Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MKSI | |
Entity Registrant Name | MKS INSTRUMENTS INC | |
Entity Central Index Key | 1,049,502 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,380,341 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 178,319 | $ 305,437 |
Short-term investments | 177,433 | 129,594 |
Trade accounts receivable, net | 124,553 | 106,362 |
Inventories, net | 165,590 | 155,169 |
Deferred income taxes | 13,570 | 14,017 |
Other current assets | 28,203 | 27,512 |
Total current assets | 687,668 | 738,091 |
Property, plant and equipment, net | 69,898 | 72,776 |
Long-term investments | 256,855 | 157,201 |
Goodwill | 200,212 | 192,381 |
Intangible assets, net | 47,822 | 46,389 |
Other assets | 17,878 | 17,206 |
Total assets | 1,280,333 | 1,224,044 |
Current liabilities: | ||
Accounts payable | 34,054 | 34,166 |
Accrued compensation | 23,641 | 26,970 |
Income taxes payable | 8,615 | 6,702 |
Other current liabilities | 45,668 | 35,789 |
Total current liabilities | 111,978 | 103,627 |
Other liabilities | $ 38,919 | $ 38,595 |
Commitments and contingencies (Note 18) | ||
Stockholders' equity: | ||
Preferred Stock, $0.01 par value per share, 2,000,000 shares authorized; none issued and outstanding | ||
Common Stock, no par value, 200,000,000 shares authorized; 53,367,109 and 53,154,666 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | $ 113 | $ 113 |
Additional paid-in capital | 739,567 | 734,732 |
Retained earnings | 395,455 | 349,061 |
Accumulated other comprehensive loss | (5,699) | (2,084) |
Total stockholders' equity | 1,129,436 | 1,081,822 |
Total liabilities and stockholders' equity | $ 1,280,333 | $ 1,224,044 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | ||
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 53,367,109 | 53,154,666 |
Common Stock, shares outstanding | 53,367,109 | 53,154,666 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net revenues: | |||||
Products | $ 188,281 | $ 157,466 | $ 374,377 | $ 338,652 | |
Services | 29,685 | 27,231 | 57,428 | 52,398 | |
Total net revenues | 217,966 | 184,697 | 431,805 | 391,050 | |
Cost of revenues: | |||||
Cost of products | 99,849 | 87,513 | 198,501 | 187,724 | |
Cost of services | 19,319 | 17,549 | 37,460 | 34,319 | |
Total cost of revenues (exclusive of amortization shown separately below) | 119,168 | 105,062 | 235,961 | 222,043 | |
Gross profit | 98,798 | 79,635 | 195,844 | 169,007 | |
Research and development | 17,567 | 15,421 | 34,247 | 31,039 | |
Selling, general and administrative | 33,269 | 32,239 | 64,136 | 66,830 | |
Acquisition costs | 271 | 30 | 499 | ||
Restructuring | 219 | 1,007 | 747 | ||
Amortization of intangible assets | 1,709 | 1,044 | 3,380 | 1,454 | |
Income from operations | 46,034 | 30,660 | 93,044 | 68,438 | |
Interest income | 828 | 243 | 1,369 | 495 | |
Interest expense | 38 | 12 | 75 | 29 | |
Income before income taxes | 46,824 | 30,891 | 94,338 | 68,904 | |
Provision for income taxes | 13,604 | 9,667 | 27,332 | 16,435 | |
Net income | 33,220 | 21,224 | 67,006 | 52,469 | |
Other comprehensive (loss) income: | |||||
Changes in value of financial instruments designated as cash flow hedges, net of tax benefit | [1] | (332) | (682) | (1,078) | (845) |
Foreign currency translation adjustments, net of tax of $0 | 612 | 1,973 | (2,594) | 1,994 | |
Unrealized gain on investments, net of tax (benefit) expense | [2] | (202) | 7 | 57 | 43 |
Total comprehensive income | $ 33,298 | $ 22,522 | $ 63,391 | $ 53,661 | |
Net income per share: | |||||
Basic | $ 0.62 | $ 0.40 | $ 1.26 | $ 0.98 | |
Diluted | 0.62 | 0.40 | 1.25 | 0.98 | |
Cash dividends per common share | $ 0.170 | $ 0.165 | $ 0.335 | $ 0.325 | |
Weighted average common shares outstanding: | |||||
Basic | 53,384 | 53,361 | 53,299 | 53,386 | |
Diluted | 53,589 | 53,537 | 53,559 | 53,657 | |
[1] | Tax (benefit) was $(178) and $(428) for the three months ended June 30, 2015 and 2014, respectively. Tax (benefit) was $(387) and $(536) for the six months ended June 30, 2015 and 2014, respectively. | ||||
[2] | Tax (benefit) expense was $(108) and $4 for the three months ended June 30, 2015 and 2014, respectively. Tax expense was $21 and $28 for the six months ended June 30, 2015 and 2014, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Tax (benefit) on changes in value of financial instruments designated as cash flow hedges | $ (178) | $ (428) | $ (387) | $ (536) |
Tax on foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Tax (benefit) expense on unrealized (loss) gain on investments | $ (108) | $ 4 | $ 21 | $ 28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 67,006 | $ 52,469 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,082 | 8,965 |
Stock-based compensation | 6,778 | 5,998 |
Provision for excess and obsolete inventory | 6,335 | 5,532 |
Provision for bad debt | (105) | 329 |
Deferred income taxes | 342 | 1,396 |
Excess tax benefits from stock-based compensation | (869) | (348) |
Other | 203 | 24 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (18,787) | 15,842 |
Inventories | (18,471) | (11,804) |
Income taxes | 6,404 | (18,235) |
Other current assets | (5,964) | (3,749) |
Accrued compensation | (2,439) | (19,662) |
Other current and non-current liabilities | 6,862 | 4,518 |
Accounts payable | (26) | (13,538) |
Other assets | (155) | 77 |
Net cash provided by operating activities | 58,196 | 27,814 |
Cash flows from investing activities: | ||
Acquisition of businesses, net of cash acquired | (9,910) | (86,950) |
Purchases of investments | (264,586) | (231,293) |
Maturities of investments | 88,857 | 154,505 |
Sales of investments | 28,229 | 154,992 |
Purchases of property, plant and equipment | (5,334) | (7,255) |
Other | 5 | 135 |
Net cash used in investing activities | (162,739) | (15,866) |
Cash flows from financing activities: | ||
Proceeds from short-term borrowings | 2,020 | |
Payments of short-term borrowings | (2,020) | |
Repurchase of common stock | (4,341) | (20,809) |
Net payments related to employee stock awards | (1,124) | (11) |
Dividend payments to common stockholders | (17,868) | (17,326) |
Excess tax benefits from stock-based compensation | 869 | 348 |
Net cash used in financing activities | (22,464) | (37,798) |
Effect of exchange rate changes on cash and cash equivalents | (111) | (263) |
Decrease in cash and cash equivalents | (127,118) | (26,113) |
Cash and cash equivalents at beginning of period | 305,437 | 288,902 |
Cash and cash equivalents at end of period | $ 178,319 | $ 262,789 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1) Basis of Presentation The terms “MKS” and the “Company” refer to MKS Instruments, Inc. and its subsidiaries. The interim financial data as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 are unaudited; however, in the opinion of MKS, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The consolidated balance sheet presented as of December 31, 2014 has been derived from the audited consolidated financial statements as of that date. The unaudited consolidated financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by United States generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the MKS Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on February 25, 2015. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, stock-based compensation, inventory, intangible assets, goodwill and other long-lived assets, acquisition expenses, income taxes and investments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Reclassifications Certain prior year amounts have been reclassified to be consistent with current year classifications. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 2) Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods and services to customers in an amount that reflects the consideration that the company expects to be entitled to in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in March 2015, the FASB proposed a one-year deferral and in July 2015, the FASB agreed to defer by one year the mandatory effective date of its revenue recognition standard, but will also provide entities the option to adopt it as of the original effective date. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company has not yet selected a transition method. The Company is currently evaluating the requirements of ASU No. 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under this ASU, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for annual and interim periods thereafter. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3) Investments The fair value of short-term investments with maturities or estimated lives of less than one year consists of the following: June 30, 2015 December 31, 2014 Available-for-sale investments: Time deposits and certificates of deposit $ 23,630 $ 20,900 Asset-backed securities 155 — Bankers’ acceptance drafts 222 82 Commercial paper 3,450 — Corporate obligations 59,719 24,020 Municipal bonds 7,057 2,099 U.S. agency obligations 83,200 82,493 $ 177,433 $ 129,594 The fair value of long-term investments with maturities of more than one year consists of the following: June 30, 2015 December 31, 2014 Available-for-sale investments: Time deposits and certificates of deposit $ — $ 48 Asset-backed securities 140,677 75,674 Corporate obligations 103,570 64,669 Municipal bonds 605 1,254 U.S. agency obligations 12,003 15,556 $ 256,855 $ 157,201 The following tables show the gross unrealized gains and (losses) aggregated by investment category for short-term and long-term available-for-sale investments: As of June 30, 2015: Cost Gross Gross Estimated Short-term investments: Time deposits and certificates of deposit $ 23,630 $ — $ — $ 23,630 Asset-backed securities 256 — (101 ) 155 Bankers’ acceptance drafts 222 — — 222 Commercial paper 3,449 1 — 3,450 Corporate obligations 59,735 7 (23 ) 59,719 Municipal bonds 7,055 6 (4 ) 7,057 U.S. agency obligations 83,176 25 (1 ) 83,200 $ 177,523 $ 39 $ (129 ) $ 177,433 Long-term investments: Asset-backed securities $ 140,695 $ 50 $ (68 ) $ 140,677 Corporate obligations 103,709 17 (156 ) 103,570 Municipal bonds 615 — (10 ) 605 U.S. agency obligations 11,998 6 (1 ) 12,003 $ 257,017 $ 73 $ (235 ) $ 256,855 As of December 31, 2014: Cost Gross Gross Estimated Short-term investments: Time deposits and certificates of deposit $ 20,901 $ — $ (1 ) $ 20,900 Bankers’ acceptance drafts 82 — — 82 Corporate obligations 24,029 2 (11 ) 24,020 Municipal bonds 2,100 — (1 ) 2,099 U.S. agency obligations 82,488 14 (9 ) 82,493 $ 129,600 $ 16 $ (22 ) $ 129,594 Long-term investments: Time deposits and certificates of deposit $ 48 $ — $ — $ 48 Asset-backed securities 75,778 5 (109 ) 75,674 Corporate obligations 64,842 1 (174 ) 64,669 Municipal bonds 1,258 — (4 ) 1,254 U.S. agency obligations 15,563 2 (9 ) 15,556 $ 157,489 $ 8 $ (296 ) $ 157,201 Interest income is accrued as earned. Dividend income is recognized as income on the date the stock trades “ex-dividend.” The cost of marketable securities sold is determined by the specific identification method. Realized gains or (losses) are reflected in income and were immaterial for both the three and six months ended June 30, 2015 and 2014, respectively. In accordance with the Company’s investment policy, no security shall have a maturity or average life longer than three years. The average duration of the portfolio shall be no more than one year. Corporate securities must have ratings of A3/A- or better. Asset-backed securities must be rated AAA. Short-term ratings of A-2/P2/F2 or higher are also permitted. With respect to compliance with these investment guidelines, the rating agencies include Moody’s Investor Service, Standard & Poor’s and Fitch Investor Service. The middle of Moody’s, Standard & Poor’s and Fitch rating shall be used to determine compliance with credit quality guidelines. If a security is rated by two rating agencies, the lower rating will apply. If only one rating exists, that rating shall be used. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4) Fair Value Measurements In accordance with the provisions of fair value accounting, a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model. The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities assessed as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, 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 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments or securities or derivative contracts that are valued using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. 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. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the Company categorizes such assets and liabilities based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and liabilities of the Company are measured at fair value on a recurring basis as of June 30, 2015 and are summarized as follows: Fair Value Measurements at Reporting Date Using Description June 30, 2015 Quoted Prices in Significant Significant Assets: Cash equivalents: Money market funds $ 95,975 $ 95,975 $ — $ — Bankers’ acceptance drafts 48 — 48 — Available-for-sale investments: Bankers’ acceptance drafts 222 — 222 — Time deposits and certificates of deposit 23,630 — 23,630 — Commercial paper 3,450 — 3,450 — Asset-backed securities 140,832 — 140,832 — Corporate obligations 163,289 — 163,289 — Municipal bonds 7,662 — 7,662 — U.S. agency obligations 95,203 — 95,203 — Derivatives – currency forward contracts 801 — 801 — Total assets $ 531,112 $ 95,975 $ 435,137 $ — Liabilities: Derivatives – currency forward contracts $ 535 $ — $ 535 $ — Reported as follows: Assets: Cash and cash equivalents (1) $ 96,023 $ 95,975 $ 48 $ — Short-term investments 177,433 — 177,433 — Other current assets 801 — 801 — Total current assets $ 274,257 $ 95,975 $ 178,282 $ — Long-term investments $ 256,855 $ — $ 256,855 $ — Liabilities: Other current liabilities $ 535 $ — $ 535 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $66,273 and non-negotiable time deposits of $16,023 as of June 30, 2015. Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2014, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2014 Quoted Prices in Significant Significant Assets: Cash equivalents: Money market funds $ 129,092 $ 129,092 $ — $ — Bankers acceptance drafts 131 — 131 — Corporate obligations 700 — 700 — Available-for-sale investments: Time deposits and certificates of deposit 20,948 — 20,948 — Asset-backed securities 75,674 — 75,674 — Bankers acceptance drafts 82 — 82 — Corporate obligations 88,689 — 88,689 — Municipal bonds 3,353 — 3,353 — U.S. agency obligations 98,049 — 98,049 — Derivatives – currency forward contracts 2,110 — 2,110 — Total assets $ 418,828 $ 129,092 $ 289,736 $ — Reported as follows: Assets: Cash and cash equivalents (1) $ 129,923 $ 129,092 $ 831 $ — Short-term investments 129,594 — 129,594 — Other current assets 2,110 — 2,110 — Total current assets $ 261,627 $ 129,092 $ 132,535 $ — Long-term investments $ 157,201 $ — $ 157,201 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $167,517 and non-negotiable time deposits of $7,997 as of December 31, 2014. Money Market Funds Money market funds are cash and cash equivalents and are classified within Level 1 of the fair value hierarchy. Bankers’ Acceptance Drafts Bankers’ acceptance drafts are short-term credit investments created by a non-financial firm and guaranteed by a bank. These drafts are often traded at a discount from face value and may be traded on a secondary market. Available-For-Sale Investments As of June 30, 2015 and December 31, 2014, available-for-sale investments consisted of time deposits and drafts denominated in the Euro currency, certificates of deposit, commercial paper, asset-backed securities (which include auto loans, credit card receivables and equipment trust receivables), bankers acceptance drafts, corporate obligations, municipal bonds and U.S. agency obligations. The Company measures its debt and equity investments at fair value. Derivatives As a result of the Company’s global operating activities, the Company is exposed to market risks from changes in foreign currency exchange rates, which may adversely affect its operating results and financial position. When deemed appropriate, the Company minimizes its risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The principal market in which the Company executes its foreign currency contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large commercial banks. The forward foreign currency exchange contracts are valued using broker quotations, or market transactions and are classified within Level 2 of the fair value hierarchy. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 5) Derivatives The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments and those utilized as economic hedges. The Company operates internationally and, in the normal course of business, is exposed to fluctuations in interest rates and foreign exchange rates. These fluctuations can increase the costs of financing, investing and operating the business. The Company has used derivative instruments, such as forward contracts, to manage certain foreign currency exposure. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and no collateral is required. The Company has policies to monitor the credit risk of these counterparties. While there can be no assurance, the Company does not anticipate any material non-performance by any of these counterparties. The Company hedges a portion of its forecasted foreign currency denominated intercompany sales of inventory, over a maximum period of eighteen months, using forward foreign exchange contracts accounted for as cash-flow hedges related to Japanese, South Korean, British, Euro and Taiwanese currencies. To the extent these derivatives are effective in off-setting the variability of the hedged cash flows, and otherwise meet the hedge accounting criteria, changes in the derivatives’ fair value are not included in current earnings but are included in other comprehensive income (loss) (“OCI”) in stockholders’ equity. These changes in fair value will subsequently be reclassified into earnings, as applicable, when the forecasted transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period it occurs. The cash flows resulting from forward exchange contracts are classified in the consolidated statements of cash flows as part of cash flows from operating activities. The Company does not enter into derivative instruments for trading or speculative purposes. To the extent the hedge accounting criteria is not met, the related foreign currency forward contracts are considered as economic hedges and changes in the fair value of these contracts are recorded immediately in earnings in the period in which they occur. These include hedges that are used to reduce exchange rate risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (i.e., payables, receivables) and other economic hedges where the hedge accounting criteria were not met. As of June 30, 2015 and December 31, 2014, the Company had outstanding forward foreign exchange contracts with gross notional values of $91,280 and $28,650, respectively. The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of June 30, 2015 and December 31, 2014: June 30, 2015 Currency Hedged (Buy/Sell) Gross Notional Fair Value (1) U.S. Dollar/Japanese Yen $ 25,695 $ 392 U.S. Dollar/South Korean Won 43,030 172 U.S. Dollar/Euro 5,675 1 U.S. Dollar/U.K. Pound Sterling 4,115 (124 ) U.S. Dollar/Taiwan Dollar 12,765 (175 ) Total $ 91,280 $ 266 (1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet. December 31, 2014 Currency Hedged (Buy/Sell) Gross Notional Fair Value (1) U.S. Dollar/Japanese Yen $ 8,035 $ 1,107 U.S. Dollar/South Korean Won 12,512 372 U.S. Dollar/Euro 2,060 185 U.S. Dollar/U.K. Pound Sterling 1,308 70 U.S. Dollar/Taiwan Dollar 4,735 232 Total $ 28,650 $ 1,966 (1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet. The following table provides a summary of the fair value amounts of the Company’s derivative instruments: June 30, 2015 December 31, 2014 Derivative assets: Forward exchange contracts $ 801 $ 1,966 Derivative liabilities: Forward exchange contracts (535 ) — Total net derivative asset designated as hedging instruments (1) $ 266 $ 1,966 (1) The derivative asset of $801 and derivative liability of $(535) are classified in other current assets and other current liabilities in the consolidated balance sheet as of June 30, 2015. The derivative asset of $1,966 is classified in other current assets in the consolidated balance sheet as of December 31, 2014. These foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet. The net amount of existing gains or losses as of June 30, 2015 that the Company expects to reclassify from accumulated OCI into earnings within the next twelve months is immaterial. The following table provides a summary of the (losses) gains on derivatives designated as hedging instruments: Three Months Ended June 30, Six Months Ended June 30, Derivatives Designated as Cash Flow Hedging Relationships 2015 2014 2015 2014 Forward exchange contracts: Net (loss) recognized in OCI (1) $ (1,430 ) $ (1,230 ) $ (3,520 ) $ (1,564 ) Net gain (loss) reclassified from accumulated OCI into income (2) $ 716 $ (76 ) $ 1,909 $ (151 ) (1) Net change in the fair value of the effective portion classified in OCI. (2) Effective portion classified in cost of products for the three and six months ended June 30, 2015 and 2014. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial. The following table provides a summary of (losses) gains on derivatives not designated as hedging instruments: Three Months Ended June 30, Six Months Ended June 30, Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Forward exchange contracts: Net (loss) recognized in income (1) $ (108 ) $ (204 ) $ (10 ) $ (98 ) (1) The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries. These derivatives are not designated as hedging instruments and are recorded immediately in selling, general and administrative expenses. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6) Inventories Inventories consist of the following: June 30, December 31, Raw materials $ 85,067 $ 81,121 Work-in-process 27,765 26,604 Finished goods 52,758 47,444 $ 165,590 $ 155,169 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 7) Acquisitions Precisive, LLC On March 17, 2015, the Company acquired 100% of Precisive, LLC (“Precisive”), for $12,085, net of cash acquired of $435. The purchase price includes a deferred payment amount of $2,600 to cover any potential indemnification claims, which amount will be paid to the sellers after 15 months assuming there are no indemnification claims. Precisive is an innovative developer of optical analyzers based on Tunable Filter Spectroscopy, which provide real-time gas analysis in the natural gas and hydrocarbon processing industries, including refineries, hydrocarbon processing plants, gas-to-power machines, biogas processes and fuel gas transportation and metering, while delivering customers a lower total cost of ownership. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition: Current assets $ 693 Non-current assets 18 Intangible assets 5,110 Goodwill 7,042 Total assets acquired 12,863 Total current liabilities assumed (343 ) Fair value of assets acquired and liabilities assumed 12,520 Less cash acquired (435 ) Total purchase price, net of cash acquired $ 12,085 The entire purchase price is deductible for tax purposes. The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis, which approximates the pattern of use. Order backlog $ 50 18 months Customer relationships 1,430 8 years Exclusive patent license 2,600 10 years Trade names 210 10 years Current developed technology 820 10 years $ 5,110 The fair value of the acquired intangibles was determined using the income approach. This acquisition resulted in a purchase price that exceeded the estimated fair value of tangible and intangible assets, which excess was allocated to goodwill. The Company believes the amount of goodwill relative to identifiable intangible assets relates to several factors including: (1) potential buyer-specific synergies related to market opportunities for a combined product offering; (2) potential to leverage the Company’s sales force and intellectual property to attract new customers and revenue; and (3) potential to strengthen and expand into new but complementary markets, including targeting new applications such as natural gas processing, hydrocarbon processing and other oil and gas segments. The results of this acquisition were included in the Company’s consolidated operations beginning on March 17, 2015. The pro forma consolidated statements reflecting the operating results of Precisive, had it been acquired January 1, 2014, would not differ materially from the operating results of the Company as reported for the three and six months ended June 30, 2015. Precisive is included in the Company’s Instruments, Control and Vacuum Products group and the Advanced Manufacturing Capital Equipment reportable segment. The revenue and net earnings from Precisive, since the date of acquisition through the period ended June 30, 2015, were immaterial. Granville-Phillips On May 30, 2014, the Company acquired Granville-Phillips (“GP”), a division of Brooks Automation, Inc. (“Brooks”), for $86,950. GP is a leading global provider of vacuum measurement and control instruments to the semiconductor, thin film and general industrial markets. The acquisition aligns with the Company’s current strategy to grow its semiconductor business, while diversifying into other high growth advanced markets. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition: Inventory $ 5,198 Property and equipment 299 Other assets 191 Intangible assets 38,850 Goodwill 42,587 Warranty liability (175 ) Total purchase price $ 86,950 The entire purchase price is deductible for tax purposes. The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis. Customer relationships $ 21,250 7 years Trademark and trade names 1,900 12 years Developed technology 15,700 9-12 years $ 38,850 This transaction resulted in an amount of purchase price that exceeded the estimated fair value of tangible and intangible assets, which was allocated to goodwill. The Company believes that the amount of goodwill relative to identifiable intangible assets relates to several factors including: (1) potential buyer-specific synergies related to market opportunities for a combined product offering; (2) potential to leverage the Company’s sales force and intellectual property to attract new customers and revenue and (3) potential to strengthen the Company’s position in the vacuum gauge market. The results of this acquisition were included in the Company’s consolidated operations beginning on May 30, 2014. The pro forma consolidated statements reflecting the operating results of GP, had it been acquired as of January 1, 2013, would not differ materially from the operating results of the Company as reported for the year ended December 31, 2014. GP is included in the Company’s Instruments, Control and Vacuum Products group and the Advanced Manufacturing Capital Equipment reportable segment. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8) Goodwill and Intangible Assets Goodwill The Company’s methodology for allocating the purchase price relating to purchase acquisitions is determined through established and generally accepted valuation techniques. Goodwill is measured as the excess of the cost of the acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. The Company assigns assets acquired (including goodwill) and liabilities assumed to one or more reporting units as of the date of acquisition. Typically acquisitions relate to a single reporting unit and thus do not require the allocation of goodwill to multiple reporting units. If the products obtained in an acquisition are assigned to multiple reporting units, the goodwill is distributed to the respective reporting units as part of the purchase price allocation process. Goodwill and purchased intangible assets with indefinite useful lives are not amortized, but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends, restructuring actions and lower projections of profitability that may impact future operating results. The changes in the carrying amount of goodwill and accumulated impairment (loss) during the six months ended June 30, 2015 and year ended December 31, 2014 were as follows: Six Months Ended June 30, Twelve Months Ended December 31, 2015 2014 Gross Accumulated Net Gross Accumulated Net Beginning balance at January 1 $ 331,795 $ (139,414 ) $ 192,381 $ 290,323 $ (139,414 ) $ 150,909 Acquired goodwill (1) 8,017 — 8,017 41,993 — 41,993 Foreign currency translation (186 ) — (186 ) (521 ) — (521 ) Ending balance at June 30, 2015 and December 31, 2014 $ 339,626 $ (139,414 ) $ 200,212 $ 331,795 $ (139,414 ) $ 192,381 (1) During 2015, the Company recorded $7,042 of goodwill related to the March 17, 2015 acquisition of Precisive. During the second quarter of 2015, the Company recorded a purchase accounting adjustment of $975 primarily related to an inventory valuation adjustment related to the May 30, 2014 acquisition of GP. During the second quarter of 2014, the Company recorded $41,612 of goodwill related to the acquisition of GP. During the first quarter of 2014, the Company recorded a purchase accounting adjustment of $381 related to the March 12, 2013 purchase of Alter S.r.l. Intangible Assets Components of the Company’s intangible assets are comprised of the following: As of June 30, 2015: Gross Accumulated Foreign Net Completed technology (1) $ 101,200 $ (81,101 ) $ (63 ) $ 20,036 Customer relationships (1) 37,251 (14,527 ) 171 22,895 Patents, trademarks, trade names and other (1) 30,396 (25,551 ) 46 4,891 $ 168,847 $ (121,179 ) $ 154 $ 47,822 (1) During the three months ended March 31, 2015, the Company recorded $5,110 of separately identified intangible assets related to the Precisive acquisition, of which $820 was completed technology, $1,430 was customer relationships and $2,860 was patents, trademarks, trade names and other. As of December 31, 2014: Gross Accumulated Foreign Net Completed technology (1) $ 100,380 $ (79,875 ) $ 135 $ 20,640 Customer relationships (1) 35,821 (12,634 ) 280 23,467 Patents, trademarks, trade names and other (1) 27,536 (25,290 ) 36 2,282 $ 163,737 $ (117,799 ) $ 451 $ 46,389 (1) During 2014, the Company recorded $38,850 of separately identified intangible assets related to the May 30, 2014 acquisition of GP, of which $15,700 was completed technology, $21,250 was customer relationships and $1,900 was patents, trademarks, trade names and other. Aggregate amortization expense related to acquired intangibles for the three and six months ended June 30, 2015 was $1,709 and $3,380, respectively. Aggregate amortization expense related to acquired intangibles for the three and six months ended June 30, 2014 was $1,044 and $1,454, respectively. Estimated amortization expense for each of the remaining fiscal years is as follows: Year Amount 2015 (remaining) $ 3,399 2016 6,696 2017 6,624 2018 6,608 2019 6,595 2020 6,510 Thereafter 11,390 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 9) Other Assets June 30, December 31, Other Current Assets: Prepaid income tax $ 6,482 $ 4,698 Income tax receivable 6,081 10,322 Other 15,640 12,492 Total other current assets $ 28,203 $ 27,512 Other Assets: Deferred tax assets, net $ 7,583 $ 7,202 Long-term income tax receivable 8,258 8,092 Other 2,037 1,912 Total other assets $ 17,878 $ 17,206 |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 10) Other Liabilities June 30, December 31, Other Current Liabilities: Customer prepayments $ 8,060 $ 2,746 Product warranties 5,876 6,266 Deferred revenue 6,194 8,283 Other 25,538 18,494 Total other current liabilities $ 45,668 $ 35,789 Other Liabilities: Long-term income tax payable $ 20,482 $ 20,203 Accrued compensation 12,628 12,068 Other 5,809 6,324 Total other liabilities $ 38,919 $ 38,595 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 11) Debt The Company’s Japanese subsidiary has lines of credit and short-term borrowing arrangements with two financial institutions which arrangements generally expire and are renewed at three month intervals. The lines of credit provided for aggregate borrowings as of June 30, 2015 of up to an equivalent of $18,768 U.S. dollars. One of the borrowing arrangements has an interest rate based on the Tokyo Interbank Offer Rate at the time of borrowing and the other has an interest rate based on the Japanese Short-term Prime Lending Rate. There were no borrowings outstanding under these arrangements at June 30, 2015 and December 31, 2014. |
Product Warranties
Product Warranties | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Product Warranties | 12) Product Warranties The Company records the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by shipment volume, product failure rates, utilization levels, material usage, and supplier warranties on parts delivered to the Company. Should actual product failure rates, utilization levels, material usage, or supplier warranties on parts differ from the Company’s estimates, revisions to the estimated warranty liability would be required. The product warranty liability is included in other current liabilities in the consolidated balance sheets. Product warranty activities were as follows: Six Months Ended June 30, 2015 2014 Beginning of period $ 6,266 $ 6,956 Provision for product warranties 2,095 1,589 Direct charges to warranty liability (2,434 ) (1,476 ) Foreign currency translation (51 ) 48 End of period $ 5,876 $ 7,117 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13) Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2015 was 29.1% and 29.0%, respectively. The effective tax rate for the three and six months ended June 30, 2015 was lower than the U.S. statutory tax rate primarily due to the geographic mix of income and profits earned by the Company’s international subsidiaries being taxed at rates lower than the U.S. statutory tax rate and the deduction for domestic production activities. At June 30, 2015, the total amount of gross unrecognized tax benefits, which excludes interest and penalties, was approximately $19,508. At December 31, 2014, the total amount of gross unrecognized tax benefits, which excludes interest and penalties, was approximately $19,610 $578 Over the next 12 months it is reasonably possible that the Company may recognize approximately $950 of previously net unrecognized tax benefits related to various U.S. federal, state and foreign tax positions primarily as a result of the expiration of certain statutes of limitations. The Company and its subsidiaries are subject to examination by federal, state and foreign tax authorities. The Internal Revenue Service commenced an examination of the Company’s U.S. federal tax filings for tax years 2011 through 2013 during the quarter ended March 31, 2015. As a result, the U.S. statute of limitations remains open between tax years 2011 through present. However, carryforward amounts from prior years may still be adjusted upon examination by tax authorities if they are used in a future period. The statute of limitations for the Company’s tax filings in other jurisdictions varies between fiscal years 2008 through the present. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 14) Net Income Per Share The following table sets forth the computation of basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 33,220 $ 21,224 $ 67,006 $ 52,469 Denominator: Shares used in net income per common share – basic 53,384,000 53,361,000 53,299,000 53,386,000 Effect of dilutive securities: Stock options, restricted stock and employee stock purchase plan 205,000 176,000 260,000 271,000 Shares used in net income per common share – diluted 53,589,000 53,537,000 53,559,000 53,657,000 Net income per common share: Basic $ 0.62 $ 0.40 $ 1.26 $ 0.98 Diluted $ 0.62 $ 0.40 $ 1.25 $ 0.98 Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the treasury stock method) if securities containing potentially dilutive common shares (stock options and restricted stock units) had been converted to such common shares, and if such assumed conversion is dilutive. As of June 30, 2015, stock options and restricted stock units related to an aggregate of approximately 772,000 shares were outstanding. For the three and six months ended June 30, 2015, there were no weighted-average shares of restricted stock units and stock options that were excluded from the computation of diluted weighted-average shares outstanding that would have an anti-dilutive effect on EPS. As of June 30, 2014, stock options and restricted stock units relating to an aggregate of approximately 830,000 shares were outstanding. For the three and six months ended June 30, 2014, the potential dilutive effect of approximately 90 and 800 weighted-average shares, respectively, of restricted stock units and stock options were excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on EPS. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholder's Equity | 15) Stockholder’s Equity Stock Repurchase Program On July 25, 2011, the Company’s Board of Directors approved a share repurchase program for the repurchase of up to an aggregate of $200,000 of its outstanding common stock from time to time in open market purchases, privately negotiated transactions or through other appropriate means. The timing and quantity of any shares repurchased depends upon a variety of factors, including business conditions, stock market conditions and business development activities, including, but not limited to, merger and acquisition opportunities. These repurchases may be commenced, suspended or discontinued at any time without prior notice. During the six months ended June 30, 2015, the Company repurchased approximately 116,000 shares of its common stock for $4,341, or an average price of $37.55 per share. During the six months ended June 30, 2014, the Company repurchased approximately 728,000 shares of its common stock for $20,809, or an average price of $28.59 per share. Cash Dividends Holders of the Company’s common stock are entitled to receive dividends when they are declared by the Company’s Board of Directors. During the six months ended June 30, 2015, the Company’s Board of Directors declared a cash dividend of $0.165 per share in the first quarter of 2015 and a cash dividend of $0.17 per share in the second quarter of 2015, which totaled $17,868. During the six months ended June 30, 2014, the Company’s Board of Directors declared a cash dividend of $0.16 per share in the first quarter of 2014 and a cash dividend of $0.165 per share in the second quarter of 2014, which totaled $17,326. On July 27, 2015, our Board of Directors declared a quarterly cash dividend of $0.17 per share to be paid on September 11, 2015 to shareholders of record as of August 31, 2015. Future dividend declarations, if any, as well as the record and payment dates for such dividends, are subject to the final determination of the Company’s Board of Directors. |
Business Segment, Geographic Ar
Business Segment, Geographic Area, Product and Significant Customer Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment, Geographic Area, Product and Significant Customer Information | 16) Business Segment, Geographic Area, Product and Significant Customer Information The Company develops, manufactures, sells and services products that measure, control, power and monitor critical parameters of advanced manufacturing processes. The Company’s Chief Operating Decision Maker (“CODM”) utilizes consolidated financial information to make decisions about allocating resources and assessing performance for the entire Company. In addition, certain disaggregated financial information is also provided to the CODM, which is used in the decision making process to assess performance. Based upon the information provided to the CODM, the Company has determined it has four reportable segments. Effective January 1, 2015, the Company changed the structure of its reportable segments based upon a change in the information that is provided to the Company’s CODM. The Company’s four reportable segments prior to the change in structure were: Advanced Manufacturing Capital Equipment, Analytical Solutions Group, Europe Region Sales & Service and Asia Region Sales & Service. The Company’s new structure still reflects four reportable segments; however, the composition of the segments has changed. The Company’s new reportable segments are Advanced Manufacturing Capital Equipment, Global Service, Asia Region Sales and Other. The primary change to the segment structure was to separate worldwide service from product sales and create a separate reportable segment known as Global Service. Product sales in the Advanced Manufacturing Capital Equipment segment remained with this segment. Asia product sales became a separate reportable segment. The product sales from the operating segments that made up the Analytical Solutions Group and Europe Region sales were combined into the Other segment and are not reported separately as they are individually immaterial and collectively below the separate segment reporting guidelines. The Company has reported corporate expenses and certain intercompany pricing transactions in a Corporate and Eliminations reconciling column. Due to these changes, the results presented under segment reporting for the three and six months ended June 30, 2014 and as of December 31, 2014 reflect the new segments to conform to the current period segment reporting presentation with no impact to the consolidated results of operations. The Advanced Manufacturing Capital Equipment segment includes the development, manufacturing and sales of instruments and control products, power and reactive gas products, materials delivery products and vacuum products, all of which are utilized in semiconductor processing and other similar advanced manufacturing processes. Sales in this segment include both external sales and intercompany product sales, which are recorded at transfer prices in accordance with applicable tax requirements. The Global Service segment includes the worldwide servicing of instruments and control products, power and reactive gas products, materials delivery products and vacuum products, all of which are utilized in semiconductor processing and other similar advanced manufacturing processes. It also includes sales of custom fabrication services. The Asia Region Sales segment mainly resells products from the Advanced Manufacturing Capital Equipment and Other segments into Asia regions. The Other segment includes operating segments that are not required to be reported separately as a reportable segment and includes sales for products that are re-sold from the Advanced Manufacturing Capital Equipment into Europe regions as well as sales from other operating segments. MKS derives the segment results directly from the manner in which results are reported in its management reporting system. The accounting policies MKS uses to derive reportable segment results are substantially the same as those used for external reporting purposes except that a substantial portion of the sales of the Advanced Manufacturing Capital Equipment and Other segments are intercompany sales to the regions at tax-based transfer prices and certain significant costs, including stock-based compensation and management incentive compensation, are not allocated to the segments and are included in Corporate and Eliminations. The CODM reviews several metrics of each operating segment, including net revenues and gross profit (loss). The Company does not maintain balance sheets for the majority of its operating segments and, as such, amounts have not been allocated to the reportable segments. The Company does not disclose external or intersegment revenues separately by reportable segment as this information is not presented to the CODM for decision making purposes. The following is net revenues by reportable segment: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Advanced Manufacturing Capital Equipment $ 178,966 $ 146,479 $ 358,199 $ 311,977 Global Service 29,685 27,231 57,428 52,398 Asia Region Sales (1) 56,777 40,790 112,154 92,889 Other 18,796 19,183 40,012 40,076 Corporate and Eliminations (66,258 ) (48,986 ) (135,988 ) (106,290 ) $ 217,966 $ 184,697 $ 431,805 $ 391,050 The following is a reconciliation of segment gross profit to consolidated net income: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross profit by reportable segment: Advanced Manufacturing Capital Equipment $ 82,552 $ 59,918 $ 161,240 $ 127,025 Global Service 10,366 9,683 19,968 18,080 Asia Region Sales (1) 7,815 6,319 14,736 15,396 Other 5,697 6,678 12,539 13,425 Corporate and Eliminations (7,632 ) (2,963 ) (12,639 ) (4,919 ) Total gross profit by reportable segment 98,798 79,635 195,844 169,007 Operating expenses: Research and development 17,567 15,421 34,247 31,039 Selling, general and administrative 33,269 32,239 64,136 66,830 Acquisition costs — 271 30 499 Restructuring 219 — 1,007 747 Amortization of intangible assets 1,709 1,044 3,380 1,454 Income from operations 46,034 30,660 93,044 68,438 Net interest income 790 231 1,294 466 Income before income taxes 46,824 30,891 94,338 68,904 Provision for income taxes 13,604 9,667 27,332 16,435 Net income $ 33,220 $ 21,224 $ 67,006 $ 52,469 (1) The Asia Region Sales segment does not represent total geographical Asia financial information. This sales operation only represents the sales from the resale of Advanced Manufacturing Capital Equipment and Other segment products in their respective regions. The Advanced Manufacturing Capital Equipment and Other segments both have sales in this region. Accordingly, total geographical sales include sales from multiple reportable segments. The following is capital expenditures by reportable segment for the three and six months ended June 30, 2015 and 2014: Advanced Global Service Asia Region Other Corporate and Total Three Months Ended June 30, 2015: Capital expenditures $ 1,622 $ 163 $ 51 $ 162 $ 832 $ 2,830 Six Months Ended June 30, 2015: Capital expenditures $ 3,144 $ 285 $ 93 $ 236 $ 1,576 $ 5,334 Advanced Global Service Asia Region Other Corporate and Total Three Months Ended June 30, 2014: Capital expenditures $ 1,131 $ 419 $ 151 $ 1,462 $ 994 $ 4,157 Six Months Ended June 30, 2014: Capital expenditures $ 3,705 $ 589 $ 192 $ 1,537 $ 1,232 $ 7,255 The following is depreciation and amortization by reportable segment for the three and six months ended June 30, 2015 and 2014: Advanced Global Service Asia Region Other Corporate and Total Three Months Ended June 30, 2015: Depreciation and amortization $ 4,305 $ 254 $ 88 $ 268 $ 635 $ 5,550 Six Months Ended June 30, 2015: Depreciation and amortization $ 8,552 $ 510 $ 173 $ 578 $ 1,269 $ 11,082 Advanced Global Service Asia Region Other Corporate and Total Three Months Ended June 30, 2014: Depreciation and amortization $ 3,528 $ 267 $ 101 $ 251 $ 668 $ 4,815 Six Months Ended June 30, 2014: Depreciation and amortization $ 6,454 $ 539 $ 200 $ 459 $ 1,313 $ 8,965 In connection with the new segment structure, goodwill was allocated to each reportable segment on a relative fair value basis. The Company performed an interim quantitative impairment test as of January 1, 2015 and concluded that the fair values of each reporting unit exceeded their respective carrying values. Goodwill associated with each of our reportable segments is as follows: June 30, 2015 December 31, 2014 Reportable segment: Advanced Manufacturing Capital Equipment $ 174,344 $ 166,946 Global Service 19,826 19,728 Asia Region Sales — — Other 6,228 6,228 Foreign currency translation (186 ) (521 ) Total goodwill $ 200,212 $ 192,381 Worldwide Product Information Because the reportable segment information above does not reflect worldwide sales of the Company’s products, the Company groups its products into three groups of similar products based upon the similarity of product function. Worldwide net revenue for each group of products is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Instruments, Control and Vacuum Products $ 110,441 $ 90,250 $ 220,877 $ 191,907 Power and Reactive Gas Products 92,977 79,360 181,476 169,962 Analytical Solutions Products 14,548 15,087 29,452 29,181 $ 217,966 $ 184,697 $ 431,805 $ 391,050 Sales of Instruments, Control and Vacuum Products and Power and Reactive Gas Products are included in the Company’s Advanced Manufacturing Capital Equipment, Asia Region Sales, Global Service and Other segments because the products are sold through these segments. Sales of the Analytical Solutions Products are included in the Asia Region Sales, Global Service and Other segments because the products are sold through these segments. Geographic Information about the Company’s operations in different geographic regions is presented in the tables below. Net revenues to unaffiliated customers are based on the location in which the sale originated. Transfers between geographic areas are at negotiated transfer prices and have been eliminated from consolidated net revenues. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenues: United States $ 123,413 $ 107,931 $ 243,594 $ 225,309 Korea 27,349 19,536 59,421 50,266 Japan 17,046 14,416 34,302 31,343 Asia (excluding Korea and Japan) 30,743 24,002 54,426 45,765 Europe 19,415 18,812 40,062 38,367 $ 217,966 $ 184,697 $ 431,805 $ 391,050 June 30, 2015 December 31, 2014 Long-lived assets: (1) United States $ 56,699 $ 57,701 Europe 5,717 6,099 Asia 9,520 10,887 $ 71,936 $ 74,687 (1) Long-lived assets include property, plant and equipment, net and certain other long-term assets, excluding long-term income tax receivable. Major Customers The Company had two customers with net revenues greater than 10% of total net revenues in the periods shown as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Customer A 18.1 % 18.9 % 17.8 % 19.6 % Customer B 13.2 % 13.8 % 12.7 % 13.4 % |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 17) Restructuring The Company recorded restructuring charges of $219 and $1,007 during the three and six months ended June 30, 2015, respectively. The Company recorded restructuring charges of $747 during the six months ended June 30, 2014. The restructuring charges for the three and six months ended June 30, 2015 were primarily for severance associated with a reduction in workforce of approximately 123 people, primarily at one of the Company’s foreign manufacturing sites arising from the outsourcing of a non-core manufacturing process. Restructuring charges for the six months ended June 30, 2014 primarily related to severance costs associated with a reduction in workforce of approximately 75 people throughout the Company. The activity related to the Company’s restructuring accrual is shown below: Six Months Ended Balance at December 31 $ 92 Charged to expense 1,007 Payments (924 ) Balance at June 30 $ 175 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18) Commitments and Contingencies The Company is subject to various legal proceedings and claims, which have arisen in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s results of operations, financial condition or cash flows. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to be consistent with current year classifications. |
Recently Issued Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods and services to customers in an amount that reflects the consideration that the company expects to be entitled to in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in March 2015, the FASB proposed a one-year deferral and in July 2015, the FASB agreed to defer by one year the mandatory effective date of its revenue recognition standard, but will also provide entities the option to adopt it as of the original effective date. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company has not yet selected a transition method. The Company is currently evaluating the requirements of ASU No. 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under this ASU, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for annual and interim periods thereafter. This ASU is not expected to have an impact on the Company’s financial statements or disclosures. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Short-Term and Long-Term Available-for-Sale Investments | The fair value of short-term investments with maturities or estimated lives of less than one year consists of the following: June 30, 2015 December 31, 2014 Available-for-sale investments: Time deposits and certificates of deposit $ 23,630 $ 20,900 Asset-backed securities 155 — Bankers’ acceptance drafts 222 82 Commercial paper 3,450 — Corporate obligations 59,719 24,020 Municipal bonds 7,057 2,099 U.S. agency obligations 83,200 82,493 $ 177,433 $ 129,594 The fair value of long-term investments with maturities of more than one year consists of the following: June 30, 2015 December 31, 2014 Available-for-sale investments: Time deposits and certificates of deposit $ — $ 48 Asset-backed securities 140,677 75,674 Corporate obligations 103,570 64,669 Municipal bonds 605 1,254 U.S. agency obligations 12,003 15,556 $ 256,855 $ 157,201 |
Gross Unrealized Gains and (Losses) Aggregated by Investment Category Short-Term and Long-Term Securities | The following tables show the gross unrealized gains and (losses) aggregated by investment category for short-term and long-term available-for-sale investments: As of June 30, 2015: Cost Gross Gross Estimated Short-term investments: Time deposits and certificates of deposit $ 23,630 $ — $ — $ 23,630 Asset-backed securities 256 — (101 ) 155 Bankers’ acceptance drafts 222 — — 222 Commercial paper 3,449 1 — 3,450 Corporate obligations 59,735 7 (23 ) 59,719 Municipal bonds 7,055 6 (4 ) 7,057 U.S. agency obligations 83,176 25 (1 ) 83,200 $ 177,523 $ 39 $ (129 ) $ 177,433 Long-term investments: Asset-backed securities $ 140,695 $ 50 $ (68 ) $ 140,677 Corporate obligations 103,709 17 (156 ) 103,570 Municipal bonds 615 — (10 ) 605 U.S. agency obligations 11,998 6 (1 ) 12,003 $ 257,017 $ 73 $ (235 ) $ 256,855 As of December 31, 2014: Cost Gross Gross Estimated Short-term investments: Time deposits and certificates of deposit $ 20,901 $ — $ (1 ) $ 20,900 Bankers’ acceptance drafts 82 — — 82 Corporate obligations 24,029 2 (11 ) 24,020 Municipal bonds 2,100 — (1 ) 2,099 U.S. agency obligations 82,488 14 (9 ) 82,493 $ 129,600 $ 16 $ (22 ) $ 129,594 Long-term investments: Time deposits and certificates of deposit $ 48 $ — $ — $ 48 Asset-backed securities 75,778 5 (109 ) 75,674 Corporate obligations 64,842 1 (174 ) 64,669 Municipal bonds 1,258 — (4 ) 1,254 U.S. agency obligations 15,563 2 (9 ) 15,556 $ 157,489 $ 8 $ (296 ) $ 157,201 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | Assets and liabilities of the Company are measured at fair value on a recurring basis as of June 30, 2015 and are summarized as follows: Fair Value Measurements at Reporting Date Using Description June 30, 2015 Quoted Prices in Significant Significant Assets: Cash equivalents: Money market funds $ 95,975 $ 95,975 $ — $ — Bankers’ acceptance drafts 48 — 48 — Available-for-sale investments: Bankers’ acceptance drafts 222 — 222 — Time deposits and certificates of deposit 23,630 — 23,630 — Commercial paper 3,450 — 3,450 — Asset-backed securities 140,832 — 140,832 — Corporate obligations 163,289 — 163,289 — Municipal bonds 7,662 — 7,662 — U.S. agency obligations 95,203 — 95,203 — Derivatives – currency forward contracts 801 — 801 — Total assets $ 531,112 $ 95,975 $ 435,137 $ — Liabilities: Derivatives – currency forward contracts $ 535 $ — $ 535 $ — Reported as follows: Assets: Cash and cash equivalents (1) $ 96,023 $ 95,975 $ 48 $ — Short-term investments 177,433 — 177,433 — Other current assets 801 — 801 — Total current assets $ 274,257 $ 95,975 $ 178,282 $ — Long-term investments $ 256,855 $ — $ 256,855 $ — Liabilities: Other current liabilities $ 535 $ — $ 535 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $66,273 and non-negotiable time deposits of $16,023 as of June 30, 2015. Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2014, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2014 Quoted Prices in Significant Significant Assets: Cash equivalents: Money market funds $ 129,092 $ 129,092 $ — $ — Bankers acceptance drafts 131 — 131 — Corporate obligations 700 — 700 — Available-for-sale investments: Time deposits and certificates of deposit 20,948 — 20,948 — Asset-backed securities 75,674 — 75,674 — Bankers acceptance drafts 82 — 82 — Corporate obligations 88,689 — 88,689 — Municipal bonds 3,353 — 3,353 — U.S. agency obligations 98,049 — 98,049 — Derivatives – currency forward contracts 2,110 — 2,110 — Total assets $ 418,828 $ 129,092 $ 289,736 $ — Reported as follows: Assets: Cash and cash equivalents (1) $ 129,923 $ 129,092 $ 831 $ — Short-term investments 129,594 — 129,594 — Other current assets 2,110 — 2,110 — Total current assets $ 261,627 $ 129,092 $ 132,535 $ — Long-term investments $ 157,201 $ — $ 157,201 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $167,517 and non-negotiable time deposits of $7,997 as of December 31, 2014. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Primary Net Hedging Positions and Corresponding Fair Values | The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of June 30, 2015 and December 31, 2014: June 30, 2015 Currency Hedged (Buy/Sell) Gross Notional Fair Value (1) U.S. Dollar/Japanese Yen $ 25,695 $ 392 U.S. Dollar/South Korean Won 43,030 172 U.S. Dollar/Euro 5,675 1 U.S. Dollar/U.K. Pound Sterling 4,115 (124 ) U.S. Dollar/Taiwan Dollar 12,765 (175 ) Total $ 91,280 $ 266 (1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet. December 31, 2014 Currency Hedged (Buy/Sell) Gross Notional Fair Value (1) U.S. Dollar/Japanese Yen $ 8,035 $ 1,107 U.S. Dollar/South Korean Won 12,512 372 U.S. Dollar/Euro 2,060 185 U.S. Dollar/U.K. Pound Sterling 1,308 70 U.S. Dollar/Taiwan Dollar 4,735 232 Total $ 28,650 $ 1,966 (1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet. |
Summary of Fair Value Amounts of Company's Derivative Instruments | The following table provides a summary of the fair value amounts of the Company’s derivative instruments: June 30, 2015 December 31, 2014 Derivative assets: Forward exchange contracts $ 801 $ 1,966 Derivative liabilities: Forward exchange contracts (535 ) — Total net derivative asset designated as hedging instruments (1) $ 266 $ 1,966 (1) The derivative asset of $801 and derivative liability of $(535) are classified in other current assets and other current liabilities in the consolidated balance sheet as of June 30, 2015. The derivative asset of $1,966 is classified in other current assets in the consolidated balance sheet as of December 31, 2014. These foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet. |
Summary of (Losses) Gains on Derivatives Designated as Hedging Instruments | The following table provides a summary of the (losses) gains on derivatives designated as hedging instruments: Three Months Ended June 30, Six Months Ended June 30, Derivatives Designated as Cash Flow Hedging Relationships 2015 2014 2015 2014 Forward exchange contracts: Net (loss) recognized in OCI (1) $ (1,430 ) $ (1,230 ) $ (3,520 ) $ (1,564 ) Net gain (loss) reclassified from accumulated OCI into income (2) $ 716 $ (76 ) $ 1,909 $ (151 ) (1) Net change in the fair value of the effective portion classified in OCI. (2) Effective portion classified in cost of products for the three and six months ended June 30, 2015 and 2014. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial. |
Summary of (Losses) Gains on Derivatives Not Designated as Hedging Instruments | The following table provides a summary of (losses) gains on derivatives not designated as hedging instruments: Three Months Ended June 30, Six Months Ended June 30, Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Forward exchange contracts: Net (loss) recognized in income (1) $ (108 ) $ (204 ) $ (10 ) $ (98 ) (1) The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries. These derivatives are not designated as hedging instruments and are recorded immediately in selling, general and administrative expenses. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: June 30, December 31, Raw materials $ 85,067 $ 81,121 Work-in-process 27,765 26,604 Finished goods 52,758 47,444 $ 165,590 $ 155,169 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Precisive, LLC [Member] | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition: Current assets $ 693 Non-current assets 18 Intangible assets 5,110 Goodwill 7,042 Total assets acquired 12,863 Total current liabilities assumed (343 ) Fair value of assets acquired and liabilities assumed 12,520 Less cash acquired (435 ) Total purchase price, net of cash acquired $ 12,085 |
Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives | The entire purchase price is deductible for tax purposes. The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis, which approximates the pattern of use. Order backlog $ 50 18 months Customer relationships 1,430 8 years Exclusive patent license 2,600 10 years Trade names 210 10 years Current developed technology 820 10 years $ 5,110 |
Granville-Phillips [Member] | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition: Inventory $ 5,198 Property and equipment 299 Other assets 191 Intangible assets 38,850 Goodwill 42,587 Warranty liability (175 ) Total purchase price $ 86,950 |
Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives | The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis. Customer relationships $ 21,250 7 years Trademark and trade names 1,900 12 years Developed technology 15,700 9-12 years $ 38,850 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the carrying amount of goodwill and accumulated impairment (loss) during the six months ended June 30, 2015 and year ended December 31, 2014 were as follows: Six Months Ended June 30, Twelve Months Ended December 31, 2015 2014 Gross Accumulated Net Gross Accumulated Net Beginning balance at January 1 $ 331,795 $ (139,414 ) $ 192,381 $ 290,323 $ (139,414 ) $ 150,909 Acquired goodwill (1) 8,017 — 8,017 41,993 — 41,993 Foreign currency translation (186 ) — (186 ) (521 ) — (521 ) Ending balance at June 30, 2015 and December 31, 2014 $ 339,626 $ (139,414 ) $ 200,212 $ 331,795 $ (139,414 ) $ 192,381 (1) During 2015, the Company recorded $7,042 of goodwill related to the March 17, 2015 acquisition of Precisive. During the second quarter of 2015, the Company recorded a purchase accounting adjustment of $975 primarily related to an inventory valuation adjustment related to the May 30, 2014 acquisition of GP. During the second quarter of 2014, the Company recorded $41,612 of goodwill related to the acquisition of GP. During the first quarter of 2014, the Company recorded a purchase accounting adjustment of $381 related to the March 12, 2013 purchase of Alter S.r.l. |
Intangible Assets | Components of the Company’s intangible assets are comprised of the following: As of June 30, 2015: Gross Accumulated Foreign Net Completed technology (1) $ 101,200 $ (81,101 ) $ (63 ) $ 20,036 Customer relationships (1) 37,251 (14,527 ) 171 22,895 Patents, trademarks, trade names and other (1) 30,396 (25,551 ) 46 4,891 $ 168,847 $ (121,179 ) $ 154 $ 47,822 (1) During the three months ended March 31, 2015, the Company recorded $5,110 of separately identified intangible assets related to the Precisive acquisition, of which $820 was completed technology, $1,430 was customer relationships and $2,860 was patents, trademarks, trade names and other. As of December 31, 2014: Gross Accumulated Foreign Net Completed technology (1) $ 100,380 $ (79,875 ) $ 135 $ 20,640 Customer relationships (1) 35,821 (12,634 ) 280 23,467 Patents, trademarks, trade names and other (1) 27,536 (25,290 ) 36 2,282 $ 163,737 $ (117,799 ) $ 451 $ 46,389 (1) During 2014, the Company recorded $38,850 of separately identified intangible assets related to the May 30, 2014 acquisition of GP, of which $15,700 was completed technology, $21,250 was customer relationships and $1,900 was patents, trademarks, trade names and other. |
Estimated Amortization Expense | Estimated amortization expense for each of the remaining fiscal years is as follows: Year Amount 2015 (remaining) $ 3,399 2016 6,696 2017 6,624 2018 6,608 2019 6,595 2020 6,510 Thereafter 11,390 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | June 30, December 31, Other Current Assets: Prepaid income tax $ 6,482 $ 4,698 Income tax receivable 6,081 10,322 Other 15,640 12,492 Total other current assets $ 28,203 $ 27,512 Other Assets: Deferred tax assets, net $ 7,583 $ 7,202 Long-term income tax receivable 8,258 8,092 Other 2,037 1,912 Total other assets $ 17,878 $ 17,206 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | June 30, December 31, Other Current Liabilities: Customer prepayments $ 8,060 $ 2,746 Product warranties 5,876 6,266 Deferred revenue 6,194 8,283 Other 25,538 18,494 Total other current liabilities $ 45,668 $ 35,789 Other Liabilities: Long-term income tax payable $ 20,482 $ 20,203 Accrued compensation 12,628 12,068 Other 5,809 6,324 Total other liabilities $ 38,919 $ 38,595 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Product Warranty Activities | Product warranty activities were as follows: Six Months Ended June 30, 2015 2014 Beginning of period $ 6,266 $ 6,956 Provision for product warranties 2,095 1,589 Direct charges to warranty liability (2,434 ) (1,476 ) Foreign currency translation (51 ) 48 End of period $ 5,876 $ 7,117 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 33,220 $ 21,224 $ 67,006 $ 52,469 Denominator: Shares used in net income per common share – basic 53,384,000 53,361,000 53,299,000 53,386,000 Effect of dilutive securities: Stock options, restricted stock and employee stock purchase plan 205,000 176,000 260,000 271,000 Shares used in net income per common share – diluted 53,589,000 53,537,000 53,559,000 53,657,000 Net income per common share: Basic $ 0.62 $ 0.40 $ 1.26 $ 0.98 Diluted $ 0.62 $ 0.40 $ 1.25 $ 0.98 |
Business Segment, Geographic 36
Business Segment, Geographic Area, Product and Significant Customer Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Net Revenues by Reportable Segment | The following is net revenues by reportable segment: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Advanced Manufacturing Capital Equipment $ 178,966 $ 146,479 $ 358,199 $ 311,977 Global Service 29,685 27,231 57,428 52,398 Asia Region Sales (1) 56,777 40,790 112,154 92,889 Other 18,796 19,183 40,012 40,076 Corporate and Eliminations (66,258 ) (48,986 ) (135,988 ) (106,290 ) $ 217,966 $ 184,697 $ 431,805 $ 391,050 |
Reconciliation of Segment Gross Profit to Consolidated Net Income | The following is a reconciliation of segment gross profit to consolidated net income: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross profit by reportable segment: Advanced Manufacturing Capital Equipment $ 82,552 $ 59,918 $ 161,240 $ 127,025 Global Service 10,366 9,683 19,968 18,080 Asia Region Sales (1) 7,815 6,319 14,736 15,396 Other 5,697 6,678 12,539 13,425 Corporate and Eliminations (7,632 ) (2,963 ) (12,639 ) (4,919 ) Total gross profit by reportable segment 98,798 79,635 195,844 169,007 Operating expenses: Research and development 17,567 15,421 34,247 31,039 Selling, general and administrative 33,269 32,239 64,136 66,830 Acquisition costs — 271 30 499 Restructuring 219 — 1,007 747 Amortization of intangible assets 1,709 1,044 3,380 1,454 Income from operations 46,034 30,660 93,044 68,438 Net interest income 790 231 1,294 466 Income before income taxes 46,824 30,891 94,338 68,904 Provision for income taxes 13,604 9,667 27,332 16,435 Net income $ 33,220 $ 21,224 $ 67,006 $ 52,469 (1) The Asia Region Sales segment does not represent total geographical Asia financial information. This sales operation only represents the sales from the resale of Advanced Manufacturing Capital Equipment and Other segment products in their respective regions. The Advanced Manufacturing Capital Equipment and Other segments both have sales in this region. Accordingly, total geographical sales include sales from multiple reportable segments. |
Schedule of Capital Expenditures, Depreciation and Amortization Expense by Reportable Segment | The following is capital expenditures by reportable segment for the three and six months ended June 30, 2015 and 2014: Advanced Global Asia Region Other Corporate Total Three Months Ended June 30, 2015: Capital expenditures $ 1,622 $ 163 $ 51 $ 162 $ 832 $ 2,830 Six Months Ended June 30, 2015: Capital expenditures $ 3,144 $ 285 $ 93 $ 236 $ 1,576 $ 5,334 Advanced Global Asia Region Other Corporate Total Three Months Ended June 30, 2014: Capital expenditures $ 1,131 $ 419 $ 151 $ 1,462 $ 994 $ 4,157 Six Months Ended June 30, 2014: Capital expenditures $ 3,705 $ 589 $ 192 $ 1,537 $ 1,232 $ 7,255 The following is depreciation and amortization by reportable segment for the three and six months ended June 30, 2015 and 2014: Advanced Global Asia Region Other Corporate Total Three Months Ended June 30, 2015: Depreciation and amortization $ 4,305 $ 254 $ 88 $ 268 $ 635 $ 5,550 Six Months Ended June 30, 2015: Depreciation and amortization $ 8,552 $ 510 $ 173 $ 578 $ 1,269 $ 11,082 Advanced Global Asia Region Other Corporate Total Three Months Ended June 30, 2014: Depreciation and amortization $ 3,528 $ 267 $ 101 $ 251 $ 668 $ 4,815 Six Months Ended June 30, 2014: Depreciation and amortization $ 6,454 $ 539 $ 200 $ 459 $ 1,313 $ 8,965 |
Summary of Goodwill Associated with Reportable Segments | Goodwill associated with each of our reportable segments is as follows: June 30, 2015 December 31, 2014 Reportable segment: Advanced Manufacturing Capital Equipment $ 174,344 $ 166,946 Global Service 19,826 19,728 Asia Region Sales — — Other 6,228 6,228 Foreign currency translation (186 ) (521 ) Total goodwill $ 200,212 $ 192,381 |
Worldwide Net Revenue for Each Group of Products | Worldwide net revenue for each group of products is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Instruments, Control and Vacuum Products $ 110,441 $ 90,250 $ 220,877 $ 191,907 Power and Reactive Gas Products 92,977 79,360 181,476 169,962 Analytical Solutions Products 14,548 15,087 29,452 29,181 $ 217,966 $ 184,697 $ 431,805 $ 391,050 |
Schedule of Net Revenues and Long-Lived Assets by Geographic Regions | Transfers between geographic areas are at negotiated transfer prices and have been eliminated from consolidated net revenues. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenues: United States $ 123,413 $ 107,931 $ 243,594 $ 225,309 Korea 27,349 19,536 59,421 50,266 Japan 17,046 14,416 34,302 31,343 Asia (excluding Korea and Japan) 30,743 24,002 54,426 45,765 Europe 19,415 18,812 40,062 38,367 $ 217,966 $ 184,697 $ 431,805 $ 391,050 June 30, 2015 December 31, 2014 Long-lived assets: (1) United States $ 56,699 $ 57,701 Europe 5,717 6,099 Asia 9,520 10,887 $ 71,936 $ 74,687 (1) Long-lived assets include property, plant and equipment, net and certain other long-term assets, excluding long-term income tax receivable. |
Customers with Net Revenues Greater than 10% of Total Net Revenues | The Company had two customers with net revenues greater than 10% of total net revenues in the periods shown as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Customer A 18.1 % 18.9 % 17.8 % 19.6 % Customer B 13.2 % 13.8 % 12.7 % 13.4 % |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Company's Restructuring Activity | The activity related to the Company’s restructuring accrual is shown below: Six Months Ended Balance at December 31 $ 92 Charged to expense 1,007 Payments (924 ) Balance at June 30 $ 175 |
Investments - Fair Value of Sho
Investments - Fair Value of Short-Term Available-for-Sale Investments (Detail) - Short-Term Investments [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | $ 177,433 | $ 129,594 |
Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 23,630 | 20,900 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 155 | |
Bankers' Acceptance Drafts [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 222 | 82 |
Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 3,450 | |
Corporate Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 59,719 | 24,020 |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | 7,057 | 2,099 |
U.S. Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of available-for-sale investments | $ 83,200 | $ 82,493 |
Investments - Fair Value of Lon
Investments - Fair Value of Long-Term Available-for-Sale Investments (Detail) - Long-Term Investments [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | $ 256,855 | $ 157,201 |
Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 48 | |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 140,677 | 75,674 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 103,570 | 64,669 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 605 | 1,254 |
U.S. Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | $ 12,003 | $ 15,556 |
Investments - Gross Unrealized
Investments - Gross Unrealized Gains and (Losses) Aggregated by Investment Category Short-Term and Long-Term Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | $ 177,523 | $ 129,600 |
Investments, Gross Unrealized Gains | 39 | 16 |
Investments, Gross Unrealized (Losses) | (129) | (22) |
Investments, Estimated Fair Value | 177,433 | 129,594 |
Short-Term Investments [Member] | Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 23,630 | 20,901 |
Investments, Gross Unrealized (Losses) | (1) | |
Investments, Estimated Fair Value | 23,630 | 20,900 |
Short-Term Investments [Member] | Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 256 | |
Investments, Gross Unrealized (Losses) | (101) | |
Investments, Estimated Fair Value | 155 | |
Short-Term Investments [Member] | Bankers' Acceptance Drafts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 222 | 82 |
Investments, Estimated Fair Value | 222 | 82 |
Short-Term Investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 3,449 | |
Investments, Gross Unrealized Gains | 1 | |
Investments, Estimated Fair Value | 3,450 | |
Short-Term Investments [Member] | Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 59,735 | 24,029 |
Investments, Gross Unrealized Gains | 7 | 2 |
Investments, Gross Unrealized (Losses) | (23) | (11) |
Investments, Estimated Fair Value | 59,719 | 24,020 |
Short-Term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 7,055 | 2,100 |
Investments, Gross Unrealized Gains | 6 | |
Investments, Gross Unrealized (Losses) | (4) | (1) |
Investments, Estimated Fair Value | 7,057 | 2,099 |
Short-Term Investments [Member] | U.S. Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 83,176 | 82,488 |
Investments, Gross Unrealized Gains | 25 | 14 |
Investments, Gross Unrealized (Losses) | (1) | (9) |
Investments, Estimated Fair Value | 83,200 | 82,493 |
Long-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 257,017 | 157,489 |
Investments, Gross Unrealized Gains | 73 | 8 |
Investments, Gross Unrealized (Losses) | (235) | (296) |
Investments, Estimated Fair Value | 256,855 | 157,201 |
Long-Term Investments [Member] | Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 48 | |
Investments, Estimated Fair Value | 48 | |
Long-Term Investments [Member] | Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 140,695 | 75,778 |
Investments, Gross Unrealized Gains | 50 | 5 |
Investments, Gross Unrealized (Losses) | (68) | (109) |
Investments, Estimated Fair Value | 140,677 | 75,674 |
Long-Term Investments [Member] | Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 103,709 | 64,842 |
Investments, Gross Unrealized Gains | 17 | 1 |
Investments, Gross Unrealized (Losses) | (156) | (174) |
Investments, Estimated Fair Value | 103,570 | 64,669 |
Long-Term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 615 | 1,258 |
Investments, Gross Unrealized (Losses) | (10) | (4) |
Investments, Estimated Fair Value | 605 | 1,254 |
Long-Term Investments [Member] | U.S. Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 11,998 | 15,563 |
Investments, Gross Unrealized Gains | 6 | 2 |
Investments, Gross Unrealized (Losses) | (1) | (9) |
Investments, Estimated Fair Value | $ 12,003 | $ 15,556 |
Investments - Additional Inform
Investments - Additional Information (Detail) - Maximum [Member] | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Investment securities maturity period or average life | 3 years |
Average duration of portfolio | 1 year |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | $ 801 | $ 1,966 |
Derivatives - currency forward contracts | 535 | |
Cash and cash equivalents | 66,273 | 167,517 |
Short-term investments | 177,433 | 129,594 |
Other current assets | 801 | 1,966 |
Other current liabilities | 535 | |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 801 | 2,110 |
Total assets | 531,112 | 418,828 |
Derivatives - currency forward contracts | 535 | |
Cash and cash equivalents | 96,023 | 129,923 |
Short-term investments | 177,433 | 129,594 |
Other current assets | 801 | 2,110 |
Total current assets | 274,257 | 261,627 |
Available-for-sale investments | 256,855 | 157,201 |
Other current liabilities | 535 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 95,975 | 129,092 |
Cash and cash equivalents | 95,975 | 129,092 |
Total current assets | 95,975 | 129,092 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 801 | 2,110 |
Total assets | 435,137 | 289,736 |
Derivatives - currency forward contracts | 535 | |
Cash and cash equivalents | 48 | 831 |
Short-term investments | 177,433 | 129,594 |
Other current assets | 801 | 2,110 |
Total current assets | 178,282 | 132,535 |
Available-for-sale investments | 256,855 | 157,201 |
Other current liabilities | 535 | |
Money Market Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 95,975 | 129,092 |
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 95,975 | 129,092 |
Bankers' Acceptance Drafts [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 48 | 131 |
Available-for-sale investments | 222 | 82 |
Bankers' Acceptance Drafts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 48 | 131 |
Available-for-sale investments | 222 | 82 |
Time Deposits and Certificates of Deposit [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 23,630 | 20,948 |
Time Deposits and Certificates of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 23,630 | 20,948 |
Commercial Paper [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 3,450 | |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 3,450 | |
Asset-Backed Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 140,832 | 75,674 |
Asset-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 140,832 | 75,674 |
Corporate Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 700 | |
Available-for-sale investments | 163,289 | 88,689 |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 700 | |
Available-for-sale investments | 163,289 | 88,689 |
Municipal Bonds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 7,662 | 3,353 |
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 7,662 | 3,353 |
U.S. Agency Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 95,203 | 98,049 |
U.S. Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | $ 95,203 | $ 98,049 |
Fair Value Measurements - Sch43
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Not included in cash and cash equivalent amount | $ 66,273 | $ 167,517 |
Non-Negotiable Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Not included in cash and cash equivalent amount | $ 16,023 | $ 7,997 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Maximum period for hedging a portion of forecasted foreign currency denominated intercompany sales of inventory | 18 months | |
Gross notional values of outstanding forward foreign exchange contracts | $ 91,280 | $ 28,650 |
Accumulated other comprehensive income realization period | 12 months |
Derivatives - Summary of Primar
Derivatives - Summary of Primary Net Hedging Positions and Corresponding Fair Values (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | $ 91,280 | $ 28,650 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | 266 | 1,966 |
Forward Exchange Contracts [Member] | U.S. Dollar/Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 25,695 | 8,035 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | 392 | 1,107 |
Forward Exchange Contracts [Member] | U.S. Dollar/South Korean Won [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 43,030 | 12,512 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | 172 | 372 |
Forward Exchange Contracts [Member] | U.S. Dollar/Euro [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 5,675 | 2,060 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | 1 | 185 |
Forward Exchange Contracts [Member] | U.S. Dollar/U.K. Pound Sterling [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 4,115 | 1,308 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | (124) | 70 |
Forward Exchange Contracts [Member] | U.S. Dollar/Taiwan Dollar [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 12,765 | 4,735 |
Currency Hedged (Buy/Sell), Fair Value, Asset/(Liability), Net | $ (175) | $ 232 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Forward exchange contracts, assets | $ 801 | $ 1,966 |
Forward exchange contracts, liabilities | (535) | |
Total net derivative asset designated as hedging instruments | 266 | 1,966 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Forward exchange contracts, assets | 801 | 1,966 |
Forward exchange contracts, liabilities | (535) | |
Total net derivative asset designated as hedging instruments | $ 266 | $ 1,966 |
Derivatives - Summary of Fair47
Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative asset classified in other current assets | $ 801 | $ 1,966 |
Derivative liability classified in other current liabilities | $ (535) |
Derivatives - Summary of (Losse
Derivatives - Summary of (Losses) Gains on Derivatives Designated as Hedging Instruments (Detail) - Forward Exchange Contracts [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net (loss) recognized in OCI | $ (1,430) | $ (1,230) | $ (3,520) | $ (1,564) |
Net gain (loss) reclassified from accumulated OCI into income | $ 716 | $ (76) | $ 1,909 | $ (151) |
Derivatives - Summary of (Los49
Derivatives - Summary of (Losses) Gains on Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net (loss) recognized in income | $ (108) | $ (204) | $ (10) | $ (98) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 85,067 | $ 81,121 |
Work-in-process | 27,765 | 26,604 |
Finished goods | 52,758 | 47,444 |
Inventories | $ 165,590 | $ 155,169 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 17, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | May. 30, 2014 |
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | $ 9,910 | $ 86,950 | ||
Precisive, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | $ 12,085 | |||
Business acquisition, ownership percentage | 100.00% | |||
Business acquisition, cash acquired | $ 435 | |||
Business acquisition, deferred consideration payment | $ 2,600 | |||
Business acquisition, deferred consideration payment period | 15 months | |||
Business combination consideration price | $ 12,520 | |||
Granville-Phillips [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination consideration price | $ 86,950 |
Acquisitions - Summary of Estim
Acquisitions - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 17, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | May. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 200,212 | $ 192,381 | $ 150,909 | |||
Total purchase price, net of cash acquired | 9,910 | $ 86,950 | ||||
Precisive, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 693 | |||||
Non-current assets | 18 | |||||
Intangible assets | 5,110 | |||||
Goodwill | 7,042 | $ 7,042 | ||||
Total assets acquired | 12,863 | |||||
Total current liabilities assumed | (343) | |||||
Total purchase price | 12,520 | |||||
Less: cash acquired | (435) | |||||
Total purchase price, net of cash acquired | $ 12,085 | |||||
Granville-Phillips [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory | $ 5,198 | |||||
Property and equipment | 299 | |||||
Other assets | 191 | |||||
Intangible assets | 38,850 | |||||
Goodwill | $ 41,612 | 42,587 | ||||
Warranty liability | (175) | |||||
Total purchase price | $ 86,950 |
Acquisitions - Allocation of Ac
Acquisitions - Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives (Detail) - USD ($) $ in Thousands | May. 30, 2015 | Mar. 17, 2015 | May. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 5,110 | ||||
Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 5,110 | ||||
Granville-Phillips [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 38,850 | $ 38,850 | |||
Order Backlog [Member] | Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 50 | ||||
Estimated useful life of finite-lived intangible assets | 18 months | ||||
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 1,430 | ||||
Customer Relationships [Member] | Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 1,430 | ||||
Estimated useful life of finite-lived intangible assets | 8 years | ||||
Customer Relationships [Member] | Granville-Phillips [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | 21,250 | $ 21,250 | |||
Estimated useful life of finite-lived intangible assets | 7 years | ||||
Exclusive Patent License [Member] | Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 2,600 | ||||
Estimated useful life of finite-lived intangible assets | 10 years | ||||
Trade names [Member] | Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 210 | ||||
Estimated useful life of finite-lived intangible assets | 10 years | ||||
Current Developed Technology [Member] | Precisive, LLC [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 820 | ||||
Estimated useful life of finite-lived intangible assets | 10 years | ||||
Current Developed Technology [Member] | Granville-Phillips [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | 15,700 | ||||
Current Developed Technology [Member] | Granville-Phillips [Member] | Minimum [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life of finite-lived intangible assets | 9 years | ||||
Current Developed Technology [Member] | Granville-Phillips [Member] | Maximum [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life of finite-lived intangible assets | 12 years | ||||
Trademarks and Trade Names [Member] | Granville-Phillips [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, purchase price | $ 1,900 | ||||
Estimated useful life of finite-lived intangible assets | 12 years |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance, Goodwill Gross Carrying Amount | $ 331,795 | $ 290,323 |
Acquired goodwill, Gross Carrying Amount | 8,017 | 41,993 |
Foreign currency translation, Gross Carrying Amount | (186) | (521) |
Ending balance, Goodwill Gross Carrying Amount | 339,626 | 331,795 |
Beginning balance, Accumulated Impairment (Loss) | (139,414) | (139,414) |
Acquired goodwill, Accumulated Impairment (Loss) | 0 | 0 |
Foreign currency translation, Accumulated Impairment (Loss) | 0 | 0 |
Ending balance, Accumulated Impairment (Loss) | (139,414) | (139,414) |
Beginning balance, Goodwill Net | 192,381 | 150,909 |
Acquired goodwill, Net | 8,017 | 41,993 |
Foreign currency translation, Net | (186) | (521) |
Ending balance, Goodwill Net | $ 200,212 | $ 192,381 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets - Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2014 | Jun. 30, 2015 | Mar. 17, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | May. 30, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||||||
Goodwill | $ 200,212 | $ 192,381 | $ 150,909 | ||||
Precisive, LLC [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 7,042 | $ 7,042 | |||||
Granville-Phillips [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 41,612 | $ 42,587 | |||||
Acquisition - Inventory adjustments | $ 975 | ||||||
Alter S.r.l [Member] | |||||||
Goodwill [Line Items] | |||||||
Acquisition purchase price | $ 381 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 168,847 | $ 163,737 |
Accumulated Amortization | (121,179) | (117,799) |
Foreign Currency Translation | 154 | 451 |
Intangible assets, net | 47,822 | 46,389 |
Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 101,200 | 100,380 |
Accumulated Amortization | (81,101) | (79,875) |
Foreign Currency Translation | (63) | 135 |
Intangible assets, net | 20,036 | 20,640 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 37,251 | 35,821 |
Accumulated Amortization | (14,527) | (12,634) |
Foreign Currency Translation | 171 | 280 |
Intangible assets, net | 22,895 | 23,467 |
Patents, Trademarks, Trade Names and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 30,396 | 27,536 |
Accumulated Amortization | (25,551) | (25,290) |
Foreign Currency Translation | 46 | 36 |
Intangible assets, net | $ 4,891 | $ 2,282 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | May. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 5,110 | ||
Granville-Phillips [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 38,850 | $ 38,850 | |
Completed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 820 | ||
Completed Technology [Member] | Granville-Phillips [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 15,700 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 1,430 | ||
Customer Relationships [Member] | Granville-Phillips [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 21,250 | 21,250 | |
Patents, Trademarks, Trade Names and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 2,860 | ||
Patents, Trademarks, Trade Names and Other [Member] | Granville-Phillips [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 1,900 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 1,709 | $ 1,044 | $ 3,380 | $ 1,454 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 (remaining) | $ 3,399 |
2,016 | 6,696 |
2,017 | 6,624 |
2,018 | 6,608 |
2,019 | 6,595 |
2,020 | 6,510 |
Thereafter | $ 11,390 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Current Assets: | ||
Prepaid income tax | $ 6,482 | $ 4,698 |
Income tax receivable | 6,081 | 10,322 |
Other | 15,640 | 12,492 |
Total other current assets | 28,203 | 27,512 |
Other Assets: | ||
Deferred tax assets, net | 7,583 | 7,202 |
Long-term income tax receivable | 8,258 | 8,092 |
Other | 2,037 | 1,912 |
Total other assets | $ 17,878 | $ 17,206 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Other Current Liabilities: | ||||
Customer prepayments | $ 8,060 | $ 2,746 | ||
Product warranties | 5,876 | 6,266 | $ 7,117 | $ 6,956 |
Deferred revenue | 6,194 | 8,283 | ||
Other | 25,538 | 18,494 | ||
Total other current liabilities | 45,668 | 35,789 | ||
Other Liabilities: | ||||
Long-term income tax payable | 20,482 | 20,203 | ||
Accrued compensation | 12,628 | 12,068 | ||
Other | 5,809 | 6,324 | ||
Total other liabilities | $ 38,919 | $ 38,595 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Japan [Member] | 6 Months Ended | |
Jun. 30, 2015USD ($)Institution | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Number of financial institutions for available lines of credit and borrowing arrangements | Institution | 2 | |
Aggregate borrowings expire and renewed | ||
Total available line of credit | $ 18,768,000 | |
Total borrowings outstanding | $ 0 | $ 0 |
Product Warranties - Product Wa
Product Warranties - Product Warranty Activities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Guarantees [Abstract] | ||
Beginning of period | $ 6,266 | $ 6,956 |
Provision for product warranties | 2,095 | 1,589 |
Direct charges to warranty liability | (2,434) | (1,476) |
Foreign currency translation | (51) | 48 |
End of period | $ 5,876 | $ 7,117 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||||||
Effective tax rate | 29.10% | 31.30% | 29.00% | 23.90% | ||
Gross unrecognized tax benefits excluding interest and penalties | $ 19,508 | $ 19,508 | $ 19,610 | |||
Net unrecognized tax benefit excluding interest and penalties that would impact effective tax rate | 11,524 | 11,524 | ||||
Accrued interest on unrecognized tax benefits | $ 701 | 701 | $ 578 | |||
Unrecognized tax benefits related to various U.S. federal, state and foreign tax positions | $ 950 | |||||
Income tax examination, description | The Company and its subsidiaries are subject to examination by federal, state and foreign tax authorities. The Internal Revenue Service commenced an examination of the Company's U.S. federal tax filings for tax years 2011 through 2013 during the quarter ended March 31, 2015. | |||||
Earliest Tax Year [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax examination period | 2,011 | |||||
Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Income Taxes [Line Items] | ||||||
Open tax year | 2,011 | |||||
Latest Tax Year [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax examination period | 2,013 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net income | $ 33,220 | $ 21,224 | $ 67,006 | $ 52,469 |
Denominator: | ||||
Shares used in net income per common share - basic | 53,384,000 | 53,361,000 | 53,299,000 | 53,386,000 |
Effect of dilutive securities: | ||||
Stock options, restricted stock and employee stock purchase plan | 205,000 | 176,000 | 260,000 | 271,000 |
Shares used in net income per common share - diluted | 53,589,000 | 53,537,000 | 53,559,000 | 53,657,000 |
Net income per common share: | ||||
Basic | $ 0.62 | $ 0.40 | $ 1.26 | $ 0.98 |
Diluted | $ 0.62 | $ 0.40 | $ 1.25 | $ 0.98 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock options and restricted stock units outstanding | 772,000 | 830,000 | 772,000 | 830,000 |
Number of shares excluded from computation of diluted earnings per share | 0 | 90 | 0 | 800 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | Jul. 27, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 25, 2011 |
Stockholders Equity [Line Items] | ||||||
Common stock, value of shares authorized to repurchase | $ 200,000,000 | |||||
Stock repurchase, shares | 116,000 | 728,000 | ||||
Value of shares repurchased | $ 4,341,000 | $ 20,809,000 | ||||
Average price of repurchased shares | $ 37.55 | $ 28.59 | ||||
Cash dividends per common share | $ 0.170 | $ 0.165 | $ 0.335 | $ 0.325 | ||
Dividend payment to common shareholders | $ 17,868,000 | $ 17,326,000 | ||||
Dividend Declared One [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Cash dividends per common share | $ 0.165 | $ 0.160 | ||||
Dividend payment to common shareholders | $ 17,868,000 | $ 17,326,000 | ||||
Dividend Declared Two [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Cash dividends per common share | $ 0.170 | $ 0.165 | ||||
Dividend payment to common shareholders | $ 17,868,000 | $ 17,326,000 | ||||
Subsequent Event [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Dividend declared date | Jul. 27, 2015 | |||||
Cash dividend to be paid | $ 0.17 | |||||
Dividend to be paid date | Sep. 11, 2015 | |||||
Dividend declared, shareholders of record date | Aug. 31, 2015 |
Business Segment, Geographic 68
Business Segment, Geographic Area, Product and Significant Customer Information - Additional Information (Detail) - 6 months ended Jun. 30, 2015 | SegmentProductCustomer |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 4 |
Number of product groups | 3 |
Number of customers with net revenues greater than 10% of total net revenues | Customer | 2 |
Business Segment, Geographic 69
Business Segment, Geographic Area, Product and Significant Customer Information - Net Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 217,966 | $ 184,697 | $ 431,805 | $ 391,050 |
Operating Segments [Member] | Advanced Manufacturing Capital Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 178,966 | 146,479 | 358,199 | 311,977 |
Operating Segments [Member] | Global Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 29,685 | 27,231 | 57,428 | 52,398 |
Operating Segments [Member] | Asia Region Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 56,777 | 40,790 | 112,154 | 92,889 |
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 18,796 | 19,183 | 40,012 | 40,076 |
Corporate and Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ (66,258) | $ (48,986) | $ (135,988) | $ (106,290) |
Business Segment, Geographic 70
Business Segment, Geographic Area, Product and Significant Customer Information - Reconciliation of Segment Gross Profit to Consolidated Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Gross profit | $ 98,798 | $ 79,635 | $ 195,844 | $ 169,007 |
Research and development | 17,567 | 15,421 | 34,247 | 31,039 |
Selling, general and administrative | 33,269 | 32,239 | 64,136 | 66,830 |
Acquisition costs | 271 | 30 | 499 | |
Restructuring | 219 | 1,007 | 747 | |
Amortization of intangible assets | 1,709 | 1,044 | 3,380 | 1,454 |
Income from operations | 46,034 | 30,660 | 93,044 | 68,438 |
Net interest income | 790 | 231 | 1,294 | 466 |
Income before income taxes | 46,824 | 30,891 | 94,338 | 68,904 |
Provision for income taxes | 13,604 | 9,667 | 27,332 | 16,435 |
Net income | 33,220 | 21,224 | 67,006 | 52,469 |
Operating Segments [Member] | Advanced Manufacturing Capital Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 82,552 | 59,918 | 161,240 | 127,025 |
Operating Segments [Member] | Global Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 10,366 | 9,683 | 19,968 | 18,080 |
Operating Segments [Member] | Asia Region Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 7,815 | 6,319 | 14,736 | 15,396 |
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 5,697 | 6,678 | 12,539 | 13,425 |
Corporate and Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | $ (7,632) | $ (2,963) | $ (12,639) | $ (4,919) |
Business Segment, Geographic 71
Business Segment, Geographic Area, Product and Significant Customer Information - Schedule of Capital Expenditures, Depreciation and Amortization Expense by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 2,830 | $ 4,157 | $ 5,334 | $ 7,255 |
Depreciation and amortization | 5,550 | 4,815 | 11,082 | 8,965 |
Operating Segments [Member] | Advanced Manufacturing Capital Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 1,622 | 1,131 | 3,144 | 3,705 |
Depreciation and amortization | 4,305 | 3,528 | 8,552 | 6,454 |
Operating Segments [Member] | Global Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 163 | 419 | 285 | 589 |
Depreciation and amortization | 254 | 267 | 510 | 539 |
Operating Segments [Member] | Asia Region Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 51 | 151 | 93 | 192 |
Depreciation and amortization | 88 | 101 | 173 | 200 |
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 162 | 1,462 | 236 | 1,537 |
Depreciation and amortization | 268 | 251 | 578 | 459 |
Corporate and Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 832 | 994 | 1,576 | 1,232 |
Depreciation and amortization | $ 635 | $ 668 | $ 1,269 | $ 1,313 |
Business Segment, Geographic 72
Business Segment, Geographic Area, Product and Significant Customer Information - Goodwill Associated with Reportable Segments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 200,212 | $ 192,381 | $ 150,909 |
Operating Segments [Member] | Advanced Manufacturing Capital Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 174,344 | 166,946 | |
Operating Segments [Member] | Global Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 19,826 | 19,728 | |
Operating Segments [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 6,228 | 6,228 | |
Foreign Currency Translation [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ (186) | $ (521) |
Business Segment, Geographic 73
Business Segment, Geographic Area, Product and Significant Customer Information - Worldwide Net Revenue for Each Group of Products (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue from External Customer [Line Items] | ||||
Net sales from product groups | $ 217,966 | $ 184,697 | $ 431,805 | $ 391,050 |
Instruments, Control and Vacuum Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales from product groups | 110,441 | 90,250 | 220,877 | 191,907 |
Power and Reactive Gas Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales from product groups | 92,977 | 79,360 | 181,476 | 169,962 |
Analytical Solutions Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales from product groups | $ 14,548 | $ 15,087 | $ 29,452 | $ 29,181 |
Business Segment, Geographic 74
Business Segment, Geographic Area, Product and Significant Customer Information - Schedule of Net Revenues and Long-Lived Assets by Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 217,966 | $ 184,697 | $ 431,805 | $ 391,050 | |
Long-lived assets | 71,936 | 71,936 | $ 74,687 | ||
United States [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 123,413 | 107,931 | 243,594 | 225,309 | |
Long-lived assets | 56,699 | 56,699 | 57,701 | ||
Korea [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 27,349 | 19,536 | 59,421 | 50,266 | |
Japan [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 17,046 | 14,416 | 34,302 | 31,343 | |
Asia (Excluding Korea and Japan) [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 30,743 | 24,002 | 54,426 | 45,765 | |
Long-lived assets | 9,520 | 9,520 | 10,887 | ||
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 19,415 | $ 18,812 | 40,062 | $ 38,367 | |
Long-lived assets | $ 5,717 | $ 5,717 | $ 6,099 |
Business Segment, Geographic 75
Business Segment, Geographic Area, Product and Significant Customer Information - Customers with Net Revenues Greater than 10% of Total Net Revenues (Detail) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of total net revenues | 18.10% | 18.90% | 17.80% | 19.60% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of total net revenues | 13.20% | 13.80% | 12.70% | 13.40% |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($)People | Jun. 30, 2015USD ($)People | Jun. 30, 2014USD ($)People | |
Reorganizations [Abstract] | |||
Charged to expense | $ | $ 219 | $ 1,007 | $ 747 |
Approximate number of workforce reduction from the company's headcount | 123 | 123 | 75 |
Restructuring - Schedule of Com
Restructuring - Schedule of Company's Restructuring Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring and Related Activities [Abstract] | |||
Balance at December 31 | $ 92 | ||
Charged to expense | $ 219 | 1,007 | $ 747 |
Payments | (924) | ||
Balance at June 30 | $ 175 | $ 175 |