Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 07, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 | |
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 (in shares) | 53,825,548 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 808,111 | $ 623,855 |
Short-term investments | 122,304 | 206,779 |
Accounts receivable, net | 237,332 | 155,901 |
Inventories | 260,661 | 239,010 |
Prepaid income taxes | 37,912 | 34,128 |
Prepaid expenses and other current assets | 44,454 | 41,289 |
Total current assets | 1,510,774 | 1,300,962 |
DEFERRED INCOME TAXES, NET | 47,843 | 42,442 |
GOODWILL | 28,728 | 19,828 |
INTANGIBLE ASSETS, NET | 32,294 | 28,789 |
PROPERTY, PLANT AND EQUIPMENT, NET | 389,853 | 379,375 |
OTHER ASSETS | 21,050 | 18,603 |
TOTAL | 2,030,542 | 1,789,999 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt | 1,188 | 3,188 |
Accounts payable | 28,996 | 28,048 |
Accrued expenses and other liabilities | 116,499 | 102,485 |
Income taxes payable | 10,102 | 24,554 |
Total current liabilities | 156,785 | 158,275 |
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES | 48,025 | 36,365 |
LONG-TERM DEBT, NET OF CURRENT PORTION | 21,375 | 37,635 |
Total liabilities | 226,185 | 232,275 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
IPG PHOTONICS CORPORATION EQUITY: | ||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 53,793,622 and 53,492,316 shares issued and outstanding, respectively, at June 30, 2017; 53,354,579 and 53,251,805 shares issued and outstanding, respectively, at December 31, 2016 | 5 | 5 |
Treasury stock, at cost (301,306 and 102,774 shares held) | (33,058) | (8,946) |
Additional paid-in capital | 681,263 | 650,974 |
Retained earnings | 1,275,314 | 1,094,108 |
Accumulated other comprehensive loss | (119,167) | (178,583) |
Total IPG Photonics Corporation equity | 1,804,357 | 1,557,558 |
NONCONTROLLING INTERESTS | 0 | 166 |
Total equity | 1,804,357 | 1,557,724 |
TOTAL | $ 2,030,542 | $ 1,789,999 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 53,793,622 | 53,354,579 |
Common stock, shares outstanding (in shares) | 53,492,316 | 53,251,805 |
Treasury stock, shares (in shares) | 301,306 | 102,774 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
NET SALES | $ 369,373 | $ 252,787 | $ 655,219 | $ 460,035 |
COST OF SALES | 163,077 | 115,084 | 291,656 | 207,921 |
GROSS PROFIT | 206,296 | 137,703 | 363,563 | 252,114 |
OPERATING EXPENSES: | ||||
Sales and marketing | 12,136 | 9,689 | 22,963 | 17,723 |
Research and development | 25,960 | 18,412 | 48,740 | 35,901 |
General and administrative | 19,875 | 16,151 | 37,601 | 30,052 |
Loss (gain) on foreign exchange | 7,183 | (1,556) | 11,636 | 3,411 |
Total operating expenses | 65,154 | 42,696 | 120,940 | 87,087 |
OPERATING INCOME | 141,142 | 95,007 | 242,623 | 165,027 |
OTHER INCOME (EXPENSE), Net: | ||||
Interest income, net | 468 | 270 | 776 | 462 |
Other income (expense), net | 23 | 141 | (506) | 148 |
Total other income (expense) | 491 | 411 | 270 | 610 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 141,633 | 95,418 | 242,893 | 165,637 |
PROVISION FOR INCOME TAXES | (37,530) | (28,387) | (63,858) | (49,277) |
NET INCOME | 104,103 | 67,031 | 179,035 | 116,360 |
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (13) | (27) | (26) | (25) |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION | $ 104,116 | $ 67,058 | $ 179,061 | $ 116,385 |
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE: | ||||
Basic (in dollars per share) | $ 1.95 | $ 1.26 | $ 3.35 | $ 2.20 |
Diluted (in dollars per share) | $ 1.91 | $ 1.25 | $ 3.29 | $ 2.17 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
Basic (in shares) | 53,380 | 53,065 | 53,403 | 52,981 |
Diluted (in shares) | 54,471 | 53,788 | 54,450 | 53,705 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 104,103 | $ 67,031 | $ 179,035 | $ 116,360 |
Other comprehensive income, net of tax: | ||||
Translation adjustments | 32,522 | (3,615) | 59,221 | 24,880 |
Unrealized (loss) gain on derivatives | (30) | 151 | (46) | 151 |
Loss on available-for-sale investments, net of tax reclassified to net income | 0 | 0 | 298 | 0 |
Total other comprehensive loss | 32,492 | (3,464) | 59,473 | 25,031 |
Comprehensive income | 136,595 | 63,567 | 238,508 | 141,391 |
Comprehensive loss attributable to noncontrolling interest | (37) | (19) | (26) | (13) |
Comprehensive income attributable to IPG Photonics Corporation | $ 136,632 | $ 63,586 | $ 238,534 | $ 141,404 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 179,035 | $ 116,360 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,714 | 23,653 |
Deferred income taxes | 4,533 | (9,268) |
Stock-based compensation | 11,059 | 10,436 |
Unrealized (gains) losses on foreign currency transactions | 5,538 | 2,240 |
Other | 688 | 294 |
Provisions for inventory, warranty & bad debt | 22,754 | 20,459 |
Changes in assets and liabilities that (used) provided cash: | ||
Accounts receivable | (73,634) | 2,885 |
Inventories | (25,820) | (34,668) |
Prepaid expenses and other current assets | (2,768) | (652) |
Accounts payable | 1,914 | (8,441) |
Accrued expenses and other liabilities | 2,102 | (4,341) |
Income and other taxes payable | (22,013) | (10,653) |
Net cash provided by operating activities | 133,102 | 108,304 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of and deposits on property, plant and equipment | (43,632) | (70,863) |
Proceeds from sales of property, plant and equipment | 15,284 | 184 |
Purchases of short-term investments | (71,244) | (62,211) |
Proceeds from short-term investments | 156,171 | 41,720 |
Acquisition of businesses, net of cash acquired | (11,307) | (46,527) |
Other | (568) | 72 |
Net cash provided by (used in) investing activities | 44,704 | (137,625) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from line-of-credit facilities | 6,761 | 4,002 |
Payments on line-of-credit facilities | (6,761) | (4,002) |
Purchase of noncontrolling interests | (197) | (950) |
Proceeds on long-term borrowings | 0 | 23,750 |
Principal payments on long-term borrowings | (18,260) | (1,000) |
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards | 17,152 | 8,579 |
Purchase of treasury stock, at cost | (24,112) | 0 |
Net cash (used in) provided by financing activities | (25,417) | 30,379 |
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | 31,867 | 3,696 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 184,256 | 4,754 |
CASH AND CASH EQUIVALENTS — Beginning of period | 623,855 | 582,532 |
CASH AND CASH EQUIVALENTS — End of period | 808,111 | 587,286 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 975 | 349 |
Cash paid for income taxes | 80,956 | 66,478 |
Non-cash transactions: | ||
Demonstration units transferred from inventory to other assets | 1,845 | 1,746 |
Inventory transferred to machinery and equipment | 1,531 | 1,129 |
(Reductions) additions to property, plant and equipment included in accounts payable | $ (1,892) | $ 806 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | COMMON STOCK | TREASURY STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TOTAL IPG PHOTONICS CORPORATION EQUITY | NONCONTROLLING INTERESTS (NCI) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Effect of adopted accounting standards | $ 0 | $ 0 | ||||||
Balance, beginning of year (in shares) at Dec. 31, 2015 | 52,883,902 | 0 | ||||||
Balance, beginning of year at Dec. 31, 2015 | $ 5 | $ 0 | 607,649 | 833,356 | $ (181,482) | $ 1,137 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options (in shares) | 244,895 | |||||||
Exercise of stock options | $ 0 | 10,316 | ||||||
Common stock issued under employee stock purchase plan (in shares) | 19,015 | |||||||
Common stock issued under employee stock purchase plan | $ 0 | 1,293 | ||||||
Purchased common stock (in shares) | 0 | 0 | ||||||
Purchased common stock | $ 0 | $ 0 | ||||||
Stock-based compensation | 10,436 | |||||||
Net income attributable to IPG Photonics Corporation | $ 116,385 | 116,385 | ||||||
Translation adjustments | 24,880 | 24,880 | ||||||
Change in unrealized (loss) gain on derivatives, net of tax | 151 | 151 | ||||||
Unrealized loss on available-for-sale investments, net of tax | 0 | 0 | ||||||
Realized loss on available-for-sale investments, net of tax, reclassified to net income | 0 | |||||||
Purchase of NCI | (950) | |||||||
Net loss attributable to NCI | (25) | (25) | ||||||
Other comprehensive income attributable to NCI | (13) | 12 | ||||||
Balance, end of period (in shares) at Jun. 30, 2016 | 53,147,812 | 0 | ||||||
Balance, end of period at Jun. 30, 2016 | 1,423,163 | $ 5 | $ 0 | 629,694 | 949,741 | (156,451) | $ 1,422,989 | 174 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Effect of adopted accounting standards | 2,078 | 2,145 | ||||||
Balance, beginning of year (in shares) at Dec. 31, 2016 | 53,251,805 | 102,774 | ||||||
Balance, beginning of year at Dec. 31, 2016 | 1,557,724 | $ 5 | $ (8,946) | 650,974 | 1,094,108 | (178,583) | 166 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options (in shares) | 419,161 | |||||||
Exercise of stock options | $ 0 | 15,483 | ||||||
Common stock issued under employee stock purchase plan (in shares) | 19,882 | |||||||
Common stock issued under employee stock purchase plan | $ 0 | 1,669 | ||||||
Purchased common stock (in shares) | (198,532) | (198,532) | ||||||
Purchased common stock | $ 0 | $ (24,112) | ||||||
Stock-based compensation | 11,059 | |||||||
Net income attributable to IPG Photonics Corporation | 179,061 | 179,061 | ||||||
Translation adjustments | 59,221 | 59,164 | ||||||
Change in unrealized (loss) gain on derivatives, net of tax | (46) | (46) | ||||||
Unrealized loss on available-for-sale investments, net of tax | 298 | (240) | ||||||
Realized loss on available-for-sale investments, net of tax, reclassified to net income | 538 | |||||||
Purchase of NCI | (197) | |||||||
Net loss attributable to NCI | (26) | (26) | ||||||
Other comprehensive income attributable to NCI | (26) | 57 | ||||||
Balance, end of period (in shares) at Jun. 30, 2017 | 53,492,316 | 301,306 | ||||||
Balance, end of period at Jun. 30, 2017 | $ 1,804,357 | $ 5 | $ (33,058) | $ 681,263 | $ 1,275,314 | $ (119,167) | $ 1,804,357 | $ 0 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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", "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, 2016 . 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 | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Pronouncement In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805)" ("ASU 2017-01"). ASU 2017-01 revises the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for public companies for annual reporting periods beginning after December 15, 2017, and interim reporting periods within such period. The amendments should be applied prospectively on or after the effective date. No disclosures are required at transition. Early application generally is allowed for transactions that have not been reported in financial statements which have been issued or made available for issuance. The Company has elected to early adopt this standard, and it did not have a material effect on its consolidated financial statements upon adoption. Recently Issued Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, "Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 amends ASC Topic 718 to better define what constitutes a modification of a share-based payment award by defining criteria that must be met for changes to a share-based payment award to not qualify as a modification. Changes to a share-based payment award must be accounted for as a modification under ASC Topic 718 unless all the newly defined criteria are met. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In February 2017, the FASB issued ASU No. 2017-05, "Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)" ("ASU 2017-05"). ASU 2017-05 was issued in conjunction with ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), to clarify guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance clarifies what constitutes an "in substance nonfinancial asset" and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business. The amendments should be applied at the same time as those in ASU 2014-09 with interim and annual reporting periods beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350)" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. ASU 2017-04 is effective for public companies for annual reporting periods beginning after December 15, 2020, and interim reporting periods within such period. The amendments should be applied prospectively on or after the effective date and require a disclosure as to the nature of and reason for the change in accounting principle upon transition. Early adoption is allowed for all entities as of January 1, 2017, for annual and any interim impairment tests occurring after January 1, 2017. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740) - Intra-Entity Transfers of Assets other than Inventory" ("ASU 2016-16"). ASU 2016-16 eliminates the current exception that prohibits the recognition of current and deferred income tax consequences for intra-entity asset transfers (other than inventory) until the asset has been sold to an outside party. The amendments will be applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings. Deferred tax assets should be assessed to determine if realizable. Disclosures will be required for the (i) reason for and notice of change, (ii) effect of change on income from continuing operations and (iii) cumulative effect of change on retained earnings. Public entities will apply these changes in annual reporting periods beginning after December 15, 2017, and interim reporting periods within such period. Early adoption is permitted. The Company is continuing to evaluate the standard but does not expect that it will have a material effect on its consolidated financial statements upon adoption. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than twelve months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is continuing to evaluate the standard but does not expect that it will have a material effect on its consolidated financial statements upon adoption. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have but does not expect it to have a material effect on its consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)" and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date," which defers the effective date of ASU 2014-09 one year to interim and annual reporting periods beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. In May 2016, the FASB also issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," to provide additional clarification of accounting for collections of sales taxes as well as recognition of revenue (i) associated with contract modifications, (ii) for noncash consideration, and (iii) based on the collectability of the consideration from the customer. The guidance also specifies when a contract should be considered "completed" for purposes of applying the transition guidance. The Company has completed an initial assessment of the new guidance and is in the process of completing documentation of this assessment. The Company does not expect the standard will have a material impact on the amount and timing of revenue recognized in the Company's consolidated financial statements. The Company has elected to use the modified retrospective application approach for transition to the new standard. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: June 30, December 31, 2017 2016 Components and raw materials $ 116,399 $ 93,284 Work-in-process 26,755 44,723 Finished components and devices 117,507 101,003 Total $ 260,661 $ 239,010 The Company recorded inventory provisions totaling $5,435 and $5,772 for the three months ended June 30, 2017 and 2016 , respectively, and $9,406 and $9,725 for the six months ended June 30, 2017 and 2016 , 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 components and devices. |
Accrued Expenses And Other Liab
Accrued Expenses And Other Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following: June 30, December 31, 2017 2016 Accrued compensation $ 43,352 $ 43,761 Customer deposits and deferred revenue 44,705 34,571 Current portion of accrued warranty 18,411 15,711 Other 10,031 8,442 Total $ 116,499 $ 102,485 |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS The Company's borrowings under existing financing arrangements consist of the following: June 30, December 31, 2017 2016 Term debt: Long-term notes $ 22,563 $ 40,823 Less: current portion (1,188 ) (3,188 ) Total long-term debt $ 21,375 $ 37,635 At June 30, 2017 , the amount due on the Company's unsecured long-term note was $22,563 of which $1,188 is the current portion. The interest on this unsecured note is variable at 1.20% above the LIBOR rate and is fixed using an interest rate swap at 2.85% per annum. The unsecured note matures in May 2023, at which time the outstanding debt balance will be $15,438 . The long-term note secured by the Company's corporate aircraft was repaid in the second quarter of 2017 when the Company sold the aircraft. The Company also maintains U.S. and Euro lines-of-credit which are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. At June 30, 2017 and December 31, 2016 , there were no amounts drawn on the U.S. line-of-credit, and there were $109 and $2,828 , respectively, of guarantees issued against the facility which reduces the amount of the facility available to draw. At June 30, 2017 and December 31, 2016 , there were no amounts drawn on the Euro lines-of-credit, and there were $11,112 and $8,221 , respectively, of guarantees issued against those facilities which reduces the amount available to draw providing for total unused credit lines and overdraft facilities of $75,332 at June 30, 2017 . Subsequent to June 30, 2017, the Company entered into a new Euro credit facility, which replaced an expiring credit facility and increased the available line-of-credit to Euro 50,000 from Euro 30,000 and closed on the purchase of a corporate aircraft for $28,000 that replaced the previous aircraft sold during the second quarter of 2017. The Company financed the entire purchase with proceeds from borrowing on a new long-term note that is secured by the aircraft with a fixed interest rate of 2.75% that matures in July 2022, at which time the outstanding debt balance will be $15,375 . |
Net Income Attributable To IPG
Net Income Attributable To IPG Photonics Corporation Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to IPG Photonics Corporation $ 104,116 $ 67,058 $ 179,061 $ 116,385 Weighted average shares 53,380 53,065 53,403 52,981 Dilutive effect of common stock equivalents 1,091 723 1,047 724 Diluted weighted average common shares 54,471 53,788 54,450 53,705 Basic net income attributable to IPG Photonics Corporation per share $ 1.95 $ 1.26 $ 3.35 $ 2.20 Diluted net income attributable to IPG Photonics Corporation per share $ 1.91 $ 1.25 $ 3.29 $ 2.17 For the three months ended June 30, 2017 and 2016 , respectively, the computation of diluted weighted average common shares excludes of 45,900 and 59,000 common stock equivalents which include 6,400 and 11,000 restricted stock units ("RSUs") and 200 and 0 performance stock units ("PSUs"), respectively. For the six months ended June 30, 2017 and 2016 , it excludes 95,400 and 95,100 common stock equivalents which include 23,200 and 31,300 RSUs and 8,100 and 6,400 PSUs, respectively, because the effect of including them would be anti-dilutive. Under ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), excess tax benefits and deficiencies as a result of stock option exercises and release of RSUs upon vesting are to be recognized as discrete items within income tax expense or benefit in the consolidated statements of comprehensive income in the reporting period in which they occur. The Company recognized excess tax benefits from stock award exercises and restricted stock unit vesting as a discrete tax benefit, which reduced the provision for income taxes for the three months ended June 30, 2017 by $3,394 and for the six months ended June 30, 2017 by $7,524 . The adoption of ASU 2016-09 also increased the calculation of fully diluted shares outstanding for the three months ended June 30, 2017 , by 238,917 shares and for six months ended June 30, 2017 , by 210,776 shares. On July 28, 2016, the Company announced that its Board of Directors authorized a share repurchase program (the “Program”) to mitigate the dilutive impact of shares issued upon exercise or release under the Company's various employee and director equity compensation and employee stock purchase plans. Under the Program, the Company's management is authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees and directors under its various employee and director equity compensation and employee stock purchase plans from January 1, 2016 through December 31, 2017. The Program limits aggregate share repurchases to no more than $100,000 over a period ending June 30, 2018. For the three months ended June 30, 2017 , the Company repurchased 90,832 shares of its common stock with an average price of $127.41 per share in the open market. Also, for the six months ended June 30, 2017 , the Company repurchased 198,532 shares of its common stock with an average price of $121.45 per share in the open market. The impact on the reduction of weighted average shares for the three months ended June 30, 2017 was 59,256 shares and for the six months ended June 30, 2017 was 99,421 shares. As the Program was announced in July 2016, there were no repurchases made by the Company for the three months ended June 30, 2016 or six months ended June 30, 2016 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 entered into a cash flow hedge which is an interest rate swap associated with a long-term note issued during the second quarter of 2016 that will terminate with the long-term note in May 2023. The fair value amounts in the consolidated balance sheet related to the interest rate swap were: Notional Amounts 1 Other Assets Other Long-Term Liabilities June 30, December 31, June 30, December 31, June 30, December 31, 2017 2016 2017 2016 2017 2016 $ 22,563 $ 23,156 $ 37 $ 77 $ — $ — (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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ (13 ) $ 239 $ (40 ) $ 239 Effective portion reclassified from other comprehensive income to interest expense, pretax: Interest rate swap $ — $ — $ — $ — Ineffective portion recognized in income: Interest rate swap $ — $ — $ — $ — |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company's financial instruments consist of cash equivalents, short-term investments, accounts receivable, auction rate securities, accounts payable, drawings on revolving lines of credit, long-term debt, contingent purchase consideration and interest rate swaps. 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, short-term investments, accounts receivable, accounts payable and drawings on revolving lines of credit are considered reasonable estimates of their fair market value due to their short maturities. At June 30, 2017, the Company's long-term notes consisted entirely of a variable rate note, accordingly, the book value of the long-term note is considered a reasonable estimate of its fair market value. The following table presents information about the Company's assets and liabilities measured at fair value: Fair Value Measurements at June 30, 2017 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 390,764 $ 390,764 $ — $ — Short-term investments 122,179 122,179 — — Interest rate swap 37 — 37 — Auction rate securities 1,148 — — 1,148 Total assets $ 514,128 $ 512,943 $ 37 $ 1,148 Liabilities Long-term notes $ 22,563 $ — $ 22,563 $ — Total liabilities $ 22,563 $ — $ 22,563 $ — Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 179,699 $ 179,699 $ — $ — Short-term investments 206,616 206,616 — — Interest rate swap 77 — 77 — Auction rate securities 1,144 — — 1,144 Total assets $ 387,536 $ 386,315 $ 77 $ 1,144 Liabilities Long-term notes $ 41,351 $ — $ 41,351 $ — Total liabilities $ 41,351 $ — $ 41,351 $ — Short-term investments consist of liquid investments including U.S. government and government agency notes, corporate notes, commercial paper and certificates of deposit with original maturities of greater than three months but less than one year and are recorded at amortized cost. The fair value of the short-term investments considered available-for-sale as of December 31, 2016 was $41,591 . This amount included an unrealized loss of $432 . There were no short-term investments considered available-for-sale as of June 30, 2017 . The fair value of the short-term investments considered held-to-maturity as of June 30, 2017 and December 31, 2016 was $122,179 and $165,025 , respectively, which represents an unrealized loss of $125 and $163 , respectively, as compared to the book value recorded on the Consolidated Balance Sheets for the same periods. 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 purchase 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 purchase consideration. The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Auction Rate Securities Balance, beginning of period $ 1,146 $ 1,138 $ 1,144 $ 1,136 Change in fair value and accretion 2 2 4 4 Balance, end of period $ 1,148 $ 1,140 $ 1,148 $ 1,140 Contingent Purchase Consideration Balance, beginning of period $ — $ 21 $ — $ 20 Period transactions — — — — Change in fair value and currency fluctuations — (1 ) — — Balance, end of period $ — $ 20 $ — $ 20 |
Goodwill And Intangibles
Goodwill And Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangibles | GOODWILL AND INTANGIBLES The following table sets forth the changes in the carrying amount of goodwill for the six months ended June 30, 2017 : Amounts Balance at January 1 $ 19,828 Total goodwill arising from acquisition 8,900 Balance at June 30 $ 28,728 Intangible assets, subject to amortization, consisted of the following: June 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Patents $ 8,114 $ (5,103 ) $ 3,011 7 Years $ 8,114 $ (4,926 ) $ 3,188 7 Years Customer relationships 13,958 (4,360 ) 9,598 9 Years 12,727 (3,621 ) 9,106 9 Years Production know-how 6,743 (4,577 ) 2,166 8 Years 6,618 (4,093 ) 2,525 8 Years Technology, trademark and tradename 22,623 (5,104 ) 17,519 8 Years 17,910 (3,940 ) 13,970 8 Years $ 51,438 $ (19,144 ) $ 32,294 $ 45,369 $ (16,580 ) $ 28,789 During the second quarter of 2017, the Company acquired 100% of the shares of OptiGrate Corporation ("OptiGrate"). OptiGrate is located in Oviedo, Florida. OptiGrate is a developer and manufacturer of volume Bragg gratings used in the production of lasers and laser diodes. The Company paid $16,870 to acquire OptiGrate, which represents the fair value on that date. Of the purchase price, $1,849 was held back in escrow for potential post-closing adjustments related to working capital and indemnities provided by the sellers. As a result of the acquisition, the Company recorded intangible assets of $1,010 related to customer relationships and $4,650 of technology, trademark and tradename. Additionally, the Company recorded $8,900 of goodwill related to expected synergies from having in-house supply of these optical components. The goodwill arising from this acquisition will not be deductible for tax purposes. The purchase price allocations included in the Company's financial statements are estimates and are not complete. They are preliminary fair value estimates as of June 30, 2017 and may be subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill or income, as applicable. Subsequent to June 30, 2017, the Company closed the previously announced acquisition of 100% of the shares of Innovative Laser Technologies, LLC ("ILT") for $40,181 in cash, subject to working capital adjustments. ILT is a Minneapolis, Minnesota based company which produces high precision laser-based systems for the medical device industry and other end user markets. Amortization expense for the three months ended June 30, 2017 and 2016 was $1,168 and $901 , respectively. Amortization expense for the six months ended June 30, 2017 and 2016 was $2,233 and $1,444 , respectively. The estimated future amortization expense for intangibles for the remainder of 2017 and subsequent years is as follows: 2017 2018 2019 2020 2021 Thereafter Total $2,633 $5,201 $4,652 $4,141 $4,102 $11,565 $32,294 |
Product Warranties
Product Warranties | 6 Months Ended |
Jun. 30, 2017 | |
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 accrual activity recorded during the six months ended June 30, 2017 and 2016 . 2017 2016 Balance at January 1 $ 33,978 $ 28,210 Provision for warranty accrual 12,626 10,344 Warranty claims (7,476 ) (8,040 ) Foreign currency translation 1,687 442 Balance at June 30 $ 40,815 $ 30,956 Accrued warranty reported in the accompanying consolidated financial statements as of June 30, 2017 and December 31, 2016 consisted of $18,411 and $15,711 in accrued expenses and other liabilities and $22,404 and $18,267 in other long-term liabilities, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A reconciliation of the total amounts of unrecognized tax benefits is as follows: 2017 2016 Balance at January 1 $ 6,403 $ 7,579 Change in prior period positions (2,240 ) — Change for tax positions in current period — — Balance at June 30 $ 4,163 $ 7,579 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 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. |
Long-Lived Assets
Long-Lived Assets | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | LONG-LIVED ASSETS Long-lived assets, which consist primarily of property, plant and equipment, are reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In cases in which undiscounted expected future cash flows are less than the carrying value, an impairment loss is recorded equal to the amount by which the carrying value exceeds the fair value of assets. In the fourth quarter of 2016, the Company began assessing the possible sale of its corporate aircraft included within Property, Plant and Equipment, net in its Consolidated Balance Sheets. As a result of this assessment and certain market indications of the aircraft's value if sold, the Company prepared an updated impairment analysis of the carrying value of the aircraft as of March 31, 2017. The impairment analysis was probability weighted considering market data available, future cash flows and whether or not the Company would sell the aircraft. Based on that analysis the Company recorded a $162 impairment charge included in general and administrative expense in its Consolidated Statements of Income for the six months ended June 30, 2017 . There were no impairment losses recorded by the Company for the six months ended June 30, 2016 . The corporate aircraft was sold during the three months ended June 30, 2017 . |
Recent Accounting Pronounceme21
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Pronouncement In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805)" ("ASU 2017-01"). ASU 2017-01 revises the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for public companies for annual reporting periods beginning after December 15, 2017, and interim reporting periods within such period. The amendments should be applied prospectively on or after the effective date. No disclosures are required at transition. Early application generally is allowed for transactions that have not been reported in financial statements which have been issued or made available for issuance. The Company has elected to early adopt this standard, and it did not have a material effect on its consolidated financial statements upon adoption. Recently Issued Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, "Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 amends ASC Topic 718 to better define what constitutes a modification of a share-based payment award by defining criteria that must be met for changes to a share-based payment award to not qualify as a modification. Changes to a share-based payment award must be accounted for as a modification under ASC Topic 718 unless all the newly defined criteria are met. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In February 2017, the FASB issued ASU No. 2017-05, "Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)" ("ASU 2017-05"). ASU 2017-05 was issued in conjunction with ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), to clarify guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance clarifies what constitutes an "in substance nonfinancial asset" and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business. The amendments should be applied at the same time as those in ASU 2014-09 with interim and annual reporting periods beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350)" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. ASU 2017-04 is effective for public companies for annual reporting periods beginning after December 15, 2020, and interim reporting periods within such period. The amendments should be applied prospectively on or after the effective date and require a disclosure as to the nature of and reason for the change in accounting principle upon transition. Early adoption is allowed for all entities as of January 1, 2017, for annual and any interim impairment tests occurring after January 1, 2017. The Company is currently evaluating the potential impact that the standard will have on its consolidated financial statements upon adoption. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740) - Intra-Entity Transfers of Assets other than Inventory" ("ASU 2016-16"). ASU 2016-16 eliminates the current exception that prohibits the recognition of current and deferred income tax consequences for intra-entity asset transfers (other than inventory) until the asset has been sold to an outside party. The amendments will be applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings. Deferred tax assets should be assessed to determine if realizable. Disclosures will be required for the (i) reason for and notice of change, (ii) effect of change on income from continuing operations and (iii) cumulative effect of change on retained earnings. Public entities will apply these changes in annual reporting periods beginning after December 15, 2017, and interim reporting periods within such period. Early adoption is permitted. The Company is continuing to evaluate the standard but does not expect that it will have a material effect on its consolidated financial statements upon adoption. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than twelve months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is continuing to evaluate the standard but does not expect that it will have a material effect on its consolidated financial statements upon adoption. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have but does not expect it to have a material effect on its consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)" and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date," which defers the effective date of ASU 2014-09 one year to interim and annual reporting periods beginning after December 15, 2017, which would be the Company's fiscal year ending December 31, 2018. In May 2016, the FASB also issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," to provide additional clarification of accounting for collections of sales taxes as well as recognition of revenue (i) associated with contract modifications, (ii) for noncash consideration, and (iii) based on the collectability of the consideration from the customer. The guidance also specifies when a contract should be considered "completed" for purposes of applying the transition guidance. The Company has completed an initial assessment of the new guidance and is in the process of completing documentation of this assessment. The Company does not expect the standard will have a material impact on the amount and timing of revenue recognized in the Company's consolidated financial statements. The Company has elected to use the modified retrospective application approach for transition to the new standard. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: June 30, December 31, 2017 2016 Components and raw materials $ 116,399 $ 93,284 Work-in-process 26,755 44,723 Finished components and devices 117,507 101,003 Total $ 260,661 $ 239,010 |
Accrued Expenses And Other Li23
Accrued Expenses And Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following: June 30, December 31, 2017 2016 Accrued compensation $ 43,352 $ 43,761 Customer deposits and deferred revenue 44,705 34,571 Current portion of accrued warranty 18,411 15,711 Other 10,031 8,442 Total $ 116,499 $ 102,485 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings Under Existing Financing Arrangements | The Company's borrowings under existing financing arrangements consist of the following: June 30, December 31, 2017 2016 Term debt: Long-term notes $ 22,563 $ 40,823 Less: current portion (1,188 ) (3,188 ) Total long-term debt $ 21,375 $ 37,635 |
Net Income Attributable To IP25
Net Income Attributable To IPG Photonics Corporation Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to IPG Photonics Corporation $ 104,116 $ 67,058 $ 179,061 $ 116,385 Weighted average shares 53,380 53,065 53,403 52,981 Dilutive effect of common stock equivalents 1,091 723 1,047 724 Diluted weighted average common shares 54,471 53,788 54,450 53,705 Basic net income attributable to IPG Photonics Corporation per share $ 1.95 $ 1.26 $ 3.35 $ 2.20 Diluted net income attributable to IPG Photonics Corporation per share $ 1.91 $ 1.25 $ 3.29 $ 2.17 |
Derivative Financial Instrume26
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Long-Term Liabilities June 30, December 31, June 30, December 31, June 30, December 31, 2017 2016 2017 2016 2017 2016 $ 22,563 $ 23,156 $ 37 $ 77 $ — $ — (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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ (13 ) $ 239 $ (40 ) $ 239 Effective portion reclassified from other comprehensive income to interest expense, pretax: Interest rate swap $ — $ — $ — $ — Ineffective portion recognized in income: Interest rate swap $ — $ — $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 390,764 $ 390,764 $ — $ — Short-term investments 122,179 122,179 — — Interest rate swap 37 — 37 — Auction rate securities 1,148 — — 1,148 Total assets $ 514,128 $ 512,943 $ 37 $ 1,148 Liabilities Long-term notes $ 22,563 $ — $ 22,563 $ — Total liabilities $ 22,563 $ — $ 22,563 $ — Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets Cash equivalents $ 179,699 $ 179,699 $ — $ — Short-term investments 206,616 206,616 — — Interest rate swap 77 — 77 — Auction rate securities 1,144 — — 1,144 Total assets $ 387,536 $ 386,315 $ 77 $ 1,144 Liabilities Long-term notes $ 41,351 $ — $ 41,351 $ — Total liabilities $ 41,351 $ — $ 41,351 $ — |
Fair Value, Assets Measured on Recurring Basis | The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Auction Rate Securities Balance, beginning of period $ 1,146 $ 1,138 $ 1,144 $ 1,136 Change in fair value and accretion 2 2 4 4 Balance, end of period $ 1,148 $ 1,140 $ 1,148 $ 1,140 Contingent Purchase Consideration Balance, beginning of period $ — $ 21 $ — $ 20 Period transactions — — — — Change in fair value and currency fluctuations — (1 ) — — Balance, end of period $ — $ 20 $ — $ 20 |
Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Auction Rate Securities Balance, beginning of period $ 1,146 $ 1,138 $ 1,144 $ 1,136 Change in fair value and accretion 2 2 4 4 Balance, end of period $ 1,148 $ 1,140 $ 1,148 $ 1,140 Contingent Purchase Consideration Balance, beginning of period $ — $ 21 $ — $ 20 Period transactions — — — — Change in fair value and currency fluctuations — (1 ) — — Balance, end of period $ — $ 20 $ — $ 20 |
Goodwill And Intangibles (Table
Goodwill And Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying amount of goodwill for the six months ended June 30, 2017 : Amounts Balance at January 1 $ 19,828 Total goodwill arising from acquisition 8,900 Balance at June 30 $ 28,728 |
Intangible Assets | Intangible assets, subject to amortization, consisted of the following: June 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Lives Patents $ 8,114 $ (5,103 ) $ 3,011 7 Years $ 8,114 $ (4,926 ) $ 3,188 7 Years Customer relationships 13,958 (4,360 ) 9,598 9 Years 12,727 (3,621 ) 9,106 9 Years Production know-how 6,743 (4,577 ) 2,166 8 Years 6,618 (4,093 ) 2,525 8 Years Technology, trademark and tradename 22,623 (5,104 ) 17,519 8 Years 17,910 (3,940 ) 13,970 8 Years $ 51,438 $ (19,144 ) $ 32,294 $ 45,369 $ (16,580 ) $ 28,789 |
Estimated Future Amortization Expense For Intangibles | The estimated future amortization expense for intangibles for the remainder of 2017 and subsequent years is as follows: 2017 2018 2019 2020 2021 Thereafter Total $2,633 $5,201 $4,652 $4,141 $4,102 $11,565 $32,294 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Summary of Product Warranty Activity | The following table summarizes product warranty accrual activity recorded during the six months ended June 30, 2017 and 2016 . 2017 2016 Balance at January 1 $ 33,978 $ 28,210 Provision for warranty accrual 12,626 10,344 Warranty claims (7,476 ) (8,040 ) Foreign currency translation 1,687 442 Balance at June 30 $ 40,815 $ 30,956 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits is as follows: 2017 2016 Balance at January 1 $ 6,403 $ 7,579 Change in prior period positions (2,240 ) — Change for tax positions in current period — — Balance at June 30 $ 4,163 $ 7,579 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Components and raw materials | $ 116,399 | $ 93,284 |
Work-in-process | 26,755 | 44,723 |
Finished components and devices | 117,507 | 101,003 |
Total | $ 260,661 | $ 239,010 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | ||||
Inventory provisions | $ 5,435 | $ 5,772 | $ 9,406 | $ 9,725 |
Accrued Expenses And Other Li33
Accrued Expenses And Other Liabilities (Components Of Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 43,352 | $ 43,761 |
Customer deposits and deferred revenue | 44,705 | 34,571 |
Current portion of accrued warranty | 18,411 | 15,711 |
Other | 10,031 | 8,442 |
Total | $ 116,499 | $ 102,485 |
Financing Arrangements (Borrowi
Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Term debt: | ||
Less: current portion | $ (1,188) | $ (3,188) |
Total long-term debt | 21,375 | 37,635 |
Long-term notes | ||
Term debt: | ||
Long-term notes | $ 22,563 | $ 40,823 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |||||
Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | May 31, 2023USD ($) | Jul. 31, 2022USD ($) | Aug. 08, 2017EUR (€) | Jun. 30, 2017EUR (€) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||
Total unused credit lines and overdraft facilities | $ 75,332,000 | ||||||
Subsequent Event | Aircraft | |||||||
Debt Instrument [Line Items] | |||||||
Corporate aircraft | $ 28,000,000 | ||||||
Unsecured Debt | Scenario, Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Amount due on long-term note | $ 15,438,000 | ||||||
Unsecured Debt | Interest rate swap | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate swap | 2.85% | 2.85% | |||||
Unsecured Debt | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.20% | ||||||
U.S. line-of-credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | $ 0 | $ 0 | |||||
Guarantees issued | 109,000 | 2,828,000 | |||||
Euro line-of-credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | 0 | 0 | |||||
Guarantees issued | 11,112,000 | $ 8,221,000 | |||||
Available line-of-credit | € | € 30,000,000 | ||||||
Euro line-of-credit | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Available line-of-credit | € | € 50,000,000 | ||||||
Long-term notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount due on long-term note | 22,563,000 | ||||||
Current portion of long-term note | $ 1,188,000 | ||||||
Long-term notes | Secured Debt | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 2.75% | ||||||
Long-term notes | Secured Debt | Scenario, Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Amount due on long-term note | $ 15,375,000 |
Net Income Attributable To IP36
Net Income Attributable To IPG Photonics Corporation Per Share (Computation of Diluted Net Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to IPG Photonics Corporation | $ 104,116 | $ 67,058 | $ 179,061 | $ 116,385 |
Weighted average shares (in shares) | 53,380 | 53,065 | 53,403 | 52,981 |
Dilutive effect of common stock equivalents (in shares) | 1,091 | 723 | 1,047 | 724 |
Diluted weighted average common shares (in shares) | 54,471 | 53,788 | 54,450 | 53,705 |
Basic net income attributable to IPG Photonics Corporation per share (in dollars per share) | $ 1.95 | $ 1.26 | $ 3.35 | $ 2.20 |
Diluted net income attributable to IPG Photonics Corporation per share (in dollars per share) | $ 1.91 | $ 1.25 | $ 3.29 | $ 2.17 |
Net Income Attributable to IP37
Net Income Attributable to IPG Photonics Corporation Per Share (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 28, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Excluded from computation of diluted weighted average common shares (in shares) | 45,900 | 59,000 | 95,400 | 95,100 | |
Share repurchase amount (no more than) | $ 100,000 | ||||
Stock repurchased during period (in shares) | 90,832 | 0 | 198,532 | 0 | |
Stock repurchase average price (in dollars per share) | $ 127.41 | $ 121.45 | |||
Decrease in weighted average shares outstanding, treasury stock (in shares) | 59,256 | 99,421 | |||
Accounting Standards Update 2016-09 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Excess tax benefit | $ 3,394,000 | $ 7,524,000 | |||
Increase in diluted weighted shares outstanding (in shares) | 238,917 | 210,776 | |||
RSUs | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Excluded from computation of diluted weighted average common shares (in shares) | 6,400 | 11,000 | 23,200 | 31,300 | |
PSUs | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Excluded from computation of diluted weighted average common shares (in shares) | 200 | 0 | 8,100 | 6,400 |
Derivative Financial Instrume38
Derivative Financial Instruments (Narrative) (Details) | Jun. 30, 2017USD ($) |
Nondesignated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Notional amounts | $ 0 |
Derivative Financial Instrume39
Derivative Financial Instruments (Fair Value Of Cash Flow Hedges) (Details) - Interest rate swap - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 22,563 | $ 23,156 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 37 | 77 |
Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 0 | $ 0 |
Derivative Financial Instrume40
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion recognized in other comprehensive income, pretax | $ (13) | $ 239 | $ (40) | $ 239 |
Effective portion reclassified from other comprehensive income to interest expense, pretax | 0 | 0 | 0 | 0 |
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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 514,128,000 | $ 387,536,000 |
Liabilities | 22,563,000 | 41,351,000 |
Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 41,591,000 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 512,943,000 | 386,315,000 |
Liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,000 | 77,000 |
Liabilities | 22,563,000 | 41,351,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,148,000 | 1,144,000 |
Liabilities | 0 | 0 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 390,764,000 | 179,699,000 |
Cash equivalents | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 390,764,000 | 179,699,000 |
Cash equivalents | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Cash equivalents | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 122,179,000 | 206,616,000 |
Short-term investments | Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 122,179,000 | 165,025,000 |
Short-term investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 122,179,000 | 206,616,000 |
Short-term investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Short-term investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,000 | 77,000 |
Interest rate swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,000 | 77,000 |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Auction rate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,148,000 | 1,144,000 |
Auction rate securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Auction rate securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Auction rate securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,148,000 | 1,144,000 |
Long-term notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 22,563,000 | 41,351,000 |
Long-term notes | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Long-term notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 22,563,000 | 41,351,000 |
Long-term notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 514,128,000 | $ 387,536,000 |
Unrealized loss, short-term investments considered available-for-sale | 432,000 | |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 122,179,000 | 206,616,000 |
Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 41,591,000 |
Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized loss, investments | 125,000 | 163,000 |
Held-to-maturity Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 122,179,000 | $ 165,025,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Auction Rate Securities and Contingent Purchase Consideration) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Auction Rate Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 1,146 | $ 1,138 | $ 1,144 | $ 1,136 |
Change in fair value and accretion | 2 | 2 | 4 | 4 |
Balance, end of period | 1,148 | 1,140 | 1,148 | 1,140 |
Contingent Purchase Consideration | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 0 | 21 | 0 | 20 |
Period transactions | 0 | 0 | 0 | 0 |
Change in fair value and currency fluctuations | 0 | (1) | 0 | 0 |
Balance, end of period | $ 0 | $ 20 | $ 0 | $ 20 |
Goodwill And Intangibles (Sched
Goodwill And Intangibles (Schedule of Changes) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1 | $ 19,828 |
Total goodwill arising from acquisition | 8,900 |
Balance at June 30 | $ 28,728 |
Goodwill And Intangibles (Intan
Goodwill And Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 51,438 | $ 45,369 |
Accumulated Amortization | (19,144) | (16,580) |
Net Carrying Amount | 32,294 | 28,789 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,114 | 8,114 |
Accumulated Amortization | (5,103) | (4,926) |
Net Carrying Amount | $ 3,011 | $ 3,188 |
Weighted- Average Lives | 7 years | 7 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,958 | $ 12,727 |
Accumulated Amortization | (4,360) | (3,621) |
Net Carrying Amount | $ 9,598 | $ 9,106 |
Weighted- Average Lives | 9 years | 9 years |
Production know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,743 | $ 6,618 |
Accumulated Amortization | (4,577) | (4,093) |
Net Carrying Amount | $ 2,166 | $ 2,525 |
Weighted- Average Lives | 8 years | 8 years |
Technology, trademark and tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,623 | $ 17,910 |
Accumulated Amortization | (5,104) | (3,940) |
Net Carrying Amount | $ 17,519 | $ 13,970 |
Weighted- Average Lives | 8 years | 8 years |
Goodwill And Intangibles (Narra
Goodwill And Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 08, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 32,294 | $ 32,294 | $ 28,789 | |||
Goodwill arising from acquisition | 8,900 | |||||
Amortization expense | 1,168 | $ 901 | 2,233 | $ 1,444 | ||
Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | 9,598 | 9,598 | 9,106 | |||
Technology, trademark and tradename | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 17,519 | $ 17,519 | $ 13,970 | |||
OptiGrate | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of shares acquired | 100.00% | 100.00% | ||||
Consideration transferred | $ 16,870 | |||||
Escrow, potential working capital and indemnity post-closing adjustments | 1,849 | $ 1,849 | ||||
Goodwill arising from acquisition | 8,900 | |||||
OptiGrate | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | 1,010 | 1,010 | ||||
OptiGrate | Technology, trademark and tradename | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 4,650 | $ 4,650 | ||||
ILT | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of shares acquired | 100.00% | |||||
Cash paid | $ 40,181 |
Goodwill And Intangibles (Estim
Goodwill And Intangibles (Estimated Future Amortization Expense For Intangibles) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 2,633 | |
2,018 | 5,201 | |
2,019 | 4,652 | |
2,020 | 4,141 | |
2,021 | 4,102 | |
Thereafter | 11,565 | |
Net Carrying Amount | $ 32,294 | $ 28,789 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Product Warranty Liability [Line Items] | ||
Accrued warranty reported in accrued expenses and other liabilities | $ 18,411 | $ 15,711 |
Accrued warranty reported in other long-term liabilities | $ 22,404 | $ 18,267 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Service warranties on lasers and amplifiers | 1 year | |
Maximum | ||
Product Warranty Liability [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 | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at January 1 | $ 33,978 | $ 28,210 |
Provision for warranty accrual | 12,626 | 10,344 |
Warranty claims | (7,476) | (8,040) |
Foreign currency translation | 1,687 | 442 |
Balance at June 30 | $ 40,815 | $ 30,956 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 6,403 | $ 7,579 |
Change in prior period positions | (2,240) | 0 |
Change for tax positions in current period | 0 | 0 |
Balance at June 30 | $ 4,163 | $ 7,579 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Jun. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Legal proceedings | $ 0 |
Long-Lived Assets (Narrative) (
Long-Lived Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2017 | |
Property, Plant and Equipment | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Impairment of long-lived assets | $ 0 | $ 162,000 |