Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jul. 03, 2015 | Jul. 31, 2015 | |
| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jul. 3, 2015 | |
| Document Fiscal Year Focus | 2,015 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | GSIG | |
| Entity Registrant Name | GSI GROUP INC | |
| Entity Central Index Key | 1,076,930 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 34,410,418 |
CONSOLIDATED BALANCE SHEETS
| CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 03, 2015 | Dec. 31, 2014 |
| Current Assets | ||
| Cash and cash equivalents | $ 81,051,000 | $ 51,146,000 |
| Accounts receivable, net of allowance of $253 and $282, respectively | 54,379,000 | 51,494,000 |
| Inventories | 60,410,000 | 62,943,000 |
| Income taxes receivable | 5,025,000 | 5,906,000 |
| Deferred tax assets | 6,124,000 | 5,971,000 |
| Prepaid expenses and other current assets | 5,644,000 | 5,236,000 |
| Assets of discontinued operations | 0 | 631,000 |
| Total current assets | 212,633,000 | 183,327,000 |
| Property, plant and equipment, net | 37,780,000 | 40,088,000 |
| Deferred tax assets | 2,801,000 | 2,912,000 |
| Other assets | 13,578,000 | 14,604,000 |
| Intangible assets, net | 67,278,000 | 67,242,000 |
| Goodwill | 98,358,000 | 90,746,000 |
| Total assets | 432,428,000 | 398,919,000 |
| Current Liabilities | ||
| Current portion of long-term debt | 7,500,000 | 7,500,000 |
| Accounts payable | 26,942,000 | 25,592,000 |
| Income taxes payable | 5,299,000 | 1,189,000 |
| Deferred tax liabilities | 208,000 | 208,000 |
| Accrued expenses and other current liabilities | 22,037,000 | 19,401,000 |
| Liabilities of discontinued operations | 0 | 324,000 |
| Total current liabilities | 61,986,000 | 54,214,000 |
| Long-term debt | 108,750,000 | 107,500,000 |
| Deferred tax liabilities | 2,509,000 | 35,000 |
| Income taxes payable | 6,339,000 | 7,097,000 |
| Other liabilities | 18,257,000 | 18,819,000 |
| Total liabilities | $ 197,841,000 | $ 187,665,000 |
| Commitments and Contingencies (Note 13) | ||
| Stockholders’ Equity: | ||
| Common shares, no par value; Authorized shares: unlimited; Issued and outstanding: 34,409 and 34,219, respectively | $ 423,856,000 | $ 423,856,000 |
| Additional paid-in capital | 29,536,000 | 28,590,000 |
| Accumulated deficit | (202,221,000) | (225,165,000) |
| Accumulated other comprehensive loss | (16,584,000) | (16,456,000) |
| Total GSI Group Inc. stockholders’ equity | 234,587,000 | 210,825,000 |
| Noncontrolling interest | 429,000 | |
| Total stockholders’ equity | 234,587,000 | 211,254,000 |
| Total liabilities and stockholders’ equity | $ 432,428,000 | $ 398,919,000 |
CONSOLIDATED BALANCE SHEETS (Pa
| CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Statement Of Financial Position [Abstract] | ||
| Accounts receivable, allowance | $ 253 | $ 282 |
| Common shares, no par value | $ 0 | $ 0 |
| Common shares, Issued | 34,409 | 34,219 |
| Common shares, outstanding | 34,409 | 34,219 |
CONSOLIDATED STATEMENTS OF OPER
| CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Income Statement [Abstract] | ||||
| Revenue | $ 96,494 | $ 96,905 | $ 191,108 | $ 176,038 |
| Cost of revenue | 55,149 | 58,254 | 109,757 | 105,282 |
| Gross profit | 41,345 | 38,651 | 81,351 | 70,756 |
| Operating expenses: | ||||
| Research and development and engineering | 7,840 | 7,525 | 16,055 | 13,382 |
| Selling, general and administrative | 20,922 | 21,410 | 42,990 | 41,028 |
| Amortization of purchased intangible assets | 1,852 | 2,876 | 3,741 | 4,620 |
| Restructuring, acquisition and divestiture related costs | 416 | 360 | 2,853 | 1,178 |
| Total operating expenses | 31,030 | 32,171 | 65,639 | 60,208 |
| Operating income from continuing operations | 10,315 | 6,480 | 15,712 | 10,548 |
| Interest income (expense), net | (1,375) | (1,375) | (2,772) | (2,212) |
| Foreign exchange transaction gains (losses), net | (3,153) | (61) | (2,636) | (80) |
| Other income (expense), net | 20,034 | 419 | 20,763 | 1,000 |
| Income from continuing operations before income taxes | 25,821 | 5,463 | 31,067 | 9,256 |
| Income tax provision | 6,310 | 2,057 | 8,110 | 2,994 |
| Income from continuing operations | 19,511 | 3,406 | 22,957 | 6,262 |
| Loss from discontinued operations, net of tax | (13) | (2,678) | (13) | (4,544) |
| Consolidated net income | 19,498 | 728 | 22,944 | 1,718 |
| Less: Net income attributable to noncontrolling interest | (3) | (10) | ||
| Net income attributable to GSI Group Inc. | $ 19,498 | $ 725 | $ 22,944 | $ 1,708 |
| Earnings per common share from continuing operations: | ||||
| Basic | $ 0.56 | $ 0.10 | $ 0.66 | $ 0.18 |
| Diluted | 0.56 | 0.10 | 0.66 | 0.18 |
| Loss per common share from discontinued operations: | ||||
| Basic | 0 | (0.08) | 0 | (0.13) |
| Diluted | 0 | (0.08) | 0 | (0.13) |
| Earnings per common share attributable to GSI Group Inc.: | ||||
| Basic | 0.56 | 0.02 | 0.66 | 0.05 |
| Diluted | $ 0.56 | $ 0.02 | $ 0.66 | $ 0.05 |
| Weighted average common shares outstanding—basic | 34,630 | 34,378 | 34,567 | 34,304 |
| Weighted average common shares outstanding—diluted | 35,029 | 34,707 | 35,014 | 34,690 |
CONSOLIDATED STATEMENTS OF COMP
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | ||
| Statement Of Income And Comprehensive Income [Abstract] | |||||
| Consolidated net income | $ 19,498 | $ 728 | $ 22,944 | $ 1,718 | |
| Other comprehensive income (loss): | |||||
| Foreign currency translation adjustments, net of tax | [1] | 3,958 | 1,006 | (548) | 943 |
| Pension liability adjustments, net of tax | [2] | (309) | (50) | 420 | 14 |
| Total other comprehensive income (loss) | 3,649 | 956 | (128) | 957 | |
| Total consolidated comprehensive income (loss) | 23,147 | 1,684 | 22,816 | 2,675 | |
| Less: Comprehensive income attributable to noncontrolling interest | (3) | (10) | |||
| Comprehensive income (loss) attributable to GSI Group Inc. | $ 23,147 | $ 1,681 | $ 22,816 | $ 2,665 | |
| [1] | The tax effect on this component of comprehensive income was $0.5 million for the three and six months ended July 3, 2015 and $0.2 million for the three and six months ended June 27, 2014. | ||||
| [2] | The tax effect on this component of comprehensive income was not material for all periods presented. See Note 4 for the total amount of pension liability adjustments reclassified out of accumulated other comprehensive income (loss). | ||||
CONSOLIDATED STATEMENTS OF COM6
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Statement Of Income And Comprehensive Income [Abstract] | ||||
| Foreign currency translation adjustments - Tax effect on component of comprehensive income | $ 0.5 | $ 0.2 | $ 0.5 | $ 0.2 |
CONSOLIDATED STATEMENTS OF CASH
| CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
| Jul. 03, 2015 | Jun. 27, 2014 | |
| Cash flows from operating activities: | ||
| Consolidated net income | $ 22,944 | $ 1,718 |
| Less: Loss from discontinued operations, net of tax | 13 | 4,544 |
| Income from continuing operations | 22,957 | 6,262 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations: | ||
| Depreciation and amortization | 9,385 | 11,151 |
| Provision for inventory excess and obsolescence | 801 | 602 |
| Share-based compensation | 2,533 | 2,434 |
| Deferred income taxes | 172 | (1,250) |
| Earnings from equity-method investment | (1,121) | (989) |
| Gain on disposal of business | (19,638) | |
| Non-cash restructuring and acquisition related charges | 261 | 553 |
| Other | 574 | 1,023 |
| Changes in assets and liabilities which (used) provided cash, excluding effects from businesses purchased or classified as discontinued operations: | ||
| Accounts receivable | (5,243) | (429) |
| Inventories | (3,841) | 60 |
| Income taxes receivable, prepaid expenses and other current assets | 1,745 | 215 |
| Accounts payable, income taxes payable, accrued expenses and other current liabilities | 7,184 | 583 |
| Other non-current assets and liabilities | (1,201) | (291) |
| Cash provided by operating activities of continuing operations | 14,568 | 19,924 |
| Cash provided by (used in) operating activities of discontinued operations | (13) | 121 |
| Cash provided by operating activities | 14,555 | 20,045 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (2,133) | (2,589) |
| Acquisition of businesses, net of cash acquired | (13,048) | (93,656) |
| Proceeds from sale of business, net of transaction costs | 30,623 | |
| Proceeds from the sale of property, plant and equipment | 116 | 52 |
| Cash provided by (used in) investing activities of continuing operations | 15,558 | (96,193) |
| Cash used in investing activities of discontinued operations | (898) | |
| Cash provided by (used in) investing activities | 15,558 | (97,091) |
| Cash flows from financing activities: | ||
| Borrowings under revolving credit facility | 13,000 | 77,000 |
| Repayments of long-term debt and revolving credit facility | (11,750) | (13,750) |
| Payments for debt issuance costs | (712) | |
| Payments of withholding taxes from stock-based awards | (1,382) | (1,508) |
| Capital lease payments | (348) | (540) |
| Other financing activities | 118 | 439 |
| Cash provided by (used in) financing activities of continuing operations | (362) | 60,929 |
| Cash provided by financing activities of discontinued operations | 0 | 0 |
| Cash provided by (used in) financing activities | (362) | 60,929 |
| Effect of exchange rates on cash and cash equivalents | 154 | 144 |
| Increase (decrease) in cash and cash equivalents | 29,905 | (15,973) |
| Cash and cash equivalents, beginning of period | 51,146 | 60,980 |
| Cash and cash equivalents, end of period | 81,051 | 45,007 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 2,011 | 1,608 |
| Cash paid for income taxes | 3,661 | 2,032 |
| Income tax refunds received | $ 17 | $ 109 |
Basis of Presentation
| Basis of Presentation | 6 Months Ended |
| Jul. 03, 2015 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | 1. Basis of Presentation GSI Group Inc. and its subsidiaries (collectively referred to as the “Company”, “we”, “us”, “our”) design, develop, manufacture and sell precision photonic and motion control components and subsystems to Original Equipment Manufacturers (“OEMs”) in the medical and advanced industrial markets. The Company is a leader in highly engineered enabling technologies, including CO2 laser sources, laser scanning and beam delivery products, optical data collection and machine vision technologies, medical visualization and informatics solutions, and precision motion control products. The Company specializes in collaborating with OEM customers to adapt its component and subsystem technologies to deliver highly differentiated performance in their applications. The accompanying unaudited interim consolidated financial statements have been prepared in U.S. dollars and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), the instructions to Form 10-Q and the provisions of Regulation S-X pertaining to interim financial statements. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, these interim consolidated financial statements include all adjustments and accruals of a normal and recurring nature necessary to fairly state the results of the interim periods presented. The results for interim periods are not necessarily indicative of results to be expected for the full year or for any future periods. During the quarter ended July 3, 2015, the Company deconsolidated its 50% owned joint venture, Excel Laser Technology Private Limited (the “India JV”), as a result of an agreement executed in June 2015 to sell 100% of the Company’s interest in the India JV. The accounts of the India JV were previously included in discontinued operations in the consolidated financial statements. The Company owns 41% of Laser Quantum Ltd. (“Laser Quantum”), a privately held company located in the United Kingdom. The Company records the results of this entity under the equity method as it does not have a controlling interest in the entity. The Company’s unaudited interim financial statements are prepared on a quarterly basis ending on the Friday closest to the end of the calendar quarter, with the exception of the fourth quarter which always ends on December 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its estimates based on historical experience, current conditions and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which they are deemed to be necessary. Actual results could differ significantly from those estimates. Recent Accounting Pronouncements Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 provides guidance on determining when disposals can be presented as discontinued operations. ASU 2014-08 requires that only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. A strategic shift may include a disposal of a major line of business, a major equity method investment or a major part of an entity. Additionally, ASU 2014-08 requires expanded disclosures regarding discontinued operations. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. The Company adopted this pronouncement in January 2015. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. Upon adoption, an entity may apply the new guidance either retrospectively or prospectively to all arrangements entered into or materially modified after the effective date. The Company is currently evaluating the impact of ASU 2015-05 on the Company’s consolidated financial statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires debt issuance related costs to be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 will be effective on a retrospective basis for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of this amendment is not expected to have a material impact on the Company’s consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which provides guidance for revenue recognition. ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition,” and requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is not permitted. Upon adoption, an entity may apply the new guidance either retrospectively to each prior reporting period presented or retrospectively only to customer contracts not yet completed as of the date of adoption with the cumulative effect of initially applying the standard recognized in beginning retained earnings at the date of the initial application. In July 2015, the FASB reached a decision to defer the effective date of ASU 2014-09 by one year, with the option of early adoption as of the original effective date. The deferral will result in ASU 2014-09 being effective for annual and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)," which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 will be effective for annual reporting periods ending after December 15, 2016. Early application is permitted. The Company does not expect the adoption of ASU 2014-15 to have any impact on the Company’s consolidated financial statements. |
Business Combinations
| Business Combinations | 6 Months Ended |
| Jul. 03, 2015 | |
| Business Combinations [Abstract] | |
| Business Combinations | 2. Business Combinations On February 19, 2015, the Company acquired 100% of the outstanding stock of Applimotion Inc. (“Applimotion”), a Loomis, California based provider of advanced precision motor and motion control technology to OEM customers in the advanced industrial and medical markets, for a total purchase price of $14.0 million, net of working capital adjustments. The purchase price includes $13.0 million in cash paid for the acquisition and $1.0 million estimated fair value of future contingent consideration payable upon the achievement of certain revenue targets for fiscal years 2015 to 2017. The undiscounted range of possible contingent consideration is zero to $4.0 million. The Company expects that the addition of Applimotion will enable the Company to offer a broader range of motion control technologies and integrated solutions to customers. The Company recognized Applimotion acquisition costs of less than $0.1 million and $0.2 million during the three and six months ended July 3, 2015, respectively. Acquisition-related costs are included in restructuring, acquisition and divestiture related costs in the consolidated statements of operations. The acquisition of Applimotion has been accounted for as a business combination. The allocation of the purchase price is based upon the estimated fair value of assets acquired and liabilities assumed as of the acquisition date. The fair values of intangible assets were based on valuations using an income approach, with estimates and assumptions provided by management of Applimotion and the Company. The process for estimating the fair values of identifiable intangible assets and the contingent consideration liability requires the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The total purchase price was allocated as follows (in thousands): Purchase Allocation Cash $ 317 Accounts receivable 1,821 Inventory 2,041 Prepaid expenses and other current assets 89 Property and equipment 308 Intangible assets 6,071 Goodwill 7,612 Total assets acquired 18,259 Accounts payable 964 Other liabilities 717 Deferred tax liabilities 2,248 Total liabilities assumed 3,929 Total assets acquired and liabilities assumed 14,330 Less: cash acquired 317 Total purchase price, net of cash acquired 14,013 Less: contingent consideration 965 Net cash used for acquisition of business $ 13,048 The fair value of intangible assets is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technology $ 2,684 10 years Customer relationships 2,066 10 years Non-compete covenant 684 4 years Backlog 637 1 year Total $ 6,071 The purchase price allocation resulted in $7.6 million of goodwill and $6.1 million of identifiable intangible assets, none of which is expected to be deductible for tax purposes. Intangible assets are being amortized over their weighted average useful lives primarily based upon the pattern in which anticipated economic benefits from such assets are expected to be realized. The goodwill recorded represents the anticipated incremental value of future cash flow potential attributable to: (i) Applimotion’s ability to grow their business with existing and new customers, (ii) the potential to realize cost improvements due to scale and more efficient operations, (iii) the opportunity to serve customers with integrated assemblies that feature products from both Applimotion and the Company and, (iv) the potential to sell the Company’s products into Applimotion’s customer base. The results of the Applimotion acquisition were included in the Company’s results of operations beginning on February 19, 2015. The pro forma financial information reflecting the operating results of Applimotion, as if it had been acquired on January 1, 2014, is not presented herein as it would not differ materially from the operating results of the Company as reported for 2014. Applimotion is included in the Company’s Precision Motion reportable segment. |
Discontinued Operations and Div
| Discontinued Operations and Divestitures | 6 Months Ended |
| Jul. 03, 2015 | |
| Discontinued Operations And Disposal Groups [Abstract] | |
| Discontinued Operations and Divestitures | 3. Discontinued Operations and Divestitures In June 2015, the Company finalized an agreement to divest its 50% owned joint venture, the India JV, and recorded a pre-tax loss of less than $0.1 million in operating loss from discontinued operations, net of tax during the three months ended July 3, 2015. All assets, liabilities, accumulated other comprehensive income and non-controlling interest of the India JV were derecognized as of the date of the agreement. On April 15, 2015, the Company completed the sale of certain assets and liabilities of its JK Lasers business, previously included in the Laser Products reportable segment, for approximately $30.6 million in cash, received upon closing, net of transaction costs. As of July 3, 2015, the working capital adjustments had not yet been settled and were estimated to be a cash payment of $1.0 million to the buyer. During the three months ended July 3, 2015, the Company recognized a pre-tax gain on sale of $19.6 million in other income (expense), net on the consolidated statement of operations. The JK Lasers business divestiture does not qualify for discontinued operations accounting treatment. In July 2014, the Company completed the sale of certain assets and liabilities of its Scientific Lasers business for approximately $6.5 million in cash, net of working capital adjustments. In accordance with the purchase and sale agreement, $1.5 million of the sales proceeds is held in escrow until January 2016. The $1.5 million escrow is included in prepaid expenses and other current assets on the balance sheet as of July 3, 2015 and other long-term assets as of December 31, 2014. Assets and liabilities of discontinued operations as of December 31, 2014 included the balances of the India JV. There were no assets and liabilities of discontinued operations as of July 3, 2015. The major components of the assets and liabilities of discontinued operations as of December 31, 2014, respectively, were as follows (in thousands): December 31, 2014 Accounts receivable, net $ 95 Inventories 161 Prepaid and other current assets 8 Other assets 367 Assets of discontinued operations $ 631 Accounts payable $ 16 Accrued expenses and other current liabilities 74 Other liabilities 234 Liabilities of discontinued operations $ 324 The following table presents the operating results which are reported as discontinued operations in the Company’s consolidated statements of operations (in thousands): Three Six Months Ended July 3, June 27, July 3, June 27, 2015 2014 2015 2014 Revenue from discontinued operations $ — $ 6,271 $ — $ 10,287 Operating loss from discontinued operations, before income tax $ (13 ) $ (2,136 ) $ (13 ) $ (4,987 ) Operating loss from discontinued operations, net of tax $ (13 ) $ (2,678 ) $ (13 ) $ (4,544 ) |
Accumulated Other Comprehensive
| Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
| Jul. 03, 2015 | |
| Equity [Abstract] | |
| Accumulated Other Comprehensive Income (Loss) | 4. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) was as follows (in thousands): Total accumulated other Foreign currency comprehensive translation Pension income (loss) adjustments liability Balance at December 31, 2014 $ (16,456 ) $ (5,615 ) $ (10,841 ) Other comprehensive income (loss) (897 ) (882 ) (15 ) Amounts reclassified from other comprehensive income (loss) (1) 769 334 435 Balance at July 3, 2015 $ (16,584 ) $ (6,163 ) $ (10,421 ) (1) The amounts reclassified from other comprehensive income (loss) were included in selling, general and administrative expenses and loss from discontinued operations, net of tax in the consolidated statements of operations. |
Earnings per Share
| Earnings per Share | 6 Months Ended |
| Jul. 03, 2015 | |
| Earnings Per Share [Abstract] | |
| Earnings per Share | 5. Earnings per Share Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. For diluted earnings per common share, the denominator also includes the dilutive effect of outstanding restricted stock units determined using the treasury stock method. Dilutive effects of contingently issuable shares are included in the weighted average dilutive share calculation when the contingencies have been resolved. For periods in which net losses are generated, the dilutive potential common shares are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Six Months Ended July 3, June 27, July 3, June 27, 2015 2014 2015 2014 Numerators: Income from continuing operations $ 19,511 $ 3,406 $ 22,957 $ 6,262 Loss from discontinued operations (13 ) (2,678 ) (13 ) (4,544 ) Less: Income attributable to noncontrolling interest — (3 ) — (10 ) Loss from discontinued operations attributable to GSI Group Inc. (13 ) (2,681 ) (13 ) (4,554 ) Net income attributable to GSI Group Inc. $ 19,498 $ 725 $ 22,944 $ 1,708 Denominators: Weighted average common shares outstanding— basic 34,630 34,378 34,567 34,304 Dilutive potential common shares 399 329 447 386 Weighted average common shares outstanding— diluted 35,029 34,707 35,014 34,690 Antidilutive common shares excluded from above — — — 44 Basic Earnings (Loss) per Common Share: From continuing operations $ 0.56 $ 0.10 $ 0.66 $ 0.18 From discontinued operations $ (0.00 ) $ (0.08 ) $ (0.00 ) $ (0.13 ) Basic earnings per share attributable to GSI Group Inc. $ 0.56 $ 0.02 $ 0.66 $ 0.05 Diluted Earnings (Loss) per Common Share: From continuing operations $ 0.56 $ 0.10 $ 0.66 $ 0.18 From discontinued operations $ (0.00 ) $ (0.08 ) $ (0.00 ) $ (0.13 ) Diluted earnings per share attributable to GSI Group Inc. $ 0.56 $ 0.02 $ 0.66 $ 0.05 Common Stock Repurchases In October 2013, the Company’s Board of Directors authorized a share repurchase plan under which the Company may repurchase outstanding shares of the Company’s common stock up to an aggregate amount of $10.0 million. The shares may be repurchased from time to time, at the Company’s discretion, based on ongoing assessment of the capital needs of the business, the market price of the Company’s common stock, and general market conditions. Shares may also be repurchased through an accelerated stock purchase agreement, on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. Repurchases may be made under certain SEC regulations, which would permit common stock to be purchased when the Company would otherwise be prohibited from doing so under insider trading laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time. As of December 31, 2014, the Company had cumulatively repurchased 50 thousand shares of its common stock for an aggregate amount of $0.5 million. There have been no share repurchases to date in 2015. |
Fair Value Measurements
| Fair Value Measurements | 6 Months Ended |
| Jul. 03, 2015 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | 6. Fair Value Measurements ASC 820, “Fair Value Measurements,” establishes a fair value hierarchy based on the following three levels of inputs: · Level 1: Quoted prices for identical assets or liabilities in active markets which the Company can access. · Level 2: Observable inputs other than those described in Level 1. · Level 3: Unobservable inputs. The Company’s cash equivalents are investments in money market accounts, which represent the only asset the Company measures at fair value on a recurring basis. The Company determines the fair value of our cash equivalents using a market approach based on quoted prices in active markets which is classified as Level 1. The contingent consideration is classified as Level 3 as the fair value is based on unobservable inputs. The fair values of cash, accounts receivable, income taxes receivable, accounts payable, income taxes payable, accrued expenses and other current liabilities approximate their carrying values because of their short-term nature. The following table summarizes the fair values of our financial assets and liabilities as of July 3, 2015 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 2,581 $ 2,581 $ — $ — Total Assets $ 2,581 $ 2,581 $ — $ — Liabilities Contingent consideration $ 965 $ — $ — $ 965 Total Liabilities $ 965 $ — $ — $ 965 The following table summarizes the fair values of our financial assets as of December 31, 2014 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 2,255 $ 2,255 $ — $ — Contingent consideration relates to the Company’s acquisition of Applimotion on February 19, 2015. The former shareholders of Applimotion are eligible to receive contingent consideration based on the achievement of certain revenue targets for fiscal years 2015 to 2017. If such targets are achieved, the contingent consideration will be payable in cash in two installments in 2017 and 2018, respectively. The estimated fair value of the contingent consideration was determined based on the Monte Carlo valuation method and has been recorded as part of the purchase price as of the acquisition date. Subsequent changes in the estimated fair value of this contingent liability will be recorded in the consolidated statement of operations as acquisition related costs until the liability is fully settled. There have been no changes to the fair value of the contingent consideration since the acquisition date. The estimated fair value of the contingent consideration is reported as a long-term liability in the consolidated balance sheet. See Note 9 to Consolidated Financial Statements for a discussion of the estimated fair value of the Company’s outstanding debt. |
Goodwill and Intangible Assets
| Goodwill and Intangible Assets | 6 Months Ended |
| Jul. 03, 2015 | |
| Goodwill And Intangible Assets Disclosure [Abstract] | |
| Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill Goodwill is recorded when the consideration for a business combination exceeds the fair value of net tangible and identifiable intangible assets acquired. The Company tests its goodwill balances annually for impairment as of the beginning of the second quarter or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The Company performed its annual goodwill impairment test at the beginning of the second quarter of 2015 and noted no impairment of goodwill. The following table summarizes changes in goodwill during the six months ended July 3, 2015 (in thousands): Balance at beginning of the period $ 90,746 Goodwill acquired from the Applimotion acquisition 7,612 Balance at end of the period $ 98,358 Goodwill acquired from the Applimotion acquisition is reflected in the Precision Motion segment. Goodwill by reportable segment as of July 3, 2015 was as follows (in thousands): Reportable Segment Laser Products Vision Technologies Precision Motion Total Goodwill $ 132,954 $ 82,730 $ 33,903 $ 249,587 Accumulated impairment of goodwill (102,461 ) (31,722 ) (17,046 ) (151,229 ) Total $ 30,493 $ 51,008 $ 16,857 $ 98,358 Goodwill by reportable segment as of December 31, 2014 was as follows (in thousands): Reportable Segment Laser Products Vision Technologies Precision Motion Total Goodwill $ 132,954 $ 82,730 $ 26,291 $ 241,975 Accumulated impairment of goodwill (102,461 ) (31,722 ) (17,046 ) (151,229 ) Total $ 30,493 $ 51,008 $ 9,245 $ 90,746 Intangible Assets Intangible assets as of July 3, 2015 and December 31, 2014, respectively, are summarized as follows (in thousands): July 3, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Amortizable intangible assets: Patents and acquired technologies $ 80,908 $ (64,274 ) $ 16,634 $ 78,253 $ (62,010 ) $ 16,243 Customer relationships 65,102 (34,275 ) 30,827 63,029 (31,531 ) 31,498 Customer backlog 2,447 (2,083 ) 364 1,810 (1,641 ) 169 Non-compete covenant 2,514 (613 ) 1,901 1,830 (366 ) 1,464 Trademarks and trade names 10,209 (5,684 ) 4,525 10,205 (5,364 ) 4,841 Amortizable intangible assets 161,180 (106,929 ) 54,251 155,127 (100,912 ) 54,215 Non-amortizable intangible assets: Trade names 13,027 — 13,027 13,027 — 13,027 Totals $ 174,207 $ (106,929 ) $ 67,278 $ 168,154 $ (100,912 ) $ 67,242 All definite-lived intangible assets are amortized either on a straight-line basis or an economic benefit basis over their remaining useful life. Amortization expense for customer relationships and definite-lived trademarks, trade names and other intangibles is included in operating expenses in the accompanying consolidated statements of operations. Amortization expense for patents and acquired technologies is included in cost of revenue in the accompanying consolidated statements of operations. Amortization expense is as follows (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Amortization expense – cost of revenue $ 1,174 $ 1,614 $ 2,293 $ 2,915 Amortization expense – operating expenses 1,852 2,876 3,741 4,620 Total amortization expense $ 3,026 $ 4,490 $ 6,034 $ 7,535 Estimated amortization expense for each of the five succeeding years and thereafter as of July 3, 2015 was as follows (in thousands): Year Ending December 31, Cost of Revenue Operating Expenses Total 2015 (remainder of year) $ 2,349 $ 3,704 $ 6,053 2016 3,550 7,259 10,809 2017 3,229 6,637 9,866 2018 1,754 6,003 7,757 2019 1,487 4,008 5,495 Thereafter 4,265 10,006 14,271 Total $ 16,634 $ 37,617 $ 54,251 |
Supplementary Balance Sheet Inf
| Supplementary Balance Sheet Information | 6 Months Ended |
| Jul. 03, 2015 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Supplementary Balance Sheet Information | 8. Supplementary Balance Sheet Information The following tables provide the details of selected balance sheet items as of the periods indicated (in thousands): Inventories July 3, 2015 December 31, 2014 Raw materials $ 38,418 $ 38,934 Work-in-process 10,621 9,899 Finished goods 9,727 11,945 Demo and consigned inventory 1,644 2,165 Total inventories $ 60,410 $ 62,943 Accrued Expenses and Other Current Liabilities July 3, 2015 December 31, 2014 Accrued compensation and benefits $ 8,809 $ 7,741 Accrued warranty 3,539 3,044 Accrued professional services 1,580 1,827 Other 8,109 6,789 Total $ 22,037 $ 19,401 Accrued Warranty Six Months Ended July 3, 2015 June 27, 2014 Balance at beginning of the period $ 3,044 $ 3,315 Provision charged to cost of revenue 1,524 976 Acquisition related warranty accrual 94 90 Use of provision (730 ) (973 ) Divestiture of JK Lasers (392 ) — Foreign currency exchange rate changes (1 ) 8 Balance at end of period $ 3,539 $ 3,416 Other Long Term Liabilities July 3, 2015 December 31, 2014 Capital lease obligations $ 9,269 $ 9,507 Accrued pension liabilities 5,305 6,037 Other 3,683 3,275 Total $ 18,257 $ 18,819 |
Debt
| Debt | 6 Months Ended |
| Jul. 03, 2015 | |
| Debt Disclosure [Abstract] | |
| Debt | 9. Debt Debt consisted of the following (in thousands): July 3, 2015 December 31, 2014 Senior Credit Facilities – term loan $ 31,250 $ 35,000 Senior Credit Facilities – revolving credit facility 85,000 80,000 Total Senior Credit Facilities $ 116,250 $ 115,000 Senior Credit Facilities The Company’s amended and restated senior secured credit agreement (the “Amended and Restated Credit Agreement”) provides for a $50.0 million, 5-year term loan facility due in quarterly installments of $1.9 million beginning in January 2013 and a $175.0 million, 5-year revolving credit facility (collectively, the “Senior Credit Facilities”) that matures in December 2017. Quarterly installments due in the next twelve months under the term loan amount to $7.5 million and are classified as a current liability in the consolidated balance sheet. The Company is required to satisfy certain financial and non-financial covenants under the Amended and Restated Credit Agreement. The Company is in compliance with these covenants as of July 3, 2015. Fair Value of Debt As of July 3, 2015 and December 31, 2014, the outstanding balance of the Company’s debt approximated its fair value based on current rates available to the Company for debt of the same maturity. |
Share-Based Compensation
| Share-Based Compensation | 6 Months Ended |
| Jul. 03, 2015 | |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
| Share-Based Compensation | 10. Share-Based Compensation The table below summarizes activities relating to restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended July 3, 2015: Restricted Stock Units (In thousands) Weighted Average Grant Date Fair Value Unvested at December 31, 2014 749 $ 10.80 Granted 305 $ 13.34 Vested (299 ) $ 11.08 Forfeited (42 ) $ 11.03 Unvested at July 3, 2015 713 $ 11.76 Expected to vest as of July 3, 2015 693 The total fair value of restricted stock units that vested during the six months ended July 3, 2015, based on the market price of the underlying stock on the date of vesting, was $3.8 million. The table below summarizes share-based compensation expense recorded in income from continuing operations in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Selling, general and administrative $ 832 $ 914 $ 2,316 $ 2,270 Research and development and engineering 31 45 80 95 Cost of revenue 73 36 137 69 Restructuring, acquisition and divestiture related costs (277 ) 258 (321 ) 304 Total share-based compensation expense $ 659 $ 1,253 $ 2,212 $ 2,738 The expense recorded during each of the three and six-month periods ended July 3, 2015 and June 27, 2014, respectively, included $0.5 million related to deferred stock units granted to the members of the Company’s Board of Directors, pursuant to the Company’s Amended and Restated 2010 Incentive Plan. The expense associated with the respective deferred stock units was recognized in full on the date of grant, as the deferred stock units were fully vested and non-forfeitable upon grant. In March 2014, the Company granted restricted stock units in an aggregate of 180,000 shares as employment incentive awards related to an acquisition. These restricted stock units are performance based awards and would vest after two years if certain financial targets and service conditions have been achieved. During the second quarter ended July 3, 2015, these financial targets were no longer deemed probable and the cumulative expense was reversed. |
Income Taxes
| Income Taxes | 6 Months Ended |
| Jul. 03, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 11. Income Taxes The Company determines its estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period. The tax effect of significant unusual items is reflected in the period in which they occur. Since the Company is incorporated in Canada, it is required to use Canada’s statutory tax rate of 27.0% in the determination of the estimated annual effective tax rate. The Company’s effective tax rate on income from continuing operations of 24.4% and 26.1%, respectively, for the three and six-month periods ended July 3, 2015 differ from the Canadian statutory rate of 27.0% primarily due to the JK Lasers gain, mix of income earned in jurisdictions with varying tax rates, losses in jurisdictions with a full valuation allowance, and the impact of discrete items for the period. The Company’s effective tax rate on income from continuing operations of 37.7% and 32.3%, respectively, for the three and six-month periods ended June 27, 2014 differ from the Canadian statutory rate of 27.0% primarily due to the mix of income earned in jurisdictions with varying tax rates, losses in jurisdictions with a valuation allowance which are not benefitted in the income tax provision during the period, and recognition of net tax benefit associated with uncertain tax positions upon expiration of statute of limitations. The Company maintains a valuation allowance on some of its deferred tax assets in certain jurisdictions. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized. In conjunction with the Company’s ongoing review of its actual results and anticipated future earnings, the Company continuously reassesses the possibility of releasing the remaining valuation allowance currently in place on its deferred tax assets. A release would be reported as a reduction to income tax expense without any impact on cash flows in the quarter in which it is released. |
Restructuring, Acquisition and
| Restructuring, Acquisition and Divestiture Related Costs | 6 Months Ended |
| Jul. 03, 2015 | |
| Restructuring And Related Activities [Abstract] | |
| Restructuring, Acquisition and Divestiture Related costs | 12. Restructuring, Acquisition and Divestiture Related Costs The following table summarizes restructuring, acquisition and divestiture related costs in the accompanying consolidated statements of operations (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 2011 restructuring $ 270 $ (122 ) $ 653 $ (94 ) 2013 restructuring — (66 ) — (66 ) 2015 restructuring 114 — 1,484 — Total restructuring charges 384 (188 ) 2,137 (160 ) Acquisition charges 57 45 264 748 Acquisition related incentive compensation (532 ) 503 (612 ) 590 Divestiture related charges 507 — 1,064 — Total acquisition and divestiture related charges 32 548 716 1,338 Total restructuring, acquisition and divestiture related costs $ 416 $ 360 $ 2,853 $ 1,178 2011 Restructuring In November 2011, the Company announced a strategic initiative (“2011 restructuring”), which aimed to consolidate operations to reduce the Company’s cost structure and improve operational efficiency. As part of this initiative, the Company eliminated facilities through the consolidation of certain manufacturing, sales and distribution facilities and the exit of Semiconductor and Laser Systems businesses. The Company substantially completed the 2011 restructuring program by the end of 2013. Restructuring costs for the three and six months ended July 3, 2015 included facility costs related to the Company’s vacant Orlando, Florida facility, which the Company owns and was previously occupied by the Laser Systems business. These costs were recorded in the Unallocated Corporate and Shared Services Costs segment. 2015 Restructuring During the first quarter of 2015, the Company initiated a program to eliminate redundant costs, as a result of acquisition and divestiture activities, to better align our operations to our strategic growth plans, to further integrate our business lines, and as a consequence of our productivity initiatives. During the three and six months ended July 3, 2015, the Company incurred restructuring costs of $0.1 million and $1.5 million, respectively, related to the 2015 restructuring plan. Restructuring costs incurred during the six months ended July 3, 2015 of $0.6 million, $0.5 million, $0.1 million and $0.3 million related to the Laser Products, Vision Technologies, Precision Motion and Unallocated Corporate and Shared Services Costs reportable segments, respectively. Rollforward of Accrued Expenses Related to Restructuring The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands): Total Severance Facility Depreciation Other Balance at December 31, 2014 $ 231 $ 102 $ 105 $ — $ 24 Restructuring charges 2,137 1,343 99 582 113 Cash payments (1,090 ) (881 ) (176 ) — (33 ) Non-cash write-offs and other adjustments (577 ) 5 — (582 ) — Balance at July 3, 2015 $ 701 $ 569 $ 28 $ — $ 104 |
Commitments and Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jul. 03, 2015 | |
| Commitments And Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 13. Commitments and Contingencies Leases The Company leases certain equipment and facilities under operating and capital lease agreements. There have been no material changes to the Company’s leases through July 3, 2015 from those discussed in Note 15 to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Purchase Commitments There have been no material changes to the Company’s purchase commitments from those discussed in Note 15 to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Legal Proceedings The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. The Company does not believe that the outcome of these claims will have a material adverse effect upon its financial condition or results of operations but there can be no assurance that any such claims, or any similar claims, would not have a material adverse effect upon its financial condition or results of operations. Guarantees and Indemnifications In the normal course of its operations, the Company executes agreements that provide for indemnification and guarantees to counterparties in transactions such as business dispositions, sale of assets, sale of products and operating leases. Additionally, the by-laws of the Company require it to indemnify certain current or former directors, officers, and employees of the Company against expenses incurred by them in connection with each proceeding in which he or she is involved as a result of serving or having served in certain capacities. Indemnification is not available with respect to a proceeding as to which it has been adjudicated that the person did not act in good faith in the reasonable belief that the action was in the best interests of the Company. Certain of our officers and directors are also a party to indemnification agreements with the Company. These indemnification agreements provide, among other things, that the director and officer shall be indemnified to the fullest extent permitted by applicable law against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such officer or director in connection with any proceeding by reason of his or her relationship with the Company. In addition, the indemnification agreements provide for the advancement of expenses incurred by such director or officer in connection with any proceeding covered by the indemnification agreement, subject to the conditions set forth therein and to the extent such advancement is not prohibited by law. The indemnification agreements also set out the procedures for determining entitlement to indemnification, the requirements relating to notice and defense of claims for which indemnification is sought, the procedures for enforcement of indemnification rights, the limitations on and exclusions from indemnification, and the minimum levels of directors’ and officers’ liability insurance to be maintained by the Company. |
Segment Information
| Segment Information | 6 Months Ended |
| Jul. 03, 2015 | |
| Segment Reporting [Abstract] | |
| Segment Information | 14. Segment Information The Company evaluates the performance of, and allocates resources to, its segments based on revenue, gross profit and operating profit. The Company’s reportable segments have been identified based on commonality of end markets, customers, applications and technologies amongst the Company’s individual product lines, which is consistent with the Company’s operating structure, associated management structure, and management compensation programs. We operate in three reportable segments: Laser Products, Vision Technologies (formerly known as Medical Technologies), and Precision Motion. The reportable segments and their principal activities are summarized below. Laser Products The Laser Products segment designs, manufactures and markets photonics-based solutions, including CO2 laser sources, laser scanning and beam delivery products, to customers worldwide. The segment serves highly demanding photonics-based applications such as industrial material processing, and medical and life science imaging and laser procedures. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Vision Technologies The Vision Technologies segment designs, manufactures and markets a range of medical grade technologies, including visualization solutions, imaging informatics products, optical data collection and machine vision technologies, thermal printers, and light and color measurement instrumentation, to customers worldwide. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Precision Motion The Precision Motion segment designs, manufactures and markets optical encoders, precision motor and motion control technology, air bearing spindles and precision machined components to customers worldwide. The vast majority of the segment’s product offerings are sold into the advanced industrial market and, to a lesser extent, the medical market. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Reportable Segment Financial Information Revenue, gross profit, gross profit margin, operating income (loss) from continuing operations, and depreciation and amortization by reportable segments are as follows (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Revenue Laser Products $ 42,190 $ 43,828 $ 87,145 $ 85,688 Vision Technologies 31,216 34,791 62,327 57,158 Precision Motion 23,088 18,286 41,636 33,192 Total $ 96,494 $ 96,905 $ 191,108 $ 176,038 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Gross Profit Laser Products $ 18,950 $ 17,155 $ 38,325 $ 34,168 Vision Technologies 12,158 13,838 24,671 22,727 Precision Motion 10,611 7,949 19,076 14,365 Unallocated Corporate and Shared Services (374 ) (291 ) (721 ) (504 ) Total $ 41,345 $ 38,651 $ 81,351 $ 70,756 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Gross Profit Margin Laser Products 44.9 % 39.1 % 44.0 % 39.9 % Vision Technologies 38.9 % 39.8 % 39.6 % 39.8 % Precision Motion 46.0 % 43.5 % 45.8 % 43.3 % Total 42.8 % 39.9 % 42.6 % 40.2 % Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Operating Income (Loss) from Continuing Operations Laser Products $ 10,046 $ 6,847 $ 18,441 $ 13,971 Vision Technologies (14 ) 38 (668 ) (79 ) Precision Motion 5,803 4,086 9,940 6,729 Unallocated Corporate and Shared Services (5,520 ) (4,491 ) (12,001 ) (10,073 ) Total $ 10,315 $ 6,480 $ 15,712 $ 10,548 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Depreciation and Amortization Laser Products $ 1,397 $ 1,554 $ 2,979 $ 3,220 Vision Technologies 2,082 3,716 4,340 5,807 Precision Motion 689 505 1,162 1,007 Unallocated Corporate and Shared Services 455 547 904 1,117 Total $ 4,623 $ 6,322 $ 9,385 $ 11,151 |
Basis of Presentation (Policies
| Basis of Presentation (Policies) | 6 Months Ended |
| Jul. 03, 2015 | |
| Accounting Policies [Abstract] | |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its estimates based on historical experience, current conditions and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which they are deemed to be necessary. Actual results could differ significantly from those estimates. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 provides guidance on determining when disposals can be presented as discontinued operations. ASU 2014-08 requires that only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. A strategic shift may include a disposal of a major line of business, a major equity method investment or a major part of an entity. Additionally, ASU 2014-08 requires expanded disclosures regarding discontinued operations. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. The Company adopted this pronouncement in January 2015. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. Upon adoption, an entity may apply the new guidance either retrospectively or prospectively to all arrangements entered into or materially modified after the effective date. The Company is currently evaluating the impact of ASU 2015-05 on the Company’s consolidated financial statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires debt issuance related costs to be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 will be effective on a retrospective basis for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of this amendment is not expected to have a material impact on the Company’s consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which provides guidance for revenue recognition. ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition,” and requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is not permitted. Upon adoption, an entity may apply the new guidance either retrospectively to each prior reporting period presented or retrospectively only to customer contracts not yet completed as of the date of adoption with the cumulative effect of initially applying the standard recognized in beginning retained earnings at the date of the initial application. In July 2015, the FASB reached a decision to defer the effective date of ASU 2014-09 by one year, with the option of early adoption as of the original effective date. The deferral will result in ASU 2014-09 being effective for annual and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)," which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 will be effective for annual reporting periods ending after December 15, 2016. Early application is permitted. The Company does not expect the adoption of ASU 2014-15 to have any impact on the Company’s consolidated financial statements. |
Business Combinations (Tables)
| Business Combinations (Tables) - Applimotion Inc. | 6 Months Ended |
| Jul. 03, 2015 | |
| Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation | The total purchase price was allocated as follows (in thousands): Purchase Allocation Cash $ 317 Accounts receivable 1,821 Inventory 2,041 Prepaid expenses and other current assets 89 Property and equipment 308 Intangible assets 6,071 Goodwill 7,612 Total assets acquired 18,259 Accounts payable 964 Other liabilities 717 Deferred tax liabilities 2,248 Total liabilities assumed 3,929 Total assets acquired and liabilities assumed 14,330 Less: cash acquired 317 Total purchase price, net of cash acquired 14,013 Less: contingent consideration 965 Net cash used for acquisition of business $ 13,048 |
| Fair Value of Intangible Assets | The fair value of intangible assets is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technology $ 2,684 10 years Customer relationships 2,066 10 years Non-compete covenant 684 4 years Backlog 637 1 year Total $ 6,071 |
Discontinued Operations and D24
| Discontinued Operations and Divestitures (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Discontinued Operations And Disposal Groups [Abstract] | |
| Components of Assets and Liabilities and Operating Results of Discontinued Operations | The major components of the assets and liabilities of discontinued operations as of December 31, 2014, respectively, were as follows (in thousands): December 31, 2014 Accounts receivable, net $ 95 Inventories 161 Prepaid and other current assets 8 Other assets 367 Assets of discontinued operations $ 631 Accounts payable $ 16 Accrued expenses and other current liabilities 74 Other liabilities 234 Liabilities of discontinued operations $ 324 The following table presents the operating results which are reported as discontinued operations in the Company’s consolidated statements of operations (in thousands): Three Six Months Ended July 3, June 27, July 3, June 27, 2015 2014 2015 2014 Revenue from discontinued operations $ — $ 6,271 $ — $ 10,287 Operating loss from discontinued operations, before income tax $ (13 ) $ (2,136 ) $ (13 ) $ (4,987 ) Operating loss from discontinued operations, net of tax $ (13 ) $ (2,678 ) $ (13 ) $ (4,544 ) |
Accumulated Other Comprehensi25
| Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Equity [Abstract] | |
| Components of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) was as follows (in thousands): Total accumulated other Foreign currency comprehensive translation Pension income (loss) adjustments liability Balance at December 31, 2014 $ (16,456 ) $ (5,615 ) $ (10,841 ) Other comprehensive income (loss) (897 ) (882 ) (15 ) Amounts reclassified from other comprehensive income (loss) (1) 769 334 435 Balance at July 3, 2015 $ (16,584 ) $ (6,163 ) $ (10,421 ) (1) The amounts reclassified from other comprehensive income (loss) were included in selling, general and administrative expenses and loss from discontinued operations, net of tax in the consolidated statements of operations. |
Earnings per Share (Tables)
| Earnings per Share (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Earnings Per Share [Abstract] | |
| Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Six Months Ended July 3, June 27, July 3, June 27, 2015 2014 2015 2014 Numerators: Income from continuing operations $ 19,511 $ 3,406 $ 22,957 $ 6,262 Loss from discontinued operations (13 ) (2,678 ) (13 ) (4,544 ) Less: Income attributable to noncontrolling interest — (3 ) — (10 ) Loss from discontinued operations attributable to GSI Group Inc. (13 ) (2,681 ) (13 ) (4,554 ) Net income attributable to GSI Group Inc. $ 19,498 $ 725 $ 22,944 $ 1,708 Denominators: Weighted average common shares outstanding— basic 34,630 34,378 34,567 34,304 Dilutive potential common shares 399 329 447 386 Weighted average common shares outstanding— diluted 35,029 34,707 35,014 34,690 Antidilutive common shares excluded from above — — — 44 Basic Earnings (Loss) per Common Share: From continuing operations $ 0.56 $ 0.10 $ 0.66 $ 0.18 From discontinued operations $ (0.00 ) $ (0.08 ) $ (0.00 ) $ (0.13 ) Basic earnings per share attributable to GSI Group Inc. $ 0.56 $ 0.02 $ 0.66 $ 0.05 Diluted Earnings (Loss) per Common Share: From continuing operations $ 0.56 $ 0.10 $ 0.66 $ 0.18 From discontinued operations $ (0.00 ) $ (0.08 ) $ (0.00 ) $ (0.13 ) Diluted earnings per share attributable to GSI Group Inc. $ 0.56 $ 0.02 $ 0.66 $ 0.05 |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Fair Value Disclosures [Abstract] | |
| Fair Values of Financial Assets and Liabilities | The following table summarizes the fair values of our financial assets and liabilities as of July 3, 2015 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 2,581 $ 2,581 $ — $ — Total Assets $ 2,581 $ 2,581 $ — $ — Liabilities Contingent consideration $ 965 $ — $ — $ 965 Total Liabilities $ 965 $ — $ — $ 965 The following table summarizes the fair values of our financial assets as of December 31, 2014 (in thousands): Quoted Prices in Significant Other Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 2,255 $ 2,255 $ — $ — |
Goodwill and Intangible Assets
| Goodwill and Intangible Assets (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Goodwill And Intangible Assets Disclosure [Abstract] | |
| Summary of Changes in Goodwill | The following table summarizes changes in goodwill during the six months ended July 3, 2015 (in thousands): Balance at beginning of the period $ 90,746 Goodwill acquired from the Applimotion acquisition 7,612 Balance at end of the period $ 98,358 |
| Goodwill by Reportable Segment | Goodwill by reportable segment as of July 3, 2015 was as follows (in thousands): Reportable Segment Laser Products Vision Technologies Precision Motion Total Goodwill $ 132,954 $ 82,730 $ 33,903 $ 249,587 Accumulated impairment of goodwill (102,461 ) (31,722 ) (17,046 ) (151,229 ) Total $ 30,493 $ 51,008 $ 16,857 $ 98,358 Goodwill by reportable segment as of December 31, 2014 was as follows (in thousands): Reportable Segment Laser Products Vision Technologies Precision Motion Total Goodwill $ 132,954 $ 82,730 $ 26,291 $ 241,975 Accumulated impairment of goodwill (102,461 ) (31,722 ) (17,046 ) (151,229 ) Total $ 30,493 $ 51,008 $ 9,245 $ 90,746 |
| Intangible Assets | Intangible assets as of July 3, 2015 and December 31, 2014, respectively, are summarized as follows (in thousands): July 3, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Amortizable intangible assets: Patents and acquired technologies $ 80,908 $ (64,274 ) $ 16,634 $ 78,253 $ (62,010 ) $ 16,243 Customer relationships 65,102 (34,275 ) 30,827 63,029 (31,531 ) 31,498 Customer backlog 2,447 (2,083 ) 364 1,810 (1,641 ) 169 Non-compete covenant 2,514 (613 ) 1,901 1,830 (366 ) 1,464 Trademarks and trade names 10,209 (5,684 ) 4,525 10,205 (5,364 ) 4,841 Amortizable intangible assets 161,180 (106,929 ) 54,251 155,127 (100,912 ) 54,215 Non-amortizable intangible assets: Trade names 13,027 — 13,027 13,027 — 13,027 Totals $ 174,207 $ (106,929 ) $ 67,278 $ 168,154 $ (100,912 ) $ 67,242 |
| Amortization Expense of Intangible Assets | Amortization expense is as follows (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Amortization expense – cost of revenue $ 1,174 $ 1,614 $ 2,293 $ 2,915 Amortization expense – operating expenses 1,852 2,876 3,741 4,620 Total amortization expense $ 3,026 $ 4,490 $ 6,034 $ 7,535 |
| Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding years and thereafter as of July 3, 2015 was as follows (in thousands): Year Ending December 31, Cost of Revenue Operating Expenses Total 2015 (remainder of year) $ 2,349 $ 3,704 $ 6,053 2016 3,550 7,259 10,809 2017 3,229 6,637 9,866 2018 1,754 6,003 7,757 2019 1,487 4,008 5,495 Thereafter 4,265 10,006 14,271 Total $ 16,634 $ 37,617 $ 54,251 |
Supplementary Balance Sheet I29
| Supplementary Balance Sheet Information (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Inventories | Inventories July 3, 2015 December 31, 2014 Raw materials $ 38,418 $ 38,934 Work-in-process 10,621 9,899 Finished goods 9,727 11,945 Demo and consigned inventory 1,644 2,165 Total inventories $ 60,410 $ 62,943 |
| Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities July 3, 2015 December 31, 2014 Accrued compensation and benefits $ 8,809 $ 7,741 Accrued warranty 3,539 3,044 Accrued professional services 1,580 1,827 Other 8,109 6,789 Total $ 22,037 $ 19,401 |
| Accrued Warranty | Accrued Warranty Six Months Ended July 3, 2015 June 27, 2014 Balance at beginning of the period $ 3,044 $ 3,315 Provision charged to cost of revenue 1,524 976 Acquisition related warranty accrual 94 90 Use of provision (730 ) (973 ) Divestiture of JK Lasers (392 ) — Foreign currency exchange rate changes (1 ) 8 Balance at end of period $ 3,539 $ 3,416 |
| Summary of Other Long Term Liabilities | Other Long Term Liabilities July 3, 2015 December 31, 2014 Capital lease obligations $ 9,269 $ 9,507 Accrued pension liabilities 5,305 6,037 Other 3,683 3,275 Total $ 18,257 $ 18,819 |
Debt (Tables)
| Debt (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt consisted of the following (in thousands): July 3, 2015 December 31, 2014 Senior Credit Facilities – term loan $ 31,250 $ 35,000 Senior Credit Facilities – revolving credit facility 85,000 80,000 Total Senior Credit Facilities $ 116,250 $ 115,000 |
Share-Based Compensation (Table
| Share-Based Compensation (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Share Based Compensation Expense Recorded In Income from Continuing Operations in Statements of Operations | The table below summarizes share-based compensation expense recorded in income from continuing operations in the consolidated statements of operations (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Selling, general and administrative $ 832 $ 914 $ 2,316 $ 2,270 Research and development and engineering 31 45 80 95 Cost of revenue 73 36 137 69 Restructuring, acquisition and divestiture related costs (277 ) 258 (321 ) 304 Total share-based compensation expense $ 659 $ 1,253 $ 2,212 $ 2,738 |
| 2010 Incentive Award Plan | |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Restricted Stock Issued and Outstanding | The table below summarizes activities relating to restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan during the six months ended July 3, 2015: Restricted Stock Units (In thousands) Weighted Average Grant Date Fair Value Unvested at December 31, 2014 749 $ 10.80 Granted 305 $ 13.34 Vested (299 ) $ 11.08 Forfeited (42 ) $ 11.03 Unvested at July 3, 2015 713 $ 11.76 Expected to vest as of July 3, 2015 693 |
Restructuring, Acquisition an32
| Restructuring, Acquisition and Divestiture Related Costs (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Restructuring And Related Activities [Abstract] | |
| Schedule Of Restructuring And Related Cost | The following table summarizes restructuring, acquisition and divestiture related costs in the accompanying consolidated statements of operations (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 2011 restructuring $ 270 $ (122 ) $ 653 $ (94 ) 2013 restructuring — (66 ) — (66 ) 2015 restructuring 114 — 1,484 — Total restructuring charges 384 (188 ) 2,137 (160 ) Acquisition charges 57 45 264 748 Acquisition related incentive compensation (532 ) 503 (612 ) 590 Divestiture related charges 507 — 1,064 — Total acquisition and divestiture related charges 32 548 716 1,338 Total restructuring, acquisition and divestiture related costs $ 416 $ 360 $ 2,853 $ 1,178 |
| Summary of Accrual Activities by Components Related to Company's Restructuring Plans | The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands): Total Severance Facility Depreciation Other Balance at December 31, 2014 $ 231 $ 102 $ 105 $ — $ 24 Restructuring charges 2,137 1,343 99 582 113 Cash payments (1,090 ) (881 ) (176 ) — (33 ) Non-cash write-offs and other adjustments (577 ) 5 — (582 ) — Balance at July 3, 2015 $ 701 $ 569 $ 28 $ — $ 104 |
Segment Information (Tables)
| Segment Information (Tables) | 6 Months Ended |
| Jul. 03, 2015 | |
| Segment Reporting [Abstract] | |
| Revenue, Gross Profit, Gross Profit Margin, Operating Income (Loss) from Continuing Operations, and Depreciation and Amortization by Reportable Segments | Revenue, gross profit, gross profit margin, operating income (loss) from continuing operations, and depreciation and amortization by reportable segments are as follows (in thousands): Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Revenue Laser Products $ 42,190 $ 43,828 $ 87,145 $ 85,688 Vision Technologies 31,216 34,791 62,327 57,158 Precision Motion 23,088 18,286 41,636 33,192 Total $ 96,494 $ 96,905 $ 191,108 $ 176,038 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Gross Profit Laser Products $ 18,950 $ 17,155 $ 38,325 $ 34,168 Vision Technologies 12,158 13,838 24,671 22,727 Precision Motion 10,611 7,949 19,076 14,365 Unallocated Corporate and Shared Services (374 ) (291 ) (721 ) (504 ) Total $ 41,345 $ 38,651 $ 81,351 $ 70,756 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Gross Profit Margin Laser Products 44.9 % 39.1 % 44.0 % 39.9 % Vision Technologies 38.9 % 39.8 % 39.6 % 39.8 % Precision Motion 46.0 % 43.5 % 45.8 % 43.3 % Total 42.8 % 39.9 % 42.6 % 40.2 % Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Operating Income (Loss) from Continuing Operations Laser Products $ 10,046 $ 6,847 $ 18,441 $ 13,971 Vision Technologies (14 ) 38 (668 ) (79 ) Precision Motion 5,803 4,086 9,940 6,729 Unallocated Corporate and Shared Services (5,520 ) (4,491 ) (12,001 ) (10,073 ) Total $ 10,315 $ 6,480 $ 15,712 $ 10,548 Three Months Ended Six Months Ended July 3, 2015 June 27, 2014 July 3, 2015 June 27, 2014 Depreciation and Amortization Laser Products $ 1,397 $ 1,554 $ 2,979 $ 3,220 Vision Technologies 2,082 3,716 4,340 5,807 Precision Motion 689 505 1,162 1,007 Unallocated Corporate and Shared Services 455 547 904 1,117 Total $ 4,623 $ 6,322 $ 9,385 $ 11,151 |
Basis of Presentation - Additio
| Basis of Presentation - Additional information (Details) | 1 Months Ended | 6 Months Ended |
| Jun. 30, 2015 | Jul. 03, 2015 | |
| Basis Of Presentation [Line Items] | ||
| Equity method investment ownership percentage on Laser Quantum | 41.00% | |
| Ownership in joint venture, Excel Laser Technology Private Limited | ||
| Basis Of Presentation [Line Items] | ||
| Minority interest ownership percentage | 50.00% | |
| Percentage of Company's interests sold | 100.00% |
Business Combinations - Additio
| Business Combinations - Additional Information (Details) - USD ($) | Feb. 19, 2015 | Jul. 03, 2015 | Jul. 03, 2015 | Jun. 27, 2014 | Dec. 31, 2014 |
| Business Acquisition [Line Items] | |||||
| Cash paid upon closing of the acquisition | $ 13,048,000 | $ 93,656,000 | |||
| Goodwill | $ 98,358,000 | 98,358,000 | $ 90,746,000 | ||
| Applimotion Inc. | |||||
| Business Acquisition [Line Items] | |||||
| Membership interests acquired | 100.00% | ||||
| Total purchase price | $ 14,013,000 | ||||
| Cash paid upon closing of the acquisition | 13,000,000 | ||||
| Future contingent consideration | 965,000 | ||||
| Undiscounted range of outcomes, minimum | 0 | ||||
| Undiscounted range of outcomes, maximum | 4,000,000 | ||||
| Recognized acquisition costs | $ 100,000 | $ 200,000 | |||
| Goodwill | 7,612,000 | ||||
| Intangible assets | 6,071,000 | ||||
| Goodwill and intangible assets expected to be deductible for tax purposes | $ 0 |
Summary of Fair Values of Asset
| Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation (Details) - USD ($) $ in Thousands | Feb. 19, 2015 | Jul. 03, 2015 | Dec. 31, 2014 |
| Business Acquisition [Line Items] | |||
| Goodwill | $ 98,358 | $ 90,746 | |
| Applimotion Inc. | |||
| Business Acquisition [Line Items] | |||
| Cash | $ 317 | ||
| Accounts receivable | 1,821 | ||
| Inventory | 2,041 | ||
| Prepaid expenses and other current assets | 89 | ||
| Property and equipment | 308 | ||
| Intangible assets | 6,071 | ||
| Goodwill | 7,612 | ||
| Total assets acquired | 18,259 | ||
| Accounts payable | 964 | ||
| Other liabilities | 717 | ||
| Deferred tax liabilities | 2,248 | ||
| Total liabilities assumed | 3,929 | ||
| Total assets acquired and liabilities assumed | 14,330 | ||
| Less: cash acquired | 317 | ||
| Total purchase price, net of cash acquired | 14,013 | ||
| Less: contingent consideration | 965 | ||
| Net cash used for acquisition of business | $ 13,048 |
Fair Value of Intangible Assets
| Fair Value of Intangible Assets (Details) - Feb. 19, 2015 - Applimotion Inc. - USD ($) $ in Thousands | Total |
| Acquired Finite Lived Intangible Assets [Line Items] | |
| Intangible assets | $ 6,071 |
| Developed Technology | |
| Acquired Finite Lived Intangible Assets [Line Items] | |
| Intangible assets | $ 2,684 |
| Amortization Period of intangible assets | 10 years |
| Customer Relationships | |
| Acquired Finite Lived Intangible Assets [Line Items] | |
| Intangible assets | $ 2,066 |
| Amortization Period of intangible assets | 10 years |
| Non-compete Covenant | |
| Acquired Finite Lived Intangible Assets [Line Items] | |
| Intangible assets | $ 684 |
| Amortization Period of intangible assets | 4 years |
| Backlog | |
| Acquired Finite Lived Intangible Assets [Line Items] | |
| Intangible assets | $ 637 |
| Amortization Period of intangible assets | 1 year |
Discontinued Operations and D38
| Discontinued Operations and Divestitures - Additional Information (Details) - USD ($) | Jul. 03, 2015 | Apr. 15, 2015 | Jul. 31, 2014 | Jul. 03, 2015 | Jul. 03, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
| Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
| Proceeds from sale of business, net of transaction costs | $ 30,623,000 | ||||||
| Assets of discontinued operations | $ 0 | $ 0 | 0 | $ 631,000 | |||
| Liabilities of discontinued operations | 0 | 0 | $ 0 | $ 324,000 | |||
| Ownership in joint venture, Excel Laser Technology Private Limited | |||||||
| Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
| Minority interest ownership percentage | 50.00% | ||||||
| Ownership in joint venture, Excel Laser Technology Private Limited | Maximum | |||||||
| Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
| Pre-tax gain (loss) on sale of business | (100,000) | ||||||
| JK Lasers Business | |||||||
| Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
| Proceeds from sale of business, net of transaction costs | $ 30,623,000 | ||||||
| Estimated cash payment | $ 1,000,000 | ||||||
| Pre-tax gain (loss) on sale of business | $ 19,600,000 | ||||||
| Scientific Lasers Business | |||||||
| Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
| Proceeds from sale of business, net of transaction costs | $ 6,500,000 | ||||||
| Sale proceeds held in escrow | $ 1,500,000 | ||||||
| Sale proceeds held in escrow, Period | 2016-01 |
Components of Assets and Liabil
| Components of Assets and Liabilities (Details) - USD ($) | Jul. 03, 2015 | Dec. 31, 2014 |
| Discontinued Operations And Disposal Groups [Abstract] | ||
| Accounts receivable, net | $ 95,000 | |
| Inventories | 161,000 | |
| Prepaid and other current assets | 8,000 | |
| Other assets | 367,000 | |
| Assets of discontinued operations | $ 0 | 631,000 |
| Accounts payable | 16,000 | |
| Accrued expenses and other current liabilities | 74,000 | |
| Other liabilities | 234,000 | |
| Liabilities of discontinued operations | $ 0 | $ 324,000 |
Operating Results Historically
| Operating Results Historically Included Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Discontinued Operations And Disposal Groups [Abstract] | ||||
| Revenue from discontinued operations | $ 6,271 | $ 10,287 | ||
| Operating loss from discontinued operations, before income tax | $ (13) | (2,136) | $ (13) | (4,987) |
| Operating loss from discontinued operations, net of tax | $ (13) | $ (2,678) | $ (13) | $ (4,544) |
Accumulated Other Comprehensi41
| Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 6 Months Ended | |
| Jul. 03, 2015USD ($) | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Beginning Balance | $ (16,456) | |
| Other comprehensive income (loss) | (897) | |
| Amounts reclassified from other comprehensive income (loss) | [1] | 769 |
| Ending Balance | (16,584) | |
| Foreign currency translation adjustments | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Beginning Balance | (5,615) | |
| Other comprehensive income (loss) | (882) | |
| Amounts reclassified from other comprehensive income (loss) | [1] | 334 |
| Ending Balance | (6,163) | |
| Pension liability | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Beginning Balance | (10,841) | |
| Other comprehensive income (loss) | (15) | |
| Amounts reclassified from other comprehensive income (loss) | [1] | 435 |
| Ending Balance | $ (10,421) | |
| [1] | The amounts reclassified from other comprehensive income (loss) were included in selling, general and administrative expenses and loss from discontinued operations, net of tax in the consolidated statements of operations. | |
Computation of Basic and Dilute
| Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Numerators: | ||||
| Income from continuing operations | $ 19,511 | $ 3,406 | $ 22,957 | $ 6,262 |
| Operating loss from discontinued operations, net of tax | (13) | (2,678) | (13) | (4,544) |
| Less: Income attributable to noncontrolling interest | (3) | (10) | ||
| Loss from discontinued operations attributable to GSI Group Inc. | (13) | (2,681) | (13) | (4,554) |
| Net income attributable to GSI Group Inc. | $ 19,498 | $ 725 | $ 22,944 | $ 1,708 |
| Denominators: | ||||
| Weighted average common shares outstanding—basic | 34,630 | 34,378 | 34,567 | 34,304 |
| Dilutive potential common shares | 399 | 329 | 447 | 386 |
| Weighted average common shares outstanding— diluted | 35,029 | 34,707 | 35,014 | 34,690 |
| Antidilutive common shares excluded from above | 44 | |||
| Basic Earnings (Loss) per Common Share: | ||||
| From continuing operations | $ 0.56 | $ 0.10 | $ 0.66 | $ 0.18 |
| From discontinued operations | 0 | (0.08) | 0 | (0.13) |
| Basic earnings per share attributable to GSI Group Inc. | 0.56 | 0.02 | 0.66 | 0.05 |
| Diluted Earnings (Loss) per Common Share: | ||||
| From continuing operations | 0.56 | 0.10 | 0.66 | 0.18 |
| From discontinued operations | 0 | (0.08) | 0 | (0.13) |
| Diluted earnings per share attributable to GSI Group Inc. | $ 0.56 | $ 0.02 | $ 0.66 | $ 0.05 |
Earnings Per Share - Additional
| Earnings Per Share - Additional Information (Details) - USD ($) shares in Thousands | 6 Months Ended | 13 Months Ended | |
| Jul. 03, 2015 | Dec. 31, 2014 | Oct. 31, 2013 | |
| Computation Of Earnings Per Share Line Items | |||
| Repurchase of common stock | $ 500,000 | ||
| Capital Stock | |||
| Computation Of Earnings Per Share Line Items | |||
| Shares repurchased | 0 | 50 | |
| Maximum | |||
| Computation Of Earnings Per Share Line Items | |||
| Outstanding common stock repurchase program authorized amount | $ 10,000,000 |
Fair Values of Financial Assets
| Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Assets | ||
| Cash equivalents | $ 2,581 | $ 2,255 |
| Total Assets | 2,581 | |
| Liabilities | ||
| Contingent consideration | 965 | |
| Total Liabilities | 965 | |
| Fair Value, Inputs, Level 1 | ||
| Assets | ||
| Cash equivalents | 2,581 | $ 2,255 |
| Total Assets | 2,581 | |
| Fair Value, Inputs, Level 3 | ||
| Liabilities | ||
| Contingent consideration | 965 | |
| Total Liabilities | $ 965 |
Fair Value Measurements - Addit
| Fair Value Measurements - Additional Information (Details) - Jul. 03, 2015 | USD ($) | Installment |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Business combination, date of agreement | Feb. 19, 2015 | |
| Number of contingent consideration installments | 2 | |
| Applimotion Inc. | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Change in fair value of contingent consideration since the acquisition date | $ | $ 0 | |
| Minimum | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Date for achieving revenue target | Dec. 31, 2015 | |
| Contingent consideration payment year | 2,017 | |
| Maximum | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Date for achieving revenue target | Dec. 31, 2017 | |
| Contingent consideration payment year | 2,018 |
Goodwill and Intangible Asset46
| Goodwill and Intangible Assets - Additional Information (Details) | 3 Months Ended |
| Jul. 03, 2015USD ($) | |
| Goodwill And Intangible Assets Disclosure [Abstract] | |
| Impairment Charge, Goodwill | $ 0 |
Summary of Changes in Goodwill
| Summary of Changes in Goodwill (Details) $ in Thousands | 6 Months Ended |
| Jul. 03, 2015USD ($) | |
| Goodwill And Intangible Assets Disclosure [Abstract] | |
| Balance at beginning of the period | $ 90,746 |
| Goodwill acquired from the Applimotion acquisition | 7,612 |
| Balance at end of the period | $ 98,358 |
Goodwill By Reportable Segment
| Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Goodwill [Line Items] | ||
| Goodwill | $ 249,587 | $ 241,975 |
| Accumulated impairment of goodwill | (151,229) | (151,229) |
| Total | 98,358 | 90,746 |
| Laser Products | ||
| Goodwill [Line Items] | ||
| Goodwill | 132,954 | 132,954 |
| Accumulated impairment of goodwill | (102,461) | (102,461) |
| Total | 30,493 | 30,493 |
| Vision Technologies | ||
| Goodwill [Line Items] | ||
| Goodwill | 82,730 | 82,730 |
| Accumulated impairment of goodwill | (31,722) | (31,722) |
| Total | 51,008 | 51,008 |
| Precision Motion | ||
| Goodwill [Line Items] | ||
| Goodwill | 33,903 | 26,291 |
| Accumulated impairment of goodwill | (17,046) | (17,046) |
| Total | $ 16,857 | $ 9,245 |
Intangible Assets (Details)
| Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | $ 161,180 | $ 155,127 |
| Amortizable intangible assets, accumulated amortization | (106,929) | (100,912) |
| Amortizable intangible assets, net carrying amount | 54,251 | 54,215 |
| Non-amortizable intangible assets | 13,027 | 13,027 |
| Gross carrying amount | 174,207 | 168,154 |
| Net carrying amount | 67,278 | 67,242 |
| Patents and Acquired Technologies | ||
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | 80,908 | 78,253 |
| Amortizable intangible assets, accumulated amortization | (64,274) | (62,010) |
| Amortizable intangible assets, net carrying amount | 16,634 | 16,243 |
| Customer Relationships | ||
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | 65,102 | 63,029 |
| Amortizable intangible assets, accumulated amortization | (34,275) | (31,531) |
| Amortizable intangible assets, net carrying amount | 30,827 | 31,498 |
| Customer Backlog | ||
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | 2,447 | 1,810 |
| Amortizable intangible assets, accumulated amortization | (2,083) | (1,641) |
| Amortizable intangible assets, net carrying amount | 364 | 169 |
| Non-compete Covenant | ||
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | 2,514 | 1,830 |
| Amortizable intangible assets, accumulated amortization | (613) | (366) |
| Amortizable intangible assets, net carrying amount | 1,901 | 1,464 |
| Trademarks and Trade Names | ||
| Schedule of Intangible Assets Disclosure [Line Items] | ||
| Amortizable intangible assets, gross carrying amount | 10,209 | 10,205 |
| Amortizable intangible assets, accumulated amortization | (5,684) | (5,364) |
| Amortizable intangible assets, net carrying amount | $ 4,525 | $ 4,841 |
Amortization Expense of Intangi
| Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Goodwill And Intangible Assets Disclosure [Abstract] | ||||
| Amortization expense – cost of revenue | $ 1,174 | $ 1,614 | $ 2,293 | $ 2,915 |
| Amortization expense – operating expenses | 1,852 | 2,876 | 3,741 | 4,620 |
| Total amortization expense | $ 3,026 | $ 4,490 | $ 6,034 | $ 7,535 |
Estimated Amortization Expense
| Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Finite-Lived Intangible Assets [Line Items] | ||
| 2015 (remainder of year) | $ 6,053 | |
| 2,016 | 10,809 | |
| 2,017 | 9,866 | |
| 2,018 | 7,757 | |
| 2,019 | 5,495 | |
| Thereafter | 14,271 | |
| Amortizable intangible assets, net carrying amount | 54,251 | $ 54,215 |
| Cost of Revenue | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| 2015 (remainder of year) | 2,349 | |
| 2,016 | 3,550 | |
| 2,017 | 3,229 | |
| 2,018 | 1,754 | |
| 2,019 | 1,487 | |
| Thereafter | 4,265 | |
| Amortizable intangible assets, net carrying amount | 16,634 | |
| Operating Expenses | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| 2015 (remainder of year) | 3,704 | |
| 2,016 | 7,259 | |
| 2,017 | 6,637 | |
| 2,018 | 6,003 | |
| 2,019 | 4,008 | |
| Thereafter | 10,006 | |
| Amortizable intangible assets, net carrying amount | $ 37,617 |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 38,418 | $ 38,934 |
| Work-in-process | 10,621 | 9,899 |
| Finished goods | 9,727 | 11,945 |
| Demo and consigned inventory | 1,644 | 2,165 |
| Total inventories | $ 60,410 | $ 62,943 |
Accrued Expenses and Other Curr
| Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 | Jun. 27, 2014 | Dec. 31, 2013 |
| Other Liabilities Disclosure [Abstract] | ||||
| Accrued compensation and benefits | $ 8,809 | $ 7,741 | ||
| Accrued warranty | 3,539 | 3,044 | $ 3,416 | $ 3,315 |
| Accrued professional services | 1,580 | 1,827 | ||
| Other | 8,109 | 6,789 | ||
| Total | $ 22,037 | $ 19,401 |
Accrued Warranty (Details)
| Accrued Warranty (Details) - USD ($) $ in Thousands | 6 Months Ended | |
| Jul. 03, 2015 | Jun. 27, 2014 | |
| Product Warranties Disclosures [Abstract] | ||
| Balance at beginning of the period | $ 3,044 | $ 3,315 |
| Provision charged to cost of revenue | 1,524 | 976 |
| Acquisition related warranty accrual | 94 | 90 |
| Use of provision | (730) | (973) |
| Divestiture of JK Lasers | (392) | |
| Foreign currency exchange rate changes | (1) | 8 |
| Balance at end of period | $ 3,539 | $ 3,416 |
Summary of Other Long Term Liab
| Summary of Other Long Term Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Other Liabilities Noncurrent [Abstract] | ||
| Capital lease obligations | $ 9,269 | $ 9,507 |
| Accrued pension liabilities | 5,305 | 6,037 |
| Other | 3,683 | 3,275 |
| Total | $ 18,257 | $ 18,819 |
Debt (Details)
| Debt (Details) - USD ($) $ in Thousands | Jul. 03, 2015 | Dec. 31, 2014 |
| Debt Instrument [Line Items] | ||
| Senior Credit Facilities | $ 116,250 | $ 115,000 |
| Senior Credit Facilities | 108,750 | 107,500 |
| Term Loans | ||
| Debt Instrument [Line Items] | ||
| Senior Credit Facilities | 31,250 | 35,000 |
| Revolving Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Senior Credit Facilities | $ 85,000 | $ 80,000 |
Debt - Additional Information (
| Debt - Additional Information (Details) - USD ($) | 6 Months Ended | |
| Jul. 03, 2015 | Dec. 31, 2014 | |
| Debt Instrument [Line Items] | ||
| Current portion of long-term debt | $ 7,500,000 | $ 7,500,000 |
| Revolving credit facility maturity year | 2017-12 | |
| Term Loans | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | $ 50,000,000 | |
| Debt instrument maturity period | 5 years | |
| Quarterly installments payable on term loan | $ 1,900,000 | |
| Current portion of long-term debt | 7,500,000 | |
| Revolving Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | $ 175,000,000 | |
| Debt instrument maturity period | 5 years |
Restricted Stock Units Issued a
| Restricted Stock Units Issued and Outstanding (Details) - Jul. 03, 2015 - 2010 Incentive Award Plan - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | Total |
| Restricted Stock Units | |
| Unvested, Beginning Balance | 749 |
| Granted | 305 |
| Vested | (299) |
| Forfeited | (42) |
| Unvested, Ending Balance | 713 |
| Expected to vest at end of period | 693 |
| Weighted Average Grant Date Fair Value | |
| Unvested, Beginning Balance | $ 10.80 |
| Granted | 13.34 |
| Vested | 11.08 |
| Forfeited | 11.03 |
| Unvested, Ending Balance | $ 11.76 |
Share-Based Compensation - Addi
| Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
| Mar. 31, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Share-based compensation expense recognized | $ 659 | $ 1,253 | $ 2,212 | $ 2,738 | |
| Restricted Stock Units (RSUs) | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Restricted stock units issued | 180,000 | ||||
| Vesting period | 2 years | ||||
| Deferred Stock Units | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Share-based compensation expense recognized | $ 500 | $ 500 | 500 | $ 500 | |
| 2010 Incentive Award Plan | Restricted Stock Units (RSUs) | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Total fair value of restricted stock vested | $ 3,800 | ||||
Share Based Compensation Expens
| Share Based Compensation Expense Recorded In Income from Continuing Operations in Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
| Share-based compensation expense | $ 659 | $ 1,253 | $ 2,212 | $ 2,738 |
| Selling, general and administrative | ||||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
| Share-based compensation expense | 832 | 914 | 2,316 | 2,270 |
| Research and development and engineering | ||||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
| Share-based compensation expense | 31 | 45 | 80 | 95 |
| Cost of Revenue | ||||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
| Share-based compensation expense | 73 | 36 | 137 | 69 |
| Restructuring, acquisition and divestiture related costs | ||||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
| Share-based compensation expense | $ (277) | $ 258 | $ (321) | $ 304 |
Income Taxes - Additional Infor
| Income Taxes - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Income Taxes [Line Items] | ||||
| Effective tax rate on income from operations | 24.40% | 37.70% | 26.10% | 32.30% |
| CANADA | ||||
| Income Taxes [Line Items] | ||||
| Statutory tax rate | 27.00% | 27.00% | 27.00% | 27.00% |
Schedule of Restructuring, Acqu
| Schedule of Restructuring, Acquisition and Divestiture Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring charges | $ 384 | $ (188) | $ 2,137 | $ (160) |
| Acquisition and divestiture related charges | 32 | 548 | 716 | 1,338 |
| Restructuring, acquisition and divestiture related costs | 416 | 360 | 2,853 | 1,178 |
| Acquisition and Divestiture Related Costs | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Acquisition charges | 57 | 45 | 264 | 748 |
| Acquisition related incentive compensation | (532) | 503 | (612) | 590 |
| Divestiture related charges | 507 | 1,064 | ||
| 2011 Restructuring | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring charges | 270 | (122) | 653 | (94) |
| 2013 Restructuring | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring charges | $ (66) | $ (66) | ||
| 2015 Restructuring | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring charges | $ 114 | $ 1,484 | ||
Restructuring, Acquisition an63
| Restructuring, Acquisition and Divestiture Related Costs - Additional Information (Details) - Jul. 03, 2015 - USD ($) $ in Millions | Total | Total |
| 2011 Restructuring | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring plan | In November 2011, the Company announced a strategic initiative (“2011 restructuring”), which aimed to consolidate operations to reduce the Company’s cost structure and improve operational efficiency. As part of this initiative, the Company eliminated facilities through the consolidation of certain manufacturing, sales and distribution facilities and the exit of Semiconductor and Laser Systems businesses. The Company substantially completed the 2011 restructuring program by the end of 2013. Restructuring costs for the three and six months ended July 3, 2015 included facility costs related to the Company’s vacant Orlando, Florida facility, which the Company owns and was previously occupied by the Laser Systems business. These costs were recorded in the Unallocated Corporate and Shared Services Costs segment. | |
| 2015 Restructuring | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring plan | During the first quarter of 2015, the Company initiated a program to eliminate redundant costs, as a result of acquisition and divestiture activities, to better align our operations to our strategic growth plans, to further integrate our business lines, and as a consequence of our productivity initiatives. During the three and six months ended July 3, 2015, the Company incurred restructuring costs of $0.1 million and $1.5 million, respectively, related to the 2015 restructuring plan. Restructuring costs incurred during the six months ended July 3, 2015 of $0.6 million, $0.5 million, $0.1 million and $0.3 million related to the Laser Products, Vision Technologies, Precision Motion and Unallocated Corporate and Shared Services Costs reportable segments, respectively. | |
| Restructuring Costs | $ 0.1 | $ 1.5 |
| 2015 Restructuring | Vision Technologies | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 0.5 | |
| 2015 Restructuring | Precision Motion | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 0.1 | |
| 2015 Restructuring | Unallocated Corporate and Shared Services | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 0.3 | |
| 2015 Restructuring | Laser Products | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | $ 0.6 |
Summary of Accrual Activities b
| Summary of Accrual Activities by Components Related to Company's Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Restructuring Cost And Reserve [Line Items] | ||||
| Accrued expense beginning balance | $ 231 | |||
| Restructuring charges | $ 384 | $ (188) | 2,137 | $ (160) |
| Cash payments | (1,090) | |||
| Non-cash write-offs and other adjustments | (577) | |||
| Accrued expense ending balance | 701 | 701 | ||
| Severance | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Accrued expense beginning balance | 102 | |||
| Restructuring charges | 1,343 | |||
| Cash payments | (881) | |||
| Non-cash write-offs and other adjustments | 5 | |||
| Accrued expense ending balance | 569 | 569 | ||
| Facility | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Accrued expense beginning balance | 105 | |||
| Restructuring charges | 99 | |||
| Cash payments | (176) | |||
| Accrued expense ending balance | 28 | 28 | ||
| Depreciation | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Restructuring charges | 582 | |||
| Non-cash write-offs and other adjustments | (582) | |||
| Other Restructuring Charges | ||||
| Restructuring Cost And Reserve [Line Items] | ||||
| Accrued expense beginning balance | 24 | |||
| Restructuring charges | 113 | |||
| Cash payments | (33) | |||
| Accrued expense ending balance | $ 104 | $ 104 | ||
Segment Information - Additiona
| Segment Information - Additional Information (Details) | 6 Months Ended |
| Jul. 03, 2015Segment | |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Revenue, Gross Profit and Gross
| Revenue, Gross Profit and Gross Profit Margin by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Segment Reporting Information [Line Items] | ||||
| Revenue | $ 96,494 | $ 96,905 | $ 191,108 | $ 176,038 |
| Gross Profit | $ 41,345 | $ 38,651 | $ 81,351 | $ 70,756 |
| Gross profit margin percentage | 42.80% | 39.90% | 42.60% | 40.20% |
| Laser Products | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenue | $ 42,190 | $ 43,828 | $ 87,145 | $ 85,688 |
| Gross Profit | $ 18,950 | $ 17,155 | $ 38,325 | $ 34,168 |
| Gross profit margin percentage | 44.90% | 39.10% | 44.00% | 39.90% |
| Vision Technologies | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenue | $ 31,216 | $ 34,791 | $ 62,327 | $ 57,158 |
| Gross Profit | $ 12,158 | $ 13,838 | $ 24,671 | $ 22,727 |
| Gross profit margin percentage | 38.90% | 39.80% | 39.60% | 39.80% |
| Precision Motion | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenue | $ 23,088 | $ 18,286 | $ 41,636 | $ 33,192 |
| Gross Profit | $ 10,611 | $ 7,949 | $ 19,076 | $ 14,365 |
| Gross profit margin percentage | 46.00% | 43.50% | 45.80% | 43.30% |
| Unallocated Corporate and Shared Services | ||||
| Segment Reporting Information [Line Items] | ||||
| Gross Profit | $ (374) | $ (291) | $ (721) | $ (504) |
Operating Income (Loss) from Co
| Operating Income (Loss) from Continuing Operations by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Operating Income (Loss) from Continuing Operations | ||||
| Operating Income (Loss) from Continuing Operations | $ 10,315 | $ 6,480 | $ 15,712 | $ 10,548 |
| Laser Products | ||||
| Operating Income (Loss) from Continuing Operations | ||||
| Operating Income (Loss) from Continuing Operations | 10,046 | 6,847 | 18,441 | 13,971 |
| Vision Technologies | ||||
| Operating Income (Loss) from Continuing Operations | ||||
| Operating Income (Loss) from Continuing Operations | (14) | 38 | (668) | (79) |
| Precision Motion | ||||
| Operating Income (Loss) from Continuing Operations | ||||
| Operating Income (Loss) from Continuing Operations | 5,803 | 4,086 | 9,940 | 6,729 |
| Unallocated Corporate and Shared Services | ||||
| Operating Income (Loss) from Continuing Operations | ||||
| Operating Income (Loss) from Continuing Operations | $ (5,520) | $ (4,491) | $ (12,001) | $ (10,073) |
Depreciation and Amortization b
| Depreciation and Amortization by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jul. 03, 2015 | Jun. 27, 2014 | Jul. 03, 2015 | Jun. 27, 2014 | |
| Depreciation and Amortization | ||||
| Depreciation and amortization | $ 4,623 | $ 6,322 | $ 9,385 | $ 11,151 |
| Laser Products | ||||
| Depreciation and Amortization | ||||
| Depreciation and amortization | 1,397 | 1,554 | 2,979 | 3,220 |
| Vision Technologies | ||||
| Depreciation and Amortization | ||||
| Depreciation and amortization | 2,082 | 3,716 | 4,340 | 5,807 |
| Precision Motion | ||||
| Depreciation and Amortization | ||||
| Depreciation and amortization | 689 | 505 | 1,162 | 1,007 |
| Unallocated Corporate and Shared Services | ||||
| Depreciation and Amortization | ||||
| Depreciation and amortization | $ 455 | $ 547 | $ 904 | $ 1,117 |