XML 56 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 59,544us-gaap_NetIncomeLoss $ 57,266us-gaap_NetIncomeLoss $ (34,404)us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 15,884us-gaap_Depreciation 16,088us-gaap_Depreciation 15,256us-gaap_Depreciation
Amortization of intangibles 6,072us-gaap_AmortizationOfIntangibleAssets 7,404us-gaap_AmortizationOfIntangibleAssets 5,164us-gaap_AmortizationOfIntangibleAssets
Charge related to SemiSouth (Note 12) 0powi_ImpairmentChargesWriteoffsRelatedToSemisouth 0powi_ImpairmentChargesWriteoffsRelatedToSemisouth 58,945powi_ImpairmentChargesWriteoffsRelatedToSemisouth
Loss (gain) on disposal of property and equipment 250us-gaap_GainLossOnSaleOfPropertyPlantEquipment (131)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (1)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Gain on sale of asset held for sale 0us-gaap_GainLossOnDispositionOfAssets (497)us-gaap_GainLossOnDispositionOfAssets 0us-gaap_GainLossOnDispositionOfAssets
Stock-based compensation expense 14,282us-gaap_ShareBasedCompensation 16,485us-gaap_ShareBasedCompensation 14,224us-gaap_ShareBasedCompensation
Amortization of premium on marketable securities 1,694us-gaap_OtherAmortizationOfDeferredCharges 789us-gaap_OtherAmortizationOfDeferredCharges 850us-gaap_OtherAmortizationOfDeferredCharges
Non-cash interest income from SemiSouth note 0powi_NonCashInterestIncomeOnNoteFromSemisouth 0powi_NonCashInterestIncomeOnNoteFromSemisouth (1,445)powi_NonCashInterestIncomeOnNoteFromSemisouth
Deferred income taxes 157us-gaap_DeferredIncomeTaxExpenseBenefit (2,781)us-gaap_DeferredIncomeTaxExpenseBenefit 2,017us-gaap_DeferredIncomeTaxExpenseBenefit
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) 70us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease (127)us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease (24)us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
Excess tax benefit from employee stock plans (437)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (734)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (704)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Tax benefit associated with employee stock plans 815us-gaap_DeferredTaxExpenseFromStockOptionsExercised 1,284us-gaap_DeferredTaxExpenseFromStockOptionsExercised 1,303us-gaap_DeferredTaxExpenseFromStockOptionsExercised
Change in operating assets and liabilities:      
Accounts receivable 2,133us-gaap_IncreaseDecreaseInAccountsReceivable (4,936)us-gaap_IncreaseDecreaseInAccountsReceivable 5,313us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (21,703)us-gaap_IncreaseDecreaseInInventories 2,375us-gaap_IncreaseDecreaseInInventories 18,026us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other assets 8,211us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (1,523)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (11,008)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable 2,337us-gaap_IncreaseDecreaseInAccountsPayable 2,467us-gaap_IncreaseDecreaseInAccountsPayable 2,071us-gaap_IncreaseDecreaseInAccountsPayable
Taxes payable and accrued liabilities (3,242)powi_IncreaseDecreaseinAccruedTaxesandOtherLiabilities 1,065powi_IncreaseDecreaseinAccruedTaxesandOtherLiabilities (26,029)powi_IncreaseDecreaseinAccruedTaxesandOtherLiabilities
Deferred income on sales to distributors (505)powi_IncreaseDecreaseinDeferredIncome 4,177powi_IncreaseDecreaseinDeferredIncome 2,276powi_IncreaseDecreaseinDeferredIncome
Net cash provided by operating activities 85,562us-gaap_NetCashProvidedByUsedInOperatingActivities 98,671us-gaap_NetCashProvidedByUsedInOperatingActivities 51,830us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (23,071)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (13,960)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (16,358)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of property and equipment 0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 36us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 2us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Proceeds from sale of assets held for sale 0powi_ProceedsfromSaleofAssetsHeldforSale 959powi_ProceedsfromSaleofAssetsHeldforSale 0powi_ProceedsfromSaleofAssetsHeldforSale
Other assets (1,261)us-gaap_PaymentsToAcquireOtherProductiveAssets 0us-gaap_PaymentsToAcquireOtherProductiveAssets 0us-gaap_PaymentsToAcquireOtherProductiveAssets
Acquisition (Note 11) 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (115,720)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Payment of guarantee of SemiSouth debt (Note 12) 0powi_PaymentOfGuaranteeObligation 0powi_PaymentOfGuaranteeObligation (15,200)powi_PaymentOfGuaranteeObligation
Increase in financing lease receivables 0us-gaap_PaymentsToAcquireLeaseReceivables 0us-gaap_PaymentsToAcquireLeaseReceivables (420)us-gaap_PaymentsToAcquireLeaseReceivables
Collections of financing lease receivables and other receivables 0us-gaap_ProceedsFromSaleAndCollectionOfLeaseReceivables 433us-gaap_ProceedsFromSaleAndCollectionOfLeaseReceivables 527us-gaap_ProceedsFromSaleAndCollectionOfLeaseReceivables
Loans to third parties (Notes 11 and 12) (6,600)us-gaap_PaymentsForProceedsFromOtherLoansAndLeases 0us-gaap_PaymentsForProceedsFromOtherLoansAndLeases (18,000)us-gaap_PaymentsForProceedsFromOtherLoansAndLeases
Purchases of marketable securities 45,269us-gaap_PaymentsToAcquireAvailableForSaleSecurities 109,482us-gaap_PaymentsToAcquireAvailableForSaleSecurities 0us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from sales and maturities of marketable securities 38,052us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 31,350us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 40,463us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
Net cash used in investing activities (38,149)us-gaap_NetCashProvidedByUsedInInvestingActivities (90,664)us-gaap_NetCashProvidedByUsedInInvestingActivities (124,706)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance of common stock under employee stock plans 13,855us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions 30,239us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions 21,952us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
Repurchase of common stock (80,760)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock (20,467)us-gaap_PaymentsForRepurchaseOfCommonStock
Payments of dividends to stockholders (13,165)us-gaap_PaymentsOfDividends (9,446)us-gaap_PaymentsOfDividends (5,755)us-gaap_PaymentsOfDividends
Excess tax benefit from employee stock plans 437us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 734us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 704us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash (used in) provided by financing activities (79,633)us-gaap_NetCashProvidedByUsedInFinancingActivities 21,527us-gaap_NetCashProvidedByUsedInFinancingActivities (3,566)us-gaap_NetCashProvidedByUsedInFinancingActivities
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (32,220)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 29,534us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (76,442)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 92,928us-gaap_CashAndCashEquivalentsAtCarryingValue 63,394us-gaap_CashAndCashEquivalentsAtCarryingValue 139,836us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF PERIOD 60,708us-gaap_CashAndCashEquivalentsAtCarryingValue 92,928us-gaap_CashAndCashEquivalentsAtCarryingValue 63,394us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Unpaid property and equipment 1,733us-gaap_CapitalExpendituresIncurredButNotYetPaid 2,862us-gaap_CapitalExpendituresIncurredButNotYetPaid 1,008us-gaap_CapitalExpendituresIncurredButNotYetPaid
Fair value of SemiSouth purchase option (Note 12) 0powi_FairValueOfPurchaseOption 0powi_FairValueOfPurchaseOption 6,216powi_FairValueOfPurchaseOption
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid (refund) for income taxes, net of refunds (Note 8) $ (3,121)us-gaap_IncomeTaxesPaidNet $ (4,137)us-gaap_IncomeTaxesPaidNet $ 46,689us-gaap_IncomeTaxesPaidNet