Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | IPG PHOTONICS CORP | |
Entity Central Index Key | 1,111,928 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,781,322 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 651,220 | $ 522,150 |
Accounts receivable, net | 154,814 | 143,109 |
Inventories | 197,635 | 171,009 |
Prepaid income taxes | 32,571 | 20,967 |
Prepaid expenses and other current assets | 23,221 | 21,295 |
Deferred income taxes, net | 18,611 | 15,308 |
Total current assets | 1,078,072 | 893,838 |
DEFERRED INCOME TAXES, NET | 9,237 | 5,438 |
GOODWILL | 508 | 455 |
INTANGIBLE ASSETS, NET | 12,744 | 9,227 |
PROPERTY, PLANT AND EQUIPMENT, NET | 286,514 | 275,082 |
OTHER ASSETS | 21,131 | 26,847 |
TOTAL | 1,408,206 | 1,210,887 |
CURRENT LIABILITIES: | ||
Revolving line-of-credit facilities | 248 | 2,631 |
Current portion of long-term debt | 2,000 | 13,333 |
Accounts payable | 20,862 | 17,141 |
Accrued expenses and other liabilities | 76,913 | 64,057 |
Deferred income taxes, net | 3,743 | 3,241 |
Income taxes payable | 45,084 | 21,672 |
Total current liabilities | 148,850 | 122,075 |
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES | 25,303 | 22,584 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 18,167 | 19,667 |
Total liabilities | $ 192,320 | $ 164,326 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
IPG PHOTONICS CORPORATION STOCKHOLDERS' EQUITY: | ||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 52,780,224 shares issued and outstanding at September 30, 2015; 52,369,688 shares issued and outstanding at December 31, 2014 | $ 5 | $ 5 |
Additional paid-in capital | 597,803 | 567,617 |
Retained earnings | 772,652 | 591,202 |
Accumulated other comprehensive loss | (155,802) | (112,263) |
Total IPG Photonics Corporation stockholders' equity | 1,214,658 | 1,046,561 |
NONCONTROLLING INTERESTS | 1,228 | 0 |
Total equity | 1,215,886 | 1,046,561 |
TOTAL | $ 1,408,206 | $ 1,210,887 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 52,780,224 | 52,369,688 |
Common stock, shares outstanding | 52,780,224 | 52,369,688 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
NET SALES | $ 243,541 | $ 199,651 | $ 677,639 | $ 562,430 |
COST OF SALES | 110,237 | 90,561 | 307,805 | 259,829 |
GROSS PROFIT | 133,304 | 109,090 | 369,834 | 302,601 |
OPERATING EXPENSES: | ||||
Sales and marketing | 7,717 | 7,496 | 23,228 | 22,708 |
Research and development | 16,221 | 13,447 | 45,565 | 39,593 |
General and administrative | 14,679 | 14,172 | 42,474 | 40,212 |
Loss (gain) on foreign exchange | 5,125 | (3,614) | (460) | (4,039) |
Total operating expenses | 43,742 | 31,501 | 110,807 | 98,474 |
OPERATING INCOME | 89,562 | 77,589 | 259,027 | 204,127 |
OTHER INCOME (EXPENSE), Net: | ||||
Interest expense, net | (40) | (4) | (335) | (143) |
Other income, net | 132 | 162 | 378 | 735 |
Total other income (expense) | 92 | 158 | 43 | 592 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 89,654 | 77,747 | 259,070 | 204,719 |
PROVISION FOR INCOME TAXES | (26,897) | (22,547) | (77,721) | (60,705) |
NET INCOME | 62,757 | 55,200 | 181,349 | 144,014 |
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (34) | 0 | (101) | 0 |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION | $ 62,791 | $ 55,200 | $ 181,450 | $ 144,014 |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE: | ||||
Basic (in dollars per share) | $ 1.19 | $ 1.06 | $ 3.45 | $ 2.77 |
Diluted (in dollars per share) | $ 1.18 | $ 1.05 | $ 3.40 | $ 2.73 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
Basic (shares) | 52,675 | 52,088 | 52,628 | 52,060 |
Diluted (shares) | 53,392 | 52,792 | 53,390 | 52,780 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 62,757 | $ 55,200 | $ 181,349 | $ 144,014 |
Other comprehensive income, net of tax: | ||||
Translation adjustments | (16,540) | (46,918) | (43,634) | (52,901) |
Unrealized gain on derivatives | 0 | 45 | 95 | 128 |
Total other comprehensive loss | (16,540) | (46,873) | (43,539) | (52,773) |
Comprehensive income | 46,217 | 8,327 | 137,810 | 91,241 |
Comprehensive loss attributable to noncontrolling interest | (285) | 0 | (351) | 0 |
Comprehensive income attributable to IPG Photonics Corporation | $ 46,502 | $ 8,327 | $ 138,161 | $ 91,241 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 181,349 | $ 144,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,079 | 26,409 |
Deferred income taxes | (7,144) | (5,954) |
Stock-based compensation | 13,875 | 11,067 |
Realized and unrealized gains on cash and cash equivalents and unrealized gains on foreign currency transactions | (3,893) | (4,547) |
Other | 191 | 464 |
Provisions for inventory, warranty & bad debt | 29,414 | 19,906 |
Changes in assets and liabilities that (used) provided cash: | ||
Accounts receivable | (20,004) | (37,926) |
Inventories | (52,172) | (30,220) |
Prepaid expenses and other current assets | 2,062 | 202 |
Accounts payable | 4,519 | 1,324 |
Accrued expenses and other liabilities | 3,656 | 2,653 |
Income and other taxes payable | 17,501 | (609) |
Tax benefit from exercise of employee stock options | (5,822) | (2,696) |
Net cash provided by operating activities | 194,611 | 124,087 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of and deposits on property, plant and equipment | (50,759) | (72,723) |
Purchase of intangible assets | 0 | (2,000) |
Proceeds from sales of property, plant and equipment | 231 | 418 |
Acquisition of businesses, net of cash acquired | (4,958) | 0 |
Other | 63 | 66 |
Net cash used in investing activities | (55,423) | (74,239) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from line-of-credit facilities | 7,506 | 26,051 |
Payments on line-of-credit facilities | (9,780) | (26,836) |
Principal payments on long-term borrowings | (12,833) | (1,000) |
Exercise of employee stock options and issuances under employee stock purchase plan | 10,489 | 3,730 |
Tax benefit from exercise of employee stock options | 5,822 | 2,696 |
Net cash provided by financing activities | 1,204 | 4,641 |
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | (11,322) | (15,747) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 129,070 | 38,742 |
CASH AND CASH EQUIVALENTS — Beginning of period | 522,150 | 448,776 |
CASH AND CASH EQUIVALENTS — End of period | 651,220 | 487,518 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 688 | 302 |
Cash paid for income taxes | 65,376 | 56,730 |
Non-cash transactions: | ||
Demonstration units transferred from inventory to other assets | 1,995 | 2,649 |
Inventory transferred to machinery and equipment | 2,371 | 1,303 |
Additions to property, plant and equipment included in accounts payable | $ (178) | $ 1,959 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TOTAL IPG PHOTONICS CORPORATION STOCKHOLDERS' EQUITY | NONCONTROLLING INTERESTS |
Balance at Dec. 31, 2013 | $ 5 | $ 538,908 | $ 390,757 | $ (1,701) | $ 0 | ||
Balance, shares at Dec. 31, 2013 | 51,930,978 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 219,875 | ||||||
Exercise of stock options and related tax benefit from exercise | $ 0 | 5,402 | |||||
Common stock issued under employee stock purchase plan, shares | 17,518 | ||||||
Common stock issued under employee stock purchase plan | $ 0 | 1,024 | |||||
Stock-based compensation | 11,067 | ||||||
Net income attributable to IPG Photonics Corporation | $ 144,014 | 144,014 | |||||
Translation adjustments | (52,901) | (52,901) | |||||
Change in unrealized gain on derivatives, net of tax | 128 | 128 | |||||
NCI of acquired company | 0 | ||||||
Net loss attributable to NCI | 0 | 0 | |||||
Other comprehensive loss attributable to NCI | 0 | 0 | |||||
Balance at Sep. 30, 2014 | 1,036,703 | $ 5 | 556,401 | 534,771 | (54,474) | $ 1,036,703 | 0 |
Balance, shares at Sep. 30, 2014 | 52,168,371 | ||||||
Balance at Dec. 31, 2014 | 1,046,561 | $ 5 | 567,617 | 591,202 | (112,263) | 0 | |
Balance, shares at Dec. 31, 2014 | 52,369,688 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options, shares | 392,913 | ||||||
Exercise of stock options and related tax benefit from exercise | $ 0 | 15,203 | |||||
Common stock issued under employee stock purchase plan, shares | 17,623 | ||||||
Common stock issued under employee stock purchase plan | $ 0 | 1,108 | |||||
Stock-based compensation | 13,875 | ||||||
Net income attributable to IPG Photonics Corporation | 181,450 | 181,450 | |||||
Translation adjustments | (43,634) | (43,634) | |||||
Change in unrealized gain on derivatives, net of tax | 95 | 95 | |||||
NCI of acquired company | 1,579 | ||||||
Net loss attributable to NCI | 101 | (101) | |||||
Other comprehensive loss attributable to NCI | 351 | (250) | |||||
Balance at Sep. 30, 2015 | $ 1,215,886 | $ 5 | $ 597,803 | $ 772,652 | $ (155,802) | $ 1,214,658 | $ 1,228 |
Balance, shares at Sep. 30, 2015 | 52,780,224 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 . 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 Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
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 | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: September 30, December 31, 2015 2014 Components and raw materials $ 71,297 $ 54,925 Work-in-process 35,272 58,603 Finished goods 91,066 57,481 Total $ 197,635 $ 171,009 The Company recorded inventory provisions totaling $4,336 and $2,551 for the three months ended September 30, 2015 and 2014 , respectively, and $11,347 and $8,363 for the nine months ended September 30, 2015 and 2014 , 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 Liab
Accrued Expenses And Other Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following: September 30, December 31, 2015 2014 Accrued compensation $ 32,975 $ 31,673 Customer deposits and deferred revenue 23,652 16,605 Current portion of accrued warranty 13,413 9,489 Other 6,873 6,290 Total $ 76,913 $ 64,057 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS The Company's borrowings under existing financing arrangements consist of the following: September 30, December 31, 2015 2014 Revolving line-of-credit facilities: European overdraft facilities $ 248 $ 828 Euro line-of-credit — 1,803 Total $ 248 $ 2,631 Term debt: U.S. long-term note $ — $ 11,333 Collateralized long-term note 20,167 21,667 Less: current portion (2,000 ) (13,333 ) Total long-term debt $ 18,167 $ 19,667 The U.S. and Euro lines-of-credit are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. At September 30, 2015 and December 31, 2014 , there were no amounts drawn on the U.S. line- of-credit, and there were $2,719 and $87 , respectively, of guarantees issued against the facility which reduces the amount of the facility to draw. At September 30, 2015 , there were no amounts drawn on the Euro line of credit, and there were $9,040 and $4,309 of guarantees issued against the facility as of September 30, 2015 and December 31, 2014 , respectively, which reduces the amount of the facility available to draw. On April 30, 2015, the Company increased its U.S. line of credit with Bank of America to $50,000 and extended the maturity to April 2020. At September 30, 2015 , the amount due on the collateralized long-term note was $20,167 of which $2,000 is the current portion. The note is secured by the Company's corporate aircraft. The interest rate on this note is fixed at 2.81% per annum and the note matures in October 2019, at which time the outstanding debt balance would be $12,000 . The U.S. long-term note outstanding at December 31, 2014 matured and was paid in June 2015. |
Net Income Attributable To IPG
Net Income Attributable To IPG Photonics Corporation Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income attributable to IPG Photonics Corporation $ 62,791 $ 55,200 $ 181,450 $ 144,014 Weighted average shares 52,675 52,088 52,628 52,060 Dilutive effect of common stock equivalents 717 704 762 720 Diluted weighted average common shares 53,392 52,792 53,390 52,780 Basic net income attributable to IPG Photonics Corporation per share $ 1.19 $ 1.06 $ 3.45 $ 2.77 Diluted net income attributable to IPG Photonics Corporation per share $ 1.18 $ 1.05 $ 3.40 $ 2.73 For the three months ended September 30, 2015 and 2014 , respectively, the computation of diluted weighted average common shares excludes common stock equivalents of 9,000 shares and 30,000 shares which includes restricted stock units ("RSUs") of 1,600 and 1,800 and performance stock units ("PSUs") of 4,300 and 0 , because the effect would be anti-dilutive. For the nine months ended September 30, 2015 and 2014 , respectively, the computation of diluted weighted averages common shares excludes 40,600 shares and 61,000 shares, which includes RSUs of 24,200 and 18,000 and PSUs of 9,400 and 0 because the effect would be anti-dilutive. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 no derivatives that are not accounted for as a hedging instrument. Cash flow hedges – The Company previously had a cash flow hedge which was an interest rate swap associated with the U.S. long-term note. The interest rate swap agreement terminated with the note, which matured in June 2015. The fair value amounts in the consolidated balance sheet related to the interest rate swap were: Notional Amounts 1 Other Assets Other Current Liabilities 2 Other Long-Term Liabilities 2 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 $ — $ 11,333 $ — $ — $ — $ 151 $ — $ — (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. (2) As of December 31, 2014, the remaining balance of the U.S. long-term note outstanding was considered current because the note matured in June 2015. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Effective portion recognized in other comprehensive loss, pretax: Interest rate swap $ — $ 145 $ 304 $ 427 Effective portion reclassified from other comprehensive loss to interest expense, pretax: Interest rate swap $ — $ (73 ) $ (153 ) $ (225 ) Ineffective portion recognized in income: Interest rate swap $ — $ — $ — $ — |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company's financial instruments consist of cash equivalents, accounts receivable, accounts payable, drawings on revolving lines of credit, auction rate securities, 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 September 30, 2015 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 273,680 $ 273,680 $ — $ — Auction rate securities 1,134 — — 1,134 Total assets $ 274,814 $ 273,680 $ — $ 1,134 Liabilities Contingent purchase consideration 69 — — 69 Total liabilities $ 69 $ — $ — $ 69 Fair Value Measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 266,011 $ 266,011 $ — $ — Auction rate securities 1,128 — — 1,128 Total assets $ 267,139 $ 266,011 $ — $ 1,128 Liabilities Contingent purchase consideration $ 98 $ — $ — $ 98 Interest rate swaps 151 — 151 — Total liabilities $ 249 $ — $ 151 $ 98 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 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Auction Rate Securities Balance, beginning of period $ 1,132 $ 1,124 $ 1,128 $ 1,120 Change in fair value and accretion 2 2 6 6 Balance, end of period $ 1,134 $ 1,126 $ 1,134 $ 1,126 Contingent Purchase Consideration Balance, beginning of period $ 80 $ 357 $ 98 $ 375 Period transactions (7 ) — (7 ) — Change in fair value and currency fluctuations (4 ) (259 ) (22 ) (277 ) Balance, end of period $ 69 $ 98 $ 69 $ 98 |
Goodwill And Intangibles
Goodwill And Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangibles | GOODWILL AND INTANGIBLES The carrying amount of goodwill was $508 and $455 on September 30, 2015 and December 31, 2014 , respectively. Intangible assets, subject to amortization, consisted of the following: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Patents $ 6,641 $ (4,485 ) $ 2,156 6 Years $ 6,641 $ (4,221 ) $ 2,420 6 Years Customer relationships 3,420 (3,178 ) 242 5 Years 3,660 (3,308 ) 352 5 Years Production know-how 6,719 (3,168 ) 3,551 8 Years 6,844 (2,630 ) 4,214 8 Years Technology, trademark and tradename 8,535 (1,740 ) 6,795 8 Years 3,315 (1,074 ) 2,241 8 Years $ 25,315 $ (12,571 ) $ 12,744 $ 20,460 $ (11,233 ) $ 9,227 During the first quarter of 2015, the Company purchased a 76% ownership interest in RukhTekh LLC ("RuchTech"). RuchTech's fair value at the time was $6,579 . The Company paid $5,000 , which represents the fair value of its ownership interest on March 15, 2015. In connection with this purchase, the Company has included $64 of Goodwill related to expected synergies for the Company's high-power systems product line and $6,298 of Purchased Technology intangibles. Amortization expense for the three months ended September 30, 2015 and 2014 was $585 and $527 , respectively. Amortization expense for the nine months ended September 30, 2015 and 2014 was $1,706 and $1,604 , respectively. The estimated future amortization expense for intangibles for the remainder of 2015 and subsequent years is as follows: 2015 2016 2017 2018 2019 Thereafter Total $619 $2,422 $2,422 $2,357 $1,768 $3,156 $12,744 |
Product Warranties
Product Warranties | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 and 2014 . 2015 2014 Balance at January 1 $ 19,272 $ 14,997 Provision for warranty accrual 16,424 10,460 Warranty claims (8,627 ) (7,195 ) Foreign currency translation (1,059 ) (1,183 ) Balance at September 30 $ 26,010 $ 17,079 Accrued warranty reported in the accompanying consolidated financial statements as of September 30, 2015 and December 31, 2014 consisted of $13,413 and $9,489 in accrued expenses and other liabilities and $12,597 and $9,783 in other long-term liabilities, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A reconciliation of the total amounts of unrecognized tax benefits is as follows: 2015 2014 Balance at January 1 $ 6,494 $ 6,501 Reductions of prior period positions — — Additions for tax positions in prior period — — (Reductions) additions for tax positions in current period — (795 ) Balance at September 30 $ 6,494 $ 5,706 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 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. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Inventories consist of the following: September 30, December 31, 2015 2014 Components and raw materials $ 71,297 $ 54,925 Work-in-process 35,272 58,603 Finished goods 91,066 57,481 Total $ 197,635 $ 171,009 |
Accrued Expenses And Other Li21
Accrued Expenses And Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Components Of Accrued Expenses And Other Liabilities | Accrued expenses and other liabilities consist of the following: September 30, December 31, 2015 2014 Accrued compensation $ 32,975 $ 31,673 Customer deposits and deferred revenue 23,652 16,605 Current portion of accrued warranty 13,413 9,489 Other 6,873 6,290 Total $ 76,913 $ 64,057 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings Under Existing Financing Arrangements | The Company's borrowings under existing financing arrangements consist of the following: September 30, December 31, 2015 2014 Revolving line-of-credit facilities: European overdraft facilities $ 248 $ 828 Euro line-of-credit — 1,803 Total $ 248 $ 2,631 Term debt: U.S. long-term note $ — $ 11,333 Collateralized long-term note 20,167 21,667 Less: current portion (2,000 ) (13,333 ) Total long-term debt $ 18,167 $ 19,667 |
Net Income Attributable To IP23
Net Income Attributable To IPG Photonics Corporation Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income attributable to IPG Photonics Corporation $ 62,791 $ 55,200 $ 181,450 $ 144,014 Weighted average shares 52,675 52,088 52,628 52,060 Dilutive effect of common stock equivalents 717 704 762 720 Diluted weighted average common shares 53,392 52,792 53,390 52,780 Basic net income attributable to IPG Photonics Corporation per share $ 1.19 $ 1.06 $ 3.45 $ 2.77 Diluted net income attributable to IPG Photonics Corporation per share $ 1.18 $ 1.05 $ 3.40 $ 2.73 |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Cash Flow Hedges | The fair value amounts in the consolidated balance sheet related to the interest rate swap were: Notional Amounts 1 Other Assets Other Current Liabilities 2 Other Long-Term Liabilities 2 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 $ — $ 11,333 $ — $ — $ — $ 151 $ — $ — (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. (2) As of December 31, 2014, the remaining balance of the U.S. long-term note outstanding was considered current because the note matured in June 2015. |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Effective portion recognized in other comprehensive loss, pretax: Interest rate swap $ — $ 145 $ 304 $ 427 Effective portion reclassified from other comprehensive loss to interest expense, pretax: Interest rate swap $ — $ (73 ) $ (153 ) $ (225 ) Ineffective portion recognized in income: Interest rate swap $ — $ — $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 273,680 $ 273,680 $ — $ — Auction rate securities 1,134 — — 1,134 Total assets $ 274,814 $ 273,680 $ — $ 1,134 Liabilities Contingent purchase consideration 69 — — 69 Total liabilities $ 69 $ — $ — $ 69 Fair Value Measurements at December 31, 2014 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 266,011 $ 266,011 $ — $ — Auction rate securities 1,128 — — 1,128 Total assets $ 267,139 $ 266,011 $ — $ 1,128 Liabilities Contingent purchase consideration $ 98 $ — $ — $ 98 Interest rate swaps 151 — 151 — Total liabilities $ 249 $ — $ 151 $ 98 |
Fair Value Of Auction Rate Securities | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Auction Rate Securities Balance, beginning of period $ 1,132 $ 1,124 $ 1,128 $ 1,120 Change in fair value and accretion 2 2 6 6 Balance, end of period $ 1,134 $ 1,126 $ 1,134 $ 1,126 Contingent Purchase Consideration Balance, beginning of period $ 80 $ 357 $ 98 $ 375 Period transactions (7 ) — (7 ) — Change in fair value and currency fluctuations (4 ) (259 ) (22 ) (277 ) Balance, end of period $ 69 $ 98 $ 69 $ 98 |
Goodwill And Intangibles (Table
Goodwill And Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets, subject to amortization, consisted of the following: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Patents $ 6,641 $ (4,485 ) $ 2,156 6 Years $ 6,641 $ (4,221 ) $ 2,420 6 Years Customer relationships 3,420 (3,178 ) 242 5 Years 3,660 (3,308 ) 352 5 Years Production know-how 6,719 (3,168 ) 3,551 8 Years 6,844 (2,630 ) 4,214 8 Years Technology, trademark and tradename 8,535 (1,740 ) 6,795 8 Years 3,315 (1,074 ) 2,241 8 Years $ 25,315 $ (12,571 ) $ 12,744 $ 20,460 $ (11,233 ) $ 9,227 |
Estimated Future Amortization Expense For Intangibles | The estimated future amortization expense for intangibles for the remainder of 2015 and subsequent years is as follows: 2015 2016 2017 2018 2019 Thereafter Total $619 $2,422 $2,422 $2,357 $1,768 $3,156 $12,744 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Product Warranties Disclosures [Abstract] | |
Summary Of Product Warranty Activity | The following table summarizes product warranty activity recorded during the nine months ended September 30, 2015 and 2014 . 2015 2014 Balance at January 1 $ 19,272 $ 14,997 Provision for warranty accrual 16,424 10,460 Warranty claims (8,627 ) (7,195 ) Foreign currency translation (1,059 ) (1,183 ) Balance at September 30 $ 26,010 $ 17,079 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: 2015 2014 Balance at January 1 $ 6,494 $ 6,501 Reductions of prior period positions — — Additions for tax positions in prior period — — (Reductions) additions for tax positions in current period — (795 ) Balance at September 30 $ 6,494 $ 5,706 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |||||
Components and raw materials | $ 71,297 | $ 71,297 | $ 54,925 | ||
Work-in-process | 35,272 | 35,272 | 58,603 | ||
Finished goods | 91,066 | 91,066 | 57,481 | ||
Total | 197,635 | 197,635 | $ 171,009 | ||
Inventory provisions | $ 4,336 | $ 2,551 | $ 11,347 | $ 8,363 |
Accrued Expenses And Other Li30
Accrued Expenses And Other Liabilities (Components Of Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 32,975 | $ 31,673 |
Customer deposits and deferred revenue | 23,652 | 16,605 |
Current portion of accrued warranty | 13,413 | 9,489 |
Other | 6,873 | 6,290 |
Total | $ 76,913 | $ 64,057 |
Financing Arrangements (Borrowi
Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details) - USD ($) | Oct. 31, 2019 | Sep. 30, 2015 | Apr. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Revolving line-of-credit facilities | $ 248,000 | $ 2,631,000 | ||
Less: current portion | (2,000,000) | (13,333,000) | ||
Total long-term debt | 18,167,000 | 19,667,000 | ||
Bank of America | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit with Bank of America | $ 50,000,000 | |||
European overdraft facilities | ||||
Debt Instrument [Line Items] | ||||
Revolving line-of-credit facilities | 248,000 | 828,000 | ||
Euro line-of-credit | ||||
Debt Instrument [Line Items] | ||||
Revolving line-of-credit facilities | 0 | 1,803,000 | ||
Guarantees issued | 9,040,000 | 4,309,000 | ||
Amount drawn on line of credit | 0 | 0 | ||
U.S. long-term note | ||||
Debt Instrument [Line Items] | ||||
Term debt | 0 | 11,333,000 | ||
Guarantees issued | 2,719,000 | 87,000 | ||
Amount drawn on line of credit | 0 | 0 | ||
Collateralized long-term note | ||||
Debt Instrument [Line Items] | ||||
Term debt | 20,167,000 | $ 21,667,000 | ||
Collateralized long-term note | Collateralized long-term note | ||||
Debt Instrument [Line Items] | ||||
Amount due on collateralized long-term note | 20,167,000 | |||
Current portion of collateralized long-term note | $ 2,000,000 | |||
Interest rate percentage | 2.81% | |||
Collateralized long-term note | Collateralized long-term note | Scenario, Forecast | ||||
Debt Instrument [Line Items] | ||||
Amount due on collateralized long-term note | $ 12,000,000 |
Net Income Attributable To IP32
Net Income Attributable To IPG Photonics Corporation Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to IPG Photonics Corporation (in dollars) | $ 62,791 | $ 55,200 | $ 181,450 | $ 144,014 |
Weighted average shares | 52,675,000 | 52,088,000 | 52,628,000 | 52,060,000 |
Dilutive effect of common stock equivalents | 717,000 | 704,000 | 762,000 | 720,000 |
Diluted weighted average common shares | 53,392,000 | 52,792,000 | 53,390,000 | 52,780,000 |
Basic net income attributable to IPG Photonics Corporation per share (in dollars per share) | $ 1.19 | $ 1.06 | $ 3.45 | $ 2.77 |
Diluted net income attributable to IPG Photonics Corporation per share (in dollars per share) | $ 1.18 | $ 1.05 | $ 3.40 | $ 2.73 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options excluded from computation of diluted weighted average common shares | 9,000 | 30,000 | 40,600 | 61,000 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options excluded from computation of diluted weighted average common shares | 1,600,000 | 1,800,000 | 24,200,000 | 18,000,000 |
PSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options excluded from computation of diluted weighted average common shares | 4,300,000 | 0 | 9,400,000 | 0 |
Derivative Financial Instrume33
Derivative Financial Instruments (Fair Value Of Cash Flow Hedges) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | [1] | $ 0 | $ 11,333,000 |
Other Assets | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset fair value | 0 | 0 | |
Other Current Laibilities | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability fair value | [2] | 0 | 151,000 |
Other Long-Term Laibilities | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability fair value | [2] | 0 | $ 0 |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount of derivatives | $ 0 | ||
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. | ||
[2] | As of December 31, 2014, the remaining balance of the U.S. long-term note outstanding was considered current because the note matured in June 2015. |
Derivative Financial Instrume34
Derivative Financial Instruments (Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts) (Details) - Interest rate swap - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion recognized in other comprehensive loss, pretax: | $ 0 | $ 145 | $ 304 | $ 427 |
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | 0 | (73) | (153) | (225) |
Ineffective portion recognized in income: | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 274,814 | $ 267,139 |
Total liabilities | 69 | 249 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 273,680 | 266,011 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 0 | 151 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,134 | 1,128 |
Total liabilities | 69 | 98 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 273,680 | 266,011 |
Cash equivalents | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 273,680 | 266,011 |
Auction rate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,134 | 1,128 |
Auction rate securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Auction rate securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,134 | 1,128 |
Contingent purchase consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 69 | 98 |
Contingent purchase consideration | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 0 | |
Contingent purchase consideration | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | $ 69 | 98 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 151 | |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 151 | |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Auction Rate Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Auction rate securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 1,132 | $ 1,124 | $ 1,128 | $ 1,120 |
Change in fair value and accretion | 2 | 2 | 6 | 6 |
Balance, end of period | 1,134 | 1,126 | 1,134 | 1,126 |
Contingent purchase consideration | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 80 | 357 | 98 | 375 |
Period transactions | (7) | 0 | (7) | 0 |
Change in fair value and currency fluctuations | (4) | (259) | (22) | (277) |
Balance, end of period | $ 69 | $ 98 | $ 69 | $ 98 |
Goodwill And Intangibles (Narra
Goodwill And Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount of goodwill | $ 508 | $ 508 | $ 455 | |||
Amortization expense | $ 585 | $ 527 | $ 1,706 | $ 1,604 | ||
RukhTekh LLC | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Carrying amount of goodwill | $ 64 | |||||
Ownership interest purchased (percentage) | 76.00% | |||||
Fair value of RukhTekh | $ 6,579 | |||||
Amount paid to purchase ownership interest | 5,000 | |||||
RukhTekh LLC | Purchased Technology intangibles | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amount of Purchased Technology intangibles | $ 6,298 |
Goodwill And Intangibles (Intan
Goodwill And Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 25,315 | $ 20,460 |
Accumulated Amortization | (12,571) | (11,233) |
Net Carrying Amount | 12,744 | 9,227 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,641 | 6,641 |
Accumulated Amortization | (4,485) | (4,221) |
Net Carrying Amount | $ 2,156 | $ 2,420 |
Weighted- Average Lives | 6 years | 6 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,420 | $ 3,660 |
Accumulated Amortization | (3,178) | (3,308) |
Net Carrying Amount | $ 242 | $ 352 |
Weighted- Average Lives | 5 years | 5 years |
Production know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,719 | $ 6,844 |
Accumulated Amortization | (3,168) | (2,630) |
Net Carrying Amount | $ 3,551 | $ 4,214 |
Weighted- Average Lives | 8 years | 8 years |
Technology, trademark and tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,535 | $ 3,315 |
Accumulated Amortization | (1,740) | (1,074) |
Net Carrying Amount | $ 6,795 | $ 2,241 |
Weighted- Average Lives | 8 years | 8 years |
Goodwill And Intangibles (Estim
Goodwill And Intangibles (Estimated Future Amortization Expense For Intangibles) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,015 | $ 619 | |
2,016 | 2,422 | |
2,017 | 2,422 | |
2,018 | 2,357 | |
2,019 | 1,768 | |
Thereafter | 3,156 | |
Net Carrying Amount | $ 12,744 | $ 9,227 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Product Warranties [Line Items] | ||
Accrued warranty reported in accrued expenses and other liabilities | $ 13,413 | $ 9,489 |
Accrued warranty reported in other long-term liabilities | $ 12,597 | $ 9,783 |
Minimum | ||
Product Warranties [Line Items] | ||
Service warranties on lasers and amplifiers | 1 year | |
Maximum | ||
Product Warranties [Line Items] | ||
Service warranties on lasers and amplifiers | 3 years |
Product Warranties (Summary Of
Product Warranties (Summary Of Product Warranty Activity) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at January 1 | $ 19,272 | $ 14,997 |
Provision for warranty accrual | 16,424 | 10,460 |
Warranty claims | (8,627) | (7,195) |
Foreign currency translation | (1,059) | (1,183) |
Balance at September 30 | $ 26,010 | $ 17,079 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 6,494 | $ 6,501 |
Reductions of prior period positions | 0 | 0 |
Additions for tax positions in prior period | 0 | 0 |
(Reductions) additions for tax positions in current period | 0 | (795) |
Balance at September 30 | $ 6,494 | $ 5,706 |