2013 Q1 Form 10-Q Financial Statement

#000119312513214587 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $177.0M $144.7M
YoY Change 22.33% -10.46%
Cost Of Revenue $130.8M $111.0M
YoY Change 17.87% 6.52%
Gross Profit $46.18M $33.71M
YoY Change 37.02% -41.27%
Gross Profit Margin 26.1% 23.3%
Selling, General & Admin $30.38M $22.15M
YoY Change 37.16% 3.44%
% of Gross Profit 65.77% 65.7%
Research & Development $10.08M $7.164M
YoY Change 40.7% 9.91%
% of Gross Profit 21.83% 21.25%
Depreciation & Amortization $1.900M $1.100M
YoY Change 72.73% 0.0%
% of Gross Profit 4.11% 3.26%
Operating Expenses $42.41M $28.21M
YoY Change 50.35% -3.13%
Operating Profit $3.776M $5.500M
YoY Change -31.35% -80.55%
Interest Expense -$500.0K $0.00
YoY Change -100.0%
% of Operating Profit -13.24% 0.0%
Other Income/Expense, Net $521.0K $687.0K
YoY Change -24.16% -121.26%
Pretax Income -$6.000M -$7.000M
YoY Change -14.29% 16.67%
Income Tax $6.574M $618.0K
% Of Pretax Income
Net Earnings -$1.926M $4.871M
YoY Change -139.54% -75.25%
Net Earnings / Revenue -1.09% 3.37%
Basic Earnings Per Share -$0.04 $0.11
Diluted Earnings Per Share -$0.04 $0.10
COMMON SHARES
Basic Shares Outstanding 46.02M shares 45.46M shares
Diluted Shares Outstanding 46.02M shares 46.94M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.2M $176.7M
YoY Change 13.3% -36.6%
Cash & Equivalents $200.2M $176.7M
Short-Term Investments
Other Short-Term Assets $57.30M $27.10M
YoY Change 111.44% 22.62%
Inventory $182.2M $134.5M
Prepaid Expenses $45.68M $21.69M
Receivables $172.2M $139.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $611.9M $477.9M
YoY Change 28.03% -16.01%
LONG-TERM ASSETS
Property, Plant & Equipment $338.2M $227.3M
YoY Change 48.76% 9.64%
Goodwill $86.40M $69.42M
YoY Change 24.45% -0.3%
Intangibles $58.62M $23.62M
YoY Change 148.2% -16.11%
Long-Term Investments
YoY Change
Other Assets $17.60M $22.64M
YoY Change -22.27% 260.65%
Total Long-Term Assets $532.7M $369.9M
YoY Change 44.04% 18.25%
TOTAL ASSETS
Total Short-Term Assets $611.9M $477.9M
Total Long-Term Assets $532.7M $369.9M
Total Assets $1.145B $847.8M
YoY Change 35.01% -3.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.09M $66.92M
YoY Change 37.62% -9.66%
Accrued Expenses $57.57M $30.18M
YoY Change 90.77% -16.54%
Deferred Revenue
YoY Change
Short-Term Debt $3.700M $10.50M
YoY Change -64.76%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $158.9M $110.0M
YoY Change 44.46% -56.88%
LONG-TERM LIABILITIES
Long-Term Debt $213.8M $43.80M
YoY Change 388.13% 852.17%
Other Long-Term Liabilities $59.47M $34.70M
YoY Change 71.37% 11.61%
Total Long-Term Liabilities $59.47M $34.70M
YoY Change 71.37% 11.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.9M $110.0M
Total Long-Term Liabilities $59.47M $34.70M
Total Liabilities $432.2M $188.5M
YoY Change 129.23% -35.15%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $314.6M $297.9M
YoY Change 5.59% 11.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $669.6M $643.6M
YoY Change
Total Liabilities & Shareholders Equity $1.145B $847.8M
YoY Change 35.01% -3.85%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$1.926M $4.871M
YoY Change -139.54% -75.25%
Depreciation, Depletion And Amortization $1.900M $1.100M
YoY Change 72.73% 0.0%
Cash From Operating Activities $31.33M $13.45M
YoY Change 132.97% -14.51%
INVESTING ACTIVITIES
Capital Expenditures $15.95M $11.94M
YoY Change 33.58% -3.94%
Acquisitions $124.9M $0.00
YoY Change
Other Investing Activities -$160.0K $139.0K
YoY Change -215.11% -78.18%
Cash From Investing Activities -$133.3M -$9.658M
YoY Change 1279.71% -26.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $59.00K $473.0K
YoY Change -87.53% -82.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $145.3M $42.77M
YoY Change 239.71% 1624.4%
NET CHANGE
Cash From Operating Activities $31.33M $13.45M
Cash From Investing Activities -$133.3M -$9.658M
Cash From Financing Activities $145.3M $42.77M
Net Change In Cash $43.35M $46.55M
YoY Change -6.88% 803.96%
FREE CASH FLOW
Cash From Operating Activities $31.33M $13.45M
Capital Expenditures $15.95M $11.94M
Free Cash Flow $15.37M $1.504M
YoY Change 922.21% -54.38%

Facts In Submission

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Recently Issued Accounting Pronouncements</font></p><p style='margin-top:4.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">There have been no new accounting pronouncements during the three months ended March 31, 2013, as compared to recently issued accounting pronouncements described in the Company's Annual Report o</font><font style="font-family:Times New Roman;font-size:10pt;">n</font><font style="font-family:Times New Roman;font-size:10pt;"> Form 10-K for the year ended December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2012, that are of significance, or potential significance, to the Company.</font></p>
CY2013Q1 us-gaap Earnings Per Share Reconciliation Disclosure
EarningsPerShareReconciliationDisclosure
Basic earnings per share is calculated by dividing net earnings by the weighted-average number of shares of Common Stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive.
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1475000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2013Q1 us-gaap Business Acquisition Name Of Acquired Entity
BusinessAcquisitionNameOfAcquiredEntity
BCD Semiconductor Manufacturing Limited (&#8220;BCD&#8221;)
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Description Of Purchase Price Components
BusinessAcquisitionCostOfAcquiredEntityDescriptionOfPurchasePriceComponents
the Company completed the acquisition of all the outstanding ordinary shares, par value $0.001 per share, of BCD (the &#8220;Shares&#8221;), including Shares represented by American Depository Shares (&#8220;ADSs&#8221;), which were cancelled in exchange for the right to receive $1.33-1/3 in cash per Share, without interest. Each ADS represented six Shares and was converted into the right to receive $8.00 in cash, without interest. The aggregate consideration was approximately $155 million, excluding acquisition costs, fees and expenses. In addition, a $5 million retention plan for employees of BCD, payable at the 12, 18 and 24 month anniversaries of the acquisition has been established.
CY2013Q1 us-gaap Retention Payable
RetentionPayable
5000000 USD
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Cash Paid
BusinessAcquisitionCostOfAcquiredEntityCashPaid
154735000 USD
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
2075000 USD
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Purchase Price
BusinessAcquisitionCostOfAcquiredEntityPurchasePrice
156810000 USD
CY2013Q1 us-gaap Business Combination Reason For Business Combination
BusinessCombinationReasonForBusinessCombination
The Company&#8217;s purpose in making this acquisition is to further its strategy of expanding its market and growth opportunities through select strategic acquisitions. This acquisition is expected to enhance the Company&#8217;s analog product portfolio by expanding its standard linear and power management offerings, including AC/DC and DC/DC solutions for power adapters and chargers, as well as other electronic products. BCD&#8217;s established presence in Asia, with a particularly strong local market position in China, offers the Company even greater penetration of the consumer, computing and communications markets. Likewise, the Company believes it can achieve increased market penetration for BCD&#8217;s products by leveraging the Company&#8217;s own global customer base and sales channels. In addition, BCD has in-house manufacturing capabilities in China, as well as a cost-effective development team that can be deployed across multiple product families. The Company also believes it will be able to apply its packaging capabilities and expertise to BCD&#8217;s products in order to improve cost efficiencies, utilization and product mix.
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Status
BusinessAcquisitionPurchasePriceAllocationStatus
A final determination of the allocation of the purchase price to the assets acquired and liabilities assumed has not been completed and the following table is considered preliminary. The final determination is subject to the completion of the valuation of the assets acquired and liabilities assumed, which is expected between the second and third quarter of 2013.
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Assets Receivables
BusinessAcquisitionPurchasePriceAllocationCurrentAssetsReceivables
20862000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Assets Inventory
BusinessAcquisitionPurchasePriceAllocationCurrentAssetsInventory
42909000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Assets Prepaid Expense And Other Assets
BusinessAcquisitionPurchasePriceAllocationCurrentAssetsPrepaidExpenseAndOtherAssets
27205000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Property Plant And Equipment
BusinessAcquisitionPurchasePriceAllocationPropertyPlantAndEquipment
99716000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Deferred Income Taxes Asset Liability Net
BusinessAcquisitionPurchasePriceAllocationDeferredIncomeTaxesAssetLiabilityNet
1612000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Other Noncurrent Assets
BusinessAcquisitionPurchasePriceAllocationOtherNoncurrentAssets
5497000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillAmount
2192000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Assets Acquired
BusinessAcquisitionPurchasePriceAllocationAssetsAcquired
247012000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Liabilities Long Term Debt
BusinessAcquisitionPurchasePriceAllocationCurrentLiabilitiesLongTermDebt
17336000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Liabilities Accounts Payable
BusinessAcquisitionPurchasePriceAllocationCurrentLiabilitiesAccountsPayable
34758000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Other Noncurrent Liabilities
BusinessAcquisitionPurchasePriceAllocationOtherNoncurrentLiabilities
18425000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Liabilities Assumed
BusinessAcquisitionPurchasePriceAllocationLiabilitiesAssumed
92277000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Assets Acquired Liabilities Assumed Net
BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredLiabilitiesAssumedNet
154735000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Liabilities Accrued Liabilities
BusinessAcquisitionPurchasePriceAllocationCurrentLiabilitiesAccruedLiabilities
16703000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Deferred Tax Liabilities Noncurrent
BusinessAcquisitionPurchasePriceAllocationDeferredTaxLiabilitiesNoncurrent
5055000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Intangible Assets Other Than Goodwill
BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill
17200000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Current Assets Cash And Cash Equivalents
BusinessAcquisitionPurchasePriceAllocationCurrentAssetsCashAndCashEquivalents
29819000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Methodology
BusinessAcquisitionPurchasePriceAllocationMethodology
The fair value of the significant identified intangible assets was estimated by using the market approach, income approach and cost approach valuation methodologies. Inputs used in the methodologies primarily included projected future cash flows, discounted at a rate commensurate with the risk involved.
CY2013Q1 us-gaap Acquired Finite Lived Intangible Asset Amount
AcquiredFiniteLivedIntangibleAssetAmount
17000000 USD
CY2013Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount Description
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmountDescription
In addition, it is not anticipated that goodwill will be deductible for income tax purposes.
CY2013Q1 us-gaap Business Acquisition Pro Forma Information Description
BusinessAcquisitionProFormaInformationDescription
The following unaudited pro forma consolidated results of operations for the three months ended March 31, 2013 and 2012 have been prepared as if the acquisition of BCD had occurred at January&#160;1, 2013 and January&#160;1, 2012, respectively, for each year The unaudited pro forma consolidated results of operations do not purport to be indicative of the results that would have been obtained if the above acquisition had actually occurred as of the dates indicated or of those results that may be obtained in the future. The unaudited pro forma consolidated results of operations do not include the final adjustments to net income to give the final effects to depreciation of property, plant and equipment acquired and amortization of intangible assets acquired as the Company currently is working to complete its valuation of the assets and liabilities acquired and is unable to determine those final effects. Upon completion of the valuation, the Company intends to make adjustments for these items in future pro forma disclosures for BCD. These unaudited pro forma consolidated results of operations were derived, in part, from the historical consolidated financial statements of BCD and other available information and assumptions believed to be reasonable under the circumstances.
CY2013Q1 us-gaap Business Acquisition Period Results Included In Combined Entity1
BusinessAcquisitionPeriodResultsIncludedInCombinedEntity1
P31D
CY2013Q1 us-gaap Acquired Finite Lived Intangible Asset Residual Value
AcquiredFiniteLivedIntangibleAssetResidualValue
0 USD
CY2013Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P6Y
CY2013Q1 diod Acquired Inventory Reasonable Profit Allowance
AcquiredInventoryReasonableProfitAllowance
The Company evaluated and adjusted its inventory for a reasonable profit allowance, which is intended to permit the Company to report only the profits normally associated with its activities following the acquisition as it relates to the work-in-progress and finished goods inventory. As such, the Company increased its inventory acquired from BCD by approximately $5&#160;million, and will record that increase into cost of goods sold, of which approximately $2&#160;million was recorded in the first quarter of 2013 and the remaining will be recorded in the second quarter of 2013 as all the acquired work-in-process and finished goods inventory will have been sold.
CY2013Q1 diod Acquired Inventory Adjustments
AcquiredInventoryAdjustments
5000000 USD
CY2013Q1 diod Acquired Inventory Expenses To Cost Of Goods Sold
AcquiredInventoryExpensesToCostOfGoodsSold
2000000 USD
CY2013Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
198065000 USD
CY2012Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
175691000 USD
CY2012Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
2194000 USD
CY2013Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-5753000 USD
CY2013Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.13
CY2013Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.13
CY2012Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.05
CY2012Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.05
CY2013Q1 us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2013-03-05
CY2013Q1 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
15000000 USD
CY2013Q1 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-1000000 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalent Item Description
RestrictedCashAndCashEquivalentItemDescription
pledged as collateral for issuance of bank acceptance notes, letters of credit and forward contracts
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10000000 USD
CY2013Q1 us-gaap Types Of Foreign Currency Derivatives Used
TypesOfForeignCurrencyDerivativesUsed
As a multinational company, the Company denominates sales transactions in a variety of currencies. In connection with the acquisition of BCD, the Company adopted forward exchange contracts, designated as foreign currency cash flow hedges, to reduce the potentially adverse effects of foreign currency exchange rate fluctuations.
CY2013Q1 us-gaap Description Of Foreign Currency Derivative Activities
DescriptionOfForeignCurrencyDerivativeActivities
The Company uses these forward exchange contracts to hedge, thereby attempting to reduce the Company&#8217;s overall exposure to the effects of currency fluctuations on cash flows. The Company does not permit speculation in financial instruments for profit on the exchange rate price fluctuation, trading in currencies for which there are no underlying exposures, or entering into trades for any currency to intentionally increase the underlying exposure.
CY2013Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
61000000 USD
CY2013Q1 diod Derivative Notional Outstanding Amount
DerivativeNotionalOutstandingAmount
56000000 USD
CY2013Q1 us-gaap Discussion Of Method Of Measuring Fair Value Of Foreign Currency Derivatives
DiscussionOfMethodOfMeasuringFairValueOfForeignCurrencyDerivatives
The fair value of the outstanding derivative instruments contracts, classified within Level 2 of the fair value hierarchy
CY2013Q1 us-gaap Description Of Location Of Foreign Currency Derivatives On Balance Sheet
DescriptionOfLocationOfForeignCurrencyDerivativesOnBalanceSheet
recognized under other current assets in the condensed consolidated balance sheets
CY2013Q1 us-gaap Description Of Location Of Gain Loss On Foreign Currency Derivative In Financial Statements
DescriptionOfLocationOfGainLossOnForeignCurrencyDerivativeInFinancialStatements
recognized under other income
CY2013Q1 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P275D
CY2013Q1 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
1000000 USD
CY2013Q1 us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
0 USD
CY2013Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
68835000 USD
CY2013Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
49463000 USD
CY2013Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
63903000 USD
CY2012Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
63410000 USD
CY2012Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
30564000 USD
CY2012Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
59319000 USD
CY2013Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-3151000 USD
CY2013Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
2192000 USD
CY2013Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
86909000 USD
CY2013Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
26072000 USD
CY2013Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
52952000 USD
CY2013Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
5671000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
69707000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24161000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38495000 USD
CY2012Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
5842000 USD
CY2013Q1 us-gaap Other Indefinite Lived Intangible Assets
OtherIndefiniteLivedIntangibleAssets
6403000 USD
CY2012Q4 us-gaap Other Indefinite Lived Intangible Assets
OtherIndefiniteLivedIntangibleAssets
6403000 USD
CY2012Q4 diod Finite Lived Intangible Assets Currency Adjustments
FiniteLivedIntangibleAssetsCurrencyAdjustments
-7051000 USD
CY2013Q1 diod Finite Lived Intangible Assets Currency Adjustments
FiniteLivedIntangibleAssetsCurrencyAdjustments
-7885000 USD
CY2013Q1 diod Indefinite Lived Intangible Assets Currency Adjustments
IndefiniteLivedIntangibleAssetsCurrencyAdjustments
-732000 USD
CY2012Q4 diod Indefinite Lived Intangible Assets Currency Adjustments
IndefiniteLivedIntangibleAssetsCurrencyAdjustments
-561000 USD
CY2012Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000 USD
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000 USD
CY2013Q1 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
On January 8, 2013, the Company and Diodes International B.V. (the &#8220;Foreign Borrower&#8221; and collectively with the Company, the &#8220;Borrowers&#8221;) and certain subsidiaries of the Company as guarantors, entered into a Credit Agreement (the &#8220;Credit Agreement&#8221;) with Bank of America and other participating lenders (collectively, the &#8220;Lenders&#8221;).
CY2013Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
210000000 USD
CY2013Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2013-01-08
CY2013Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-01-08
CY2013Q1 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
During 2012, the China government began an audit of the Company&#8217;s High and New Technology Enterprise (&#8220;HNTE&#8221;) status for its largest Chinese subsidiary for 2009-2011 as part of an overall evaluation of the reduced tax rates provided to many high tech companies. This subsidiary has a reduced tax rate of 15%. In April 2013, the Company was notified by the China government that they had completed their tax audit and had concluded that the Company owed additional tax related to tax year 2011 in the amount of $5 million. This subsidiary has been approved for its HNTE status for the tax years 2012-2014.
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.53 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.10 pure
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
10000000 USD
CY2013Q1 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
1000000 USD
CY2012Q1 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
2000000 USD
CY2013Q1 diod Income Tax Holiday Income Tax Benefits Per Share Basic
IncomeTaxHolidayIncomeTaxBenefitsPerShareBasic
0.03
CY2013Q1 diod Income Tax Holiday Income Tax Benefits Per Share Diluted
IncomeTaxHolidayIncomeTaxBenefitsPerShareDiluted
0.03
CY2012Q1 diod Income Tax Holiday Income Tax Benefits Per Share Basic
IncomeTaxHolidayIncomeTaxBenefitsPerShareBasic
0.04
CY2012Q1 diod Income Tax Holiday Income Tax Benefits Per Share Diluted
IncomeTaxHolidayIncomeTaxBenefitsPerShareDiluted
0.04
CY2013Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28000000 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-6000000 USD
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.16 pure
CY2013Q1 diod Estimated Annual Income Tax Rate Continuing Operations
EstimatedAnnualIncomeTaxRateContinuingOperations
0.18 pure
CY2013Q1 us-gaap Income Tax Examination Penalties From Examination
IncomeTaxExaminationPenaltiesFromExamination
5000000 USD
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3545000 USD
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3256000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3713000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-5000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-410000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3298000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2546000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.85
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
20.34
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.55
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
16.37
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9744000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
79000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16622000 USD
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15306000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2013Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.57
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1164000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
-6000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
-9000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1151000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
20.42
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.03
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
23.64
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
20.51
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodIntrinsicValue
113000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
24184000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
20.80
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2013Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1000000 USD
CY2012Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1000000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
2000000 USD
CY2013Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
1000000 USD
CY2012Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
1000000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2013Q1 us-gaap Factors Used To Identify Entitys Reportable Segments
FactorsUsedToIdentifyEntitysReportableSegments
For financial reporting purposes, the Company operates in a single segment, standard semiconductor products, through the Company&#8217;s various manufacturing and distribution facilities. The Company aggregates its products because the products are similar and have similar economic characteristics, and the products are similar in production process and share the same customer type.
CY2013Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
227879000 USD
CY2013Q1 diod Revenues From Transactions Within Same Entity
RevenuesFromTransactionsWithinSameEntity
-50915000 USD
CY2012Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
198048000 USD
CY2012Q1 diod Revenues From Transactions Within Same Entity
RevenuesFromTransactionsWithinSameEntity
-53385000 USD
CY2013Q1 us-gaap Long Term Purchase Commitment Description
LongTermPurchaseCommitmentDescription
During 2010, the Company entered into an investment agreement with the Management Committee of the Chengdu Hi-Tech Industrial Development Zone (the &#8220;CDHT&#8221;). Under this agreement, the Company agreed to form a joint venture with a Chinese partner, Chengdu Ya Guang Electronic Company Limited, to establish a semiconductor manufacturing facility for surface-mounted component production, assembly and test in Chengdu, China. This is a long-term, multi-year project that will provide additional capacity for the Company as needed.
CY2013Q1 us-gaap Long Term Purchase Commitment Time Period
LongTermPurchaseCommitmentTimePeriod
In order to qualify for certain financial incentives, the Company is obligated to contribute approximately $48 million to the joint venture by December 31, 2013.
CY2013Q1 diod Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.00 pure
CY2012Q1 diod Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.00 pure
CY2013Q1 us-gaap Description Of Material Contingencies Of Parent Company
DescriptionOfMaterialContingenciesOfParentCompany
Contingencies - From time to time, the Company may be involved in a variety of legal matters that arise in the normal course of business. Based on information available, the Company evaluates the likelihood of potential outcomes. The Company records the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, the Company does not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is currently a party to a purported stockholder derivative action in the United States District Court for the District of Delaware, entitled Scherer v. Keh-Shew Lu, Civil Action No.&#160;1:13-cv-00358-UNA (D. Del. filed Mar. 5, 2013), on behalf of the Company against its directors, in which plaintiff alleges that (a)&#160;the Board approved awards of stock options to Dr.&#160;Keh-Shew Lu, our President and Chief Executive Officer, in 2009, 2010, 2011 and 2012 that exceeded the limitation on the number of shares of the Company&#8217;s Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Company&#8217;s 2001 Incentive Plan as amended by the stockholders on May&#160;28, 2009; (b)&#160;the Company&#8217;s disclosures in its 2010, 2011 and 2012 proxy statements regarding the limitation on the number of shares of the Company&#8217;s Common Stock that may be purchased upon the exercise of options granted to any person in any given year under the Company&#8217;s 2001 Incentive Plan as amended by the stockholders on May&#160;28, 2009 were inaccurate; and (c)&#160;the Company&#8217;s disclosures in its 2010, 2011 and 2012 proxy statements that the grants of stock options to Dr.&#160;Lu in 2009, 2010, 2011 and 2012 complied with the terms of the Company&#8217;s 2001 Incentive Plan as amended by the stockholders on May&#160;28, 2009 were incorrect. The Compensation Committee reviewed the grants of stock options to Dr.&#160;Lu in 2009, 2010, 2011 and 2012 (each such annual grant, an &#8220;Option Grant&#8221;), and approved a Confirmation Agreement, dated April&#160;1, 2013, in which the Company and Dr.&#160;Lu agree and confirm that Dr.&#160;Lu will assert no claim that any Option Grant in 2009, 2010, 2011 or 2012 provided for the purchase of more than 100,000 shares of the Company&#8217;s Common Stock, and that each Option Grant document be deemed amended to reflect the foregoing 100,000 share limitation. On April 3, 2013, defendants and the Company filed answers to the complaint. On May 8, 2013, defendants filed a motion for judgment on the pleadings dismissing the action on the ground that the claims are moot. A hearing date has not been set. The Company is also currently a party to a putative securities class action in the United States District Court for the Eastern District of Texas, entitled Local 731 I.B. of T. Excavators and Pavers Pension Trust Fund v. Diodes, Inc., Civil Action No. 6:13-cv-247 (E.D. Tex. filed Mar. 15, 2013), against the Company, Dr. Lu and Richard White, in which plaintiff, purportedly on behalf of a class of investors who purchased the Company&#8217;s Common Stock between February 9, 2011 and June 9, 2011, alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b-5 promulgated thereunder in connection with allegedly public statements made during the class period regarding the labor market in China and its impact on the Company&#8217;s business and prospects. Pursuant to the Private Securities Litigation Reform Act of 1995 (&#8220;Reform Act&#8221;), motions for appointment of lead plaintiff are due to be filed by May 14, 2013. Pursuant to the Court&#8217;s order dated April 26, 2013, (1) in the event the putative class member ultimately appointed as lead plaintiff wishes to file an amended complaint, lead plaintiff shall do so no later than forty-five (45) days after entry of an order appointing the lead plaintiff; (2) no later than fifteen (15) days after entry of an order appointing the lead plaintiff, lead plaintiff must file a notice with the Court indicating whether it will file an amended complaint; (3) defendants shall file an answer or motion directed to the operative complaint in this action no later than forty-five (45) days after service of an amended complaint or notice of lead plaintiff&#8217;s decision not to file an amended complaint, as applicable; and (4) in the event defendants file a motion or motions directed to the operative complaint in this action, (i) lead plaintiff shall file his, her or its opposition, if any, within forty-five (45) days after service of such motion(s) and (ii) defendants shall file their reply, if any, within thirty (30) days after service of lead plaintiff&#8217;s opposition. Pursuant to the Reform Act, all discovery and other proceedings are stayed pending a ruling on any motion to dismiss.
CY2013Q1 diod Other Commitment Remaining Minimum Amount Committed
OtherCommitmentRemainingMinimumAmountCommitted
48000000 USD
CY2013Q1 us-gaap Significant Purchase Commitment Remaining Minimum Amount Committed
SignificantPurchaseCommitmentRemainingMinimumAmountCommitted
9000000 USD
CY2013Q1 diod Other Commitment Remaining Minimum Amount Paid
OtherCommitmentRemainingMinimumAmountPaid
25000000 USD
CY2013Q1 diod Other Commitment Remaining Minimum Amount Paid For Capital Expenditures
OtherCommitmentRemainingMinimumAmountPaidForCapitalExpenditures
21000000 USD
CY2013Q1 us-gaap Defined Benefit Plans General Information
DefinedBenefitPlansGeneralInformation
The Company has a contributory defined benefit plan that covers certain employees in the United Kingdom (&#8220;U.K.&#8221;). The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions regarding the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions.
CY2013Q1 us-gaap Defined Benefit Plan Pension Method To Determine Vested Benefit Obligation
DefinedBenefitPlanPensionMethodToDetermineVestedBenefitObligation
The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses.
CY2013Q1 us-gaap Defined Benefit Plan Estimated Future Employer Contributions In Current Fiscal Year Description
DefinedBenefitPlanEstimatedFutureEmployerContributionsInCurrentFiscalYearDescription
During the second quarter of 2012, the Company adopted a payment plan with the trustees of the defined benefit plan, in which the Company will pay approximately &#8356;2 million GBP (approximately $3 million based on a USD:GBP exchange rate of 1.6:1) every year from 2012 through 2019.
CY2013Q1 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.046 pure
CY2013Q1 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.055 pure
CY2013Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
0 USD
CY2013Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3000000 USD
CY2013Q1 diod Defined Benefit Plan Expected Future Benefit Payments In Three Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsInThreeFiscalYearsThereafter
3000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
3000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
3000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
3000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
3000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
3000000 USD
CY2013Q1 us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
In the second quarter of 2013, the Company initiated restructuring plans primarily relating to its U.K. development team and the closure of its New York sales office. The Company expects to reduce its U.K. workforce by approximately 10%, which is less than 1% of the Company&#8217;s total workforce. The amounts to be recorded are expected to be approximately $2 million, primarily relating to termination and severance costs.
CY2013Q1 us-gaap Severance Costs
SeveranceCosts
2000000 USD

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