Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'IPG PHOTONICS CORP | ' |
Entity Central Index Key | '0001111928 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 52,050,512 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $480,609 | $448,776 |
Accounts receivable, net | 107,598 | 103,803 |
Inventories | 170,556 | 172,700 |
Prepaid income taxes | 17,977 | 15,996 |
Prepaid expenses and other current assets | 33,118 | 30,836 |
Deferred income taxes, net | 15,275 | 14,232 |
Total current assets | 825,133 | 786,343 |
DEFERRED INCOME TAXES, NET | 6,014 | 4,799 |
GOODWILL | 455 | 455 |
INTANGIBLE ASSETS, NET | 9,018 | 9,564 |
PROPERTY, PLANT AND EQUIPMENT, NET | 249,361 | 252,245 |
OTHER ASSETS | 7,032 | 7,810 |
TOTAL | 1,097,013 | 1,061,216 |
CURRENT LIABILITIES: | ' | ' |
Revolving line-of-credit facilities | 2,300 | 3,296 |
Current portion of long-term debt | 1,333 | 1,333 |
Accounts payable | 18,620 | 18,787 |
Accrued expenses and other liabilities | 63,867 | 59,336 |
Deferred income taxes, net | 3,104 | 2,109 |
Income taxes payable | 14,054 | 15,218 |
Total current liabilities | 103,278 | 100,079 |
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES | 21,419 | 21,835 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 11,000 | 11,333 |
Total liabilities | 135,697 | 133,247 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ' | ' |
IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY: | ' | ' |
Common stock, $0.0001 par value, 175,000,000 shares authorized; 52,020,421 shares issued and outstanding at March 31, 2014; 51,930,978 shares issued and outstanding at December 31, 2013 | 5 | 5 |
Additional paid-in capital | 544,351 | 538,908 |
Retained earnings | 431,288 | 390,757 |
Accumulated other comprehensive loss | -14,328 | -1,701 |
Total IPG Photonics Corporation stockholders’ equity | 961,316 | 927,969 |
TOTAL | $1,097,013 | $1,061,216 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 52,020,421 | 51,930,978 |
Common stock, shares outstanding | 52,020,421 | 51,930,978 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
NET SALES | $170,575 | $141,852 |
COST OF SALES | 81,291 | 66,211 |
GROSS PROFIT | 89,284 | 75,641 |
OPERATING EXPENSES: | ' | ' |
Sales and marketing | 7,165 | 5,868 |
Research and development | 12,784 | 8,798 |
General and administrative | 12,916 | 11,810 |
Gain on foreign exchange | -1,370 | -481 |
Total operating expenses | 31,495 | 25,995 |
OPERATING INCOME | 57,789 | 49,646 |
OTHER INCOME (EXPENSE), Net: | ' | ' |
Interest expense, net | -139 | -53 |
Other income, net | 334 | 70 |
Total other income (expense) | 195 | 17 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 57,984 | 49,663 |
PROVISION FOR INCOME TAXES | -17,453 | -14,536 |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION | $40,531 | $35,127 |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE: | ' | ' |
Basic (in dollars per share) | $0.78 | $0.68 |
Diluted (in dollars per share) | $0.77 | $0.67 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ' | ' |
Basic (shares) | 51,970 | 51,407 |
Diluted (shares) | 52,724 | 52,350 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $40,531 | $35,127 |
Other comprehensive income, net of tax: | ' | ' |
Translation adjustments | -12,666 | -9,628 |
Unrealized gain on derivatives | 39 | 83 |
Total other comprehensive loss | -12,627 | -9,545 |
Comprehensive income attributable to IPG Photonics Corporation | $27,904 | $25,582 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $40,531 | $35,127 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 8,102 | 7,217 |
Deferred income taxes | -2,610 | 4,324 |
Stock-based compensation | 3,267 | 2,532 |
Unrealized gains on foreign currency transactions | -1,355 | -481 |
Other | 422 | -16 |
Provisions for inventory, warranty & bad debt | 5,284 | 3,705 |
Changes in assets and liabilities that provided (used) cash: | ' | ' |
Accounts receivable | -4,373 | -8,250 |
Inventories | -3,856 | -6,984 |
Prepaid expenses and other current assets | -4,731 | -2,212 |
Accounts payable | 516 | -1,936 |
Accrued expenses and other liabilities | 3,934 | -2,658 |
Income and other taxes payable | -175 | -40,243 |
Tax benefit from exercise of employee stock options | -1,565 | -1,464 |
Net cash provided by (used in) operating activities | 43,391 | -11,339 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -11,456 | -17,746 |
Proceeds from sales of property, plant and equipment | 119 | 89 |
Acquisition of businesses | 0 | -5,555 |
Other | 32 | 375 |
Net cash used in investing activities | -11,305 | -22,837 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from line-of-credit facilities | 10,889 | 8,897 |
Payments on line-of-credit facilities | -11,861 | -1,415 |
Principal payments on long-term borrowings | -333 | -1,640 |
Exercise of employee stock options and issuances under employee stock purchase plan | 611 | 720 |
Tax benefit from exercise of employee stock options | 1,565 | 1,464 |
Net cash provided by financing activities | 871 | 8,026 |
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | -1,124 | -2,188 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 31,833 | -28,338 |
CASH AND CASH EQUIVALENTS — Beginning of period | 448,776 | 384,053 |
CASH AND CASH EQUIVALENTS — End of period | 480,609 | 355,715 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 102 | 88 |
Cash paid for income taxes | 20,893 | 47,813 |
Non-cash transactions: | ' | ' |
Demonstration units transferred from inventory to other assets | 610 | 625 |
Inventory transferred to machinery and equipment | 717 | 0 |
Additions to property, plant and equipment included in accounts payable | $1,541 | $1,115 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TOTAL IPG PHOTONICS CORPORATION STOCKHOLDERS’ EQUITY |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | ' | $5 | $511,039 | $234,977 | ($3,094) | ' |
Balance, shares at Dec. 31, 2012 | ' | 51,359,247 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 2,532 | ' | ' | ' |
Exercise of stock options, shares | ' | 73,647 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit from exercise | ' | 0 | 2,184 | ' | ' | ' |
Net income attributable to IPG Photonics Corporation | 35,127 | ' | ' | 35,127 | ' | ' |
Translation adjustments | -9,628 | ' | ' | ' | -9,628 | ' |
Unrealized gain on derivatives, net of tax | 83 | ' | ' | ' | 83 | ' |
Balance at Mar. 31, 2013 | ' | 5 | 515,755 | 270,104 | -12,639 | 773,225 |
Balance, shares at Mar. 31, 2013 | ' | 51,432,894 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ' | 5 | 538,908 | 390,757 | -1,701 | ' |
Balance, shares at Dec. 31, 2013 | ' | 51,930,978 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 3,267 | ' | ' | ' |
Exercise of stock options, shares | ' | 89,443 | ' | ' | ' | ' |
Exercise of stock options and related tax benefit from exercise | ' | 0 | 2,176 | ' | ' | ' |
Net income attributable to IPG Photonics Corporation | 40,531 | ' | ' | 40,531 | ' | ' |
Translation adjustments | -12,666 | ' | ' | ' | -12,666 | ' |
Unrealized gain on derivatives, net of tax | 39 | ' | ' | ' | 39 | ' |
Balance at Mar. 31, 2014 | ' | $5 | $544,351 | $431,288 | ($14,328) | $961,316 |
Balance, shares at Mar. 31, 2014 | ' | 52,020,421 | ' | ' | ' | ' |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements have been prepared by IPG Photonics Corporation, or “IPG”, “we”, “our”, “its” or “the Company”. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
In the opinion of the Company’s management, the unaudited financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows. The results reported in these consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. | |
The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Components and raw materials | $ | 48,513 | $ | 54,539 | ||||
Work-in-process | 64,385 | 64,927 | ||||||
Finished goods | 57,658 | 53,234 | ||||||
Total | $ | 170,556 | $ | 172,700 | ||||
The Company recorded inventory provisions totaling $2,380 and $1,529 for the three months ended March 31, 2014 and 2013, respectively. These provisions relate to the recoverability of the value of inventories due to technological changes and excess quantities. These provisions are reported as a reduction to components and raw materials and finished goods. |
Accrued_Expenses_And_Other_Lia
Accrued Expenses And Other Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses And Other Liabilities | ' | |||||||
ACCRUED EXPENSES AND OTHER LIABLILITES | ||||||||
Accrued expenses and other liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 21,815 | $ | 25,727 | ||||
Customer deposits and deferred revenue | 26,961 | 18,489 | ||||||
Current portion of accrued warranty | 7,541 | 7,724 | ||||||
Other | 7,550 | 7,396 | ||||||
Total | $ | 63,867 | $ | 59,336 | ||||
Financing_Arrangements
Financing Arrangements | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Financing Arrangements | ' | |||||||
FINANCING ARRANGEMENTS | ||||||||
The Company’s borrowings under existing financing arrangements consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving line-of-credit facilities: | ||||||||
European Overdraft Facilities | $ | 2,300 | $ | 1,038 | ||||
Euro Line of Credit | — | 2,258 | ||||||
Total | $ | 2,300 | $ | 3,296 | ||||
Term Debt: | ||||||||
U.S. long-term note | $ | 12,333 | $ | 12,666 | ||||
Less: current portion | (1,333 | ) | (1,333 | ) | ||||
Total long-term debt | $ | 11,000 | $ | 11,333 | ||||
The U.S. and Euro line of credit are available to certain foreign subsidiaries and allows for borrowings in the local currencies of those subsidiaries. |
Net_Income_Attributable_To_IPG
Net Income Attributable To IPG Photonics Corporation Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income Attributable To IPG Photonics Corporation Per Share | ' | |||||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE | ||||||||
The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to IPG Photonics Corporation | $ | 40,531 | $ | 35,127 | ||||
Weighted average shares | 51,970 | 51,407 | ||||||
Dilutive effect of common stock equivalents | 754 | 943 | ||||||
Diluted weighted average common shares | 52,724 | 52,350 | ||||||
Basic net income attributable to IPG Photonics Corporation per share | $ | 0.78 | $ | 0.68 | ||||
Diluted net income attributable to IPG Photonics Corporation per share | $ | 0.77 | $ | 0.67 | ||||
The computation of diluted weighted average common shares excludes options to purchase 70,000 and 238,000 shares for the three months ended March 31, 2014 and 2013, respectively, because the effect would be anti-dilutive. | ||||||||
The Company computes net income per share in accordance with ASC 260-Earnings Per Share. Under the provisions of ASC 260, the Company is required to present basic and diluted earnings per share information separately for each class of equity instruments that participate in any income distribution with primary equity instruments. The Company calculates earnings per share in periods where a class of common stock was redeemable for other than fair value through the application of the two-class method. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
Derivative Instruments – The Company’s primary market exposures are to interest rates and foreign exchange rates. The Company uses certain derivative financial instruments to help manage these exposures. The Company executes these instruments with financial institutions it judges to be credit-worthy. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. | ||||||||||||||||||||||||
The Company recognizes all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company has interest rate swaps that are classified as a cash flow hedge of its variable rate debt. The Company has no derivatives that are not accounted for as a hedging instrument. | ||||||||||||||||||||||||
Cash flow hedge – The Company’s cash flow hedge is an interest rate swap under which it pays fixed rates of interest. The fair value amounts in the consolidated balance sheet were: | ||||||||||||||||||||||||
Notional Amounts1 | Other Assets | Other Long-Term Liabilities | ||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swap | $ | 12,333 | $ | 12,666 | $ | — | $ | — | $ | 361 | $ | 423 | ||||||||||||
Total | $ | 12,333 | $ | 12,666 | $ | — | $ | — | $ | 361 | $ | 423 | ||||||||||||
(1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. | ||||||||||||||||||||||||
The derivative gains and losses in the consolidated statements of income related to the Company’s interest rate swap contracts were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Effective portion recognized in other comprehensive loss, pretax: | ||||||||||||||||||||||||
Interest rate swap | $ | 138 | $ | 267 | ||||||||||||||||||||
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | ||||||||||||||||||||||||
Interest rate swap | $ | (76 | ) | $ | (135 | ) | ||||||||||||||||||
Ineffective portion recognized in income: | ||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | ||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company’s financial instruments consist of cash equivalents, accounts receivable, auction rate securities, accounts payable, drawings on revolving lines of credit, long-term debt and certain derivative instruments. | ||||||||||||||||
The valuation techniques used to measure fair value are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||
The carrying amounts of cash equivalents, accounts receivable, accounts payable and drawings on revolving lines of credit are considered reasonable estimates of their fair market value, due to the short maturity of these instruments or as a result of the competitive market interest rates, which have been negotiated. If measured at fair value, accounts receivable and accounts payable would be classified as Level 3 and drawings on the revolving lines of credit would be classified as Level 2. | ||||||||||||||||
The following table presents information about the Company’s assets and liabilities measured at fair value: | ||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 240,130 | $ | 240,130 | $ | — | $ | — | ||||||||
Auction rate securities | 1,122 | — | — | 1,122 | ||||||||||||
Total assets | $ | 241,252 | $ | 240,130 | $ | — | $ | 1,122 | ||||||||
Liabilities | ||||||||||||||||
Contingent purchase consideration | $ | 366 | $ | — | $ | — | $ | 366 | ||||||||
Interest rate swaps | 361 | — | 361 | — | ||||||||||||
Total liabilities | $ | 727 | $ | — | $ | 361 | $ | 366 | ||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 240,159 | $ | 240,159 | $ | — | $ | — | ||||||||
Auction rate securities | 1,120 | — | — | 1,120 | ||||||||||||
Total assets | $ | 241,279 | $ | 240,159 | $ | — | $ | 1,120 | ||||||||
Liabilities | ||||||||||||||||
Contingent purchase consideration | $ | 375 | $ | — | $ | — | $ | 375 | ||||||||
Interest rate swaps | 423 | — | 423 | — | ||||||||||||
Total liabilities | $ | 798 | $ | — | $ | 423 | $ | 375 | ||||||||
The fair value of the auction rate securities considered prices observed in inactive secondary markets for the securities held by the Company. | ||||||||||||||||
The fair value of the accrued contingent consideration incurred was determined using an income approach at the acquisition date and reporting date. That approach is based on significant inputs that are not observable in the market. Key assumptions include assessing the probability of meeting certain milestones required to earn the contingent consideration. | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Auction Rate Securities | ||||||||||||||||
Balance, beginning of period | $ | 1,120 | $ | 1,112 | ||||||||||||
Period transactions | — | — | ||||||||||||||
Change in fair value and accretion | 2 | 2 | ||||||||||||||
Balance, end of period | $ | 1,122 | $ | 1,114 | ||||||||||||
Contingent Purchase Consideration | ||||||||||||||||
Balance, beginning of period | $ | 375 | $ | 3,023 | ||||||||||||
Period transactions | — | — | ||||||||||||||
Change in fair value and currency fluctuations | (9 | ) | (7 | ) | ||||||||||||
Balance, end of period | $ | 366 | $ | 3,016 | ||||||||||||
Goodwill_And_Intangibles
Goodwill And Intangibles | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill And Intangibles | ' | ||||||||||||||||||||
GOODWILL AND INTANGIBLES | |||||||||||||||||||||
The carrying amount of goodwill was $455 at both December 31, 2013 and March 31, 2014. | |||||||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(In thousands) | Gross Carrying | Accumulated | Net Carrying | Weighted- | Gross Carrying | Accumulated | Net Carrying | Weighted- | |||||||||||||
Amount | Amortization | Amount | Average Lives | Amount | Amortization | Amount | Average Lives | ||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||
Patents | $ | 4,643 | $ | (4,074 | ) | $ | 569 | 6 Years | $ | 4,667 | $ | (4,091 | ) | $ | 576 | 6 Years | |||||
Customer relationships | 4,088 | (3,414 | ) | 674 | 5 Years | 4,112 | (3,324 | ) | 788 | 5 Years | |||||||||||
Production know-how | 7,065 | (2,010 | ) | 5,055 | 8 Years | 7,063 | (1,747 | ) | 5,316 | 8 Years | |||||||||||
Technology, trademark and tradename | 4,269 | (1,549 | ) | 2,720 | 8 Years | 4,271 | (1,387 | ) | 2,884 | 8 Years | |||||||||||
$ | 20,065 | $ | (11,047 | ) | $ | 9,018 | $ | 20,113 | $ | (10,549 | ) | $ | 9,564 | ||||||||
Amortization expense for the three months ended March 31, 2014 and 2013 was $543 and $463, respectively. The estimated future amortization expense for intangibles for the remainder of 2014 and subsequent years is as follows: | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||
$1,604 | $1,549 | $1,454 | $1,454 | $1,389 | $1,568 | $9,018 |
Product_Warranties
Product Warranties | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Product Warranties | ' | |||||||
PRODUCT WARRANTIES | ||||||||
The Company typically provides one to three-year parts and service warranties on lasers and amplifiers. Most of the Company’s sales offices provide support to customers in their respective geographic areas. Warranty reserves have generally been sufficient to cover product warranty repair and replacement costs. The following table summarizes product warranty activity recorded during the three months ended March 31, 2014 and 2013. | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 14,997 | $ | 10,714 | ||||
Provision for warranty accrual | 2,695 | 2,035 | ||||||
Warranty claims and other reductions | (1,932 | ) | (1,435 | ) | ||||
Foreign currency translation | (107 | ) | (260 | ) | ||||
Balance at March 31 | $ | 15,653 | $ | 11,054 | ||||
Accrued warranty reported in the accompanying consolidated financial statements as of March 31, 2014 and December 31, 2013 consist of $7,541 and $7,724 in accrued expenses and other liabilities and $8,112 and $7,273 in other long-term liabilities, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
INCOME TAXES | ||||||||
A reconciliation of the total amounts of unrecognized tax benefits is as follows: | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 6,501 | $ | 5,392 | ||||
Reductions of prior period positions | — | (63 | ) | |||||
Additions for tax positions in prior period | — | — | ||||||
Additions for tax positions in current period | — | 255 | ||||||
Balance at March 31 | $ | 6,501 | $ | 5,584 | ||||
Substantially all of the liability for uncertain tax benefits related to various federal, state and foreign income tax matters, would benefit the Company’s effective tax rate, if recognized. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
From time to time, the Company may be involved in disputes and legal proceedings in the ordinary course of its business. These proceedings may include allegations of infringement of intellectual property, commercial disputes and employment matters. As of March 31, 2014 and through the filing date of these Financial Statements, the Company has no legal proceedings ongoing that management estimates could have a material effect on the Company's Consolidated Financial Statements. | |
Russia/Ukraine | |
Recent political unrest in Ukraine has resulted in the United States and the European Union imposing sanctions on Russia and certain businesses and individuals in Russia. The United States also suspended granting of export licenses to Russia. The Company is monitoring these events. The Company has a large manufacturing facility and research and development operations Russia which supplies components to its U.S. and German manufacturing facilities. In addition, it supplies components from its U.S. and German manufacturing facilities to its Russia facility. To date, the Company has not experienced any disruptions to production or deliveries or impact from current sanctions. Should there be disruption of the Company's supplies from or to its Russian operations, or should the United States or the European Union implement different sanctions, the Company's production and/or deliveries as well as results of operations could be materially impacted. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
Inventories consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Components and raw materials | $ | 48,513 | $ | 54,539 | ||||
Work-in-process | 64,385 | 64,927 | ||||||
Finished goods | 57,658 | 53,234 | ||||||
Total | $ | 170,556 | $ | 172,700 | ||||
Accrued_Expenses_And_Other_Lia1
Accrued Expenses And Other Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Components Of Accrued Expenses And Other Liabilities | ' | |||||||
Accrued expenses and other liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation | $ | 21,815 | $ | 25,727 | ||||
Customer deposits and deferred revenue | 26,961 | 18,489 | ||||||
Current portion of accrued warranty | 7,541 | 7,724 | ||||||
Other | 7,550 | 7,396 | ||||||
Total | $ | 63,867 | $ | 59,336 | ||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings Under Existing Financing Arrangements | ' | |||||||
The Company’s borrowings under existing financing arrangements consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Revolving line-of-credit facilities: | ||||||||
European Overdraft Facilities | $ | 2,300 | $ | 1,038 | ||||
Euro Line of Credit | — | 2,258 | ||||||
Total | $ | 2,300 | $ | 3,296 | ||||
Term Debt: | ||||||||
U.S. long-term note | $ | 12,333 | $ | 12,666 | ||||
Less: current portion | (1,333 | ) | (1,333 | ) | ||||
Total long-term debt | $ | 11,000 | $ | 11,333 | ||||
Net_Income_Attributable_To_IPG1
Net Income Attributable To IPG Photonics Corporation Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation Of Diluted Net Income Per Share | ' | |||||||
The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to IPG Photonics Corporation | $ | 40,531 | $ | 35,127 | ||||
Weighted average shares | 51,970 | 51,407 | ||||||
Dilutive effect of common stock equivalents | 754 | 943 | ||||||
Diluted weighted average common shares | 52,724 | 52,350 | ||||||
Basic net income attributable to IPG Photonics Corporation per share | $ | 0.78 | $ | 0.68 | ||||
Diluted net income attributable to IPG Photonics Corporation per share | $ | 0.77 | $ | 0.67 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Fair Value Of Cash Flow Hedges | ' | |||||||||||||||||||||||
The fair value amounts in the consolidated balance sheet were: | ||||||||||||||||||||||||
Notional Amounts1 | Other Assets | Other Long-Term Liabilities | ||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Interest rate swap | $ | 12,333 | $ | 12,666 | $ | — | $ | — | $ | 361 | $ | 423 | ||||||||||||
Total | $ | 12,333 | $ | 12,666 | $ | — | $ | — | $ | 361 | $ | 423 | ||||||||||||
(1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. | ||||||||||||||||||||||||
Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts | ' | |||||||||||||||||||||||
The derivative gains and losses in the consolidated statements of income related to the Company’s interest rate swap contracts were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Effective portion recognized in other comprehensive loss, pretax: | ||||||||||||||||||||||||
Interest rate swap | $ | 138 | $ | 267 | ||||||||||||||||||||
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | ||||||||||||||||||||||||
Interest rate swap | $ | (76 | ) | $ | (135 | ) | ||||||||||||||||||
Ineffective portion recognized in income: | ||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets And Liabilities Measured At Fair Value | ' | |||||||||||||||
The following table presents information about the Company’s assets and liabilities measured at fair value: | ||||||||||||||||
Fair Value Measurements at March 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 240,130 | $ | 240,130 | $ | — | $ | — | ||||||||
Auction rate securities | 1,122 | — | — | 1,122 | ||||||||||||
Total assets | $ | 241,252 | $ | 240,130 | $ | — | $ | 1,122 | ||||||||
Liabilities | ||||||||||||||||
Contingent purchase consideration | $ | 366 | $ | — | $ | — | $ | 366 | ||||||||
Interest rate swaps | 361 | — | 361 | — | ||||||||||||
Total liabilities | $ | 727 | $ | — | $ | 361 | $ | 366 | ||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 240,159 | $ | 240,159 | $ | — | $ | — | ||||||||
Auction rate securities | 1,120 | — | — | 1,120 | ||||||||||||
Total assets | $ | 241,279 | $ | 240,159 | $ | — | $ | 1,120 | ||||||||
Liabilities | ||||||||||||||||
Contingent purchase consideration | $ | 375 | $ | — | $ | — | $ | 375 | ||||||||
Interest rate swaps | 423 | — | 423 | — | ||||||||||||
Total liabilities | $ | 798 | $ | — | $ | 423 | $ | 375 | ||||||||
Fair Value Of Auction Rate Securities | ' | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Auction Rate Securities | ||||||||||||||||
Balance, beginning of period | $ | 1,120 | $ | 1,112 | ||||||||||||
Period transactions | — | — | ||||||||||||||
Change in fair value and accretion | 2 | 2 | ||||||||||||||
Balance, end of period | $ | 1,122 | $ | 1,114 | ||||||||||||
Contingent Purchase Consideration | ||||||||||||||||
Balance, beginning of period | $ | 375 | $ | 3,023 | ||||||||||||
Period transactions | — | — | ||||||||||||||
Change in fair value and currency fluctuations | (9 | ) | (7 | ) | ||||||||||||
Balance, end of period | $ | 366 | $ | 3,016 | ||||||||||||
Goodwill_And_Intangibles_Table
Goodwill And Intangibles (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||
Intangible assets consisted of the following: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(In thousands) | Gross Carrying | Accumulated | Net Carrying | Weighted- | Gross Carrying | Accumulated | Net Carrying | Weighted- | |||||||||||||
Amount | Amortization | Amount | Average Lives | Amount | Amortization | Amount | Average Lives | ||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||
Patents | $ | 4,643 | $ | (4,074 | ) | $ | 569 | 6 Years | $ | 4,667 | $ | (4,091 | ) | $ | 576 | 6 Years | |||||
Customer relationships | 4,088 | (3,414 | ) | 674 | 5 Years | 4,112 | (3,324 | ) | 788 | 5 Years | |||||||||||
Production know-how | 7,065 | (2,010 | ) | 5,055 | 8 Years | 7,063 | (1,747 | ) | 5,316 | 8 Years | |||||||||||
Technology, trademark and tradename | 4,269 | (1,549 | ) | 2,720 | 8 Years | 4,271 | (1,387 | ) | 2,884 | 8 Years | |||||||||||
$ | 20,065 | $ | (11,047 | ) | $ | 9,018 | $ | 20,113 | $ | (10,549 | ) | $ | 9,564 | ||||||||
Estimated Future Amortization Expense For Intangibles | ' | ||||||||||||||||||||
The estimated future amortization expense for intangibles for the remainder of 2014 and subsequent years is as follows: | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||
$1,604 | $1,549 | $1,454 | $1,454 | $1,389 | $1,568 | $9,018 |
Product_Warranties_Tables
Product Warranties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Summary Of Product Warranty Activity | ' | |||||||
The following table summarizes product warranty activity recorded during the three months ended March 31, 2014 and 2013. | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 14,997 | $ | 10,714 | ||||
Provision for warranty accrual | 2,695 | 2,035 | ||||||
Warranty claims and other reductions | (1,932 | ) | (1,435 | ) | ||||
Foreign currency translation | (107 | ) | (260 | ) | ||||
Balance at March 31 | $ | 15,653 | $ | 11,054 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Reconciliation Of The Total Amounts Of Unrecognized Tax Benefits | ' | |||||||
A reconciliation of the total amounts of unrecognized tax benefits is as follows: | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 6,501 | $ | 5,392 | ||||
Reductions of prior period positions | — | (63 | ) | |||||
Additions for tax positions in prior period | — | — | ||||||
Additions for tax positions in current period | — | 255 | ||||||
Balance at March 31 | $ | 6,501 | $ | 5,584 | ||||
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Components and raw materials | $48,513 | ' | $54,539 |
Work-in-process | 64,385 | ' | 64,927 |
Finished goods | 57,658 | ' | 53,234 |
Total | 170,556 | ' | 172,700 |
Inventory provisions | $2,380 | $1,529 | ' |
Accrued_Expenses_And_Other_Lia2
Accrued Expenses And Other Liabilities (Components Of Accrued Expenses And Other Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued compensation | $21,815 | $25,727 |
Customer deposits and deferred revenue | 26,961 | 18,489 |
Current portion of accrued warranty | 7,541 | 7,724 |
Other | 7,550 | 7,396 |
Total | $63,867 | $59,336 |
Financing_Arrangements_Borrowi
Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving line-of-credit facilities: | $2,300 | $3,296 |
Less: current portion | -1,333 | -1,333 |
Total long-term debt | 11,000 | 11,333 |
European Overdraft Facilities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving line-of-credit facilities: | 2,300 | 1,038 |
Euro Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving line-of-credit facilities: | 0 | 2,258 |
U.S. long-term note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Debt: | $12,333 | $12,666 |
Net_Income_Attributable_To_IPG2
Net Income Attributable To IPG Photonics Corporation Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to IPG Photonics Corporation | $40,531 | $35,127 |
Weighted average shares (shares) | 51,970,000 | 51,407,000 |
Dilutive effect of common stock equivalents (shares) | 754,000 | 943,000 |
Diluted weighted average common shares (shares) | 52,724,000 | 52,350,000 |
Basic net income attributable to IPG Photonics Corporation per share (in dollars per share) | $0.78 | $0.68 |
Diluted net income attributable to IPG Photonics Corporation per share (in dollars per share) | $0.77 | $0.67 |
Options excluded from computation of diluted weighted average common shares | 70,000 | 238,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Fair Value Of Cash Flow Hedges) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of derivatives | $12,333 | [1] | $12,666 | [1] |
Interest rate swap | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of derivatives | 12,333 | [1] | 12,666 | [1] |
Other Assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative asset fair value | 0 | 0 | ||
Other Assets | Interest rate swap | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative asset fair value | 0 | 0 | ||
Other Long-Term Liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative liability fair value | 361 | 423 | ||
Other Long-Term Liabilities | Interest rate swap | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative liability fair value | $361 | $423 | ||
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts) (Details) (Interest rate swap, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest rate swap | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Effective portion recognized in other comprehensive loss, pretax: | $138 | $267 |
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | -76 | -135 |
Ineffective portion recognized in income: | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $241,252 | $241,279 |
Total liabilities | 727 | 798 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 240,130 | 240,159 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 361 | 423 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1,122 | 1,120 |
Total liabilities | 366 | 375 |
Cash equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 240,130 | 240,159 |
Cash equivalents | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 240,130 | 240,159 |
Auction rate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1,122 | 1,120 |
Auction rate securities | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1,122 | 1,120 |
Contingent purchase consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 366 | 375 |
Contingent purchase consideration | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 366 | 375 |
Interest rate swap | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 361 | 423 |
Interest rate swap | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | $361 | $423 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Of Auction Rate Securities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Auction rate securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | $1,120 | $1,112 |
Period transactions | 0 | 0 |
Change in fair value and accretion | 2 | 2 |
Balance, end of period | 1,122 | 1,114 |
Contingent purchase consideration | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | 375 | 3,023 |
Period transactions | 0 | 0 |
Change in fair value and currency fluctuations | -9 | -7 |
Balance, end of period | $366 | $3,016 |
Goodwill_And_Intangibles_Narra
Goodwill And Intangibles (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
GOODWILL | $455 | ' | $455 |
Amortization expense of intangibles | $543 | $463 | ' |
Goodwill_And_Intangibles_Intan
Goodwill And Intangibles (Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $20,065 | $20,113 |
Accumulated Amortization | -11,047 | -10,549 |
Net Carrying Amount | 9,018 | 9,564 |
Patents | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 4,643 | 4,667 |
Accumulated Amortization | -4,074 | -4,091 |
Net Carrying Amount | 569 | 576 |
Weighted- Average Lives | '6 years | '6 years |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 4,088 | 4,112 |
Accumulated Amortization | -3,414 | -3,324 |
Net Carrying Amount | 674 | 788 |
Weighted- Average Lives | '5 years | '5 years |
Production know-how | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 7,065 | 7,063 |
Accumulated Amortization | -2,010 | -1,747 |
Net Carrying Amount | 5,055 | 5,316 |
Weighted- Average Lives | '8 years | '8 years |
Technology, trademark and tradename | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 4,269 | 4,271 |
Accumulated Amortization | -1,549 | -1,387 |
Net Carrying Amount | $2,720 | $2,884 |
Weighted- Average Lives | '8 years | '8 years |
Goodwill_And_Intangibles_Estim
Goodwill And Intangibles (Estimated Future Amortization Expense For Intangibles) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $1,604 | ' |
2015 | 1,549 | ' |
2016 | 1,454 | ' |
2017 | 1,454 | ' |
2018 | 1,389 | ' |
Thereafter | 1,568 | ' |
Net Carrying Amount | $9,018 | $9,564 |
Product_Warranties_Narrative_D
Product Warranties (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Minimum | Maximum | ||
Product Warranties [Line Items] | ' | ' | ' | ' |
Service warranties on lasers and amplifiers | ' | ' | '1 year | '3 years |
Accrued warranty reported in accrued expenses and other liabilities | $7,541 | $7,724 | ' | ' |
Accrued warranty reported in other long-term liabilities | $8,112 | $7,273 | ' | ' |
Product_Warranties_Summary_Of_
Product Warranties (Summary Of Product Warranty Activity) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Balance at January 1 | $14,997 | $10,714 |
Provision for warranty accrual | 2,695 | 2,035 |
Warranty claims and other reductions | -1,932 | -1,435 |
Foreign currency translation | -107 | -260 |
Balance at March 31 | $15,653 | $11,054 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance at January 1 | $6,501 | $5,392 |
Reductions of prior period positions | 0 | -63 |
Additions for tax positions in prior period | 0 | 0 |
Additions for tax positions in current period | 0 | 255 |
Balance at March 31 | $6,501 | $5,584 |