IPG Photonics (IPGP) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	377 Simarano Drive
Entity Address, City or Town	Marlborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01752
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)		45,568,197
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001111928

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 496,452	$ 514,674
Short-term investments	643,655	662,807
Accounts receivable, net	184,012	219,053
Inventories	431,899	453,874
Prepaid income taxes	24,530	26,038
Prepaid expenses and other current assets	49,071	38,208
Total current assets	1,829,619	1,914,654
Deferred income taxes, net	84,452	88,788
Goodwill	38,351	38,540
Intangible assets, net	24,802	26,234
Property, plant and equipment, net	585,751	602,257
Other assets	35,461	28,425
Total assets	2,598,436	2,698,898
Current liabilities:
Accounts payable	26,675	28,618
Accrued expenses and other current liabilities	163,011	181,350
Income taxes payable	2,441	4,893
Total current liabilities	192,127	214,861
Other long-term liabilities and deferred income taxes	65,589	68,652
Total liabilities	257,716	283,513
Commitments and contingencies (Note 10)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,521,438 and 45,566,746 shares issued and outstanding, respectively, at March 31, 2024; 56,317,438 and 46,320,671 shares issued and outstanding, respectively, at December 31, 2023.	6	6
Treasury stock, at cost, 10,954,692 and 9,996,767 shares held at March 31, 2024 and December 31, 2023, respectively.	(1,251,121)	(1,161,505)
Additional paid-in capital	1,002,600	994,020
Retained earnings	2,819,493	2,795,394
Accumulated other comprehensive loss	(230,258)	(212,530)
Total IPG Photonics Corporation equity	2,340,720	2,415,385
Total liabilities and equity	$ 2,598,436	$ 2,698,898

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	56,521,438	56,317,438
Common stock, shares outstanding	45,566,746	46,320,671
Treasury stock, common, shares	10,954,692	9,996,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 252,009	$ 347,174
Cost of sales	154,473	200,236
Gross profit	97,536	146,938
Operating expenses:
Sales and marketing	22,998	21,088
Research and development	29,381	22,770
General and administrative	31,158	30,128
Gain on sale of assets	(6,776)	0
Restructuring charges, net	0	181
Loss (gain) on foreign exchange	1,675	(2,655)
Total operating expenses	78,436	71,512
Operating income	19,100	75,426
Other income, net:
Interest income, net	14,177	7,533
Other income, net	325	331
Total other income	14,502	7,864
Income before provision for income taxes	33,602	83,290
Provision for income taxes	9,503	23,155
Net income attributable to IPG Photonics Corporation common stockholders	$ 24,099	$ 60,135
Net income attributable to IPG Photonics Corporation per common share:
Basic (in dollars per share)	$ 0.52	$ 1.26
Diluted (in dollars per share)	$ 0.52	$ 1.26
Weighted average common shares outstanding:
Basic (in shares)	45,960,476	47,542,071
Diluted (in shares)	46,174,518	47,776,121

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 24,099	$ 60,135
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments and other	(17,728)	481
Unrealized loss on derivatives	0	(89)
Total other comprehensive (loss) income	(17,728)	392
Comprehensive income attributable to IPG Photonics Corporation	$ 6,371	$ 60,527

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 24,099	$ 60,135
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	16,214	17,889
Deferred income taxes	4,044	16,106
Stock-based compensation	9,738	9,576
Unrealized gain on foreign currency transactions	(708)	(1,877)
Provisions for inventory, warranty and bad debt	14,761	17,214
Amortization of premium/discount on investments	(7,218)	(5,316)
Other	(5,713)	1,072
Changes in assets and liabilities that provided (used) cash, net of acquisitions:
Accounts receivable	32,305	(24,642)
Inventories	1,498	(8,989)
Prepaid expenses and other assets	(7,343)	(10,419)
Accounts payable	274	(4,600)
Accrued expenses and other liabilities	(26,230)	(19,120)
Income and other taxes payable	(1,125)	(9,749)
Net cash provided by operating activities	54,596	37,280
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment	(28,052)	(33,404)
Proceeds from sales of property, plant and equipment	25,262	1,600
Purchases of short-term investments	(226,521)	(343,820)
Proceeds from short-term investments	252,890	279,499
Other	157	107
Net cash provided by (used in) investing activities	23,736	(96,018)
Cash flows from financing activities:
Principal payments on long-term borrowings	0	(298)
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	(1,158)	(3,844)
Purchase of treasury stock, at cost	(89,616)	(113,094)
Net cash used in financing activities	(90,774)	(117,236)
Effect of changes in exchange rates on cash and cash equivalents	(5,780)	(1,098)
Net decrease in cash and cash equivalents	(18,222)	(177,072)
Cash and cash equivalents — Beginning of period	514,674	698,209
Cash and cash equivalents — End of period	496,452	521,137
Supplemental disclosure of cash flow information:
Cash paid for interest	4	525
Cash paid for income taxes	8,005	19,203
Non-cash transactions:
Demonstration units transferred from inventory to other assets	1,736	1,499
Inventory transferred to (from) machinery and equipment	498	(554)
Additions to property, plant and equipment included in accounts payable	1,708	1,109
Leased assets obtained in exchange for new operating lease liabilities	$ 2,418	$ 457

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
Balance, beginning of year (in shares) at Dec. 31, 2022		48,138,257
Balance, beginning of period at Dec. 31, 2022	$ 2,385,360	$ 6	$ (938,009)	$ 951,371	$ 2,576,516	$ (204,524)
Balance, beginning of period (in shares) at Dec. 31, 2022			(7,879,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSUs and PSUs, net of shares withheld for taxes (in shares)		166,063
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	(3,844)			(3,844)
Purchased common stock (in shares)		(998,769)	(998,769)
Purchased common stock	(113,094)		$ (113,094)
Stock-based compensation	9,576			9,576
Net income	60,135				60,135
Foreign currency translation adjustments and other	481					481
Unrealized gain (loss) on derivatives, net of tax	(89)					(89)
Balance, end of period (in shares) at Mar. 31, 2023		47,305,551
Balance, end of period at Mar. 31, 2023	$ 2,338,525	$ 6	$ (1,051,103)	957,103	2,636,651	(204,132)
Balance, end of period (in shares) at Mar. 31, 2023			(8,878,184)
Balance, beginning of year (in shares) at Dec. 31, 2023	46,320,671	46,320,671
Balance, beginning of period at Dec. 31, 2023	$ 2,415,385	$ 6	$ (1,161,505)	994,020	2,795,394	(212,530)
Balance, beginning of period (in shares) at Dec. 31, 2023	(9,996,767)		(9,996,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and vesting of RSUs and PSUs, net of shares withheld for taxes (in shares)		204,000
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	$ (1,158)			(1,158)
Purchased common stock	(89,616)		$ (89,616)
Purchased common stock (in shares)		(957,925)	(957,925)
Stock-based compensation	9,738			9,738
Net income	24,099				24,099
Foreign currency translation adjustments and other	(17,728)					(17,728)
Unrealized gain (loss) on derivatives, net of tax	$ 0
Balance, end of period (in shares) at Mar. 31, 2024	45,566,746	45,566,746
Balance, end of period at Mar. 31, 2024	$ 2,340,720	$ 6	$ (1,251,121)	$ 1,002,600	$ 2,819,493	$ (230,258)
Balance, end of period (in shares) at Mar. 31, 2024	(10,954,692)		(10,954,692)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023. 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 Credit Losses — 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 March 31, 2024 2023 Balance, beginning of period $ 1,763 $ 2,639 Provision for bad debts, net of (recoveries) 93 (209) Uncollectible accounts written off (25) (50) Foreign currency translation (14) (17) Balance, end of period $ 1,817 $ 2,363 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 condensed 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, January 1, 2024 $ (212,530) $ — $ (212,530) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax benefit of $33 (17,728) — (17,728) Total other comprehensive loss (17,728) — (17,728) Balance, March 31, 2024 $ (230,258) $ — $ (230,258) Balance, January 1, 2023 $ (204,676) $ 152 $ (204,524) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other, net of tax expense of $35 481 — 481 Unrealized loss on derivatives, net of tax benefit of $26 — (89) (89) Total other comprehensive income (loss) 481 (89) 392 Balance, March 31, 2023 $ (204,195) $ 63 $ (204,132) 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Adopted Pronouncements — In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. Under the new guidance an entity is required to disclose the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU also requires that an entity that has a single reportable segment provide all the disclosures required by this ASU and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard during fiscal year 2024, and will start disclosing the required information in fiscal year ending December 31, 2024. The Company does not expect this standard to have a material impact. Pronouncements Currently Under Evaluation — In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires an entity on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance also requires an entity to disclose on an annual basis information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this ASU and does not expect this standard will have a material impact.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2024
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; and fiber lasers, systems and fibers for medical applications. The following tables represent a disaggregation of revenue from contracts with customers: Three Months Ended March 31, 2024 2023 Sales by Application Materials processing $ 226,365 $ 312,969 Other applications 25,644 34,205 Total $ 252,009 $ 347,174 Sales by Product High Power Continuous Wave ("CW") Lasers $ 90,793 $ 154,034 Medium Power CW Lasers 16,214 13,839 Pulsed Lasers 34,819 56,147 Quasi-Continuous Wave ("QCW") Lasers 15,791 11,282 Laser and Non-Laser Systems 37,503 41,384 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 56,889 70,488 Total $ 252,009 $ 347,174 Sales by Geography North America $ 63,964 $ 76,080 Europe: Germany 20,019 19,833 Other Europe 59,497 80,420 Asia: China 62,730 101,287 Japan 16,698 21,618 Other Asia 24,978 43,654 Rest of World 4,123 4,282 Total $ 252,009 $ 347,174 Timing of Revenue Recognition Goods and services transferred at a point in time $ 242,527 $ 333,125 Goods and services transferred over time 9,482 14,049 Total $ 252,009 $ 347,174 One of the Company's customers accounted for 21% and 14% of the Company's net accounts receivable as of March 31, 2024 and December 31, 2023, 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 of 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 three months ended March 31, 2024 and 2023: March 31, January 1, March 31, January 1, 2024 2024 Change 2023 2023 Change Contract assets Contract assets $ 10,996 $ 9,383 $ 1,613 $ 13,806 $ 8,620 $ 5,186 Contract liabilities Contract liabilities - current 60,171 69,219 (9,048) 82,903 80,068 2,835 Contract liabilities - long-term 2,732 2,851 (119) 3,020 3,142 (122) During the three months ended March 31, 2024 and 2023 the Company recognized revenue of $30,500 and $29,012, 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 March 31, 2024: Remaining Performance Obligations 2024 (a) 2025 2026 2027 2028 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 2,398 $ 1,447 $ 927 $ 603 $ 133 $ 53 $ 5,561 Revenue to be earned over time from contracts to sell large scale materials processing systems 14,385 2,200 — — — — 16,585 Total $ 16,783 $ 3,647 $ 927 $ 603 $ 133 $ 53 $ 22,146 (a) For the nine-month period beginning April 1, 2024.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, and revolving lines of credit. 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 fair value of money market fund deposits, cash equivalent term deposits, accounts receivable, accounts payable and drawings on revolving lines of credit is reasonably close to their carrying amounts 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 commercial paper, corporate bonds, U.S. Treasury and agency obligations and term deposits are based on Level 2 inputs. 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: Fair Value Measurements at March 31, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 142,100 $ 142,100 $ — $ — Term deposits 74,346 — 74,346 — Corporate bonds 6,736 — 6,736 — Total cash equivalents 223,182 142,100 81,082 — Short-term investments: Commercial paper 282,078 — 282,078 — Corporate bonds 227,995 — 227,995 — U.S. Treasury and agency obligations 130,150 — 130,150 — Term deposits 3,048 — 3,048 — Total short-term investments 643,271 — 643,271 — Total $ 866,453 $ 142,100 $ 724,353 $ — Fair Value Measurements at December 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 171,632 $ 171,632 $ — $ — Term deposits 83,965 — 83,965 — Corporate bonds 23,516 — 23,516 — Commercial paper 6,369 — 6,369 — Total cash equivalents 285,482 171,632 113,850 — Short-term investments: Commercial paper 244,571 — 244,571 — Corporate bonds 243,915 — 243,915 — U.S. Treasury and agency obligations 171,316 — 171,316 — Term deposits 3,009 — 3,009 — Total short-term investments 662,811 — 662,811 — Total $ 948,293 $ 171,632 $ 776,661 $ — There were no impairments for the investments considered held-to-maturity during the quarters ended March 31, 2024 and 2023. There were no current expected credit loss allowances for the investments considered held-to-maturity at March 31, 2024 and 2023. 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: March 31, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 643,655 $ 643,271 $ 662,807 $ 662,811

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following: March 31, December 31, 2024 2023 Components and raw materials $ 249,123 $ 263,652 Work-in-process 43,380 47,997 Finished goods 139,396 142,225 Total $ 431,899 $ 453,874 The Company recorded inventory provisions totaling $12,842 and $12,096 for the three months ended March 31, 2024 and 2023, respectively. These provisions relate to the recoverability of the value of inventories due to technological changes and excess quantities. These provisions are reported as a reduction to components and raw materials, work-in-process and finished goods.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Mar. 31, 2024
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: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 38,540 $ 38,325 Foreign exchange adjustment (189) 63 Balance, end of period $ 38,351 $ 38,388 Intangible assets, subject to amortization, consisted of the following: March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,161 $ (26,861) $ 21,300 11 years $ 48,216 $ (25,973) $ 22,243 11 years Technology, trademark and trade name 29,828 (26,326) 3,502 7 years 29,903 (25,960) 3,943 7 years Production know-how 9,122 (9,122) — 7 years 9,155 (9,155) — 7 years Patents 8,034 (8,034) — 8 years 8,035 (7,987) 48 8 years Total $ 95,145 $ (70,343) $ 24,802 $ 95,309 $ (69,075) $ 26,234 Amortization expense for the three months ended March 31, 2024 and 2023 was $1,425 and $2,021, respectively. The estimated future amortization expense for intangibles for the remainder of 2024 and subsequent years is as follows: 2024 (a) 2025 2026 2027 2028 Thereafter Total $ 4,129 $ 4,977 $ 4,217 $ 4,005 $ 3,632 $ 3,842 $ 24,802 (a) For the nine-month period beginning April 1, 2024.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Other Liabilities	OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2024 2023 Contract liabilities $ 60,171 $ 69,219 Accrued compensation 55,322 67,053 Current portion of accrued warranty 25,916 27,283 Short-term lease liabilities 4,574 4,597 Other 17,028 13,198 Total $ 163,011 $ 181,350 Other long-term liabilities and deferred income taxes consist of the following: March 31, December 31, 2024 2023 Accrued warranty $ 17,718 $ 19,926 Transition tax related to 2017 U.S. tax reform act 11,009 11,009 Long-term lease liabilities 14,324 13,664 Unrecognized tax benefits 15,252 17,176 Deferred income taxes 1,507 1,508 Other 5,779 5,369 Total $ 65,589 $ 68,652

Product Warranties

Product Warranties	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES The Company typically provides one Activity related to the warranty accrual was as follows: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 47,209 $ 52,862 Provision for warranty accrual 1,680 4,375 Warranty claims (4,568) (3,798) Foreign currency translation (687) 400 Balance, end of period $ 43,634 $ 53,839 Accrued warranty reported in the accompanying condensed consolidated financial statements as of March 31, 2024 and December 31, 2023 consist of $25,916 and $27,283 in accrued expenses and other current liabilities, respectively, and $17,718 and $19,926 in other long-term liabilities and deferred income taxes, respectively.

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Revolving Line of Credit Facilities: The Company maintains a $75,000 U.S. revolving line of credit, which is available to certain foreign subsidiaries and allows for borrowings in the local currencies of those subsidiaries. At March 31, 2024 and December 31, 2023, there were no amounts drawn on the U.S. line-of-credit, and there were $2,711 and $2,487, respectively, of guarantees issued against the facility, which reduce the amount of the facility available to draw. After providing for the guarantees used, the remaining availability under this line was $72,289 at March 31, 2024. In addition, the Company maintains Euro lines of credit facilities with a total principal amount of €6,500 ($7,014 as of March 31, 2024), which are available to certain European subsidiaries.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 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 Condensed Consolidated Financial Statements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rates were 28.3% and 27.8% for the three months ended March 31, 2024 and 2023, respectively. There was a net discrete tax detriment of $1,997 for the three months ended March 31, 2024 and a net discrete tax detriment of $1,972 for the three months ended March 31, 2023. The detriment in 2024 relates primarily to the increase in tax expense for equity-based compensation expense reflected in financial statement income in excess of the deductions allowed for tax purposes. This item was partially offset by a decrease in uncertain tax positions due to the conclusion of tax audits. There was a similar but smaller detriment for equity base compensation in 2023. 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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 17,176 $ 15,841 Change in prior period positions (2,000) 42 Additions for tax positions in current period 76 — Foreign currency translation — (78) Balance, end of period $ 15,252 $ 15,805

Net Income Attributable to IPG

Net Income Attributable to IPG Photonics Corporation Per Common Share	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Net income attributable to IPG Photonics Corporation common stockholders $ 24,099 $ 60,135 Basic weighted average common shares 45,960,476 47,542,071 Dilutive effect of common stock equivalents 214,042 234,050 Diluted weighted average common shares 46,174,518 47,776,121 Basic net income attributable to IPG Photonics Corporation per common share $ 0.52 $ 1.26 Diluted net income attributable to IPG Photonics Corporation per common share $ 0.52 $ 1.26 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 months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Non-qualified stock options 592,393 543,408 Restricted stock units 239,769 346,729 Performance stock units — 30,860 Employee stock purchase plan 9,126 — Total weighed average anti-dilutive shares outstanding 841,288 920,997 On February 13, 2024, 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 2023. For the three months ended March 31, 2024, the Company repurchased 957,925 under the May 2023 authorization with a weighted average price of $92.73 per share in the open market. The impact on the reduction of weighted average shares for the three months ended March 31, 2024 was 436,884 shares.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 24,099	$ 60,135

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Angelo P. Lopresti [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	on March 12, 2024, Angelo P. Lopresti, Senior Vice President, General Counsel and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement for the sale of up to 10,000 shares, over a period beginning June 13, 2024 and ending June 12, 2025 on the open market at prevailing prices, subject to minimum price thresholds.
Name	Angelo P. Lopresti
Title	Senior Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Arrangement Duration	364 days
Aggregate Available	10,000

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Credit Losses — 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.
Adopted Pronouncements And Other Pronouncements Currently Under Evaluation	Adopted Pronouncements — In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. Under the new guidance an entity is required to disclose the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU also requires that an entity that has a single reportable segment provide all the disclosures required by this ASU and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard during fiscal year 2024, and will start disclosing the required information in fiscal year ending December 31, 2024. The Company does not expect this standard to have a material impact. Pronouncements Currently Under Evaluation — In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires an entity on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance also requires an entity to disclose on an annual basis information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this ASU and does not expect this standard will have a material impact.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Balance, beginning of period $ 1,763 $ 2,639 Provision for bad debts, net of (recoveries) 93 (209) Uncollectible accounts written off (25) (50) Foreign currency translation (14) (17) Balance, end of period $ 1,817 $ 2,363
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, January 1, 2024 $ (212,530) $ — $ (212,530) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax benefit of $33 (17,728) — (17,728) Total other comprehensive loss (17,728) — (17,728) Balance, March 31, 2024 $ (230,258) $ — $ (230,258) Balance, January 1, 2023 $ (204,676) $ 152 $ (204,524) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments and other, net of tax expense of $35 481 — 481 Unrealized loss on derivatives, net of tax benefit of $26 — (89) (89) Total other comprehensive income (loss) 481 (89) 392 Balance, March 31, 2023 $ (204,195) $ 63 $ (204,132)

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables represent a disaggregation of revenue from contracts with customers: Three Months Ended March 31, 2024 2023 Sales by Application Materials processing $ 226,365 $ 312,969 Other applications 25,644 34,205 Total $ 252,009 $ 347,174 Sales by Product High Power Continuous Wave ("CW") Lasers $ 90,793 $ 154,034 Medium Power CW Lasers 16,214 13,839 Pulsed Lasers 34,819 56,147 Quasi-Continuous Wave ("QCW") Lasers 15,791 11,282 Laser and Non-Laser Systems 37,503 41,384 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 56,889 70,488 Total $ 252,009 $ 347,174 Sales by Geography North America $ 63,964 $ 76,080 Europe: Germany 20,019 19,833 Other Europe 59,497 80,420 Asia: China 62,730 101,287 Japan 16,698 21,618 Other Asia 24,978 43,654 Rest of World 4,123 4,282 Total $ 252,009 $ 347,174 Timing of Revenue Recognition Goods and services transferred at a point in time $ 242,527 $ 333,125 Goods and services transferred over time 9,482 14,049 Total $ 252,009 $ 347,174
Changes in Contract Assets and Liabilities	The following table reflects the changes in the Company's contract assets and liabilities for the three months ended March 31, 2024 and 2023: March 31, January 1, March 31, January 1, 2024 2024 Change 2023 2023 Change Contract assets Contract assets $ 10,996 $ 9,383 $ 1,613 $ 13,806 $ 8,620 $ 5,186 Contract liabilities Contract liabilities - current 60,171 69,219 (9,048) 82,903 80,068 2,835 Contract liabilities - long-term 2,732 2,851 (119) 3,020 3,142 (122)
Schedule of Remaining Performance Obligations	The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of March 31, 2024: Remaining Performance Obligations 2024 (a) 2025 2026 2027 2028 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 2,398 $ 1,447 $ 927 $ 603 $ 133 $ 53 $ 5,561 Revenue to be earned over time from contracts to sell large scale materials processing systems 14,385 2,200 — — — — 16,585 Total $ 16,783 $ 3,647 $ 927 $ 603 $ 133 $ 53 $ 22,146 (a) For the nine-month period beginning April 1, 2024.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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: Fair Value Measurements at March 31, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 142,100 $ 142,100 $ — $ — Term deposits 74,346 — 74,346 — Corporate bonds 6,736 — 6,736 — Total cash equivalents 223,182 142,100 81,082 — Short-term investments: Commercial paper 282,078 — 282,078 — Corporate bonds 227,995 — 227,995 — U.S. Treasury and agency obligations 130,150 — 130,150 — Term deposits 3,048 — 3,048 — Total short-term investments 643,271 — 643,271 — Total $ 866,453 $ 142,100 $ 724,353 $ — Fair Value Measurements at December 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 171,632 $ 171,632 $ — $ — Term deposits 83,965 — 83,965 — Corporate bonds 23,516 — 23,516 — Commercial paper 6,369 — 6,369 — Total cash equivalents 285,482 171,632 113,850 — Short-term investments: Commercial paper 244,571 — 244,571 — Corporate bonds 243,915 — 243,915 — U.S. Treasury and agency obligations 171,316 — 171,316 — Term deposits 3,009 — 3,009 — Total short-term investments 662,811 — 662,811 — Total $ 948,293 $ 171,632 $ 776,661 $ —
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: March 31, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 643,655 $ 643,271 $ 662,807 $ 662,811

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: March 31, December 31, 2024 2023 Components and raw materials $ 249,123 $ 263,652 Work-in-process 43,380 47,997 Finished goods 139,396 142,225 Total $ 431,899 $ 453,874

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the changes in the carrying amount of goodwill: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 38,540 $ 38,325 Foreign exchange adjustment (189) 63 Balance, end of period $ 38,351 $ 38,388
Schedule of Intangible Assets	Intangible assets, subject to amortization, consisted of the following: March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,161 $ (26,861) $ 21,300 11 years $ 48,216 $ (25,973) $ 22,243 11 years Technology, trademark and trade name 29,828 (26,326) 3,502 7 years 29,903 (25,960) 3,943 7 years Production know-how 9,122 (9,122) — 7 years 9,155 (9,155) — 7 years Patents 8,034 (8,034) — 8 years 8,035 (7,987) 48 8 years Total $ 95,145 $ (70,343) $ 24,802 $ 95,309 $ (69,075) $ 26,234
Estimated Future Amortization Expense for Intangibles	The estimated future amortization expense for intangibles for the remainder of 2024 and subsequent years is as follows: 2024 (a) 2025 2026 2027 2028 Thereafter Total $ 4,129 $ 4,977 $ 4,217 $ 4,005 $ 3,632 $ 3,842 $ 24,802 (a) For the nine-month period beginning April 1, 2024.

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2024 2023 Contract liabilities $ 60,171 $ 69,219 Accrued compensation 55,322 67,053 Current portion of accrued warranty 25,916 27,283 Short-term lease liabilities 4,574 4,597 Other 17,028 13,198 Total $ 163,011 $ 181,350
Other Noncurrent Liabilities	Other long-term liabilities and deferred income taxes consist of the following: March 31, December 31, 2024 2023 Accrued warranty $ 17,718 $ 19,926 Transition tax related to 2017 U.S. tax reform act 11,009 11,009 Long-term lease liabilities 14,324 13,664 Unrecognized tax benefits 15,252 17,176 Deferred income taxes 1,507 1,508 Other 5,779 5,369 Total $ 65,589 $ 68,652

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Summary of Product Warranty Activity	Activity related to the warranty accrual was as follows: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 47,209 $ 52,862 Provision for warranty accrual 1,680 4,375 Warranty claims (4,568) (3,798) Foreign currency translation (687) 400 Balance, end of period $ 43,634 $ 53,839

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 17,176 $ 15,841 Change in prior period positions (2,000) 42 Additions for tax positions in current period 76 — Foreign currency translation — (78) Balance, end of period $ 15,252 $ 15,805

Net Income Attributable to IP_2

Net Income Attributable to IPG Photonics Corporation Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Net income attributable to IPG Photonics Corporation common stockholders $ 24,099 $ 60,135 Basic weighted average common shares 45,960,476 47,542,071 Dilutive effect of common stock equivalents 214,042 234,050 Diluted weighted average common shares 46,174,518 47,776,121 Basic net income attributable to IPG Photonics Corporation per common share $ 0.52 $ 1.26 Diluted net income attributable to IPG Photonics Corporation per common share $ 0.52 $ 1.26
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The weighted average anti-dilutive shares outstanding for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Non-qualified stock options 592,393 543,408 Restricted stock units 239,769 346,729 Performance stock units — 30,860 Employee stock purchase plan 9,126 — Total weighed average anti-dilutive shares outstanding 841,288 920,997

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 1,763	$ 2,639
Provision for bad debts, net of (recoveries)	93	(209)
Uncollectible accounts written off	(25)	(50)
Foreign currency translation	(14)	(17)
Balance, end of period	$ 1,817	$ 2,363

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
	Mar. 31, 2024	Mar. 31, 2023
AOCI [Roll Forward]
Balance, beginning of period	$ 2,415,385	$ 2,385,360
Foreign currency translation adjustments and other, net of tax expense	(17,728)	481
Unrealized gain (loss) on derivatives, net of tax expense		(89)
Total other comprehensive income (loss)	(17,728)	392
Balance, end of period	2,340,720	2,338,525
Accumulated Other Comprehensive (Loss) Income
AOCI [Roll Forward]
Balance, beginning of period	(212,530)	(204,524)
Balance, end of period	(230,258)	(204,132)
Foreign currency translation adjustments and other
AOCI [Roll Forward]
Balance, beginning of period	(212,530)	(204,676)
Foreign currency translation adjustments and other, net of tax expense	(17,728)	481
Total other comprehensive income (loss)	(17,728)	481
Balance, end of period	(230,258)	(204,195)
Other comprehensive income (loss), tax, portion attributable to parent	33	(35)
Unrealized gain (loss) on derivatives, net of tax
AOCI [Roll Forward]
Balance, beginning of period	0	152
Unrealized gain (loss) on derivatives, net of tax expense		(89)
Total other comprehensive income (loss)	0	(89)
Balance, end of period	$ 0	63
Other comprehensive income (loss), tax, portion attributable to parent		$ 26

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Disaggregation of Revenue, By Application) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales by Application
Total	$ 252,009	$ 347,174
Materials processing
Sales by Application
Total	226,365	312,969
Other applications
Sales by Application
Total	$ 25,644	$ 34,205

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Disaggregation of Revenue, By Product) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total	$ 252,009	$ 347,174
High Power Continuous Wave ("CW") Lasers
Disaggregation of Revenue [Line Items]
Total	90,793	154,034
Medium Power CW Lasers
Disaggregation of Revenue [Line Items]
Total	16,214	13,839
Pulsed Lasers
Disaggregation of Revenue [Line Items]
Total	34,819	56,147
Quasi-Continuous Wave ("QCW") Lasers
Disaggregation of Revenue [Line Items]
Total	15,791	11,282
Laser and Non-Laser Systems
Disaggregation of Revenue [Line Items]
Total	37,503	41,384
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue
Disaggregation of Revenue [Line Items]
Total	$ 56,889	$ 70,488

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Disaggregation of Revenue, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales by Geography
Total	$ 252,009	$ 347,174
North America
Sales by Geography
Total	63,964	76,080
Germany
Sales by Geography
Total	20,019	19,833
Other Europe
Sales by Geography
Total	59,497	80,420
China
Sales by Geography
Total	62,730	101,287
Japan
Sales by Geography
Total	16,698	21,618
Other Asia
Sales by Geography
Total	24,978	43,654
Rest of World
Sales by Geography
Total	$ 4,123	$ 4,282

Revenue From Contracts With C_6

Revenue From Contracts With Customers (Disaggregation of Revenue, By Timing) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Timing of Revenue Recognition
Total	$ 252,009	$ 347,174
Goods and services transferred at a point in time
Timing of Revenue Recognition
Total	242,527	333,125
Goods and services transferred over time
Timing of Revenue Recognition
Total	$ 9,482	$ 14,049

Revenue From Contracts With C_7

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 30,500	$ 29,012
One Customer | Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	21%		14%

Revenue From Contracts With C_8

Revenue From Contracts With Customers (Changes in Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Contract assets	$ 10,996	$ 13,806	$ 9,383	$ 8,620
Contract assets, change	1,613	5,186
Contract liabilities
Contract liabilities - current	60,171	82,903	69,219	80,068
Contract liabilities - current, change	(9,048)	2,835
Contract liabilities - long-term	2,732	3,020	$ 2,851	$ 3,142
Contract liabilities - long-term, change	$ (119)	$ (122)

Revenue From Contracts With C_9

Revenue From Contracts With Customers (Schedule of Remaining Performance Obligations) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 22,146
Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	5,561
Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	16,585
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 16,783
Remaining performance obligations, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,398
Remaining performance obligations, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | 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	$ 14,385
Remaining performance obligations, expected timing	9 months
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	$ 3,647
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	$ 1,447
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	$ 2,200
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	$ 927
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	$ 927
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	$ 603
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 603
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 133
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 133
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | 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]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 53
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 53
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | 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

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 223,182	$ 285,482
Short-term investments	643,271	662,811
Total	866,453	948,293
Commercial paper
Assets
Short-term investments	282,078	244,571
Corporate bonds
Assets
Short-term investments	227,995	243,915
U.S. Treasury and agency obligations
Assets
Short-term investments	130,150	171,316
Term deposits
Assets
Short-term investments	3,048	3,009
Money market fund deposits
Assets
Cash equivalents	142,100	171,632
Term deposits
Assets
Cash equivalents	74,346	83,965
Corporate bonds
Assets
Cash equivalents	6,736	23,516
Commercial paper
Assets
Cash equivalents		6,369
Level 1
Assets
Cash equivalents	142,100	171,632
Short-term investments	0	0
Total	142,100	171,632
Level 1 | Commercial paper
Assets
Short-term investments	0	0
Level 1 | Corporate bonds
Assets
Short-term investments	0	0
Level 1 | U.S. Treasury and agency obligations
Assets
Short-term investments	0	0
Level 1 | Term deposits
Assets
Short-term investments	0	0
Level 1 | Money market fund deposits
Assets
Cash equivalents	142,100	171,632
Level 1 | Term deposits
Assets
Cash equivalents	0	0
Level 1 | Corporate bonds
Assets
Cash equivalents	0	0
Level 1 | Commercial paper
Assets
Cash equivalents		0
Level 2
Assets
Cash equivalents	81,082	113,850
Short-term investments	643,271	662,811
Total	724,353	776,661
Level 2 | Commercial paper
Assets
Short-term investments	282,078	244,571
Level 2 | Corporate bonds
Assets
Short-term investments	227,995	243,915
Level 2 | U.S. Treasury and agency obligations
Assets
Short-term investments	130,150	171,316
Level 2 | Term deposits
Assets
Short-term investments	3,048	3,009
Level 2 | Money market fund deposits
Assets
Cash equivalents	0	0
Level 2 | Term deposits
Assets
Cash equivalents	74,346	83,965
Level 2 | Corporate bonds
Assets
Cash equivalents	6,736	23,516
Level 2 | Commercial paper
Assets
Cash equivalents		6,369
Level 3
Assets
Cash equivalents	0	0
Short-term investments	0	0
Total	0	0
Level 3 | Commercial paper
Assets
Short-term investments	0	0
Level 3 | Corporate bonds
Assets
Short-term investments	0	0
Level 3 | U.S. Treasury and agency obligations
Assets
Short-term investments	0	0
Level 3 | Term deposits
Assets
Short-term investments	0	0
Level 3 | Money market fund deposits
Assets
Cash equivalents	0	0
Level 3 | Term deposits
Assets
Cash equivalents	0	0
Level 3 | Corporate bonds
Assets
Cash equivalents	$ 0	0
Level 3 | Commercial paper
Assets
Cash equivalents		$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Held-to-maturity impairment	$ 0	$ 0
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	Mar. 31, 2024	Dec. 31, 2023
Investment maturity
Held-to-maturity maturities, less than 1 year, book value	$ 643,655	$ 662,807
Held-to-maturity maturities, less than 1 year, fair value	$ 643,271	$ 662,811

Inventories (Components Of Inve

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Components and raw materials	$ 249,123	$ 263,652
Work-in-process	43,380	47,997
Finished goods	139,396	142,225
Total	$ 431,899	$ 453,874

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory provisions	$ 12,842	$ 12,096

Goodwill and Intangibles (Sched

Goodwill and Intangibles (Schedule of Changes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Balance, beginning of period	$ 38,540	$ 38,325
Foreign exchange adjustment	(189)	63
Balance, end of period	$ 38,351	$ 38,388

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 95,145	$ 95,309
Accumulated Amortization	(70,343)	(69,075)
Net  Carrying Amount	24,802	26,234
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,161	48,216
Accumulated Amortization	(26,861)	(25,973)
Net  Carrying Amount	$ 21,300	$ 22,243
Weighted- Average  Lives	11 years	11 years
Technology, trademark and trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,828	$ 29,903
Accumulated Amortization	(26,326)	(25,960)
Net  Carrying Amount	$ 3,502	$ 3,943
Weighted- Average  Lives	7 years	7 years
Production know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,122	$ 9,155
Accumulated Amortization	(9,122)	(9,155)
Net  Carrying Amount	$ 0	$ 0
Weighted- Average  Lives	7 years	7 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,034	$ 8,035
Accumulated Amortization	(8,034)	(7,987)
Net  Carrying Amount	$ 0	$ 48
Weighted- Average  Lives	8 years	8 years

Goodwill and Intangibles (Narra

Goodwill and Intangibles (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,425	$ 2,021

Goodwill and Intangibles (Estim

Goodwill and Intangibles (Estimated Future Amortization Expense for Intangibles) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,129
2025	4,977
2026	4,217
2027	4,005
2028	3,632
Thereafter	3,842
Net  Carrying Amount	$ 24,802	$ 26,234

Other Liabilities (Components o

Other Liabilities (Components of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Contract liabilities	$ 60,171	$ 69,219	$ 82,903	$ 80,068
Accrued compensation	55,322	67,053
Current portion of accrued warranty	25,916	27,283
Short-term lease liabilities	4,574	4,597
Other	17,028	13,198
Total	$ 163,011	$ 181,350

Other Liabilities (Other Long-T

Other Liabilities (Other Long-Term Liabilities and Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued warranty	$ 17,718	$ 19,926
Transition tax related to 2017 U.S. tax reform act	11,009	11,009
Long-term lease liabilities	14,324	13,664
Unrecognized tax benefits	15,252	17,176
Deferred income taxes	1,507	1,508
Other	5,779	5,369
Total	$ 65,589	$ 68,652

Product Warranties (Narrative)

Product Warranties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Product Warranty Liability [Line Items]
Accrued warranty reported in accrued expenses and other liabilities	$ 25,916	$ 27,283
Accrued warranty	$ 17,718	$ 19,926
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 47,209	$ 52,862
Provision for warranty accrual	1,680	4,375
Warranty claims	(4,568)	(3,798)
Foreign currency translation	(687)	400
Balance, end of period	$ 43,634	$ 53,839

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) € in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
U S Line Of Credit
Debt Instrument [Line Items]
Guarantees issued	$ 2,711		$ 2,487
Foreign Subsidiary Drawings On US Line Of Credit
Debt Instrument [Line Items]
Line of credit	0		$ 0
Letter of Credit | U S Line Of Credit
Debt Instrument [Line Items]
Borrowing capacity	75,000
Total unused credit lines and overdraft facilities	72,289
Letter of Credit | Euro Line Of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 7,014	€ 6,500

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	28.30%	27.80%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount	$ 1,997	$ 1,972

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of period	$ 17,176	$ 15,841
Change in prior period positions	(2,000)
Change in prior period positions		42
Additions for tax positions in current period	76	0
Foreign currency translation	0
Foreign currency translation		(78)
Balance, end of period	$ 15,252	$ 15,805

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to IPG Photonics Corporation common stockholders	$ 24,099	$ 60,135
Basic weighted average common shares	45,960,476	47,542,071
Dilutive effect of common stock equivalents (in shares)	214,042	234,050
Diluted weighted average common shares	46,174,518	47,776,121
Basic net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 0.52	$ 1.26
Diluted net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 0.52	$ 1.26

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
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	841,288	920,997
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	592,393	543,408
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	239,769	346,729
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	0	30,860
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	9,126	0

Net Income Attributable to IP_5

Net Income Attributable to IPG Photonics Corporation Per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Feb. 13, 2024
Equity, Class of Treasury Stock [Line Items]
Decrease in weighted average number of shares outstanding treasury stock	436,884
February 2024 Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorized amount		$ 300
May 2023 Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)	957,925
Stock repurchase average price (in dollars per share)	$ 92.73