0000101984-21-000009 | 10-K | XBRL Viewer | Universal Electronics INC

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Mar. 03, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-21044
Entity Registrant Name	UNIVERSAL ELECTRONICS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0204817
Entity Address, Address Line One	15147 N. Scottsdale Road, Suite H300
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85254-2494
City Area Code	480
Local Phone Number	530-3000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	UEIC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 423,597,067
Entity Common Stock, Shares Outstanding		13,808,558
Entity Central Index Key	0000101984
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	Portions of the registrant's notice of annual meeting of shareowners and proxy statement to be filed pursuant to Regulation 14A within 120 days after registrant's fiscal year end of December 31, 2020 are incorporated by reference into Part III of this Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission no later than April 29, 2021. Except as otherwise stated, the information contained in this Form 10-K is as of December 31, 2020.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 57,153	$ 74,302
Accounts receivable, net	129,433	139,198
Contract assets	9,685	12,579
Inventories	120,430	145,135
Prepaid expenses and other current assets	6,828	6,733
Income tax receivable	3,314	805
Total current assets	326,843	378,752
Property, plant and equipment, net	87,285	90,732
Goodwill	48,614	48,447
Intangible assets, net	19,710	19,830
Operating lease right-of-use assets	19,522	19,826
Deferred income taxes	5,564	4,409
Other assets	2,752	2,163
Total assets	510,290	564,159
Current liabilities:
Accounts payable	83,229	102,588
Line of credit	20,000	68,000
Accrued compensation	28,931	43,668
Accrued sales discounts, rebates and royalties	10,758	9,766
Accrued income taxes	3,535	6,989
Other accrued liabilities	33,057	35,445
Total current liabilities	179,510	266,456
Long-term liabilities:
Operating lease obligations	13,681	15,639
Contingent consideration	292	4,349
Deferred income taxes	1,913	1,703
Income tax payable	1,054	1,600
Other long-term liabilities	539	13
Total liabilities	196,989	289,760
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; 24,391,595 and 24,118,088 shares issued on December 31, 2020 and 2019, respectively	244	241
Paid-in capital	302,084	288,338
Treasury stock, at cost, 10,618,002 and 10,174,199 shares on December 31, 2020 and 2019, respectively	(295,495)	(277,817)
Accumulated other comprehensive income (loss)	(18,522)	(22,781)
Retained earnings	324,990	286,418
Total stockholders' equity	313,301	274,399
Total liabilities and stockholders' equity	$ 510,290	$ 564,159

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, $0.01 par value, 50,000,000 shares authorized; 24,391,595 and 24,118,088 shares issued on December 31, 2020 and 2019, respectively
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	24,391,595	24,118,088
Treasury stock, at cost, 10,618,002 and 10,174,199 shares on December 31, 2020 and 2019, respectively
Treasury stock (in shares)	10,618,002	10,174,199

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 614,680	$ 753,477	$ 680,241
Cost of sales	438,424	583,274	538,437
Gross profit	176,256	170,203	141,804
Research and development expenses	31,450	29,412	23,815
Selling, general and administrative expenses	107,539	125,476	119,654
Operating income (loss)	37,267	15,315	(1,665)
Interest income (expense), net	(1,422)	(3,918)	(4,690)
Accrued social insurance adjustment	9,464	0	0
Gain on sale of Guangzhou factory	0	0	36,978
Other income (expense), net	(1,404)	(995)	(4,457)
Income before provision for income taxes	43,905	10,402	26,166
Provision for income taxes	5,333	6,772	14,242
Net income	$ 38,572	$ 3,630	$ 11,924
Earnings per share:
Basic (in dollars per share)	$ 2.78	$ 0.26	$ 0.85
Diluted (in dollars per share)	$ 2.72	$ 0.26	$ 0.85
Shares used in computing earnings per share:
Basic (in shares)	13,893	13,879	13,948
Diluted (in shares)	14,166	14,109	14,060

CONSOLIDATED COMPREHENSIVE INCOME (LOSS) STATEMENTS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 38,572	$ 3,630	$ 11,924
Other comprehensive income (loss):
Change in foreign currency translation adjustment	4,259	(2,500)	(3,682)
Comprehensive income	$ 42,831	$ 1,130	$ 8,242

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Issued	Common Stock in Treasury	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance (in shares) at Dec. 31, 2017		23,760	(9,703)
Balance at Dec. 31, 2017	$ 257,633	$ 238	$ (262,065)	$ 265,195	$ (16,599)	$ 270,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,924					11,924
Currency translation adjustment	(3,682)				(3,682)
Shares issued for employee benefit plan and compensation (in shares)		108
Shares issued for employee benefit plan and compensation	$ 1,062	$ 1		1,061
Purchase of treasury shares (in shares)	(413)		(413)
Purchase of treasury shares	$ (13,824)		$ (13,824)
Stock options exercised (in shares)	35	35
Stock options exercised	$ 864	$ 0		864
Shares Issued to directors (in shares)		30
Shares issued to directors	0	$ 0		0
Employee and director stock-based compensation	8,820			8,820
Performance-based common stock warrants	163			163
Balance (in shares) at Dec. 31, 2018		23,933	(10,116)
Balance at Dec. 31, 2018	262,960	$ 239	$ (275,889)	276,103	(20,281)	282,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,630					3,630
Currency translation adjustment	(2,500)				(2,500)
Shares issued for employee benefit plan and compensation (in shares)		133
Shares issued for employee benefit plan and compensation	$ 947	$ 2		945
Purchase of treasury shares (in shares)	(58)		(58)
Purchase of treasury shares	$ (1,928)		$ (1,928)
Stock options exercised (in shares)	22	22
Stock options exercised	$ 448	$ 0		448
Shares Issued to directors (in shares)		30
Shares issued to directors	0	$ 0		0
Employee and director stock-based compensation	8,845			8,845
Performance-based common stock warrants	1,997			1,997
Balance (in shares) at Dec. 31, 2019		24,118	(10,174)
Balance at Dec. 31, 2019	274,399	$ 241	$ (277,817)	288,338	(22,781)	286,418
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,572					38,572
Currency translation adjustment	4,259				4,259
Shares issued for employee benefit plan and compensation (in shares)		169
Shares issued for employee benefit plan and compensation	$ 1,136	$ 1		1,135
Purchase of treasury shares (in shares)	(444)		(444)
Purchase of treasury shares	$ (17,678)		$ (17,678)
Stock options exercised (in shares)	80	80
Stock options exercised	$ 2,805	$ 1		2,804
Shares Issued to directors (in shares)		25
Shares issued to directors	0	$ 1		(1)
Employee and director stock-based compensation	9,122			9,122
Performance-based common stock warrants	686			686
Balance (in shares) at Dec. 31, 2020		24,392	(10,618)
Balance at Dec. 31, 2020	$ 313,301	$ 244	$ (295,495)	$ 302,084	$ (18,522)	$ 324,990

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Net income	$ 38,572	$ 3,630	$ 11,924
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,735	31,926	33,602
Provision for credit losses	332	441	305
Gain on sale of Guangzhou factory	0	0	(36,978)
Deferred income taxes	(478)	(1,779)	3,967
Shares issued for employee benefit plan	1,136	947	1,062
Employee and director stock-based compensation	9,122	8,845	8,820
Performance-based common stock warrants	686	1,997	163
Impairment of long-term assets	134	1,506	4,907
Accrued social insurance adjustment	(9,464)	0	0
Loss on sale of Ohio call center	712	0	0
Changes in operating assets and liabilities:
Accounts receivable and contract assets	14,884	17,203	5,455
Inventories	28,295	(1,914)	(11,215)
Prepaid expenses and other assets	(245)	4,648	(587)
Accounts payable and accrued liabilities	(33,543)	14,233	(7,386)
Accrued income taxes	(6,486)	3,574	(1,184)
Net cash provided by operating activities	73,392	85,257	12,855
Cash provided by (used for) investing activities:
Proceeds from sale of Guangzhou factory	0	0	51,291
Acquisitions of property, plant and equipment	(16,862)	(21,313)	(20,142)
Refund of deposit received toward sale of Guangzhou factory	0	0	(5,053)
Acquisitions of intangible assets	(6,372)	(2,655)	(2,521)
Payment on sale of Ohio call center	(500)	0	0
Net cash provided by (used for) investing activities	(23,734)	(23,968)	23,575
Cash provided by (used for) financing activities:
Borrowings under line of credit	75,000	72,500	68,000
Repayments on line of credit	(123,000)	(106,000)	(104,500)
Proceeds from stock options exercised	2,805	448	864
Treasury stock purchased	(17,678)	(1,928)	(13,824)
Contingent consideration payments in connection with business combinations	(3,091)	(4,251)	(3,858)
Net cash provided by (used for) financing activities	(65,964)	(39,231)	(53,318)
Effect of exchange rate changes on cash and cash equivalents	(843)	(963)	2,756
Net increase (decrease) in cash and cash equivalents	(17,149)	21,095	(14,132)
Cash and cash equivalents at beginning of year	74,302	53,207	67,339
Cash and cash equivalents at end of period	57,153	74,302	53,207
Supplemental cash flow information:
Income taxes paid	12,712	7,275	7,658
Interest paid	$ 1,610	$ 4,403	$ 4,981

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Universal Electronics Inc. ("UEI"), based in Scottsdale, Arizona, designs, develops, manufactures, ships and supports control and sensor technology solutions and a broad line of universal control systems, audio-video ("AV") accessories, and intelligent wireless security and smart home products that are used by the world's leading brands in the video services, consumer electronics, security, home automation, climate control, and home appliance markets. In addition, over the past 35 years, we have developed a broad portfolio of patented technologies and a cloud-based connectivity and control software solution that we license to our customers, including many leading Fortune 500 companies. Distribution methods for our control solutions vary depending on the sales channel. We license our connectivity and control solution technologies across a variety of channels, primarily to original equipment manufacturers ("OEMs"). We distribute remote control devices, integrated circuits, sensors, connected thermostats and AV accessories directly to video and security service providers and OEMs, both domestically and internationally. We also distribute home security sensors and connected thermostats to pro-security installers and hospitality system integrators in the United States and Europe through a network of national and regional distributors and dealers. Additionally, we sell our wireless control devices and AV accessories under the One For All® and private label brand names to retailers through our international subsidiaries and direct to retailers in key markets, such as in the United States, United Kingdom, Germany, France, Spain, and Italy. We utilize third-party distributors for the retail channel in countries where we do not have subsidiaries. As used herein, the terms "we", "us" and "our" refer to Universal Electronics Inc. and its subsidiaries unless the context indicates to the contrary.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Reclassifications

Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications did not have a material effect on our previously reported consolidated balance sheets, net income or stockholders' equity.

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.

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates 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, allowance for credit losses, inventory valuation, impairment of long-lived assets, intangible assets and goodwill, business combinations, income taxes, stock-based compensation expense and performance-

based common stock warrants. Actual results may differ from these assumptions and estimates, and they may be adjusted as more information becomes available. Any adjustment may be material.

Revenue Recognition

Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Revenues are generated from manufacturing, shipping and supporting control and sensor technology solutions and a broad line of pre-programmed and universal control products, AV accessories, and intelligent wireless security and smart home products that are used in the video services, consumer electronics, security, home automation, climate control, and home appliance market, which are sold through multiple channels, and licensing intellectual property that is embedded in these products or licensed to others for use in their products.

Revenue - Product revenue is generated through manufacturing, shipping and supporting control and sensor technology solutions and a broad line of pre-programmed and universal control products, AV accessories, and intelligent wireless security and smart home products that are used in the video services, consumer electronics, security, home automation, climate control, and home appliance market, which are sold through multiple channels. Our performance obligations are satisfied over time or at a point in time, depending on the nature of the product. Our contracts have an anticipated duration of less than a year and consideration may be variable based on indeterminate volumes.

Revenue is recognized over time when our performance creates an asset with no alternative use to us (custom products) and we have an enforceable right to payment for performance completed to date, including a reasonable margin, through a contractual commitment from the customer. Custom products are those products for which we are unable to redirect the asset to another customer in the foreseeable future without significant rework. The method for measuring progress towards satisfying a performance obligation for a custom product is based on the costs incurred to date (cost-to-cost method). We believe that the costs associated with production are most closely aligned with the revenue associated with those products.

We recognize revenue at a point in time if the criteria for recognizing revenue over time are not met, the title of the goods has transferred and we have a present right to payment.

A provision is recorded for estimated sales returns and allowances and is deducted from gross sales to arrive at net sales in the period the related revenue is recorded. These estimates are based on historical sales returns and allowances, analysis of credit memo data and other known factors. Actual returns and claims in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that we have established, we will record a reduction or increase to net sales in the period in which we make such a determination.

We license our intellectual property including our patented technologies and database of control codes. We record license revenue for per-unit based licenses when our customers manufacture or ship a product incorporating our intellectual property and we have a present right to payment. We record revenue over the license period for minimum guarantees. We record revenue upon delivery of intellectual property for fixed up-front fee licenses. Tiered royalties are recorded on a straight-line basis according to the forecasted per-unit fees taking into account the pricing tiers.

Contract assets - Contract assets represent the value of revenue recognized over time for which we have not yet invoiced the customer. Generally, we invoice the customer within 90 days of revenue recognition.

Contract liabilities - A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received in advance for non-recurring engineering and tooling services. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. See Note 12 for further information concerning contract liabilities.

Other performance obligations - Payment terms are typically on open credit terms consistent with industry practice and do not have significant financing components. We accrue for discounts and rebates based on historical experience and our expectations regarding future sales to our customers. Accruals for discounts and rebates are recorded as a reduction to sales in the same period as the related revenue. Such discounts were $15.9 million at December 31, 2020 and 2019. Changes in such accruals may be required if future rebates and incentives differ from our estimates.

Trade receivables are recorded at the invoiced amount and do not bear interest. Sales allowances are recognized as reductions of trade receivables to arrive at trade receivables, net if the sales allowances are distributed in customer account credits. See Note 4 for further information concerning our sales allowances.

We present all non-income government-assessed taxes (sales, use and value added taxes) collected from our customers and remitted to governmental agencies on a net basis (excluded from revenue) in our financial statements. The government-assessed taxes are recorded in our consolidated balance sheets until they are remitted to the government agency.

Income Taxes

We provide for income taxes utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are presented net as non-current. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from the differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is "more likely than not" to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We continue to assess the need for a valuation allowance on the deferred tax asset by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the income statement for the period that the adjustment is determined to be required.

The Tax Cuts and Jobs Act (the "Tax Act") subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income ("GILTI") earned by certain foreign subsidiaries. We have elected to account for GILTI in the year the tax is incurred as a period expense.

See Note 10 for further information concerning income taxes.

Research and Development

Research and development costs are expensed as incurred and consist primarily of salaries, employee benefits, supplies and materials.

Advertising

Advertising costs are expensed as incurred. Advertising expense totaled $0.9 million, $0.9 million, and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Shipping and Handling Fees and Costs

We include shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound freight are recorded in cost of sales. Other shipping and handling costs are included in selling, general and administrative expenses. Shipping and handling fees and costs totaled $9.9 million, $13.2 million and $12.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Stock-Based Compensation

We recognize the grant date fair value of stock-based compensation awards as expense in proportion to vesting during the requisite service period, which ranges from one to four years. Forfeitures of stock-based awards are accounted for as they occur. Upon the exercise of stock options or the vesting of restricted stock awards, newly issued shares of our common stock are issued.

We determine the fair value of restricted stock awards utilizing the average of the high and low trading prices of our common shares on the date they were granted.

The fair value of stock options granted to employees and directors is determined utilizing the Black-Scholes option pricing model. The assumptions utilized in the Black-Scholes model include the risk-free interest rate, expected volatility, expected life in years and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility over a period of time equal to the expected life of the stock option. Expected life is computed utilizing historical exercise patterns and post-vesting behavior. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future. See Note 15 for further information regarding stock-based compensation.

Performance-Based Common Stock Warrants

The measurement date for performance-based common stock warrants is the date on which the warrants vest. We recognize the fair value of performance-based common stock warrants as a reduction to net sales ratably as the warrants vest based on the projected number of warrants that will vest, the proportion of the performance criteria achieved by the customer within the period relative to the total performance required (aggregate purchase levels) for the warrants to vest and the fair value of the related unvested warrants. If we do not have a reliable forecast of future purchases to be made by the customer by which to estimate the number of warrants that will vest, then the maximum number of potential warrants is assumed until such time that a reliable forecast of future purchases is available. To the extent that our projections change in the future as to the number of warrants that will vest, a cumulative catch-up adjustment will be recorded in the period in which our estimates change.

The FASB issued guidance in November 2019 that clarifies the accounting for share-based payments issued as sales incentives to customers. The guidance requires that stock-based compensation expense be recorded as a reduction in the transaction price on the basis of the grant-date fair value. The transition provisions require that equity-classified awards be measured at the adoption date fair value if the measurement date has not been established prior to the adoption date. The measurement periods for the first two successive two-year periods of our outstanding performance-based common stock warrants were completed prior to adoption and were not impacted by this updated guidance. The measurement period for the final two-year period began on January 1, 2020, and, accordingly, we measured the fair value of the award as of our adoption date on January 1, 2020 using the Black-Scholes option pricing model. The assumptions utilized in the Black-Scholes model include the price of our common stock, the risk-free interest rate, expected volatility, expected life in years and dividend yield. The price of our common stock is equal to the average of the high and low trade prices of our common stock on the grant date. The risk-free interest rate over the expected life is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility over a period of time equal to the expected life of the warrant. Expected life is equal to the remaining contractual term of the warrant. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future. See Note 16 for further information regarding performance-based common stock warrants.

Foreign Currency Translation and Foreign Currency Transactions

We use the U.S. Dollar as our functional currency for financial reporting purposes. The functional currency for most of our foreign subsidiaries is their local currency. The translation of foreign currencies into U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using the average exchange rate during each period. The gains and losses resulting from the translation are included in the foreign currency translation adjustment account, a component of accumulated other comprehensive income in stockholders' equity, and are excluded from net income. The portions of intercompany accounts receivable and accounts payable that are intended for settlement are translated at exchange rates in effect at the balance sheet date. Our intercompany foreign investments and long-term debt that are not intended for settlement are translated using historical exchange rates.

Transaction gains and losses generated by the effect of changes in foreign currency exchange rates on recorded assets and liabilities denominated in a currency different than the functional currency of the applicable entity are recorded in other income (expense), net. See Note 17 for further information concerning transaction gains and losses.

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares, including the dilutive effect of stock options, restricted stock and common stock warrants, outstanding during the period. Dilutive potential common shares for all periods presented are computed utilizing the treasury stock method; however, dilutive potential common shares are excluded where their inclusion would be anti-dilutive.

Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt and derivatives. The carrying value of our financial instruments, excluding derivatives, approximates fair value as a result of their short maturities. Our derivatives are carried at fair value. See Notes 3, 4, 9, 11, 12 and 19 for further information concerning our financial instruments.

Cash and Cash Equivalents

Cash and cash equivalents include cash accounts and all investments purchased with initial maturities of three months or less. Domestically, we generally maintain balances in excess of federally insured limits. We attempt to mitigate our exposure to liquidity, credit and other relevant risks by placing our cash and cash equivalents with financial institutions we believe are high quality. These financial institutions are located in many different geographic regions. As part of our cash and risk management processes, we perform periodic evaluations of the relative credit standing of our financial institutions. We have not sustained credit losses from instruments held at financial institutions. See Note 3 for further information concerning cash and cash equivalents.

Allowance for Credit Losses

We maintain an allowance for credit losses for estimated losses on our trade receivables, resulting from the inability of our customers to make payments for products sold or services rendered. The allowance for credit losses is based on a variety of factors, including credit reviews, historical experience, length of time receivables are past due, current economic trends and changes in customer payment behavior.

We also record specific provisions for individual accounts when we become aware of a customer's inability to meet its financial obligations to us, such as in the case of bankruptcy filings or deterioration in the customer's operating results or financial position. If circumstances related to a customer change, our estimates of the recoverability of the receivables would be further adjusted. See Note 4 for further information concerning our allowance for credit losses.

Inventories

Inventories consist of remote controls, wireless sensors and AV accessories, as well as the related component parts and raw materials. Inventoriable costs include materials, labor, freight-in and manufacturing overhead related to the purchase and production of inventories. We value our inventories at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. We attempt to carry inventories in amounts necessary to satisfy our customer requirements on a timely basis. See Note 5 for further information concerning our inventories and suppliers.

Product innovations and technological advances may shorten a given product's life cycle. We continually monitor our inventories to identify any excess or obsolete items on hand. We write down our inventories for estimated excess and obsolescence in an amount equal to the difference between the cost of the inventories and estimated net realizable value. These estimates are based upon management's judgment about future demand and market conditions.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. The cost of property, plant, and equipment includes the purchase price of the asset and all expenditures necessary to prepare the asset for its intended use. We capitalize additions and improvements and expense maintenance and repairs as incurred.

We capitalize certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software.

For financial reporting purposes, depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the appropriate accounts and any gain or loss is included as a component of depreciation expense.

Estimated useful lives are as follows:


Buildings			25-33 years
Tooling and equipment			2-7 Years
Computer equipment			3-5 Years
Software			3-7 Years
Furniture and fixtures			5-8 Years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2 to 10 years)

See Note 6 for further information concerning our property, plant, and equipment.

Leases

We determine if an arrangement is a lease at inception and determine the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use ("ROU") assets, other accrued liabilities and long-term operating lease obligations on our consolidated balance sheets. We presently do not have any finance leases.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date, including the lease term, in determining the present value of lease payments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Some of our leases include options to extend with a range of one to five years with up to two extensions at the then current market rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Leases with an initial term of twelve months or less, or on a month-to-month basis, are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. If applicable, we combine lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees.

See Note 8 for further information concerning our leases.

Goodwill

We record the excess purchase price of net tangible and intangible assets acquired over their estimated fair value as goodwill. We evaluate the carrying value of goodwill on December 31 of each year and between annual evaluations if events occur or circumstances change that may reduce the fair value of the reporting unit below its carrying amount. Such circumstances may include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator.

We perform our annual impairment test using a qualitative assessment weighing the relative impact of factors that are specific to our single reporting unit as well as industry and macroeconomic factors. Based on the qualitative assessment performed, considering the aggregation of the relevant factors, we concluded that it is not more likely than not that the fair value of our single reporting unit is less than the carrying value. Therefore, performing a quantitative impairment test was unnecessary.

See Note 7 for further information concerning goodwill.

Long-Lived and Intangible Assets Impairment

Intangible assets consist of distribution rights, patents, trademarks and trade names, developed and core technologies, capitalized software development costs and customer relationships. Capitalized amounts related to patents represent external legal costs for the application, maintenance and extension of the useful life of patents. Intangible assets are amortized using the straight-line method over their estimated period of benefit, ranging from two to 15 years.

We assess the impairment of long-lived assets and intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important which may trigger an impairment review include the following: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the manner or use of the assets or strategy for the overall business; (3) significant negative industry or economic trends; and (4) a significant decline in our stock price for a sustained period.

We conduct an impairment review when we determine that the carrying value of a long-lived or intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment. The asset is impaired if its carrying value exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. In assessing recoverability, we make assumptions regarding estimated future cash flows and other factors.

An impairment loss is the amount by which the carrying value of an asset exceeds its fair value. We estimate fair value utilizing the projected discounted cash flow method and a discount rate determined by our management to be commensurate with the risk inherent in our current business model. When calculating fair value, we make assumptions regarding estimated future cash flows, discount rates and other factors.

See Note 6 for further information concerning long-lived assets. See Note 7 for further information concerning intangible assets.

Business Combinations

We allocate the purchase price of acquired businesses to the tangible and intangible assets and the liabilities assumed based on their estimated fair values on the acquisition date. The excess of the purchase price over the fair value of net assets acquired is recorded as goodwill. We engage independent third-party appraisal firms to assist us in determining the fair values of assets acquired and liabilities assumed. Such valuations require management to make significant fair value estimates and assumptions, especially with respect to intangible assets and contingent consideration. Management estimates the fair value of certain intangible assets and contingent consideration by utilizing the following (but not limited to):

•future cash flow from customer contracts, customer lists, distribution agreements, acquired developed technologies, trademarks, trade names and patents;

•expected costs to complete development of in-process technology into commercially viable products and cash flows from the products once they are completed;

•brand awareness and market position, as well as assumptions regarding the period of time the brand will continue to be used in our product portfolio; and

•discount rates utilized in discounted cash flow models.

Results of operations and cash flows of acquired businesses are included in our operating results from the date of acquisition.

In those circumstances where an acquisition involves a contingent consideration arrangement, we recognize a liability equal to the fair value of the contingent payments we expect to make as of the acquisition date. We re-measure this liability at each reporting period and record changes in the fair value within operating expenses. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing and

amount of earnings estimates or in the timing or likelihood of achieving earnings-based milestones. Contingent consideration is recorded in other accrued liabilities and long-term contingent consideration in our consolidated balance sheets.

See Note 12 for further information concerning contingent consideration.

Derivatives

Our foreign currency exposures are primarily concentrated in the Argentinian Peso, Brazilian Real, British Pound, Chinese Yuan Renminbi, Euro, Indian Rupee, Japanese Yen, and Mexican Peso. 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 do not enter into financial instruments for speculation or trading purposes.

The derivatives we enter into have not qualified for hedge accounting. The gains and losses on both the derivatives and the foreign currency-denominated balances are recorded as foreign exchange transaction gains or losses and are classified in other income (expense), net. Derivatives are recorded on the balance sheet at fair value. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on quoted market prices. See Note 19 for further information concerning derivatives.

Fair-Value Measurements

We measure fair value using the framework established by the FASB in ASC Topic 820, for fair value measurements and disclosures. This framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.

The valuation techniques are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources. Unobservable inputs require management to make certain assumptions and judgments based on the best information available. Observable inputs are the preferred data source. These two types of inputs result in the following fair value hierarchy:


Level 1:			Quoted prices (unadjusted) for identical instruments in active markets.

Level 2:			Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3:			Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", which updates existing guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred loss impairment model with an expected loss impairment model. Accordingly, financial assets are presented at amortized costs net of an allowance for expected credit losses over the lifetime of the assets. We adopted this new guidance on January 1, 2020 using the modified retrospective method. Our adoption did not result in a cumulative adjustment in our consolidated statement of financial position nor materially impact our consolidated statement of financial position, results of operations and cash flows. See Note 3 for further discussion on our allowance for credit losses.

In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment", which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. Our adoption on January 1, 2020 did not have a material impact on our consolidated statement of financial position, results of operations and cash flows.

In November 2019, the FASB issued ASU 2019-08, "Improvements - Share-based Consideration Payable to a Customer", which clarifies the accounting for share-based payments issued as sales incentives to customers. The guidance requires that stock-based compensation expense is recorded as a reduction in the transaction price on the basis of the grant-date fair value. The grant-date fair value is calculated using the provisions defined under Accounting Standards Codification "Stock Compensation". The transition provisions require that equity-classified awards be measured at the adoption date fair value if the measurement date has not been established prior to the adoption date. This guidance impacts the measurement date of our performance-based common stock warrants. The measurement periods for the first two successive two-year periods of our outstanding performance-based common stock warrants were completed prior to adoption and were not impacted by this updated guidance. The measurement period for the final two-year period began on January 1, 2020, and accordingly, we measured the fair value of the award as of our adoption date on January 1, 2020. We adopted this guidance using the modified retrospective method. Our adoption did not result in a cumulative adjustment in our consolidated statement of financial position. See Note 16 for further discussion on the performance-based common stock warrants.

Other Accounting Pronouncements

Accounting Updates Not Yet Effective

In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes." This guidance, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We do not expect adoption of ASU 2019-12 to have a material impact on our consolidated statement of financial position, results of operations and cash flows.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

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


	December 31,
(In thousands)	2020		2019
North America	$	9,812	$	16,751
People's Republic of China ("PRC")	14,244		13,700
Asia (excluding the PRC)	13,518		21,691
Europe	10,926		9,081
South America	8,653		13,079
Total cash and cash equivalents	$	57,153	$	74,302

Revenue and Accounts Receivable, Net

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Revenue and Accounts Receivable, Net

Revenue Details

The pattern of revenue recognition was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Goods and services transferred at a point in time	$	495,033	$	558,361	$	577,085
Goods and services transferred over time	119,647		195,116		103,156
Net sales	$	614,680	$	753,477	$	680,241

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
United States	$	255,651	$	407,291	$	315,214
Asia (excluding the PRC)	117,142		104,324		124,657
Europe	108,185		94,491		85,228
People's Republic of China	88,246		83,677		91,446
Latin America	17,481		30,006		30,954
Other	27,975		33,688		32,742
Total net sales	$	614,680	$	753,477	$	680,241

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

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


	Year Ended December 31,
	2020				2019				2018
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Comcast Corporation	$	123,574	20.1	%	$	119,561	15.9	%	$	119,809	17.6	%

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
(In thousands)	2020		2019
Trade receivables, gross	$	122,828	$	130,888
Allowance for credit losses	(1,412)		(1,492)
Allowance for sales returns	(761)		(623)
Trade receivables. net	120,655		128,773
Other	8,778		10,425
Accounts receivable, net	$	129,433	$	139,198

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Year Ended December 31,
	2020		2019		2018
Balance at beginning of period	$	1,492	$	1,121	$	1,064
Additions to costs and expenses	332		441		305
Cash receipts	(157)		—		—
Write-offs/Foreign exchange effects	(255)		(70)		(248)
Balance at end of period	$	1,412	$	1,492	$	1,121

Trade receivables associated with these significant customers that totaled more than 10% of our accounts receivable, net were as follows:


	December 31,
	2020						2019
	$ (thousands)			% of Accounts Receivable, Net			$ (thousands)			% of Accounts Receivable, Net
Comcast Corporation	$	19,782		15.3	%		$	—	(1)	—	%	(1)
Dish Network Corporation	$	—	(1)	—	%	(1)	$	14,677		10.5	%

(1) Trade receivables associated with this customer did not total more than 10% of our accounts receivable, net for the indicated period.

Inventories and Significant Suppliers

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories and Significant Suppliers

Inventories were as follows:


	December 31,
(In thousands)	2020		2019
Raw materials	$	44,273	$	56,352
Components	16,954		24,599
Work in process	6,211		1,526
Finished goods	52,992		62,658
Inventories	$	120,430	$	145,135

Significant Suppliers

We purchase integrated circuits, components and finished goods from multiple sources. Purchases from our supplier, Qorvo International Pte Ltd., totaled $43.5 million or 14.2% of our total inventory purchases for the year ended December 31, 2020. No supplier totaled 10% or more of our total inventory purchases for the years ended December 31, 2019 and 2018.

No supplier totaled 10% or more of our accounts payable balance at December 31, 2020. Accounts payable from our supplier, Zhejiang Zhen You Electronics Co. Ltd., totaled $11.4 million or 11.1% of our accounts payable balance at December 31, 2019.

Related Party Supplier

During the year ended December 31, 2018, we purchased certain printed circuit board assemblies from a related party supplier. The supplier was considered a related party for financial reporting purposes because our Senior Vice President of Strategic Operations owned 40% of this supplier. In the second quarter of 2018, our Senior Vice President sold his interest in this supplier, and thus this supplier is no longer considered a related party.

Total inventory purchases made from this supplier while it was a related party were $1.1 million during the twelve months ended December 31, 2018.

Property, Plant, and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

Property, plant, and equipment, net were as follows:


	December 31,
(In thousands)	2020		2019
Buildings	$	19,984	$	18,570
Computer equipment	10,213		9,935
Furniture and fixtures	3,972		3,905
Leasehold and building improvements	39,656		37,527
Machinery and equipment	101,117		94,274
Software	24,915		25,910
Tooling	34,379		32,267
	234,236		222,388
Accumulated depreciation	(154,216)		(135,254)
	80,020		87,134
Construction in progress	7,265		3,598
Total property, plant, and equipment, net	$	87,285	$	90,732

Depreciation expense was $23.2 million, $24.7 million and $26.4 million for the years ended December 31, 2020, 2019, and 2018, respectively.

During the year ended December 31, 2018, we incurred $2.9 million in impairment on tooling and equipment as a result of the transition of manufacturing operations between our PRC-based manufacturing facilities following the closure of our Guangzhou factory, which was sold in 2018. We incurred an additional $0.1 million and $2.0 million of impairment on factory equipment during the years ended December 31, 2019 and 2018, respectively, as a result of the transition of certain manufacturing operations out of the PRC in response to tariffs enacted in the U.S. in 2018 on certain products manufactured in the PRC and imported into the U.S. These impairment charges, aggregating to $0.1 million and $4.9 million, are recorded within cost of sales for the year ended December 31, 2019 and 2018, respectively. Impairment charges were immaterial for the year ended December 31, 2020.

Construction in progress was as follows:


	December 31,
(In thousands)	2020		2019
Leasehold and building improvements	$	2,487	$	574
Machinery and equipment	3,075		1,428
Software	213		518
Tooling	1,397		759
Other	93		319
Total construction in progress	$	7,265	$	3,598

We expect that most of the assets under construction will be placed into service during the first six months of 2021. We will begin to depreciate the cost of these assets under construction once they are placed into service.

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease right-of-use assets, were as follows:


	December 31,
(In thousands)	2020		2019
United States	$	15,411	$	19,938
People's Republic of China	64,197		67,625
Mexico	22,410		16,644
All other countries	4,789		6,351
Total long-lived tangible assets	$	106,807	$	110,558

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

Changes in the carrying amount of goodwill were as follows:


(In thousands)
Balance at December 31, 2018	$	48,485
Foreign exchange effects	(38)
Balance at December 31, 2019	48,447
Foreign exchange effects	167
Balance at December 31, 2020	$	48,614

We conducted annual goodwill impairment reviews on December 31, 2020, 2019, and 2018. Based on the analysis performed, we determined that our goodwill was not impaired.

Intangible Assets, Net

The components of intangible assets, net were as follows:


	December 31,
	2020						2019
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net (1)		Gross (1)		Accumulated Amortization (1)		Net (1)
Capitalized software development costs (2 years)	$	477	$	—	$	477	$	—	$	—	$	—
Customer relationships (10-15 years)	8,100		(4,329)		3,771		32,534		(25,956)		6,578
Developed and core technology (5-15 years)	4,080		(3,044)		1,036		12,480		(10,016)		2,464
Distribution rights (10 years)	352		(261)		91		322		(210)		112
Patents (10 years)	21,601		(7,574)		14,027		16,587		(6,491)		10,096
Trademarks and trade names (10 years)	800		(492)		308		2,785		(2,205)		580
Total intangible assets, net	$	35,410	$	(15,700)	$	19,710	$	64,708	$	(44,878)	$	19,830

(1)This table excludes the gross value of fully amortized intangible assets totaling $42.7 million and $7.4 million on December 31, 2020 and 2019, 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 statement of operations caption was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cost of sales	$	—	$	—	$	103
Selling, general and administrative expenses	6,500		7,192		7,081
Total amortization expense	$	6,500	$	7,192	$	7,184

Estimated future annual amortization expense related to our intangible assets at December 31, 2020, is as follows:


(In thousands)
2021	$	3,259
2022	3,386
2023	3,240
2024	2,419
2025	2,150
Thereafter	5,256
Total	$	19,710

The remaining weighted average amortization period of our intangible assets is 6.6 years.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At December 31, 2020, our operating leases had remaining lease terms of up to 40 years, including any reasonably probable extensions.

Rent expense under the Company's operating leases during the years ended December 31, 2018, prior to our adoption of the new lease guidance on January 1, 2019, was $4.9 million.

Lease balances within our consolidated balance sheet were as follows:


(In thousands)	December 31, 2020		December 31, 2019
Assets:
Operating lease right-of-use assets	$	19,522	$	19,826
Liabilities:
Other accrued liabilities	$	6,094	$	4,903
Long-term operating lease obligations	13,681		15,639
Total lease liabilities	$	19,775	$	20,542

We recorded an impairment of a ROU asset of $0.8 million during the fourth quarter of the year ended December 31, 2019. This impairment was associated with the sale of our call center in Euclid, Ohio, which was completed in February 2020.

Operating lease expense, including variable and short-term lease costs which were insignificant to the total, operating lease cash flows and supplemental cash flow information were as follows:


	Year Ended December 31,
(In thousands)	2020		2019
Cost of sales	$	1,896	$	1,945
Selling, general and administrative expenses	4,040		4,389
Total operating lease expense	$	5,936	$	6,334
Operating cash outflows from operating leases	$	6,552	$	6,617
Operating lease right-of-use assets obtained in exchange for lease obligations	$	3,743	$	4,302

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	Year Ended December 31,
	2020		2019
Weighted average lease liability term (in years)	3.70		4.30
Weighted average discount rate	3.84	%	4.50	%

The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at December 31, 2020. The reconciliation excludes short-term leases that are not recorded on the balance sheet.


(In thousands)
2021	$	6,812
2022	6,128
2023	3,557
2024	2,172
2025	1,628
Thereafter	964
Total lease payments	21,261
Less: imputed interest	(1,486)
Total lease liabilities	$	19,775

At December 31, 2020, we had four operating leases that had not yet commenced with terms ranging from approximately two to four years. The total initial lease liability associated with these leases is $0.4 million, which is not reflected within the maturity schedule above. On January 29, 2021, we entered into an agreement with the landlord of our Euclid, Ohio lease and the buyer of our call center, thereby releasing us from all obligations under the lease. The associated December 31, 2020 lease liability of $0.7 million was reversed in January 2021.

Rental Costs During Construction

Rental costs associated with operating leases incurred during a construction period were expensed for the years ended December 31, 2020, 2019 and 2018.

Prepaid Land Lease

We operate one factory within the PRC on which the land is leased from the government as of December 31, 2020. This land lease was prepaid to the PRC government at the time our subsidiary occupied the land. We have obtained a land-use right certificate for the land pertaining to this factory.

The factory is located in the city of Yangzhou in the Jiangsu province. The remaining net book value of this operating lease ROU was $2.4 million at December 31, 2020, and is being amortized on a straight-line basis over the remaining term of approximately 38 years. The buildings located on this land had a net book value of $16.9 million at December 31, 2020 and are being depreciated over a remaining weighted average period of 19 years.

Line of Credit	12 Months Ended
Line of Credit	Dec. 31, 2020
Debt Disclosure [Abstract]
Line of Credit	Line of Credit On November 1, 2019, we extended the term of our Second Amended and Restated Credit Agreement ("Second Amended Credit Agreement") with U.S. Bank National Association ("U.S. Bank") to November 1, 2021. The Second Amended Credit Agreement provided for a $130.0 million revolving line of credit ("Credit Line") through June 30, 2019 and currently provides for a $125.0 million Credit Line through its expiration date. The Credit Line 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 $2.7 million at December 31, 2020. On January 7, 2021, we executed an amendment to extend the term of our Second Amended Credit Agreement to November 1, 2022. 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 PRC. Under the Second 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 Second 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 Second Amended Credit Agreement. The interest rates in effect at December 31, 2020 and 2019 were 1.39% and 3.03%, respectively. There are no commitment fees or unused line fees under the Second Amended Credit Agreement. The amendment executed on January 7, 2021 defines the Secured Overnight Financing Rate ("SOFR") as a replacement benchmark for LIBOR upon its phase out. The Second Amended Credit Agreement includes financial covenants requiring a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. In addition, the Second Amended Credit Agreement contains other customary affirmative and negative covenants and events of default. As of December 31, 2020, we were in compliance with the covenants and conditions of the Second Amended Credit Agreement. At December 31, 2020, we had $20.0 million outstanding under the Credit Line. Our total interest expense on borrowings was $1.6 million, $4.3 million and $5.0 million during the years ended December 31, 2020, 2019 and 2018, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

In 2020, 2019 and 2018, pre-tax income (loss) was attributed to the following jurisdictions:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Domestic operations	$	(15,711)	$	(28,929)	$	(28,482)
Foreign operations	59,616		39,331		54,648
Total	$	43,905	$	10,402	$	26,166

The provision for income taxes charged to operations was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Current tax expense:
U.S. federal	$	(193)	$	(188)	$	(1,074)
State and local	(54)		82		83
Foreign	6,525		8,217		10,829
Total current	6,278		8,111		9,838
Deferred tax (benefit) expense:
U.S. federal	—		—		3,961
State and local	—		—		1,930
Foreign	(945)		(1,339)		(1,487)
Total deferred	(945)		(1,339)		4,404
Total provision for income taxes	$	5,333	$	6,772	$	14,242

Net deferred tax assets were comprised of the following:


	December 31,
(In thousands)	2020		2019
Deferred tax assets:
Accrued liabilities	$	—	$	4,070
Amortization of intangible assets	1,904		2,169
Capitalized inventory costs	2,945		3,156
Depreciation	2,530		426
Income tax credits	15,558		11,800
Inventory reserves	3,383		2,887
Net operating losses	2,844		2,644
Operating lease obligations	4,639		7,878
Stock-based compensation	4,600		4,018
Other	409		71
Total deferred tax assets	38,812		39,119
Deferred tax liabilities:
Accrued liabilities	(1,939)		—
Allowance for credit losses	(710)		(270)
Right of use assets	(4,577)		(7,480)
Other	(29)		(3,866)
Total deferred tax liabilities	(7,255)		(11,616)
Net deferred tax assets before valuation allowance	31,557		27,503
Less: Valuation allowance	(27,906)		(24,797)
Net deferred tax assets	$	3,651	$	2,706

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pre-tax income from operations as a result of the following:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Tax provision at statutory U.S. rate	$	9,220	$	2,185	$	5,495
Increase (decrease) in tax provision resulting from:
Federal research and development credits	(2,119)		(884)		(713)
Foreign permanent benefit	(2,842)		(856)		(7,077)
Foreign tax rate differential	(1,595)		(1,810)		(2,079)
Foreign undistributed earnings, net of credits	3,319		1,181		5,329
Non-deductible items	1,637		1,236		1,197
Non-territorial income	(2,493)		(1,806)		(1,079)
Provision to return	(343)		584		—
State and local taxes, net	(1,932)		(1,903)		(1,792)
Stock-based compensation	(266)		262		213
Tax rate change	(1,527)		(412)		466
Uncertain tax positions	(1,565)		(294)		(159)
Valuation allowance	3,109		7,524		8,057
Withholding tax	2,320		1,082		5,454
Other	410		683		930
Tax provision	$	5,333	$	6,772	$	14,242

At December 31, 2020, we had federal and state Research and Experimentation ("R&E") income tax credit carryforwards of $3.7 million and $11.3 million, respectively. The federal R&E income tax credits begin expiring in 2038. The state R&E income tax credits do not have an expiration date.

At December 31, 2020, we had state and foreign net operating loss carryforwards of $37.3 million and $0.5 million, respectively. The state and foreign net operating loss carryforwards begin to expire in 2026 and 2023, respectively.

At December 31, 2020, we assessed the realizability of our deferred tax assets by considering whether it is "more likely than not" some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We considered taxable income in carryback years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. Due to uncertainties surrounding the realization of some of our deferred tax assets, we established a valuation allowance against certain deferred tax assets. Our historic valuation allowance primarily relates to state R&E income tax credits generated during the prior years and current year. We had cumulative operating losses for the three years ended in 2020 for our U.S. federal and state operations and accordingly, have provided a full valuation allowance on our U.S. federal and state deferred tax assets of $13.3 million and $14.4 million, respectively, as we have determined that it is more likely than not that the tax benefits will not be realized in the future. Additionally, we recorded a valuation allowance of $0.3 million at December 31, 2020 related to certain deferred tax assets in our Argentina office due to sustained losses in that jurisdiction. If and when recognized, the tax benefits relating to any reversal of the valuation allowance will be recorded as a reduction of income tax expense. The valuation allowance increased by $3.1 million and $7.5 million during the years ended December 31, 2020 and 2019, respectively.

Uncertain Tax Positions

At December 31, 2020 and 2019, we had unrecognized tax benefits of approximately $3.1 million and $4.3 million, respectively, including interest and penalties. We have elected to classify interest and penalties as components of tax expense. Interest and penalties were immaterial for the year ended December 31, 2020. Interest and penalties were $0.2 million and $0.5 million for the years ended December 31, 2019 and 2018, respectively. Interest and penalties are included in the unrecognized tax benefits.

Changes to our gross unrecognized tax benefits were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Balance at beginning of period	$	4,094	$	4,040	$	5,081
Additions as a result of tax provisions taken during the current year	274		473		702
Foreign currency translation	20		(100)		(51)
Lapse in statute of limitations	(51)		(92)		(80)
Settlements	—		(227)		(1,612)
Other	(1,317)		—		—
Balance at end of period	$	3,020	$	4,094	$	4,040

Approximately $3.0 million, $4.3 million and $4.3 million of the total amount of unrecognized tax benefits at December 31, 2020, 2019 and 2018, respectively, if not for the state R&E income tax credit valuation allowance, would affect the annual effective tax rate, if recognized. We are unaware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase within the next twelve months. We do not anticipate a decrease in unrecognized tax benefits within the next twelve months based on federal, state, and foreign statute expirations in various jurisdictions. We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year.

We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. As of December 31, 2020, the open statutes of limitations for our significant tax jurisdictions are as follows: federal for 2017 through 2019, state for 2016 through 2019, and foreign for 2014 through 2019.

U.S. Tax Cuts and Jobs Act

The Tax Act was enacted in the U.S. on December 22, 2017. The Tax Act reduced the U.S. federal corporate income tax rate to 21% from 35%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign-sourced earnings. For the year ended December 31, 2018, we completed our analysis and accounting for the Tax Act, recording tax expense for the one-time transition tax liability related to undistributed earnings of certain foreign subsidiaries that were not previously taxed, adjusting deferred tax assets and liabilities, and recognizing the effects of electing to account for GILTI as a period cost.

Indefinite Reinvestment Assertion

Beginning in 2018, the Tax Act generally provides a 100% federal deduction for dividends received from foreign subsidiaries. Nevertheless, companies must still apply the guidance of ASC Topic 740 to account for the tax consequences of outside basis differences and other tax impacts of their investments in foreign subsidiaries, including potential foreign withholding taxes on distributions. Historically, the undistributed earnings of our foreign subsidiaries were considered to be indefinitely reinvested and no provision for U.S. federal and state income taxes or foreign withholding taxes had been provided on U.S. earnings. This assertion was changed in 2018. For the years ended December 31, 2020, 2019 and 2018, we recorded a deferred tax liability of $2.1 million, $1.7 million and $1.2 million, respectively, relating to state tax and foreign tax withholding liabilities on future distributions.

Coronavirus Aid, Relief and Economic Security Act

On March 27, 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was signed into law. The CARES Act provides economic stimulus and relief to address the impact of the COVID-19 pandemic. For the year ended December 31, 2020, our income tax expense was not significantly impacted by the CARES Act. We will continue to closely monitor the impact of the COVID-19 pandemic, as well as any effects from future legislation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Accrued Compensation

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Compensation

In June 2018, we sold our Guangzhou entity via a stock deal, and the terms of the agreement included a two-year indemnification period. In June 2020, the indemnification period expired and we determined we were no longer legally liable for any liabilities associated with our Guangzhou entity. Accordingly, we reversed the accrued social insurance by the amount associated with the Guangzhou entity, which was approximately $9.5 million.

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2020		2019
Accrued bonus	$	7,602	$	13,965
Accrued commission	1,779		1,283
Accrued salary/wages	7,107		7,465
Accrued social insurance (1)	7,375		16,588
Accrued vacation/holiday	3,307		2,766
Other accrued compensation	1,761		1,601
Total accrued compensation	$	28,931	$	43,668

(1)PRC employers are required by law to 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 December 31, 2020 and 2019.

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2020		2019
Duties	$	4,469	$	3,731
Expense associated with fulfilled performance obligations	1,372		1,010
Freight and handling fees	2,218		3,769
Operating lease obligations	6,094		4,903
Product warranty claim costs	1,721		1,514
Professional fees	3,794		2,833
Sales taxes and value added taxes	5,118		3,926
Short-term contingent consideration	1,758		5,428
Other (1)	6,513		8,331
Total other accrued liabilities	$	33,057	$	35,445

(1)Includes $0.3 million and $0.5 million of contract liabilities at December 31, 2020 and 2019, respectively.

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Other Accrued Liabilities

Accrued Compensation

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2020		2019
Accrued bonus	$	7,602	$	13,965
Accrued commission	1,779		1,283
Accrued salary/wages	7,107		7,465
Accrued social insurance (1)	7,375		16,588
Accrued vacation/holiday	3,307		2,766
Other accrued compensation	1,761		1,601
Total accrued compensation	$	28,931	$	43,668

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2020		2019
Duties	$	4,469	$	3,731
Expense associated with fulfilled performance obligations	1,372		1,010
Freight and handling fees	2,218		3,769
Operating lease obligations	6,094		4,903
Product warranty claim costs	1,721		1,514
Professional fees	3,794		2,833
Sales taxes and value added taxes	5,118		3,926
Short-term contingent consideration	1,758		5,428
Other (1)	6,513		8,331
Total other accrued liabilities	$	33,057	$	35,445

(1)Includes $0.3 million and $0.5 million of contract liabilities at December 31, 2020 and 2019, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Indemnifications

We indemnify our directors and officers to the maximum extent permitted under the laws of the state of Delaware and we have entered into indemnification agreements with each of our directors and executive officers. In addition, we insure our individual directors and officers against certain claims and attorney's fees and related expenses incurred in connection with the defense of such claims. The amounts and types of coverage may vary from period to period as dictated by market conditions. Management is not aware of any matters that require indemnification of its officers or directors.

Fair Price Provisions and Other Anti-Takeover Measures

Our Restated Certificate of Incorporation, as amended, contains certain provisions restricting business combinations with interested stockholders under certain circumstances and imposing higher voting requirements for the approval of certain transactions ("fair price" provisions). Any of these provisions may delay or prevent a change in control.

The "fair price" provisions require that holders of at least two-thirds of our outstanding shares of voting stock approve certain business combinations and significant transactions with interested stockholders.

Product Warranties

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Balance at beginning of period	$	1,514	$	276	$	339
Accruals for warranties issued during the period	578		1,742		787
Settlements (in cash or in kind) during the period	(463)		(504)		(849)
Foreign currency translation gain (loss)	92		—		(1)
Balance at end of period	$	1,721	$	1,514	$	276

Sale of Guangzhou Factory

On September 26, 2016, we entered into an agreement to sell our Guangzhou manufacturing facility for RMB 320 million. In accordance with the terms of the agreement, the buyer deposited 10% of the purchase price into an escrow account upon the execution of the agreement. In April 2018, we and the buyer mutually agreed to terminate the sale. The mutually agreed termination took effect immediately with no incremental penalty or costs to either party. In connection with this termination, the deposit was returned to the buyer.

On April 23, 2018, we entered into a new agreement to sell our Guangzhou manufacturing facility to a second buyer for RMB 339 million (approximately $51.4 million based on exchange rates in effect at the time of closing). On April 26, 2018, the second buyer paid to us a deposit of RMB 34 million (approximately $5.1 million based on exchange rates in effect at the time of closing), which under the terms of the agreement was nonrefundable. Upon receipt by the Governmental Agency of the second buyer’s application of approval of transfer, the second buyer was to pay to us RMB 237 million (approximately $35.8 million based on exchange rates in effect at the time of closing). Additionally, within two days after the second payment was made to us, the second buyer was to deposit the remaining consideration of RMB 68 million (approximately $10.3 million based on exchange rates in effect at the time of closing) into escrow, which was to be released to us upon the closing of the sale. Per the terms of the agreement, the sale was to be completed no later than June 30, 2018. On June 26, 2018, all conditions to closing were satisfied and the sale was completed, resulting in a pre-tax gain of $37.0 million ($32.1 million, net of income taxes).

Other Restructuring Activities

In the fourth quarter of 2018, we implemented a plan to relocate our corporate office from Santa Ana, California to Scottsdale, Arizona and to relocate our Asian engineering leadership, supply chain and customer support functions from Hong Kong to our other facilities in the PRC. In connection with these restructuring activities, we incurred severance costs of $0.4 million and $0.9 million during the years ended December 31, 2019 and 2018, respectively, which are included within selling, general and administrative expenses.

Litigation

Roku Matters

2018 Lawsuit

On September 5, 2018, we filed a lawsuit against Roku, Inc. ("Roku") in the United States District Court, Central District of California, alleging that Roku is willfully infringing nine of our patents that are in four patent families related to remote control set-up and touchscreen remotes. On December 5, 2018, we amended our complaint to add additional details supporting our infringement and willfulness allegations. We have alleged that this complaint relates to multiple Roku streaming players and components therefore and certain universal control devices, including but not limited to the Roku App, Roku TV, Roku Express, Roku Streaming Stick, Roku Ultra, Roku Premiere, Roku 4, Roku 3, Roku 2, Roku Enhanced Remote and any other Roku product that provides for the remote control of an external device such as a TV, audiovisual receiver, sound bar or Roku TV Wireless Speakers. In October 2019, the Court stayed this lawsuit pending action by the Patent Trial and Appeals Board (the "PTAB") with respect to Roku's Inter Partes Review requests (see discussion below).

International Trade Commission Investigation of Roku, TCL, Hisense and Funai

On April 16, 2020, we filed a complaint with the International Trade Commission (the "ITC") against Roku, TCL Electronics Holding Limited and related entities (collectively, "TCL"), Hisense Co., Ltd. and related entities (collectively, "Hisense"), and Funai Electric Company, Ltd. and related entities (collectively, "Funai") claiming that certain of their televisions, set-top boxes, remote control devices, human interface devices, streaming devices, and sound bars infringe certain of our patents. We asked the ITC to issue a permanent limited exclusion order prohibiting the importation of these infringing products into the United States and a cease and desist order to stop these parties from continuing their infringing activities. On May 18, 2020, the ITC announced that it instituted its investigation as requested by us. The discovery phase of this investigation has been completed and trial is set to commence on April 19, 2021.

Inter Partes Reviews

In September and October 2019, Roku filed Inter Partes Review ("IPR") requests with the PTAB on the nine patents at issue in the 2018 Lawsuit (see discussion above). To date, the PTAB has denied Roku's request with respect to three of the nine patents and granted Roku's request with respect to six of the nine patents. As for those IPRs for which the PTAB granted Roku's request for review, we will vigorously defend our patents. In May and June 2020, Roku filed four IPR requests against three patents asserted in the ITC investigation. We have responded to these requests and are awaiting the PTAB decision in early- to mid-2021. On February 11, 2021, Roku filed an additional IPR with respect to one of the patents asserted against it in the April 2020 District Court actions (see decision below for a description of the April 2020 District Court actions).

Federal District Court Actions against each of Roku, TCL, Hisense, and Funai related to the ITC Matter

On April 9, 2020, we filed separate actions against each of Roku, TCL, Hisense, and Funai in the United States District Court, Central District of California, alleging that Roku is willfully infringing five of our patents and TCL, Hisense, and Funai are willfully infringing six of our patents by incorporating our patented technology into certain of their televisions, set-top boxes, remote control devices, human interface devices, streaming devices, and sound bars. These matters have been stayed pending the results of the ITC investigation mentioned above.

Court of International Trade Action against the United States of America, et. al.

On October 9, 2020, we and our subsidiaries, Ecolink Intelligent Technology, Inc. ("Ecolink") and RCS Technology, LLC ("RCS") filed an amended complaint (20-cv-00670) in the Court of International Trade (the "CIT") against the United States of America; the Office of the United States Trade Representative; Robert E. Lighthizer, U.S. Trade Representative; U.S. Customs & Border Protection; and Mark A. Morgan, U.S. Customs & Border Protection Acting Commissioner, challenging both the substantive and procedural processes followed by the United States Trade Representative ("USTR") when instituting Section 301 Tariffs on imports from China under Lists 3 and 4A.

By this complaint, we, Ecolink and RCS are alleging that USTR's institution of Lists 3 and 4A tariffs violated the Trade Act of 1974 (the "Trade Act") on the grounds that the USTR failed to make a determination or finding that there was an unfair trade practice that required a remedy and moreover, that Lists 3 and 4A tariffs were instituted beyond the 12-month time limit provided for in the governing statute. We, Ecolink and RCS also allege that the manner in which the Lists 3 and 4A tariff actions were implemented violated the Administrative Procedures Act (the "APA") by failing to provide adequate opportunity for comments, failed to consider relevant factors when making its decision and failed to connect the record facts to the choices it made by not explaining how the comments received by USTR came to shape the final implementation of Lists 3 and 4A.

We, Ecolink and RCS are asking the CIT to declare that Defendants' actions resulting in the tariffs on products covered by Lists 3 and 4A are unauthorized by and contrary to the Trade Act and were arbitrarily and unlawfully promulgated in violation of the APA; to vacate the Lists 3 and 4A tariffs; to order a refund (with interest) of any Lists 3 and 4A duties paid by us, Ecolink and RCS; to permanently enjoin the U.S. government from applying Lists 3 and 4A duties against us, Ecolink and RCS; and award us, Ecolink and RCS our costs and reasonable attorney fees.

The Government has requested an automatic stay of all pending cases challenging the Lists 3 and 4A tariffs except for one or more "test cases." It proposed the first-filed case—the case filed by HMTX—as the test case. The government also asked the court to appoint a "steering committee" consisting of several lead counsel for the plaintiffs to direct the litigation. The government proposed a bifurcated briefing schedule, under which the parties would first brief the government's upcoming motion to dismiss before briefing the merits of plaintiffs' claims. We will agree to a stay in our case. HMTX has filed a response agreeing to the stay and to being the test case but opposed the Government's proposed briefing schedule.

On February 10, 2021, the CIT's three-judge panel issued an order establishing a master case for filings that relate to some or all of the Section 301 cases. It also establishes a deadline of March 12, 2021 for the government to file a "master answer" to all the complaints. We are still awaiting the CIT's decision on other case management procedures and processes.

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 consolidated 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.

Defined Benefit Plan

Our subsidiary in India maintains a defined benefit pension plan ("India Plan") for local employees, which is consistent with local statutes and practices. The pension plan was adequately funded on December 31, 2020 based on its latest actuarial report. The India Plan has an independent external manager that advises us of the appropriate funding contribution requirements to which we comply. At December 31, 2020, approximately 57 percent of our India subsidiary employees had qualified for eligibility. An individual must be employed by our India subsidiary for a minimum of five years before becoming eligible. Upon the termination, resignation or retirement of an eligible employee, we are liable to pay the employee an amount equal to 15 days salary for each full year of service completed. The total amount of liability outstanding at December 31, 2020 and 2019 for the India Plan was not material. During the years ended December 31, 2020, 2019, and 2018, the net periodic benefit costs were also not material.

Treasury Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Treasury Stock

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock on the open market. On October 28, 2020, our Board of Directors approved a new repurchase plan with an effective date of November 10, 2020 (the "November 2020 Program"). Pursuant to the November 2020 Program, we may, from time to time until February 18, 2021, repurchase up to 500,000 shares. At December 31, 2020, we had 500,000 shares of common stock authorized for repurchase remaining under the November 2020 Program. On February 11, 2021, our Board approved a new share repurchase program with an effective date of February 23, 2021 (the "February 2021 Program"). Pursuant to the February 2021 Program, we may, from time to time until May 6, 2021, repurchase up to 300,000 shares of our common stock. We may utilize various methods to effect the repurchases, which may include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Shares repurchased	444		58		413
Cost of shares repurchased	$	17,678	$	1,928	$	13,824

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.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cost of sales	$	182	$	139	$	84
Research and development expenses	1,099		1,096		744
Selling, general and administrative expenses:
Employees	6,257		6,431		6,491
Outside directors	1,584		1,179		1,501
Total employee and director stock-based compensation expense	$	9,122	$	8,845	$	8,820

Income tax benefit	$	1,594	$	1,877	$	1,870

Stock Options

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:


	Year Ended December 31,
	2020			2019			2018
Weighted average fair value of grants	$	17.70		$	11.51		$	14.26
Risk-free interest rate	1.44		%	2.38		%	2.51		%
Expected volatility	43.95		%	41.73		%	33.09		%
Expected life in years	4.59			4.60			4.53

Stock option activity was as follows:


	2020						2019						2018
	Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	745	$	41.73				597	$	44.27				520	$	42.56
Granted	109	46.17					170	30.08					119	44.95
Exercised	(80)	35.28			$	1,334	(22)	20.34			$	569	(35)	24.67			$	744
Forfeited/canceled/expired	—	—					—	—					(7)	27.74
Outstanding at end of the year (1)	774	$	43.01	3.71	$	9,228	745	$	41.73	3.97	$	9,798	597	$	44.27	4.08	$	758
Vested and expected to vest at the end of the year (1)	774	$	43.01	3.71	$	9,228	745	$	41.73	3.97	$	9,798	597	$	44.27	4.08	$	758
Exercisable at the end of the year (1)	582	$	43.90	2.98	$	6,887	517	$	44.95	3.01	$	5,636	430	$	42.30	3.43	$	758

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2020, 2019, and 2018 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 December 31, 2020, 2019, and 2018. This amount will change based on the fair market value of our stock.

The value of shares withheld in lieu of receiving cash from option exercises in the year ended December 31, 2020 was $2.8 million. Cash received from option exercises for the years ended December 31, 2019 and 2018 was $0.4 million and $0.9 million, respectively. The actual tax benefit realized from option exercises was $0.3 million, $0.01 million and $0.2 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Significant option groups outstanding at December 31, 2020 and the related weighted average exercise price and life information were as follows:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding (in 000's)	Weighted-Average Remaining Contractual Term (in years)	Weighted-Average Exercise Price		Number Exercisable (in 000's)	Weighted-Average Exercise Price
$19.25 to $27.07	263	3.72	$	23.83	200	$	22.82
$35.28 to $46.17	229	5.44	45.47		113	44.84
$51.38 to $65.54	282	2.61	58.85		269	59.15
	774	3.71	$	43.01	582	$	43.90

As of December 31, 2020, we expect to recognize $2.2 million of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options over a remaining weighted-average life of 1.8 years.

On February 11, 2021, certain executive employees were granted 80,315 stock options in connection with the 2020 annual review cycle. The options were granted as part of long-term incentive compensation to assist us in meeting our performance and retention objectives and are subject to a three-year vesting period (33.33% on February 11, 2021 and 8.33% each quarter thereafter). The total grant date fair value of these awards was $1.9 million.

Restricted Stock

Non-vested restricted stock award activity was as follows:


	2020			2019			2018
	Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year	310	$	34.99	204	$	49.23	162	$	61.19
Granted	238	36.85		268	30.67		167	42.65
Vested	(166)	38.28		(141)	47.26		(109)	56.16
Forfeited	(8)	43.44		(21)	35.78		(16)	54.16
Non-vested at end of the year	374	$	34.53	310	$	34.99	204	$	49.23

As of December 31, 2020, we expect to recognize $8.4 million of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards over a weighted-average life of 1.7 years.

In February 2021, certain executives and employees were granted 111,775 restricted stock awards in connection with the 2020 annual review cycle. These awards were granted as part of long-term incentive compensation to assist us in meeting our performance and retention objectives and are subject to a three-year vesting period (32,395 of these awards will vest 33.33% on February 11, 2022 and 8.33% each quarter thereafter and 79,380 of these awards will vest at a rate of 33.33% per year beginning on February 25, 2022). The total grant date fair value of these awards was $6.7 million.

Stock Incentive Plans

Our active stock-based incentive plans include those adopted in 2003, 2006, 2010, 2014 and 2018 ("Stock Incentive Plans"). Under the Stock Incentive Plans, we may grant stock options, stock appreciation rights, restricted stock units, performance stock units, or any combination thereof for a period of ten years from the approval date of each respective plan, unless the plan is terminated by resolution of our Board of Directors. No stock appreciation rights or performance stock units have been awarded under our Stock Incentive Plans. Only directors and employees meeting certain employment qualifications are eligible to receive stock-based awards.

The grant price of stock option and restricted stock awards granted under our Stock Incentive Plans is the average of the high and low trades of our stock on the grant date. We prohibit the re-pricing or backdating of stock options. Our stock options become exercisable in various proportions over a three- or four-year time frame. Stock options have a maximum ten-year term. Restricted stock awards vest in various proportions over a one- to three-year time period.

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2020:


Name	Approval Date	Initial Shares Available for Grant Under the Plan	Remaining Shares Available for Grant Under the Plan	Outstanding Shares Granted Under the Plan
2003 Stock Incentive Plan	6/18/2003	1,000,000	—	14,391
2006 Stock Incentive Plan	6/13/2006	1,000,000	—	25,275
2010 Stock Incentive Plan	6/15/2010	1,000,000	—	123,131
2014 Stock Incentive Plan	6/12/2014	1,100,000	—	357,860
2018 Equity and Incentive Compensation Plan	6/4/2018	1,000,000	223,199	627,545
			223,199	1,148,202

Performance-Based Common Stock Warrants

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Performance-Based Common Stock Warrants

On March 9, 2016, we issued common stock purchase warrants to Comcast Corporation ("Comcast") to purchase up to 725,000 shares of our common stock at a price of $54.55 per share. The right to exercise the warrants is subject to vesting over three successive two-year periods (with the first two-year period commencing on January 1, 2016) based on the level of purchases of goods and services from us by Comcast and its affiliates, as defined in the warrants. The table below presents the purchase levels and potential number of warrants to vest in each period based upon achieving these purchase levels.


	Potential Warrants To Vest
Aggregate Level of Purchases by Comcast and Affiliates	January 1, 2016 - December 31, 2017	January 1, 2018 - December 31, 2019	January 1, 2020 - December 31, 2021
$260 million	100,000	100,000	75,000
$300 million	75,000	75,000	75,000
$340 million	75,000	75,000	75,000
Maximum Potential Warrants Earned by Comcast	250,000	250,000	225,000

If total aggregate purchases by Comcast and its affiliates are below $260 million in any of the two-year periods above, no warrants will vest related to that two-year period. If total aggregate purchases of goods and services by Comcast and its affiliates had exceeded $340 million during either the first or second two-year period, the amount of any such excess would count towards aggregate purchases in the following two-year period. This threshold was not met in either the first or second two-year period. For the two-year period ended December 31, 2017, Comcast earned and vested in 175,000 out of the maximum potential 250,000 warrants. For the two-year period ended December 31, 2019, Comcast earned and vested in 100,000 out of the maximum potential 250,000 warrants. At December 31, 2020, 275,000 vested warrants were outstanding. To fully vest in the rights to purchase all of the remaining unearned 225,000 underlying shares, Comcast and its affiliates must purchase an aggregate of $340 million in goods and services from us during the period January 1, 2020 through December 31, 2021.

All warrants that vest will expire on January 1, 2023. The warrants provide for certain adjustments that may be made to the exercise price and the number of shares issuable upon exercise due to customary anti-dilution provisions. Additionally, in connection with the common stock purchase warrants, we have also entered into a registration rights agreement with Comcast under which Comcast may from time to time request that we register the shares of common stock underlying vested warrants with the SEC.

As the warrants contain performance criteria under which Comcast must achieve specified aggregate purchase levels for the warrants to vest, as detailed above, the measurement date for the warrants for the first two-year successive periods was the date on which the warrants vested.

The assumptions we utilized in the Black-Scholes option pricing model and the resulting grant-date fair value of the warrants as of January 1, 2020 were the following:




Fair value	$17.19
Price of Universal Electronics Inc. common stock	$52.21
Risk-free interest rate	1.62	%
Expected volatility	48.86	%
Expected life in years	3.00

Prior to the adoption of the new guidance on January 1, 2020, we adjusted the estimated weighted average fair value of the warrants each period. The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of the warrants were the following:


	Year Ended December 31,
	2019		2018
Fair value	$21.60		$3.45
Price of Universal Electronics Inc. common stock	$58.01		$24.81
Risk-free interest rate	1.65	%	2.49	%
Expected volatility	48.90	%	43.16	%
Expected life in years	3.13		4.00

The impact to net sales recorded in connection with the warrants and the related income tax benefit was as follows:


	Year Ended December 31,
(in thousands)	2020		2019		2018
Reduction to net sales	$	686	$	1,997	$	163
Income tax benefit	171		498		41

We estimate the number of warrants that will vest based on projected future purchases that will be made by Comcast and its affiliates. These estimates may increase or decrease based on actual future purchases. The aggregate unrecognized estimated fair value of unvested warrants at December 31, 2020 was $0.6 million.

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net gain (loss) on foreign currency exchange contracts (1)	$	(310)	$	(62)	$	545
Net gain (loss) on foreign currency exchange transactions	(1,675)		(870)		(4,987)
Other income (expense)	581		(63)		(15)
Other income (expense), net	$	(1,404)	$	(995)	$	(4,457)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives. See Note 19 for further information concerning our foreign currency exchange contracts.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share was calculated as follows:


	Year Ended December 31,
(In thousands, except per-share amounts)	2020		2019		2018
BASIC
Net income	$	38,572	$	3,630	$	11,924
Weighted-average common shares outstanding	13,893		13,879		13,948
Basic earnings per share	$	2.78	$	0.26	$	0.85
DILUTED
Net income	$	38,572	$	3,630	$	11,924
Weighted-average common shares outstanding for basic	13,893		13,879		13,948
Dilutive effect of stock options, restricted stock and common stock warrants	273		230		112
Weighted-average common shares outstanding on a diluted basis	14,166		14,109		14,060
Diluted earnings per share	$	2.72	$	0.26	$	0.85

The following number of stock options, shares of restricted stock and common stock warrants were excluded from the computation of diluted earnings per common share as their inclusion would have been anti-dilutive:


	Year Ended December 31,
(In thousands)	2020	2019	2018
Stock options	468	371	390
Restricted stock awards	14	67	118
Performance-based warrants	275	188	175

Derivatives

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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


	December 31, 2020								December 31, 2019
	Fair Value Measurement Using						Total Balance		Fair Value Measurement Using						Total Balance
(In thousands)	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Foreign currency exchange contracts	$	—	$	113	$	—	$	113	$	—	$	(172)	$	—	$	(172)

We held foreign currency exchange contracts which resulted in a net pre-tax loss of $0.3 million, a net pre-tax loss of $0.1 million, and a net pre-tax gain of $0.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. See Note 17 for further information concerning our foreign currency exchange contracts.

Details of foreign currency exchange contracts held were as follows:


Date Held	Currency	Position Held	Notional Value (in millions)		Forward Rate	Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1)		Settlement Date
December 31, 2020	USD/Chinese Yuan Renminbi	CNY	$	55.0	6.5370	$	239	January 29, 2021
December 31, 2020	USD/Brazilian Real	USD	$	0.9	5.1714	$	4	January 29, 2021
December 31, 2020	USD/Euro	USD	$	28.0	1.2177	$	(106)	January 29, 2021
December 31, 2020	USD/Mexican Peso	USD	$	1.9	20.1915	$	(24)	January 29, 2021
December 31, 2019	USD/Chinese Yuan Renminbi	CNY	$	35.0	6.9867	$	100	January 23, 2020
December 31, 2019	USD/Brazilian Real	USD	$	0.5	4.0560	$	(6)	January 24, 2020
December 31, 2019	USD/Euro	USD	$	28.0	1.1133	$	(253)	January 24, 2020
December 31, 2019	USD/Brazilian Real	USD	$	0.7	4.0870	$	(13)	January 24, 2020

(1)Unrealized gains on foreign currency exchange contracts are recorded in prepaid expenses and other current assets. Unrealized losses on foreign currency exchange contracts are recorded in other accrued liabilities.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit PlansWe maintain a retirement and profit sharing plan under Section 401(k) of the Internal Revenue Code for all of our domestic employees that meet certain qualifications. Participants in the plan may elect to contribute up to the maximum allowed by law. We match 50% of the participants' contributions up to 15% of their gross salary in the form of newly issued shares of our common stock. We may also make other discretionary contributions to the plan. We recorded $1.2 million, $0.9 million and $1.1 million of expense for company contributions for the years ended December 31, 2020, 2019, and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows:


	2020
(In thousands, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Net sales	$	151,778	$	153,133	$	153,505	$	156,264
Gross profit	42,941		38,075		44,156		51,084
Operating income	8,046		6,460		10,246		12,515
Net income	5,846		14,400		6,168		12,158

Earnings per share (1):
Basic	$	0.42	$	1.03	$	0.44	$	0.88
Diluted	$	0.41	$	1.02	$	0.43	$	0.86


	2019
(In thousands, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Net sales	$	184,163	$	193,896	$	200,724	$	174,694
Gross profit	39,874		33,993		46,479		49,857
Operating income (loss)	1,663		(3,926)		6,127		11,451
Net income (loss)	(1,005)		(5,061)		2,669		7,027
Earnings (loss) per share (1):
Basic	$	(0.07)	$	(0.37)	$	0.19	$	0.50
Diluted	$	(0.07)	$	(0.37)	$	0.19	$	0.49

(1)The earnings per common share calculations for each of the quarters were based upon the weighted average number of shares and share equivalents outstanding during each period, and the sum of the quarters may not be equal to the full year earnings per share amounts.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Principles of Consolidation

Reclassifications

Reportable Segment

Estimates and Assumptions

based common stock warrants. Actual results may differ from these assumptions and estimates, and they may be adjusted as more information becomes available. Any adjustment may be material.

Revenue Recognition and Shipping and Handling Fees and Costs

Revenue Recognition

We recognize revenue at a point in time if the criteria for recognizing revenue over time are not met, the title of the goods has transferred and we have a present right to payment.

Shipping and Handling Fees and CostsWe include shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound freight are recorded in cost of sales. Other shipping and handling costs are included in selling, general and administrative expenses.

Income Taxes

Research and Development

Research and development costs are expensed as incurred and consist primarily of salaries, employee benefits, supplies and materials.

Advertising

AdvertisingAdvertising costs are expensed as incurred.

Stock-Based Compensation

We determine the fair value of restricted stock awards utilizing the average of the high and low trading prices of our common shares on the date they were granted.

Performance-Based Common Stock Warrants

Foreign Currency Translation and Foreign Currency Transactions

Earnings Per Share

Financial Instruments

Financial InstrumentsOur financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt and derivatives. The carrying value of our financial instruments, excluding derivatives, approximates fair value as a result of their short maturities. Our derivatives are carried at fair value.

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents include cash accounts and all investments purchased with initial maturities of three months or less. Domestically, we generally maintain balances in excess of federally insured limits. We attempt to mitigate our exposure to liquidity, credit and other relevant risks by placing our cash and cash equivalents with financial institutions we believe are high quality. These financial institutions are located in many different geographic regions. As part of our cash and risk management processes, we perform periodic evaluations of the relative credit standing of our financial institutions. We have not sustained credit losses from instruments held at financial institutions.

Allowance for Bad Debts

Allowance for Credit Losses

Inventories

Property, Plant and Equipment

Property, Plant, and Equipment

Estimated useful lives are as follows:


Buildings			25-33 years
Tooling and equipment			2-7 Years
Computer equipment			3-5 Years
Software			3-7 Years
Furniture and fixtures			5-8 Years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2 to 10 years)

Leases

Goodwill

Long-Lived and Intangible Assets Impairment

Business Combinations

•future cash flow from customer contracts, customer lists, distribution agreements, acquired developed technologies, trademarks, trade names and patents;

•expected costs to complete development of in-process technology into commercially viable products and cash flows from the products once they are completed;

•brand awareness and market position, as well as assumptions regarding the period of time the brand will continue to be used in our product portfolio; and

•discount rates utilized in discounted cash flow models.

Results of operations and cash flows of acquired businesses are included in our operating results from the date of acquisition.

Derivatives

Fair-Value Measurements


Level 1:			Quoted prices (unadjusted) for identical instruments in active markets.

Level 2:			Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3:			Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Other Accounting Pronouncements

Accounting Updates Not Yet Effective

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Estimated Useful Lives of Property, Plant and Equipment

Estimated useful lives are as follows:


Buildings			25-33 years
Tooling and equipment			2-7 Years
Computer equipment			3-5 Years
Software			3-7 Years
Furniture and fixtures			5-8 Years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2 to 10 years)

Property, plant, and equipment, net were as follows:


	December 31,
(In thousands)	2020		2019
Buildings	$	19,984	$	18,570
Computer equipment	10,213		9,935
Furniture and fixtures	3,972		3,905
Leasehold and building improvements	39,656		37,527
Machinery and equipment	101,117		94,274
Software	24,915		25,910
Tooling	34,379		32,267
	234,236		222,388
Accumulated depreciation	(154,216)		(135,254)
	80,020		87,134
Construction in progress	7,265		3,598
Total property, plant, and equipment, net	$	87,285	$	90,732

Construction in progress was as follows:


	December 31,
(In thousands)	2020		2019
Leasehold and building improvements	$	2,487	$	574
Machinery and equipment	3,075		1,428
Software	213		518
Tooling	1,397		759
Other	93		319
Total construction in progress	$	7,265	$	3,598

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents by Geographic Region

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


	December 31,
(In thousands)	2020		2019
North America	$	9,812	$	16,751
People's Republic of China ("PRC")	14,244		13,700
Asia (excluding the PRC)	13,518		21,691
Europe	10,926		9,081
South America	8,653		13,079
Total cash and cash equivalents	$	57,153	$	74,302

Revenue and Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Pattern of Revenue Recognition

The pattern of revenue recognition was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Goods and services transferred at a point in time	$	495,033	$	558,361	$	577,085
Goods and services transferred over time	119,647		195,116		103,156
Net sales	$	614,680	$	753,477	$	680,241

Revenue from External Customers by Geographic Areas

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
United States	$	255,651	$	407,291	$	315,214
Asia (excluding the PRC)	117,142		104,324		124,657
Europe	108,185		94,491		85,228
People's Republic of China	88,246		83,677		91,446
Latin America	17,481		30,006		30,954
Other	27,975		33,688		32,742
Total net sales	$	614,680	$	753,477	$	680,241

Net Sales to Significant Customers

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


	Year Ended December 31,
	2020				2019				2018
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Comcast Corporation	$	123,574	20.1	%	$	119,561	15.9	%	$	119,809	17.6	%

Accounts Receivable, Net and Changes in the Allowance for Credit Losses

Accounts receivable, net were as follows:


	December 31,
(In thousands)	2020		2019
Trade receivables, gross	$	122,828	$	130,888
Allowance for credit losses	(1,412)		(1,492)
Allowance for sales returns	(761)		(623)
Trade receivables. net	120,655		128,773
Other	8,778		10,425
Accounts receivable, net	$	129,433	$	139,198

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Year Ended December 31,
	2020		2019		2018
Balance at beginning of period	$	1,492	$	1,121	$	1,064
Additions to costs and expenses	332		441		305
Cash receipts	(157)		—		—
Write-offs/Foreign exchange effects	(255)		(70)		(248)
Balance at end of period	$	1,412	$	1,492	$	1,121

Trade Receivables Associated with Significant Customers

Trade receivables associated with these significant customers that totaled more than 10% of our accounts receivable, net were as follows:


	December 31,
	2020						2019
	$ (thousands)			% of Accounts Receivable, Net			$ (thousands)			% of Accounts Receivable, Net
Comcast Corporation	$	19,782		15.3	%		$	—	(1)	—	%	(1)
Dish Network Corporation	$	—	(1)	—	%	(1)	$	14,677		10.5	%

(1) Trade receivables associated with this customer did not total more than 10% of our accounts receivable, net for the indicated period.

Inventories and Significant Suppliers (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

Inventories were as follows:


	December 31,
(In thousands)	2020		2019
Raw materials	$	44,273	$	56,352
Components	16,954		24,599
Work in process	6,211		1,526
Finished goods	52,992		62,658
Inventories	$	120,430	$	145,135

Property, Plant, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net and Construction in Progress

Estimated useful lives are as follows:


Buildings			25-33 years
Tooling and equipment			2-7 Years
Computer equipment			3-5 Years
Software			3-7 Years
Furniture and fixtures			5-8 Years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2 to 10 years)

Property, plant, and equipment, net were as follows:


	December 31,
(In thousands)	2020		2019
Buildings	$	19,984	$	18,570
Computer equipment	10,213		9,935
Furniture and fixtures	3,972		3,905
Leasehold and building improvements	39,656		37,527
Machinery and equipment	101,117		94,274
Software	24,915		25,910
Tooling	34,379		32,267
	234,236		222,388
Accumulated depreciation	(154,216)		(135,254)
	80,020		87,134
Construction in progress	7,265		3,598
Total property, plant, and equipment, net	$	87,285	$	90,732

Construction in progress was as follows:


	December 31,
(In thousands)	2020		2019
Leasehold and building improvements	$	2,487	$	574
Machinery and equipment	3,075		1,428
Software	213		518
Tooling	1,397		759
Other	93		319
Total construction in progress	$	7,265	$	3,598

Long-Lived Tangible Assets by Geographic Area

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease right-of-use assets, were as follows:


	December 31,
(In thousands)	2020		2019
United States	$	15,411	$	19,938
People's Republic of China	64,197		67,625
Mexico	22,410		16,644
All other countries	4,789		6,351
Total long-lived tangible assets	$	106,807	$	110,558

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill were as follows:


(In thousands)
Balance at December 31, 2018	$	48,485
Foreign exchange effects	(38)
Balance at December 31, 2019	48,447
Foreign exchange effects	167
Balance at December 31, 2020	$	48,614

Components of Intangible Assets

The components of intangible assets, net were as follows:


	December 31,
	2020						2019
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net (1)		Gross (1)		Accumulated Amortization (1)		Net (1)
Capitalized software development costs (2 years)	$	477	$	—	$	477	$	—	$	—	$	—
Customer relationships (10-15 years)	8,100		(4,329)		3,771		32,534		(25,956)		6,578
Developed and core technology (5-15 years)	4,080		(3,044)		1,036		12,480		(10,016)		2,464
Distribution rights (10 years)	352		(261)		91		322		(210)		112
Patents (10 years)	21,601		(7,574)		14,027		16,587		(6,491)		10,096
Trademarks and trade names (10 years)	800		(492)		308		2,785		(2,205)		580
Total intangible assets, net	$	35,410	$	(15,700)	$	19,710	$	64,708	$	(44,878)	$	19,830

(1)This table excludes the gross value of fully amortized intangible assets totaling $42.7 million and $7.4 million on December 31, 2020 and 2019, respectively.

Amortization Expense by Income Statement Caption

Amortization expense by statement of operations caption was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cost of sales	$	—	$	—	$	103
Selling, general and administrative expenses	6,500		7,192		7,081
Total amortization expense	$	6,500	$	7,192	$	7,184

Estimated Future Amortization Expense Related to Intangible Assets

Estimated future annual amortization expense related to our intangible assets at December 31, 2020, is as follows:


(In thousands)
2021	$	3,259
2022	3,386
2023	3,240
2024	2,419
2025	2,150
Thereafter	5,256
Total	$	19,710

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Balances within the Consolidated Balance Sheet

Lease balances within our consolidated balance sheet were as follows:


(In thousands)	December 31, 2020		December 31, 2019
Assets:
Operating lease right-of-use assets	$	19,522	$	19,826
Liabilities:
Other accrued liabilities	$	6,094	$	4,903
Long-term operating lease obligations	13,681		15,639
Total lease liabilities	$	19,775	$	20,542

Operating Lease Expense, Operating Lease Cash Flows and Supplemental Cash Flow Information

Operating lease expense, including variable and short-term lease costs which were insignificant to the total, operating lease cash flows and supplemental cash flow information were as follows:


	Year Ended December 31,
(In thousands)	2020		2019
Cost of sales	$	1,896	$	1,945
Selling, general and administrative expenses	4,040		4,389
Total operating lease expense	$	5,936	$	6,334
Operating cash outflows from operating leases	$	6,552	$	6,617
Operating lease right-of-use assets obtained in exchange for lease obligations	$	3,743	$	4,302

Lease Terms and Discount Rates

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	Year Ended December 31,
	2020		2019
Weighted average lease liability term (in years)	3.70		4.30
Weighted average discount rate	3.84	%	4.50	%

Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities


(In thousands)
2021	$	6,812
2022	6,128
2023	3,557
2024	2,172
2025	1,628
Thereafter	964
Total lease payments	21,261
Less: imputed interest	(1,486)
Total lease liabilities	$	19,775

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Pre-Tax Income (Loss) by Jurisdiction

In 2020, 2019 and 2018, pre-tax income (loss) was attributed to the following jurisdictions:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Domestic operations	$	(15,711)	$	(28,929)	$	(28,482)
Foreign operations	59,616		39,331		54,648
Total	$	43,905	$	10,402	$	26,166

Provision for Income Taxes

The provision for income taxes charged to operations was as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Current tax expense:
U.S. federal	$	(193)	$	(188)	$	(1,074)
State and local	(54)		82		83
Foreign	6,525		8,217		10,829
Total current	6,278		8,111		9,838
Deferred tax (benefit) expense:
U.S. federal	—		—		3,961
State and local	—		—		1,930
Foreign	(945)		(1,339)		(1,487)
Total deferred	(945)		(1,339)		4,404
Total provision for income taxes	$	5,333	$	6,772	$	14,242

Net Deferred Tax Assets

Net deferred tax assets were comprised of the following:


	December 31,
(In thousands)	2020		2019
Deferred tax assets:
Accrued liabilities	$	—	$	4,070
Amortization of intangible assets	1,904		2,169
Capitalized inventory costs	2,945		3,156
Depreciation	2,530		426
Income tax credits	15,558		11,800
Inventory reserves	3,383		2,887
Net operating losses	2,844		2,644
Operating lease obligations	4,639		7,878
Stock-based compensation	4,600		4,018
Other	409		71
Total deferred tax assets	38,812		39,119
Deferred tax liabilities:
Accrued liabilities	(1,939)		—
Allowance for credit losses	(710)		(270)
Right of use assets	(4,577)		(7,480)
Other	(29)		(3,866)
Total deferred tax liabilities	(7,255)		(11,616)
Net deferred tax assets before valuation allowance	31,557		27,503
Less: Valuation allowance	(27,906)		(24,797)
Net deferred tax assets	$	3,651	$	2,706

Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes


	Year Ended December 31,
(In thousands)	2020		2019		2018
Tax provision at statutory U.S. rate	$	9,220	$	2,185	$	5,495
Increase (decrease) in tax provision resulting from:
Federal research and development credits	(2,119)		(884)		(713)
Foreign permanent benefit	(2,842)		(856)		(7,077)
Foreign tax rate differential	(1,595)		(1,810)		(2,079)
Foreign undistributed earnings, net of credits	3,319		1,181		5,329
Non-deductible items	1,637		1,236		1,197
Non-territorial income	(2,493)		(1,806)		(1,079)
Provision to return	(343)		584		—
State and local taxes, net	(1,932)		(1,903)		(1,792)
Stock-based compensation	(266)		262		213
Tax rate change	(1,527)		(412)		466
Uncertain tax positions	(1,565)		(294)		(159)
Valuation allowance	3,109		7,524		8,057
Withholding tax	2,320		1,082		5,454
Other	410		683		930
Tax provision	$	5,333	$	6,772	$	14,242

Changes to Gross Unrecognized Tax Benefits

Changes to our gross unrecognized tax benefits were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Balance at beginning of period	$	4,094	$	4,040	$	5,081
Additions as a result of tax provisions taken during the current year	274		473		702
Foreign currency translation	20		(100)		(51)
Lapse in statute of limitations	(51)		(92)		(80)
Settlements	—		(227)		(1,612)
Other	(1,317)		—		—
Balance at end of period	$	3,020	$	4,094	$	4,040

Accrued Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Components of Accrued Compensation

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2020		2019
Accrued bonus	$	7,602	$	13,965
Accrued commission	1,779		1,283
Accrued salary/wages	7,107		7,465
Accrued social insurance (1)	7,375		16,588
Accrued vacation/holiday	3,307		2,766
Other accrued compensation	1,761		1,601
Total accrued compensation	$	28,931	$	43,668

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2020		2019
Duties	$	4,469	$	3,731
Expense associated with fulfilled performance obligations	1,372		1,010
Freight and handling fees	2,218		3,769
Operating lease obligations	6,094		4,903
Product warranty claim costs	1,721		1,514
Professional fees	3,794		2,833
Sales taxes and value added taxes	5,118		3,926
Short-term contingent consideration	1,758		5,428
Other (1)	6,513		8,331
Total other accrued liabilities	$	33,057	$	35,445

(1)Includes $0.3 million and $0.5 million of contract liabilities at December 31, 2020 and 2019, respectively.

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Components of Other Accrued Liabilities

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2020		2019
Accrued bonus	$	7,602	$	13,965
Accrued commission	1,779		1,283
Accrued salary/wages	7,107		7,465
Accrued social insurance (1)	7,375		16,588
Accrued vacation/holiday	3,307		2,766
Other accrued compensation	1,761		1,601
Total accrued compensation	$	28,931	$	43,668

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2020		2019
Duties	$	4,469	$	3,731
Expense associated with fulfilled performance obligations	1,372		1,010
Freight and handling fees	2,218		3,769
Operating lease obligations	6,094		4,903
Product warranty claim costs	1,721		1,514
Professional fees	3,794		2,833
Sales taxes and value added taxes	5,118		3,926
Short-term contingent consideration	1,758		5,428
Other (1)	6,513		8,331
Total other accrued liabilities	$	33,057	$	35,445

(1)Includes $0.3 million and $0.5 million of contract liabilities at December 31, 2020 and 2019, respectively.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Changes in the Liability for Product Warranty Claim Costs

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Balance at beginning of period	$	1,514	$	276	$	339
Accruals for warranties issued during the period	578		1,742		787
Settlements (in cash or in kind) during the period	(463)		(504)		(849)
Foreign currency translation gain (loss)	92		—		(1)
Balance at end of period	$	1,721	$	1,514	$	276

Treasury Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Repurchased Shares of Common Stock

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Shares repurchased	444		58		413
Cost of shares repurchased	$	17,678	$	1,928	$	13,824

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Cost of sales	$	182	$	139	$	84
Research and development expenses	1,099		1,096		744
Selling, general and administrative expenses:
Employees	6,257		6,431		6,491
Outside directors	1,584		1,179		1,501
Total employee and director stock-based compensation expense	$	9,122	$	8,845	$	8,820

Income tax benefit	$	1,594	$	1,877	$	1,870

Assumptions Used and Weighted Average Fair Value of Stock Option Grants

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:


	Year Ended December 31,
	2020			2019			2018
Weighted average fair value of grants	$	17.70		$	11.51		$	14.26
Risk-free interest rate	1.44		%	2.38		%	2.51		%
Expected volatility	43.95		%	41.73		%	33.09		%
Expected life in years	4.59			4.60			4.53

Stock Option Activity

Stock option activity was as follows:


	2020						2019						2018
	Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	745	$	41.73				597	$	44.27				520	$	42.56
Granted	109	46.17					170	30.08					119	44.95
Exercised	(80)	35.28			$	1,334	(22)	20.34			$	569	(35)	24.67			$	744
Forfeited/canceled/expired	—	—					—	—					(7)	27.74
Outstanding at end of the year (1)	774	$	43.01	3.71	$	9,228	745	$	41.73	3.97	$	9,798	597	$	44.27	4.08	$	758
Vested and expected to vest at the end of the year (1)	774	$	43.01	3.71	$	9,228	745	$	41.73	3.97	$	9,798	597	$	44.27	4.08	$	758
Exercisable at the end of the year (1)	582	$	43.90	2.98	$	6,887	517	$	44.95	3.01	$	5,636	430	$	42.30	3.43	$	758

Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information

Significant option groups outstanding at December 31, 2020 and the related weighted average exercise price and life information were as follows:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding (in 000's)	Weighted-Average Remaining Contractual Term (in years)	Weighted-Average Exercise Price		Number Exercisable (in 000's)	Weighted-Average Exercise Price
$19.25 to $27.07	263	3.72	$	23.83	200	$	22.82
$35.28 to $46.17	229	5.44	45.47		113	44.84
$51.38 to $65.54	282	2.61	58.85		269	59.15
	774	3.71	$	43.01	582	$	43.90

Non-Vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:


	2020			2019			2018
	Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year	310	$	34.99	204	$	49.23	162	$	61.19
Granted	238	36.85		268	30.67		167	42.65
Vested	(166)	38.28		(141)	47.26		(109)	56.16
Forfeited	(8)	43.44		(21)	35.78		(16)	54.16
Non-vested at end of the year	374	$	34.53	310	$	34.99	204	$	49.23

Detailed Information Regarding Active Stock Incentive Plans

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2020:


Name	Approval Date	Initial Shares Available for Grant Under the Plan	Remaining Shares Available for Grant Under the Plan	Outstanding Shares Granted Under the Plan
2003 Stock Incentive Plan	6/18/2003	1,000,000	—	14,391
2006 Stock Incentive Plan	6/13/2006	1,000,000	—	25,275
2010 Stock Incentive Plan	6/15/2010	1,000,000	—	123,131
2014 Stock Incentive Plan	6/12/2014	1,100,000	—	357,860
2018 Equity and Incentive Compensation Plan	6/4/2018	1,000,000	223,199	627,545
			223,199	1,148,202

Performance-Based Common Stock Warrants (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Purchase Level and Number of Warrants That Will Vest

The table below presents the purchase levels and potential number of warrants to vest in each period based upon achieving these purchase levels.


	Potential Warrants To Vest
Aggregate Level of Purchases by Comcast and Affiliates	January 1, 2016 - December 31, 2017	January 1, 2018 - December 31, 2019	January 1, 2020 - December 31, 2021
$260 million	100,000	100,000	75,000
$300 million	75,000	75,000	75,000
$340 million	75,000	75,000	75,000
Maximum Potential Warrants Earned by Comcast	250,000	250,000	225,000

Assumptions Used in Valuation and Weighted Average Fair Value of Warrants

The assumptions we utilized in the Black-Scholes option pricing model and the resulting grant-date fair value of the warrants as of January 1, 2020 were the following:




Fair value	$17.19
Price of Universal Electronics Inc. common stock	$52.21
Risk-free interest rate	1.62	%
Expected volatility	48.86	%
Expected life in years	3.00

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


	Year Ended December 31,
	2019		2018
Fair value	$21.60		$3.45
Price of Universal Electronics Inc. common stock	$58.01		$24.81
Risk-free interest rate	1.65	%	2.49	%
Expected volatility	48.90	%	43.16	%
Expected life in years	3.13		4.00

Impact to Net Sales in Connection with Warrants and Related Income Tax Benefit

The impact to net sales recorded in connection with the warrants and the related income tax benefit was as follows:


	Year Ended December 31,
(in thousands)	2020		2019		2018
Reduction to net sales	$	686	$	1,997	$	163
Income tax benefit	171		498		41

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net gain (loss) on foreign currency exchange contracts (1)	$	(310)	$	(62)	$	545
Net gain (loss) on foreign currency exchange transactions	(1,675)		(870)		(4,987)
Other income (expense)	581		(63)		(15)
Other income (expense), net	$	(1,404)	$	(995)	$	(4,457)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives. See Note 19 for further information concerning our foreign currency exchange contracts.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Calculation of Earnings Per Share

Earnings per share was calculated as follows:


	Year Ended December 31,
(In thousands, except per-share amounts)	2020		2019		2018
BASIC
Net income	$	38,572	$	3,630	$	11,924
Weighted-average common shares outstanding	13,893		13,879		13,948
Basic earnings per share	$	2.78	$	0.26	$	0.85
DILUTED
Net income	$	38,572	$	3,630	$	11,924
Weighted-average common shares outstanding for basic	13,893		13,879		13,948
Dilutive effect of stock options, restricted stock and common stock warrants	273		230		112
Weighted-average common shares outstanding on a diluted basis	14,166		14,109		14,060
Diluted earnings per share	$	2.72	$	0.26	$	0.85

Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share


	Year Ended December 31,
(In thousands)	2020	2019	2018
Stock options	468	371	390
Restricted stock awards	14	67	118
Performance-based warrants	275	188	175

Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Total Net Fair Value of Derivatives

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


	December 31, 2020								December 31, 2019
	Fair Value Measurement Using						Total Balance		Fair Value Measurement Using						Total Balance
(In thousands)	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Foreign currency exchange contracts	$	—	$	113	$	—	$	113	$	—	$	(172)	$	—	$	(172)

Foreign Currency Exchange Contracts

Details of foreign currency exchange contracts held were as follows:


Date Held	Currency	Position Held	Notional Value (in millions)		Forward Rate	Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1)		Settlement Date
December 31, 2020	USD/Chinese Yuan Renminbi	CNY	$	55.0	6.5370	$	239	January 29, 2021
December 31, 2020	USD/Brazilian Real	USD	$	0.9	5.1714	$	4	January 29, 2021
December 31, 2020	USD/Euro	USD	$	28.0	1.2177	$	(106)	January 29, 2021
December 31, 2020	USD/Mexican Peso	USD	$	1.9	20.1915	$	(24)	January 29, 2021
December 31, 2019	USD/Chinese Yuan Renminbi	CNY	$	35.0	6.9867	$	100	January 23, 2020
December 31, 2019	USD/Brazilian Real	USD	$	0.5	4.0560	$	(6)	January 24, 2020
December 31, 2019	USD/Euro	USD	$	28.0	1.1133	$	(253)	January 24, 2020
December 31, 2019	USD/Brazilian Real	USD	$	0.7	4.0870	$	(13)	January 24, 2020

- 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.

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+ Details

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Financial Data

Summarized quarterly financial data is as follows:


	2020
(In thousands, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Net sales	$	151,778	$	153,133	$	153,505	$	156,264
Gross profit	42,941		38,075		44,156		51,084
Operating income	8,046		6,460		10,246		12,515
Net income	5,846		14,400		6,168		12,158

Earnings per share (1):
Basic	$	0.42	$	1.03	$	0.44	$	0.88
Diluted	$	0.41	$	1.02	$	0.43	$	0.86


	2019
(In thousands, except per share amounts)	March 31,		June 30,		September 30,		December 31,
Net sales	$	184,163	$	193,896	$	200,724	$	174,694
Gross profit	39,874		33,993		46,479		49,857
Operating income (loss)	1,663		(3,926)		6,127		11,451
Net income (loss)	(1,005)		(5,061)		2,669		7,027
Earnings (loss) per share (1):
Basic	$	(0.07)	$	(0.37)	$	0.19	$	0.50
Diluted	$	(0.07)	$	(0.37)	$	0.19	$	0.49

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) extension	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounting Policies [Line Items]
Accruals for discounts and rebates	$ 15,900	$ 15,900
Advertising costs	900	900	$ 1,300
Selling, general and administrative expenses	$ 107,539	125,476	119,654
Dividend yield	0.00%
Number of options to extend leases \| extension	2
Maturity of foreign currency exchange contracts	9 months
Dividend Rate \| Common stock purchase warrants
Accounting Policies [Line Items]
Measurement input	0
Shipping and Handling
Accounting Policies [Line Items]
Selling, general and administrative expenses	$ 9,900	$ 13,200	$ 12,200
Minimum
Accounting Policies [Line Items]
Vesting period	1 year
Renewal term of operating leases	1 year
Estimated useful life of intangible assets	2 years
Maximum
Accounting Policies [Line Items]
Vesting period	4 years
Renewal term of operating leases	5 years
Estimated useful life of intangible assets	15 years

Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	33 years
Tooling and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Tooling and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Leasehold and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Leasehold and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Cash and Cash Equivalents - Cash and Cash Equivalents by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 57,153	$ 74,302
North America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	9,812	16,751
People's Republic of China ("PRC")
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	14,244	13,700
Asia (excluding the PRC)
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	13,518	21,691
Europe
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	10,926	9,081
South America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 8,653	$ 13,079

Revenue and Accounts Receivable, Net - Pattern of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 156,264	$ 153,505	$ 153,133	$ 151,778	$ 174,694	$ 200,724	$ 193,896	$ 184,163	$ 614,680	$ 753,477	$ 680,241
Goods and services transferred at a point in time
Net sales									495,033	558,361	577,085
Goods and services transferred over time
Net sales									$ 119,647	$ 195,116	$ 103,156

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue and Accounts Receivable, Net - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 156,264	$ 153,505	$ 153,133	$ 151,778	$ 174,694	$ 200,724	$ 193,896	$ 184,163	$ 614,680	$ 753,477	$ 680,241
United States
Net sales									255,651	407,291	315,214
Asia (excluding the PRC)
Net sales									117,142	104,324	124,657
People's Republic of China
Net sales									88,246	83,677	91,446
Europe
Net sales									108,185	94,491	85,228
Latin America
Net sales									17,481	30,006	30,954
Other
Net sales									$ 27,975	$ 33,688	$ 32,742

- Definition

+ References

+ Details

Revenue and Accounts Receivable, Net - Net Sales to Significant Customers (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Major Customer [Line Items]
Net sales	$ 156,264	$ 153,505	$ 153,133	$ 151,778	$ 174,694	$ 200,724	$ 193,896	$ 184,163	$ 614,680	$ 753,477	$ 680,241
Comcast Corporation
Revenue, Major Customer [Line Items]
Net sales									$ 123,574	$ 119,561	$ 119,809
Comcast Corporation \| Customer concentration risk \| Revenue from contract with customer benchmark
Revenue, Major Customer [Line Items]
Concentration risk percentage									20.10%	15.90%	17.60%

- Definition

+ References

+ Details

Revenue and Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables, gross	$ 122,828	$ 130,888
Allowance for credit losses	(1,412)	(1,492)	$ (1,121)	$ (1,064)
Allowance for sales returns	(761)	(623)
Trade receivables. net	120,655	128,773
Other	8,778	10,425
Accounts receivable, net	$ 129,433	$ 139,198

Revenue and Accounts Receivable, Net - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 1,492	$ 1,121	$ 1,064
Additions to costs and expenses	332	441	305
Cash receipts	(157)	0	0
Write-offs/Foreign exchange effects	(255)	(70)	(248)
Balance at end of period	$ 1,412	$ 1,492	$ 1,121

Revenue and Accounts Receivable, Net - Trade Receivables Associated with Significant Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue, Major Customer [Line Items]
Accounts receivable, net	$ 129,433	$ 139,198
Trade receivables \| Comcast Corporation \| Customer concentration risk
Revenue, Major Customer [Line Items]
Accounts receivable, net	$ 19,782	$ 0
Concentration risk percentage	15.30%	0.00%
Trade receivables \| Dish Network Corporation \| Customer concentration risk
Revenue, Major Customer [Line Items]
Accounts receivable, net	$ 0	$ 14,677
Concentration risk percentage	0.00%	10.50%

Inventories and Significant Suppliers - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 44,273	$ 56,352
Components	16,954	24,599
Work in process	6,211	1,526
Finished goods	52,992	62,658
Inventories	$ 120,430	$ 145,135

Inventories and Significant Suppliers - Purchases from Significant Suppliers (Details) - Supplier Concentration Risk - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Inventory Purchases \| Qorvo International Pte Ltd.
Concentration Risk [Line Items]
Purchases from significant supplier		$ 43.5
Concentration risk percentage		14.20%
Accounts Payable \| Zhejiang Zhen You Electronics Co. Ltd.
Concentration Risk [Line Items]
Purchases from significant supplier			$ 11.4
Concentration risk percentage	11.10%

Inventories and Significant Suppliers - Related Party Supplier (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Executive Vice President
Related Party Transactions [Line Items]
Ownership percentage in third party by executive	40.00%
Inventory Purchases \| Supplier Concentration Risk \| Affiliated Entity
Related Party Transactions [Line Items]
Inventory purchases form related party supplier	$ 1.1

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 234,236	$ 222,388
Accumulated depreciation	(154,216)	(135,254)
Property, plant and equipment, net, excluding construction in progress	80,020	87,134
Construction in progress	7,265	3,598
Total property, plant, and equipment, net	87,285	90,732
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,984	18,570
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,213	9,935
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,972	3,905
Leasehold and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	39,656	37,527
Construction in progress	2,487	574
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	101,117	94,274
Construction in progress	3,075	1,428
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,915	25,910
Construction in progress	213	518
Tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34,379	32,267
Construction in progress	$ 1,397	$ 759

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 23.2	$ 24.7	$ 26.4
Disposed of by sale \| Guangzhou factory \| Factory equipment
Property, Plant and Equipment [Line Items]
Impairment associated with closure and sale of factory		0.1	2.0
Disposed of by sale \| Guangzhou factory \| Tooling and equipment
Property, Plant and Equipment [Line Items]
Impairment associated with closure and sale of factory			2.9
People's Republic of China ("PRC") \| Disposed of by sale
Property, Plant and Equipment [Line Items]
Impairment associated with closure and sale of factory		$ 0.1	$ 4.9

Property, Plant, and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Construction in progress	$ 7,265	$ 3,598
Leasehold and building improvements
Property, Plant and Equipment [Line Items]
Construction in progress	2,487	574
Machinery and equipment
Property, Plant and Equipment [Line Items]
Construction in progress	3,075	1,428
Software
Property, Plant and Equipment [Line Items]
Construction in progress	213	518
Tooling and equipment
Property, Plant and Equipment [Line Items]
Construction in progress	1,397	759
Other
Property, Plant and Equipment [Line Items]
Construction in progress	$ 93	$ 319

Property, Plant, and Equipment, Net - Long-Lived Tangible Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	$ 106,807	$ 110,558
United States
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	15,411	19,938
People's Republic of China
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	64,197	67,625
Mexico
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	22,410	16,644
All other countries
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	$ 4,789	$ 6,351

Goodwill and Intangible Assets, Net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Goodwill
Balance	$ 48,447	$ 48,485
Foreign exchange effects	167	(38)
Balance	$ 48,614	$ 48,447

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 35,410	$ 64,708
Accumulated amortization	(15,700)	(44,878)
Intangible assets, net	19,710	19,830
Gross value of fully amortized intangible assets	$ 42,700	7,400
Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	2 years
Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	15 years
Capitalized software development costs (2 years)
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	2 years
Gross	$ 477	0
Accumulated amortization	0	0
Intangible assets, net	477	0
Customer relationships (10-15 years)
Finite-Lived Intangible Assets, Net [Abstract]
Gross	8,100	32,534
Accumulated amortization	(4,329)	(25,956)
Intangible assets, net	$ 3,771	6,578
Customer relationships (10-15 years) \| Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	10 years
Customer relationships (10-15 years) \| Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	15 years
Developed and core technology (5-15 years)
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 4,080	12,480
Accumulated amortization	(3,044)	(10,016)
Intangible assets, net	$ 1,036	2,464
Developed and core technology (5-15 years) \| Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	5 years
Developed and core technology (5-15 years) \| Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	15 years
Distribution rights (10 years)
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	10 years
Gross	$ 352	322
Accumulated amortization	(261)	(210)
Intangible assets, net	$ 91	112
Patents (10 years)
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	10 years
Gross	$ 21,601	16,587
Accumulated amortization	(7,574)	(6,491)
Intangible assets, net	$ 14,027	10,096
Trademarks and trade names (10 years)
Finite-Lived Intangible Assets, Net [Abstract]
Estimated useful life of intangible assets	10 years
Gross	$ 800	2,785
Accumulated amortization	(492)	(2,205)
Intangible assets, net	$ 308	$ 580

Goodwill and Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 6,500	$ 7,192	$ 7,184
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	0	0	103
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 6,500	$ 7,192	$ 7,081

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Estimated Future Amortization expense
2021	$ 3,259
2022	3,386
2023	3,240
2024	2,419
2025	2,150
Thereafter	5,256
Intangible assets, net	$ 19,710	$ 19,830
Weighted Average
Schedule of Estimated Future Amortization expense
Remaining weighted average amortization period	6 years 7 months 6 days

Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Jan. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) lease	Dec. 31, 2018 USD ($)
Operating Leased Assets [Line Items]
Rent expense				$ 4,900
Impairment of ROU asset		$ 800
Number of operating leases not yet commenced \| lease			4
Initial lease liability of operating leases that have not yet commenced			$ 400
Operating lease right-of-use assets		$ 19,826	$ 19,522
Prepaid lease assets, remaining amortization period		4 years 3 months 18 days	3 years 8 months 12 days
Net book value of asset		$ 90,732	$ 87,285
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OtherAccruedLiabilitiesCurrent	us-gaap:OtherAccruedLiabilitiesCurrent
Subsequent event
Operating Leased Assets [Line Items]
Lease liability reversal	$ 700
Three-year term
Operating Leased Assets [Line Items]
Term of operating lease that has not yet commenced			2 years
Four-year term
Operating Leased Assets [Line Items]
Term of operating lease that has not yet commenced			4 years
Yangzhou
Operating Leased Assets [Line Items]
Operating lease right-of-use assets			$ 2,400
Prepaid lease assets, remaining amortization period			38 years
Yangzhou \| Buildings on prepaid land
Operating Leased Assets [Line Items]
Net book value of asset			$ 16,900
Remaining depreciable period of asset			19 years
Property subject to rent escalations \| Maximum
Operating Leased Assets [Line Items]
Lessee term of contract			40 years

Leases - Lease Balances within the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Operating lease right-of-use assets	$ 19,522	$ 19,826
Liabilities:
Other accrued liabilities	6,094	4,903
Long-term operating lease obligations	13,681	15,639
Total lease liabilities	$ 19,775	$ 20,542

Leases - Operating Lease Expense, Operating lease Cash Flows and Supplemental Cash flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 5,936	$ 6,334
Operating cash outflows from operating leases	6,552	6,617
Operating lease right-of-use assets obtained in exchange for lease obligations	3,743	4,302
Cost of sales
Lessee, Lease, Description [Line Items]
Total operating lease expense	1,896	1,945
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 4,040	$ 4,389

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average lease liability term (in years)	3 years 8 months 12 days	4 years 3 months 18 days
Weighted average discount rate	3.84%	4.50%

Leases - Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 6,812
2022	6,128
2023	3,557
2024	2,172
2025	1,628
Thereafter	964
Total lease payments	21,261
Less: imputed interest	(1,486)
Total lease liabilities	$ 19,775	$ 20,542

Line of Credit (Details) - USD ($)	12 Months Ended
Line of Credit (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 01, 2019	Jun. 30, 2019
Line of Credit Facility [Line Items]
Amount outstanding under line of credit	$ 20,000,000	$ 68,000,000
Interest expense on borrowings	$ 1,600,000	$ 4,300,000	$ 5,000,000.0
Line of credit \| US Bank
Line of Credit Facility [Line Items]
Effective interest rate	1.39%	3.03%
Commitment fees	$ 0
Line of credit \| US Bank \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of credit \| US Bank \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Line of credit \| US Bank \| Base rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Line of credit \| US Bank \| Base rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Line of credit \| US Bank \| Enson
Line of Credit Facility [Line Items]
Ownership interest used to secure obligations	65.00%
Line of credit \| Second Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 125,000,000.0	$ 130,000,000.0
Letter of credit
Line of Credit Facility [Line Items]
Letter of credit outstanding amount	$ 2,700,000

Income Taxes - Pre-Tax Income (Loss) by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic operations	$ (15,711)	$ (28,929)	$ (28,482)
Foreign operations	59,616	39,331	54,648
Income before provision for income taxes	$ 43,905	$ 10,402	$ 26,166

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense:
U.S. federal	$ (193)	$ (188)	$ (1,074)
State and local	(54)	82	83
Foreign	6,525	8,217	10,829
Total current	6,278	8,111	9,838
Deferred tax (benefit) expense:
U.S. federal	0	0	3,961
State and local	0	0	1,930
Foreign	(945)	(1,339)	(1,487)
Total deferred	(945)	(1,339)	4,404
Total provision for income taxes	$ 5,333	$ 6,772	$ 14,242

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued liabilities	$ 0	$ 4,070
Amortization of intangible assets	1,904	2,169
Capitalized inventory costs	2,945	3,156
Depreciation	2,530	426
Income tax credits	15,558	11,800
Inventory reserves	3,383	2,887
Net operating losses	2,844	2,644
Operating lease obligations	4,639	7,878
Stock-based compensation	4,600	4,018
Other	409	71
Total deferred tax assets	38,812	39,119
Deferred tax liabilities:
Accrued liabilities	(1,939)	0
Allowance for credit losses	(710)	(270)
Right of use assets	(4,577)	(7,480)
Other	(29)	(3,866)
Total deferred tax liabilities	(7,255)	(11,616)
Net deferred tax assets before valuation allowance	31,557	27,503
Less: Valuation allowance	(27,906)	(24,797)
Net deferred tax assets	$ 3,651	$ 2,706

Income Taxes - Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Tax provision at statutory U.S. rate	$ 9,220	$ 2,185	$ 5,495
Increase (decrease) in tax provision resulting from:
Federal research and development credits	(2,119)	(884)	(713)
Foreign permanent benefit	(2,842)	(856)	(7,077)
Foreign tax rate differential	(1,595)	(1,810)	(2,079)
Foreign undistributed earnings, net of credits	3,319	1,181	5,329
Non-deductible items	1,637	1,236	1,197
Non-territorial income	(2,493)	(1,806)	(1,079)
Provision to return	(343)	584	0
State and local taxes, net	(1,932)	(1,903)	(1,792)
Stock-based compensation	(266)	262	213
Tax rate change	(1,527)	(412)	466
Uncertain tax positions	(1,565)	(294)	(159)
Valuation allowance	3,109	7,524	8,057
Withholding tax	2,320	1,082	5,454
Other	410	683	930
Total provision for income taxes	$ 5,333	$ 6,772	$ 14,242

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Valuation allowance	$ 27,906	$ 24,797
Increase in valuation allowance	3,100	7,500
Unrecognized tax benefits including interest and penalties	3,100	4,300
Interest and penalties		200	$ 500
Unrecognized tax benefits that would impact effective tax rate	3,000	4,300	4,300
Deferred tax liability related to state tax liabilities on future distributions	2,100	$ 1,700	$ 1,200
Federal
Income Taxes [Line Items]
Valuation allowance	13,300
State
Income Taxes [Line Items]
Net operating losses	37,300
Valuation allowance	14,400
Foreign
Income Taxes [Line Items]
Net operating losses	500
Valuation allowance	300
Research and experimentation \| Federal
Income Taxes [Line Items]
Income tax credit carryforwards	3,700
Research and experimentation \| State
Income Taxes [Line Items]
Income tax credit carryforwards	$ 11,300

Income Taxes - Changes to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes to gross unrecognized tax benefits:
Balance at beginning of period	$ 4,094	$ 4,040	$ 5,081
Additions as a result of tax provisions taken during the current year	274	473	702
Foreign currency translation	20
Foreign currency translation		(100)	(51)
Lapse in statute of limitations	(51)	(92)	(80)
Settlements	0	(227)	(1,612)
Other	(1,317)	0	0
Balance at end of period	$ 3,020	$ 4,094	$ 4,040

Accrued Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued social insurance adjustment			$ 9,464	$ 0	$ 0
Disposed of by sale \| Guangzhou entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Indemnification period		2 years
Accrued social insurance adjustment	$ 9,500

Accrued Compensation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Components of Accrued Compensation
Accrued bonus	$ 7,602	$ 13,965
Accrued commission	1,779	1,283
Accrued salary/wages	7,107	7,465
Accrued social insurance	7,375	16,588
Accrued vacation/holiday	3,307	2,766
Other accrued compensation	1,761	1,601
Total accrued compensation	$ 28,931	$ 43,668

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Duties	$ 4,469	$ 3,731
Expense associated with fulfilled performance obligations	1,372	1,010
Freight and handling fees	2,218	3,769
Operating lease obligations	6,094	4,903
Product warranty claim costs	1,721	1,514
Professional fees	3,794	2,833
Sales taxes and value added taxes	5,118	3,926
Short-term contingent consideration	1,758	5,428
Other	6,513	8,331
Total other accrued liabilities	33,057	35,445
Contract liabilities	$ 300	$ 500

Commitments and Contingencies - Changes in the Liability for Product Warranty Claim Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in the liability for product warranty claim costs
Balance at beginning of period	$ 1,514	$ 276	$ 339
Accruals for warranties issued during the period	578	1,742	787
Settlements (in cash or in kind) during the period	(463)	(504)	(849)
Foreign currency translation gain (loss)	92	0	(1)
Balance at end of period	$ 1,721	$ 1,514	$ 276

Commitments and Contingencies - Restructuring Activities and Sale of Guangzhou Factory (Details) $ in Thousands, ¥ in Millions		12 Months Ended
	Jun. 26, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 26, 2018 USD ($)	Apr. 26, 2018 CNY (¥)	Apr. 23, 2018 USD ($)	Apr. 23, 2018 CNY (¥)	Sep. 26, 2016 CNY (¥)
Restructuring Cost and Reserve [Line Items]
Nonrefundable deposit					$ 5,100	¥ 34.0
Consideration receivable upon government approvals					237,000	35.8
Escrow deposit					$ 10,300	¥ 68.0
Gain on sale of Guangzhou factory	$ 37,000	$ 0	$ 0	$ 36,978
Net gain on disposal	$ 32,100
Guangzhou factory \| Disposed of by sale
Restructuring Cost and Reserve [Line Items]
Consideration received in sale							$ 51,400	¥ 339.0	¥ 320.0
Escrow deposit as percentage of purchase price									10.00%

Commitments and Contingencies - Other Restructuring Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Severance costs	$ 0.4	$ 0.9

Commitments and Contingencies - Litigation (Details)			2 Months Ended
Commitments and Contingencies - Litigation (Details)	Apr. 09, 2020 patent	Sep. 05, 2018 patent	Jun. 30, 2020 patent inter_partes_review	Dec. 31, 2020 inter_partes_review
Contingencies [Line Items]
Number of IPR requests denied \| inter_partes_review				3
Number of IPR requests granted \| inter_partes_review				6
Number of IPR requests \| inter_partes_review			4
Number of patents subject to IPR requests			3
Number of additional IPR requests \| inter_partes_review			1
Roku lawsuit
Contingencies [Line Items]
Number of patents allegedly infringed upon		9
Roku lawsuit \| Pending litigation
Contingencies [Line Items]
Number of patent families		4
Roku, TCL, Hisense, and Funai Patent Infringement - ITC Matter \| Pending litigation
Contingencies [Line Items]
Number of patents allegedly infringed upon	5
TLC Hisense and Funai - ITC Matter \| Pending litigation
Contingencies [Line Items]
Number of patents allegedly infringed upon	6

Commitments and Contingencies - Defined Benefit Plan (Details) - India subsidiary	12 Months Ended
	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Percentage of employees eligible for benefits	57.00%
Minimum service period of employees to be eligible under plan	5 years
Number of days salary payable under termination, resignation, or retirement	15 days

Treasury Stock - Narrative (Details) - shares	Feb. 11, 2021	Dec. 31, 2020	Oct. 28, 2020
November 2020 Program
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased (in shares)			500,000
Remaining number of shares authorized to be repurchased (in shares)		500,000
February 2021 Program \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased (in shares)	300,000

Treasury Stock - Repurchased Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares repurchased (in shares)	444	58	413
Cost of shares repurchased	$ 17,678	$ 1,928	$ 13,824

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	$ 9,122	$ 8,845	$ 8,820
Income tax benefit	1,594	1,877	1,870
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	182	139	84
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	1,099	1,096	744
Selling, general and administrative expenses \| Employees
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	6,257	6,431	6,491
Selling, general and administrative expenses \| Outside directors
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	$ 1,584	$ 1,179	$ 1,501

Stock-Based Compensation - Assumptions Used and Weighted Average Fair Value of Stock Option Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Weighted average fair value of grants (in dollars per share)	$ 17.70	$ 11.51	$ 14.26
Risk-free interest rate	1.44%	2.38%	2.51%
Expected volatility	43.95%	41.73%	33.09%
Expected life in years	4 years 7 months 2 days	4 years 7 months 6 days	4 years 6 months 10 days

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding at beginning of the year (in shares)	745	597	520
Granted (in shares)	109	170	119
Exercised (in shares)	(80)	(22)	(35)
Forfeited/canceled/expired (in shares)	0	0	(7)
Outstanding at end of the year (in shares)	774	745	597
Vested and expected to vest at the end of the year (in shares)	774	745	597
Exercisable at the end of the year (in shares)	582	517	430
Weighted-Average Exercise Price
Outstanding at beginning of the year (in dollars per share)	$ 41.73	$ 44.27	$ 42.56
Granted (in dollars per share)	46.17	30.08	44.95
Exercised (in dollars per share)	35.28	20.34	24.67
Forfeited/canceled/expired (in dollars per share)	0	0	27.74
Outstanding at end of the year (in dollars per share)	43.01	41.73	44.27
Vested and expected to vest at the end of the year (in dollars per share)	43.01	41.73	44.27
Exercisable at the end of the year (in dollars per share)	$ 43.90	$ 44.95	$ 42.30
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding at end of the year	3 years 8 months 15 days	3 years 11 months 19 days	4 years 29 days
Vested and expected to vest at the end of the year	3 years 8 months 15 days	3 years 11 months 19 days	4 years 29 days
Exercisable at the end of the year	2 years 11 months 23 days	3 years 3 days	3 years 5 months 4 days
Exercised	$ 1,334	$ 569	$ 744
Outstanding at end of the year	9,228	9,798	758
Vested and expected to vest at the end of the year	9,228	9,798	758
Exercisable at the end of the year	$ 6,887	$ 5,636	$ 758

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 11, 2021	Feb. 28, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares withheld			$ 2,805	$ 448	$ 864
Proceeds from stock options exercised			2,805	448	864
Tax benefit from stock options exercised			$ 300	$ 10	$ 200
Options granted (in shares)			109,000	170,000	119,000
Restricted stock granted (in shares)			238,000	268,000	167,000
Term of plans / awards			10 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense			$ 2,200
Unrecognized pre-tax stock-based compensation expense, period for recognition			1 year 9 months 18 days
Term of plans / awards			10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Non-vested restricted stock award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense			$ 8,400
Unrecognized pre-tax stock-based compensation expense, period for recognition			1 year 8 months 12 days
Non-vested restricted stock award \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Non-vested restricted stock award \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Stock appreciation rights and performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted to date (in shares)			0
Certain executive employees \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	80,315
Certain executive employees \| Stock options \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Grant date fair value of stock options	$ 1,900
Certain executive employees \| Stock options \| Vesting on February 12, 2021 \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Certain executive employees \| Stock options \| Vesting quarterly thereafter \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	8.33%
Certain executive employees \| Non-vested restricted stock award \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted stock granted (in shares)		111,775
Grant date fair value of restricted stock		$ 6,700
Certain executive employees \| Non-vested restricted stock award \| Vesting on February 12, 2021 \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Restricted stock granted (in shares)	32,395
Certain executive employees \| Non-vested restricted stock award \| Vesting quarterly thereafter \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	8.33%
Certain executive employees \| Non-vested restricted stock award \| Share-based Payment Arrangement, Tranche Two \| Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Restricted stock granted (in shares)	79,380

Stock-Based Compensation - Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options Outstanding
Number outstanding (in shares)	774	745	597	520
Weighted-average remaining contractual term (in years)	3 years 8 months 15 days	3 years 11 months 19 days	4 years 29 days
Weighted average exercise price (in dollars per share)	$ 43.01	$ 41.73	$ 44.27	$ 42.56
Options Exercisable
Number exercisable (in shares)	582	517	430
Weighted-average exercise price (in dollars per share)	$ 43.90	$ 44.95	$ 42.30
Exercise price range 1
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	19.25
Range of exercise prices, upper range limit (in dollars per share)	$ 27.07
Options Outstanding
Number outstanding (in shares)	263
Weighted-average remaining contractual term (in years)	3 years 8 months 19 days
Weighted average exercise price (in dollars per share)	$ 23.83
Options Exercisable
Number exercisable (in shares)	200
Weighted-average exercise price (in dollars per share)	$ 22.82
Exercise price range 2
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	35.28
Range of exercise prices, upper range limit (in dollars per share)	$ 46.17
Options Outstanding
Number outstanding (in shares)	229
Weighted-average remaining contractual term (in years)	5 years 5 months 8 days
Weighted average exercise price (in dollars per share)	$ 45.47
Options Exercisable
Number exercisable (in shares)	113
Weighted-average exercise price (in dollars per share)	$ 44.84
Exercise price range 3
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	51.38
Range of exercise prices, upper range limit (in dollars per share)	$ 65.54
Options Outstanding
Number outstanding (in shares)	282
Weighted-average remaining contractual term (in years)	2 years 7 months 9 days
Weighted average exercise price (in dollars per share)	$ 58.85
Options Exercisable
Number exercisable (in shares)	269
Weighted-average exercise price (in dollars per share)	$ 59.15

Stock-Based Compensation - Non-Vested Restricted Stock Awards Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares (in 000's)
Non-vested at beginning of period (in shares)	310	204	162
Granted (in shares)	238	268	167
Vested (in shares)	(166)	(141)	(109)
Forfeited (in shares)	(8)	(21)	(16)
Non-vested at end of period (in shares)	374	310	204
Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year (in dollars per share)	$ 34.99	$ 49.23	$ 61.19
Granted (in dollars per share)	36.85	30.67	42.65
Vested (in dollars per share)	38.28	47.26	56.16
Forfeited (in dollars per share)	43.44	35.78	54.16
Non-vested at end of the year (in dollars per share)	$ 34.53	$ 34.99	$ 49.23

Stock-Based Compensation - Detailed Information Regarding Active Stock Incentive Plans (Details)	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant under the plan (in shares)	223,199
Outstanding shares granted under the plan (in shares)	1,148,202
2003 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial shares available for grant under the plan (in shares)	1,000,000
Remaining shares available for grant under the plan (in shares)	0
Outstanding shares granted under the plan (in shares)	14,391
2006 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial shares available for grant under the plan (in shares)	1,000,000
Remaining shares available for grant under the plan (in shares)	0
Outstanding shares granted under the plan (in shares)	25,275
2010 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial shares available for grant under the plan (in shares)	1,000,000
Remaining shares available for grant under the plan (in shares)	0
Outstanding shares granted under the plan (in shares)	123,131
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial shares available for grant under the plan (in shares)	1,100,000
Remaining shares available for grant under the plan (in shares)	0
Outstanding shares granted under the plan (in shares)	357,860
2018 Equity and Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial shares available for grant under the plan (in shares)	1,000,000
Remaining shares available for grant under the plan (in shares)	223,199
Outstanding shares granted under the plan (in shares)	627,545

Performance-Based Common Stock Warrants - Narrative (Details)		12 Months Ended		24 Months Ended
	Mar. 09, 2016 USD ($) vesting_period $ / shares shares	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2019 shares	Dec. 31, 2017 shares	Dec. 31, 2020 USD ($) shares
Class of Warrant or Right [Line Items]
Aggregate unrecognized estimated fair value of unvested warrants \| $						$ 600,000
Common stock purchase warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	725,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 54.55
Number of vesting periods \| vesting_period	3
Term of successive vesting periods	2 years	2 years	2 years
Vesting period one	2 years
Number of vested warrants outstanding (in shares)						275,000
Unearned underlying shares (in shares)						225,000
Common stock purchase warrants \| Supply threshold
Class of Warrant or Right [Line Items]
Aggregate level of purchases, $260 million threshold \| $	$ 260,000,000
Aggregate level of purchases, $340 million threshold \| $	340,000,000
Supply threshold amount \| $	$ 340,000,000
Comcast \| Common stock purchase warrants
Class of Warrant or Right [Line Items]
Number of warrants vested in period (in shares)				100,000	175,000
Maximum warrants available to vest (in shares)				250,000	250,000

Performance-Based Common Stock Warrants - Purchase Level and Number of Warrants to Vest (Details) - Common stock purchase warrants - Supply threshold	Mar. 09, 2016 USD ($) shares
Class of Warrant or Right [Line Items]
Aggregate level of purchases, threshold one \| $	$ 260,000,000
Aggregate level of purchases, threshold two \| $	300,000,000
Aggregate level of purchases, threshold three \| $	$ 340,000,000
Incremental Warrants That Will Vest January 1, 2016 - December 31, 2017
$260 million threshold (in shares)	100,000
$300 million threshold (in shares)	75,000
$340 million threshold (in shares)	75,000
Maximum potential warrants earned by Comcast (in shares)	250,000
Incremental Warrants That Will Vest January 1, 2018 - December 31, 2019
$260 million threshold (in shares)	100,000
$300 million threshold (in shares)	75,000
$340 million threshold (in shares)	75,000
Maximum potential warrants earned by Comcast (in shares)	250,000
Incremental Warrants That Will Vest January 1, 2020 - December 31, 2021
$260 million threshold (in shares)	75,000
$300 million threshold (in shares)	75,000
$340 million threshold (in shares)	75,000
Maximum potential warrants earned by Comcast (in shares)	225,000

Performance-Based Common Stock Warrants - Assumptions Used in Valuation and Weighted Average Fair Value of Warrants (Details) - Performance-based warrants	Jan. 01, 2020 $ / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 $ / shares
Class of Warrant or Right [Line Items]
Fair value (in dollars per share)	$ 17.19	$ 21.60	$ 3.45
Price of Universal Electronics Inc. common stock (in dollars per share)	$ 52.21	$ 58.01	$ 24.81
Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input	0.0162	0.0165	0.0249
Expected volatility
Class of Warrant or Right [Line Items]
Measurement input	0.4886	0.4890	0.4316
Expected life in years
Class of Warrant or Right [Line Items]
Expected life in years	3 years	3 years 1 month 17 days	4 years

Performance-Based Common Stock Warrants - Impact to Net Sales in Connection with Warrants and Related Income Tax Benefit (Details) - Performance-based warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Warrant or Right [Line Items]
Reduction to net sales	$ 686	$ 1,997	$ 163
Income tax benefit	$ 171	$ 498	$ 41

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Net gain (loss) on foreign currency exchange contracts	$ (310)	$ (62)	$ 545
Net gain (loss) on foreign currency exchange transactions	(1,675)	(870)	(4,987)
Other income (expense)	581	(63)	(15)
Other income (expense), net	$ (1,404)	$ (995)	$ (4,457)

Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BASIC
Net income					$ 7,027	$ 2,669	$ (5,061)	$ (1,005)
Weighted-average common shares outstanding (in shares)									13,893	13,879	13,948
Basic earnings (loss) per share (in dollars per share)	$ 0.88	$ 0.44	$ 1.03	$ 0.42	$ 0.50	$ 0.19	$ (0.37)	$ (0.07)	$ 2.78	$ 0.26	$ 0.85
Net income	$ 12,158	$ 6,168	$ 14,400	$ 5,846					$ 38,572	$ 3,630	$ 11,924
DILUTED
Net income					$ 7,027	$ 2,669	$ (5,061)	$ (1,005)
Weighted-average common shares outstanding (in shares)									13,893	13,879	13,948
Dilutive effect of stock options, restricted stock and common stock warrants (in shares)									273	230	112
Weighted-average common shares outstanding on a diluted basis (in shares)									14,166	14,109	14,060
Diluted earnings (loss) per share (in dollars per share)	$ 0.86	$ 0.43	$ 1.02	$ 0.41	$ 0.49	$ 0.19	$ (0.37)	$ (0.07)	$ 2.72	$ 0.26	$ 0.85

- Definition

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Earnings Per Share - Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	468	371	390
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	14	67	118
Performance-based warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	275	188	175

Derivatives - Total Net Fair Value of Derivatives (Details) - Foreign currency exchange contracts - Measured on a recurring basis - Not designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total Balance
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 113	$ (172)
Level 1
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	0	0
Level 2
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	113	(172)
Level 3
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 0	$ 0

Derivatives - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (310)	$ (62)	$ 545
Not designated as hedging instrument \| Foreign currency exchange contracts \| Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (300)	$ (100)	$ 500

Derivatives - Foreign Currency Exchange Contracts (Details) - Not designated as hedging instrument $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / ¥ $ / R$ $ / € $ / $	Dec. 31, 2019 USD ($) $ / ¥ $ / R$ $ / €
USD/Chinese Yuan Renminbi
Derivative [Line Items]
Notional value	$ 55,000	$ 35,000
Forward Rate \| $ / ¥	6.5370	6.9867
Unrealized gain (loss) recorded at balance sheet date	$ 239	$ 100
USD/Brazilian Real
Derivative [Line Items]
Notional value		$ 700
Forward Rate \| $ / R$		4.0870
Unrealized gain (loss) recorded at balance sheet date		$ (13)
USD/Brazilian Real \| USD/Brazilian Real
Derivative [Line Items]
Notional value	$ 900	$ 500
Forward Rate \| $ / R$	5.1714	4.0560
Unrealized gain (loss) recorded at balance sheet date	$ 4	$ (6)
USD/Euro
Derivative [Line Items]
Notional value	$ 28,000
Forward Rate \| $ / €	1.2177
Unrealized gain (loss) recorded at balance sheet date	$ (106)
USD/Euro \| USD/Euro
Derivative [Line Items]
Notional value		$ 28,000
Forward Rate \| $ / €		1.1133
Unrealized gain (loss) recorded at balance sheet date		$ (253)
USD/Mexican Peso \| USD/Mexican Peso
Derivative [Line Items]
Notional value	$ 1,900
Forward Rate \| $ / $	20.1915
Unrealized gain (loss) recorded at balance sheet date	$ (24)

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Percent of employer matching contribution	50.00%
Maximum percent of annual employer matched contribution per employee	15.00%
Company contributions expense	$ 1.2	$ 0.9	$ 1.1

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 156,264	$ 153,505	$ 153,133	$ 151,778	$ 174,694	$ 200,724	$ 193,896	$ 184,163	$ 614,680	$ 753,477	$ 680,241
Gross profit	51,084	44,156	38,075	42,941	49,857	46,479	33,993	39,874	176,256	170,203	141,804
Operating income	12,515	10,246	6,460	8,046	$ 11,451	$ 6,127	$ (3,926)	$ 1,663	37,267	15,315	(1,665)
Net income	$ 12,158	$ 6,168	$ 14,400	$ 5,846					$ 38,572	$ 3,630	$ 11,924
Earnings per share:
Basic (in dollars per share)	$ 0.88	$ 0.44	$ 1.03	$ 0.42	$ 0.50	$ 0.19	$ (0.37)	$ (0.07)	$ 2.78	$ 0.26	$ 0.85
Diluted (in dollars per share)	$ 0.86	$ 0.43	$ 1.02	$ 0.41	$ 0.49	$ 0.19	$ (0.37)	$ (0.07)	$ 2.72	$ 0.26	$ 0.85

- Definition

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

- Definition

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