COVER PAGE Document
COVER PAGE Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 04, 2019 | |
COVER PAGE [Abstract] | ||
Entity Central Index Key | 0001033905 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | LMNX | |
City Area Code | (512) | |
Entity Address, Address Line One | 12212 Technology Blvd., | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-30109 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity Registrant Name | LUMINEX CORPORATION | |
Entity Tax Identification Number | 74-2747608 | |
Entity Address, City or Town | Austin, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78727 | |
Local Phone Number | 219-8020 | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,051,907 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 66,051 | $ 76,441 |
Accounts Receivable, Net, Current | 45,810 | 53,396 |
Inventory, Net | 76,122 | 63,250 |
Other | 10,956 | 9,657 |
Total current assets | 198,939 | 202,744 |
Property, Plant and Equipment, Net | 66,527 | 66,288 |
Intangible Assets, Net (Excluding Goodwill) | 93,188 | 105,148 |
Goodwill | 118,145 | 118,127 |
Operating Lease, Right-of-Use Asset | 21,554 | 0 |
Deferred Income Tax Assets, Net | 31,160 | 21,470 |
Other Assets, Noncurrent | 9,365 | 11,398 |
Total assets | 538,878 | 525,175 |
Current liabilities: | ||
Accounts payable | 18,547 | 14,504 |
Accrued Liabilities, Current | 29,940 | 26,772 |
Short-term unearned revenue | 8,053 | 10,099 |
Total current liabilities | 56,540 | 51,375 |
Long-term unearned revenue | 2,214 | 1,079 |
Operating Lease, Liability, Noncurrent | 18,380 | 0 |
Other long-term liabilities | 1,837 | 5,065 |
Total liabilities | 78,971 | 57,519 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Outstanding | 44 | 44 |
Preferred Stock, Value, Outstanding | 0 | 0 |
Additional Paid in Capital | 374,872 | 365,349 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,623) | (1,127) |
Retained earnings | 86,614 | 103,390 |
Stockholders' Equity Attributable to Parent | 459,907 | 467,656 |
Liabilities and Equity | $ 538,878 | $ 525,175 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 43,899,210 | |
Common Stock, Shares, Outstanding | 44,222,148 | 43,899,210 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
INCOME STATEMENTS
INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 78,673 | $ 72,445 | $ 244,137 | $ 234,685 |
Cost of Goods and Services Sold | 36,833 | 28,189 | 111,263 | 87,535 |
Gross margin | 41,840 | 44,256 | 132,874 | 147,150 |
Research and development | 13,262 | 11,996 | 43,295 | 33,994 |
Selling, General and Administrative Expense | 31,448 | 26,340 | 96,085 | 79,780 |
Amortization of Intangible Assets | 2,852 | 2,166 | 8,556 | 6,498 |
Operating Expenses | 47,562 | 40,502 | 147,936 | 120,272 |
Operating income | (5,722) | 3,754 | (15,062) | 26,878 |
Other income, net | 2 | 8 | (96) | 465 |
Income (Loss) Attributable to Parent, before Tax | (5,720) | 3,762 | (15,158) | 27,343 |
Provision for income taxes | 470 | (2,025) | 7,937 | (6,540) |
Net Income (Loss) Attributable to Parent | (5,250) | 1,737 | (7,221) | 20,803 |
Net Income (Loss) Available to Common Stockholders, Basic | (5,224) | 1,708 | (7,187) | 20,447 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (5,224) | $ 1,708 | $ (7,189) | $ 20,449 |
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic | $ (0.12) | $ 0.04 | $ (0.16) | $ 0.47 |
Earnings Per Share, Diluted | $ (0.12) | $ 0.04 | $ (0.16) | $ 0.46 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 44,216 | 43,836 | 44,109 | 43,679 |
Weighted Average Number of Shares Outstanding, Diluted | 44,216 | 44,707 | 44,109 | 44,193 |
Common Stock, Dividends, Per Share, Declared | $ 0.09 | $ 0.06 | $ 0.21 | $ 0.18 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (454) | $ (102) | $ (496) | $ (421) |
Other Comprehensive Income (Loss), Net of Tax | (454) | (102) | (496) | (421) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (5,704) | $ 1,635 | $ (7,717) | $ 20,382 |
INCOME STATEMENTS INCOME STATEM
INCOME STATEMENTS INCOME STATEMENTS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Operating Expenses | $ 47,562 | $ 40,502 | $ 147,936 | $ 120,272 |
Operating Income (Loss) | $ (5,722) | $ 3,754 | $ (15,062) | $ 26,878 |
CASH FLOWS STATEMENTS
CASH FLOWS STATEMENTS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ (5,250) | $ 1,737 | $ (7,221) | $ 20,803 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Depreciation, Depletion and Amortization | 7,177 | 5,714 | 21,170 | 17,737 |
Stock-based compensation expense | 3,565 | 3,652 | 9,644 | 8,460 |
Increase (Decrease) in Deferred Income Taxes | (2,316) | 4,889 | (10,970) | 8,650 |
Gain (Loss) on Disposition of Property Plant Equipment | 59 | 332 | 231 | 443 |
Other Operating Activities, Cash Flow Statement | (510) | (159) | (532) | (1,286) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 13,459 | 4,570 | 7,563 | 9,623 |
Inventories | (6,617) | (2,982) | (12,602) | (5,584) |
Operating Assets | 567 | (4,187) | 3,971 | (4,743) |
Operating Liabilities | 600 | 1,633 | (6,956) | (6,440) |
Accounts payable | 372 | (47) | 4,540 | (1,708) |
Unearned revenue | (1,661) | 0 | (610) | 653 |
Net cash from operations | 9,445 | 15,152 | 8,228 | 46,608 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Common stock issued | 695 | 566 | 2,481 | 3,982 |
Payments Related to Tax Withholding for Share-based Compensation | (4) | (18) | (2,089) | (2,034) |
Common stock cash dividends paid | (2,703) | (2,676) | (8,098) | (7,978) |
Net cash used in financing | (2,012) | (2,128) | (7,706) | (6,030) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Additions to property and equipment | (4,993) | (5,228) | (13,115) | (14,264) |
Payments for (Proceeds from) Previous Acquisition | 0 | 0 | 1,915 | 0 |
Payments to Acquire Notes Receivable | 0 | 0 | 0 | (1,000) |
Payments to Acquire Equity Method Investments | 0 | 0 | 0 | (1,782) |
Payments to Acquire Intangible Assets | 0 | 0 | 0 | (4,000) |
Net cash used in investing | (4,993) | (5,228) | (11,200) | (21,046) |
Effect of foreign exchange rates on cash and cash equivalents | 286 | 102 | 288 | 250 |
Net change in cash and cash equivalents | 2,726 | 7,898 | (10,390) | 19,782 |
Cash and cash equivalents, end of period | $ 66,051 | $ 146,894 | $ 66,051 | $ 146,894 |
STOCKHOLDERS' EQUITY STATEMENTS
STOCKHOLDERS' EQUITY STATEMENTS - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated other comprehensive Income (loss) | Retained earnings |
Stockholders' Equity Attributable to Parent | $ 467,656 | $ 44 | $ 365,349 | $ (1,127) | $ 103,390 |
Common Stock, Shares, Outstanding | 43,899,210 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 298 | $ 0 | 298 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 204,216 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (2,072) | $ 0 | (2,072) | 0 | 0 |
Stock-based compensation expense | 2,449 | 0 | 2,449 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 2,960 | $ 0 | 0 | 0 | 2,960 |
Common stock cash dividends | (2,701) | 25 | (2,726) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 16,707 | ||||
Net Income (Loss) Attributable to Parent | (7,221) | ||||
Stockholders' Equity Attributable to Parent | 468,457 | $ 44 | 366,049 | (1,260) | 103,624 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (133) | 0 | 0 | (133) | 0 |
Common Stock, Shares, Outstanding | 44,120,133 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 499 | $ 0 | 499 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 11,033 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (13) | $ 0 | (13) | 0 | 0 |
Stock-based compensation expense | 3,630 | $ 0 | 3,630 | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 53,865 | ||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | 966 | $ 0 | 966 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (4,931) | $ 0 | 0 | 0 | (4,931) |
Common stock cash dividends | (2,705) | 27 | (2,732) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 28,327 | ||||
Stockholders' Equity Attributable to Parent | 465,994 | $ 44 | 371,158 | (1,169) | 95,961 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 91 | 0 | 0 | 91 | 0 |
Common Stock, Shares, Outstanding | 44,213,358 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 124 | $ 0 | 124 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,507 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (4) | $ 0 | (4) | 0 | 0 |
Stock-based compensation expense | 3,565 | $ 0 | 3,565 | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | 0 | $ 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (5,250) | $ 0 | 0 | 0 | (5,250) |
Common stock cash dividends | (4,068) | 29 | (4,097) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,283 | ||||
Stockholders' Equity Attributable to Parent | 459,907 | $ 44 | 374,872 | (1,623) | 86,614 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (454) | $ 0 | $ 0 | $ (454) | $ 0 |
Common Stock, Shares, Outstanding | 44,222,148 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | NOTE 2 — BUSINESS COMBINATIONS On December 31, 2018 , the Company completed its acquisition (the Acquisition) of EMD Millipore Corporation’s flow cytometry portfolio for $75 million , consisting of approximately $69.9 million paid under a Share and Asset Purchase Agreement (the Purchase Agreement) and approximately $5.1 million in committed inventory purchases, both of which were subject to adjustment. A purchase price reconciliation was completed in the quarter ended March 31, 2019 resulting in a decrease of the purchase price by $1.9 million . This adjustment resulted in a revised amount of $68.0 million paid under the Purchase Agreement. We completed the committed inventory purchases in the third quarter of 2019. The Company financed the Acquisition with cash on hand. Luminex acquired 100% of the shares and equity of Amnis Corporation, a Washington corporation (Amnis), a wholly owned subsidiary of EMD Millipore Corporation, a Massachusetts corporation (itself an affiliate of Merck KgaA), and certain other assets owned by other affiliates of Merck KgaA (MilliporeSigma). The Acquisition expands Luminex’s existing offering of flow-based detection systems, which is centered around its innovative xMAP ® multiplexing technology, with approximately 16,700 xMAP Systems sold worldwide (some of which may be retired or otherwise not in use). MilliporeSigma’s flow cytometry portfolio included Amnis ® , a family of imaging flow cytometry products for cell-based analysis, as well as their Guava ® and Muse ® portfolio of products, which are economical systems based on microcapillary technologies. The purchase price was in excess of the fair value of the net assets acquired and, as a result, the Company recorded goodwill. A portion of the goodwill is deductible for tax purposes. The Company recorded approximately $2.7 million of acquisition-related costs during fiscal 2018. The impact of the Acquisition on our liquidity, and the Company’s committed inventory purchases is more fully described under “Liquidity and Capital Resources.” The following table summarizes the estimated fair values of assets acquired and liabilities assumed in connection with the Acquisition at December 31, 2018 and adjusted as of September 30, 2019 (in thousands): Net tangible assets assumed as of December 31, 2018 $ 8,922 Intangible assets subject to amortization 30,094 Deferred tax liabilities (3,702 ) Goodwill 32,664 Total purchase price $ 67,978 The Company finalized the purchase price allocation for the Acquisition in the quarter ended September 30, 2019. If information later becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be recognized in the Consolidated Statements of Comprehensive Income. Such adjustments have been included in the purchase price allocations retrospectively through revisions to the net tangible assets assumed, fair values of the intangible assets, deferred tax assets and liabilities and resulting goodwill recorded. The excess of the purchase price over the fair value of the tangible net assets, liabilities and intangible assets acquired was recorded to goodwill. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4 — INVENTORIES, NET Inventories are stated at the lower of cost or net realizable value, with cost determined according to the standard cost method, which approximates the first-in, first-out method. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company routinely assesses its on-hand inventory for timely identification and measurement of obsolete, slow-moving or otherwise impaired inventory. Net inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Parts and supplies $ 44,589 $ 39,873 Work-in-progress 14,982 11,847 Finished goods 16,551 11,530 $ 76,122 $ 63,250 |
FAIR VALUE (Notes)
FAIR VALUE (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 5 — FAIR VALUE MEASUREMENT Accounting Standards Codification (ASC) 820 “Fair Value Measurement” (ASC 820) defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined as 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 on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on the following three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. There were no transfers between Level 1, Level 2 or Level 3 measurements for the nine-month period ended September 30, 2019 . The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 (in thousands): Fair Value Measurements as of September 30, 2019 Using Level 1 Level 2 Level 3 Total Assets: Money market funds $ 707 $ — $ — $ 707 Minority interest investments - short-term $ — $ — $ 840 $ 840 Minority interest investments - long-term $ — $ — $ 1,782 $ 1,782 Fair Value Measurements as of December 31, 2018 Using Level 1 Level 2 Level 3 Total Assets: Money market funds $ 704 $ — $ — $ 704 Minority interest investments - long-term $ — $ — $ 2,782 $ 2,782 |
GOODWILL
GOODWILL | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS On December 31, 2018, the Company completed the Acquisition. As a result of the Acquisition, the Company recorded approximately $32.7 million of goodwill and $30.1 million of other identifiable intangible assets. The goodwill is derived from expected synergies from combining operations of the Company and the business acquired in connection with the Acquisition. The Company has finalized the purchase price allocation for the Acquisition. A portion of the Company’s goodwill is not expected to be deductible for tax purposes. The changes in the carrying amount of goodwill during the period are as follows (in thousands): September 30, 2019 December 31, 2018 Balance at beginning of period $ 118,127 $ 85,481 Flow cytometry acquisition $ 18 $ 32,646 Balance at end of period $ 118,145 $ 118,127 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | The Company’s intangible assets are reflected in the table below (in thousands, except weighted average lives): Finite-lived Indefinite-lived Technology, trade secrets and know-how Customer lists and contracts Other identifiable intangible assets IP R&D Total 2018 Balance as of December 31, 2017 $ 81,385 $ 19,097 $ 5,664 $ 12,982 $ 119,128 Flow cytometry acquisition 17,084 4,722 4,991 6,703 33,500 Asset acquisition — — — 4,328 4,328 Balance as of December 31, 2018 98,469 23,819 10,655 24,013 156,956 Less: accumulated amortization: Accumulated amortization balance as of December 31, 2017 (34,414 ) (7,037 ) (1,692 ) — (43,143 ) Amortization expense (6,087 ) (1,999 ) (579 ) — (8,665 ) Accumulated amortization balance as of December 31, 2018 (40,501 ) (9,036 ) (2,271 ) — (51,808 ) Net balance as of December 31, 2018 $ 57,968 $ 14,783 $ 8,384 $ 24,013 $ 105,148 Weighted average life (in years) 11 10 10 2019 Balance as of December 31, 2018 $ 98,469 $ 23,819 $ 10,655 $ 24,013 $ 156,956 Flow cytometry acquisition purchase price allocation adjustments (116 ) (428 ) 1,154 (4,016 ) (3,406 ) Balance as of September 30, 2019 98,353 23,391 11,809 19,997 $ 153,550 Less: accumulated amortization: Accumulated amortization balance as of December 31, 2018 (40,501 ) (9,036 ) (2,271 ) — (51,808 ) Amortization expense (5,838 ) (1,820 ) (896 ) — (8,554 ) Accumulated amortization balance as of September 30, 2019 (46,339 ) (10,856 ) (3,167 ) — (60,362 ) Net balance as of September 30, 2019 $ 52,014 $ 12,535 $ 8,642 $ 19,997 $ 93,188 Weighted average life (in years) 11 10 10 The Company currently has three IP R&D projects. The first relates to the development of the next generation VERIGENE ® System, VERIGENE II, on which the Company began clinical trials in May 2018. The Company believes the VERIGENE II will launch commercially in 2020. The second is a defensive IP R&D project related to the Company’s next generation xMAP ® System, SENSIPLEX™, which the Company believes will launch commercially in 2020. The third relates to the development of the next generation Guava System, acquired as part of the Acquisition (Guava Next Gen System). The fair value of the Guava Next Gen System IP R&D project was determined using the income approach. The discount rate applied to the projected cash flows was 13.0% , which reflects the engineering and technical risks related to the projects. The Company believes the Guava Next Gen System will launch in the first quarter of 2020. The estimated aggregate amortization expense for the next five fiscal years and thereafter is as follows (in thousands): 2019 (three months) $ 2,852 2020 11,406 2021 11,048 2022 9,801 2023 9,452 Thereafter 28,632 $ 73,191 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 7 — OTHER COMPREHENSIVE LOSS Other comprehensive loss represents a measure of all changes in equity that result from recognized transactions and other economic events other than those resulting from investments by, and distributions to, shareholders. Other comprehensive loss for the Company includes foreign currency translation adjustments and net unrealized holding gains and losses on available-for-sale investments. The following table presents the changes in each component of accumulated other comprehensive loss, net of tax (in thousands): Accumulated Other Comprehensive Loss Items - Foreign Currency Balance as of December 31, 2018 $ (1,127 ) Other comprehensive loss (496 ) Net current-period other comprehensive loss (496 ) Balance as of September 30, 2019 $ (1,623 ) There are no material tax benefits or expenses related to the other comprehensive loss for the three and nine months ended September 30, 2019 . |
ACCRUED LIABILITIES (Notes)
ACCRUED LIABILITIES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 10 — ACCRUED LIABILITIES Accrued liabilities consisted of the following (in thousands): September 30, 2019 December 31, 2018 Compensation and employee benefits $ 14,955 $ 18,086 Dividends payable 4,097 2,703 Income and other taxes 2,080 1,014 Warranty costs 1,481 1,901 Royalties payable 1,099 1,373 Current operating lease liabilities 5,023 — Other 1,205 1,695 $ 29,940 $ 26,772 The following table summarizes the changes in the warranty accrual (in thousands): Accrued warranty costs as of December 31, 2018 $ 1,901 Warranty adjustments/settlements 1,632 Accrual for warranty costs (2,052 ) Accrued warranty costs as of September 30, 2019 $ 1,481 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 12 — INCOME TAXES At the end of each interim reporting period, an estimate is made of the effective tax rate expected to be applicable for the full year. The estimated full year’s effective tax rate is used to determine the income tax rate for each applicable interim reporting period. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. The effective tax rate for the nine months ended September 30, 2019 was a benefit of 52% , including amounts recorded for discrete events. This differs from the statutory rate of 21% primarily as a result of a reduction in unrecognized tax benefit liability and the effect of foreign operations. The Company’s tax expense reflects the full federal, various state, and foreign blended statutory rates. The Company currently expects a 2019 full year effective tax rate of 10% to 20% , excluding amounts recorded for discrete events. The Company will be subject to provisions regarding U.S. federal taxation of foreign intangible income and has included in its estimate of income tax the effects of this tax. The Company is utilizing its net operating losses (NOLs) and tax credits in the U.S., Canada and the Netherlands and, therefore, cash taxes to be paid are expected to be less than 10% of book tax expense. In the first quarter of 2019, U.S. tax legislation was enacted which provided guidance on the U.S. federal transition tax on earnings of foreign subsidiaries and as a result, the Company revised its Earnings and Profits (E&P) calculations for its Canadian subsidiary and discrete income tax expense of $414,000 for the U.S. transition tax has been recorded for the nine month period ended September 30, 2019. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, Australia, Canada, China, France, Germany, Hong Kong, Japan, the Netherlands, the U.K., and various U.S. states. Due to net operating losses, the U.S., Canadian and Netherlands tax returns dating back to 2016, 2007, and 2013, respectively, can still be reviewed by the taxing authorities. In the first quarter of 2019, the Company recorded a reduction in unrecognized tax benefit liability related to the U.S. transition tax and a related income tax benefit of $6.6 million as a result of a ruling for certain aspects of the E&P calculation of its Canadian subsidiary. The Company does not expect any material changes to the unrecognized tax benefit liability within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 8 — EARNINGS (LOSS) PER SHARE A reconciliation of the denominators used in computing per share net income (EPS) is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic: Net income (loss) $ (5,250 ) $ 1,737 $ (7,221 ) $ 20,803 Less: allocation to participating securities 26 (29 ) 34 (356 ) Net income (loss) attributable to common stockholders $ (5,224 ) $ 1,708 $ (7,187 ) $ 20,447 Weighted average common stock outstanding 44,216 43,836 44,109 43,679 Net income (loss) per share attributable to common stockholders $ (0.12 ) $ 0.04 $ (0.16 ) $ 0.47 Diluted: Net income (loss) $ (5,250 ) $ 1,737 $ (7,221 ) $ 20,803 Less: allocation to participating securities 26 (29 ) 32 (354 ) Net income (loss) attributable to common stockholders $ (5,224 ) $ 1,708 $ (7,189 ) $ 20,449 Weighted average common stock outstanding 44,216 43,836 44,109 43,679 Effect of dilutive securities: stock options and awards — 871 — 514 Weighted-average shares used in computing net income per share 44,216 44,707 44,109 44,193 Net income (loss) per share attributable to common stockholders $ (0.12 ) $ 0.04 $ (0.16 ) $ 0.46 Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common and common equivalent shares outstanding during the period. Restricted stock awards (RSAs) and stock options to acquire 2,123,497 and 9,424 shares for the three months ended September 30, 2019 and 2018 , respectively, and 1,502,841 and 565,213 shares for the nine months ended September 30, 2019 and 2018 , respectively, were excluded from the computations of diluted earnings per share because the effect of including the RSAs and stock options would have been anti-dilutive. We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested, time-based restricted stock awards with non-forfeitable dividends and for our common stock. Our non-vested, time-based restricted stock awards with non-forfeitable dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested, time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 — STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Dividends On July 31, 2019 , the Board of Directors declared a cash dividend on the Company’s common stock of $0.09 per share. The dividend was payable to stockholders of record as of September 26, 2019 and was paid on October 17, 2019 . The Company’s current intent is to pay a continuing dividend on a quarterly basis. However, future declarations of dividends are subject to the final determination of the Company’s Board of Directors. Stock-Based Compensation The Company’s stock option activity for the nine months ended September 30, 2019 is as follows: Stock Options Shares (in thousands) Weighted Average Exercise Price Outstanding at December 31, 2018 3,323 $ 19.05 Granted 977 24.43 Exercised (52 ) 17.58 Canceled or expired (411 ) 21.74 Outstanding at September 30, 2019 3,837 $ 20.15 The Company had $11.7 million of total unrecognized compensation costs related to stock options at September 30, 2019 that are expected to be recognized over a weighted-average period of 2.54 years . The Company’s restricted share activity for the nine months ended September 30, 2019 is as follows: Restricted Stock Awards (RSAs) Shares (in thousands) Weighted Average Grant Price Non-vested at December 31, 2018 724 $ 20.27 Granted 402 24.19 Vested (261 ) 19.66 Cancelled or expired (49 ) 21.76 Non-vested at September 30, 2019 816 $ 22.30 Restricted Stock Units (RSUs) Shares (in thousands) Non-vested at December 31, 2018 468 Granted 128 Vested (45 ) Cancelled or expired (20 ) Non-vested at September 30, 2019 531 As of September 30, 2019 , there were $16.4 million and $3.3 million of unrecognized compensation costs related to RSAs and RSUs, respectively. These costs are expected to be recognized over a weighted average-period of 2.62 years for the RSAs and 2.06 years for the RSUs. The Company issues a small number of cash-settled RSUs pursuant to the Company’s equity incentive plan in certain foreign countries. These grants do not result in the issuance of common stock and are considered immaterial by the Company. The following are the stock-based compensation costs recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of revenue $ 528 $ 437 $ 1,489 $ 1,253 Research and development 549 571 1,055 771 Selling, general and administrative 2,509 2,644 7,172 6,436 Stock-based compensation costs reflected in net income $ 3,586 $ 3,652 $ 9,716 $ 8,460 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 — COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is subject to claims, lawsuits and legal proceedings. When it appears probable in management’s judgment, and based upon consultation with outside counsel, that we will incur monetary damages or other costs in connection with any claims or proceedings, and such costs can be reasonably estimated, we record the estimated liability in the financial statements. If only a range of estimated losses can be estimated, we record an amount within the range that, in management’s judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we record the liability at the low end of the range of estimates. Any such accrual would be charged to expense in the appropriate period. We disclose significant contingencies when the loss is not probable and/or the amount of the loss is not estimable, when we believe there is at least a reasonable possibility that a loss has been incurred. We recognize costs associated with legal proceedings in the period in which the services were provided. Leases We have leased all of our research, manufacturing and office space and have entered into various other agreements in conducting our business. Our leases have remaining lease terms of 1 year to 6 years, and some of our leases include options to extend the leases for up to 10 years, tenant improvement allowances, rent holidays and rent escalation clauses. At inception, we determine whether an agreement represents a lease and at commencement we evaluate each lease agreement to determine whether the lease is an operating or financing lease. As described below under “Note 14 - Recent Accounting Pronouncements - Recently adopted accounting guidance,” the Company adopted the new lease guidance as of January 1, 2019. Pursuant to the new lease guidance, all of the Company’s leases outstanding on January 1, 2019 continued to be classified as operating leases. With the adoption of the new lease guidance, the Company recorded an operating lease right-of-use asset and an operating lease liability on its balance sheet. Right-of-use lease assets represent the Company’s right to use the underlying asset for the lease term and the lease obligation represents the Company’s commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, we have used an estimated incremental borrowing rate of 5.75% , based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as common area costs and property taxes are expensed as incurred. For all lease agreements we combine lease and non-lease components. Leases with an initial term of twelve months or less are not recorded on the balance sheet. The components of the lease expense were as follows (in thousands): Nine Months Ended September 30, 2019 Operating lease cost $ 7,036 Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2019 Lease liabilities arising from obtaining right to use assets Operating leases recorded upon lease standard adoption $ 24,922 Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2019 Operating leases: Operating lease right-of-use assets $ 21,554 Operating lease liabilities $ 23,403 Weighted Average Remaining Lease Term 4.57 years Weighted Average Discount Rate 5.75 % Maturities of lease liabilities for the next five fiscal years and thereafter are as follows (in thousands): Operating Leases 2019 (three months) $ 1,672 2020 6,378 2021 6,176 2022 4,627 2023 3,965 Thereafter 3,891 Total lease payments 26,709 Less: imputed interest (3,662 ) Lease liabilities at September 30, 2019 $ 23,047 |
RECENT ACCOUNTING (Notes)
RECENT ACCOUNTING (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 14 — RECENT ACCOUNTING PRONOUNCEMENTS Recently adopted accounting guidance In May 2014, the FASB issued a new standard on revenue recognition, which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the Standard effective January 1, 2018, using the modified retrospective approach. Under this method, the Company recorded a cumulative adjustment increasing retained earnings of $10.6 million before related tax impacts or $8.1 million net of related tax impacts. See Note 11, “Revenue Recognition” for additional discussion related to the Company’s adoption of the Standard. Under the Standard, estimated royalty revenue will be recorded each quarter on an accrual basis to more closely coincide with the timing of the end user sale by the strategic partner; with reconciliation made upon submission of the royalty report by the partner indicating actual royalties owed in the following quarter. In addition, the Company began recording the portion of reagent rental revenue associated with the recovery of the cost of providing the system and other hardware in reagent rental agreements as system revenue rather than assay revenue effective January 1, 2018. This change has not and is not expected to have any impact on top line revenue and the Company does not anticipate any material effects to its revenue categorization. In February 2016, the FASB issued guidance requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, with the exception of short-term leases. On January 1, 2019, the Company elected to adopt this new lease guidance using a simplified transition option that allows companies to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company also elected to adopt the package of practical expedients permitted in the new lease guidance. Accordingly, the Company is continuing to account for its existing operating leases as operating leases under the new lease guidance, without reassessing whether the contracts contain a lease under the new lease guidance or whether classification of the operating leases would be different under the new lease guidance. All of our leases at the adoption date were operating leases, primarily for facilities, and did not include any non-lease components. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent accounting guidance not yet adopted In June 2016, the FASB issued guidance on financial instruments and related credit losses. The guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis. The statement of comprehensive income reflects the measurement of credit losses for newly recognized financial assets, as well as the expected credit losses during the period. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The updated guidance is effective for annual periods beginning after December 15, 2019, and is applicable to the Company in fiscal 2020. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. |
REVENUE RECOGNITION (Notes)
REVENUE RECOGNITION (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | NOTE 11 — REVENUE RECOGNITION On January 1, 2018, the Company adopted the new standard on revenue recognition, ASC 606 (the Standard), using the modified retrospective transition method consistent with the guidance issued by the Financial Accounting Standards Board (FASB) in May 2014. Under this method, the Company applied the guidance retrospectively, only to those contracts which were not completed as of the date of initial application, and recognized the cumulative effect of initially applying the Standard as an adjustment to the opening balance of retained earnings as of January 1, 2018. The Standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under the Standard, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of the Standard, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of the Standard, the Company assesses the goods or services promised within each contract, identifies the performance obligations and assesses whether each promised good or service is distinct. The Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling price of the promised good or service underlying each performance obligation and recognizes this as revenue when such performance obligation is satisfied. Contract assets are included within accounts receivables, net and contract liabilities are included in deferred revenue on the Company’s Balance Sheet. The following table presents the opening and closing balances of the Company’s contract assets and liabilities as of September 30 , 2019 (in thousands): Balance at December 31, 2018 Balance at September 30, 2019 Contract assets: Unbilled receivables - Royalties $ 10,805 $ 12,085 Contract liabilities - Short-term: Deferred revenue - Service $ 9,476 $ 7,510 Deferred revenue - Licenses 227 212 Deferred revenue - Instruments — 88 Deferred revenue - Other 396 243 Total contract liabilities - Short-term $ 10,099 $ 8,053 Contract liabilities - Long-term: Deferred revenue - Service $ 207 $ 1,500 Deferred revenue - Licenses 872 715 Total contract liabilities - Long-term $ 1,079 $ 2,215 During the nine months ended September 30 , 2019 , the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the period (in thousands): Nine Months Ended Revenue recognized in the period: Amounts included as contract liabilities at the beginning of the period $ 4,815 Performance obligations satisfied in previous periods - |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 15 — SUBSEQUENT EVENTS On October 1, 2019, the Company made an additional $7.0 million investment in a private company. After this investment, the Company owns approximately 28.2% of the voting interest of the private company as an equity method investment. Effective October 1, 2019, the Company has significant influence over the investee due to its larger ownership percentage and its seat on the Board of Directors. The Company does not have unilateral decision making power, and therefore will not consolidate the investee. In the fourth quarter of 2019, we will remeasure the existing, minority interest investment based on the fair value prior to the additional investment and record the gain of approximately $3.2 million in Other income, net in the Consolidated Statements of Comprehensive Income. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Business Description and Accounting Policies [Text Block] | NOTE 1 — BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by Luminex Corporation (the Company or Luminex) in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring entries) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 10-K). |
BUSINESS COMBINATIONS Business
BUSINESS COMBINATIONS Business Combinations - Pro Forma (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Net tangible assets assumed as of December 31, 2018 $ 8,922 Intangible assets subject to amortization 30,094 Deferred tax liabilities (3,702 ) Goodwill 32,664 Total purchase price $ 67,978 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Other Investments Not Readily Marketable [Table Text Block] | September 30, 2019 December 31, 2018 Purchased technology rights (net of accumulated amortization of $8,133 and $7,633 in September 30, 2019 and December 31, 2018, respectively) $ 6,153 $ 6,653 Minority interest investments 1,782 2,782 Other 1,430 1,963 $ 9,365 $ 11,398 |
Marketable Securities [Table Text Block] | Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Current: Money market funds $ 707 $ — $ — $ 707 Total current securities 707 — — 707 Total available-for-sale securities $ 707 $ — $ — $ 707 |
Cost-method Investments, Description [Text Block] | Non-Marketable Securities and Other-Than-Temporary Impairment During the year ended December 31, 2018, the Company made a $1.8 million investment in a private company. Based in the U.S., this minority investment is included at cost in other long-term assets of the Company’s Consolidated Balance Sheets. As of September 30, 2019 , the Company does not have significant influence over the investee, since the Company owns less than 20% of the voting equity in the investee. Further, the Company does not participate in policy-making processes or interchange managerial personnel. See Note 15 - Subsequent Events for a discussion of an additional investment made in this private company in October 2019. In August 2018, the Company exercised its purchase option on a second private company and acquired 100% of its capital stock in a non-cash transaction involving (i) a prior investment of $2.0 million being applied to the purchase option, (ii) the forgiveness and application of a $2.4 million note and related interest receivable to the purchase option and (iii) a tax impact of $0.1 million . This acquisition was accounted for as an asset acquisition rather than a business combination, as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, a next generation technology. The Company has recorded the $4.3 million asset acquisition as a defensive, in-process research and development (IP R&D) intangible asset. There were no gains or losses recognized as part of this transaction. The Company owns a minority interest in another private company based in the U.S. through its initial investment of $1.0 million in the third quarter of 2012. We have been informed that this private company will be dissolving and ceasing operations in the short-term and that Luminex can expect to have the majority of its investment returned, although we cannot be certain of this. We recorded an impairment of $160,000 in Other income, net in the Consolidated Statements of Comprehensive Income during the second quarter of 2019 based upon these circumstances and communication from this private company. This minority interest is included at cost in other short-term assets on the Company’s Consolidated Balance Sheets as the Company does not have significant influence over the investee, as the Company owns less than 20% of the voting equity and the investee is not publicly traded. These investments do not have readily determinable fair values. Therefore, the Company has elected the measurement alternative for its minority interests and the investments are recorded at cost, less any impairment, including changes resulting from observable price changes. The Company regularly evaluates the carrying value of its investment for impairment and whether any events or circumstances are identified that would significantly harm the fair value of the investment. The primary indicators the Company utilizes to identify these events and circumstances are the investee’s ability to remain in business, such as the investee’s liquidity and rate of cash use, and the investee’s ability to secure additional funding and the value of that additional funding. In the event a decline in fair value is less than the investment’s carrying value, the Company will record an impairment charge in Other income, net in the Consolidated Statements of Comprehensive Income. Other than the $160,000 impairment in the second quarter of 2019 discussed above, the Company has not recorded any impairment charges related to these non-marketable investments. As the inputs utilized for the Company’s periodic impairment assessment are not based on observable market data, the determination of fair value of its investments is classified within Level 3 of the fair value hierarchy. See Note 5 - Fair Value Measurement to our Condensed Consolidated Financial Statements for further information on the fair value hierarchy and the three classification levels. To determine the fair value of these investments, the Company uses all available financial information related to the entities, including information based on recent or pending third-party equity investments in these entities. In certain instances, an investment’s fair value is not estimated as there are no identified events or changes in the circumstances. There have been no unrealized gains or losses related to these Level 3 minority interest investments. |
Investments and Other Noncurrent Assets [Text Block] | NOTE 3 — INVESTMENTS AND OTHER ASSETS Marketable Securities The Company determines the appropriate classification of any investments in debt and equity securities at the time of purchase and re-evaluates such determinations at each balance sheet date. As of September 30, 2019 , the Company had no short or long-term investments, since those funds were used to pay for acquisitions. Available-for-sale securities consisted of the following as of September 30, 2019 (in thousands): Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Current: Money market funds $ 707 $ — $ — $ 707 Total current securities 707 — — 707 Total available-for-sale securities $ 707 $ — $ — $ 707 Available-for-sale securities consisted of the following as of December 31, 2018 (in thousands): Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Current: Money market funds $ 704 $ — $ — $ 704 Total current securities 704 — — 704 Total available-for-sale securities $ 704 $ — $ — $ 704 There were no proceeds from the sales of available-for-sale securities for the three and nine months ended September 30, 2019 and the year ended December 31, 2018 . Realized gains and losses on sales of investments are determined using the specific identification method and are included in Other income, net in the Condensed Consolidated Statements of Comprehensive Income. There were no available-for-sale debt securities as of September 30, 2019 or December 31, 2018 . All of the Company’s available-for-sale securities with gross unrealized losses as of September 30, 2019 had been in a loss position for less than 12 months. Non-Marketable Securities and Other-Than-Temporary Impairment During the year ended December 31, 2018, the Company made a $1.8 million investment in a private company. Based in the U.S., this minority investment is included at cost in other long-term assets of the Company’s Consolidated Balance Sheets. As of September 30, 2019 , the Company does not have significant influence over the investee, since the Company owns less than 20% of the voting equity in the investee. Further, the Company does not participate in policy-making processes or interchange managerial personnel. See Note 15 - Subsequent Events for a discussion of an additional investment made in this private company in October 2019. In August 2018, the Company exercised its purchase option on a second private company and acquired 100% of its capital stock in a non-cash transaction involving (i) a prior investment of $2.0 million being applied to the purchase option, (ii) the forgiveness and application of a $2.4 million note and related interest receivable to the purchase option and (iii) a tax impact of $0.1 million . This acquisition was accounted for as an asset acquisition rather than a business combination, as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, a next generation technology. The Company has recorded the $4.3 million asset acquisition as a defensive, in-process research and development (IP R&D) intangible asset. There were no gains or losses recognized as part of this transaction. The Company owns a minority interest in another private company based in the U.S. through its initial investment of $1.0 million in the third quarter of 2012. We have been informed that this private company will be dissolving and ceasing operations in the short-term and that Luminex can expect to have the majority of its investment returned, although we cannot be certain of this. We recorded an impairment of $160,000 in Other income, net in the Consolidated Statements of Comprehensive Income during the second quarter of 2019 based upon these circumstances and communication from this private company. This minority interest is included at cost in other short-term assets on the Company’s Consolidated Balance Sheets as the Company does not have significant influence over the investee, as the Company owns less than 20% of the voting equity and the investee is not publicly traded. These investments do not have readily determinable fair values. Therefore, the Company has elected the measurement alternative for its minority interests and the investments are recorded at cost, less any impairment, including changes resulting from observable price changes. The Company regularly evaluates the carrying value of its investment for impairment and whether any events or circumstances are identified that would significantly harm the fair value of the investment. The primary indicators the Company utilizes to identify these events and circumstances are the investee’s ability to remain in business, such as the investee’s liquidity and rate of cash use, and the investee’s ability to secure additional funding and the value of that additional funding. In the event a decline in fair value is less than the investment’s carrying value, the Company will record an impairment charge in Other income, net in the Consolidated Statements of Comprehensive Income. Other than the $160,000 impairment in the second quarter of 2019 discussed above, the Company has not recorded any impairment charges related to these non-marketable investments. As the inputs utilized for the Company’s periodic impairment assessment are not based on observable market data, the determination of fair value of its investments is classified within Level 3 of the fair value hierarchy. See Note 5 - Fair Value Measurement to our Condensed Consolidated Financial Statements for further information on the fair value hierarchy and the three classification levels. To determine the fair value of these investments, the Company uses all available financial information related to the entities, including information based on recent or pending third-party equity investments in these entities. In certain instances, an investment’s fair value is not estimated as there are no identified events or changes in the circumstances. There have been no unrealized gains or losses related to these Level 3 minority interest investments. Other long-term assets consisted of the following (in thousands): September 30, 2019 December 31, 2018 Purchased technology rights (net of accumulated amortization of $8,133 and $7,633 in September 30, 2019 and December 31, 2018, respectively) $ 6,153 $ 6,653 Minority interest investments 1,782 2,782 Other 1,430 1,963 $ 9,365 $ 11,398 For the nine months ended September 30, 2019 and 2018 , the Company recognized amortization expenses related to the amortization of purchased technology rights of approximately $500,000 and $459,000 , respectively. Future amortization expenses are estimated to be $166,000 in the remaining three months of 2019 , $565,000 in 2020 , $533,000 in 2021 , $515,000 in 2022 , $499,000 in 2023 and $3,875,000 thereafter. |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Marketable Securities The Company determines the appropriate classification of any investments in debt and equity securities at the time of purchase and re-evaluates such determinations at each balance sheet date. As of September 30, 2019 , the Company had no short or long-term investments, since those funds were used to pay for acquisitions. Available-for-sale securities consisted of the following as of September 30, 2019 (in thousands): Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Current: Money market funds $ 707 $ — $ — $ 707 Total current securities 707 — — 707 Total available-for-sale securities $ 707 $ — $ — $ 707 Available-for-sale securities consisted of the following as of December 31, 2018 (in thousands): Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Current: Money market funds $ 704 $ — $ — $ 704 Total current securities 704 — — 704 Total available-for-sale securities $ 704 $ — $ — $ 704 There were no proceeds from the sales of available-for-sale securities for the three and nine months ended September 30, 2019 and the year ended December 31, 2018 . Realized gains and losses on sales of investments are determined using the specific identification method and are included in Other income, net in the Condensed Consolidated Statements of Comprehensive Income. There were no available-for-sale debt securities as of September 30, 2019 or December 31, 2018 . All of the Company’s available-for-sale securities with gross unrealized losses as of September 30, 2019 had been in a loss position for less than 12 months. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | September 30, 2019 December 31, 2018 Parts and supplies $ 44,589 $ 39,873 Work-in-progress 14,982 11,847 Finished goods 16,551 11,530 $ 76,122 $ 63,250 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements as of September 30, 2019 Using Level 1 Level 2 Level 3 Total Assets: Money market funds $ 707 $ — $ — $ 707 Minority interest investments - short-term $ — $ — $ 840 $ 840 Minority interest investments - long-term $ — $ — $ 1,782 $ 1,782 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Finite-lived Indefinite-lived Technology, trade secrets and know-how Customer lists and contracts Other identifiable intangible assets IP R&D Total 2018 Balance as of December 31, 2017 $ 81,385 $ 19,097 $ 5,664 $ 12,982 $ 119,128 Flow cytometry acquisition 17,084 4,722 4,991 6,703 33,500 Asset acquisition — — — 4,328 4,328 Balance as of December 31, 2018 98,469 23,819 10,655 24,013 156,956 Less: accumulated amortization: Accumulated amortization balance as of December 31, 2017 (34,414 ) (7,037 ) (1,692 ) — (43,143 ) Amortization expense (6,087 ) (1,999 ) (579 ) — (8,665 ) Accumulated amortization balance as of December 31, 2018 (40,501 ) (9,036 ) (2,271 ) — (51,808 ) Net balance as of December 31, 2018 $ 57,968 $ 14,783 $ 8,384 $ 24,013 $ 105,148 Weighted average life (in years) 11 10 10 2019 Balance as of December 31, 2018 $ 98,469 $ 23,819 $ 10,655 $ 24,013 $ 156,956 Flow cytometry acquisition purchase price allocation adjustments (116 ) (428 ) 1,154 (4,016 ) (3,406 ) Balance as of September 30, 2019 98,353 23,391 11,809 19,997 $ 153,550 Less: accumulated amortization: Accumulated amortization balance as of December 31, 2018 (40,501 ) (9,036 ) (2,271 ) — (51,808 ) Amortization expense (5,838 ) (1,820 ) (896 ) — (8,554 ) Accumulated amortization balance as of September 30, 2019 (46,339 ) (10,856 ) (3,167 ) — (60,362 ) Net balance as of September 30, 2019 $ 52,014 $ 12,535 $ 8,642 $ 19,997 $ 93,188 Weighted average life (in years) 11 10 10 |
Estimated Future Amortization Expense Related to Intangible Assets | 2019 (three months) $ 2,852 2020 11,406 2021 11,048 2022 9,801 2023 9,452 Thereafter 28,632 $ 73,191 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2019 December 31, 2018 Compensation and employee benefits $ 14,955 $ 18,086 Dividends payable 4,097 2,703 Income and other taxes 2,080 1,014 Warranty costs 1,481 1,901 Royalties payable 1,099 1,373 Current operating lease liabilities 5,023 — Other 1,205 1,695 $ 29,940 $ 26,772 |
Schedule of Product Warranty Liability [Table Text Block] | Accrued warranty costs as of December 31, 2018 $ 1,901 Warranty adjustments/settlements 1,632 Accrual for warranty costs (2,052 ) Accrued warranty costs as of September 30, 2019 $ 1,481 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic: Net income (loss) $ (5,250 ) $ 1,737 $ (7,221 ) $ 20,803 Less: allocation to participating securities 26 (29 ) 34 (356 ) Net income (loss) attributable to common stockholders $ (5,224 ) $ 1,708 $ (7,187 ) $ 20,447 Weighted average common stock outstanding 44,216 43,836 44,109 43,679 Net income (loss) per share attributable to common stockholders $ (0.12 ) $ 0.04 $ (0.16 ) $ 0.47 Diluted: Net income (loss) $ (5,250 ) $ 1,737 $ (7,221 ) $ 20,803 Less: allocation to participating securities 26 (29 ) 32 (354 ) Net income (loss) attributable to common stockholders $ (5,224 ) $ 1,708 $ (7,189 ) $ 20,449 Weighted average common stock outstanding 44,216 43,836 44,109 43,679 Effect of dilutive securities: stock options and awards — 871 — 514 Weighted-average shares used in computing net income per share 44,216 44,707 44,109 44,193 Net income (loss) per share attributable to common stockholders $ (0.12 ) $ 0.04 $ (0.16 ) $ 0.46 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Business Combinations [Abstract] | ||
Acquisition date | Dec. 31, 2018 | |
Total consideration transferred | $ 75,000 | |
Cash paid to acquire the business | 68,000 | |
Transactions recognized separately from preliminary purchase price allocation | 5,100 | $ 5,100 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 8,922 | 8,922 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 30,094 | 30,094 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (3,702) | (3,702) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 32,664 | 32,664 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 67,978 | $ 67,978 |
INVESTMENTS Details (Details)
INVESTMENTS Details (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost-method Investments, Realized Losses | $ 160,000 | |
Document Period End Date | Sep. 30, 2019 | |
Cost Method Investments, Original Cost | $ 1,782,000 | $ 2,782,000 |
Prepaid Expense and Other Assets, Noncurrent | 1,430,000 | 1,963,000 |
Other Assets, Noncurrent | 9,365,000 | 11,398,000 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 6,153,000 | $ 6,653,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials and Purchased Parts, Net of Reserves | $ 44,589 | $ 39,873 |
Inventory, Work in Process, Net of Reserves | 14,982 | 11,847 |
Inventory, Finished Goods, Net of Reserves | 16,551 | 11,530 |
Inventory, Net | $ 76,122 | $ 63,250 |
FAIR VALUE (Details)
FAIR VALUE (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 707 | $ 704 |
Cost Method Investments, Fair Value Disclosure | 1,782 | 2,782 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 707 | 704 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | $ 1,782 | $ 2,782 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 118,145 | $ 118,127 | $ 85,481 |
Goodwill, Acquired During Period | $ 18 | $ 32,646 |
INTANGIBLE ASSETS (Detail)
INTANGIBLE ASSETS (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 2,852 | $ 2,852 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (60,362) | $ (51,808) | (60,362) | $ (51,808) | $ (43,143) | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 19,997 | 24,013 | 19,997 | 24,013 | 12,982 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 28,632 | 28,632 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 11,048 | 11,048 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11,406 | 11,406 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 9,801 | 9,801 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 9,452 | 9,452 | ||||||
Intangible Assets, Net (Excluding Goodwill) | 93,188 | 105,148 | 93,188 | 105,148 | ||||
Intangible Assets, Gross (Excluding Goodwill) | 153,550 | 156,956 | 153,550 | 156,956 | 119,128 | |||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | (4,016) | |||||||
Indefinite-lived Intangible Assets Acquired | 6,703 | $ 4,328 | ||||||
Amortization of Intangible Assets, IA | (2,852) | $ (2,166) | (8,556) | $ (6,498) | (8,665) | |||
Technology-Based Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (46,339) | (40,501) | (46,339) | (40,501) | (34,414) | |||
Finite-Lived Intangible Assets, Gross | 98,353 | 98,469 | 98,353 | 98,469 | 81,385 | |||
Finite-Lived Intangible Assets, Net | 52,014 | 57,968 | $ 52,014 | $ 57,968 | ||||
Finite-Lived Intangible Asset, Useful Life | 11 years | 11 years | ||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ (116) | |||||||
Finite-lived Intangible Assets Acquired | 17,084 | |||||||
Amortization of Intangible Assets, IA | (5,838) | $ (6,087) | ||||||
Customer-Related Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (10,856) | (9,036) | (10,856) | (9,036) | (7,037) | |||
Finite-Lived Intangible Assets, Gross | 23,391 | 23,819 | 23,391 | 23,819 | 19,097 | |||
Finite-Lived Intangible Assets, Net | 12,535 | 14,783 | $ 12,535 | $ 14,783 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | ||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ (428) | |||||||
Finite-lived Intangible Assets Acquired | 4,722 | |||||||
Amortization of Intangible Assets, IA | (1,820) | $ (1,999) | ||||||
Other Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (3,167) | (2,271) | (3,167) | (2,271) | (1,692) | |||
Finite-Lived Intangible Assets, Gross | 11,809 | 10,655 | 11,809 | 10,655 | $ 5,664 | |||
Finite-Lived Intangible Assets, Net | $ 8,642 | 8,384 | $ 8,642 | $ 8,384 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | ||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ 1,154 | |||||||
Finite-lived Intangible Assets Acquired | $ 4,991 | |||||||
Amortization of Intangible Assets, IA | $ (896) | $ (579) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,623) | $ (1,623) | $ (1,127) | ||
Other Comprehensive Income (Loss), Net of Tax | $ (454) | $ (102) | $ (496) | $ (421) |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | ||
Employee-related Liabilities, Current | $ 14,955 | $ 18,086 |
Taxes Payable, Current | 2,080 | 1,014 |
Product Warranty Accrual, Current | 1,481 | 1,901 |
Accrued Royalties, Current | 1,099 | 1,373 |
Operating Lease, Liability, Current | 5,023 | 0 |
Standard and Extended Product Warranty Accrual, Decrease for Payments | (2,052) | |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 1,632 | |
Dividends Payable, Current | 4,097 | 2,703 |
Other Accrued Liabilities, Current | 1,205 | 1,695 |
Accrued Liabilities, Current | $ 29,940 | $ 26,772 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 52.00% | |||
U.S. federal statutory tax rate | 21.00% | |||
Provision for income taxes | $ (470) | $ 2,025 | $ (7,937) | $ 6,540 |
Income (Loss) Attributable to Parent, before Tax | $ (5,720) | $ 3,762 | $ (15,158) | $ 27,343 |
EARNINGS PER SHARE Details (Det
EARNINGS PER SHARE Details (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 26 | $ (29) | $ 34 | $ (356) | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (5,224) | $ 1,708 | $ (7,187) | $ 20,447 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,123,497 | 9,424 | 1,502,841 | 565,213 | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (5,224) | $ 1,708 | $ (7,189) | $ 20,449 | ||
Weighted Average Number of Shares Outstanding, Basic | 44,216,000 | 43,836,000 | 44,109,000 | 43,679,000 | ||
Earnings Per Share, Basic | $ (0.12) | $ 0.04 | $ (0.16) | $ 0.47 | ||
Net Income (Loss) Attributable to Parent | $ (5,250) | $ (4,931) | $ 2,960 | $ 1,737 | $ (7,221) | $ 20,803 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | $ 26 | $ (29) | $ 32 | $ (354) | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 871,000 | 0 | 514,000 | ||
Weighted Average Number of Shares Outstanding, Diluted | 44,216,000 | 44,707,000 | 44,109,000 | 44,193,000 | ||
Earnings Per Share, Diluted | $ (0.12) | $ 0.04 | $ (0.16) | $ 0.46 |
STOCKHOLDERS' EQUITY Details (D
STOCKHOLDERS' EQUITY Details (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends Payable, Date Declared | Jul. 31, 2019 | ||
Dividends Payable, Date of Record | Sep. 26, 2019 | ||
Dividends Payable, Date to be Paid | Oct. 17, 2019 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 11.7 | $ 11.7 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 531 | 531 | 468 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 128 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (45) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (20) | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 21 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3.3 | $ 3.3 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 816 | 816 | 724 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 22.30 | $ 22.30 | $ 20.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 402 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 24.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (261) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 19.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (49) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 21.76 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 13 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 16.4 | $ 16.4 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months 14 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,837 | 3,837 | 3,323 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 20.15 | $ 20.15 | $ 19.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 977 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (52) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 17.58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (411) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 21.74 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)Rate | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months 25 days |
Lease, Cost | $ 7,036 |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 1,672 |
Operating Leases, Future Minimum Payments, Due in Two Years | 6,378 |
Operating Leases, Future Minimum Payments, Due in Three Years | 6,176 |
Operating Leases, Future Minimum Payments, Due in Four Years | 4,627 |
Operating Leases, Future Minimum Payments, Due in Five Years | 3,965 |
Operating Leases, Future Minimum Payments, Due Thereafter | 3,891 |
Operating Leases, Future Minimum Payments Due | $ 26,709 |
Operating Lease, Weighted Average Discount Rate, Percent | Rate | 5.75% |