stuttgart), Germany to review the dispute. This dispute was settled in the fourth quarter of 2015. Operating Leases We have various operating leases for automobiles, equipment, and office and production facilities. Rent expense under operating leases was approximately $5.3 million in 2015, $5.7 million in 2014, and $6.1 million in 2013. The future minimum rental payments required under non-cancelable operating leases as of December 31, 2015 are as follows (in thousands):
*Future estimated payments on leases denominated in foreign currency are reflected above based on the estimated spot rate for that currency converted to US Dollars at December 31, 2015 and are subject to change. Purchase Commitments We have firm purchase commitments and agreements with various suppliers to ensure the availability of components. The obligation as of December 31, 2015 is approximately $44.2 million. Our policy with respect to all purchase commitments, is to record losses, if any, when they are probable and reasonably estimable. We continuously monitor these commitments for exposure to potential losses and will record a provision for losses when it is deemed necessary. |
Restructuring Costs |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTS During the period, we recorded net restructuring expense related to continuing operations of approximately $0.2 million. See Note 3. Discontinued Operations for more information on restructuring related to discontinued operations. This was comprised of $0.3 million related to the current period activity offset by $0.1 million, related to the expiration of obligations associated with the 2013 plan. In June 2015, we committed to a restructuring plan in relation to the wind-down of our Inverter operations which has been completed as of December 31, 2015. Charges related to this plan that have an effect on continuing operations include strategic headcount reductions, streamlining operational processes and condensing administrative functions to improve efficiencies. This plan was completed in the fourth quarter of 2015. In April 2014, we committed to a restructuring plan to take advantage of additional cost savings opportunities in connection with our acquisitions and realignment to a single organizational structure based on product line. The plan called for consolidating certain facilities and rebranding of products to allow us to use our resources more efficiently. This plan was completed in the fourth quarter of 2014. In April 2013, we committed to a restructuring plan to take advantage of additional cost saving opportunities in connection with our acquisition of Refusol. The plan called for consolidating certain facilities, further centralizing our manufacturing and rationalizing certain products to most effectively meet customer needs. All activities under this restructuring plan were completed prior to December 31, 2013. The following table summarizes the components of our restructuring costs incurred under the 2015 plan as of December 31, 2015 (in thousands):
The following table summarizes the components of our restructuring costs incurred under the 2014 plan as of December 31, 2015 (in thousands):
The following table summarizes the components of our restructuring costs incurred under the 2013 plan as of December 31, 2015 (in thousands):
The following table summarizes our restructuring liabilities under the 2015 plan (in thousands):
The following table summarizes our restructuring liabilities under the 2014 plan (in thousands):
The following table summarizes our restructuring liabilities under the 2013 plan (in thousands):
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Related Party Transactions |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS During the years ended December 31, 2015, 2014, and 2013, we engaged in the following transactions with companies related to members of our Board of Directors, as described below (in thousands):
Sales - Related Parties Members of our Board of Directors hold various executive positions and serve as directors at other companies, including companies that are our customers. During the year ended December 31, 2015, we had sales to three such companies as noted above and there was accounts receivable from one such customer totaling $0.1 million at December 31, 2015. During the year ended December 31, 2014 we had sales to four such companies as noted above and there were no aggregate accounts receivable from these customers at December 31, 2014. During the year ended December 31, 2013 we had sales to one such company as noted above and there were no aggregate accounts receivable from this customer at December 31, 2013. |
Credit Facility |
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Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | CREDIT FACILITY In October 2012, we, along with two of our wholly-owned subsidiaries, AE Solar Energy, Inc. and Sekidenko, Inc., entered into a Credit Agreement, subsequently amended in November 2012 and August 2013, (the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as agent for and on behalf of certain lenders (each a "Lender"), which provides for a new secured revolving credit facility of up to $50.0 million (the "Credit Facility"). The Credit Facility provides us with the ability to borrow up to $50.0 million, although the amount of the Credit Facility may be increased by an additional $25.0 million up to a total of $75.0 million subject to receipt of lender commitments and other conditions. Borrowings under the Credit Facility are subject to a borrowing base based upon our domestic accounts receivable and inventory and are available for various corporate purposes, including general working capital, capital expenditures, and certain permitted acquisitions. The Credit Agreement also permits us to issue letters of credit which reduce availability under the Credit Agreement. The maturity date of the Credit Facility is October 12, 2017. At our election, the loans comprising each borrowing will bear interest at a rate per annum equal to either: (a) a "base rate" plus between one-half (0.5%) and one (1.0%) full percentage point depending on the amount available for additional draws under the Credit Facility ("Base Rate Loan"); or (b) the LIBOR rate then in effect plus between one and one-half (1.5%) and two (2%) percentage points depending on the amount available for additional draws under the Credit Facility. The "base rate" for any Base Rate Loan will be the greatest of the federal funds rate plus one-half (0.5%) percentage point; the one-month LIBOR rate plus one (1.0%) percentage point; and Wells Fargo's "prime rate" then in effect. As of December 31, 2015, the rate in effect was 4.0%. The Credit Agreement requires us to pay certain fees to the Lenders and contains affirmative and negative covenants, which, among other things, require us to deliver to the Lenders specified quarterly and annual financial information, and limit us and our Guarantors (as defined below), subject to various exceptions and thresholds, from, among other things: (i) creating liens on our assets; (ii) merging with other companies or engaging in other extraordinary corporate transactions; (iii) selling certain assets or properties; (iv) entering into transactions with affiliates; (v) making certain types of investments; (vi) changing the nature of our business; and (vii) paying certain distributions or certain other payments to affiliates. Additionally, there are the following financial covenants: (i) during any period in which $12.5 million or less is available to us under the Credit Facility and for sixty (60) days thereafter, the Credit Agreement requires the maintenance of a defined consolidated fixed charge coverage ratio; and (ii) if there is any indebtedness under any issued and outstanding convertible notes, we are required to maintain a specified level of liquidity. The Credit Agreement requires us to pay certain fees to the Lenders, including a $2,500 collateral management fee for each month that the Credit Facility is in place, and a fee based on the unused amount of the Credit Facility. During the twelve months ended December 31, 2015 and 2014, we expensed $0.5 million and $0.4 million, respectively, in interest and fees related to unused line of credit fees and amortization of debt issuance costs. We did not borrow against the Credit Facility during the twelve months ended December 31, 2015. As of December 31, 2015, we had $9.9 million of availability on our Wells Fargo Credit Facility. During the third quarter of 2015, the lender issued a letter of credit in the amount of $2.0 million related to a customer contract. Pursuant to a Guaranty and Security Agreement (the "GS Agreement"), borrowings under the Credit Facility are guaranteed by our wholly-owned subsidiaries Aera Corporation and AEI US Subsidiary, Inc., (collectively the " Guarantors"). Under the GS Agreement, we and the Guarantors granted the Lenders a security interest in certain, but not all, of our and the Guarantors' assets. As part of the acquisition of Refusol described in Note 2. Business Acquisitions, we assumed the outstanding debt of Refusol as of the acquisition date. There were three outstanding loans with banks related to this debt, of which one was repaid and cancelled during the third quarter of 2013. Refusol, GmbH had an outstanding loan agreement with Commerzbank Aktiengesellschaft ("Commerzbank") for up to 8.0 million Euros ("Commerzbank Loan Agreement"). The agreement allowed Refusol to borrow up to 8.0 million Euros through various types of instruments including an overdraft (revolving) facilities, money market (term) loans, surety loans, or guarantees. There was no maturity date. Borrowings under the revolving credit facility bore interest at 5.32%. Surety and guarantee loans bore interest at 1.5%. The Commerzbank Loan Agreement required the payment of a credit commission of 0.5% of the total loan amount. The agreement contained various covenants including a financial covenant requiring a specified level of equity. This line of credit was repaid and cancelled in the second quarter of 2014. Refusol, GmbH also had an outstanding loan agreement with Bayerische Landesbank ("Bayern") which allowed it to borrow up to 4.0 million Euros either as overdraft facilities, term loans, or guarantees with repayment occurring one lump sum at the maturity date of the individual transaction with respect to term loans, or maturity of the loan agreement which was July 31, 2013 (the "Bayern Loan Agreement"). The overdraft facility bore interest at 4.5%. Term loans bore interest at the money market rate established by Bayern at the time of the loan plus a margin of 1.9%. Guarantees bore interest at 1.25% and had an issuing fee per guarantee. Loan commitment fees were 0.25% on the unused portion of the total loan amount. The Bayern Loan Agreement contained certain reporting requirements and a financial covenant requiring a specified level of equity. Upon expiration of this agreement, Refusol, GmbH entered into a new loan agreement with Bayern under which it had the ability to borrow up to 4.0 million Euros (equal to $4.3 million on December 31, 2015) as either bank overdrafts, term loans, guarantees, or letters of credit. The overdraft facility bore interest at 3.9%, guarantees bore a rate of 1.64% and interest on term loans was a fixed rate set for each term loan period based on money market rates. Loan commitment fees were 0.25%. This line of credit was repaid and cancelled in the third quarter of 2014. Refusol, Inc., a wholly-owned subsidiary of Refusol, GmbH located in the United States, had a revolving line of credit with Wells Fargo with an aggregate principal amount of $1.5 million and a maturity date of July 1, 2013. Borrowings under the line of credit were secured by all of Refusol, Inc.'s accounts receivable, inventory, and property, plant, and equipment and a letter of credit issued under the Commerzbank Loan Agreement. The line of credit bore interest at either (a) a fluctuating rate per annum one quarter of one percent (0.25%) above the Prime Rate or (b) the LIBOR rate then in effect plus two percent (2.0%). Refusol, Inc. had the option to select the method of interest each month. A commitment fee of 0.125% was payable by Refusol, Inc. on the unused portion of the line of credit. The line of credit contained certain affirmative and negative covenants limiting Refusol, Inc.'s ability to borrow additional funds or guarantee the debt of others. This line of credit was paid down and cancelled on its maturity date of July 1, 2013. |
Quarterly Financial Information Disclosure (Notes) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present unaudited quarterly results for each of the eight quarters in the period ended December 31, 2015, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
*See Note 3. Discontinued Operations. |
Geographic and Significant Customer Information (Notes) |
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Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | We have operations in the United States, Europe and Asia. Our disclosure related to sales and long-lived assets by geographic area and information relating to major customers are presented below. Sales attributed to individual countries are based on customer location.
Sales to Applied Materials Inc., our largest customer, were $123.5 million or 29.8% of total sales for 2015, $109.3 million, or 29.8% of total sales, for 2014 and $96.2 million, or 32.1% of total sales for 2013. Sales to Lam Research were $84.2 million or 20.3% of total sales for 2015, $73.0 million, or 19.9% of total sales, for 2014 and $50.4 million, or 16.8% of total sales for 2013. Our sales to Applied Materials and Lam Research include precision power products used in semiconductor processing and solar, flat panel display, and architectural glass applications. No other customer accounted for 10% or more of our sales during these periods.
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Operations and Summary of Significant Accounting Policies and Estimates Operations and Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 1. Operations And Summary Of Significant Accounting Policies And Estimates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Doubtful Accounts [Table Text Block] | Changes in allowance for doubtful accounts are summarized as follows (in thousands):
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Business Acquisition Business Acquisition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refusol [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price [Table Text Block] | The components of the fair value of the total consideration transferred for the Refusol acquisition are as follows (in thousands):
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 8, 2013 (in thousands):
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 8, 2013 follows (in thousands, except useful life):
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HiTek [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price [Table Text Block] | The components of the fair value of the total consideration transferred for the HiTek acquisition are as follows (in thousands):
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of April 12, 2014 (in thousands):
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | A summary of the intangible assets acquired, amortization method and estimated useful lives as of April 12, 2014 follows (in thousands, except useful life):
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UltraVolt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price [Table Text Block] | The components of the fair value of the total consideration transferred for the UltraVolt acquisition are as follows (in thousands):
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes estimated fair values of the assets acquired and liabilities assumed as of August 4, 2014 (in thousands):
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | A summary of the intangible assets acquired, amortization method and estimated useful lives as of August 4, 2014 follows (in thousands, except useful life):
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Business Acquisition Business Disposition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The significant items included in "Loss from discontinued operations, net of income taxes" are as follows:
Assets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following:
*Any changes in the estimates which underlie these accruals and reserves will be reflected in “Loss from discontinued operations, net of tax” in future periods. |
Discontinued Operations (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The significant items included in "Loss from discontinued operations, net of income taxes" are as follows:
Assets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following:
*Any changes in the estimates which underlie these accruals and reserves will be reflected in “Loss from discontinued operations, net of tax” in future periods. |
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The geographic distribution of pretax income from continuing operations is as follows (in thousands):
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant deferred tax assets and liabilities consist of the following (in thousands):
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following reconciles our effective tax rate on income from continuing operations to the federal statutory rate of 35% (in thousands):
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from continuing operations is summarized as follows (in thousands):
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Summary of Income Tax Contingencies [Table Text Block] |
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS | The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share data):
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Schedule of stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive | The following stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive (in thousands):
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Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The composition of our marketable securities | marketable securities consist of commercial paper and certificates of deposit as follows (in thousands):
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The maturities of our marketable securities available for sale | The maturities of our marketable securities available for sale as of December 31, 2015 are as follows:
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Assets and Liabilities Measured at Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets measured at fair value, on a recurring basis | The following tables present information about our financial assets measured at fair value, on a recurring basis, as of December 31, 2015, and December 31, 2014. The fair value hierarchy of the valuation techniques utilized to determine such fair value, is as follows (in thousands):
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Inventories (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of inventories | Our inventories are valued at the lower of cost or market and computed on a first-in, first-out (FIFO) basis. Components of inventories, net of reserves, are as follows (in thousands):
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of property and equipment | Details of property and equipment, net are as follows (in thousands):
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Depreciation expense recorded in continuing operations | Depreciation expense recorded in continuing operations and included in selling, general and administrative expense is as follows (in thousands):
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Goodwill (Tables) |
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Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the changes in goodwill | The following summarizes the changes in goodwill during the years ended December 31, 2015 and 2014 (in thousands):
Additions during the year represent the difference between the purchase price paid and the values assigned to identifiable assets acquired and liabilities assumed in purchase accounting, as described in Note 2. Business Acquisitions. |
Intangible Assets (Tables) |
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Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other intangible assets | Other intangible assets consisted of the following as of December 31, 2015 (in thousands, except weighted-average useful life):
Other intangible assets consisted of the following as of December 31, 2014 (in thousands, except weighted-average useful life):
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Schedule of amortization expense relating to other intangible assets | Amortization expense relating to other intangible assets included in our income from continuing operations is as follows (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense related to intangibles for each of the five years 2016 through 2020 and thereafter is as follows (in thousands):
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Warranties (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in accrued product warranties | Changes in product warranty accruals are as follows (in thousands):
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Stock-Based Compensation Stock-Based Compensation (Tables) |
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The weighted-average fair value of options issued and total intrinsic value of options exercised were (in thousands, except share prices):
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Information about our stock options that are outstanding, options that we expect to vest and options that are exercisable at December 31, 2015 were as follows (in thousands except share prices and lives):
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the following assumptions by grant year:
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about the stock options outstanding at December 31, 2015 (in thousands, except share prices and lives):
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Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The weighted-average fair value of RSUs issued and total fair value of RSUs converted to shares were (in thousands, except share prices):
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Employee Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of each purchase right granted under the ESPP was estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:
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Performance Based [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | Changes in outstanding performance based stock options during the year ended December 31, 2015 were as follows (in thousands, except share prices):
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Changes in the unvested performance based restricted stock units during the year ended December 31, 2015 were as follows (in thousands):
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Schedule of Stock Options Roll Forward [Table Text Block] | Changes in outstanding time based stock options during the year ended December 31, 2015 were as follows (in thousands, except share prices):
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Changes in the unvested time based restricted stock units during the year ended December 31, 2015 were as follows (in thousands):
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Retirement Plans (Tables) |
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Schedule of Net Benefit Costs [Table Text Block] | The following table sets forth the components of net periodic pension cost for the year ended December 31, 2015 (in thousands):
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Schedule of Assumptions Used [Table Text Block] | Assumptions used in the determination of the net periodic pension cost are:
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Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The status of the HiTek Plan as reflected in "Other long-term liabilities" on our Consolidated Balance Sheets is summarized as follows (in thousands):
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Schedule of Allocation of Plan Assets, Fair Value Hieracrchy [Table Text Block} | The fair value of the Company's qualified pension plan assets by category for the year ended December 31, 2015 are as follows (in thousands):
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Accumulated Other Comprehensive Income (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in thousands):
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Commitments and Contingencies Schedule of Future Minimum Lease Payments (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The future minimum rental payments required under non-cancelable operating leases as of December 31, 2015 are as follows (in thousands):
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Restructuring Costs (Tables) |
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April Two Thousand Thirteen Restructuring Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring liabilities | The following table summarizes our restructuring liabilities under the 2013 plan (in thousands):
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Restructuring and Related Costs [Table Text Block] | The following table summarizes the components of our restructuring costs incurred under the 2013 plan as of December 31, 2015 (in thousands):
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April Two Thousand Fourteen Restructuring Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table summarizes the components of our restructuring costs incurred under the 2015 plan as of December 31, 2015 (in thousands):
The following table summarizes our restructuring liabilities under the 2015 plan (in thousands):
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April Two Thousand Fifteen Restructuring Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring liabilities | The following table summarizes our restructuring liabilities under the 2014 plan (in thousands):
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Restructuring and Related Costs [Table Text Block] | The following table summarizes the components of our restructuring costs incurred under the 2014 plan as of December 31, 2015 (in thousands):
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Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | During the years ended December 31, 2015, 2014, and 2013, we engaged in the following transactions with companies related to members of our Board of Directors, as described below (in thousands):
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Quarterly Financial Information Disclosure (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] |
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Schedule of Quarterly Financial Information [Table Text Block] | The following tables present unaudited quarterly results for each of the eight quarters in the period ended December 31, 2015, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
*See Note 3. Discontinued Operations. |
Geographic and Significant Customer Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] |
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Operations and Summary of Significant Accounting Policies and Estimates Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
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Changes in Allowance For Doubtful Accounts [Abstract] | ||||
Allowance for Doubtful Accounts Receivable, Current | $ 8,739 | $ 1,052 | $ 1,390 | $ 4,100 |
Provision for Doubtful Accounts | 7,837 | 332 | 0 | |
Allowance for Doubtful Accounts Receivable, Charge-offs | $ (150) | $ (670) | $ (2,710) |
Operations and Summary of Significant Accounting Policies and Estimates Summary of Useful Life Property Plant and Equipment (Details) |
12 Months Ended |
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Dec. 31, 2015 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Operations and Summary of Significant Accounting Policies and Estimates Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Total consolidated Noncash reserve for potential bad debt, including discontinued operations | $ 16,300 | ||
Restricted Cash and Cash Equivalents | 1,300 | ||
Inventory impairment | 25,100 | ||
Noncash reserve for potential bad debt | 5,967 | $ 0 | $ 0 |
European Tax Authority [Member] | |||
Restricted Cash and Cash Equivalents | 700 | ||
European Tax Authority [Member] [Member] | |||
Restricted Cash and Cash Equivalents | 100 | ||
Collateral for Pcard Program [Member] | |||
Restricted Cash and Cash Equivalents | $ 500 |
Property Plant and Equipment Useful Life (Details) |
12 Months Ended |
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Dec. 31, 2015 | |
Computer and Communication Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Business Acquisition Schedule of Components of Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands |
Aug. 05, 2014 |
Apr. 12, 2014 |
Apr. 08, 2013 |
---|---|---|---|
UltraVolt [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 30,200 | ||
Business Combination, Consideration Transferred | 31,273 | ||
Business Combination, Consideration Transferred, Other | $ 1,073 | ||
HiTek [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 3,525 | ||
Cash Acquired from Acquisition | (6,889) | ||
Business Combination, Consideration Transferred | $ (3,364) | ||
Refusol [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 79,550 | ||
Cash Acquired from Acquisition | (1,836) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 11,873 | ||
Purchase Price Working Capital Reduction | (2,340) | ||
Business Combination, Consideration Transferred | $ 87,247 |
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 5,823 | $ 6,436 | $ (8,631) |
Current State and Local Tax Expense (Benefit) | 335 | 481 | (769) |
Current Foreign Tax Expense (Benefit) | 5,950 | 4,312 | 3,850 |
Deferred Federal Income Tax Expense (Benefit) | 569 | 832 | (4,351) |
Deferred State and Local Income Tax Expense (Benefit) | 870 | 587 | (635) |
Deferred Foreign Income Tax Expense (Benefit) | 8,413 | 3,862 | (852) |
Income Tax Expense (Benefit) | $ 21,960 | $ 16,510 | $ (11,388) |
Income Taxes Composition of Deferred Income Taxes (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Deferred Tax Assets, Tax Deferred Expense [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Bonuses | $ 1,191 | $ 128 |
Deferred Tax Asset, Bad Debt Reserve | 114 | 341 |
Deferred Tax Asset Vacation Accrual | 750 | 939 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 83 | 115 |
Deferred Tax Assets, Inventory | 3,692 | 3,308 |
Deferred Tax Assets, Deferred Income | 12,423 | 13,271 |
Deferred Tax Assets, Operating Loss Carryforwards | 49,374 | 19,434 |
Deferred Tax Assets, Other | 899 | 369 |
Deferred Tax Assets, Valuation Allowance | 37,208 | 2,940 |
Deferred Tax Assets, Net | 35,108 | 39,052 |
Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | $ 3,875 | $ 4,666 |
Income Taxes Earnings Before Income Taxes by Geographical Area (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 13,237 | $ 16,735 | $ 28,459 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 92,205 | 69,270 | 19,863 |
Income from continuing operations before income taxes | $ 105,442 | $ 86,005 | $ 48,322 |
Income Taxes Reconciliation of Tax Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
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Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 10,049 | $ 8,001 | $ 5,523 | $ 12,810 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 433 | 136 | 1,006 | |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 3,413 | 3,757 | 1,495 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | $ (1,798) | $ (1,415) | $ (9,788) |
Earnings Per Share (Details) - USD ($) $ in Thousands, shares in Millions |
12 Months Ended | ||
---|---|---|---|
May. 08, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Earnings Per Share [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 25,000 | ||
Stock Repurchased and Retired During Period, Shares | 1.4 | ||
Stock Repurchased and Retired During Period, Value | $ 25,000 | $ 50,000 | $ 25,000 |
Earnings Per Share Reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Income from continuing operations, net of income taxes | $ 11,490 | $ 83,482 | $ 69,495 | $ 59,710 | |||||||
Basic weighted-average common shares outstanding (in shares) | 40,746 | 40,420 | 39,597 | ||||||||
Assumed exercise of dilutive stock options and restricted stock units | 331 | 614 | 1,070 | ||||||||
Diluted weighted-average common shares outstanding (in shares) | 41,077 | 41,034 | 40,667 | ||||||||
Income from Continuing Operations: | |||||||||||
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.29 | $ 0.57 | $ 0.56 | $ 0.63 | $ 0.58 | $ 0.40 | $ 0.32 | $ 0.42 | $ 2.05 | $ 1.72 | $ 1.51 |
Diluted earnings per share (in dollars per share) | $ 0.28 | $ 0.56 | $ 0.56 | $ 0.62 | $ 0.57 | $ 0.39 | $ 0.32 | $ 0.41 | $ 2.03 | $ 1.69 | $ 1.47 |
Earnings Per Share Schedule of stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options and restricted units excluded from the computation of diluted earnings per share because they were anti-dilutive | 155 | 91 | 413 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options and restricted units excluded from the computation of diluted earnings per share because they were anti-dilutive | 1 | 0 | 0 |
Marketable Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 11,986 | $ 3,083 |
Available-for-sale Debt Securities, Amortized Cost Basis | 11,997 | 3,083 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 4,995 | 0 |
Available-for-sale Debt Securities, Amortized Cost Basis | 4,989 | 0 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 6,991 | 3,083 |
Available-for-sale Debt Securities, Amortized Cost Basis | $ 7,008 | $ 3,083 |
Marketable Securities The maturities of our marketable securities available for sale (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturities of marketable securites, by date | Apr. 28, 2016 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturities of marketable securites, by date | Jan. 21, 2016 |
Certificates of Deposit [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturities of marketable securites, by date | Sep. 18, 2017 |
Certificates of Deposit [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturities of marketable securites, by date | Mar. 01, 2016 |
Derivative Financial Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 37.2 | $ 14.9 | $ 25.0 |
Foreign Exchange [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) recognized during the period | $ 1.9 | $ 0.1 | $ (0.9) |
Inventories Components of inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Parts and raw materials | $ 40,578 | $ 28,014 |
Work in process | 5,643 | 5,645 |
Finished goods | 6,352 | 12,433 |
Inventory, Net | $ 52,573 | $ 46,092 |
Property and Equipment Depreciation expense recorded in continuing operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 4,464 | $ 5,463 | $ 6,138 |
Goodwill Schedule of the changes in goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Goodwill [Line Items] | ||
Gross carrying amount, beginning of period | $ 43,875 | $ 14,212 |
Goodwill, Acquired During Period | 453 | 32,997 |
Goodwill, Translation Adjustments | (1,599) | (3,334) |
Gross carrying amount, end of period | $ 42,729 | $ 43,875 |
Intangible Assets Schedule of amortization expense relating to other intangible assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 4,368 | $ 4,998 | $ 850 |
Intangible Assets Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
2015 | $ 4,215 |
2016 | 3,990 |
2017 | 3,977 |
2018 | 3,961 |
2019 | 3,332 |
Thereafter | 14,666 |
Finite-lived intangible assets, net | $ 34,141 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Liabilities, Current | $ 12,258 | $ 11,790 |
Warranties Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Product Liability Contingency [Line Items] | ||
Deferred Revenue Related To Extended Warranty Contracts | $ 45.6 | $ 47.2 |
Precision Power Products [Member] | Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Term | 12 months | |
Precision Power Products [Member] | Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Term | 24 months | |
Inverters [Member] | ||
Product Liability Contingency [Line Items] | ||
Extended Product Warranty Term | 20 years | |
Inverters [Member] | Minimum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Term | 3 years | |
Inverters [Member] | Maximum [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Term | 10 years |
Warranties Changes in accrued product warranties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Loss Contingencies [Line Items] | |||
Product Warranty Accrual, Additions from Business Acquisition | $ 0 | $ 260 | |
Business Acquisition, Purchase Price Allocation, Warranty Liability | $ 0 | ||
Product Warranty Accrual, Foreign Exchange Impact | (10) | (5) | (27) |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balances at beginning of period | 1,612 | 3,187 | 2,601 |
Increases to accruals related to sales during the period | 1,071 | 788 | 2,849 |
Warranty expenditures | (1,040) | (2,618) | (2,290) |
Balances at end of period | $ 1,633 | $ 1,612 | $ 3,187 |
Stock-Based Compensation Schedule of Weighted Average Fair Value and Intrinsic Value (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.50 | $ 10.80 | $ 10.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 5,203,000 | $ 13,657,000 | $ 12,917,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.66 | $ 22.87 | $ 17.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 3,782,000 | $ 5,439,000 | $ 11,032,000 |
Stock-Based Compensation Schedule of Weighted Average Fair Value and Intrinsic Value for RSUs (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.50 | $ 10.80 | $ 10.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 5,203,000 | $ 13,657,000 | $ 12,917,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.66 | $ 22.87 | $ 17.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 3,782,000 | $ 5,439,000 | $ 11,032,000 |
Retirement Plans Pension Assumptions (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
Rate
|
Dec. 31, 2014
Rate
|
|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.90% | 3.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.30% | 4.00% |
Retirement Plans Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Interest Cost | $ 1,093 | $ 1,061 |
Defined Benefit Plan, Service Cost | (562) | (532) |
Defined Benefit Plan, Amortization of Gains (Losses) | 373 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 904 | $ 529 |
Accumulated Other Comprehensive Income Schedule of accumulated other comprehensive income (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Balance at December 31, 2013 | $ 10,776 |
Current period other comprehensive income (loss) | (10,242) |
Balances at December 31, 2014 | 534 |
Foreign Currency Adjustments [Member] | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Balance at December 31, 2013 | 10,249 |
Current period other comprehensive income (loss) | (10,228) |
Balances at December 31, 2014 | 21 |
Unrealized Gains (Losses) on Securities [Member] | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Balance at December 31, 2013 | 527 |
Current period other comprehensive income (loss) | (14) |
Balances at December 31, 2014 | $ 513 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 44.2 | ||
Operating Leases, Rent Expense | $ 5.3 | $ 5.7 | $ 6.1 |
Commitments and Contingencies Schedule of Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 5,898 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,348 |
Operating Leases, Future Minimum Payments, Due in Three Years | 2,398 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,388 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,344 |
Operating Leases, Future Minimum Payments, Due Thereafter | 4,547 |
Operating Leases, Future Minimum Payments Due | $ 20,923 |
Related Party Transactions (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
Companies
| |
Related Party Transactions, Number of Companies | 1 |
Accounts Receivable, Related Parties | $ | $ 0.1 |
Management [Member] | Related Party Sales [Member] | |
Related Party Transactions, Number of Companies | 3 |
Management [Member] | Related Party Purchases [Member] | |
Related Party Transactions, Number of Companies | 2 |
Related Party Transactions Schedule of related party transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Sales - related parties | $ 706 | $ 321 | $ 622 |
Rent expense - related parties | 0 | 1,850 | 1,880 |
Costs and Expenses, Related Party | $ 40 | $ 0 | $ 0 |
Quarterly Financial Information Disclosure Supplemental Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue, Net | $ 86,891 | $ 109,756 | $ 108,654 | $ 110,163 | $ 91,584 | $ 82,226 | $ 414,811 | $ 367,333 | $ 299,381 | ||
Gross Profit | 42,684 | 58,538 | 56,549 | $ 59,099 | 56,543 | 46,130 | 42,387 | $ 42,999 | 216,870 | 188,060 | 145,593 |
Restructuring Charges | (117) | 317 | 0 | (2) | 863 | 560 | 84 | 0 | 198 | 1,507 | 4,179 |
Operating Income (Loss) | 16,173 | 30,168 | 28,779 | 31,536 | 28,609 | 20,130 | 16,000 | 21,353 | 106,656 | 86,091 | 47,847 |
Income from continuing operations, net of income taxes | 11,490 | 83,482 | 69,495 | 59,710 | |||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 23,313 | 23,024 | 25,655 | 23,312 | 15,917 | 13,127 | 17,139 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 24,775 | (241,968) | (22,513) | (27,624) | |||||||
Loss from discontinued operations, net of income taxes | (6,881) | (255,483) | (4,379) | (13,993) | (3,615) | (2,481) | (2,424) | (241,968) | (22,513) | (27,624) | |
NET INCOME | $ 36,265 | $ 16,432 | $ (232,459) | $ 21,276 | $ 9,319 | $ 12,302 | $ 10,646 | $ 14,715 | $ (158,486) | $ 46,982 | $ 32,086 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.29 | $ 0.57 | $ 0.56 | $ 0.63 | $ 0.58 | $ 0.40 | $ 0.32 | $ 0.42 | $ 2.05 | $ 1.72 | $ 1.51 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.28 | 0.56 | 0.56 | 0.62 | 0.57 | 0.39 | 0.32 | 0.41 | 2.03 | 1.69 | 1.47 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.62 | (0.17) | (6.24) | (0.11) | (0.35) | (0.09) | (0.06) | (0.06) | (5.94) | (0.56) | (0.70) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.61 | (0.17) | (6.24) | (0.11) | (0.35) | (0.09) | (0.06) | (0.06) | (5.94) | (0.56) | (0.70) |
Earnings Per Share, Basic | 0.90 | 0.40 | (5.68) | 0.52 | 0.23 | 0.31 | 0.26 | 0.36 | (3.89) | 1.16 | 0.81 |
Earnings Per Share, Diluted | $ 0.89 | $ 0.40 | $ (5.68) | $ 0.52 | $ 0.23 | $ 0.30 | $ 0.26 | $ 0.35 | $ (3.89) | $ 1.14 | $ 0.79 |
Geographic and Significant Customer Information (Details) - Customer Concentration Risk [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Sales Revenue, Goods, Net [Member] | Applied Materials, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Sales Revenue, Goods, Net | $ 123.5 | $ 109.3 | $ 96.2 |
Concentration Risk, Percentage | 29.80% | 29.80% | 32.10% |
Sales Revenue, Goods, Net [Member] | Lam Research and Novellus Systems, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Sales Revenue, Goods, Net | $ 84.2 | $ 73.0 | $ 50.4 |
Concentration Risk, Percentage | 20.30% | 19.90% | 16.80% |
Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Accounts Receivable [Member] | Applied Materials, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 31.20% | ||
Minimum [Member] | Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Geographic and Significant Customer Information Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 9,645 | $ 9,759 |
Long-Lived Assets | 86,515 | 93,945 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 31,556 | 31,711 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | 3,134 | 3,456 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 51,825 | $ 58,778 |
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