IPG Photonics (IPGP) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-33155
Entity Registrant Name	IPG PHOTONICS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3444218
Entity Address, Address Line One	50 Old Webster Road
Entity Address, City or Town	Oxford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01540
City Area Code	508
Local Phone Number	373-1100
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	IPGP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		50,207,950
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001111928

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 771,788	$ 709,105
Short-term investments	462,865	805,400
Accounts receivable, net	246,877	262,121
Inventories	556,747	460,747
Prepaid income taxes	52,912	36,990
Prepaid expenses and other current assets	79,662	73,320
Total current assets	2,170,851	2,347,683
Deferred income taxes, net	60,563	47,761
Goodwill	39,285	38,609
Intangible assets, net	46,866	52,678
Property, plant and equipment, net	680,321	635,302
Other assets	50,883	48,507
Total assets	3,048,769	3,170,540
Current liabilities:
Current portion of long-term debt	32,225	18,126
Accounts payable	57,276	55,839
Accrued expenses and other current liabilities	210,813	230,826
Income taxes payable	15,588	8,642
Total current liabilities	315,902	313,433
Other long-term liabilities and deferred income taxes	92,516	93,855
Long-term debt, net of current portion	0	16,031
Total liabilities	408,418	423,319
Commitments and contingencies (Note 11)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,967,254 and 50,206,255 shares issued and outstanding, respectively, at June 30, 2022; 55,788,246 and 53,010,265 shares issued and outstanding, respectively, at December 31, 2021.	6	6
Treasury stock, at cost, 5,760,999 and 2,777,981 shares held at June 30, 2022 and December 31, 2021, respectively.	(750,109)	(438,503)
Additional paid-in capital	930,950	908,423
Retained earnings	2,593,147	2,466,607
Accumulated other comprehensive loss	(134,778)	(189,951)
Total IPG Photonics Corporation equity	2,639,216	2,746,582
Non-controlling interests	1,135	639
Total equity	2,640,351	2,747,221
Total liabilities and equity	$ 3,048,769	$ 3,170,540

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	55,967,254	55,788,246
Common stock, shares outstanding	50,206,255	53,010,265
Treasury stock (in shares)	5,760,999	2,777,981

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 377,023	$ 371,658	$ 747,002	$ 717,243
Cost of sales	204,679	191,130	402,837	372,724
Gross profit	172,344	180,528	344,165	344,519
Operating expenses:
Sales and marketing	19,010	19,193	39,384	38,076
Research and development	30,608	35,191	64,058	68,530
General and administrative	33,411	31,066	64,075	61,158
Loss (gain) on foreign exchange	17,640	2,826	11,830	(4,339)
Total operating expenses	100,669	88,276	179,347	163,425
Operating income	71,675	92,252	164,818	181,094
Other income (expense), net:
Interest income (expense), net	1,177	(407)	1,107	(902)
Other income, net	618	28	382	281
Total other income (expense)	1,795	(379)	1,489	(621)
Income before provision for income taxes	73,470	91,873	166,307	180,473
Provision for income taxes	16,139	22,196	39,348	42,574
Net income	57,331	69,677	126,959	137,899
Less: net income (loss) attributable to non-controlling interests	363	(123)	419	(28)
Net income attributable to IPG Photonics Corporation common stockholders	$ 56,968	$ 69,800	$ 126,540	$ 137,927
Net income attributable to IPG Photonics Corporation per common share:
Basic (in dollars per share)	$ 1.10	$ 1.31	$ 2.42	$ 2.58
Diluted (in dollars per share)	$ 1.10	$ 1.29	$ 2.41	$ 2.55
Weighted average common shares outstanding:
Basic (in shares)	51,687,494	53,471,512	52,111,167	53,547,757
Diluted (in shares)	51,794,948	53,998,982	52,310,541	54,145,245

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 57,331	$ 69,677	$ 126,959	$ 137,899
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments and other	94,244	19,116	54,918	(13,363)
Unrealized gain on derivatives	119	51	332	119
Total other comprehensive income (loss)	94,363	19,167	55,250	(13,244)
Comprehensive income	151,694	88,844	182,209	124,655
Less: comprehensive income attributable to non-controlling interests	135	194	496	70
Comprehensive income attributable to IPG Photonics Corporation	$ 151,559	$ 88,650	$ 181,713	$ 124,585

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 126,959	$ 137,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,104	47,976
Deferred income taxes	(11,204)	(1,856)
Stock-based compensation	20,439	18,678
Unrealized loss (gain) on foreign currency transactions	12,584	(1,728)
Other	3,760	3,571
Provisions for inventory, warranty and bad debt	38,644	32,654
Changes in assets and liabilities that provided (used) cash, net of acquisitions:
Accounts receivable	1,560	12,525
Inventories	(99,233)	(61,220)
Prepaid expenses and other assets	4,922	(2,187)
Accounts payable	3,131	24,879
Accrued expenses and other liabilities	(35,842)	595
Income and other taxes payable	(17,663)	(8,596)
Net cash provided by operating activities	95,161	203,190
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment	(59,903)	(54,344)
Proceeds from sales of property, plant and equipment	645	258
Purchases of short-term investments	(583,828)	(1,014,033)
Proceeds from short-term investments	925,657	785,023
Acquisitions of businesses, net of cash acquired	(2,000)	0
Other	(350)	(547)
Net cash provided by (used in) investing activities	280,221	(283,643)
Cash flows from financing activities:
Principal payments on long-term borrowings	(1,932)	(1,896)
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	2,088	10,567
Purchase of treasury stock, at cost	(311,606)	(41,731)
Payment of purchase price holdback from business combination	0	(2,624)
Net cash used in financing activities	(311,450)	(35,684)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1,249)	(8,217)
Net increase (decrease) in cash, cash equivalents and restricted cash	62,683	(124,354)
Cash, cash equivalents and restricted cash — Beginning of period	709,105	878,553
Cash and cash equivalents — End of period	771,788	754,199
Supplemental disclosure of cash flow information:
Cash paid for interest	1,600	1,388
Cash paid for income taxes	61,715	41,809
Non-cash transactions:
Demonstration units transferred from inventory to other assets	2,204	2,704
Inventory transferred to machinery and equipment	1,764	1,353
Changes in accounts payable related to property, plant and equipment	92	416
Leased assets obtained in exchange for new operating lease liabilities	$ 5,697	$ 1,258

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interest
Balance, beginning of year (in shares) at Dec. 31, 2020		53,427,234
Balance, beginning of period at Dec. 31, 2020	$ 2,594,111	$ 6	$ (303,614)	$ 854,301	$ 2,188,191	$ (146,065)	$ 1,292
Balance, beginning of period (in shares) at Dec. 31, 2020			(2,034,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSU's and PSU's (in shares)		249,361
Exercise of stock options and vesting of RSUs and PSUs	7,867			7,867
Common stock issued under employee stock purchase plan (in shares)		15,071
Common stock issued under employee stock purchase plan	2,700			2,700
Purchased common stock (in shares)		(199,777)	(199,777)
Purchased common stock	(41,731)		$ (41,731)
Stock-based compensation	18,678			18,678
Net income	137,899				137,927		(28)
Foreign currency translation adjustments and other	(13,363)					(13,461)	98
Unrealized gain (loss) on derivatives, net of tax	119					119
Balance, end of period (in shares) at Jun. 30, 2021		53,491,889
Balance, end of period at Jun. 30, 2021	2,706,280	$ 6	$ (345,345)	883,546	2,326,118	(159,407)	1,362
Balance, end of period (in shares) at Jun. 30, 2021			(2,233,789)
Balance, beginning of year (in shares) at Mar. 31, 2021		53,623,865
Balance, beginning of period at Mar. 31, 2021	2,640,670	$ 6	$ (306,662)	868,097	2,256,318	(178,257)	1,168
Balance, beginning of period (in shares) at Mar. 31, 2021			(2,048,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSU's and PSU's (in shares)		37,824
Exercise of stock options and vesting of RSUs and PSUs	2,886			2,886
Common stock issued under employee stock purchase plan (in shares)		15,071
Common stock issued under employee stock purchase plan	2,700			2,700
Purchased common stock (in shares)		(184,871)	(184,871)
Purchased common stock	(38,683)		$ (38,683)
Stock-based compensation	9,863			9,863
Net income	69,677				69,800		(123)
Foreign currency translation adjustments and other	19,116					18,799	317
Unrealized gain (loss) on derivatives, net of tax	51					51
Balance, end of period (in shares) at Jun. 30, 2021		53,491,889
Balance, end of period at Jun. 30, 2021	$ 2,706,280	$ 6	$ (345,345)	883,546	2,326,118	(159,407)	1,362
Balance, end of period (in shares) at Jun. 30, 2021			(2,233,789)
Balance, beginning of year (in shares) at Dec. 31, 2021	53,010,265	53,010,265
Balance, beginning of period at Dec. 31, 2021	$ 2,747,221	$ 6	$ (438,503)	908,423	2,466,607	(189,951)	639
Balance, beginning of period (in shares) at Dec. 31, 2021			(2,777,981)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSU's and PSU's (in shares)		149,831
Exercise of stock options and vesting of RSUs and PSUs	(246)			(246)
Common stock issued under employee stock purchase plan (in shares)		29,177
Common stock issued under employee stock purchase plan	2,334			2,334
Purchased common stock (in shares)		(2,983,018)	(2,983,018)
Purchased common stock	(311,606)		$ (311,606)
Stock-based compensation	20,439			20,439
Net income	126,959				126,540		419
Foreign currency translation adjustments and other	54,918					54,841	77
Unrealized gain (loss) on derivatives, net of tax	$ 332					332
Balance, end of period (in shares) at Jun. 30, 2022	50,206,255	50,206,255
Balance, end of period at Jun. 30, 2022	$ 2,640,351	$ 6	$ (750,109)	930,950	2,593,147	(134,778)	1,135
Balance, end of period (in shares) at Jun. 30, 2022			(5,760,999)
Balance, beginning of year (in shares) at Mar. 31, 2022		52,542,466
Balance, beginning of period at Mar. 31, 2022	2,708,249	$ 6	$ (517,260)	917,693	2,536,179	(229,369)	1,000
Balance, beginning of period (in shares) at Mar. 31, 2022			(3,379,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSU's and PSU's (in shares)		16,515
Exercise of stock options and vesting of RSUs and PSUs	478			478
Common stock issued under employee stock purchase plan (in shares)		29,177
Common stock issued under employee stock purchase plan	2,334			2,334
Purchased common stock (in shares)		(2,381,903)	(2,381,903)
Purchased common stock	(232,849)		$ (232,849)
Stock-based compensation	10,445			10,445
Net income	57,331				56,968		363
Foreign currency translation adjustments and other	94,244					94,472	(228)
Unrealized gain (loss) on derivatives, net of tax	$ 119					119
Balance, end of period (in shares) at Jun. 30, 2022	50,206,255	50,206,255
Balance, end of period at Jun. 30, 2022	$ 2,640,351	$ 6	$ (750,109)	$ 930,950	$ 2,593,147	$ (134,778)	$ 1,135
Balance, end of period (in shares) at Jun. 30, 2022			(5,760,999)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The accompanying unaudited condensed 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 condensed consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These condensed 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, 2021. In the opinion of the Company's management, the 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 condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. Accounts Receivable and Allowance for Doubtful Accounts — The Company maintains an allowance for doubtful accounts to provide for the estimated amount of accounts receivable that will not be collected. The allowance is based upon an estimate of expected credit losses over the life of outstanding receivables. The estimate involves an assessment of customer creditworthiness, historical payment experience, an assumption of future expected credit losses, and the age of outstanding receivables. Activity related to the allowance for doubtful accounts was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 1,937 $ 2,307 $ 2,108 $ 2,156 Provision for bad debts, net of (recoveries) (15) (47) (161) 141 Uncollectable accounts written off (78) (59) (79) (59) Foreign currency translation 28 50 4 13 Balance, end of period $ 1,872 $ 2,251 $ 1,872 $ 2,251 Comprehensive Income — Comprehensive income includes charges and credits to equity that are not the result of transactions with stockholders. Included within comprehensive income is the cumulative foreign currency translation adjustment and unrealized gains or losses on derivatives. These adjustments are accumulated within the consolidated statements of comprehensive income. Total components of accumulated other comprehensive loss were as follows: Foreign currency translation adjustments Unrealized gain (loss) on derivatives, net of tax Total Balance, April 1, 2022 $ (229,398) $ 29 $ (229,369) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 94,472 — 94,472 Unrealized gain on derivatives, net of tax expense of $37 — 119 119 Total other comprehensive income (loss) 94,472 119 94,591 Balance, June 30, 2022 $ (134,926) $ 148 $ (134,778) Balance, April 1, 2021 $ (177,863) $ (394) $ (178,257) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 18,799 — 18,799 Unrealized gain on derivatives, net of tax expense of $15 — 51 51 Total other comprehensive income (loss) 18,799 51 18,850 Balance, June 30, 2021 $ (159,064) $ (343) $ (159,407) Foreign currency translation adjustments Unrealized gain (loss) on derivatives, net of tax Total Balance, January 1, 2022 $ (189,767) $ (184) $ (189,951) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 54,841 — 54,841 Unrealized gain on derivatives, net of tax expense of $103 — 332 332 Total other comprehensive (loss) income 54,841 332 55,173 Balance, June 30, 2022 $ (134,926) $ 148 $ (134,778) Balance, January 1, 2021 $ (145,603) $ (462) $ (146,065) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other (13,461) — (13,461) Unrealized gain on derivatives, net of tax expense of $36 — 119 119 Total other comprehensive (loss) income (13,461) 119 (13,342) Balance, June 30, 2021 $ (159,064) $ (343) $ (159,407)

Revenue From Contracts With Cus

Revenue From Contracts With Customers	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERSSales are derived from products for different applications: fiber lasers, diode lasers, systems and accessories for materials processing; fiber lasers, diodes and amplifiers for advanced applications; fiber amplifiers and transceivers for communications applications; and fiber lasers, systems and fibers for medical applications. The following tables represent a disaggregation of revenue from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Sales by Application Materials processing $ 343,357 $ 345,653 $ 682,320 $ 662,894 Other applications 33,666 26,005 64,682 54,349 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Sales by Product High Power Continuous Wave ("CW") Lasers $ 162,997 $ 189,744 $ 330,688 $ 360,226 Medium Power CW Lasers 18,923 18,177 42,591 34,059 Pulsed Lasers 69,852 61,773 136,784 117,168 Quasi-Continuous Wave ("QCW") Lasers 14,079 15,525 26,859 29,191 Laser and Non-Laser Systems 38,443 29,597 73,040 56,713 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 72,729 56,842 137,040 119,886 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Sales by Geography North America $ 88,151 $ 66,134 $ 165,376 $ 139,518 Europe: Germany 22,792 21,748 50,209 48,008 Other including Eastern Europe/CIS 75,407 74,339 155,407 132,932 Asia and Australia: China 137,380 159,075 267,128 298,908 Japan 14,741 10,322 27,627 21,199 Other 33,695 37,654 72,370 70,764 Rest of World 4,857 2,386 8,885 5,914 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Timing of Revenue Recognition Goods and services transferred at a point in time $ 363,255 $ 357,345 $ 718,670 $ 689,877 Goods and services transferred over time 13,768 14,313 28,332 27,366 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 One of the Company's customers accounted for 24% and 22% of the Company's net accounts receivable as of June 30, 2022 and December 31, 2021, respectively. The Company enters into contracts to sell lasers and spare parts, for which revenue is generally recognized upon shipment or delivery, depending on the terms of the contract. The Company also provides installation services and extended warranties. The Company frequently receives consideration from a customer prior to transferring goods to the customer under the terms of a sales contract. The Company records customer deposits related to these prepayments, which represent a contract liability. The Company also records deferred revenue related to installation services when consideration is received before the services have been performed. The standalone selling price for installation services is determined based on the estimated number of days of service technician time required for installation at standard service rates. The Company recognizes customer deposits and deferred revenue as net sales after control of the goods or services has been transferred to the customer and all revenue recognition criteria are met. The Company bills customers for extended warranties upon entering into the agreement with the customer, resulting in deferred revenue that is recognized over the period of the extended warranty contract. The Company recognizes revenue over time on contracts for the sale of large scale materials processing systems. The timing of customer payments on these contracts generally differs from the timing of revenue recognized. If revenue recognized exceeds customer payments, a contract asset is recorded and if customer payments exceed revenue recognized, a contract liability is recorded. Contract assets are included within prepaid expense and other current assets on the condensed consolidated balance sheets. Contract liabilities are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Certain deferred revenues related to extended warranties in excess one year from the balance sheet date are included within other long-term liabilities and deferred income taxes on the condensed consolidated balance sheets. The following table reflects the changes in the Company's contract assets and liabilities for the six months ended June 30, 2022 and 2021: June 30, December 31, June 30, December 31, 2022 2021 Change 2021 2020 Change Contract assets Contract assets $ 10,896 $ 9,345 $ 1,551 $ 7,044 $ 8,999 $ (1,955) Contract liabilities Contract liabilities - current 87,155 89,659 (2,504) 80,366 71,246 9,120 Contract liabilities - long-term 2,728 2,691 37 2,856 2,189 667 During the three months ended June 30, 2022 and 2021 the Company recognized revenue of $13,507 and $17,519, respectively, that was included in contract liabilities at the beginning of each period. During the six months ended June 30, 2022 and 2021 the Company recognized revenue of $34,531 and $47,897 respectively, that was included in contract liabilities at the beginning of each period. The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of June 30, 2022: Remaining Performance Obligations 2022 (a) 2023 2024 2025 2026 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 2,570 $ 2,206 $ 1,022 $ 695 $ 306 $ 56 $ 6,855 Revenue to be earned over time from contracts to sell large scale materials processing systems 16,593 7,341 5,196 — — — 29,130 Total $ 19,163 $ 9,547 $ 6,218 $ 695 $ 306 $ 56 $ 35,985 (a) For the six-month period beginning July 1, 2022.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH	RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows. June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 771,788 $ 754,199 $ 709,105 $ 876,231 Restricted cash included in prepaid expenses and other current assets — — — 2,322 Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 771,788 $ 754,199 $ 709,105 $ 878,553

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe Company's financial instruments consist of cash equivalents, short-term investments, accounts receivable, accounts payable, drawings on revolving lines of credit, long-term debt, interest rate swaps and contingent purchase consideration. 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 Company classifies its financial instruments according to the prescribed criteria. The carrying amounts of money market fund deposits, term deposits, 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 most of these instruments or as a result of the competitive market interest rates, which have been negotiated. The fair value of the Company's bond securities is based upon quoted prices for instruments with identical terms in active markets. The Company's commercial paper securities reported at fair value are based upon model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. The following table presents fair value information related to the Company's assets and liabilities measured at amortized cost on the condensed consolidated balance sheets with the exception of the interest rate swap and contingent purchase consideration, which are measured at fair value: Fair Value Measurements at June 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 439,816 $ 439,816 $ — $ — Commercial paper 14,986 — 14,986 — Short-term investments: Commercial paper 305,371 — 305,371 — Corporate bonds 75,259 — 75,259 — U.S. Treasury and agency obligations 67,991 — 67,991 — Municipal bonds 10,694 — 10,694 — Certificates of deposit 3,004 — 3,004 — Other assets: Interest rate swap 193 — 193 — Total $ 917,314 $ 439,816 $ 477,498 $ — Liabilities Term notes $ 32,210 $ — $ 32,210 $ — Contingent purchase consideration 1,460 — — 1,460 Total $ 33,670 $ — $ 32,210 $ 1,460 Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 279,066 $ 279,066 $ — $ — Commercial paper 117,663 — 117,663 — Corporate bonds 11,459 — 11,459 — Municipal bonds 3,220 — 3,220 — Short-term investments: Commercial paper 557,955 — 557,955 — Corporate bonds 215,754 — 215,754 — U.S. Treasury and agency obligations 21,980 — 21,980 — Municipal bonds 4,546 — 4,546 — Certificate of deposit 3,000 — 3,000 — Foreign government bonds 2,015 — 2,015 — Total $ 1,216,658 $ 279,066 $ 937,592 $ — Liabilities Term notes $ 34,226 $ — $ 34,226 $ — Contingent purchase consideration 1,371 — — 1,371 Interest rate swap 242 — 242 — Total $ 35,839 $ — $ 34,468 $ 1,371 Short-term investments consist of liquid investments with original maturities of greater than three months but less than one year and are recorded at amortized cost. There were no impairments for the investments considered held-to-maturity during the quarters ended June 30, 2022 and 2021. There were no current expected credit loss allowances for the investments considered held-to-maturity at June 30, 2022 and 2021. The Company holds highly-rated held-to-maturity instruments that are within one year of maturity. The following table presents the effective maturity dates of debt investments, which are held-to-maturity: June 30, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 462,865 $ 462,319 $ 805,400 $ 805,250 The Company entered into an interest rate swap that is designated as a cash flow hedge 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 at June 30, 2022 for the interest rate swap considered pricing models whose inputs are observable for the securities held by the Company. At June 30, 2022 and December 31, 2021, the Company's long-term notes consisted of a variable rate note and a fixed rate note, and are reported at amortized cost on the condensed consolidated balance sheets. For disclosure purposes, the fair value of the long-term notes was estimated using a discounted cash flow model using observable market interest rates and is classified as Level 2. Based on the discounted cash flow model, the fair values of the long-term notes, including the current portion, at June 30, 2022 and December 31, 2021 were $32,210 and $34,226 respectively, as compared to the book value of $32,225 and $34,157, respectively. The fair values of contingent purchase consideration at June 30, 2022 and December 31, 2021 were determined using an income approach at the respective business combination date and at the reporting date. The approach is based on significant inputs that are not observable in the market and include key assumptions such as 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: Six Months Ended June 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Foreign exchange adjustment 89 32 Balance, end of period $ 1,460 $ 1,529

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following: June 30, December 31, 2022 2021 Components and raw materials $ 350,015 $ 270,146 Work-in-process 43,780 32,506 Finished goods 162,952 158,095 Total $ 556,747 $ 460,747

Goodwill and Intangibles

Goodwill and Intangibles	6 Months Ended
	Jun. 30, 2022
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: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 38,609 $ 41,366 Goodwill arising from business combinations 1,000 — Adjustment to goodwill during measurement period — (2,205) Foreign exchange adjustment (324) (161) Balance, end of period $ 39,285 $ 39,000 Intangible assets, subject to amortization, consisted of the following: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 59,726 $ (26,395) $ 33,331 10 years $ 59,729 $ (23,556) $ 36,173 10 years Technology, trademark and trade name 40,545 (28,763) 11,782 7 years 40,536 (26,269) 14,267 7 years Production know-how 10,339 (8,940) 1,399 7 years 10,384 (8,723) 1,661 7 years Patents 8,036 (7,682) 354 8 years 8,036 (7,459) 577 8 years Total $ 118,646 $ (71,780) $ 46,866 $ 118,685 $ (66,007) $ 52,678 Amortization expense for the three months ended June 30, 2022 and 2021 was $2,909 and $3,079, respectively. Amortization expense for the six months ended June 30, 2022 and 2021 was $5,930 and $6,336, respectively. The estimated future amortization expense for intangibles for the remainder of 2022 and subsequent years is as follows: 2022 (a) 2023 2024 2025 2026 Thereafter Total $ 5,544 $ 10,576 $ 8,046 $ 6,522 $ 4,702 $ 11,476 $ 46,866 (a) For the six-month period beginning July 1, 2022.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2022 2021 Contract liabilities $ 87,155 $ 89,659 Accrued compensation 75,212 94,857 Current portion of accrued warranty 27,331 26,204 Short-term lease liabilities 6,420 5,454 Other 14,695 14,652 Total $ 210,813 $ 230,826

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2022
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES The Company typically provides one Activity related to the warranty accrual was as follows: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 49,864 $ 45,669 Provision for warranty accrual 12,179 16,706 Warranty claims (8,971) (13,764) Foreign currency translation (1,822) (954) Balance, end of period $ 51,250 $ 47,657 Accrued warranty reported in the accompanying condensed consolidated financial statements as of June 30, 2022 and December 31, 2021 consisted of $27,331 and $26,204 in accrued expenses and other current liabilities, respectively, and $23,919 and $23,660 in other long-term liabilities and deferred income taxes, respectively.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS The Company's borrowings under existing financing arrangements consist of the following: June 30, December 31, 2022 2021 Total debt $ 32,225 $ 34,157 Less: current portion (32,225) (18,126) Long-term debt, net of current portion $ — $ 16,031 Term Debt: At June 30, 2022, the Company has an unsecured long-term note with an outstanding principal balance of $16,625, all of which is current. The interest on this unsecured long-term note is variable at 1.20% above LIBOR and is fixed using an interest rate swap at 2.85% per annum. The unsecured long-term note matures in May 2023, at which time the outstanding principal balance will be $15,438. Also at June 30, 2022, the Company has another long-term note that is secured by its corporate aircraft with an outstanding principal balance of $15,600, all of which is current. The interest on this collateralized long-term note is fixed at 2.74% per annum. The collateralized long-term note matured in July 2022, at which time the outstanding principal balance was $15,375. The future principal payments for the Company’s Notes as of June 30, 2022 are as follows: 2022 (a) $ 16,194 2023 16,031 Total $ 32,225 (a) For the six-month period beginning July 1, 2022. Revolving Line of Credit Facilities:

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS The Company's only outstanding derivative financial instrument is an interest rate swap that is classified as a cash flow hedge of its variable rate debt. The fair value amounts in the condensed consolidated balance sheets were: June 30, December 31, 2022 2021 Notional amounts (1) $ 16,625 $ 17,219 Fair values: Other assets $ 193 $ — Other long-term liabilities and deferred income taxes — 242 (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. The derivative gains and losses in the condensed consolidated financial statements related to the Company's current and previous interest rate swap contracts were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ 156 $ 66 $ 435 $ 155

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company may be involved in legal disputes and other proceedings in the ordinary course of its business. These matters may include allegations of infringement of intellectual property, commercial disputes and employment matters. As of June 30, 2022 and through the filing date of these condensed consolidated financial statements, the Company is aware of no ongoing legal proceedings that management estimates could have a material effect on the Company's Consolidated Financial Statements. The Company has submitted a number of voluntary self-disclosures regarding compliance with export control laws and regulations and the U.S. Department of Justice is conducting an investigation into certain shipments of equipment. At this time, the Company is not able to estimate the amount or probability of any monetary penalties or other expenses that the Company may incur as a result of this investigation.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rates were 22.0% and 24.2% for the three months ended June 30, 2022 and 2021, respectively, and 23.7% and 23.6% for the six months ended June 30, 2022 and 2021, respectively. There were net discrete tax benefits of $2,909 and $137 for the three months ended June 30, 2022 and 2021, respectively, and $3,162 and $4,425 for the six months ended June 30, 2022 and 2021, respectively, which were related in part to the tax deductions for equity-based compensation that were less than the compensation expense recognized for books in 2022 and exceeded compensation expense recognized for books in 2021. In 2022, the detriment for equity based compensation was more than offset by reductions in taxes related to foreign incentives for capital investments in prior years and to changes in tax position agreed to with tax authorities for prior year audits. The Company accounts for its uncertain tax positions in accordance with the accounting standards for income taxes. The Company classifies interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. The following is a summary of the activity of the Company’s unrecognized tax benefits for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 19,209 $ 14,706 Change in prior period positions (603) — Additions for tax positions in current period 500 2,000 Foreign currency translation 1,876 155 Balance, end of period $ 20,982 $ 16,861

Net Income Attributable to IPG

Net Income Attributable to IPG Photonics Corporation Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER COMMON SHARE	NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER COMMON SHARE The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per common share following the treasury stock method: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to IPG Photonics Corporation common stockholders $ 56,968 $ 69,800 $ 126,540 $ 137,927 Basic weighted average common shares 51,687,494 53,471,512 52,111,167 53,547,757 Dilutive effect of common stock equivalents 107,454 527,470 199,374 597,488 Diluted weighted average common shares 51,794,948 53,998,982 52,310,541 54,145,245 Basic net income attributable to IPG Photonics Corporation per common share $ 1.10 $ 1.31 $ 2.42 $ 2.58 Diluted net income attributable to IPG Photonics Corporation per common share $ 1.10 $ 1.29 $ 2.41 $ 2.55 The computation of diluted weighted average common shares excludes common stock equivalents including non-qualified stock options, performance stock units ("PSUs"), restricted stock units ("RSUs") and employee stock purchase plan ("ESPP") because the effect of including them would be anti-dilutive. The weighted average anti-dilutive shares outstanding for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Non-qualified stock options 609,132 202,000 611,034 202,700 Restricted stock units 429,455 124,200 367,900 90,200 Performance stock units 95,562 30,100 76,697 22,000 Total weighed average anti-dilutive shares outstanding 1,134,149 356,300 1,055,631 314,900 On February 15, 2022, the Company announced that its Board of Directors has authorized the purchase of up to $200,000 of IPG common stock. This authorization is in addition to the Company's stock repurchase program authorized in May 2020.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn August 2, 2022, the Company announced that its Board of Directors has authorized the purchase of up to $300,000 of IPG common stock. Share repurchases may be made periodically in open-market transactions, and are subject to market conditions, legal requirements and other factors. The share repurchase program authorization does not obligate the Company to repurchase any dollar amount or number of its shares, and repurchases may be commenced or suspended from time to time without prior notice.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed 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 condensed consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These condensed 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, 2021.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts — The Company maintains an allowance for doubtful accounts to provide for the estimated amount of accounts receivable that will not be collected. The allowance is based upon an estimate of expected credit losses over the life of outstanding receivables. The estimate involves an assessment of customer creditworthiness, historical payment experience, an assumption of future expected credit losses, and the age of outstanding receivables.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Allowance for Doubtful Accounts	Activity related to the allowance for doubtful accounts was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 1,937 $ 2,307 $ 2,108 $ 2,156 Provision for bad debts, net of (recoveries) (15) (47) (161) 141 Uncollectable accounts written off (78) (59) (79) (59) Foreign currency translation 28 50 4 13 Balance, end of period $ 1,872 $ 2,251 $ 1,872 $ 2,251
Schedule of Accumulated Other Comprehensive Income (Loss)	Total components of accumulated other comprehensive loss were as follows: Foreign currency translation adjustments Unrealized gain (loss) on derivatives, net of tax Total Balance, April 1, 2022 $ (229,398) $ 29 $ (229,369) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 94,472 — 94,472 Unrealized gain on derivatives, net of tax expense of $37 — 119 119 Total other comprehensive income (loss) 94,472 119 94,591 Balance, June 30, 2022 $ (134,926) $ 148 $ (134,778) Balance, April 1, 2021 $ (177,863) $ (394) $ (178,257) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 18,799 — 18,799 Unrealized gain on derivatives, net of tax expense of $15 — 51 51 Total other comprehensive income (loss) 18,799 51 18,850 Balance, June 30, 2021 $ (159,064) $ (343) $ (159,407) Foreign currency translation adjustments Unrealized gain (loss) on derivatives, net of tax Total Balance, January 1, 2022 $ (189,767) $ (184) $ (189,951) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other 54,841 — 54,841 Unrealized gain on derivatives, net of tax expense of $103 — 332 332 Total other comprehensive (loss) income 54,841 332 55,173 Balance, June 30, 2022 $ (134,926) $ 148 $ (134,778) Balance, January 1, 2021 $ (145,603) $ (462) $ (146,065) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other (13,461) — (13,461) Unrealized gain on derivatives, net of tax expense of $36 — 119 119 Total other comprehensive (loss) income (13,461) 119 (13,342) Balance, June 30, 2021 $ (159,064) $ (343) $ (159,407)

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables represent a disaggregation of revenue from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Sales by Application Materials processing $ 343,357 $ 345,653 $ 682,320 $ 662,894 Other applications 33,666 26,005 64,682 54,349 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Sales by Product High Power Continuous Wave ("CW") Lasers $ 162,997 $ 189,744 $ 330,688 $ 360,226 Medium Power CW Lasers 18,923 18,177 42,591 34,059 Pulsed Lasers 69,852 61,773 136,784 117,168 Quasi-Continuous Wave ("QCW") Lasers 14,079 15,525 26,859 29,191 Laser and Non-Laser Systems 38,443 29,597 73,040 56,713 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 72,729 56,842 137,040 119,886 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Sales by Geography North America $ 88,151 $ 66,134 $ 165,376 $ 139,518 Europe: Germany 22,792 21,748 50,209 48,008 Other including Eastern Europe/CIS 75,407 74,339 155,407 132,932 Asia and Australia: China 137,380 159,075 267,128 298,908 Japan 14,741 10,322 27,627 21,199 Other 33,695 37,654 72,370 70,764 Rest of World 4,857 2,386 8,885 5,914 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243 Timing of Revenue Recognition Goods and services transferred at a point in time $ 363,255 $ 357,345 $ 718,670 $ 689,877 Goods and services transferred over time 13,768 14,313 28,332 27,366 Total $ 377,023 $ 371,658 $ 747,002 $ 717,243
Changes in Contract Assets and Liabilities	The following table reflects the changes in the Company's contract assets and liabilities for the six months ended June 30, 2022 and 2021: June 30, December 31, June 30, December 31, 2022 2021 Change 2021 2020 Change Contract assets Contract assets $ 10,896 $ 9,345 $ 1,551 $ 7,044 $ 8,999 $ (1,955) Contract liabilities Contract liabilities - current 87,155 89,659 (2,504) 80,366 71,246 9,120 Contract liabilities - long-term 2,728 2,691 37 2,856 2,189 667
Schedule of Remaining Performance Obligations	The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of June 30, 2022: Remaining Performance Obligations 2022 (a) 2023 2024 2025 2026 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 2,570 $ 2,206 $ 1,022 $ 695 $ 306 $ 56 $ 6,855 Revenue to be earned over time from contracts to sell large scale materials processing systems 16,593 7,341 5,196 — — — 29,130 Total $ 19,163 $ 9,547 $ 6,218 $ 695 $ 306 $ 56 $ 35,985 (a) For the six-month period beginning July 1, 2022.

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows. June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 771,788 $ 754,199 $ 709,105 $ 876,231 Restricted cash included in prepaid expenses and other current assets — — — 2,322 Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 771,788 $ 754,199 $ 709,105 $ 878,553
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows. June 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 771,788 $ 754,199 $ 709,105 $ 876,231 Restricted cash included in prepaid expenses and other current assets — — — 2,322 Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 771,788 $ 754,199 $ 709,105 $ 878,553

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following table presents fair value information related to the Company's assets and liabilities measured at amortized cost on the condensed consolidated balance sheets with the exception of the interest rate swap and contingent purchase consideration, which are measured at fair value: Fair Value Measurements at June 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 439,816 $ 439,816 $ — $ — Commercial paper 14,986 — 14,986 — Short-term investments: Commercial paper 305,371 — 305,371 — Corporate bonds 75,259 — 75,259 — U.S. Treasury and agency obligations 67,991 — 67,991 — Municipal bonds 10,694 — 10,694 — Certificates of deposit 3,004 — 3,004 — Other assets: Interest rate swap 193 — 193 — Total $ 917,314 $ 439,816 $ 477,498 $ — Liabilities Term notes $ 32,210 $ — $ 32,210 $ — Contingent purchase consideration 1,460 — — 1,460 Total $ 33,670 $ — $ 32,210 $ 1,460 Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 279,066 $ 279,066 $ — $ — Commercial paper 117,663 — 117,663 — Corporate bonds 11,459 — 11,459 — Municipal bonds 3,220 — 3,220 — Short-term investments: Commercial paper 557,955 — 557,955 — Corporate bonds 215,754 — 215,754 — U.S. Treasury and agency obligations 21,980 — 21,980 — Municipal bonds 4,546 — 4,546 — Certificate of deposit 3,000 — 3,000 — Foreign government bonds 2,015 — 2,015 — Total $ 1,216,658 $ 279,066 $ 937,592 $ — Liabilities Term notes $ 34,226 $ — $ 34,226 $ — Contingent purchase consideration 1,371 — — 1,371 Interest rate swap 242 — 242 — Total $ 35,839 $ — $ 34,468 $ 1,371
Schedule of Effective Maturity Dates of Held to Maturity Investments	The following table presents the effective maturity dates of debt investments, which are held-to-maturity: June 30, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 462,865 $ 462,319 $ 805,400 $ 805,250
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: Six Months Ended June 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Foreign exchange adjustment 89 32 Balance, end of period $ 1,460 $ 1,529
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: Six Months Ended June 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Foreign exchange adjustment 89 32 Balance, end of period $ 1,460 $ 1,529

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: June 30, December 31, 2022 2021 Components and raw materials $ 350,015 $ 270,146 Work-in-process 43,780 32,506 Finished goods 162,952 158,095 Total $ 556,747 $ 460,747

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the changes in the carrying amount of goodwill: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 38,609 $ 41,366 Goodwill arising from business combinations 1,000 — Adjustment to goodwill during measurement period — (2,205) Foreign exchange adjustment (324) (161) Balance, end of period $ 39,285 $ 39,000
Schedule of Intangible Assets	Intangible assets, subject to amortization, consisted of the following: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 59,726 $ (26,395) $ 33,331 10 years $ 59,729 $ (23,556) $ 36,173 10 years Technology, trademark and trade name 40,545 (28,763) 11,782 7 years 40,536 (26,269) 14,267 7 years Production know-how 10,339 (8,940) 1,399 7 years 10,384 (8,723) 1,661 7 years Patents 8,036 (7,682) 354 8 years 8,036 (7,459) 577 8 years Total $ 118,646 $ (71,780) $ 46,866 $ 118,685 $ (66,007) $ 52,678
Estimated Future Amortization Expense for Intangibles	The estimated future amortization expense for intangibles for the remainder of 2022 and subsequent years is as follows: 2022 (a) 2023 2024 2025 2026 Thereafter Total $ 5,544 $ 10,576 $ 8,046 $ 6,522 $ 4,702 $ 11,476 $ 46,866 (a) For the six-month period beginning July 1, 2022.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Liabilities	Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2022 2021 Contract liabilities $ 87,155 $ 89,659 Accrued compensation 75,212 94,857 Current portion of accrued warranty 27,331 26,204 Short-term lease liabilities 6,420 5,454 Other 14,695 14,652 Total $ 210,813 $ 230,826

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2022
Product Warranties Disclosures [Abstract]
Summary of Product Warranty Activity	Activity related to the warranty accrual was as follows: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 49,864 $ 45,669 Provision for warranty accrual 12,179 16,706 Warranty claims (8,971) (13,764) Foreign currency translation (1,822) (954) Balance, end of period $ 51,250 $ 47,657

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowings Under Existing Financing Arrangements	The Company's borrowings under existing financing arrangements consist of the following: June 30, December 31, 2022 2021 Total debt $ 32,225 $ 34,157 Less: current portion (32,225) (18,126) Long-term debt, net of current portion $ — $ 16,031
Schedule of Future Principal Payments	The future principal payments for the Company’s Notes as of June 30, 2022 are as follows: 2022 (a) $ 16,194 2023 16,031 Total $ 32,225 (a) For the six-month period beginning July 1, 2022.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The fair value amounts in the condensed consolidated balance sheets were: June 30, December 31, 2022 2021 Notional amounts (1) $ 16,625 $ 17,219 Fair values: Other assets $ 193 $ — Other long-term liabilities and deferred income taxes — 242 (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 condensed consolidated financial statements related to the Company's current and previous interest rate swap contracts were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ 156 $ 66 $ 435 $ 155

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits	The following is a summary of the activity of the Company’s unrecognized tax benefits for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 19,209 $ 14,706 Change in prior period positions (603) — Additions for tax positions in current period 500 2,000 Foreign currency translation 1,876 155 Balance, end of period $ 20,982 $ 16,861

Net Income Attributable to IP_2

Net Income Attributable to IPG Photonics Corporation Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 common share following the treasury stock method: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to IPG Photonics Corporation common stockholders $ 56,968 $ 69,800 $ 126,540 $ 137,927 Basic weighted average common shares 51,687,494 53,471,512 52,111,167 53,547,757 Dilutive effect of common stock equivalents 107,454 527,470 199,374 597,488 Diluted weighted average common shares 51,794,948 53,998,982 52,310,541 54,145,245 Basic net income attributable to IPG Photonics Corporation per common share $ 1.10 $ 1.31 $ 2.42 $ 2.58 Diluted net income attributable to IPG Photonics Corporation per common share $ 1.10 $ 1.29 $ 2.41 $ 2.55
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The weighted average anti-dilutive shares outstanding for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Non-qualified stock options 609,132 202,000 611,034 202,700 Restricted stock units 429,455 124,200 367,900 90,200 Performance stock units 95,562 30,100 76,697 22,000 Total weighed average anti-dilutive shares outstanding 1,134,149 356,300 1,055,631 314,900

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 1,937	$ 2,307	$ 2,108	$ 2,156
Provision for bad debts, net of (recoveries)	(15)	(47)	(161)	141
Uncollectable accounts written off	(78)	(59)	(79)	(59)
Foreign currency translation	28	50	4	13
Balance, end of period	$ 1,872	$ 2,251	$ 1,872	$ 2,251

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI [Roll Forward]
Beginning balance			$ 2,746,582
Foreign currency translation adjustments and other	$ 94,472	$ 18,799	54,841	$ (13,461)
Unrealized gain (loss) on derivatives, net of tax	119	51	332	119
Total other comprehensive income (loss)	94,591	18,850	55,173	(13,342)
Ending balance	2,639,216		2,639,216
Tax expense, amount	(37)	(15)	(103)	(36)
Accumulated Other Comprehensive (Loss) Income
AOCI [Roll Forward]
Beginning balance	(229,369)	(178,257)	(189,951)	(146,065)
Ending balance	(134,778)	(159,407)	(134,778)	(159,407)
Foreign currency translation adjustments
AOCI [Roll Forward]
Beginning balance	(229,398)	(177,863)	(189,767)	(145,603)
Foreign currency translation adjustments and other	94,472	18,799	54,841	(13,461)
Total other comprehensive income (loss)	94,472	18,799	54,841	(13,461)
Ending balance	(134,926)	(159,064)	(134,926)	(159,064)
Unrealized gain (loss) on derivatives, net of tax
AOCI [Roll Forward]
Beginning balance	29	(394)	(184)	(462)
Unrealized gain (loss) on derivatives, net of tax	119	51	332	119
Total other comprehensive income (loss)	119	51	332	119
Ending balance	$ 148	$ (343)	$ 148	$ (343)

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Disaggregation of Revenue, By Application) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Sales by Application
Total	$ 377,023	$ 371,658	$ 747,002	$ 717,243
Materials processing
Sales by Application
Total	343,357	345,653	682,320	662,894
Other applications
Sales by Application
Total	$ 33,666	$ 26,005	$ 64,682	$ 54,349

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Disaggregation of Revenue, By Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total	$ 377,023	$ 371,658	$ 747,002	$ 717,243
High Power Continuous Wave ("CW") Lasers
Disaggregation of Revenue [Line Items]
Total	162,997	189,744	330,688	360,226
Medium Power CW Lasers
Disaggregation of Revenue [Line Items]
Total	18,923	18,177	42,591	34,059
Pulsed Lasers
Disaggregation of Revenue [Line Items]
Total	69,852	61,773	136,784	117,168
Quasi-Continuous Wave ("QCW") Lasers
Disaggregation of Revenue [Line Items]
Total	14,079	15,525	26,859	29,191
Laser and Non-Laser Systems
Disaggregation of Revenue [Line Items]
Total	38,443	29,597	73,040	56,713
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue
Disaggregation of Revenue [Line Items]
Total	$ 72,729	$ 56,842	$ 137,040	$ 119,886

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Disaggregation of Revenue, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Sales by Geography
Total	$ 377,023	$ 371,658	$ 747,002	$ 717,243
North America
Sales by Geography
Total	88,151	66,134	165,376	139,518
Germany
Sales by Geography
Total	22,792	21,748	50,209	48,008
Other including Eastern Europe/CIS
Sales by Geography
Total	75,407	74,339	155,407	132,932
China
Sales by Geography
Total	137,380	159,075	267,128	298,908
Japan
Sales by Geography
Total	14,741	10,322	27,627	21,199
Other
Sales by Geography
Total	33,695	37,654	72,370	70,764
Rest of World
Sales by Geography
Total	$ 4,857	$ 2,386	$ 8,885	$ 5,914

Revenue From Contracts With C_6

Revenue From Contracts With Customers (Disaggregation of Revenue, By Timing) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Timing of Revenue Recognition
Total	$ 377,023	$ 371,658	$ 747,002	$ 717,243
Goods and services transferred at a point in time
Timing of Revenue Recognition
Total	363,255	357,345	718,670	689,877
Goods and services transferred over time
Timing of Revenue Recognition
Total	$ 13,768	$ 14,313	$ 28,332	$ 27,366

Revenue From Contracts With C_7

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 13,507	$ 17,519	$ 34,531	$ 47,897
One Customer | Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage			24%		22%

Revenue From Contracts With C_8

Revenue From Contracts With Customers (Changes in Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Contract assets
Contract assets	$ 10,896	$ 7,044	$ 9,345	$ 8,999
Contract assets, change	1,551	(1,955)
Contract liabilities
Contract liabilities - current	87,155	80,366	89,659	71,246
Contract liabilities - current, change	(2,504)	9,120
Contract liabilities - long-term	2,728	2,856	$ 2,691	$ 2,189
Contract liabilities - long-term, change	$ 37	$ 667

Revenue From Contracts With C_9

Revenue From Contracts With Customers (Schedule of Remaining Performance Obligations) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 35,985
Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	6,855
Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	29,130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 19,163
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,570
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 16,593
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 9,547
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,206
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 7,341
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 6,218
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,022
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 5,196
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 695
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 695
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 306
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 306
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 56
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 56
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligations, expected timing	1 year

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 771,788	$ 709,105	$ 754,199	$ 876,231
Restricted cash included in prepaid expenses and other current assets	0	0	0	2,322
Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows	$ 771,788	$ 709,105	$ 754,199	$ 878,553

Restricted Cash (Narrative) (De

Restricted Cash (Narrative) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Cash and Cash Equivalents [Abstract]
Restricted cash released	$ 2,127

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Interest rate swap	$ 193
Total	917,314	$ 1,216,658
Liabilities
Term notes	32,210	34,226
Contingent purchase consideration	1,460	1,371
Interest rate swap		242
Total	33,670	35,839
Commercial paper
Assets
Short-term investments	305,371	557,955
Corporate bonds
Assets
Cash equivalents		11,459
Short-term investments	75,259	215,754
U.S. Treasury and agency obligations
Assets
Short-term investments	67,991	21,980
Municipal bonds
Assets
Cash equivalents		3,220
Short-term investments	10,694	4,546
Certificates of deposit
Assets
Short-term investments	3,004	3,000
Foreign government bonds
Assets
Short-term investments		2,015
Money market fund deposits and term deposits
Assets
Cash equivalents	439,816	279,066
Commercial paper
Assets
Cash equivalents	14,986	117,663
Level 1
Assets
Interest rate swap	0
Total	439,816	279,066
Liabilities
Term notes	0	0
Contingent purchase consideration	0	0
Interest rate swap		0
Total	0	0
Level 1 | Commercial paper
Assets
Short-term investments	0	0
Level 1 | Corporate bonds
Assets
Cash equivalents		0
Short-term investments	0	0
Level 1 | U.S. Treasury and agency obligations
Assets
Short-term investments	0	0
Level 1 | Municipal bonds
Assets
Cash equivalents		0
Short-term investments	0	0
Level 1 | Certificates of deposit
Assets
Short-term investments	0	0
Level 1 | Foreign government bonds
Assets
Short-term investments		0
Level 1 | Money market fund deposits and term deposits
Assets
Cash equivalents	439,816	279,066
Level 1 | Commercial paper
Assets
Cash equivalents	0	0
Level 2
Assets
Interest rate swap	193
Total	477,498	937,592
Liabilities
Term notes	32,210	34,226
Contingent purchase consideration	0	0
Interest rate swap		242
Total	32,210	34,468
Level 2 | Commercial paper
Assets
Short-term investments	305,371	557,955
Level 2 | Corporate bonds
Assets
Cash equivalents		11,459
Short-term investments	75,259	215,754
Level 2 | U.S. Treasury and agency obligations
Assets
Short-term investments	67,991	21,980
Level 2 | Municipal bonds
Assets
Cash equivalents		3,220
Short-term investments	10,694	4,546
Level 2 | Certificates of deposit
Assets
Short-term investments	3,004	3,000
Level 2 | Foreign government bonds
Assets
Short-term investments		2,015
Level 2 | Money market fund deposits and term deposits
Assets
Cash equivalents	0	0
Level 2 | Commercial paper
Assets
Cash equivalents	14,986	117,663
Level 3
Assets
Interest rate swap	0
Total	0	0
Liabilities
Term notes	0	0
Contingent purchase consideration	1,460	1,371
Interest rate swap		0
Total	1,460	1,371
Level 3 | Commercial paper
Assets
Short-term investments	0	0
Level 3 | Corporate bonds
Assets
Cash equivalents		0
Short-term investments	0	0
Level 3 | U.S. Treasury and agency obligations
Assets
Short-term investments	0	0
Level 3 | Municipal bonds
Assets
Cash equivalents		0
Short-term investments	0	0
Level 3 | Certificates of deposit
Assets
Short-term investments	0	0
Level 3 | Foreign government bonds
Assets
Short-term investments		0
Level 3 | Money market fund deposits and term deposits
Assets
Cash equivalents	0	0
Level 3 | Commercial paper
Assets
Cash equivalents	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity impairment	$ 0	$ 0
Long-term debt, fair value	32,210,000		$ 34,226,000
Long-term debt, book value	32,225,000		$ 34,157,000
Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit loss	$ 0	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Effective Maturity Dates of Held to Maturity Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment maturity
Held-to-maturity maturities, less than 1 year, book value	$ 462,865	$ 805,400
Held-to-maturity maturities, less than 1 year, fair value	$ 462,319	$ 805,250

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Auction Rate Securities and Contingent Purchase Consideration) (Details) - Contingent purchase consideration - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 1,371	$ 1,963
Cash payments	0	(466)
Foreign exchange adjustment	89	32
Balance, end of period	$ 1,460	$ 1,529

Inventories (Components Of Inve

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Components and raw materials	$ 350,015	$ 270,146
Work-in-process	43,780	32,506
Finished goods	162,952	158,095
Total	$ 556,747	$ 460,747

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory provisions	$ 14,700	$ 7,620	$ 25,480	$ 15,647

Goodwill and Intangibles (Sched

Goodwill and Intangibles (Schedule of Changes) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Roll Forward]
Balance, beginning of period	$ 38,609	$ 41,366
Goodwill arising from business combinations	1,000	0
Adjustment to goodwill during measurement period	0	(2,205)
Foreign exchange adjustment	(324)	(161)
Balance, end of period	$ 39,285	$ 39,000

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 118,646	$ 118,685
Accumulated Amortization	(71,780)	(66,007)
Net  Carrying Amount	46,866	52,678
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,726	59,729
Accumulated Amortization	(26,395)	(23,556)
Net  Carrying Amount	$ 33,331	$ 36,173
Weighted- Average  Lives	10 years	10 years
Technology, trademark and trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 40,545	$ 40,536
Accumulated Amortization	(28,763)	(26,269)
Net  Carrying Amount	$ 11,782	$ 14,267
Weighted- Average  Lives	7 years	7 years
Production know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,339	$ 10,384
Accumulated Amortization	(8,940)	(8,723)
Net  Carrying Amount	$ 1,399	$ 1,661
Weighted- Average  Lives	7 years	7 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,036	$ 8,036
Accumulated Amortization	(7,682)	(7,459)
Net  Carrying Amount	$ 354	$ 577
Weighted- Average  Lives	8 years	8 years

Goodwill and Intangibles (Narra

Goodwill and Intangibles (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,909	$ 3,079	$ 5,930	$ 6,336

Goodwill and Intangibles (Estim

Goodwill and Intangibles (Estimated Future Amortization Expense for Intangibles) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 5,544
2023	10,576
2024	8,046
2025	6,522
2026	4,702
Thereafter	11,476
Net  Carrying Amount	$ 46,866	$ 52,678

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Contract liabilities	$ 87,155	$ 89,659	$ 80,366	$ 71,246
Accrued compensation	75,212	94,857
Current portion of accrued warranty	27,331	26,204
Short-term lease liabilities	6,420	5,454
Other	14,695	14,652
Total	$ 210,813	$ 230,826

Product Warranties (Narrative)

Product Warranties (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Product Warranty Liability [Line Items]
Accrued warranty reported in accrued expenses and other liabilities	$ 27,331	$ 26,204
Accrued warranty reported in other long-term liabilities	$ 23,919	$ 23,660
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	5 years

Product Warranties (Summary of

Product Warranties (Summary of Product Warranty Activity) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 49,864	$ 45,669
Provision for warranty accrual	12,179	16,706
Warranty claims	(8,971)	(13,764)
Foreign currency translation	(1,822)	(954)
Balance, end of period	$ 51,250	$ 47,657

Financing Arrangements (Borrowi

Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total debt	$ 32,225	$ 34,157
Less: current portion	(32,225)	(18,126)
Long-term debt, net of current portion	$ 0	$ 16,031

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) € in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	May 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total unused credit lines and overdraft facilities	$ 124,232,000
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%
Secured Debt
Debt Instrument [Line Items]
Amount due on long-term note	$ 15,600,000
Fixed interest rate swap	2.74%			2.74%
Secured Debt | Scenario, Forecast
Debt Instrument [Line Items]
Amount due on long-term note			$ 15,375,000
Long-term notes | Unsecured Debt
Debt Instrument [Line Items]
Amount due on long-term note	$ 16,625,000
U.S. line-of-credit
Debt Instrument [Line Items]
Line of credit	0				$ 0
Guarantees issued	2,532,000				2,478,000
U.S. line-of-credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	75,000,000
Euro line-of-credit
Debt Instrument [Line Items]
Line of credit	0				0
Guarantees issued	2,050,000				2,161,000
Euro line-of-credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	52,247,000			€ 50,000
Euro overdraft facility
Debt Instrument [Line Items]
Line of credit	0				$ 0
Euro overdraft facility | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 1,567,000			€ 1,500

Financing Arrangements (Future

Financing Arrangements (Future Principal Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 16,194
2023	16,031
Total debt	$ 32,225	$ 34,157

Derivative Financial Instrume_3

Derivative Financial Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Interest rate swap	$ 193
Other long-term liabilities and deferred income taxes		$ 242
Derivative designated as a cash flow hedge | Interest rate swap
Derivatives, Fair Value [Line Items]
Derivative, notional amount	16,625	17,219
Derivative designated as a cash flow hedge | Interest rate swap | Other assets
Derivatives, Fair Value [Line Items]
Interest rate swap	193	0
Derivative designated as a cash flow hedge | Interest rate swap | Other long-term liabilities and deferred income taxes
Derivatives, Fair Value [Line Items]
Other long-term liabilities and deferred income taxes	$ 0	$ 242

Derivative Financial Instrume_4

Derivative Financial Instruments (Derivative Gains (Losses) in the Consolidated Statements of Income Related to Interest Rate Swap Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest rate swap | Derivative designated as a cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion recognized in other comprehensive income, interest rate swap	$ 156	$ 66	$ 435	$ 155

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	22%	24.20%	23.70%	23.60%
Share-based payment arrangement, tax benefit	$ 2,909	$ 137	$ 3,162	$ 4,425

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of period	$ 19,209	$ 14,706
Change in prior period positions	(603)	0
Additions for tax positions in current period	500	2,000
Foreign currency translation	1,876	155
Balance, end of period	$ 20,982	$ 16,861

Net Income Attributable to IP_3

Net Income Attributable to IPG Photonics Corporation Per Common Share (Computation of Diluted Net Income) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to IPG Photonics Corporation common stockholders	$ 56,968	$ 69,800	$ 126,540	$ 137,927
Basic weighted average common shares	51,687,494	53,471,512	52,111,167	53,547,757
Dilutive effect of common stock equivalents (in shares)	107,454	527,470	199,374	597,488
Diluted weighted average common shares	51,794,948	53,998,982	52,310,541	54,145,245
Basic net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 1.10	$ 1.31	$ 2.42	$ 2.58
Diluted net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 1.10	$ 1.29	$ 2.41	$ 2.55

Net Income Attributable to IP_4

Net Income Attributable to IPG Photonics Corporation Per Common Share (Anti Dilutive Shares Excluded From EPS) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	1,134,149	356,300	1,055,631	314,900
Stock Options | Non-qualified Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	609,132	202,000	611,034	202,700
Restricted Stock Units, RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	429,455	124,200	367,900	90,200
Performance Stock Units, PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	95,562	30,100	76,697	22,000

Net Income Attributable to IP_5

Net Income Attributable to IPG Photonics Corporation Per Common Share (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Feb. 15, 2022
Earnings Per Share [Abstract]
Share repurchase authorized amount			$ 200,000,000
Stock repurchased during period (in shares)	2,381,903	2,983,018
Stock repurchase average price (in dollars per share)	$ 97.73	$ 104.43
Decrease in weighted average number of shares outstanding treasury stock	(1,130,055)	(1,000,972)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 02, 2022	Feb. 15, 2022
Subsequent Event [Line Items]
Share repurchase authorized amount		$ 200,000,000
Subsequent Event
Subsequent Event [Line Items]
Share repurchase authorized amount	$ 300,000,000