Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 $0.0001 per share | |
Trading Symbol | IPGP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 48,714,359 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001111928 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 869,274 | $ 709,105 |
Short-term investments | 365,409 | 805,400 |
Accounts receivable, net | 195,194 | 262,121 |
Inventories | 555,537 | 460,747 |
Prepaid income taxes | 49,496 | 36,990 |
Prepaid expenses and other current assets | 84,177 | 73,320 |
Total current assets | 2,119,087 | 2,347,683 |
Deferred income taxes, net | 69,323 | 47,761 |
Goodwill | 37,963 | 38,609 |
Intangible assets, net | 36,171 | 52,678 |
Property, plant and equipment, net | 661,510 | 635,302 |
Other assets | 38,466 | 48,507 |
Total assets | 2,962,520 | 3,170,540 |
Current liabilities: | ||
Current portion of long-term debt | 16,328 | 18,126 |
Accounts payable | 55,072 | 55,839 |
Accrued expenses and other current liabilities | 199,636 | 230,826 |
Income taxes payable | 24,752 | 8,642 |
Total current liabilities | 295,788 | 313,433 |
Other long-term liabilities and deferred income taxes | 86,223 | 93,855 |
Long-term debt, net of current portion | 0 | 16,031 |
Total liabilities | 382,011 | 423,319 |
Commitments and contingencies (Note 12) | ||
IPG Photonics Corporation equity: | ||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,974,063 and 49,393,642 shares issued and outstanding, respectively, at September 30, 2022; 55,788,246 and 53,010,265 shares issued and outstanding, respectively, at December 31, 2021. | 6 | 6 |
Treasury stock, at cost, 6,580,421 and 2,777,981 shares held at September 30, 2022 and December 31, 2021, respectively. | (821,388) | (438,503) |
Additional paid-in capital | 939,040 | 908,423 |
Retained earnings | 2,669,411 | 2,466,607 |
Accumulated other comprehensive loss | (206,560) | (189,951) |
Total IPG Photonics Corporation equity | 2,580,509 | 2,746,582 |
Non-controlling interests | 0 | 639 |
Total equity | 2,580,509 | 2,747,221 |
Total liabilities and equity | $ 2,962,520 | $ 3,170,540 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 55,974,063 | 55,788,246 |
Common stock, shares outstanding | 49,393,642 | 53,010,265 |
Treasury stock (in shares) | 6,580,421 | 2,777,981 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 349,006 | $ 379,150 | $ 1,096,008 | $ 1,096,393 |
Cost of sales | 198,582 | 193,276 | 601,419 | 566,000 |
Gross profit | 150,424 | 185,874 | 494,589 | 530,393 |
Operating expenses: | ||||
Sales and marketing | 19,383 | 20,688 | 58,767 | 58,764 |
Research and development | 25,436 | 34,277 | 89,494 | 102,807 |
General and administrative | 33,813 | 32,557 | 97,888 | 93,715 |
Gain on divestiture | (21,748) | 0 | (21,748) | 0 |
Impairment of long-lived assets and other restructuring charges | 919 | 0 | 919 | 0 |
(Gain) loss on foreign exchange | (541) | (3,634) | 11,289 | (7,973) |
Total operating expenses | 57,262 | 83,888 | 236,609 | 247,313 |
Operating income | 93,162 | 101,986 | 257,980 | 283,080 |
Other income (expense), net: | ||||
Interest income (expense), net | 3,625 | (288) | 4,732 | (1,190) |
Other income (expense), net | 301 | (211) | 683 | 70 |
Total other income (expense) | 3,926 | (499) | 5,415 | (1,120) |
Income before provision for income taxes | 97,088 | 101,487 | 263,395 | 281,960 |
Provision for income taxes | 20,390 | 26,788 | 59,738 | 69,362 |
Net income | 76,698 | 74,699 | 203,657 | 212,598 |
Less: net income (loss) attributable to non-controlling interests | 434 | (703) | 853 | (731) |
Net income attributable to IPG Photonics Corporation common stockholders | $ 76,264 | $ 75,402 | $ 202,804 | $ 213,329 |
Net income attributable to IPG Photonics Corporation per common share: | ||||
Basic (in dollars per share) | $ 1.48 | $ 1.41 | $ 3.94 | $ 3.99 |
Diluted (in dollars per share) | $ 1.47 | $ 1.40 | $ 3.93 | $ 3.95 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 51,628,701 | 53,387,175 | 51,449,367 | 53,500,507 |
Diluted (in shares) | 51,736,990 | 53,833,752 | 51,625,932 | 54,053,343 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 76,698 | $ 74,699 | $ 203,657 | $ 212,598 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments and other | (71,839) | (15,558) | (16,921) | (28,921) |
Unrealized gain on derivatives | 51 | 46 | 383 | 165 |
Total other comprehensive loss | (71,788) | (15,512) | (16,538) | (28,756) |
Comprehensive income | 4,910 | 59,187 | 187,119 | 183,842 |
Less: comprehensive income (loss) attributable to non-controlling interests | 428 | (869) | 924 | (799) |
Comprehensive income attributable to IPG Photonics Corporation | $ 4,482 | $ 60,056 | $ 186,195 | $ 184,641 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 203,657 | $ 212,598 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 69,852 | 72,127 |
Deferred income taxes | (21,550) | (4,757) |
Stock-based compensation | 29,201 | 28,536 |
Impairment of long-lived assets and other restructuring charges | 919 | 0 |
Unrealized loss (gain) on foreign currency transactions | 8,355 | (4,313) |
Gain on divestiture | (21,748) | 0 |
Other | 4,195 | 5,828 |
Provisions for inventory, warranty and bad debt | 58,990 | 50,364 |
Changes in assets and liabilities that provided (used) cash, net of acquisitions: | ||
Accounts receivable | 42,517 | (12,281) |
Inventories | (148,959) | (105,384) |
Prepaid expenses and other assets | 6,584 | (8,823) |
Accounts payable | (2,837) | 26,296 |
Accrued expenses and other liabilities | (40,327) | 7,963 |
Income and other taxes payable | (17,823) | 37,002 |
Net cash provided by operating activities | 171,026 | 305,156 |
Cash flows from investing activities: | ||
Purchases of and deposits on property, plant and equipment | (84,552) | (93,857) |
Proceeds from sales of property, plant and equipment | 837 | 859 |
Purchases of short-term investments | (914,598) | (1,437,193) |
Proceeds from short-term investments | 1,355,883 | 1,226,445 |
Acquisitions of businesses, net of cash acquired | (2,000) | 0 |
Proceeds from divestiture, net of cash sold | 52,141 | 0 |
Other | (246) | (1,078) |
Net cash provided by (used in) investing activities | 407,465 | (304,824) |
Cash flows from financing activities: | ||
Principal payments on long-term borrowings | (17,829) | (2,851) |
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 | 2,353 | 11,427 |
Purchase of treasury stock, at cost | (382,885) | (78,071) |
Payment of purchase price holdback from business combination | 0 | (2,624) |
Purchase of non-controlling interests | (2,500) | 0 |
Net cash used in financing activities | (400,861) | (72,119) |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (17,461) | (11,862) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 160,169 | (83,649) |
Cash, cash equivalents and restricted cash — Beginning of period | 709,105 | 878,553 |
Cash and cash equivalents — End of period | 869,274 | 794,904 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 2,766 | 1,932 |
Cash paid for income taxes | 83,771 | 35,982 |
Non-cash transactions: | ||
Demonstration units transferred from inventory to other assets | 3,520 | 4,245 |
Inventory transferred to machinery and equipment | 2,439 | 1,965 |
Changes in accounts payable related to property, plant and equipment | 1,989 | 1,461 |
Leased assets obtained in exchange for new operating lease liabilities | $ 6,237 | $ 2,500 |
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) | 262,462 | ||||||
Exercise of stock options and vesting of RSUs and PSUs | 8,727 | 8,727 | |||||
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) | (399,282) | (399,282) | |||||
Purchased common stock | (78,071) | $ (78,071) | |||||
Stock-based compensation | 28,536 | 28,536 | |||||
Net income | 212,598 | 213,329 | (731) | ||||
Foreign currency translation adjustments and other | (28,921) | (28,853) | (68) | ||||
Unrealized gain (loss) on derivatives, net of tax | 165 | 165 | |||||
Balance, end of period (in shares) at Sep. 30, 2021 | 53,305,485 | ||||||
Balance, end of period at Sep. 30, 2021 | 2,739,845 | $ 6 | $ (381,685) | 894,264 | 2,401,520 | (174,753) | 493 |
Balance, end of period (in shares) at Sep. 30, 2021 | (2,433,294) | ||||||
Balance, beginning of year (in shares) at Jun. 30, 2021 | 53,491,889 | ||||||
Balance, beginning of period at Jun. 30, 2021 | 2,706,280 | $ 6 | $ (345,345) | 883,546 | 2,326,118 | (159,407) | 1,362 |
Balance, beginning of period (in shares) at Jun. 30, 2021 | (2,233,789) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options and vesting of RSU's and PSU's (in shares) | 13,101 | ||||||
Exercise of stock options and vesting of RSUs and PSUs | 860 | 860 | |||||
Purchased common stock (in shares) | (199,505) | (199,505) | |||||
Purchased common stock | (36,340) | $ (36,340) | |||||
Stock-based compensation | 9,858 | 9,858 | |||||
Net income | 74,699 | 75,402 | (703) | ||||
Foreign currency translation adjustments and other | (15,558) | (15,392) | (166) | ||||
Unrealized gain (loss) on derivatives, net of tax | 46 | 46 | |||||
Balance, end of period (in shares) at Sep. 30, 2021 | 53,305,485 | ||||||
Balance, end of period at Sep. 30, 2021 | $ 2,739,845 | $ 6 | $ (381,685) | 894,264 | 2,401,520 | (174,753) | 493 |
Balance, end of period (in shares) at Sep. 30, 2021 | (2,433,294) | ||||||
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) | 156,640 | ||||||
Exercise of stock options and vesting of RSUs and PSUs | 19 | 19 | |||||
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) | (3,802,440) | (3,802,440) | |||||
Purchased common stock | (382,885) | $ (382,885) | |||||
Stock-based compensation | 29,201 | 29,201 | |||||
Net income | 203,657 | 202,804 | 853 | ||||
Foreign currency translation adjustments and other | (16,921) | (16,992) | 71 | ||||
Purchase of non-controlling interests | (2,500) | (937) | (1,563) | ||||
Unrealized gain (loss) on derivatives, net of tax | $ 383 | 383 | |||||
Balance, end of period (in shares) at Sep. 30, 2022 | 49,393,642 | 49,393,642 | |||||
Balance, end of period at Sep. 30, 2022 | $ 2,580,509 | $ 6 | $ (821,388) | 939,040 | 2,669,411 | (206,560) | 0 |
Balance, end of period (in shares) at Sep. 30, 2022 | (6,580,421) | ||||||
Balance, beginning of year (in shares) at Jun. 30, 2022 | 50,206,255 | ||||||
Balance, beginning of period at Jun. 30, 2022 | 2,640,351 | $ 6 | $ (750,109) | 930,950 | 2,593,147 | (134,778) | 1,135 |
Balance, beginning of period (in shares) at Jun. 30, 2022 | (5,760,999) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options and vesting of RSU's and PSU's (in shares) | 6,809 | ||||||
Exercise of stock options and vesting of RSUs and PSUs | 265 | 265 | |||||
Purchased common stock (in shares) | (819,422) | (819,422) | |||||
Purchased common stock | (71,279) | $ (71,279) | |||||
Stock-based compensation | 8,762 | 8,762 | |||||
Net income | 76,698 | 76,264 | 434 | ||||
Foreign currency translation adjustments and other | (71,839) | (71,833) | (6) | ||||
Purchase of non-controlling interests | (2,500) | (937) | (1,563) | ||||
Unrealized gain (loss) on derivatives, net of tax | $ 51 | 51 | |||||
Balance, end of period (in shares) at Sep. 30, 2022 | 49,393,642 | 49,393,642 | |||||
Balance, end of period at Sep. 30, 2022 | $ 2,580,509 | $ 6 | $ (821,388) | $ 939,040 | $ 2,669,411 | $ (206,560) | $ 0 |
Balance, end of period (in shares) at Sep. 30, 2022 | (6,580,421) |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 1,872 $ 2,251 $ 2,108 $ 2,156 Provision for bad debts, net of (recoveries) 372 (295) 211 (154) Uncollectable accounts written off — — (79) (59) Foreign currency translation (125) (15) (121) (2) Balance, end of period $ 2,119 $ 1,941 $ 2,119 $ 1,941 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 and other Unrealized gain (loss) on derivatives, net of tax Total Balance, July 1, 2022 $ (134,926) $ 148 $ (134,778) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other before reclassification, net of tax benefit of $70 (72,041) — (72,041) Reclassification for foreign currency translation adjustments and other included in net income 208 — 208 Unrealized gain on derivatives, net of tax expense of $14 — 51 51 Total other comprehensive (loss) income (71,833) 51 (71,782) Balance, September 30, 2022 $ (206,759) $ 199 $ (206,560) Balance, July 1, 2021 $ (159,064) $ (343) $ (159,407) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other (15,392) — (15,392) Unrealized gain on derivatives, net of tax expense of $14 — 46 46 Total other comprehensive (loss) income (15,392) 46 (15,346) Balance, September 30, 2021 $ (174,456) $ (297) $ (174,753) Foreign currency translation adjustments and other Unrealized gain (loss) on derivatives, net of tax Total Balance, January 1, 2022 $ (189,767) $ (184) $ (189,951) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other before reclassification, net of tax expense of $72 (17,200) — (17,200) Reclassification for foreign currency translation adjustments and other included in net income 208 — 208 Unrealized gain on derivatives, net of tax expense of $117 — 383 383 Total other comprehensive (loss) income (16,992) 383 (16,609) Balance, September 30, 2022 $ (206,759) $ 199 $ (206,560) Balance, January 1, 2021 $ (145,603) $ (462) $ (146,065) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other (28,853) — (28,853) Unrealized gain on derivatives, net of tax expense of $50 — 165 165 Total other comprehensive (loss) income (28,853) 165 (28,688) Balance, September 30, 2021 $ (174,456) $ (297) $ (174,753) Subsequent Events — The Company has considered the impact of subsequent events through the filing date of these financial statements. There were no events through the filing date of these financial statements required to be disclosed. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Sales 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales by Application Materials processing $ 312,546 $ 346,045 $ 994,866 $ 1,008,939 Other applications 36,460 33,105 101,142 87,454 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Sales by Product High Power Continuous Wave ("CW") Lasers $ 152,767 $ 177,787 $ 483,455 $ 538,013 Medium Power CW Lasers 20,639 24,520 63,230 58,579 Pulsed Lasers 55,216 59,051 192,000 176,219 Quasi-Continuous Wave ("QCW") Lasers 11,353 16,312 38,212 45,503 Laser and Non-Laser Systems 35,930 32,523 108,970 89,236 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 73,101 68,957 210,141 188,843 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales by Geography North America $ 82,119 $ 81,605 $ 247,495 $ 221,123 Europe: Germany 20,622 26,832 70,831 74,840 Other including Eastern Europe/CIS 72,332 79,777 227,739 212,709 Asia and Australia: China 117,952 137,211 385,080 436,119 Japan 11,220 14,286 38,847 35,485 Other 39,130 35,844 111,500 106,608 Rest of World 5,631 3,595 14,516 9,509 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Timing of Revenue Recognition Goods and services transferred at a point in time $ 337,648 $ 364,677 $ 1,056,318 $ 1,054,554 Goods and services transferred over time 11,358 14,473 39,690 41,839 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 One of the Company's customers accounted for 13% and 22% of the Company's net accounts receivable as of September 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 nine months ended September 30, 2022 and 2021: September 30, January 1, September 30, January 1, 2022 2022 Change 2021 2021 Change Contract assets Contract assets $ 8,995 $ 9,345 $ (350) $ 7,510 $ 8,999 $ (1,489) Contract liabilities Contract liabilities - current 81,868 89,659 (7,791) 80,694 71,246 9,448 Contract liabilities - long-term 2,711 2,691 20 2,737 2,189 548 During the three months ended September 30, 2022 and 2021 the Company recognized revenue of $31,213 and $10,172, respectively, that was included in contract liabilities at the beginning of each period. During the nine months ended September 30, 2022 and 2021 the Company recognized revenue of $65,743 and $58,069 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 September 30, 2022: Remaining Performance Obligations 2022 (a) 2023 2024 2025 2026 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 1,571 $ 3,181 $ 976 $ 729 $ 364 $ 92 $ 6,913 Revenue to be earned over time from contracts to sell large scale materials processing systems 9,282 13,095 5,151 — — — 27,528 Total $ 10,853 $ 16,276 $ 6,127 $ 729 $ 364 $ 92 $ 34,441 (a) For the three-month period beginning October 1, 2022. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
DIVESTITURES | DIVESTITURESDuring the third quarter of 2022, the Company completed the sale of its telecommunications transmission product lines for $56,222. The Company recorded a gain on divestiture of $21,748 for the quarter ended September 30, 2022, which was included in the Company's condensed consolidated statements of income. As part of and just prior to closing, the Company also acquired the remaining non-controlling interests related to the business that was sold for $2,500. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 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. September 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 869,274 $ 794,904 $ 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 $ 869,274 $ 794,904 $ 709,105 $ 878,553 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The 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 September 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 457,754 $ 457,754 $ — $ — Commercial paper 112,506 — 112,506 — Certificate of deposit 17 — 17 — Short-term investments: Commercial paper 317,457 — 317,457 — Corporate bonds 20,786 — 20,786 — U.S. Treasury and agency obligations 14,756 — 14,756 — Certificates of deposit 11,713 — 11,713 — Other assets: Interest rate swap 258 — 258 — Total $ 935,247 $ 457,754 $ 477,493 $ — Liabilities Term note $ 16,328 $ — $ 16,328 $ — Total $ 16,328 $ — $ 16,328 $ — 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 September 30, 2022 and 2021. There were no current expected credit loss allowances for the investments considered held-to-maturity at September 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: September 30, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 365,409 $ 364,712 $ 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 September 30, 2022 for the interest rate swap considered pricing models whose inputs are observable for the securities held by the Company. At September 30, 2022, the Company's long-term note consisted of a variable rate note. The carrying value of the note approximates the estimated fair value of $16,328. At December 31, 2021, the Company's long-term notes consisted of a variable rate note and a fixed rate note. The fair value of the notes were estimated using a discounted cash flow model using observable market interest rates. The fair value of the long-term notes, including the current portion, at December 31, 2021, was $34,226 as compared to the carrying value of $34,157. The long-term notes were reported at amortized cost on the condensed consolidated balance sheets and were classified within Level 2 of the fair value hierarchy. The fair values of contingent purchase consideration at 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 contingency period ended during the nine months ended September 30, 2022. The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value: Nine Months Ended September 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Change in fair value (1,477) — Foreign exchange adjustment 106 (91) Balance, end of period $ — $ 1,406 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following: September 30, December 31, 2022 2021 Components and raw materials $ 384,471 $ 270,146 Work-in-process 49,630 32,506 Finished goods 121,436 158,095 Total $ 555,537 $ 460,747 |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 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: Nine Months Ended September 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) Goodwill written off related to divestiture (796) — Foreign exchange adjustment (850) (456) Balance, end of period $ 37,963 $ 38,705 Intangible assets, subject to amortization, consisted of the following: September 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,119 $ (20,654) $ 27,465 11 years $ 59,729 $ (23,556) $ 36,173 10 years Technology, trademark and trade name 30,683 (22,672) 8,011 7 years 40,536 (26,269) 14,267 7 years Production know-how 8,984 (8,590) 394 7 years 10,384 (8,723) 1,661 7 years Patents 8,036 (7,735) 301 8 years 8,036 (7,459) 577 8 years Total $ 95,822 $ (59,651) $ 36,171 $ 118,685 $ (66,007) $ 52,678 The intangible assets are net of intangible assets disposed of as a result of the telecommunications transmission product lines divestiture during the third quarter of 2022. See Note 3, "Divestitures" for further information. Amortization expense for the three months ended September 30, 2022 and 2021 was $2,447 and $3,051, respectively. Amortization expense for the nine months ended September 30, 2022 and 2021 was $8,377 and $9,387, 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 $ 2,077 $ 7,892 $ 5,545 $ 4,973 $ 4,212 $ 11,472 $ 36,171 (a) For the three-month period beginning October 1, 2022. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 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: September 30, December 31, 2022 2021 Contract liabilities $ 81,868 $ 89,659 Accrued compensation 73,324 94,857 Current portion of accrued warranty 26,800 26,204 Short-term lease liabilities 5,291 5,454 Other 12,353 14,652 Total $ 199,636 $ 230,826 |
Product Warranties
Product Warranties | 9 Months Ended |
Sep. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
PRODUCT WARRANTIES | PRODUCT WARRANTIES The Company typically provides one Activity related to the warranty accrual was as follows: Nine Months Ended September 30, 2022 2021 Balance, beginning of period $ 49,864 $ 45,669 Provision for warranty accrual 18,280 26,535 Warranty claims (13,968) (21,576) Foreign currency translation (4,198) (1,774) Balance, end of period $ 49,978 $ 48,854 Accrued warranty reported in the accompanying condensed consolidated financial statements as of September 30, 2022 and December 31, 2021 consisted of $26,800 and $26,204 in accrued expenses and other current liabilities, respectively, and $23,178 and $23,660 in other long-term liabilities and deferred income taxes, respectively. |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS The Company's borrowings under existing financing arrangements consist of the following: September 30, December 31, 2022 2021 Total debt $ 16,328 $ 34,157 Less: current portion (16,328) (18,126) Long-term debt, net of current portion $ — $ 16,031 Term Debt: At September 30, 2022, the Company has an unsecured long-term note with an outstanding principal balance of $16,328, 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. The Company had another long-term note that was secured by its corporate aircraft, which matured and was paid in July 2022, at which time the outstanding principal balance was $15,375. The future principal payments for the Company’s Note as of September 30, 2022 are as follows: 2022 (a) $ 297 2023 16,031 Total $ 16,328 (a) For the three-month period beginning October 1, 2022. Revolving Line of Credit Facilities: The Company maintains a $75,000 U.S. revolving line of credit and a €50,000 ($48,987) line-of-credit in Germany, both of which are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. The Company also maintains a €1,500 ($1,470) Italian overdraft facility. At September 30, 2022 and December 31, 2021, there were no amounts drawn on the U.S. line-of-credit, and there were $3,244 and $2,478, respectively, of guarantees issued against the facility, which reduce the amount of the facility available to draw. At September 30, 2022 and December 31, 2021, there were no amounts drawn on the euro line-of-credit, and there were $1,939 and $2,161, respectively, of guarantees issued against those facilities, which reduce the amount available to draw. At September 30, 2022 and December 31, 2021, there were no amounts |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 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: September 30, December 31, 2022 2021 Notional amounts (1) $ 16,328 $ 17,219 Fair values: Other assets $ 258 $ — 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ 65 $ 60 $ 500 $ 215 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 September 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 | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rates were 21.0% and 26.4% for the three months ended September 30, 2022 and 2021, respectively, and 22.7% and 24.6% for the nine months ended September 30, 2022 and 2021, respectively. There were net discrete tax benefits of $3,644 and $1,424 for the three months ended September 30, 2022 and 2021, respectively, and $6,806 and $5,849 for the nine months ended September 30, 2022 and 2021, respectively. The 2022 discrete items include a reduction in taxes as a result of filing amended returns to obtain foreign tax incentives for capital investments in prior years and to changes in tax position agreed to with tax authorities for prior year audits. The 2022 benefit is partly offset by the impact from tax deductions for equity-based compensation that were less than the compensation expense recognized for books. The 2021 discrete items relate primarily to tax deductions for equity based compensation that exceeded book deductions and to provision to return adjustments. 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 nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 2021 Balance, beginning of period $ 19,209 $ 14,706 Change in prior period positions (603) — Additions for tax positions in current period — 4,000 Foreign currency translation 865 92 Balance, end of period $ 19,471 $ 18,798 |
Net Income Attributable to IPG
Net Income Attributable to IPG Photonics Corporation Per Common Share | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to IPG Photonics Corporation common stockholders $ 76,264 $ 75,402 $ 202,804 $ 213,329 Basic weighted average common shares 51,628,701 53,387,175 51,449,367 53,500,507 Dilutive effect of common stock equivalents 108,289 446,577 176,565 552,836 Diluted weighted average common shares 51,736,990 53,833,752 51,625,932 54,053,343 Basic net income attributable to IPG Photonics Corporation per common share $ 1.48 $ 1.41 $ 3.94 $ 3.99 Diluted net income attributable to IPG Photonics Corporation per common share $ 1.47 $ 1.40 $ 3.93 $ 3.95 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 nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-qualified stock options 672,539 225,684 604,394 202,077 Restricted stock units 373,646 128,402 340,924 100,066 Performance stock units 91,920 30,142 78,999 24,732 Total weighed average anti-dilutive shares outstanding 1,138,105 384,228 1,024,317 326,875 On August 2, 2022, the Company announced that its Board of Directors has authorized the purchase of up to $300,000 of IPG common stock. This authorization is in addition to the Company's stock repurchase programs authorized in May 2020 and February 2022. For the three months ended September 30, 2022, the Company repurchased 819,422 shares of common stock under the August 2022 authorization with an average price of $86.96 per share in the open market. For the nine months ended September 30, 2022, the Company repurchased 3,802,440 shares of common stock under the August 2022 authorization and May 2020 and February 2022 authorization with an average price of $100.66 per share in the open market. The impact on the reduction of weighted average shares for the three and nine months ended September 30, 2022 was 62,179 shares and 1,689,862 shares, |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 1,872 $ 2,251 $ 2,108 $ 2,156 Provision for bad debts, net of (recoveries) 372 (295) 211 (154) Uncollectable accounts written off — — (79) (59) Foreign currency translation (125) (15) (121) (2) Balance, end of period $ 2,119 $ 1,941 $ 2,119 $ 1,941 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Total components of accumulated other comprehensive loss were as follows: Foreign currency translation adjustments and other Unrealized gain (loss) on derivatives, net of tax Total Balance, July 1, 2022 $ (134,926) $ 148 $ (134,778) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other before reclassification, net of tax benefit of $70 (72,041) — (72,041) Reclassification for foreign currency translation adjustments and other included in net income 208 — 208 Unrealized gain on derivatives, net of tax expense of $14 — 51 51 Total other comprehensive (loss) income (71,833) 51 (71,782) Balance, September 30, 2022 $ (206,759) $ 199 $ (206,560) Balance, July 1, 2021 $ (159,064) $ (343) $ (159,407) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other (15,392) — (15,392) Unrealized gain on derivatives, net of tax expense of $14 — 46 46 Total other comprehensive (loss) income (15,392) 46 (15,346) Balance, September 30, 2021 $ (174,456) $ (297) $ (174,753) Foreign currency translation adjustments and other Unrealized gain (loss) on derivatives, net of tax Total Balance, January 1, 2022 $ (189,767) $ (184) $ (189,951) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other before reclassification, net of tax expense of $72 (17,200) — (17,200) Reclassification for foreign currency translation adjustments and other included in net income 208 — 208 Unrealized gain on derivatives, net of tax expense of $117 — 383 383 Total other comprehensive (loss) income (16,992) 383 (16,609) Balance, September 30, 2022 $ (206,759) $ 199 $ (206,560) Balance, January 1, 2021 $ (145,603) $ (462) $ (146,065) Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments and other (28,853) — (28,853) Unrealized gain on derivatives, net of tax expense of $50 — 165 165 Total other comprehensive (loss) income (28,853) 165 (28,688) Balance, September 30, 2021 $ (174,456) $ (297) $ (174,753) |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales by Application Materials processing $ 312,546 $ 346,045 $ 994,866 $ 1,008,939 Other applications 36,460 33,105 101,142 87,454 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Sales by Product High Power Continuous Wave ("CW") Lasers $ 152,767 $ 177,787 $ 483,455 $ 538,013 Medium Power CW Lasers 20,639 24,520 63,230 58,579 Pulsed Lasers 55,216 59,051 192,000 176,219 Quasi-Continuous Wave ("QCW") Lasers 11,353 16,312 38,212 45,503 Laser and Non-Laser Systems 35,930 32,523 108,970 89,236 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 73,101 68,957 210,141 188,843 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales by Geography North America $ 82,119 $ 81,605 $ 247,495 $ 221,123 Europe: Germany 20,622 26,832 70,831 74,840 Other including Eastern Europe/CIS 72,332 79,777 227,739 212,709 Asia and Australia: China 117,952 137,211 385,080 436,119 Japan 11,220 14,286 38,847 35,485 Other 39,130 35,844 111,500 106,608 Rest of World 5,631 3,595 14,516 9,509 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 Timing of Revenue Recognition Goods and services transferred at a point in time $ 337,648 $ 364,677 $ 1,056,318 $ 1,054,554 Goods and services transferred over time 11,358 14,473 39,690 41,839 Total $ 349,006 $ 379,150 $ 1,096,008 $ 1,096,393 |
Changes in Contract Assets and Liabilities | The following table reflects the changes in the Company's contract assets and liabilities for the nine months ended September 30, 2022 and 2021: September 30, January 1, September 30, January 1, 2022 2022 Change 2021 2021 Change Contract assets Contract assets $ 8,995 $ 9,345 $ (350) $ 7,510 $ 8,999 $ (1,489) Contract liabilities Contract liabilities - current 81,868 89,659 (7,791) 80,694 71,246 9,448 Contract liabilities - long-term 2,711 2,691 20 2,737 2,189 548 |
Schedule of Remaining Performance Obligations | The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of September 30, 2022: Remaining Performance Obligations 2022 (a) 2023 2024 2025 2026 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 1,571 $ 3,181 $ 976 $ 729 $ 364 $ 92 $ 6,913 Revenue to be earned over time from contracts to sell large scale materials processing systems 9,282 13,095 5,151 — — — 27,528 Total $ 10,853 $ 16,276 $ 6,127 $ 729 $ 364 $ 92 $ 34,441 (a) For the three-month period beginning October 1, 2022. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 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. September 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 869,274 $ 794,904 $ 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 $ 869,274 $ 794,904 $ 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. September 30, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 869,274 $ 794,904 $ 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 $ 869,274 $ 794,904 $ 709,105 $ 878,553 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits and term deposits $ 457,754 $ 457,754 $ — $ — Commercial paper 112,506 — 112,506 — Certificate of deposit 17 — 17 — Short-term investments: Commercial paper 317,457 — 317,457 — Corporate bonds 20,786 — 20,786 — U.S. Treasury and agency obligations 14,756 — 14,756 — Certificates of deposit 11,713 — 11,713 — Other assets: Interest rate swap 258 — 258 — Total $ 935,247 $ 457,754 $ 477,493 $ — Liabilities Term note $ 16,328 $ — $ 16,328 $ — Total $ 16,328 $ — $ 16,328 $ — 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: September 30, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 365,409 $ 364,712 $ 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: Nine Months Ended September 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Change in fair value (1,477) — Foreign exchange adjustment 106 (91) Balance, end of period $ — $ 1,406 |
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: Nine Months Ended September 30, 2022 2021 Contingent purchase consideration Balance, beginning of period $ 1,371 $ 1,963 Cash payments — (466) Change in fair value (1,477) — Foreign exchange adjustment 106 (91) Balance, end of period $ — $ 1,406 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: September 30, December 31, 2022 2021 Components and raw materials $ 384,471 $ 270,146 Work-in-process 49,630 32,506 Finished goods 121,436 158,095 Total $ 555,537 $ 460,747 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying amount of goodwill: Nine Months Ended September 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) Goodwill written off related to divestiture (796) — Foreign exchange adjustment (850) (456) Balance, end of period $ 37,963 $ 38,705 |
Schedule of Intangible Assets | Intangible assets, subject to amortization, consisted of the following: September 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,119 $ (20,654) $ 27,465 11 years $ 59,729 $ (23,556) $ 36,173 10 years Technology, trademark and trade name 30,683 (22,672) 8,011 7 years 40,536 (26,269) 14,267 7 years Production know-how 8,984 (8,590) 394 7 years 10,384 (8,723) 1,661 7 years Patents 8,036 (7,735) 301 8 years 8,036 (7,459) 577 8 years Total $ 95,822 $ (59,651) $ 36,171 $ 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 $ 2,077 $ 7,892 $ 5,545 $ 4,973 $ 4,212 $ 11,472 $ 36,171 (a) For the three-month period beginning October 1, 2022. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, December 31, 2022 2021 Contract liabilities $ 81,868 $ 89,659 Accrued compensation 73,324 94,857 Current portion of accrued warranty 26,800 26,204 Short-term lease liabilities 5,291 5,454 Other 12,353 14,652 Total $ 199,636 $ 230,826 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
Summary of Product Warranty Activity | Activity related to the warranty accrual was as follows: Nine Months Ended September 30, 2022 2021 Balance, beginning of period $ 49,864 $ 45,669 Provision for warranty accrual 18,280 26,535 Warranty claims (13,968) (21,576) Foreign currency translation (4,198) (1,774) Balance, end of period $ 49,978 $ 48,854 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings Under Existing Financing Arrangements | The Company's borrowings under existing financing arrangements consist of the following: September 30, December 31, 2022 2021 Total debt $ 16,328 $ 34,157 Less: current portion (16,328) (18,126) Long-term debt, net of current portion $ — $ 16,031 |
Schedule of Future Principal Payments | The future principal payments for the Company’s Note as of September 30, 2022 are as follows: 2022 (a) $ 297 2023 16,031 Total $ 16,328 (a) For the three-month period beginning October 1, 2022. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives | The fair value amounts in the condensed consolidated balance sheets were: September 30, December 31, 2022 2021 Notional amounts (1) $ 16,328 $ 17,219 Fair values: Other assets $ 258 $ — 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Effective portion recognized in other comprehensive income, pretax: Interest rate swap $ 65 $ 60 $ 500 $ 215 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 2021 Balance, beginning of period $ 19,209 $ 14,706 Change in prior period positions (603) — Additions for tax positions in current period — 4,000 Foreign currency translation 865 92 Balance, end of period $ 19,471 $ 18,798 |
Net Income Attributable to IP_2
Net Income Attributable to IPG Photonics Corporation Per Common Share (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to IPG Photonics Corporation common stockholders $ 76,264 $ 75,402 $ 202,804 $ 213,329 Basic weighted average common shares 51,628,701 53,387,175 51,449,367 53,500,507 Dilutive effect of common stock equivalents 108,289 446,577 176,565 552,836 Diluted weighted average common shares 51,736,990 53,833,752 51,625,932 54,053,343 Basic net income attributable to IPG Photonics Corporation per common share $ 1.48 $ 1.41 $ 3.94 $ 3.99 Diluted net income attributable to IPG Photonics Corporation per common share $ 1.47 $ 1.40 $ 3.93 $ 3.95 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted average anti-dilutive shares outstanding for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-qualified stock options 672,539 225,684 604,394 202,077 Restricted stock units 373,646 128,402 340,924 100,066 Performance stock units 91,920 30,142 78,999 24,732 Total weighed average anti-dilutive shares outstanding 1,138,105 384,228 1,024,317 326,875 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 1,872 | $ 2,251 | $ 2,108 | $ 2,156 |
Provision for bad debts, net of (recoveries) | 372 | (295) | 211 | (154) |
Uncollectable accounts written off | 0 | 0 | (79) | (59) |
Foreign currency translation | (125) | (15) | (121) | (2) |
Balance, end of period | $ 2,119 | $ 1,941 | $ 2,119 | $ 1,941 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI [Roll Forward] | ||||
Balance, beginning of period | $ 2,640,351 | $ 2,706,280 | $ 2,747,221 | $ 2,594,111 |
Balance, end of period | 2,580,509 | 2,739,845 | 2,580,509 | 2,739,845 |
Tax (benefit) expense, foreign currency translation adjustments and other | (70) | 72 | ||
Tax expense, unrealized gain on derivatives | 14 | 14 | 117 | 50 |
Accumulated Other Comprehensive (Loss) Income | ||||
AOCI [Roll Forward] | ||||
Balance, beginning of period | (134,778) | (159,407) | (189,951) | (146,065) |
Foreign currency translation adjustments and other | (72,041) | (15,392) | (17,200) | (28,853) |
Reclassification for foreign currency translation adjustments and other included in net income | 208 | 208 | ||
Unrealized gain on derivatives, net of tax expense | 51 | 46 | 383 | 165 |
Total other comprehensive (loss) income | (71,782) | (15,346) | (16,609) | (28,688) |
Balance, end of period | (206,560) | (174,753) | (206,560) | (174,753) |
Unrealized gain (loss) on derivatives, net of tax | ||||
AOCI [Roll Forward] | ||||
Balance, beginning of period | 148 | (343) | (184) | (462) |
Unrealized gain on derivatives, net of tax expense | 51 | 46 | 383 | 165 |
Total other comprehensive (loss) income | 51 | 46 | 383 | 165 |
Balance, end of period | 199 | (297) | 199 | (297) |
Foreign currency translation adjustments and other | ||||
AOCI [Roll Forward] | ||||
Balance, beginning of period | (134,926) | (159,064) | (189,767) | (145,603) |
Foreign currency translation adjustments and other | (72,041) | (15,392) | (17,200) | (28,853) |
Reclassification for foreign currency translation adjustments and other included in net income | 208 | 208 | ||
Total other comprehensive (loss) income | (71,833) | (15,392) | (16,992) | (28,853) |
Balance, end of period | $ (206,759) | $ (174,456) | $ (206,759) | $ (174,456) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Disaggregation of Revenue, By Application) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Sales by Application | ||||
Total | $ 349,006 | $ 379,150 | $ 1,096,008 | $ 1,096,393 |
Materials processing | ||||
Sales by Application | ||||
Total | 312,546 | 346,045 | 994,866 | 1,008,939 |
Other applications | ||||
Sales by Application | ||||
Total | $ 36,460 | $ 33,105 | $ 101,142 | $ 87,454 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers (Disaggregation of Revenue, By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 349,006 | $ 379,150 | $ 1,096,008 | $ 1,096,393 |
High Power Continuous Wave ("CW") Lasers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 152,767 | 177,787 | 483,455 | 538,013 |
Medium Power CW Lasers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 20,639 | 24,520 | 63,230 | 58,579 |
Pulsed Lasers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 55,216 | 59,051 | 192,000 | 176,219 |
Quasi-Continuous Wave ("QCW") Lasers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 11,353 | 16,312 | 38,212 | 45,503 |
Laser and Non-Laser Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 35,930 | 32,523 | 108,970 | 89,236 |
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 73,101 | $ 68,957 | $ 210,141 | $ 188,843 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers (Disaggregation of Revenue, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Sales by Geography | ||||
Total | $ 349,006 | $ 379,150 | $ 1,096,008 | $ 1,096,393 |
North America | ||||
Sales by Geography | ||||
Total | 82,119 | 81,605 | 247,495 | 221,123 |
Germany | ||||
Sales by Geography | ||||
Total | 20,622 | 26,832 | 70,831 | 74,840 |
Other including Eastern Europe/CIS | ||||
Sales by Geography | ||||
Total | 72,332 | 79,777 | 227,739 | 212,709 |
China | ||||
Sales by Geography | ||||
Total | 117,952 | 137,211 | 385,080 | 436,119 |
Japan | ||||
Sales by Geography | ||||
Total | 11,220 | 14,286 | 38,847 | 35,485 |
Other | ||||
Sales by Geography | ||||
Total | 39,130 | 35,844 | 111,500 | 106,608 |
Rest of World | ||||
Sales by Geography | ||||
Total | $ 5,631 | $ 3,595 | $ 14,516 | $ 9,509 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers (Disaggregation of Revenue, By Timing) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Timing of Revenue Recognition | ||||
Total | $ 349,006 | $ 379,150 | $ 1,096,008 | $ 1,096,393 |
Goods and services transferred at a point in time | ||||
Timing of Revenue Recognition | ||||
Total | 337,648 | 364,677 | 1,056,318 | 1,054,554 |
Goods and services transferred over time | ||||
Timing of Revenue Recognition | ||||
Total | $ 11,358 | $ 14,473 | $ 39,690 | $ 41,839 |
Revenue From Contracts With C_7
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 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 | $ 31,213 | $ 10,172 | $ 65,743 | $ 58,069 | |
One Customer | Customer Concentration Risk | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13% | 22% |
Revenue From Contracts With C_8
Revenue From Contracts With Customers (Changes in Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract assets | ||||
Contract assets | $ 8,995 | $ 7,510 | $ 9,345 | $ 8,999 |
Contract assets, change | (350) | (1,489) | ||
Contract liabilities | ||||
Contract liabilities - current | 81,868 | 80,694 | 89,659 | 71,246 |
Contract liabilities - current, change | (7,791) | 9,448 | ||
Contract liabilities - long-term | 2,711 | 2,737 | $ 2,691 | $ 2,189 |
Contract liabilities - long-term, change | $ 20 | $ 548 |
Revenue From Contracts With C_9
Revenue From Contracts With Customers (Schedule of Remaining Performance Obligations) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 34,441 |
Revenue expected to be recognized for extended warranty agreements | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 6,913 |
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 | 27,528 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 10,853 |
Remaining performance obligations, expected timing | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Revenue expected to be recognized for extended warranty agreements | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1,571 |
Remaining performance obligations, expected timing | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | 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 | $ 9,282 |
Remaining performance obligations, expected timing | 3 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 | $ 16,276 |
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 | $ 3,181 |
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 | $ 13,095 |
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 | $ 6,127 |
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 | $ 976 |
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 | $ 5,151 |
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 | $ 729 |
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 | $ 729 |
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 | $ 364 |
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 | $ 364 |
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 | $ 92 |
Remaining performance obligations, expected timing | 2 years |
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 | $ 92 |
Remaining performance obligations, expected timing | 2 years |
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 | 2 years |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Gain on divestiture | $ 21,748 | $ 0 | $ 21,748 | $ 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Telecom Transmission | ||||
Business Acquisition [Line Items] | ||||
Disposal group, consideration | $ 56,222 | $ 56,222 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 869,274 | $ 709,105 | $ 794,904 | $ 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 | $ 869,274 | $ 709,105 | $ 794,904 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Interest rate swap | $ 258 | |
Total | 935,247 | $ 1,216,658 |
Liabilities | ||
Term note | 16,328 | 34,226 |
Contingent purchase consideration | 1,371 | |
Interest rate swap | 242 | |
Total | 16,328 | 35,839 |
Commercial paper | ||
Assets | ||
Short-term investments | 317,457 | 557,955 |
Corporate bonds | ||
Assets | ||
Cash equivalents | 11,459 | |
Short-term investments | 20,786 | 215,754 |
U.S. Treasury and agency obligations | ||
Assets | ||
Short-term investments | 14,756 | 21,980 |
Municipal bonds | ||
Assets | ||
Cash equivalents | 3,220 | |
Short-term investments | 4,546 | |
Certificates of deposit | ||
Assets | ||
Short-term investments | 11,713 | 3,000 |
Foreign government bonds | ||
Assets | ||
Short-term investments | 2,015 | |
Money market fund deposits and term deposits | ||
Assets | ||
Cash equivalents | 457,754 | 279,066 |
Commercial paper | ||
Assets | ||
Cash equivalents | 112,506 | 117,663 |
Certificates of deposit | ||
Assets | ||
Cash equivalents | 17 | |
Level 1 | ||
Assets | ||
Interest rate swap | 0 | |
Total | 457,754 | 279,066 |
Liabilities | ||
Term note | 0 | 0 |
Contingent purchase consideration | 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 | |
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 | 457,754 | 279,066 |
Level 1 | Commercial paper | ||
Assets | ||
Cash equivalents | 0 | 0 |
Level 1 | Certificates of deposit | ||
Assets | ||
Cash equivalents | 0 | |
Level 2 | ||
Assets | ||
Interest rate swap | 258 | |
Total | 477,493 | 937,592 |
Liabilities | ||
Term note | 16,328 | 34,226 |
Contingent purchase consideration | 0 | |
Interest rate swap | 242 | |
Total | 16,328 | 34,468 |
Level 2 | Commercial paper | ||
Assets | ||
Short-term investments | 317,457 | 557,955 |
Level 2 | Corporate bonds | ||
Assets | ||
Cash equivalents | 11,459 | |
Short-term investments | 20,786 | 215,754 |
Level 2 | U.S. Treasury and agency obligations | ||
Assets | ||
Short-term investments | 14,756 | 21,980 |
Level 2 | Municipal bonds | ||
Assets | ||
Cash equivalents | 3,220 | |
Short-term investments | 4,546 | |
Level 2 | Certificates of deposit | ||
Assets | ||
Short-term investments | 11,713 | 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 | 112,506 | 117,663 |
Level 2 | Certificates of deposit | ||
Assets | ||
Cash equivalents | 17 | |
Level 3 | ||
Assets | ||
Interest rate swap | 0 | |
Total | 0 | 0 |
Liabilities | ||
Term note | 0 | 0 |
Contingent purchase consideration | 1,371 | |
Interest rate swap | 0 | |
Total | 0 | 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 | |
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 |
Level 3 | Certificates of deposit | ||
Assets | ||
Cash equivalents | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 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 | 16,328,000 | $ 34,226,000 | |
Long-term debt, book value | 16,328,000 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Investment maturity | ||
Held-to-maturity maturities, less than 1 year, book value | $ 365,409 | $ 805,400 |
Held-to-maturity maturities, less than 1 year, fair value | $ 364,712 | $ 805,250 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Auction Rate Securities and Contingent Purchase Consideration) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Contingent purchase consideration | ||
Cash payments | $ 0 | $ (466) |
Change in fair value | (1,477) | 0 |
Contingent purchase consideration | ||
Contingent purchase consideration | ||
Balance, beginning of period | 1,371 | 1,963 |
Foreign exchange adjustment | 106 | (91) |
Balance, end of period | $ 0 | $ 1,406 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Components and raw materials | $ 384,471 | $ 270,146 |
Work-in-process | 49,630 | 32,506 |
Finished goods | 121,436 | 158,095 |
Total | $ 555,537 | $ 460,747 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | ||||
Inventory provisions | $ 12,883 | $ 7,882 | $ 38,363 | $ 23,529 |
Goodwill and Intangibles (Sched
Goodwill and Intangibles (Schedule of Changes) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 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) |
Goodwill written off related to divestiture | (796) | 0 |
Foreign exchange adjustment | (850) | (456) |
Balance, end of period | $ 37,963 | $ 38,705 |
Goodwill and Intangibles (Intan
Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 95,822 | $ 118,685 |
Accumulated Amortization | (59,651) | (66,007) |
Net Carrying Amount | 36,171 | 52,678 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,119 | 59,729 |
Accumulated Amortization | (20,654) | (23,556) |
Net Carrying Amount | $ 27,465 | $ 36,173 |
Weighted- Average Lives | 11 years | 10 years |
Technology, trademark and trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 30,683 | $ 40,536 |
Accumulated Amortization | (22,672) | (26,269) |
Net Carrying Amount | $ 8,011 | $ 14,267 |
Weighted- Average Lives | 7 years | 7 years |
Production know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,984 | $ 10,384 |
Accumulated Amortization | (8,590) | (8,723) |
Net Carrying Amount | $ 394 | $ 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 | (7,735) | (7,459) |
Net Carrying Amount | $ 301 | $ 577 |
Weighted- Average Lives | 8 years | 8 years |
Goodwill and Intangibles (Narra
Goodwill and Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,447 | $ 3,051 | $ 8,377 | $ 9,387 |
Goodwill and Intangibles (Estim
Goodwill and Intangibles (Estimated Future Amortization Expense for Intangibles) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 2,077 | |
2023 | 7,892 | |
2024 | 5,545 | |
2025 | 4,973 | |
2026 | 4,212 | |
Thereafter | 11,472 | |
Net Carrying Amount | $ 36,171 | $ 52,678 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||||
Contract liabilities | $ 81,868 | $ 89,659 | $ 80,694 | $ 71,246 |
Accrued compensation | 73,324 | 94,857 | ||
Current portion of accrued warranty | 26,800 | 26,204 | ||
Short-term lease liabilities | 5,291 | 5,454 | ||
Other | 12,353 | 14,652 | ||
Total | $ 199,636 | $ 230,826 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Product Warranty Liability [Line Items] | ||
Accrued warranty reported in accrued expenses and other liabilities | $ 26,800 | $ 26,204 |
Accrued warranty reported in other long-term liabilities | $ 23,178 | $ 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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 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 | 18,280 | 26,535 |
Warranty claims | (13,968) | (21,576) |
Foreign currency translation | (4,198) | (1,774) |
Balance, end of period | $ 49,978 | $ 48,854 |
Financing Arrangements (Borrowi
Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Total debt | $ 16,328 | $ 34,157 |
Less: current portion | (16,328) | (18,126) |
Long-term debt, net of current portion | $ 0 | $ 16,031 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) € in Thousands | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | May 31, 2023 USD ($) | Sep. 30, 2022 EUR (€) | Jul. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Total unused credit lines and overdraft facilities | $ 120,274,000 | ||||
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 | $ 15,375,000 | ||||
Long-term notes | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Amount due on long-term note | $ 16,328,000 | ||||
U.S. line-of-credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit | 0 | $ 0 | |||
Guarantees issued | 3,244,000 | 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 | 1,939,000 | 2,161,000 | |||
Euro line-of-credit | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 48,987,000 | € 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 | $ 1,470,000 | € 1,500 |
Financing Arrangements (Future
Financing Arrangements (Future Principal Payments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 297 | |
2023 | 16,031 | |
Total debt | $ 16,328 | $ 34,157 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | $ 258 | |
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 | 16,328 | 17,219 |
Derivative designated as a cash flow hedge | Interest rate swap | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap | 258 | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 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 | $ 65 | $ 60 | $ 500 | $ 215 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 21% | 26.40% | 22.70% | 24.60% |
Share-based payment arrangement, tax benefit | $ 3,644 | $ 1,424 | $ 6,806 | $ 5,849 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 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 | 0 | 4,000 |
Foreign currency translation | 865 | 92 |
Balance, end of period | $ 19,471 | $ 18,798 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to IPG Photonics Corporation common stockholders | $ 76,264 | $ 75,402 | $ 202,804 | $ 213,329 |
Basic weighted average common shares | 51,628,701 | 53,387,175 | 51,449,367 | 53,500,507 |
Dilutive effect of common stock equivalents (in shares) | 108,289 | 446,577 | 176,565 | 552,836 |
Diluted weighted average common shares | 51,736,990 | 53,833,752 | 51,625,932 | 54,053,343 |
Basic net income attributable to IPG Photonics Corporation per common share (in dollars per share) | $ 1.48 | $ 1.41 | $ 3.94 | $ 3.99 |
Diluted net income attributable to IPG Photonics Corporation per common share (in dollars per share) | $ 1.47 | $ 1.40 | $ 3.93 | $ 3.95 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Excluded from computation of diluted weighted average common shares | 1,138,105 | 384,228 | 1,024,317 | 326,875 |
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 | 672,539 | 225,684 | 604,394 | 202,077 |
Restricted Stock Units, RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Excluded from computation of diluted weighted average common shares | 373,646 | 128,402 | 340,924 | 100,066 |
Performance Stock Units, PSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Excluded from computation of diluted weighted average common shares | 91,920 | 30,142 | 78,999 | 24,732 |
Net Income Attributable to IP_5
Net Income Attributable to IPG Photonics Corporation Per Common Share (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Aug. 02, 2022 | |
Earnings Per Share [Abstract] | |||
Share repurchase authorized amount | $ 300,000,000 | ||
Stock repurchased during period (in shares) | 819,422 | 3,802,440 | |
Stock repurchase average price (in dollars per share) | $ 86.96 | $ 100.66 | |
Decrease in weighted average number of shares outstanding treasury stock | (62,179) | (1,689,862) |