Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | ATMI INC |
Entity Central Index Key | 1041577 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 31,841,502 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $61,756 | $86,050 |
Marketable securities, current portion | 69,935 | 70,397 |
Accounts receivable, net of allowances of $781 and $881, respectively | 58,691 | 60,806 |
Inventories, net | 97,925 | 87,555 |
Deferred income taxes | 7,970 | 4,488 |
Prepaid expenses | 10,301 | 12,199 |
Other current assets | 12,095 | 9,049 |
Total current assets | 318,673 | 330,544 |
Property, plant, and equipment, net | 141,763 | 125,099 |
Goodwill | 47,162 | 46,830 |
Other intangibles, net | 43,214 | 46,930 |
Marketable securities, non-current | 6,609 | 12,073 |
Deferred income taxes, non-current | 6,518 | 15,065 |
Other non-current assets | 27,913 | 22,612 |
Total assets | 591,852 | 599,153 |
Liabilities and stockholders’ equity | ||
Accounts payable | 33,206 | 38,573 |
Accrued liabilities | 8,000 | 7,997 |
Accrued salaries and related benefits | 7,768 | 5,992 |
Income taxes payable | 3,215 | 16,256 |
Other current liabilities | 4,125 | 6,084 |
Total current liabilities | 56,314 | 74,902 |
Deferred income taxes, non-current | 458 | 165 |
Other non-current liabilities | 14,907 | 16,810 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, par value $.01 per share: 2,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $.01 per share: 100,000 shares authorized; 40,958 and 40,476 issued and 31,842 and 31,983 outstanding in 2013 and 2012, respectively | 409 | 405 |
Additional paid-in capital | 466,794 | 457,669 |
Treasury stock at cost (9,116 and 8,493 shares in 2013 and 2012, respectively) | -251,509 | -237,170 |
Retained earnings | 297,065 | 270,744 |
Accumulated other comprehensive income | 7,414 | 15,628 |
Total stockholders’ equity | 520,173 | 507,276 |
Total liabilities and stockholders’ equity | $591,852 | $599,153 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $781 | $881 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 40,958,000 | 40,476,000 |
Common stock, shares outstanding | 31,842,000 | 31,983,000 |
Treasury stock, shares | 9,116,000 | 8,493,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Income Statement [Abstract] | ||||||||
Revenues | $100,232 | [1] | $108,847 | [1] | $301,647 | [1] | $307,320 | [1] |
Cost of revenues | 53,978 | 54,404 | 160,049 | 155,221 | ||||
Gross profit | 46,254 | 54,443 | 141,598 | 152,099 | ||||
Operating expenses: | ||||||||
Research and development | 12,771 | 12,272 | 39,083 | 40,586 | ||||
Selling, general and administrative | 22,436 | 21,708 | 68,416 | 67,967 | ||||
Total operating expenses | 35,207 | 33,980 | 107,499 | 108,553 | ||||
Operating income | 11,047 | 20,463 | 34,099 | 43,546 | ||||
Interest income | 240 | 293 | 896 | 923 | ||||
Other income, net | 218 | 254 | 1,838 | -509 | ||||
Income before income taxes | 11,505 | 21,010 | 36,833 | 43,960 | ||||
Provision for income taxes | 3,057 | 6,585 | 10,512 | 14,250 | ||||
Net income | 8,448 | 14,425 | 26,321 | 29,710 | ||||
Earnings per common share — basic (in dollars per share) | $0.27 | $0.45 | $0.82 | $0.93 | ||||
Weighted average shares outstanding — basic (in shares) | 31,861 | 31,964 | 31,937 | 31,904 | ||||
Earnings per common share — diluted (in dollars per share) | $0.26 | $0.44 | $0.80 | $0.91 | ||||
Weighted average shares outstanding — diluted (in shares) | 32,750 | 32,609 | 32,727 | 32,659 | ||||
Comprehensive income | $10,352 | $15,099 | $18,107 | $28,419 | ||||
[1] | ntersegment sales for the three and nine month periods ended September 30, 2013 and 2012 were not material. |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $507,276 | $405 | $457,669 | ($237,170) | $270,744 | $15,628 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of 207 shares of common stock pursuant to the exercise of employee stock options | 3,505 | 2 | 3,503 | |||
Purchase of 624 treasury shares | -14,339 | -14,339 | ||||
Stock based compensation | 5,624 | 5,624 | ||||
Other | 2 | -2 | ||||
Net income | 26,321 | 26,321 | ||||
Other Comprehensive loss | -8,214 | -8,214 | ||||
Total Comprehensive income | 18,107 | |||||
Ending Balance at Sep. 30, 2013 | $520,173 | $409 | $466,794 | ($251,509) | $297,065 | $7,414 |
Consolidated_Statement_Of_Stoc1
Consolidated Statement Of Stockholders' Equity (Parenthetical) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common stock shares pursuant to the exercise of employee stock options, shares | 207 |
Purchase of treasury shares | 624 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ||
Net income | $26,321 | $29,710 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 21,661 | 20,203 |
Stock-based compensation expense | 5,624 | 6,605 |
Deferred income taxes | 9,762 | 464 |
Nonmonetary Transaction, Gross Operating Revenue Recognized | 0 | -2,600 |
Other | -290 | 3,019 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,833 | -15,291 |
Inventories | -11,815 | -11,047 |
Other assets | 6,965 | 4,125 |
Accounts payable | -5,321 | 4,433 |
Accrued expenses, income taxes and other liabilities | -15,501 | 12,648 |
Net cash provided by operating activities | 39,239 | 52,269 |
Investing activities | ||
Capital expenditures | -34,746 | -18,420 |
Purchases of marketable securities | -97,899 | -65,462 |
Proceeds from sales or maturities of marketable securities | 92,739 | 81,081 |
Acquisitions of assets and investments | -12,230 | -3,250 |
Other | 50 | 117 |
Net cash used for investing activities | -52,086 | -5,934 |
Financing activities | ||
Purchases of treasury stock | -14,339 | -1,562 |
Proceeds from exercise of stock options | 3,505 | 1,157 |
Other | 433 | -29 |
Net cash used for financing activities | -10,401 | -434 |
Effects of exchange rate changes on cash and cash equivalents | -1,046 | 39 |
Net (decrease) increase in cash and cash equivalents | -24,294 | 45,940 |
Cash and cash equivalents, beginning of period | 86,050 | 34,523 |
Cash and cash equivalents, end of period | $61,756 | $80,463 |
Description_Of_Business
Description Of Business | 9 Months Ended |
Sep. 30, 2013 | |
Description Of Business [Abstract] | |
Description of Business | Description of Business |
ATMI, Inc. (together with its subsidiaries, collectively referred to as the “Company,” “ATMI,” “our” or “we”), a global technology company, is a leading supplier of high performance materials, materials packaging and materials delivery systems used worldwide in various industries including microelectronics and life sciences. Our Microelectronics segment products consist of “front-end” semiconductor performance materials, sub-atmospheric pressure gas delivery systems for safe handling and delivery of toxic and hazardous gases to semiconductor process equipment, and high-purity materials packaging and dispensing systems that allow for the reliable introduction of low volatility liquids to microelectronics processes. ATMI targets semiconductor and flat-panel display manufacturers, whose products form the foundation of microelectronics technology rapidly proliferating through the consumer products, information technology, automotive, and communications industries. The market for microelectronics devices is continually changing, which drives demand for new products and technologies that have improved performance at lower cost. Our customers include the leading semiconductor manufacturers in the world who target leading-edge technologies. In our LifeSciences segment, we address an increasing number of single-use development and manufacturing needs for the life sciences markets. Our proprietary containment, mixing, and bioreactor technologies are sold to biotechnology, cell therapy and pharmaceutical companies involved in the manufacture of vaccine, monoclonal antibodies and cell therapy applications, which we believe offer significant long-term growth potential. ATMI’s objective is to meet the demands of our microelectronics and life sciences customers with solutions that maximize the efficiency and safety of their manufacturing processes, reduce capital or operating costs, and minimize the time to develop new products and integrate them into their processes. |
Basis_Of_Presentation_And_Othe
Basis Of Presentation And Other Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
Basis of Presentation and Other Information | Basis of Presentation and Other Information | |||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying consolidated interim financial statements of ATMI, Inc. at September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012, respectively, are unaudited, but in the opinion of management include all adjustments necessary for a fair presentation of the results for the interim periods. The unaudited consolidated interim financial statements included herein should be read in conjunction with the December 31, 2012 audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company’s quarterly results are subject to fluctuation and, thus, the operating results for any quarter are not necessarily indicative of results to be expected for any future fiscal period. | ||||||||||||||||
The consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date, but does not include all of the financial information and disclosures required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. | ||||||||||||||||
Earnings Per Share | ||||||||||||||||
This table shows the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 8,448 | $ | 14,425 | 26,321 | 29,710 | ||||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 31,861 | 31,964 | 31,937 | 31,904 | ||||||||||||
Dilutive effect of employee stock options | 162 | 145 | 143 | 178 | ||||||||||||
Dilutive effect of restricted stock awards and restricted stock units | 727 | 500 | 647 | 577 | ||||||||||||
Denominator for diluted earnings per common share – weighted average shares | 32,750 | 32,609 | 32,727 | 32,659 | ||||||||||||
Earnings per share-basic | $ | 0.27 | $ | 0.45 | $ | 0.82 | $ | 0.93 | ||||||||
Earnings per share-diluted | $ | 0.26 | $ | 0.44 | $ | 0.8 | $ | 0.91 | ||||||||
This table shows the potential common shares excluded from the calculation of weighted-average shares outstanding because their effect was considered to be antidilutive (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Antidilutive shares | 573 | 1,085 | 861 | 1,117 | ||||||||||||
Inventories | ||||||||||||||||
Inventories include (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Raw materials | $ | 30,565 | $ | 26,874 | ||||||||||||
Work in process | 3,305 | 2,064 | ||||||||||||||
Finished goods | 68,023 | 62,003 | ||||||||||||||
101,893 | 90,941 | |||||||||||||||
Excess and obsolescence reserve | (3,968 | ) | (3,386 | ) | ||||||||||||
Inventories, net | $ | 97,925 | $ | 87,555 | ||||||||||||
Non-marketable Equity Securities | ||||||||||||||||
We selectively invest in non-marketable equity securities of private companies, which range from early-stage companies to more mature companies whose products or technologies may directly support an ATMI product or initiative. At September 30, 2013, the carrying value of our portfolio of strategic investments in non-marketable equity securities totaled $16.4 million ($8.1 million at December 31, 2012), of which $7.1 million are accounted for at cost ($5.4 million at December 31, 2012), and $9.3 million are accounted for using the equity method of accounting ($2.7 million at December 31, 2012). Non-marketable equity securities are included in the consolidated balance sheets under the caption “Other non-current assets.” ATMI’s share of the income or losses of all equity-method investees, using the most current financial information available, which is one month behind ATMI’s normal closing date, is included in our results of operations from the investment date forward. | ||||||||||||||||
Income Taxes | ||||||||||||||||
We have not provided for U.S. federal income and foreign withholding taxes on approximately $100.4 million of undistributed earnings from non-U.S. operations as of September 30, 2013, because such earnings are intended to be reinvested indefinitely outside of the United States. These earnings could become subject to additional tax if they are remitted as dividends, loaned to ATMI, or upon sale of subsidiary stock. It is not practicable to estimate the amount or timing of the additional tax, if any, that eventually might be paid on the foreign earnings. | ||||||||||||||||
We had an effective income tax rate of 26.6 percent and 28.5 percent for the three and nine month periods ended September 30, 2013. The effective income tax rate differs from the U.S. federal statutory income tax rate of 35.0 percent primarily due to the mix of income attributable to the various countries in which we conduct business, the increase in the valuation allowance on certain foreign losses, and the impact of our reserves. The year-to-date effective income tax rate includes a $1.2 million settlement with the South Korea taxing authority, $1.1 million of benefits for certain 2012 retroactive provisions of The American Taxpayer Relief Act of 2012 (signed into law on January 2, 2013) including the US R&D credit, $2.2 million net benefit for reversals of previously established reserves, and a $0.2 million provision related to equity-based compensation. The effective income tax rate is calculated based on full-year assumptions and is affected by the mix of income attributable to the various countries in which we conduct business. We continue to incur losses at Artelis, our iCELLis® and Xpansion™ bioreactor business, and as a result, we have not recorded a tax benefit on these losses. If a tax benefit had been reflected on the foreign losses, our effective income tax rate would have been approximately 25.6 percent and 24.5 percent for the three and nine month periods ended September 30, 2013, respectively. | ||||||||||||||||
At September 30, 2013, the Company had $2.6 million of unrecognized tax benefits, which if recognized, would favorably affect the effective income tax rate in future periods. $0.2 million of this amount is included in deferred taxes, $0.2 million is included in the caption “Other current liabilities,” and the balance of $2.2 million is included in the caption “Other non-current liabilities” on the consolidated balance sheets. In addition, the Company has $0.5 million of total accrued interest (net) on tax reserves. In the next 12 months, the Company does not expect any material decreases to the unrecognized tax benefits for tax positions taken related to previously filed tax returns. | ||||||||||||||||
At December 31, 2012, the Company had $27.0 million of unrecognized tax benefits related to the timing of deduction of the reacquired rights due to the Matheson contract termination. This uncertainty was resolved in the period ended June 30, 2013 as the Internal Revenue Service completed the audit of tax years 2010 and 2011, for which the Company paid $8.2 million (including $0.2 million of interest) in October 2013. Except for interest expense associated with the timing of the payment, since it was an uncertainty related to the timing of the deduction, the reversal of the $27.0 million of unrecognized tax benefits in 2013 had no impact on the income statement or on our effective tax rate. The reversal also resulted in a reclassification between taxes payable and deferred taxes on the balance sheet, to properly reflect in deferred tax assets the future amortization tax effect of the reacquired rights. | ||||||||||||||||
In the second quarter of 2013, the Company reached a settlement with the South Korea tax authority to settle income tax issues related to tax years 2008-2012 for a payment of approximately $1.2 million (including interest and penalties). | ||||||||||||||||
Variable Interest Entity | ||||||||||||||||
We hold a variable interest in the equity of Anji Microelectronics Co., Ltd. (“Anji”), an entity that produces advanced semiconductor materials, with primary operations in Shanghai, China. We have determined that we are not the primary beneficiary of Anji because we do not have the power, through voting or similar rights, to direct the activities of Anji that most significantly impact the entity’s economic performance, and we are also not expected to absorb significant losses or gains from Anji. ATMI’s carrying value of this cost basis investment is $3.9 million at September 30, 2013. The carrying value of our investment in Anji represents the cash paid, less our share of the cumulative losses during the period that we used the equity-method of accounting. At September 30, 2013, our maximum exposure to loss is our carrying value in this investment of $3.9 million. | ||||||||||||||||
Severance Expense | ||||||||||||||||
During the first quarter of 2013, we initiated an action in our Microelectronics business to better streamline business activities with our customers and partners. As a result, we recognized $1.8 million of severance expense under the caption, Selling, general & administrative in the consolidated statements of comprehensive income. During the first nine months of 2013, we paid $1.7 million associated with this action. We do not anticipate any material additional charges associated with this action. Because the actions were driven by ATMI’s executive team, and are not considered by management to be part of segment results as they were not driven by the Microelectronics segment manager, the severance charge is reflected in the All Other segment. | ||||||||||||||||
As part of our operating margin improvement objectives, during the third quarter of 2013, we executed an action in our Microelectronics business to reduce operational infrastructure with the objective of streamlining operations. As a result, we recognized $0.8 million of severance expense under the caption, Selling, general & administrative in the consolidated statements of comprehensive income. We did not make any payments related to this action during the third quarter of 2013. We do not anticipate any material additional charges associated with this action. Because the actions were driven by ATMI’s executive team, and are not considered by management to be part of segment results as they were not driven by the Microelectronics segment manager, the severance charge is reflected in the All Other segment. | ||||||||||||||||
Recently Adopted Accounting Pronouncements | ||||||||||||||||
In December 2011, the FASB issued ASU 2011-11-”Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and in January 2013, the FASB issued ASU 2013-01- “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” In ASU 2011-11, entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2013-01 limits the scope of disclosures to derivatives, repurchase agreements and securities lending arrangements. We were required to apply the amendments retrospectively for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. There was no material impact from the adoption of these Updates. | ||||||||||||||||
In February 2013, the FASB issued ASU 2013-02-”Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” Substantially all of the information that this Update requires was already disclosed in our financial statements under U.S. GAAP, however, this Update requires additional disclosure about amounts reclassified out of accumulated other comprehensive income and their corresponding effect on net income in one place. We were required to apply the amendments prospectively for annual reporting periods beginning after December 15, 2012. There was no material impact from the adoption of this Update. See Note 5 for the disclosures as a result of adoption of this Update. | ||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||
In July 2013, the FASB issued ASU 2013-11-“Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” In this update, entities are required to offset a liability related to an unrecognized tax benefit against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. An entity is required to apply the amendments prospectively for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. Retrospective application is permitted. We do not anticipate any material impact from this Update. |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Equity-Based Compensation | Equity-Based Compensation | |||||
Summary of Plans | ||||||
This table shows the number of shares approved by stockholders for each plan and the number of shares that remain available for equity awards at September 30, 2013 (in thousands): | ||||||
# of Shares | # of Shares | |||||
Stock Plan | Approved | Available | ||||
2010 Stock Plan (1) | 3,000 | 2,206 | ||||
Employee Stock Purchase Plan (2) | 1,000 | 230 | ||||
Totals | 4,000 | 2,436 | ||||
(1) | Exercise prices for ISOs and non-qualified stock options granted under this plan may not be less than 100 percent of the fair market value for the Company’s common stock on the date of grant. | |||||
(2) | Employees may purchase shares at 95 percent of the closing price on the day previous to the last day of each six-month offering period. This plan is not considered to be compensatory. | |||||
The Company issued 207,288 shares of common stock as a result of exercises by employees under its employee stock option plans during the first nine months of 2013. Such amount was 258,446 shares of common stock during the fiscal year ended December 31, 2012. The Company issued 324,315 shares of restricted stock awards that include solely a time-based vesting requirement in the first nine months of 2013 and such amount was 321,965 during the fiscal year ended December 31, 2012. |
Fair_Value_Measurements_And_Ma
Fair Value Measurements And Marketable Securities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements and Marketable Securities | Fair Value Measurements and Marketable Securities | |||||||||||||||||||||||
The Company measures and reports financial assets and financial liabilities on a fair value basis, consistent with ASC 820 “Fair Value Measurements and Disclosures,” using the following three categories for classification and disclosure purposes: | ||||||||||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 1 assets and liabilities consist of cash, money market fund deposits, time deposits, certain of our marketable equity instruments, and forward foreign currency exchange contracts that are traded in an active market with sufficient volume and frequency of transactions. | ||||||||||||||||||||||||
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include certain of our marketable debt instruments with quoted market prices that are traded in less active markets or priced using a quoted market price for similar instruments. | ||||||||||||||||||||||||
Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. At September 30, 2013, the Artelis acquisition contingent consideration payment liability, which is categorized as a non-recurring fair value measurement, is the only item valued in this category. | ||||||||||||||||||||||||
Assets / Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
This table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Fair Value Measured Using | ||||||||||||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Other | Unobservable | ||||||||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash & cash equivalents | $ | 61,756 | 61,756 | |||||||||||||||||||||
Available-for-sale marketable securities | ||||||||||||||||||||||||
Common stock | $ | 18,841 | $ | 18,841 | ||||||||||||||||||||
Time deposits | $ | 22,337 | $ | 22,337 | ||||||||||||||||||||
Corporate debt obligations | $ | 7,257 | $ | 7,257 | ||||||||||||||||||||
Government debt obligations | $ | 24,380 | $ | 24,380 | ||||||||||||||||||||
Government sponsored debt obligations | $ | 3,729 | $ | 3,729 | ||||||||||||||||||||
Foreign currency exchange contract asset | $ | 1 | $ | 1 | ||||||||||||||||||||
Foreign currency exchange contract liability | $ | 22 | $ | 22 | ||||||||||||||||||||
During the first nine months of 2013, our valuation methodologies were consistent with previous years, and there were no transfers made among the three levels of the valuation hierarchy. | ||||||||||||||||||||||||
Assets / Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
All assets and liabilities measured at fair value on a nonrecurring basis are categorized as Level 3, requiring significant management judgment due to the absence of quoted market prices or observable inputs for assets of a similar nature. | ||||||||||||||||||||||||
Consistent with prior quarters, the liability for the Artelis contingent consideration payments, which is classified as Level 3, and is tied to future revenue performance for the fiscal years 2013 through 2014, was calculated using unobservable inputs (primarily using discounted cash flow analysis, a current average discount rate of 5.5 percent, and reliance on the market and product knowledge of internal experts). The contingent payments have a range of possible outcomes from $0 to $23.3 million, subject to movements in currency. | ||||||||||||||||||||||||
Our estimate of the fair value of the Artelis contingent payments was $4.9 million at September 30, 2013, representing an increase in our estimated payments of $0.3 million from December 31, 2012. This increase was driven by foreign currency translation and an increase in our assessment of our future payment obligation due to an increase in our assessment of anticipated future revenues. | ||||||||||||||||||||||||
Due to their nature, the carrying value of cash, receivables, and payables approximates fair value. | ||||||||||||||||||||||||
Marketable securities include at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Cost | Gross | Estimated | Cost | Gross | Estimated | |||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | |||||||||||||||||||||
Gain (Loss) (3) | Gain (Loss) (3) | |||||||||||||||||||||||
Securities in unrealized gain position: | ||||||||||||||||||||||||
Common stock | $ | 251 | $ | 1,131 | $ | 1,382 | $ | 22,376 | $ | 13,049 | $ | 35,425 | ||||||||||||
Corporate debt obligations | 3,429 | 6 | 3,435 | 4,211 | 4 | 4,215 | ||||||||||||||||||
Government debt obligations (1) | 21,489 | 11 | 21,500 | 4,495 | 14 | 4,509 | ||||||||||||||||||
GSE (2) debt obligations | — | — | — | 3,501 | — | 3,501 | ||||||||||||||||||
U.S. Treasury obligations | — | — | — | 4,023 | — | 4,023 | ||||||||||||||||||
Subtotal | 25,169 | 1,148 | 26,317 | 38,606 | 13,067 | 51,673 | ||||||||||||||||||
Securities in unrealized loss position: | ||||||||||||||||||||||||
Common stock | 18,748 | (1,289 | ) | 17,459 | — | — | — | |||||||||||||||||
Corporate debt obligations | 3,825 | (3 | ) | 3,822 | 4,844 | (7 | ) | 4,837 | ||||||||||||||||
Government debt obligations | 2,882 | (2 | ) | 2,880 | — | — | — | |||||||||||||||||
GSE debt obligations | 3,730 | (1 | ) | 3,729 | — | — | — | |||||||||||||||||
U.S. Treasury obligations | — | — | — | 8,251 | (1 | ) | 8,250 | |||||||||||||||||
Subtotal | 29,185 | (1,295 | ) | 27,890 | 13,095 | (8 | ) | 13,087 | ||||||||||||||||
Securities at amortized cost: | ||||||||||||||||||||||||
Time deposits | 22,337 | — | 22,337 | 16,920 | — | 16,920 | ||||||||||||||||||
Corporate debt obligations | — | — | — | 790 | — | 790 | ||||||||||||||||||
Subtotal | 22,337 | — | 22,337 | 17,710 | — | 17,710 | ||||||||||||||||||
Total marketable securities | $ | 76,691 | $ | (147 | ) | $ | 76,544 | $ | 69,411 | $ | 13,059 | $ | 82,470 | |||||||||||
(1) | State and municipal government debt obligations. | |||||||||||||||||||||||
(2) | Government sponsored enterprise. | |||||||||||||||||||||||
(3) | Unrealized gains or losses of less than $500 for each category are reflected as a dash. | |||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale securities, by contractual maturity, as of September 30, 2013 are shown below (in thousands); expected maturities may differ from contractual maturities because the issuers of the securities may exercise the right to prepay obligations without prepayment penalties. | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 49,700 | $ | 49,709 | ||||||||||||||||||||
Due between one and three years | 7,992 | 7,994 | ||||||||||||||||||||||
57,692 | 57,703 | |||||||||||||||||||||||
Common stock | 18,999 | 18,841 | ||||||||||||||||||||||
$ | 76,691 | $ | 76,544 | |||||||||||||||||||||
This table shows the Company’s marketable securities that were in an unrealized loss position at September 30, 2013, and also shows the period of time the security had been in an unrealized loss position (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Common stock | $ | 17,459 | $ | (1,289 | ) | $ | — | $ | — | $ | 17,459 | $ | (1,289 | ) | ||||||||||
Corporate debt obligations | $ | — | $ | — | $ | 3,822 | $ | (3 | ) | $ | 3,822 | $ | (3 | ) | ||||||||||
Government debt obligations | 2,880 | (2 | ) | — | — | 2,880 | (2 | ) | ||||||||||||||||
GSE (1) debt obligations | 3,729 | (1 | ) | — | — | 3,729 | (1 | ) | ||||||||||||||||
Total (2) | $ | 24,068 | $ | (1,292 | ) | $ | 3,822 | $ | (3 | ) | $ | 27,890 | $ | (1,295 | ) | |||||||||
(1) | Government sponsored enterprise. | |||||||||||||||||||||||
(2) | As of September 30, 2013, we had 10 securities in an unrealized loss position. We have evaluated the near-term prospects of the investments in relation to the severity and duration of the decline in fair value and based on that evaluation we have concluded that we have the ability and intent to hold these investments until the recovery of fair value. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | |||||||||||||||
The components of accumulated other comprehensive income are (in thousands): | ||||||||||||||||
Currency | Unrealized | Unrealized | Total | |||||||||||||
Translation | Gain (Loss) | Gain (Loss) | ||||||||||||||
Adjustments | on Available- | on Derivative | ||||||||||||||
for-Sale | Instruments | |||||||||||||||
Securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,300 | $ | 8,230 | $ | 1,098 | $ | 15,628 | ||||||||
Reclassification adjustment related to marketable securities in net unrealized gain at prior period end, net of $1,140 tax provision (1) | — | (2,002 | ) | — | (2,002 | ) | ||||||||||
Change in fair value of available-for-sale securities, net of deferred income tax of $3,650 | — | (6,338 | ) | — | (6,338 | ) | ||||||||||
Reclassification adjustment related to cash flow hedges at prior period end in a net unrealized loss at prior period end, net of deferred income tax of $334 | — | — | (585 | ) | (585 | ) | ||||||||||
Change in fair value of cash flow hedges, net of deferred income tax of $511 | — | — | 896 | 896 | ||||||||||||
Cumulative translation adjustment | (185 | ) | — | — | (185 | ) | ||||||||||
(8,214 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 6,115 | $ | (110 | ) | $ | 1,409 | $ | 7,414 | |||||||
(1) | Determined based on the average cost method | |||||||||||||||
The reclassifications out of accumulated other comprehensive income are (in thousands): | ||||||||||||||||
Details about Accumulated Other Comprehensive | Amount Reclassified from | Effect on the Consolidated | ||||||||||||||
Income Components | Accumulated Other | Statements of Comprehensive Income | ||||||||||||||
Comprehensive Income | ||||||||||||||||
Realized gains and losses on cash flow hedges | ||||||||||||||||
Foreign exchange contracts | $ | 1,057 | Revenues | |||||||||||||
(138 | ) | Cost of revenues | ||||||||||||||
919 | Total before tax | |||||||||||||||
(334 | ) | Estimated tax expense | ||||||||||||||
$ | 585 | Net of estimated tax | ||||||||||||||
Realized gains and losses on available-for-sale securities | ||||||||||||||||
Available-for-sale securities | $ | 3,142 | Other income (expense), net | |||||||||||||
3,142 | Total before tax | |||||||||||||||
(1,140 | ) | Estimated tax expense | ||||||||||||||
$ | 2,002 | Net of estimated tax | ||||||||||||||
Total reclassifications for the period | $ | 2,587 | Net of estimated tax | |||||||||||||
Foreign_Currency_Exchange_Cont
Foreign Currency Exchange Contracts | 9 Months Ended |
Sep. 30, 2013 | |
Foreign Currency Derivatives [Abstract] | |
Foreign Currency Exchange Contracts | Foreign Currency Exchange Contracts |
We use forward foreign currency exchange contracts to hedge specific or anticipated exposures relating to intercompany payments (primarily U.S. export sales to subsidiaries at pre-established U.S. dollar prices), intercompany loans, future cash flows and other specific and identified exposures. The terms of the forward foreign currency exchange contracts are matched to the underlying transaction being hedged. Because such contracts are directly associated with identified transactions, they are an effective hedge against fluctuations in the value of the foreign currency underlying the transaction. | |
Changes in the fair value of economic hedges are recognized in earnings as an offset to the change in the fair value of the underlying exposures being hedged. The changes in fair value of derivatives that are designated as cash-flow hedges are deferred in accumulated other comprehensive income (loss) and are recognized in earnings when the underlying hedged transaction occurs. Any ineffectiveness is recognized in earnings immediately. Gains and losses on hedges are reported as a net change in cash provided or used by operating activities. We do not enter into derivative instruments for trading or speculative purposes and all of our derivatives were effective throughout the periods reported. | |
Counterparties to forward foreign currency exchange contracts are major banking institutions with credit ratings of investment grade or better and no collateral is required. There are no significant risk concentrations. We believe the risk of incurring losses on derivative contracts related to credit risk is remote. | |
At September 30, 2013, we held foreign currency exchange contracts, not designated as cash flow hedges, with notional amounts totaling $21.2 million of which $8.3 million will be settled in Euros, $1.4 million will be settled in Taiwan Dollars, $1.2 million will be settled in Chinese Yuan Renminbi, and $10.3 million will be settled in Japanese Yen. At September 30, 2013, we held forward foreign currency exchange contracts designated as cash flow hedges with notional amounts totaling $15.6 million, which will be settled in Japanese Yen. The cash flow hedges held at September 30, 2013 mature between the fourth quarter of 2013 and the fourth quarter 2014. At September 30, 2013, the accumulated net unrecognized gains that are expected to be reclassified into earnings during the next twelve months are $1.3 million. | |
The Company recorded net losses of $0.5 million and $0.1 million for the three and nine months ended September 30, 2013, and a net loss of $0.1 million and net gain of $0.6 million for the three and nine months ended September 30, 2012, respectively, under the caption "Other income (expense), net" in the consolidated statements of comprehensive income related to changes in the fair value of the foreign currency exchange contract economic hedges. The Company recorded a net loss of $0.6 million and a net gain of $0.3 million for the three and nine months ended September 30, 2013 in other comprehensive income related to the change in the fair value of cash flow hedges. The Company recorded a net loss of $0.2 million for the three and nine months ended September 30, 2012 in other comprehensive income related to the change in the fair value of cash flow hedges. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
ATMI is, from time to time, involved in legal actions, governmental audits, and proceedings relating to various matters incidental to its business including contract disputes, intellectual property disputes, product liability claims, employment matters, export and trade matters, and environmental claims. While the outcome of such matters cannot be predicted with certainty, in the opinion of management, after reviewing such matters and consulting with ATMI’s counsel and considering any applicable insurance or indemnifications, any liability which may ultimately be incurred is not expected to materially affect ATMI’s consolidated financial position, cash flows or results of operations. | |
As part of the Artelis acquisition, we recognized a liability for the fair value of contingent payments tied to anticipated future revenue performance, which is currently valued at $4.9 million. The range of possible outcomes related to the contingent payment obligation is $0 to $23.3 million, subject to movements in currency. See Note 4 for further discussion. | |
In the first quarter of 2013, we executed a $16.0 million commitment to purchase raw material from a strategic gas supplier over the next two years. We have purchased approximately $7.0 million in raw materials through the nine months ended September 30, 2013 and now have remaining commitments under this agreement of approximately $9.0 million. |
Segments
Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||
Segments | Segments | |||||||||||||||
ATMI has two reportable operating segments, Microelectronics and LifeSciences. Our Chief Executive Officer regularly reviews financial information which separately identifies each segment’s results. | ||||||||||||||||
The Microelectronics business unit sells high-purity materials and materials delivery systems for integrated circuit and flat-panel display manufacturing. Microelectronics products consist of ATMI’s patented Safe Delivery Source® (“SDS”) solutions to deliver ion implant gases, copper materials for plating, post-etch cleans, post-CMP cleans and deposition, and high-purity liquid materials packaging solutions. Microelectronics products represent the largest portion of ATMI’s business and development activities. The principal drivers for this market are technical performance, yield improvement, time to market, cost, utilization of capital, and risk reduction. The success of an electronic component or device is determined by the increased functionality it can deliver at an acceptable cost. | ||||||||||||||||
The life sciences industry has been using disposable components like filters, connectors, and disposable storage bags for several years; however, as customers migrate toward processes which integrate disposable components into disposable systems, we see growing opportunities. The LifeSciences business unit sells products that address an increasing number of critical process steps for biopharmaceutical manufacturing of vaccines, monoclonal antibodies, and cell therapy applications, including disposable mixers and bioreactors, both considered growth opportunities for ATMI. This unit includes our Newform™ products and Integrity® suite of single-use technology mixers, bioreactors and bioprocess vessels. | ||||||||||||||||
The All Other category includes corporate expenses, and, revenues and expenses associated with early stage new market opportunities such as our eVOLV™ and BrightBlack® technologies. | ||||||||||||||||
The Company evaluates performance and allocates resources based on profit or loss from operations. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | ||||||||||||||||
Revenue (1) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Microelectronics | $ | 87,828 | $ | 98,477 | $ | 265,353 | $ | 276,460 | ||||||||
LifeSciences | 12,307 | 10,388 | 35,532 | 30,651 | ||||||||||||
All Other | 97 | (18 | ) | 762 | 209 | |||||||||||
Total Consolidated | $ | 100,232 | $ | 108,847 | $ | 301,647 | $ | 307,320 | ||||||||
(1) | Intersegment sales for the three and nine month periods ended September 30, 2013 and 2012 were not material. | |||||||||||||||
Operating income (loss) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Microelectronics | $ | 25,301 | $ | 34,388 | $ | 77,469 | $ | 85,817 | ||||||||
LifeSciences | (909 | ) | (2,137 | ) | (3,849 | ) | (5,367 | ) | ||||||||
All Other | (13,345 | ) | (11,788 | ) | (39,521 | ) | (36,904 | ) | ||||||||
Total Consolidated | $ | 11,047 | $ | 20,463 | $ | 34,099 | $ | 43,546 | ||||||||
Basis_Of_Presentation_And_Othe1
Basis Of Presentation And Other Information (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated interim financial statements of ATMI, Inc. at September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012, respectively, are unaudited, but in the opinion of management include all adjustments necessary for a fair presentation of the results for the interim periods. The unaudited consolidated interim financial statements included herein should be read in conjunction with the December 31, 2012 audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company’s quarterly results are subject to fluctuation and, thus, the operating results for any quarter are not necessarily indicative of results to be expected for any future fiscal period. | |
The consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date, but does not include all of the financial information and disclosures required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. |
Basis_Of_Presentation_And_Othe2
Basis Of Presentation And Other Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
Computation Of Earnings Per Share | This table shows the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 8,448 | $ | 14,425 | 26,321 | 29,710 | ||||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares | 31,861 | 31,964 | 31,937 | 31,904 | ||||||||||||
Dilutive effect of employee stock options | 162 | 145 | 143 | 178 | ||||||||||||
Dilutive effect of restricted stock awards and restricted stock units | 727 | 500 | 647 | 577 | ||||||||||||
Denominator for diluted earnings per common share – weighted average shares | 32,750 | 32,609 | 32,727 | 32,659 | ||||||||||||
Earnings per share-basic | $ | 0.27 | $ | 0.45 | $ | 0.82 | $ | 0.93 | ||||||||
Earnings per share-diluted | $ | 0.26 | $ | 0.44 | $ | 0.8 | $ | 0.91 | ||||||||
Antidilutive Securities Excluded From Computation | This table shows the potential common shares excluded from the calculation of weighted-average shares outstanding because their effect was considered to be antidilutive (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Antidilutive shares | 573 | 1,085 | 861 | 1,117 | ||||||||||||
Components Of Inventories | Inventories include (in thousands): | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Raw materials | $ | 30,565 | $ | 26,874 | ||||||||||||
Work in process | 3,305 | 2,064 | ||||||||||||||
Finished goods | 68,023 | 62,003 | ||||||||||||||
101,893 | 90,941 | |||||||||||||||
Excess and obsolescence reserve | (3,968 | ) | (3,386 | ) | ||||||||||||
Inventories, net | $ | 97,925 | $ | 87,555 | ||||||||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Schedule Of Shares Available | This table shows the number of shares approved by stockholders for each plan and the number of shares that remain available for equity awards at September 30, 2013 (in thousands): | |||||
# of Shares | # of Shares | |||||
Stock Plan | Approved | Available | ||||
2010 Stock Plan (1) | 3,000 | 2,206 | ||||
Employee Stock Purchase Plan (2) | 1,000 | 230 | ||||
Totals | 4,000 | 2,436 | ||||
(1) | Exercise prices for ISOs and non-qualified stock options granted under this plan may not be less than 100 percent of the fair market value for the Company’s common stock on the date of grant. | |||||
(2) | Employees may purchase shares at 95 percent of the closing price on the day previous to the last day of each six-month offering period. This plan is not considered to be compensatory. |
Fair_Value_Measurements_And_Ma1
Fair Value Measurements And Marketable Securities(Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On Recurring Basis | This table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2013 (in thousands): | |||||||||||||||||||||||
Fair Value Measured Using | ||||||||||||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||||||||||
Prices in | Other | Unobservable | ||||||||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash & cash equivalents | $ | 61,756 | 61,756 | |||||||||||||||||||||
Available-for-sale marketable securities | ||||||||||||||||||||||||
Common stock | $ | 18,841 | $ | 18,841 | ||||||||||||||||||||
Time deposits | $ | 22,337 | $ | 22,337 | ||||||||||||||||||||
Corporate debt obligations | $ | 7,257 | $ | 7,257 | ||||||||||||||||||||
Government debt obligations | $ | 24,380 | $ | 24,380 | ||||||||||||||||||||
Government sponsored debt obligations | $ | 3,729 | $ | 3,729 | ||||||||||||||||||||
Foreign currency exchange contract asset | $ | 1 | $ | 1 | ||||||||||||||||||||
Foreign currency exchange contract liability | $ | 22 | $ | 22 | ||||||||||||||||||||
Schedule Of Marketable Securities | Marketable securities include at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Cost | Gross | Estimated | Cost | Gross | Estimated | |||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | |||||||||||||||||||||
Gain (Loss) (3) | Gain (Loss) (3) | |||||||||||||||||||||||
Securities in unrealized gain position: | ||||||||||||||||||||||||
Common stock | $ | 251 | $ | 1,131 | $ | 1,382 | $ | 22,376 | $ | 13,049 | $ | 35,425 | ||||||||||||
Corporate debt obligations | 3,429 | 6 | 3,435 | 4,211 | 4 | 4,215 | ||||||||||||||||||
Government debt obligations (1) | 21,489 | 11 | 21,500 | 4,495 | 14 | 4,509 | ||||||||||||||||||
GSE (2) debt obligations | — | — | — | 3,501 | — | 3,501 | ||||||||||||||||||
U.S. Treasury obligations | — | — | — | 4,023 | — | 4,023 | ||||||||||||||||||
Subtotal | 25,169 | 1,148 | 26,317 | 38,606 | 13,067 | 51,673 | ||||||||||||||||||
Securities in unrealized loss position: | ||||||||||||||||||||||||
Common stock | 18,748 | (1,289 | ) | 17,459 | — | — | — | |||||||||||||||||
Corporate debt obligations | 3,825 | (3 | ) | 3,822 | 4,844 | (7 | ) | 4,837 | ||||||||||||||||
Government debt obligations | 2,882 | (2 | ) | 2,880 | — | — | — | |||||||||||||||||
GSE debt obligations | 3,730 | (1 | ) | 3,729 | — | — | — | |||||||||||||||||
U.S. Treasury obligations | — | — | — | 8,251 | (1 | ) | 8,250 | |||||||||||||||||
Subtotal | 29,185 | (1,295 | ) | 27,890 | 13,095 | (8 | ) | 13,087 | ||||||||||||||||
Securities at amortized cost: | ||||||||||||||||||||||||
Time deposits | 22,337 | — | 22,337 | 16,920 | — | 16,920 | ||||||||||||||||||
Corporate debt obligations | — | — | — | 790 | — | 790 | ||||||||||||||||||
Subtotal | 22,337 | — | 22,337 | 17,710 | — | 17,710 | ||||||||||||||||||
Total marketable securities | $ | 76,691 | $ | (147 | ) | $ | 76,544 | $ | 69,411 | $ | 13,059 | $ | 82,470 | |||||||||||
(1) | State and municipal government debt obligations. | |||||||||||||||||||||||
(2) | Government sponsored enterprise. | |||||||||||||||||||||||
(3) | Unrealized gains or losses of less than $500 for each category are reflected as a dash. | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of available-for-sale securities, by contractual maturity, as of September 30, 2013 are shown below (in thousands); expected maturities may differ from contractual maturities because the issuers of the securities may exercise the right to prepay obligations without prepayment penalties. | |||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 49,700 | $ | 49,709 | ||||||||||||||||||||
Due between one and three years | 7,992 | 7,994 | ||||||||||||||||||||||
57,692 | 57,703 | |||||||||||||||||||||||
Common stock | 18,999 | 18,841 | ||||||||||||||||||||||
$ | 76,691 | $ | 76,544 | |||||||||||||||||||||
Schedule Of Unrealized Loss On Investments | This table shows the Company’s marketable securities that were in an unrealized loss position at September 30, 2013, and also shows the period of time the security had been in an unrealized loss position (in thousands): | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Common stock | $ | 17,459 | $ | (1,289 | ) | $ | — | $ | — | $ | 17,459 | $ | (1,289 | ) | ||||||||||
Corporate debt obligations | $ | — | $ | — | $ | 3,822 | $ | (3 | ) | $ | 3,822 | $ | (3 | ) | ||||||||||
Government debt obligations | 2,880 | (2 | ) | — | — | 2,880 | (2 | ) | ||||||||||||||||
GSE (1) debt obligations | 3,729 | (1 | ) | — | — | 3,729 | (1 | ) | ||||||||||||||||
Total (2) | $ | 24,068 | $ | (1,292 | ) | $ | 3,822 | $ | (3 | ) | $ | 27,890 | $ | (1,295 | ) | |||||||||
(1) | Government sponsored enterprise. | |||||||||||||||||||||||
(2) | As of September 30, 2013, we had 10 securities in an unrealized loss position. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Components Of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income are (in thousands): | |||||||||||||||
Currency | Unrealized | Unrealized | Total | |||||||||||||
Translation | Gain (Loss) | Gain (Loss) | ||||||||||||||
Adjustments | on Available- | on Derivative | ||||||||||||||
for-Sale | Instruments | |||||||||||||||
Securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,300 | $ | 8,230 | $ | 1,098 | $ | 15,628 | ||||||||
Reclassification adjustment related to marketable securities in net unrealized gain at prior period end, net of $1,140 tax provision (1) | — | (2,002 | ) | — | (2,002 | ) | ||||||||||
Change in fair value of available-for-sale securities, net of deferred income tax of $3,650 | — | (6,338 | ) | — | (6,338 | ) | ||||||||||
Reclassification adjustment related to cash flow hedges at prior period end in a net unrealized loss at prior period end, net of deferred income tax of $334 | — | — | (585 | ) | (585 | ) | ||||||||||
Change in fair value of cash flow hedges, net of deferred income tax of $511 | — | — | 896 | 896 | ||||||||||||
Cumulative translation adjustment | (185 | ) | — | — | (185 | ) | ||||||||||
(8,214 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 6,115 | $ | (110 | ) | $ | 1,409 | $ | 7,414 | |||||||
(1) | Determined based on the average cost method | |||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income | The reclassifications out of accumulated other comprehensive income are (in thousands): | |||||||||||||||
Details about Accumulated Other Comprehensive | Amount Reclassified from | Effect on the Consolidated | ||||||||||||||
Income Components | Accumulated Other | Statements of Comprehensive Income | ||||||||||||||
Comprehensive Income | ||||||||||||||||
Realized gains and losses on cash flow hedges | ||||||||||||||||
Foreign exchange contracts | $ | 1,057 | Revenues | |||||||||||||
(138 | ) | Cost of revenues | ||||||||||||||
919 | Total before tax | |||||||||||||||
(334 | ) | Estimated tax expense | ||||||||||||||
$ | 585 | Net of estimated tax | ||||||||||||||
Realized gains and losses on available-for-sale securities | ||||||||||||||||
Available-for-sale securities | $ | 3,142 | Other income (expense), net | |||||||||||||
3,142 | Total before tax | |||||||||||||||
(1,140 | ) | Estimated tax expense | ||||||||||||||
$ | 2,002 | Net of estimated tax | ||||||||||||||
Total reclassifications for the period | $ | 2,587 | Net of estimated tax | |||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||
Reconciliation Of Revenue From Segments To Consolidated | The Company evaluates performance and allocates resources based on profit or loss from operations. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | |||||||||||||||
Revenue (1) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Microelectronics | $ | 87,828 | $ | 98,477 | $ | 265,353 | $ | 276,460 | ||||||||
LifeSciences | 12,307 | 10,388 | 35,532 | 30,651 | ||||||||||||
All Other | 97 | (18 | ) | 762 | 209 | |||||||||||
Total Consolidated | $ | 100,232 | $ | 108,847 | $ | 301,647 | $ | 307,320 | ||||||||
(1) | Intersegment sales for the three and nine month periods ended September 30, 2013 and 2012 were not material. | |||||||||||||||
Reconciliation Of Operating Profit (Loss) From Segments To Consolidated | ||||||||||||||||
Operating income (loss) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Microelectronics | $ | 25,301 | $ | 34,388 | $ | 77,469 | $ | 85,817 | ||||||||
LifeSciences | (909 | ) | (2,137 | ) | (3,849 | ) | (5,367 | ) | ||||||||
All Other | (13,345 | ) | (11,788 | ) | (39,521 | ) | (36,904 | ) | ||||||||
Total Consolidated | $ | 11,047 | $ | 20,463 | $ | 34,099 | $ | 43,546 | ||||||||
Basis_Of_Presentation_And_Othe3
Basis Of Presentation And Other Information (Computation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ||||
Net income | $8,448 | $14,425 | $26,321 | $29,710 |
Denominator for basic earnings per share - weighted average shares | 31,861 | 31,964 | 31,937 | 31,904 |
Denominator for diluted earnings per common share – weighted average shares | 32,750 | 32,609 | 32,727 | 32,659 |
Earnings per share-basic (in dollars per share) | $0.27 | $0.45 | $0.82 | $0.93 |
Earnings per share-diluted (in dollars per share) | $0.26 | $0.44 | $0.80 | $0.91 |
Employee Stock Option [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dilutive effect of share based compensation (in shares) | 162 | 145 | 143 | 178 |
Restricted Stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Dilutive effect of share based compensation (in shares) | 727 | 500 | 647 | 577 |
Basis_Of_Presentation_And_Othe4
Basis Of Presentation And Other Information (Antidilutive Securities Excluded from Computation) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Antidilutive shares | 573 | 1,085 | 861 | 1,117 |
Basis_Of_Presentation_And_Othe5
Basis Of Presentation And Other Information (Components Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $30,565 | $26,874 |
Work in process | 3,305 | 2,064 |
Finished goods | 68,023 | 62,003 |
Inventories, gross | 101,893 | 90,941 |
Excess and obsolescence reserve | -3,968 | -3,386 |
Inventories, net | $97,925 | $87,555 |
Basis_Of_Presentation_And_Othe6
Basis Of Presentation And Other Information (Non-Marketable Equity Securities, Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Non-marketable equity securities, carrying value | $16.40 | $8.10 |
Cost basis investments | 7.1 | 5.4 |
Non-marketable equity securities, accounted for using equity method accounting | $9.30 | $2.70 |
Basis_Of_Presentation_And_Othe7
Basis Of Presentation And Other Information (Income Taxes, Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Income Tax Contingency [Line Items] | ||
Undistributed foreign earnings | $100.40 | $100.40 |
Effective income tax rate | 26.60% | 28.50% |
U.S. federal statutory income tax rate | 35.00% | |
Tax settlements | 1.2 | |
Tax benefits related to The American Taxpayer Relief Act of 2012 | 1.1 | |
Net benefit for reversals of reserves | 2.2 | |
Tax provision from share-based compensation expense | 0.2 | |
Effective income tax rate, if certain tax benefits and credits were recognized | 25.60% | 24.50% |
Unrecognized tax benefits that would impact effective tax rate if recognized | 2.6 | 2.6 |
Unrecognized tax benefits related to reaquired rights | 27 | 27 |
Unrecognized tax benefits decreases resulting from settlements with Internal Revenue Service | 8.2 | |
Unrecognized tax benefits decreases resulting from interest associated with settlements with Internal Revenue Service | 0.2 | |
Net accrued interest on tax reserves | 0.5 | 0.5 |
Deferred Taxes [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate if recognized | 0.2 | 0.2 |
Other Current Liabilities [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate if recognized | 0.2 | 0.2 |
Other Noncurrent Liabilities [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate if recognized | $2.20 | $2.20 |
Basis_Of_Presentation_And_Othe8
Basis Of Presentation And Other Information (Variable Interest Entity, Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable interest entity, carrying amount | $3.90 |
Variable interest entity, maximum loss exposure | $3.90 |
Basis_Of_Presentation_And_Othe9
Basis Of Presentation And Other Information (Severance Expense, Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Severance expense | $0.80 | $1.80 | |
Severance payments | $1.70 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued under employee stock option plans | 207,288 | 258,446 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted in period | 324,315 | 321,965 |
EquityBased_Compensation_Sched
Equity-Based Compensation (Schedule Of Shares Available) (Details) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
# of Shares Approved | 4,000 | |
# of Shares Available | 2,436 | |
Exercise price as a percentage of common stock fair market value | 100.00% | |
Employee purchase rate, percentage of closing price | 95.00% | |
2010 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
# of Shares Approved | 3,000 | [1] |
# of Shares Available | 2,206 | [1] |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
# of Shares Approved | 1,000 | [2] |
# of Shares Available | 230 | [2] |
[1] | Exercise prices for ISOs and non-qualified stock options granted under this plan may not be less than 100 percent of the fair market value for the Company’s common stock on the date of grant. | |
[2] | Employees may purchase shares at 95 percent of the closing price on the day previous to the last day of each six-month offering period. This plan is not considered to be compensatory. |
Fair_Value_Measurements_And_Ma2
Fair Value Measurements And Marketable Securities (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Investments, All Other Investments [Abstract] | |
Fair value inputs, discount rate | 5.50% |
Contingent payments tied to future revenue performance, range of possible outcomes, low | $0 |
Contingent payments tied to future revenue performance, range of possible outcomes, high | 23,300,000 |
Fair value of contingent payments | 4,900,000 |
Fair value of contingent payments, increase (decrease) in estimated future payments | $300,000 |
Fair_Value_Measurements_And_Ma3
Fair Value Measurements And Marketable Securities (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & cash equivalents | $61,756 | |
Available-for-sale marketable securities | 76,544 | 82,470 |
Foreign currency exchange contract asset | 1 | |
Foreign currency exchange contract liability | 22 | |
Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 18,841 | |
Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 22,337 | |
Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 7,257 | |
Government Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 24,380 | |
Government Sponsored Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 3,729 | |
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & cash equivalents | 61,756 | |
Foreign currency exchange contract asset | 1 | |
Foreign currency exchange contract liability | 22 | |
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 18,841 | |
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 22,337 | |
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Government Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Government Sponsored Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & cash equivalents | ||
Foreign currency exchange contract asset | ||
Foreign currency exchange contract liability | ||
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 7,257 | |
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | Government Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 24,380 | |
Fair Value Measured Using Significant Other Observable Inputs (Level 2) [Member] | Government Sponsored Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | 3,729 | |
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & cash equivalents | ||
Foreign currency exchange contract asset | ||
Foreign currency exchange contract liability | ||
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | Government Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities | ||
Fair Value Measured Using Significant Unobservable Inputs (Level 3) [Member] | Government Sponsored Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities |
Fair_Value_Measurements_And_Ma4
Fair Value Measurements And Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | $76,691 | $69,411 | ||
Gross Unrealized Gain (Loss) | -147 | 13,059 | [1] | |
Estimated Fair Value | 76,544 | 82,470 | ||
Common Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 18,999 | |||
Estimated Fair Value | 18,841 | |||
Securities In Unrealized Gain Position [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 25,169 | 38,606 | ||
Gross Unrealized Gain (Loss) | 1,148 | 13,067 | [1] | |
Estimated Fair Value | 26,317 | 51,673 | ||
Securities In Unrealized Gain Position [Member] | Common Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 251 | 22,376 | ||
Gross Unrealized Gain (Loss) | 1,131 | 13,049 | [1] | |
Estimated Fair Value | 1,382 | 35,425 | ||
Securities In Unrealized Gain Position [Member] | Corporate Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 3,429 | 4,211 | ||
Gross Unrealized Gain (Loss) | 6 | 4 | [1] | |
Estimated Fair Value | 3,435 | 4,215 | ||
Securities In Unrealized Gain Position [Member] | Government Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 21,489 | [2] | 4,495 | [2] |
Gross Unrealized Gain (Loss) | 11 | [2] | 14 | [1],[2] |
Estimated Fair Value | 21,500 | [2] | 4,509 | [2] |
Securities In Unrealized Gain Position [Member] | Government Sponsored Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 0 | [3] | 3,501 | [3] |
Gross Unrealized Gain (Loss) | 0 | [3] | 0 | [1],[3] |
Estimated Fair Value | 0 | [3] | 3,501 | [3] |
Securities In Unrealized Gain Position [Member] | U.S. Treasury Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 0 | 4,023 | ||
Gross Unrealized Gain (Loss) | 0 | 0 | [1] | |
Estimated Fair Value | 0 | 4,023 | ||
Securities In Unrealized Loss Position [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 29,185 | 13,095 | ||
Gross Unrealized Gain (Loss) | -1,295 | -8 | [1] | |
Estimated Fair Value | 27,890 | 13,087 | ||
Securities In Unrealized Loss Position [Member] | Common Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 18,748 | 0 | ||
Gross Unrealized Gain (Loss) | -1,289 | 0 | [1] | |
Estimated Fair Value | 17,459 | 0 | ||
Securities In Unrealized Loss Position [Member] | Corporate Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 3,825 | 4,844 | ||
Gross Unrealized Gain (Loss) | -3 | -7 | [1] | |
Estimated Fair Value | 3,822 | 4,837 | ||
Securities In Unrealized Loss Position [Member] | Government Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 2,882 | 0 | ||
Gross Unrealized Gain (Loss) | -2 | 0 | [1] | |
Estimated Fair Value | 2,880 | 0 | ||
Securities In Unrealized Loss Position [Member] | Government Sponsored Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 3,730 | 0 | ||
Gross Unrealized Gain (Loss) | -1 | 0 | [1] | |
Estimated Fair Value | 3,729 | 0 | ||
Securities In Unrealized Loss Position [Member] | U.S. Treasury Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 0 | 8,251 | ||
Gross Unrealized Gain (Loss) | 0 | -1 | [1] | |
Estimated Fair Value | 0 | 8,250 | ||
Securities At Amortized Cost [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 22,337 | 17,710 | ||
Gross Unrealized Gain (Loss) | 0 | 0 | [1] | |
Estimated Fair Value | 22,337 | 17,710 | ||
Securities At Amortized Cost [Member] | Time Deposits [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 22,337 | 16,920 | ||
Gross Unrealized Gain (Loss) | 0 | 0 | [1] | |
Estimated Fair Value | 22,337 | 16,920 | ||
Securities At Amortized Cost [Member] | Corporate Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 0 | 790 | ||
Gross Unrealized Gain (Loss) | 0 | 0 | [1] | |
Estimated Fair Value | $0 | $790 | ||
[1] | Unrealized gains or losses of less than $500 for each category are reflected as a dash. | |||
[2] | State and municipal government debt obligations. | |||
[3] | Government sponsored enterprise. |
Fair_Value_Measurements_And_Ma5
Fair Value Measurements And Marketable Securities (Investments Classified by Contractual Maturity Date) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Cost | $49,700 | |
Due between one and three years, Cost | 7,992 | |
Total maturities, Cost | 57,692 | |
Available-for-sale securities, Cost | 76,691 | 69,411 |
Due in one year or less, Estimated Fair Value | 49,709 | |
Due between one and three years, Estimated Fair Value | 7,994 | |
Total maturities, Estimated Fair Value | 57,703 | |
Available-for-sale securities, Estimated Fair Value | 76,544 | 82,470 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Cost | 18,999 | |
Available-for-sale securities, Estimated Fair Value | $18,841 |
Fair_Value_Measurements_And_Ma6
Fair Value Measurements And Marketable Securities (Schedule Of Unrealized Loss On Investments) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
security | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $24,068 | [1] |
Less Than 12 Months, Unrealized Losses | -1,292 | [1] |
12 Months or Greater, Fair Value | 3,822 | [1] |
12 Months or Greater, Unrealized Losses | -3 | [1] |
Total Fair Value | 27,890 | [1] |
Total Unrealized Losses | -1,295 | [1] |
Securities in an unrealized loss position | 10 | |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 17,459 | |
Less Than 12 Months, Unrealized Losses | -1,289 | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Fair Value | 17,459 | |
Total Unrealized Losses | -1,289 | |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | |
Less Than 12 Months, Unrealized Losses | 0 | |
12 Months or Greater, Fair Value | 3,822 | |
12 Months or Greater, Unrealized Losses | -3 | |
Total Fair Value | 3,822 | |
Total Unrealized Losses | -3 | |
Government Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 2,880 | |
Less Than 12 Months, Unrealized Losses | -2 | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Fair Value | 2,880 | |
Total Unrealized Losses | -2 | |
Government Sponsored Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 3,729 | [2] |
Less Than 12 Months, Unrealized Losses | -1 | [2] |
12 Months or Greater, Fair Value | 0 | [2] |
12 Months or Greater, Unrealized Losses | 0 | [2] |
Total Fair Value | 3,729 | [2] |
Total Unrealized Losses | ($1) | [2] |
[1] | As of September 30, 2013, we had 10 securities in an unrealized loss position. We have evaluated the near-term prospects of the investments in relation to the severity and duration of the decline in fair value and based on that evaluation we have concluded that we have the ability and intent to hold these investments until the recovery of fair value. | |
[2] | Government sponsored enterprise. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Currency Translation Adjustments, Begining Balance | $6,300 | |
Cumulative translation adjustment | -185 | |
Currency Translation Adjustment, Ending Balance | 6,115 | |
Unrealized Gain (Loss) on Available-for-Sale Securities, Begining Balance | 8,230 | |
Reclassification adjustment related to marketable securities in net unrealized gain at prior period end, net of $685 tax provision | -2,002 | [1] |
Change in fair value of available-for-sale securities, net of deferred income tax of $3,650 | -6,338 | |
Unrealized Gain (Loss) on Available-for-Sale Securities, Ending Balance | -110 | |
Unrealized Gain (Loss) On Derivative Instruments, Beginning Balance | 1,098 | |
Reclassification adjustment related to cash flow hedges at prior period end in a net unrealized loss at prior period end, net of deferred income tax of $334 | -585 | |
Change in fair value of cash flow hedges, net of deferred income tax of $511 | 896 | |
Unrealized Gain (Loss) On Derivative Instruments, Ending Balance | 1,409 | |
Begining Balance | 15,628 | |
Other Comprehensive loss | -8,214 | |
Ending Balance | 7,414 | |
Reclassification adjustment related to marketable securities in net unrealized gain position at prior period end, tax | 1,140 | |
Change in fair value of available-for-sale securities, tax | 3,650 | |
Reclassification adjustment related to derivative financial instruments, tax | 334 | |
Change in fair value of derivative financial instruments, tax | $511 | |
[1] | Determined based on the average cost method |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Revenues | $100,232 | [1] | $108,847 | [1] | $301,647 | [1] | $307,320 | [1] |
Other income, net | 218 | 254 | 1,838 | -509 | ||||
Cost of revenues | -53,978 | -54,404 | -160,049 | -155,221 | ||||
Total before tax | 11,505 | 21,010 | 36,833 | 43,960 | ||||
Estimated tax expense | -3,057 | -6,585 | -10,512 | -14,250 | ||||
Net of estimated tax | 8,448 | 14,425 | 26,321 | 29,710 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net of estimated tax | 2,587 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Contract [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Revenues | 1,057 | |||||||
Cost of revenues | -138 | |||||||
Total before tax | 919 | |||||||
Estimated tax expense | -334 | |||||||
Net of estimated tax | 585 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other income, net | 3,142 | |||||||
Total before tax | 3,142 | |||||||
Estimated tax expense | -1,140 | |||||||
Net of estimated tax | $2,002 | |||||||
[1] | ntersegment sales for the three and nine month periods ended September 30, 2013 and 2012 were not material. |
Foreign_Currency_Exchange_Cont1
Foreign Currency Exchange Contracts (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ||||
Accumulated net unrecognized gains (losses) that are expected to be reclassified into earnings during the next twelve months | $1.30 | $1.30 | ||
Net gain related to changes in the fair value of foreign currency exchange contracts | 0.5 | 0.1 | 0.1 | 0.6 |
Increase in the fair value of cash flow hedges | 0.6 | 0.3 | 0.2 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 21.2 | 21.2 | ||
Not Designated as Hedging Instrument [Member] | Euro Member Countries, Euro | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 8.3 | 8.3 | ||
Not Designated as Hedging Instrument [Member] | Taiwan, New Dollars | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 1.4 | 1.4 | ||
Not Designated as Hedging Instrument [Member] | China, Yuan Renminbi | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 1.2 | 1.2 | ||
Not Designated as Hedging Instrument [Member] | Japan, Yen | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 10.3 | 10.3 | ||
Cash Flow Hedging [Member] | Japan, Yen | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $15.60 | $15.60 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Fair value of contingent payments | $4,900,000 |
Contingent payments tied to future revenue performance, range of possible outcomes, low | 0 |
Contingent payments tied to future revenue performance, range of possible outcomes, high | 23,300,000 |
Commitment to purchase raw material | 16,000,000 |
Time period to purchase raw material | P2Y |
Purchases Made Under Long Term Purchase Commitment | 7,000,000 |
Remaining commitment to purchase raw material | $9,000,000 |
Segments_Narrative_Details
Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Segments_Reconciliation_of_Rev
Segments (Reconciliation of Revenue from Segments to Consolidated) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Total revenues | $100,232 | [1] | $108,847 | [1] | $301,647 | [1] | $307,320 | [1] |
Microelectronics [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Total revenues | 87,828 | [1] | 98,477 | [1] | 265,353 | [1] | 276,460 | [1] |
LifeSciences [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Total revenues | 12,307 | [1] | 10,388 | [1] | 35,532 | [1] | 30,651 | [1] |
All Other [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Total revenues | $97 | [1] | ($18) | [1] | $762 | [1] | $209 | [1] |
[1] | ntersegment sales for the three and nine month periods ended September 30, 2013 and 2012 were not material. |
Segments_Reconciliation_Of_Ope
Segments (Reconciliation Of Operating Profit (Loss) From Segments To Consolidated) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $11,047 | $20,463 | $34,099 | $43,546 |
Microelectronics [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | 25,301 | 34,388 | 77,469 | 85,817 |
LifeSciences [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | -909 | -2,137 | -3,849 | -5,367 |
All Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | ($13,345) | ($11,788) | ($39,521) | ($36,904) |