View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	May 05, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	UNIVERSAL ELECTRONICS INC
Entity Central Index Key	0000101984
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,864,518

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 97,102	$ 112,521
Accounts receivable, net	93,808	97,989
Inventories, net	100,181	97,474
Prepaid expenses and other current assets	5,817	6,856
Income tax receivable	69	77
Deferred income taxes	5,203	5,048
Total current assets	302,180	319,965
Property, plant, and equipment, net	79,149	76,135
Goodwill	30,525	30,739
Intangible assets, net	24,225	24,614
Deferred income taxes	6,802	6,146
Other assets	5,682	5,471
Total assets	448,563	463,070
Current liabilities:
Accounts payable	64,201	69,991
Line of credit	0	0
Accrued compensation	34,219	40,656
Accrued sales discounts, rebates and royalties	6,770	8,097
Accrued income taxes	3,446	4,263
Deferred income taxes	0	0
Other accrued expenses	12,406	13,358
Total current liabilities	121,042	136,365
Long-term liabilities:
Deferred income taxes	8,474	8,456
Income tax payable	566	566
Other long-term liabilities	2,044	2,062
Total liabilities	132,126	147,449
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value, 50,000,000 shares authorized; 22,992,947 and 22,909,884 shares issued on March 31, 2015 and December 31, 2014, respectively	230	229
Paid-in capital	218,615	214,710
Accumulated other comprehensive income (loss)	(8,704)	(4,446)
Retained earnings	231,255	226,066
Stockholders' equity before treasury stock	441,396	436,559
Less cost of common stock in treasury, 7,077,935 and 7,008,475 shares on March 31, 2015 and December 31, 2014, respectively	(124,959)	(120,938)
Total stockholders' equity	316,437	315,621
Total liabilities and stockholders' equity	$ 448,563	$ 463,070

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	22,992,947	22,909,884
Treasury stock, shares	7,077,935	7,008,475

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$ 132,705	$ 129,845
Cost of sales	95,296	93,299
Gross profit	37,409	36,546
Research and development expenses	4,434	4,277
Selling, general and administrative expenses	26,872	26,279
Operating income	6,103	5,990
Interest income (expense), net	110	(16)
Other income (expense), net	230	(349)
Income before provision for income taxes	6,443	5,625
Provision for income taxes	1,254	1,352
Net income	$ 5,189	$ 4,273
Earnings per share:
Basic (in dollars per share)	$ 0.33	$ 0.27
Diluted (in dollars per share)	$ 0.32	$ 0.26
Shares used in computing earnings per share:
Basic (in shares)	15,907	15,787
Diluted (in shares)	16,243	16,163

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 5,189	$ 4,273
Other comprehensive income (loss):
Change in foreign currency translation adjustment	(4,258)	(2,111)
Comprehensive income (loss)	$ 931	$ 2,162

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash provided by (used for) operating activities:
Net income	$ 5,189	$ 4,273
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	4,667	4,260
Provision for doubtful accounts	2	61
Provision for inventory write-downs	906	596
Deferred income taxes	(806)	948
Tax benefit from exercise of stock options and vested restricted stock	567	731
Excess tax benefit from stock-based compensation	(587)	(723)
Shares issued for employee benefit plan	391	347
Stock-based compensation	1,959	1,678
Changes in operating assets and liabilities:
Accounts receivable	342	9,967
Inventories	(5,993)	4,756
Prepaid expenses and other assets	755	(15)
Accounts payable and accrued expenses	(12,209)	(10,489)
Accrued income taxes	(832)	(2,484)
Net cash provided by (used for) operating activities	(5,649)	13,906
Cash used for investing activities:
Acquisition of property, plant, and equipment	(7,210)	(2,396)
Acquisition of intangible assets	(681)	(204)
Net cash used for investing activities	(7,891)	(2,600)
Cash provided by (used for) financing activities:
Proceeds from stock options exercised	989	3,272
Treasury stock purchased	(4,021)	(405)
Excess tax benefit from stock-based compensation	587	723
Net cash provided by (used for) financing activities	(2,445)	3,590
Effect of exchange rate changes on cash	566	(670)
Net increase (decrease) in cash and cash equivalents	(15,419)	14,226
Cash and cash equivalents at beginning of year	112,521	76,174
Cash and cash equivalents at end of period	97,102	90,400
Supplemental Cash Flow Information:
Income taxes paid	$ 2,000	$ 1,601

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies In the opinion of management, the accompanying consolidated financial statements of Universal Electronics Inc. and its wholly-owned subsidiaries contain all the adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature and certain reclassifications have been made to prior year amounts in order to conform to the current year presentation. Information and footnote disclosures normally included in financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. As used herein, the terms "Company," "we," "us," and "our" refer to Universal Electronics Inc. and its subsidiaries, unless the context indicates to the contrary. Our results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk," and the "Financial Statements and Supplementary Data" and notes thereto included in Items 1A, 7, 7A, and 8, respectively, of our Annual Report on Form 10-K for the year ended December 31, 2014. Estimates, Judgments and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowances for sales returns and doubtful accounts, inventory valuation, our review of impairment of long-lived assets, intangible assets and goodwill, income taxes and stock-based compensation expense. Actual results may differ from these estimates and assumptions, and they may be adjusted as more information becomes available. Any adjustment may be material. See Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a summary of our significant accounting policies. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which will supersede most existing U.S. GAAP revenue recognition guidance. This new standard requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. In addition, ASU 2014-09 contains expanded disclosure requirements relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for fiscal periods beginning after December 15, 2016 and permits the use of either the full retrospective or cumulative effect transition method. Early adoption is not permitted. We have not yet selected a transition method and are evaluating the impact that this new standard will have on our consolidated financial statements.

Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Cash and cash equivalents were held in the following geographic regions:



(In thousands)	March 31, 2015		December 31, 2014
United States	$	20,134	$	43,546
Asia	63,540		50,799
Europe	10,424		12,912
South America	3,004		5,264
Total cash and cash equivalents	$	97,102	$	112,521

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References + Details

Accounts Receivable, Net and Revenue Concentrations

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Accounts Receivable, Net and Revenue Concentrations

Accounts receivable, net were as follows:



(In thousands)	March 31, 2015			December 31, 2014
Trade receivables, gross	$	88,959		$	91,605
Allowance for doubtful accounts	(600		)	(616		)
Allowance for sales returns	(538		)	(617		)
Net trade receivables	87,821			90,372
Other	5,987			7,617
Accounts receivable, net	$	93,808		$	97,989

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	616		$	478
Additions to costs and expenses	2			61
(Write-offs)/FX effects	(18		)	6
Balance at end of period	$	600		$	545

Sales Returns

The allowance for sales returns at March 31, 2015 and December 31, 2014 included reserves for items returned prior to period-end that were not completely processed, and therefore had not yet been removed from the allowance for sales returns balance. If these returns had been fully processed, the allowance for sales returns balance would have been approximately $0.3 million and $0.4 million on March 31, 2015 and December 31, 2014, respectively. The value of these returned goods was included in our inventory balance at March 31, 2015 and December 31, 2014.

Significant Customers

Net sales to the following customers totaled more than 10% of our net sales:



	Three Months Ended March 31,
	2015				2014
	$ (thousands)		% of Net Sales		$ (thousands)			% of Net Sales
DIRECTV	$	17,365	13.1	%	$	14,716		11.3	%
Comcast Corporation	15,577		11.7		—		⁽¹⁾	—		⁽¹⁾


⁽¹⁾	Net sales to this customer did not total more than 10% of our total net sales in the prior period.

Trade receivables associated with Comcast Corporation accounted for $10.6 million, or 11.3%, of our accounts receivable, net at March 31, 2015. We had no other customers with trade receivables greater than 10% of our accounts receivable, net at March 31, 2015 or December 31, 2014.

The loss of these customers or any other customer, either in the United States or abroad, due to their financial weakness or bankruptcy, or our inability to obtain orders or maintain our order volume with them, may have a material adverse effect on our financial condition, results of operations and cash flows.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories, Net and Significant Suppliers

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories, Net and Significant Suppliers

Inventories, net were as follows:



(In thousands)	March 31, 2015			December 31, 2014
Raw materials	$	29,253		$	24,763
Components	14,839			16,170
Work in process	4,927			2,622
Finished goods	53,699			56,458
Reserve for excess and obsolete inventory	(2,537		)	(2,539		)
Inventories, net	$	100,181		$	97,474

Reserve for Excess and Obsolete Inventory

Changes in the reserve for excess and obsolete inventory were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	2,539		$	2,714
Additions charged to costs and expenses ⁽¹⁾	811			551
Sell through ⁽²⁾	(406		)	(205		)
Write-offs/FX effects	(407		)	(462		)
Balance at end of period	$	2,537		$	2,598


⁽¹⁾	The additions charged to costs and expenses do not include inventory directly written-off that was scrapped during production totaling $95 thousand and $45 thousand for the three months ended March 31, 2015 and 2014, respectively. These amounts are production waste and are not included in management's reserve for excess and obsolete inventory.


⁽²⁾	These amounts represent the reversal of reserves associated with inventory items that were sold during the period.

Significant Suppliers

We purchase integrated circuits, components and finished goods from multiple sources. We had purchases from the following significant suppliers that totaled more than 10% of our total inventory purchases as follows:



	Three Months Ended March 31,
	2015						2014
	$ (thousands)			% of Total Inventory Purchases			$ (thousands)			% of Total Inventory Purchases
Victory Chemical Co., Ltd.	$	8,230		11.2	%		$	—	⁽¹⁾	—	%	⁽¹⁾
Maxim Integrated Products International Limited	—		⁽¹⁾	—		⁽¹⁾	8,054			13.0


⁽¹⁾	Purchases from this supplier did not total more than 10% of our total inventory purchases in this period.

Related Party Vendor

We purchase certain printed circuit board assemblies from a related party vendor. The vendor is considered a related party for financial reporting purposes because our Senior Vice President of Manufacturing owns 40% of this vendor. Inventory purchases from this vendor were as follows:



	Three Months Ended March 31,
	2015				2014
	$ (thousands)		% of Total Inventory Purchases		$ (thousands)		% of Total Inventory Purchases
Related party vendor	$	2,094	2.9	%	$	1,723	2.8	%

Total accounts payable to this vendor were as follows:



	March 31, 2015				December 31, 2014
	$ (thousands)		% of Accounts Payable		$ (thousands)		% of Accounts Payable
Related party vendor	$	2,131	3.3	%	$	2,378	3.4	%

Our payable terms and pricing with this vendor are consistent with the terms offered by other vendors in the ordinary course of business. The accounting policies that we apply to our transactions with our related party vendor are consistent with those applied in transactions with independent third parties. Corporate management routinely monitors purchases from our related party vendor to ensure these purchases remain consistent with our business objectives.

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

Goodwill and changes in the carrying amount of goodwill were as follows:



(In thousands)
Balance at December 31, 2014	$	30,739
FX effects	(214		)
Balance at March 31, 2015	$	30,525

Intangible Assets, Net

The components of intangible assets, net were as follows:



	March 31, 2015							December 31, 2014
(In thousands)	Gross ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net		Gross ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net
Distribution rights	$	308	$	(74	)	$	234	$	347	$	(76	)	$	271
Patents	10,471		(4,675		)	5,796		10,107		(4,736		)	5,371
Trademark and trade names	2,001		(884		)	1,117		2,001		(834		)	1,167
Developed and core technology	3,506		(1,432		)	2,074		3,506		(1,373		)	2,133
Capitalized software development costs	276		(119		)	157		276		(85		)	191
Customer relationships	26,406		(11,559		)	14,847		26,406		(10,925		)	15,481
Total intangible assets, net	$	42,968	$	(18,743	)	$	24,225	$	42,643	$	(18,029	)	$	24,614


⁽¹⁾	This table excludes the gross value of fully amortized intangible assets totaling $8.2 million and $7.9 million on March 31, 2015 and December 31, 2014, respectively.

Amortization expense is recorded in selling, general and administrative expenses, except amortization expense related to capitalized software development costs which is recorded in cost of sales. Amortization expense by income statement caption was as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
Cost of sales	$	35	$	37
Selling, general and administrative	1,004		986
Total amortization expense	$	1,039	$	1,023

Estimated future amortization expense related to our intangible assets at March 31, 2015, is as follows:



(In thousands)
2015 (remaining 9 months)	$	3,094
2016	4,077
2017	3,992
2018	3,973
2019	3,973
Thereafter	5,116
Total	$	24,225

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Line of Credit	3 Months Ended
Line of Credit	Mar. 31, 2015
Debt Disclosure [Abstract]
Line of Credit	Line of Credit On October 9, 2014, we extended the term of our Amended and Restated Credit Agreement ("Amended Credit Agreement") with U.S. Bank National Association ("U.S. Bank") to November 1, 2017. The Amended Credit Agreement provides for a $55.0 million line of credit ("Credit Line") that may be used for working capital and other general corporate purposes including acquisitions, share repurchases and capital expenditures. Amounts available for borrowing under the Credit Line are reduced by the balance of any outstanding letters of credit, of which there were $13 thousand at March 31, 2015. All obligations under the Credit Line are secured by substantially all of our U.S. personal property and tangible and intangible assets as well as 65% of our ownership interest in Enson Assets Limited, our wholly-owned subsidiary which controls our manufacturing factories in the People's Republic of China ("PRC"). Under the Amended Credit Agreement, we may elect to pay interest on the Credit Line based on LIBOR plus an applicable margin (varying from 1.25% to 1.75%) or base rate (based on the prime rate of U.S. Bank or as otherwise specified in the Amended Credit Agreement) plus an applicable margin (varying from 0.00% to 0.50%). The applicable margins are calculated quarterly and vary based on our cash flow leverage ratio as set forth in the Amended Credit Agreement. There are no commitment fees or unused line fees under the Amended Credit Agreement. The Amended Credit Agreement includes financial covenants requiring a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. In addition, the Amended Credit Agreement also contains other customary affirmative and negative covenants and events of default. As of March 31, 2015, we were in compliance with the covenants and conditions of the Amended Credit Agreement.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We utilize our estimated annual effective tax rate to determine our provision for income taxes for interim periods. The income tax provision is computed by taking the estimated annual effective tax rate and multiplying it by the year-to-date pre-tax book income. We recorded income tax expense of $1.3 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively. Our effective tax rate was 19.5% and 24.0% during the three months ended March 31, 2015 and 2014, respectively. The decrease in our effective tax rate was primarily due to the recording of a $0.3 million tax refund during the three months ended March 31, 2015 related to certain deductible research and development expenses incurred in China during 2013. At March 31, 2015, we had gross unrecognized tax benefits of $3.7 million, including interest and penalties, of which $3.2 million would affect the annual effective tax rate if these tax benefits are realized. Further, we are unaware of any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase within the next twelve months. However, based on federal, state and foreign statute expirations in various jurisdictions, we anticipate a decrease in unrecognized tax benefits of approximately $0.5 million within the next twelve months. We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. We have elected to classify interest and penalties as a component of tax expense. Accrued interest and penalties of $0.2 million and $0.2 million on March 31, 2015 and December 31, 2014, respectively, are included in our unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. On March 31, 2015, the open statutes of limitations in our significant tax jurisdictions were as follows: federal 2011 through 2013, state 2010 through 2013, and foreign 2008 through 2013.

Accrued Compensation

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

Accrued Compensation

The components of accrued compensation were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Accrued social insurance ⁽¹⁾	$	19,898	$	19,941
Accrued salary/wages	7,073		6,114
Accrued vacation/holiday	2,596		2,222
Accrued bonus ⁽²⁾	1,787		8,492
Accrued commission	386		1,797
Accrued medical insurance claims	309		236
Other accrued compensation	2,170		1,854
Total accrued compensation	$	34,219	$	40,656

⁽¹⁾

Effective January 1, 2008, the Chinese Labor Contract Law was enacted in the PRC. This law mandated that PRC employers remit the applicable social insurance payments to their local government. Social insurance is comprised of various components such as pension, medical insurance, job injury insurance, unemployment insurance, and a housing assistance fund, and is administered in a manner similar to social security in the United States. This amount represents our estimate of the amounts due to the PRC government for social insurance on March 31, 2015 and December 31, 2014.

⁽²⁾

Accrued bonus includes an accrual for an extra month of salary ("13^th month salary") to be paid to employees in certain geographies where it is the customary business practice. This 13^th month salary is paid to these employees if they remain employed with us through December 31st. The total accrued for the 13^th month salary was $0.3 million and $0.6 million at March 31, 2015 and December 31, 2014, respectively.

Other Accrued Expenses

The components of other accrued expenses were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Advertising and marketing	$	156	$	174
Deferred revenue	766		648
Duties	801		947
Freight and handling fees	1,976		1,522
Product development	518		751
Product warranty claim costs	173		353
Professional fees	1,713		1,493
Sales taxes and VAT	1,666		2,057
Third-party commissions	581		553
Tooling ⁽¹⁾	648		1,089
Unrealized loss on foreign currency exchange futures contracts	57		113
Utilities	313		275
Other	3,038		3,383
Total other accrued expenses	$	12,406	$	13,358


⁽¹⁾	The tooling accrual balance relates to unearned revenue for tooling that will be sold to customers.

Other Accrued Expenses

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

Other Accrued Expenses

Accrued Compensation

The components of accrued compensation were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Accrued social insurance ⁽¹⁾	$	19,898	$	19,941
Accrued salary/wages	7,073		6,114
Accrued vacation/holiday	2,596		2,222
Accrued bonus ⁽²⁾	1,787		8,492
Accrued commission	386		1,797
Accrued medical insurance claims	309		236
Other accrued compensation	2,170		1,854
Total accrued compensation	$	34,219	$	40,656

⁽¹⁾

⁽²⁾

Other Accrued Expenses

The components of other accrued expenses were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Advertising and marketing	$	156	$	174
Deferred revenue	766		648
Duties	801		947
Freight and handling fees	1,976		1,522
Product development	518		751
Product warranty claim costs	173		353
Professional fees	1,713		1,493
Sales taxes and VAT	1,666		2,057
Third-party commissions	581		553
Tooling ⁽¹⁾	648		1,089
Unrealized loss on foreign currency exchange futures contracts	57		113
Utilities	313		275
Other	3,038		3,383
Total other accrued expenses	$	12,406	$	13,358


⁽¹⁾	The tooling accrual balance relates to unearned revenue for tooling that will be sold to customers.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Product Warranties

Changes in the liability for product warranty claim costs were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	353		$	41
Accruals for warranties issued during the period	—			21
Settlements (in cash or in kind) during the period	(180		)	(41		)
Balance at end of period	$	173		$	21

Litigation

On March 2, 2012, we filed a lawsuit against Universal Remote Control, Inc. ("URC") in the United States District Court, Central District of California (Universal Electronics Inc. v. Universal Remote Control, Inc., SACV12-0039 AG (JPRx)) alleging that URC was infringing, directly and indirectly, four of our patents related to remote control technology. We alleged that this complaint related to multiple URC remote control products, including the URC model numbers UR5U-9000L, WR7 and other remote controls with different model names or numbers, but with substantially the same designs, features, and functionalities. We sought monetary relief for the infringement, including enhanced damages due to the willfulness of URC's actions, injunctive relief to enjoin URC from further infringing, including contributory infringement and/or inducing infringement, and attorney's fees. URC denied infringing our patents and asserted a variety of counterclaims and affirmative defenses including invalidity and unenforceability of our patents, misuse of patents, and a breach of contract action stemming from the settlement by us of an earlier lawsuit against URC. On January 29, 2013, the Court held its "Markman" hearing and on February 1, 2013, the Court issued its ruling that four of the 24 claims we asserted against URC were invalid, effectively removing one of the four patents alleged by us to be infringed by URC from this litigation. In March 2014, the Court further narrowed the scope of this litigation granting URC's motion for summary judgment with respect to certain issues that effectively removed two additional patents. In March 2014, the Court also granted our motion for summary judgment on certain of URC's defenses and counterclaims, including URC's counterclaim for breach of contract. A trial was held from May 6, 2014 through May 20, 2014, and the jury returned a verdict that URC did not infringe on our remaining patent, and found for URC on patent validity and several equitable defenses in the lawsuit, although the jury's verdict on the equitable defenses was advisory in nature. A hearing on motions pertaining to the jury's verdict was held on August 18, 2014. On December 16, 2014, the Court entered its findings of fact and conclusions of law on the equitable issues and determined that our assertion of URC's infringement of one of the patents at issue was barred by laches, but not by equitable estoppel or patent misuse. Further, the Court determined that our right to seek relief was not barred by unclean hands and on January 27, 2015, final judgment was entered by the Court accepting the jury's verdict pertaining to invalidity, non-infringement, marking, and the equitable defense of laches and ordered us to pay URC's costs of litigation, exclusive of attorney's fees. The parties have filed briefs in support of and opposition to the amount of such costs and fees to be awarded. URC is seeking an award of its costs in excess of $0.2 million. We have vigorously opposed this request as unreasonably excessive. We are awaiting the Court's determination of the amount of the award and depending upon the Court's decision, we will decide whether to appeal the ruling or not. At this time, since URC's and our opinions are very far apart as to the amount of costs to which URC should be awarded, we cannot estimate the amount the Court may award. On January 22, 2015, URC filed a motion seeking to recover its attorneys' fees and expenses incurred in connection with its defense of this lawsuit. We opposed this motion. On March 10, 2015, after a hearing, the Court granted URC's motion for a portion of its attorneys' fees and expenses and the parties have filed briefs in support of and opposition to the amount of fees and expenses to be awarded. URC is seeking an award of attorneys' fees and expenses in excess of $5.7 million. We have vigorously opposed this request as unreasonably excessive. We are awaiting the Court's determination of the amount of the award and depending upon the Court's decision, we will decide whether to appeal the ruling or not. At this time, since URC's and our opinions are very far apart as to the amount of fees and expenses to which URC could be awarded and due to the lack of guiding judicial precedent, we cannot estimate the amount the Court may award and thus no accrual for potential loss has been recorded as of March 31, 2015. On February 26, 2015, URC filed its notice of appeal with respect to rulings against it pertaining to the issues of patent misuse, unclean hands, implied license and all adverse orders, decisions, and opinions rulings of the Court, which appeal we will vigorously defend against and on March 11, 2015, we filed our notice of appeal with respect to the final judgment entered against us on January 27, 2015, with respect to the Court's claim construction order entered on February 1, 2013 and from the order granted URC's motion for attorneys' fees. Finally, on April 8, 2015, URC filed its notice of appeal with respect to the Court's order granting its motion for attorneys' fees.

On June 28, 2013, we filed a second lawsuit against URC, also in the United States District Court, Central District of California (Universal Electronics Inc. v. Universal Remote Control, Inc., SACV13-00987 JAK (SHx)). In this second lawsuit, we are alleging that URC is infringing, directly and indirectly, ten additional patents that we own related to remote control technology. As in the first lawsuit, in this second lawsuit we have alleged that this complaint relates to multiple URC remote control products. We are seeking monetary relief for infringement, including enhanced damages due to the willfulness of URC's actions, injunctive relief to enjoin URC from further infringing, including contributory infringement and/or inducing infringement, and attorney's fees. In mid-July 2013, URC filed a Notice of Related Cases seeking to join this lawsuit with the lawsuit we filed against URC on March 2, 2012 and we did not object to this Notice. Consequently, this lawsuit was transferred to the Judge and Magistrate hearing our first lawsuit filed against URC. In addition, URC answered this complaint with a denial of infringement, asserting affirmative defenses, and seeking a ruling that URC has not infringed our patents, that our patents are invalid and unenforceable, that the patents have been licensed to URC, and an award of attorneys' fees and costs. In mid-November 2013, we filed a motion to add affiliated URC suppliers, Ohsung Electronics Co, Ltd, a South Korean entity, and Ohsung Electronics USA, Inc., a California entity, (collectively "Ohsung"), to the lawsuit. In February 2014, Ohsung answered and counterclaimed with a general denial of wrongdoing and asserted the standard affirmative defenses of non-infringement, invalidity and unenforceability of our patents and breach of contract action stemming from the settlement by us of an earlier lawsuit against URC. In March 2014, we answered by disputing Ohsung's defenses and with a general denial of Ohsung's breach of contract complaint. In late June and early July of 2014, URC and Ohsung requested inter partes review ("IPR") with the US Patent and Trademark Office ("Patent Office" or "USPTO") for each of the ten patents pending in the second URC lawsuit. We intend to vigorously defend each patent before the Patent Office. During December 2014 and January 2015, the Patent Office issued its decisions on URC's petitions and accepted for review all claims at issue with respect to five of the patents, certain claims at issue with respect to two of the patents and denied in full the request to review the other three patents at issue.We are presently reviewing the Patent Office's decisions to determine our next steps which could include appealing the Patent Office's acceptance of some or all of the seven patents and/or defending the patents in front of the USPTO. While the Patent Office was considering the IPR requests, this second lawsuit was stayed by the Court. On March 5, 2015, the Court granted the parties Joint Stipulation agreeing that the stay continue while the Patent Office decides the IPRs, which decisions are not expected until January 2016.

There are no other material pending legal proceedings to which we or any of our subsidiaries is a party or of which our respective property is the subject. However, as is typical in our industry and to the nature and kind of business in which we are engaged, from time to time, various claims, charges and litigation are asserted or commenced by third parties against us or by us against third parties arising from or related to product liability, infringement of patent or other intellectual property rights, breach of warranty, contractual relations, or employee relations. The amounts claimed may be substantial but may not bear any reasonable relationship to the merits of the claims or the extent of any real risk of court awards assessed against us or in our favor. However, no assurances can be made as to the outcome of any of these matters, nor can we estimate the range of potential losses to us. In our opinion, final judgments, if any, which might be rendered against us in potential or pending litigation would not have a material adverse effect on our financial condition, results of operations, or cash flows. Moreover, we believe that our products do not infringe any third parties' patents or other intellectual property rights.

We maintain directors' and officers' liability insurance which insures our individual directors and officers against certain claims, as well as attorney's fees and related expenses incurred in connection with the defense of such claims.

Treasury Stock

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Treasury Stock

Repurchased shares of our common stock were as follows:



	Three Months Ended March 31,
(In thousands, except share data)	2015		2014
Shares repurchased	69,460		11,112
Cost of shares repurchased	$	4,021	$	405

Repurchased shares are recorded as shares held in treasury at cost. We hold these shares for future use as management and the Board of Directors deem appropriate, which has included compensating our outside directors. During the three months ended March 31, 2014, we issued 7,500 shares from treasury to outside directors for services performed (see Note 13).

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. Repurchases may be made to manage dilution created by shares issued under our stock incentive plans or whenever we deem a repurchase is a good use of our cash and the price to be paid is at or below a threshold approved by our Board. As of March 31, 2015, we had 998,195 shares available for repurchase under the Board's authorizations. On April 29, 2015, our Board increased these repurchase authorizations by 101,805 shares bringing the total authorization as of the approval date to 1,100,000 shares.

Business Segment and Foreign Operations

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Business Segment and Foreign Operations

Reportable Segment

An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. Our chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, we only have a single operating and reportable segment.

Foreign Operations

Our net sales to external customers by geographic area were as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
United States	$	54,759	$	47,896
Asia (excluding PRC)	31,020		31,518
People's Republic of China	15,836		20,670
Europe	15,022		15,271
Latin America	10,522		9,025
Other	5,546		5,465
Total net sales	$	132,705	$	129,845

Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas.

Long-lived tangible assets by geographic area were as follows:



(In thousands)	March 31, 2015		December 31, 2014
United States	$	5,631	$	5,716
People's Republic of China	74,563		70,619
All other countries	4,637		5,271
Total long-lived tangible assets	$	84,831	$	81,606

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-based compensation expense for each employee and director is presented in the same income statement caption as their cash compensation. Stock-based compensation expense by income statement caption and the related income tax benefit were as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
Cost of sales	$	9	$	4
Research and development	105		101
Selling, general and administrative:
Employees	1,471		1,358
Outside directors	374		215
Total stock-based compensation expense	$	1,959	$	1,678

Income tax benefit	$	560	$	490

Stock Options

Stock option activity was as follows:



	Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at December 31, 2014	650		$	25.56
Granted	74		65.54
Exercised	(39	)	25.60			$	1,205
Forfeited/canceled/expired	(7	)	21.54
Outstanding on March 31, 2015 ⁽¹⁾	678		$	29.94	4.94	$	18,647
Vested and expected to vest on March 31, 2015⁽¹⁾	678		$	29.95	4.94	$	18,633
Exercisable on March 31, 2015 ⁽¹⁾	449		$	24.58	4.99	$	14,318

⁽¹⁾

The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of the first quarter of 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on March 31, 2015. This amount will change based on the fair market value of our stock.

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:



	Three Months Ended March 31,
	2015			2014
Weighted average fair value of grants ⁽¹⁾	$	24.77		$	13.64
Risk-free interest rate	1.38		%	1.29		%
Expected volatility	43.50		%	44.84		%
Expected life in years	4.56			4.56


⁽¹⁾	The weighted average fair value of grants was calculated utilizing the stock options granted during each respective period.

As of March 31, 2015, we expect to recognize $3.4 million of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options over a remaining weighted-average life of 2.2 years.

Restricted Stock

Non-vested restricted stock award activity was as follows:



	Shares Granted (in 000's)		Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2014	266		$	39.28
Granted	29		65.53
Vested	(38	)	33.04
Forfeited	—		—
Non-vested at March 31, 2015	257		$	43.13

As of March 31, 2015, we expect to recognize $9.9 million of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards over a weighted-average life of 2.3 years.

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2015

Other Income and Expenses [Abstract]

Other Income (Expense), Net

Other income (expense), net consisted of the following:



	Three Months Ended March 31,
(In thousands)	2015			2014
Net gain (loss) on foreign currency exchange contracts ⁽¹⁾	$	1,034		$	(1,049	)
Net gain (loss) on foreign currency exchange transactions	(854		)	693
Other income (expense)	50			7
Other income (expense), net	$	230		$	(349	)


⁽¹⁾	This represents the gains and (losses) incurred on foreign currency hedging derivatives (see Note 16 for further details).

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share was calculated as follows:



	Three Months Ended March 31,
(In thousands, except per-share amounts)	2015		2014
BASIC
Net income	$	5,189	$	4,273
Weighted-average common shares outstanding	15,907		15,787
Basic earnings per share	$	0.33	$	0.27
DILUTED
Net income	$	5,189	$	4,273
Weighted-average common shares outstanding for basic	15,907		15,787
Dilutive effect of stock options and restricted stock	336		376
Weighted-average common shares outstanding on a diluted basis	16,243		16,163
Diluted earnings per share	$	0.32	$	0.26

The number of stock options and shares of restricted stock excluded from the computation of diluted earnings per common share were as follows:



	Three Months Ended March 31,
(In thousands)	2015	2014
Stock options	40	73
Restricted stock awards	16	28

Derivatives

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We periodically enter into foreign currency exchange contracts with terms normally lasting less than nine months to protect against the adverse effects that exchange-rate fluctuations may have on our foreign currency-denominated receivables, payables, cash flows and reported income. We are exposed to market risks from foreign currency exchange rates, which may adversely affect our operating results and financial position. Our foreign currency exposures are primarily concentrated in the Argentinian Peso, Brazilian Real, British Pound, Chinese Yuan Renminbi, Euro, Hong Kong Dollar, and Indian Rupee. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. We do not use leveraged derivative financial instruments and these derivatives have not qualified for hedge accounting.

Gains and losses on the derivatives are recorded in other income (expense), net. Derivatives are recorded on the balance sheet at fair value. The estimated fair values of our derivative financial instruments represent the amount required to enter into offsetting contracts with similar remaining maturities based on quoted market prices. We have determined that the fair value of our derivatives are derived from level 2 inputs in the fair value hierarchy. The following table sets forth the total net fair value of derivatives:



	March 31, 2015								December 31, 2014
	Fair Value Measurement Using						Total		Fair Value Measurement Using						Total
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Balance		(Level 1)		(Level 2)		(Level 3)		Balance
Foreign currency exchange futures contracts	$	—	$	460	$	—	$	460	$	—	$	810	$	—	$	810

We held foreign currency exchange contracts which resulted in a net pre-tax gain of $1.0 million for the three months ended March 31, 2015 and a net pre-tax loss of $1.0 million for the three months ended March 31, 2014, respectively.

Details of futures contracts held were as follows:



Date Held	Type	Position Held	Notional Value (in millions)		Forward Rate	Gain/(Loss) Recorded at Balance Sheet Date (in thousands)⁽¹⁾			Settlement Date
March 31, 2015	USD/Euro	USD	$	5.0	1.0989	$	110		April 24, 2015
March 31, 2015	USD/Chinese Yuan Renminbi	Chinese Yuan Renminbi	$	22.5	6.2645	$	(57	)	July 17, 2015
March 31, 2015	USD/Brazilian Real	USD	$	2.5	2.7690	$	407		July 17, 2015
December 31, 2014	USD/Euro	USD	$	5.0	1.2450	$	140		January 23, 2015
December 31, 2014	USD/Chinese Yuan Renminbi	Chinese Yuan Renminbi	$	20.0	6.2757	$	174		January 16, 2015
December 31, 2014	USD/Brazilian Real	USD	$	5.0	2.3401	$	609		January 16, 2015
December 31, 2014	USD/Brazilian Real	Brazilian Real	$	2.5	2.5442	$	(113	)	January 16, 2015


⁽¹⁾	Gains on futures contracts are recorded in prepaid expenses and other current assets. Losses on futures contracts are recorded in other accrued expenses.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Consolidation	In the opinion of management, the accompanying consolidated financial statements of Universal Electronics Inc. and its wholly-owned subsidiaries contain all the adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature and certain reclassifications have been made to prior year amounts in order to conform to the current year presentation. Information and footnote disclosures normally included in financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. As used herein, the terms "Company," "we," "us," and "our" refer to Universal Electronics Inc. and its subsidiaries, unless the context indicates to the contrary. Our results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk," and the "Financial Statements and Supplementary Data" and notes thereto included in Items 1A, 7, 7A, and 8, respectively, of our Annual Report on Form 10-K for the year ended December 31, 2014.
Estimates, Judgments and Assumptions	Estimates, Judgments and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowances for sales returns and doubtful accounts, inventory valuation, our review of impairment of long-lived assets, intangible assets and goodwill, income taxes and stock-based compensation expense. Actual results may differ from these estimates and assumptions, and they may be adjusted as more information becomes available. Any adjustment may be material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which will supersede most existing U.S. GAAP revenue recognition guidance. This new standard requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. In addition, ASU 2014-09 contains expanded disclosure requirements relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for fiscal periods beginning after December 15, 2016 and permits the use of either the full retrospective or cumulative effect transition method. Early adoption is not permitted. We have not yet selected a transition method and are evaluating the impact that this new standard will have on our consolidated financial statements.

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents were held in the following geographic regions:



(In thousands)	March 31, 2015		December 31, 2014
United States	$	20,134	$	43,546
Asia	63,540		50,799
Europe	10,424		12,912
South America	3,004		5,264
Total cash and cash equivalents	$	97,102	$	112,521

Accounts Receivable, Net and Revenue Concentrations (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net were as follows:



(In thousands)	March 31, 2015			December 31, 2014
Trade receivables, gross	$	88,959		$	91,605
Allowance for doubtful accounts	(600		)	(616		)
Allowance for sales returns	(538		)	(617		)
Net trade receivables	87,821			90,372
Other	5,987			7,617
Accounts receivable, net	$	93,808		$	97,989

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	616		$	478
Additions to costs and expenses	2			61
(Write-offs)/FX effects	(18		)	6
Balance at end of period	$	600		$	545

Schedule of Significant Customers to Net Sales

Net sales to the following customers totaled more than 10% of our net sales:



	Three Months Ended March 31,
	2015				2014
	$ (thousands)		% of Net Sales		$ (thousands)			% of Net Sales
DIRECTV	$	17,365	13.1	%	$	14,716		11.3	%
Comcast Corporation	15,577		11.7		—		⁽¹⁾	—		⁽¹⁾


⁽¹⁾	Net sales to this customer did not total more than 10% of our total net sales in the prior period.

Inventories, Net and Significant Suppliers (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net were as follows:



(In thousands)	March 31, 2015			December 31, 2014
Raw materials	$	29,253		$	24,763
Components	14,839			16,170
Work in process	4,927			2,622
Finished goods	53,699			56,458
Reserve for excess and obsolete inventory	(2,537		)	(2,539		)
Inventories, net	$	100,181		$	97,474

Schedule of Reserve for Excess and Obsolete Inventory

Changes in the reserve for excess and obsolete inventory were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	2,539		$	2,714
Additions charged to costs and expenses ⁽¹⁾	811			551
Sell through ⁽²⁾	(406		)	(205		)
Write-offs/FX effects	(407		)	(462		)
Balance at end of period	$	2,537		$	2,598


⁽¹⁾	The additions charged to costs and expenses do not include inventory directly written-off that was scrapped during production totaling $95 thousand and $45 thousand for the three months ended March 31, 2015 and 2014, respectively. These amounts are production waste and are not included in management's reserve for excess and obsolete inventory.


⁽²⁾	These amounts represent the reversal of reserves associated with inventory items that were sold during the period.

Schedule of Purchases from Significant Supplier(s) to Inventory

We had purchases from the following significant suppliers that totaled more than 10% of our total inventory purchases as follows:



	Three Months Ended March 31,
	2015						2014
	$ (thousands)			% of Total Inventory Purchases			$ (thousands)			% of Total Inventory Purchases
Victory Chemical Co., Ltd.	$	8,230		11.2	%		$	—	⁽¹⁾	—	%	⁽¹⁾
Maxim Integrated Products International Limited	—		⁽¹⁾	—		⁽¹⁾	8,054			13.0


⁽¹⁾	Purchases from this supplier did not total more than 10% of our total inventory purchases in this period.

Schedule of Related Party Transactions



	Three Months Ended March 31,
	2015				2014
	$ (thousands)		% of Total Inventory Purchases		$ (thousands)		% of Total Inventory Purchases
Related party vendor	$	2,094	2.9	%	$	1,723	2.8	%

Total accounts payable to this vendor were as follows:



	March 31, 2015				December 31, 2014
	$ (thousands)		% of Accounts Payable		$ (thousands)		% of Accounts Payable
Related party vendor	$	2,131	3.3	%	$	2,378	3.4	%

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill and changes in the carrying amount of goodwill were as follows:



(In thousands)
Balance at December 31, 2014	$	30,739
FX effects	(214		)
Balance at March 31, 2015	$	30,525

Schedule of Components of Intangible Assets

The components of intangible assets, net were as follows:



	March 31, 2015							December 31, 2014
(In thousands)	Gross ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net		Gross ⁽¹⁾		Accumulated Amortization ⁽¹⁾			Net
Distribution rights	$	308	$	(74	)	$	234	$	347	$	(76	)	$	271
Patents	10,471		(4,675		)	5,796		10,107		(4,736		)	5,371
Trademark and trade names	2,001		(884		)	1,117		2,001		(834		)	1,167
Developed and core technology	3,506		(1,432		)	2,074		3,506		(1,373		)	2,133
Capitalized software development costs	276		(119		)	157		276		(85		)	191
Customer relationships	26,406		(11,559		)	14,847		26,406		(10,925		)	15,481
Total intangible assets, net	$	42,968	$	(18,743	)	$	24,225	$	42,643	$	(18,029	)	$	24,614


⁽¹⁾	This table excludes the gross value of fully amortized intangible assets totaling $8.2 million and $7.9 million on March 31, 2015 and December 31, 2014, respectively.

Intangible Assets Amortization Expense

Amortization expense by income statement caption was as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
Cost of sales	$	35	$	37
Selling, general and administrative	1,004		986
Total amortization expense	$	1,039	$	1,023

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense related to our intangible assets at March 31, 2015, is as follows:



(In thousands)
2015 (remaining 9 months)	$	3,094
2016	4,077
2017	3,992
2018	3,973
2019	3,973
Thereafter	5,116
Total	$	24,225

Accrued Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

Components of Accrued Compensation

The components of accrued compensation were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Accrued social insurance ⁽¹⁾	$	19,898	$	19,941
Accrued salary/wages	7,073		6,114
Accrued vacation/holiday	2,596		2,222
Accrued bonus ⁽²⁾	1,787		8,492
Accrued commission	386		1,797
Accrued medical insurance claims	309		236
Other accrued compensation	2,170		1,854
Total accrued compensation	$	34,219	$	40,656

⁽¹⁾

⁽²⁾

The components of other accrued expenses were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Advertising and marketing	$	156	$	174
Deferred revenue	766		648
Duties	801		947
Freight and handling fees	1,976		1,522
Product development	518		751
Product warranty claim costs	173		353
Professional fees	1,713		1,493
Sales taxes and VAT	1,666		2,057
Third-party commissions	581		553
Tooling ⁽¹⁾	648		1,089
Unrealized loss on foreign currency exchange futures contracts	57		113
Utilities	313		275
Other	3,038		3,383
Total other accrued expenses	$	12,406	$	13,358


⁽¹⁾	The tooling accrual balance relates to unearned revenue for tooling that will be sold to customers.

Other Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

Components of Other Accrued Expenses

The components of accrued compensation were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Accrued social insurance ⁽¹⁾	$	19,898	$	19,941
Accrued salary/wages	7,073		6,114
Accrued vacation/holiday	2,596		2,222
Accrued bonus ⁽²⁾	1,787		8,492
Accrued commission	386		1,797
Accrued medical insurance claims	309		236
Other accrued compensation	2,170		1,854
Total accrued compensation	$	34,219	$	40,656

⁽¹⁾

⁽²⁾

The components of other accrued expenses were as follows:



(In thousands)	March 31, 2015		December 31, 2014
Advertising and marketing	$	156	$	174
Deferred revenue	766		648
Duties	801		947
Freight and handling fees	1,976		1,522
Product development	518		751
Product warranty claim costs	173		353
Professional fees	1,713		1,493
Sales taxes and VAT	1,666		2,057
Third-party commissions	581		553
Tooling ⁽¹⁾	648		1,089
Unrealized loss on foreign currency exchange futures contracts	57		113
Utilities	313		275
Other	3,038		3,383
Total other accrued expenses	$	12,406	$	13,358


⁽¹⁾	The tooling accrual balance relates to unearned revenue for tooling that will be sold to customers.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Reserve for Product Warranty Claim Costs

Changes in the liability for product warranty claim costs were as follows:



(In thousands)	Three Months Ended March 31,
(In thousands)	2015			2014
Balance at beginning of period	$	353		$	41
Accruals for warranties issued during the period	—			21
Settlements (in cash or in kind) during the period	(180		)	(41		)
Balance at end of period	$	173		$	21

Treasury Stock (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Treasury Stock

Repurchased shares of our common stock were as follows:



	Three Months Ended March 31,
(In thousands, except share data)	2015		2014
Shares repurchased	69,460		11,112
Cost of shares repurchased	$	4,021	$	405

Business Segment and Foreign Operations (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Net Sales to External Customers by Geographic Area

Our net sales to external customers by geographic area were as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
United States	$	54,759	$	47,896
Asia (excluding PRC)	31,020		31,518
People's Republic of China	15,836		20,670
Europe	15,022		15,271
Latin America	10,522		9,025
Other	5,546		5,465
Total net sales	$	132,705	$	129,845

Schedule of Long-lived Assets

Long-lived tangible assets by geographic area were as follows:



(In thousands)	March 31, 2015		December 31, 2014
United States	$	5,631	$	5,716
People's Republic of China	74,563		70,619
All other countries	4,637		5,271
Total long-lived tangible assets	$	84,831	$	81,606

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense by income statement caption and the related income tax benefit were as follows:



	Three Months Ended March 31,
(In thousands)	2015		2014
Cost of sales	$	9	$	4
Research and development	105		101
Selling, general and administrative:
Employees	1,471		1,358
Outside directors	374		215
Total stock-based compensation expense	$	1,959	$	1,678

Income tax benefit	$	560	$	490

Schedule of Stock Option Activity

Stock option activity was as follows:



	Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at December 31, 2014	650		$	25.56
Granted	74		65.54
Exercised	(39	)	25.60			$	1,205
Forfeited/canceled/expired	(7	)	21.54
Outstanding on March 31, 2015 ⁽¹⁾	678		$	29.94	4.94	$	18,647
Vested and expected to vest on March 31, 2015⁽¹⁾	678		$	29.95	4.94	$	18,633
Exercisable on March 31, 2015 ⁽¹⁾	449		$	24.58	4.99	$	14,318

⁽¹⁾

Schedule of Black Scholes Assumptions

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:



	Three Months Ended March 31,
	2015			2014
Weighted average fair value of grants ⁽¹⁾	$	24.77		$	13.64
Risk-free interest rate	1.38		%	1.29		%
Expected volatility	43.50		%	44.84		%
Expected life in years	4.56			4.56


⁽¹⁾	The weighted average fair value of grants was calculated utilizing the stock options granted during each respective period.

Schedule of Non-vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:



	Shares Granted (in 000's)		Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2014	266		$	39.28
Granted	29		65.53
Vested	(38	)	33.04
Forfeited	—		—
Non-vested at March 31, 2015	257		$	43.13

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2015

Other Income and Expenses [Abstract]

Schedule of Components of Other Income (Expense), Net

Other income (expense), net consisted of the following:



	Three Months Ended March 31,
(In thousands)	2015			2014
Net gain (loss) on foreign currency exchange contracts ⁽¹⁾	$	1,034		$	(1,049	)
Net gain (loss) on foreign currency exchange transactions	(854		)	693
Other income (expense)	50			7
Other income (expense), net	$	230		$	(349	)


⁽¹⁾	This represents the gains and (losses) incurred on foreign currency hedging derivatives (see Note 16 for further details).

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

Earnings per share was calculated as follows:



	Three Months Ended March 31,
(In thousands, except per-share amounts)	2015		2014
BASIC
Net income	$	5,189	$	4,273
Weighted-average common shares outstanding	15,907		15,787
Basic earnings per share	$	0.33	$	0.27
DILUTED
Net income	$	5,189	$	4,273
Weighted-average common shares outstanding for basic	15,907		15,787
Dilutive effect of stock options and restricted stock	336		376
Weighted-average common shares outstanding on a diluted basis	16,243		16,163
Diluted earnings per share	$	0.32	$	0.26

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The number of stock options and shares of restricted stock excluded from the computation of diluted earnings per common share were as follows:



	Three Months Ended March 31,
(In thousands)	2015	2014
Stock options	40	73
Restricted stock awards	16	28

Derivatives (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives at Fair Value on a Recurring Basis

The following table sets forth the total net fair value of derivatives:



	March 31, 2015								December 31, 2014
	Fair Value Measurement Using						Total		Fair Value Measurement Using						Total
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Balance		(Level 1)		(Level 2)		(Level 3)		Balance
Foreign currency exchange futures contracts	$	—	$	460	$	—	$	460	$	—	$	810	$	—	$	810

Schedule of Futures Contracts

Details of futures contracts held were as follows:



Date Held	Type	Position Held	Notional Value (in millions)		Forward Rate	Gain/(Loss) Recorded at Balance Sheet Date (in thousands)⁽¹⁾			Settlement Date
March 31, 2015	USD/Euro	USD	$	5.0	1.0989	$	110		April 24, 2015
March 31, 2015	USD/Chinese Yuan Renminbi	Chinese Yuan Renminbi	$	22.5	6.2645	$	(57	)	July 17, 2015
March 31, 2015	USD/Brazilian Real	USD	$	2.5	2.7690	$	407		July 17, 2015
December 31, 2014	USD/Euro	USD	$	5.0	1.2450	$	140		January 23, 2015
December 31, 2014	USD/Chinese Yuan Renminbi	Chinese Yuan Renminbi	$	20.0	6.2757	$	174		January 16, 2015
December 31, 2014	USD/Brazilian Real	USD	$	5.0	2.3401	$	609		January 16, 2015
December 31, 2014	USD/Brazilian Real	Brazilian Real	$	2.5	2.5442	$	(113	)	January 16, 2015


⁽¹⁾	Gains on futures contracts are recorded in prepaid expenses and other current assets. Losses on futures contracts are recorded in other accrued expenses.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Cash and Cash Equivalents - Geographic Information (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 97,102	$ 112,521	$ 90,400	$ 76,174
United States [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	20,134	43,546
Asia [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	63,540	50,799
Europe [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	10,424	12,912
South America [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 3,004	$ 5,264

Accounts Receivable, Net and Revenue Concentrations (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Accounts Receivable, Net, Current [Abstract]
Trade receivables, gross	$ 88,959	$ 91,605
Allowance for doubtful accounts	(600)	(616)	$ (545)	$ (478)
Allowance for sales returns	(538)	(617)
Net trade receivables	87,821	90,372
Other	5,987	7,617
Accounts receivable, net	$ 93,808	$ 97,989

Accounts Receivable, Net and Revenue Concentrations - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Allowance for Doubtful Accounts
Balance at beginning of period	$ 616	$ 478
Additions to costs and expenses	2	61
(Write-offs)/FX effects	(18)	6
Balance at end of period	$ 600	$ 545

Accounts Receivable, Net and Revenue Concentrations - Sales Returns (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for sales return	$ 0.3	$ 0.4

Accounts Receivable, Net and Revenue Concentrations - Significant Customers (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Revenue and Accounts Receivable, Major Customer [Line Items]

Net sales

$ 132,705

$ 129,845

Accounts receivable, net

93,808

$ 97,989

Sales [Member] | DIRECTV [Member]

Revenue and Accounts Receivable, Major Customer [Line Items]

Net sales

$ 17,365

$ 14,716

Concentration risk

13.10%

11.30%

Sales [Member] | Comcast Corporation [Member]

Revenue and Accounts Receivable, Major Customer [Line Items]

Net sales

$ 15,577

$ 0

^[1]

Concentration risk

11.70%

0.00%

^[1]

Trade Accounts Receivable [Member] | Comcast Corporation [Member]

Revenue and Accounts Receivable, Major Customer [Line Items]

Concentration risk

11.30%

Accounts receivable, net

$ 10,600

[1]	Net sales to this customer did not total more than 10% of our total net sales in the prior period.

Inventories, Net and Significant Suppliers (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Raw materials	$ 29,253	$ 24,763
Components	14,839	16,170
Work in process	4,927	2,622
Finished goods	53,699	56,458
Reserve for excess and obsolete inventory	(2,537)	(2,539)	$ (2,598)	$ (2,714)
Inventories, net	$ 100,181	$ 97,474

Inventories, Net and Significant Suppliers - Inventory Reserves (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Schedule of Reserve for Excess and Obsolete Inventory

Balance at Beginning of Period

$ 2,539

$ 2,714

Additions Charged to Costs and Expenses

^[1]

811

551

Sell Through

^[2]

(406)

(205)

Write-offs/FX Effects

(407)

(462)

Balance at End of Period

2,537

2,598

Inventory Scrapped During Production

$ 95

$ 45

[1]	The additions charged to costs and expenses do not include inventory directly written-off that was scrapped during production totaling $95 thousand and $45 thousand for the three months ended March 31, 2015 and 2014, respectively. These amounts are production waste and are not included in management's reserve for excess and obsolete inventory.
[2]	These amounts represent the reversal of reserves associated with inventory items that were sold during the period.

Inventories, Net And Significant Suppliers - Purchases from Significant Suppliers (Details) - Cost of Goods, Total [Member] - Supplier Concentration Risk [Member] - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Victory Chemical [Member]

Concentration Risk [Line Items]

Inventory Purchases

$ 8,230

$ 0

^[1]

Concentration risk

11.20%

0.00%

^[1]

Maxim [Member]

Concentration Risk [Line Items]

Inventory Purchases

$ 0

^[1]

$ 8,054

Concentration risk

0.00%

^[1]

13.00%

[1]	Purchases from this supplier did not total more than 10% of our total inventory purchases in this period.

Inventories, Net and Significant Suppliers - Related Party Vendor (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Executive Vice President [Member]
Related Party Transaction [Line Items]
Ownership Percentage in Third Party by Executive	40.00%
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Concentration Risk	3.30%		3.40%
Related Parties, Accounts Payable	$ 2,131		$ 2,378
Supplier Concentration Risk [Member] \| Cost of Goods, Total [Member] \| Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related Party Purchases	$ 2,094	$ 1,723
Concentration Risk	2.90%	2.80%

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Schedule of Goodwill
Goodwill, Opening balance	$ 30,739
FX effects	(214)
Goodwill, Closing balance	$ 30,525

Goodwill and Intangible Assets, Net - Finite-Lived Intangibles (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

$ 42,968

$ 42,643

Accumulated Amortization

^[1]

(18,743)

(18,029)

Intangible assets, net

24,225

24,614

Finite-lived intangible assets, fully amortized, gross

8,200

7,900

Amortization expense

1,039

$ 1,023

Cost of Sales [Member]

Finite-Lived Intangible Assets, Net [Abstract]

Amortization expense

Selling, General and Administrative Expenses [Member]

Finite-Lived Intangible Assets, Net [Abstract]

Amortization expense

1,004

$ 986

Distribution rights

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

308

347

Accumulated Amortization

^[1]

(74)

(76)

Intangible assets, net

234

271

Patents

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

10,471

10,107

Accumulated Amortization

^[1]

(4,675)

(4,736)

Intangible assets, net

5,796

5,371

Trademark and trade names

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

2,001

Accumulated Amortization

^[1]

(884)

(834)

Intangible assets, net

1,117

1,167

Developed and core technology

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

3,506

Accumulated Amortization

^[1]

(1,432)

(1,373)

Intangible assets, net

2,074

2,133

Capitalized software development costs

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

276

Accumulated Amortization

^[1]

(119)

(85)

Intangible assets, net

157

191

Customer relationships

Finite-Lived Intangible Assets, Net [Abstract]

Gross

^[1]

26,406

Accumulated Amortization

^[1]

(11,559)

(10,925)

Intangible assets, net

$ 14,847

$ 15,481

[1]	This table excludes the gross value of fully amortized intangible assets totaling $8.2 million and $7.9 million on March 31, 2015 and December 31, 2014, respectively.

Goodwill and Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Schedule of Estimated Future Amortization expense
2015 (remaining 9 months)	$ 3,094
2016	4,077
2017	3,992
2018	3,973
2019	3,973
Thereafter	5,116
Intangible assets, net	$ 24,225	$ 24,614

Line of Credit (Details) - USD ($) $ in Thousands	Oct. 09, 2014	Mar. 31, 2015
Line of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 55,000
Line of Credit [Member] \| US Bank [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of Credit [Member] \| US Bank [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Line of Credit [Member] \| US Bank [Member] \| Base Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Line of Credit [Member] \| US Bank [Member] \| Base Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Line of Credit [Member] \| US Bank [Member] \| Enson [Member]
Line of Credit Facility [Line Items]
Subsidiary ownership percentage securing facility	65.00%
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit outstanding amount		$ 13

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Taxes [Line Items]
Income tax expense (benefit)	$ 1,254	$ 1,352
Effective tax rate	19.50%	24.00%
Unrecognized tax benefits	$ 3,700
Unrecognized tax benefits that would impact effective rate	3,200
Decrease in unrecognized tax benefits is reasonably possible in next 12 months	500
Accrued interest and penalties	200		$ 200
China
Income Taxes [Line Items]
Income tax refund, research and development	$ 300

Accrued Compensation (Details) - USD ($)
$ in Thousands

Mar. 31, 2015

Dec. 31, 2014

Components of Accrued Compensation

Accrued social insurance

^[1]

$ 19,898

$ 19,941

Accrued salary/wages

7,073

6,114

Accrued vacation/holiday

2,596

2,222

Accrued bonus

^[2]

1,787

8,492

Accrued commission

386

1,797

Accrued medical insurance claims

309

236

Other accrued compensation

2,170

1,854

Total accrued compensation

34,219

40,656

Accrued salaries - 13th month salaries

$ 300

$ 600

[1]

[2]

Accrued bonus includes an accrual for an extra month of salary ("13th month salary") to be paid to employees in certain geographies where it is the customary business practice. This 13th month salary is paid to these employees if they remain employed with us through December 31st. The total accrued for the 13th month salary was $0.3 million and $0.6 million at March 31, 2015 and December 31, 2014, respectively.

Other Accrued Expenses (Details) - USD ($)
$ in Thousands

Mar. 31, 2015

Dec. 31, 2014

Payables and Accruals [Abstract]

Advertising and marketing

$ 156

$ 174

Deferred revenue

766

648

Duties

801

947

Freight and handling fees

1,976

1,522

Product development

518

751

Product warranty claim costs

173

353

Professional fees

1,713

1,493

Sales taxes and VAT

1,666

2,057

Third-party commissions

581

553

Tooling

^[1]

648

1,089

Unrealized loss on foreign currency exchange futures contracts

113

Utilities

313

275

Other

3,038

3,383

Total other accrued expenses

$ 12,406

$ 13,358

[1]	The tooling accrual balance relates to unearned revenue for tooling that will be sold to customers.

Commitments and Contingencies - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Changes in Reserve for Product Warranty Claim Costs
Balance at beginning of period	$ 353	$ 41
Accruals for warranties issued during the period	0	21
Settlements (in cash or in kind) during the period	(180)	(41)
Balance at end of period	$ 173	$ 21

Commitments and Contingencies - Gain Contingencies (Details) - Patent Lawsuit Against Universal Remote Control [Member] - Positive Outcome of Litigation [Member]					1 Months Ended	2 Months Ended
	Dec. 16, 2014 Patent	Jun. 28, 2013 patent	Feb. 01, 2013 claim patent	Mar. 02, 2012 patent	Mar. 31, 2014 patent	Jan. 31, 2015 claim patent
Gain Contingencies [Line Items]
Gain contingency, patents allegedly infringed upon, number	1	10	4	4
Gain contingency, claims deemed invalid, number \| claim			4
Gain contingency, claims against defendant, number \| claim			24
Gain contingency, patents found not infringed upon, number			1		2
All Claims Accepted for Review by USPTO [Member]
Gain Contingencies [Line Items]
Gain contingency, patents allegedly infringed upon, number						5
Certain Claims Accepted for Review by USPTO [Member]
Gain Contingencies [Line Items]
Gain contingency, patents allegedly infringed upon, number						2
All Claims Denied for Review by USPTO [Member]
Gain Contingencies [Line Items]
Gain contingency, patents found valid, number \| claim						3
Total Claims Accepted for Review by USPTO [Member]
Gain Contingencies [Line Items]
Gain contingency, patents allegedly infringed upon, number						7

Commitments and Contingencies - Loss Contingencies (Details) - USD ($) $ in Millions	Mar. 10, 2015	Jan. 27, 2015
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Maximum	$ 5.7	$ 0.2

Treasury Stock (Details) - USD ($) $ in Thousands	3 Months Ended
Treasury Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Apr. 29, 2015
Class of Stock [Line Items]
Shares repurchased	69,460	11,112
Cost of shares repurchased	$ 4,021	$ 405
Treasury stock reissued (shares)		7,500
Shares available for repurchase	998,195
Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, additional number of shares authorized to be repurchased			101,805
Stock repurchase program, number of shares authorized to be repurchased			1,100,000

Business Segment and Foreign Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	$ 132,705	$ 129,845
United States [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	54,759	47,896
Asia (excluding PRC) [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	31,020	31,518
People's Republic of China [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	15,836	20,670
Europe [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	15,022	15,271
Latin America [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	10,522	9,025
All Other Countries [Member]
Schedule of Revenues from Geographical Segments [Line Items]
Total net sales	$ 5,546	$ 5,465

Business Segment and Foreign Operations - Long-lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 84,831	$ 81,606
United States [Member]
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	5,631	5,716
People's Republic of China [Member]
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	74,563	70,619
All Other Countries [Member]
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets	$ 4,637	$ 5,271

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,959	$ 1,678
Income tax benefit	560	490
Cost of Sales [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	9	4
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	105	101
Employees [Member] \| Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,471	1,358
Outside Directors [Member] \| Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 374	$ 215

Stock-Based Compensation - Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2015

USD ($)

$ / shares

Number of Options

Outstanding at December 31, 2014 | shares

650

Granted | shares

Exercised | shares

(39)

Forfeited/canceled/expired | shares

(7)

Outstanding at March 31, 2015 | shares

678

Vested and expected to vest at March 31, 2015 | shares

678

Exercisable on March 31, 2015 | shares

449

Weighted-Average Exercise Price

Outstanding at December 31, 2014 | $ / shares

$ 25.56

Granted | $ / shares

65.54

Exercised | $ / shares

25.60

Forfeited/canceled/expired | $ / shares

21.54

Outstanding at March 31, 2015 | $ / shares

29.94

Vested and expected to vest at March 31, 2015 | $ / shares

29.95

Exercisable on March 31, 2015 | $ / shares

$ 24.58

Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value

Outstanding at March 31, 2015

4 years 11 months 8 days

Vested and expected to vest at March 31, 2015

4 years 11 months 8 days

Exercisable on March 31, 2015

4 years 11 months 26 days

Exercised | $

$ 1,205

Outstanding at March 31, 2015 | $

18,647

^[1]

Vested and expected to vest at March 31, 2015 | $

18,633

^[1]

Exercisable on March 31, 2015 | $

$ 14,318

^[1]

[1]

Stock-Based Compensation - Valuation Assumptions (Details) - $ / shares

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted average fair value of grants

^[1]

$ 24.77

$ 13.64

Risk-free interest rate

1.38%

1.29%

Expected volatility

43.50%

44.84%

Expected life in years

4 years 6 months 21 days

[1]	The weighted average fair value of grants was calculated utilizing the stock options granted during each respective period.

Stock-based Compensation (Details) $ in Millions	3 Months Ended
Stock-based Compensation (Details) $ in Millions	Mar. 31, 2015 USD ($)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Cost Not yet Recognized	$ 3.4
Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Non-vested restricted stock award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Cost Not yet Recognized	$ 9.9
Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 17 days

Stock-Based Compensation - Restricted Stock Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2015 $ / shares shares
Shares Granted
Non-vested at beginning of period \| shares	266
Shares granted \| shares	29
Shares Vested \| shares	(38)
Shares Forfeited \| shares	0
Non-vested at end of period \| shares	257
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value Non-vested at beginning of period \| $ / shares	$ 39.28
Weighted-Average Grant Date Fair Value Granted \| $ / shares	65.53
Weighted-Average Grant Date Fair Value Vested \| $ / shares	33.04
Weighted-Average Grant Date Fair Value Forfeited \| $ / shares	0.00
Weighted-Average Grant Date Fair Value Non-vested at end of period \| $ / shares	$ 43.13

Other Income (Expense), Net (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Other Income and Expenses [Abstract]

Net gain (loss) on foreign currency exchange contracts

^[1]

$ 1,034

$ (1,049)

Net gain (loss) on foreign currency exchange transactions

(854)

693

Other income (expense)

Other income (expense), net

$ 230

$ (349)

[1]	This represents the gains and (losses) incurred on foreign currency hedging derivatives (see Note 16 for further details).

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
BASIC
Net income	$ 5,189	$ 4,273
Weighted-average common shares outstanding (in shares)	15,907	15,787
Basic earnings per share (in dollars per share)	$ 0.33	$ 0.27
DILUTED
Net income	$ 5,189	$ 4,273
Weighted-average common shares outstanding (in shares)	15,907	15,787
Dilutive effect of stock options and restricted stock (in shares)	336	376
Weighted-average common shares outstanding on a diluted basis (in shares)	16,243	16,163
Diluted earnings per share (in dollars per share)	$ 0.32	$ 0.26

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock excluded in computation of diluted earning per share	40	73
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted stock excluded in computation of diluted earning per share	16	28

Derivatives (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Derivative Instruments,Gain (Loss) [Line Items]

Maximum Remaining Maturity of Foreign Currency Derivatives

9 months

Net gain (loss) on foreign currency exchange contracts

^[1]

$ 1,034

$ (1,049)

Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Income (Expense), Net [Member]

Derivative Instruments,Gain (Loss) [Line Items]

Net gain (loss) on foreign currency exchange contracts

$ 1,034

$ (1,049)

[1]	This represents the gains and (losses) incurred on foreign currency hedging derivatives (see Note 16 for further details).

Derivatives - Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Foreign Exchange Forward [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Foreign currency exchange futures contracts fair value	$ 460	$ 810
Level 1 [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange futures contracts fair value	0	0
Level 2 [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange futures contracts fair value	460	810
Level 3 [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange futures contracts fair value	$ 0	$ 0

Derivatives - Contracts Held (Details) - Not Designated as Hedging Instrument [Member] - Foreign Exchange Forward [Member]
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2015

USD ($)

$ / €

Dec. 31, 2014

USD ($)

$ / €

Euro

Derivative [Line Items]

Notional Value

$ 5,000

Forward Rate | $ / €

1.09890

1.245

Gain/(Loss) Recorded at Balance Sheet Date

^[1]

$ 110

$ 140

Chinese Yuan Renminbi

Derivative [Line Items]

Notional Value

$ 22,500

$ 20,000

Forward Rate | $ / €

6.2645

6.2757

Gain/(Loss) Recorded at Balance Sheet Date

^[1]

$ (57)

$ 174

Future Contract One [Member] | Brazil, Brazil Real

Derivative [Line Items]

Notional Value

$ 2,500

$ 5,000

Forward Rate | $ / €

2.769

2.3401

Gain/(Loss) Recorded at Balance Sheet Date

^[1]

$ 407

$ 609

Future Contract Two [Member] | Brazil, Brazil Real

Derivative [Line Items]

Notional Value

$ 2,500

Forward Rate | $ / €

2.5442

Gain/(Loss) Recorded at Balance Sheet Date

^[1]

$ (113)

[1]	Gains on futures contracts are recorded in prepaid expenses and other current assets. Losses on futures contracts are recorded in other accrued expenses.