IPG Photonics (IPGP) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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)		44,226,115
Amendment Flag	false
Document Fiscal Period Focus	Q2
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	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 720,540	$ 514,674
Short-term investments	343,363	662,807
Accounts receivable, net	176,153	219,053
Inventories	400,839	453,874
Prepaid income taxes	30,208	26,038
Prepaid expenses and other current assets	46,849	38,208
Total current assets	1,717,952	1,914,654
Deferred income taxes, net	88,865	88,788
Goodwill	38,278	38,540
Intangible assets, net	23,423	26,234
Property, plant and equipment, net	593,136	602,257
Other assets	33,777	28,425
Total assets	2,495,431	2,698,898
Current liabilities:
Accounts payable	26,232	28,618
Accrued expenses and other current liabilities	161,229	181,350
Income taxes payable	3,022	4,893
Total current liabilities	190,483	214,861
Other long-term liabilities and deferred income taxes	51,578	68,652
Total liabilities	242,061	283,513
Commitments and contingencies (Note 10)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,584,223 and 44,225,282 shares issued and outstanding, respectively, at June 30, 2024; 56,317,438 and 46,320,671 shares issued and outstanding, respectively, at December 31, 2023.	6	6
Treasury stock, at cost, 12,358,941 and 9,996,767 shares held at June 30, 2024 and December 31, 2023, respectively.	(1,373,525)	(1,161,505)
Additional paid-in capital	1,014,094	994,020
Retained earnings	2,839,647	2,795,394
Accumulated other comprehensive loss	(226,852)	(212,530)
Total IPG Photonics Corporation equity	2,253,370	2,415,385
Total liabilities and equity	$ 2,495,431	$ 2,698,898

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	56,584,223	56,317,438
Common stock, shares outstanding	44,225,282	46,320,671
Treasury stock, common, shares	12,358,941	9,996,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 257,645	$ 339,971	$ 509,654	$ 687,145
Cost of sales	161,459	192,280	315,932	392,516
Gross profit	96,186	147,691	193,722	294,629
Operating expenses:
Sales and marketing	22,487	20,187	45,485	41,275
Research and development	27,487	23,512	56,868	46,282
General and administrative	31,602	29,660	62,760	59,788
Gain on sale of assets	(674)	0	(7,450)	0
Restructuring charges, net	0	963	0	1,144
Loss (gain) on foreign exchange	3,244	1,306	4,919	(1,349)
Total operating expenses	84,146	75,628	162,582	147,140
Operating income	12,040	72,063	31,140	147,489
Other income, net:
Interest income, net	12,778	9,264	26,955	16,797
Other income, net	194	285	519	616
Total other income	12,972	9,549	27,474	17,413
Income before provision for income taxes	25,012	81,612	58,614	164,902
Provision for income taxes	4,858	19,291	14,361	42,446
Net income attributable to IPG Photonics Corporation common stockholders	$ 20,154	$ 62,321	$ 44,253	$ 122,456
Net income attributable to IPG Photonics Corporation per common share:
Basic (in dollars per share)	$ 0.45	$ 1.32	$ 0.97	$ 2.58
Diluted (in dollars per share)	$ 0.45	$ 1.31	$ 0.97	$ 2.57
Weighted average common shares outstanding:
Basic (in shares)	44,917,696	47,316,342	45,439,126	47,428,639
Diluted (in shares)	45,012,474	47,453,260	45,601,439	47,618,162

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 20,154	$ 62,321	$ 44,253	$ 122,456
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments and other	3,406	(15,082)	(14,322)	(14,601)
Unrealized loss on derivatives	0	(63)	0	(152)
Total other comprehensive income (loss)	3,406	(15,145)	(14,322)	(14,753)
Comprehensive income attributable to IPG Photonics Corporation	$ 23,560	$ 47,176	$ 29,931	$ 107,703

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 44,253	$ 122,456
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	31,506	35,343
Deferred income taxes	720	5,065
Stock-based compensation	18,282	19,249
Unrealized gain on foreign currency transactions	(487)	(1,816)
Provisions for inventory, warranty and bad debt	30,365	31,846
Amortization of premium/discount on investments	(13,007)	(11,037)
Other	(5,516)	2,154
Changes in assets and liabilities that provided (used) cash, net of acquisitions:
Accounts receivable	38,460	(23,876)
Inventories	17,041	(12,103)
Prepaid expenses and other assets	(7,143)	(15,480)
Accounts payable	1,276	(7,472)
Accrued expenses and other liabilities	(28,265)	(27,736)
Income and other taxes payable	(19,431)	(12,647)
Net cash provided by operating activities	108,054	103,946
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment	(52,270)	(59,139)
Proceeds from sales of property, plant and equipment	28,274	1,740
Purchases of short-term investments	(301,541)	(583,347)
Proceeds from short-term investments	633,993	549,879
Other	188	326
Net cash provided by (used in) investing activities	308,644	(90,541)
Cash flows from financing activities:
Principal payments on long-term borrowings	0	(16,031)
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	1,792	(731)
Purchase of treasury stock, at cost	(212,020)	(113,031)
Net cash used in financing activities	(210,228)	(129,793)
Effect of changes in exchange rates on cash and cash equivalents	(604)	(8,750)
Net increase (decrease) in cash and cash equivalents	205,866	(125,138)
Cash and cash equivalents — Beginning of period	514,674	698,209
Cash and cash equivalents — End of period	720,540	573,071
Supplemental disclosure of cash flow information:
Cash paid for interest	94	947
Cash paid for income taxes	34,165	58,178
Non-cash transactions:
Demonstration units transferred from inventory to other assets	2,998	2,737
Inventory transferred to machinery and equipment	914	1,731
Additions to property, plant and equipment included in accounts payable	811	1,189
Leased assets obtained in exchange for new operating lease liabilities	$ 2,745	$ 788

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)		194,429
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	(3,224)			(3,224)
Common stock issued under employee stock purchase plan (in shares)		30,403
Common stock issued under employee stock purchase plan	2,493			2,493
Purchased common stock (in shares)		(998,769)	(998,769)
Purchased common stock	(113,031)		$ (113,031)
Stock-based compensation	19,249			19,249
Net income	122,456				122,456
Foreign currency translation adjustments and other	(14,601)					(14,601)
Unrealized gain (loss) on derivatives, net of tax	(152)					(152)
Balance, end of period (in shares) at Jun. 30, 2023		47,364,320
Balance, end of period at Jun. 30, 2023	2,398,550	$ 6	$ (1,051,040)	969,889	2,698,972	(219,277)
Balance, end of period (in shares) at Jun. 30, 2023			(8,878,184)
Balance, beginning of year (in shares) at Mar. 31, 2023		47,305,551
Balance, beginning of period at Mar. 31, 2023	2,338,525	$ 6	$ (1,051,103)	957,103	2,636,651	(204,132)
Balance, beginning of period (in shares) at Mar. 31, 2023			(8,878,184)
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)		28,366
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	620			620
Common stock issued under employee stock purchase plan (in shares)		30,403
Common stock issued under employee stock purchase plan	2,494			2,494
Purchased common stock	63		$ 63
Purchased common stock (in shares)		0
Stock-based compensation	9,672			9,672
Net income	62,321				62,321
Foreign currency translation adjustments and other	(15,082)					(15,082)
Unrealized gain (loss) on derivatives, net of tax	(63)					(63)
Balance, end of period (in shares) at Jun. 30, 2023		47,364,320
Balance, end of period at Jun. 30, 2023	$ 2,398,550	$ 6	$ (1,051,040)	969,889	2,698,972	(219,277)
Balance, end of period (in shares) at Jun. 30, 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)		231,943
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	$ (707)			(707)
Common stock issued under employee stock purchase plan (in shares)		34,842
Common stock issued under employee stock purchase plan	2,499			2,499
Purchased common stock (in shares)		(2,362,174)	(2,362,174)
Purchased common stock	(212,020)		$ (212,020)
Stock-based compensation	18,282			18,282
Net income	44,253				44,253
Foreign currency translation adjustments and other	(14,322)					(14,322)
Unrealized gain (loss) on derivatives, net of tax	$ 0
Balance, end of period (in shares) at Jun. 30, 2024	44,225,282	44,225,282
Balance, end of period at Jun. 30, 2024	$ 2,253,370	$ 6	$ (1,373,525)	1,014,094	2,839,647	(226,852)
Balance, end of period (in shares) at Jun. 30, 2024	(12,358,941)		(12,358,941)
Balance, beginning of year (in shares) at Mar. 31, 2024		45,566,746
Balance, beginning of period at Mar. 31, 2024	$ 2,340,720	$ 6	$ (1,251,121)	1,002,600	2,819,493	(230,258)
Balance, beginning of period (in shares) at Mar. 31, 2024			(10,954,692)
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)		27,943
Vesting of RSUs and PSUs, net of shares withheld for taxes, and exercise of stock options	451			451
Common stock issued under employee stock purchase plan (in shares)		34,842
Common stock issued under employee stock purchase plan	2,499			2,499
Purchased common stock	(122,404)		$ (122,404)
Purchased common stock (in shares)		(1,404,249)	(1,404,249)
Stock-based compensation	8,544			8,544
Net income	20,154				20,154
Foreign currency translation adjustments and other	3,406					3,406
Unrealized gain (loss) on derivatives, net of tax	$ 0
Balance, end of period (in shares) at Jun. 30, 2024	44,225,282	44,225,282
Balance, end of period at Jun. 30, 2024	$ 2,253,370	$ 6	$ (1,373,525)	$ 1,014,094	$ 2,839,647	$ (226,852)
Balance, end of period (in shares) at Jun. 30, 2024	(12,358,941)		(12,358,941)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,817 $ 2,363 $ 1,763 $ 2,639 Provision for bad debts, net of (recoveries) 298 58 391 (151) Uncollectible accounts written off (16) (191) (41) (241) Foreign currency translation (4) (61) (18) (78) Balance, end of period $ 2,095 $ 2,169 $ 2,095 $ 2,169 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 adjustments. 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, April 1, 2024 $ (230,258) $ — $ (230,258) Other comprehensive income, net of tax: Foreign currency translation adjustments and other, net of tax benefit of $92 3,406 — 3,406 Total other comprehensive income 3,406 — 3,406 Balance, June 30, 2024 $ (226,852) $ — $ (226,852) Balance, April 1, 2023 $ (204,195) $ 63 $ (204,132) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax expense of $69 (15,082) — (15,082) Unrealized loss on derivatives, net of tax benefit of $20 — (63) (63) Total other comprehensive loss (15,082) (63) (15,145) Balance, June 30, 2023 $ (219,277) $ — $ (219,277) 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 $125 (14,322) — (14,322) Total other comprehensive loss (14,322) — (14,322) Balance,June 30, 2024 $ (226,852) $ — $ (226,852) Balance, January 1, 2023 $ (204,676) $ 152 $ (204,524) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax expense of $104 (14,601) — (14,601) Unrealized loss on derivatives, net of tax benefit of $46 — (152) (152) Total other comprehensive loss (14,601) (152) (14,753) Balance, June 30, 2023 $ (219,277) $ — $ (219,277) 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	6 Months Ended
	Jun. 30, 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 adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements. 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, with early adoption permitted. The Company is evaluating the impact of this ASU. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales by Application Materials processing $ 225,773 $ 314,184 $ 452,138 $ 627,153 Other applications 31,872 25,787 57,516 59,992 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Sales by Product High Power Continuous Wave ("CW") Lasers $ 82,225 $ 145,992 $ 173,018 $ 300,026 Medium Power CW Lasers 15,758 22,370 31,972 36,209 Pulsed Lasers 42,536 53,002 77,355 109,149 Quasi-Continuous Wave ("QCW") Lasers 10,549 13,840 26,340 25,122 Laser and Non-Laser Systems 38,668 38,187 76,171 79,571 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 67,909 66,580 124,798 137,068 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Sales by Geography North America $ 76,905 $ 78,220 $ 140,869 $ 154,300 Europe: Germany 20,809 28,962 40,828 48,795 Other Europe 53,722 72,865 113,219 153,285 Asia: China 64,875 98,567 127,605 199,854 Japan 10,215 16,749 26,913 38,367 Other Asia 27,643 38,062 52,621 81,716 Rest of World 3,476 6,546 7,599 10,828 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Timing of Revenue Recognition Goods and services transferred at a point in time $ 248,117 $ 329,571 $ 490,644 $ 662,696 Goods and services transferred over time 9,528 10,400 19,010 24,449 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 One of the Company's customers accounted for 17% and 14% of the Company's net accounts receivable as of June 30, 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 six months ended June 30, 2024 and 2023: June 30, January 1, June 30, January 1, 2024 2024 Change 2023 2023 Change Contract assets Contract assets $ 13,194 $ 9,383 $ 3,811 $ 17,460 $ 8,620 $ 8,840 Contract liabilities Contract liabilities - current 57,452 69,219 (11,767) 75,785 80,068 (4,283) Contract liabilities - long-term 2,593 2,851 (258) 3,054 3,142 (88) During the three months ended June 30, 2024 and 2023 the Company recognized revenue of $12,716 and $14,431, respectively, that was included in contract liabilities at the beginning of each year. During the six months ended June 30, 2024 and 2023 the Company recognized revenue of $43,216 and $43,443 respectively, that was included in contract liabilities at the beginning of each year. The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of June 30, 2024: Remaining Performance Obligations 2024 (a) 2025 2026 2027 2028 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 1,799 $ 1,624 $ 954 $ 642 $ 185 $ 129 $ 5,333 Revenue to be earned over time from contracts to sell large scale materials processing systems 14,199 2,462 — — — — 16,661 Total $ 15,998 $ 4,086 $ 954 $ 642 $ 185 $ 129 $ 21,994 (a) For the six-month period beginning July 1, 2024.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 255,715 $ 255,715 $ — $ — Commercial paper 39,566 — 39,566 — Term deposits 27,904 — 27,904 — Corporate bonds 22,938 — 22,938 — Total cash equivalents 346,123 255,715 90,408 — Short-term investments: Commercial paper 170,030 — 170,030 — Corporate bonds 103,773 — 103,773 — U.S. Treasury and agency obligations 66,319 — 66,319 — Term deposits 3,048 — 3,048 — Total short-term investments 343,170 — 343,170 — Total $ 689,293 $ 255,715 $ 433,578 $ — 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 June 30, 2024 and 2023. There were no current expected credit loss allowances for the investments considered held-to-maturity at June 30, 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: June 30, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 343,363 $ 343,170 $ 662,807 $ 662,811

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following: June 30, December 31, 2024 2023 Components and raw materials $ 226,305 $ 263,652 Work-in-process 44,051 47,997 Finished goods 130,483 142,225 Total $ 400,839 $ 453,874 The Company recorded inventory provisions totaling $14,009 and $11,218 for the three months ended June 30, 2024 and 2023, respectively, an d $26,851 and $23,314 f or the six months ended June 30, 2024 and 2023. 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	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 38,540 $ 38,325 Foreign exchange adjustment (262) 169 Balance, end of period $ 38,278 $ 38,494 Intangible assets, subject to amortization, consisted of the following: June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,140 $ (27,778) $ 20,362 11 years $ 48,216 $ (25,973) $ 22,243 11 years Technology, trademark and trade name 29,903 (26,842) 3,061 7 years 29,903 (25,960) 3,943 7 years Production know-how 9,111 (9,111) — 7 years 9,155 (9,155) — 7 years Patents 8,034 (8,034) — 8 years 8,035 (7,987) 48 8 years Total $ 95,188 $ (71,765) $ 23,423 $ 95,309 $ (69,075) $ 26,234 Amortization expense for the three months ended June 30, 2024 and 2023 was $1,377 and $2,021, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $2,802 and $4,042, 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 $ 2,751 $ 4,977 $ 4,216 $ 4,004 $ 3,633 $ 3,842 $ 23,423 (a) For the six-month period beginning July 1, 2024.

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Other Liabilities	OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2024 2023 Accrued compensation $ 60,722 $ 67,053 Contract liabilities 57,452 69,219 Current portion of accrued warranty 24,754 27,283 Short-term lease liabilities 4,454 4,597 Other 13,847 13,198 Total $ 161,229 $ 181,350 Other long-term liabilities and deferred income taxes consist of the following: June 30, December 31, 2024 2023 Accrued warranty $ 16,320 $ 19,926 Unrecognized tax benefits 15,527 17,176 Long-term lease liabilities 12,964 13,664 Deferred income taxes 1,506 1,508 Transition tax related to 2017 U.S. tax reform act — 11,009 Other 5,261 5,369 Total $ 51,578 $ 68,652

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2024
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES The Company typically provides one Activity related to the warranty accrual was as follows: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 47,209 $ 52,862 Provision for warranty accrual 2,853 7,089 Warranty claims (8,268) (8,533) Foreign currency translation (720) 216 Balance, end of period $ 41,074 $ 51,634 Accrued warranty reported in the accompanying condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 consist of $24,754 and $27,283 in accrued expenses and other current liabilities, respectively, and $16,320 and $19,926 in other long-term liabilities and deferred income taxes, respectively.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, there were no amounts drawn on the U.S. line-of-credit, and there were $2,153 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 $72,847 at June 30, 2024. In addition, the Company maintains Euro lines of credit facilities with a total principal amount of €6,500 ($6,964 as of June 30, 2024), which are available to certain European subsidiaries.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rates were 19.4% and 23.6% for the three months ended June 30, 2024 and 2023, respectively, and 24.5% and 25.7% for the six months ended June 30, 2024 and 2023 respectively. There was a net discrete tax benefit of $85 for the three months ended June 30, 2024 and a net discrete tax benefit of $1,751 for the three months ended June 30, 2023. There was a net discrete tax detriment of $1,912 for the six months ended June 30, 2024 and a net discrete tax detriment of $221 for the six months ended June 30, 2023. The detriment in 2024 and 2023 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 as well as reductions in tax reserves for the expiration of the statute of limitations and for agreements with tax authorities for prior year audits. Excluding discrete items, the overall effective tax rate in 2024 decreased as compared to 2023 due to an increase in US tax benefits and credits, as well as an increase in tax benefits from the use of foreign tax benefits that previously were offset by a full valuation allowance. The Company accounts for its uncertain tax positions in accordance with the accounting standards for income taxes. The Company classifies interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. The following is a summary of the activity of the Company’s unrecognized tax benefits for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 17,176 $ 15,841 Change in prior period positions (1,759) (1,273) Additions for tax positions in current period 170 950 Foreign currency translation (60) (482) Balance, end of period $ 15,527 $ 15,036

Net Income Attributable to IPG

Net Income Attributable to IPG Photonics Corporation Per Common Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to IPG Photonics Corporation common stockholders $ 20,154 $ 62,321 $ 44,253 $ 122,456 Basic weighted average common shares 44,917,696 47,316,342 45,439,126 47,428,639 Dilutive effect of common stock equivalents 94,778 136,918 162,313 189,523 Diluted weighted average common shares 45,012,474 47,453,260 45,601,439 47,618,162 Basic net income attributable to IPG Photonics Corporation per common share $ 0.45 $ 1.32 $ 0.97 $ 2.58 Diluted net income attributable to IPG Photonics Corporation per common share $ 0.45 $ 1.31 $ 0.97 $ 2.57 The computation of diluted weighted average common shares excludes common stock equivalents including non-qualified stock options, performance stock units ("PSUs"), restricted stock units ("RSUs") and employee stock purchase plan ("ESPP") because the effect of including them would be anti-dilutive. The weighted average anti-dilutive shares outstanding for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Non-qualified stock options 603,281 538,442 598,073 540,912 Restricted stock units 235,619 420,750 235,739 397,861 Performance stock units 59,350 64,590 59,350 47,818 Total weighed average anti-dilutive shares outstanding 898,250 1,023,782 893,162 986,591 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 June 30, 2024, the Company repurchased 1,404,249 shares under the May 2023 authorization and February 2024 authorization with a weighted average price of $86.32 per share in the open market. For the six months ended June 30, 2024, the Company repurchased 2,362,174 shares under the May 2023 authorization and February 2024 authorization with a weighted average price of $88.92 per share in the open market. The impact on the reduction of weighted average shares for the three and six months ended June 30, 2024 was 662,348 shares and 1,028,573 shares, respectively. As of June 30, 2024, the Company has completed all the repurchases under the May 2023 authorization and up to $180,484 remains available under the February 2024 authorization.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 20,154	$ 62,321	$ 44,253	$ 122,456

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 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
Eric Meurice [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		on May 3, 2024, Mr. Eric Meurice, Director, adopted a Rule 10b5-1 trading arrangement for the sale of up to 2,255 shares, including shares acquired upon exercise of stock options, over a period beginning August 2, 2024 and ending June 1, 2025 on the open market at prevailing prices, subject to minimum price thresholds.
Name	Eric Meurice
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 3, 2024
Expiration Date	June 1, 2025
Arrangement Duration	303 days
Aggregate Available	2,255	2,255

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements. 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, with early adoption permitted. The Company is evaluating the impact of this ASU. The adoption of this standard only impacts disclosures and is not expected to have a material impact on the Company's consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,817 $ 2,363 $ 1,763 $ 2,639 Provision for bad debts, net of (recoveries) 298 58 391 (151) Uncollectible accounts written off (16) (191) (41) (241) Foreign currency translation (4) (61) (18) (78) Balance, end of period $ 2,095 $ 2,169 $ 2,095 $ 2,169
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, April 1, 2024 $ (230,258) $ — $ (230,258) Other comprehensive income, net of tax: Foreign currency translation adjustments and other, net of tax benefit of $92 3,406 — 3,406 Total other comprehensive income 3,406 — 3,406 Balance, June 30, 2024 $ (226,852) $ — $ (226,852) Balance, April 1, 2023 $ (204,195) $ 63 $ (204,132) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax expense of $69 (15,082) — (15,082) Unrealized loss on derivatives, net of tax benefit of $20 — (63) (63) Total other comprehensive loss (15,082) (63) (15,145) Balance, June 30, 2023 $ (219,277) $ — $ (219,277) 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 $125 (14,322) — (14,322) Total other comprehensive loss (14,322) — (14,322) Balance,June 30, 2024 $ (226,852) $ — $ (226,852) Balance, January 1, 2023 $ (204,676) $ 152 $ (204,524) Other comprehensive loss, net of tax: Foreign currency translation adjustments and other, net of tax expense of $104 (14,601) — (14,601) Unrealized loss on derivatives, net of tax benefit of $46 — (152) (152) Total other comprehensive loss (14,601) (152) (14,753) Balance, June 30, 2023 $ (219,277) $ — $ (219,277)

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales by Application Materials processing $ 225,773 $ 314,184 $ 452,138 $ 627,153 Other applications 31,872 25,787 57,516 59,992 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Sales by Product High Power Continuous Wave ("CW") Lasers $ 82,225 $ 145,992 $ 173,018 $ 300,026 Medium Power CW Lasers 15,758 22,370 31,972 36,209 Pulsed Lasers 42,536 53,002 77,355 109,149 Quasi-Continuous Wave ("QCW") Lasers 10,549 13,840 26,340 25,122 Laser and Non-Laser Systems 38,668 38,187 76,171 79,571 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 67,909 66,580 124,798 137,068 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Sales by Geography North America $ 76,905 $ 78,220 $ 140,869 $ 154,300 Europe: Germany 20,809 28,962 40,828 48,795 Other Europe 53,722 72,865 113,219 153,285 Asia: China 64,875 98,567 127,605 199,854 Japan 10,215 16,749 26,913 38,367 Other Asia 27,643 38,062 52,621 81,716 Rest of World 3,476 6,546 7,599 10,828 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Timing of Revenue Recognition Goods and services transferred at a point in time $ 248,117 $ 329,571 $ 490,644 $ 662,696 Goods and services transferred over time 9,528 10,400 19,010 24,449 Total $ 257,645 $ 339,971 $ 509,654 $ 687,145
Changes in Contract Assets and Liabilities	The following table reflects the changes in the Company's contract assets and liabilities for the six months ended June 30, 2024 and 2023: June 30, January 1, June 30, January 1, 2024 2024 Change 2023 2023 Change Contract assets Contract assets $ 13,194 $ 9,383 $ 3,811 $ 17,460 $ 8,620 $ 8,840 Contract liabilities Contract liabilities - current 57,452 69,219 (11,767) 75,785 80,068 (4,283) Contract liabilities - long-term 2,593 2,851 (258) 3,054 3,142 (88)
Schedule of Remaining Performance Obligations	The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of June 30, 2024: Remaining Performance Obligations 2024 (a) 2025 2026 2027 2028 Thereafter Total Revenue expected to be recognized for extended warranty agreements $ 1,799 $ 1,624 $ 954 $ 642 $ 185 $ 129 $ 5,333 Revenue to be earned over time from contracts to sell large scale materials processing systems 14,199 2,462 — — — — 16,661 Total $ 15,998 $ 4,086 $ 954 $ 642 $ 185 $ 129 $ 21,994 (a) For the six-month period beginning July 1, 2024.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market fund deposits $ 255,715 $ 255,715 $ — $ — Commercial paper 39,566 — 39,566 — Term deposits 27,904 — 27,904 — Corporate bonds 22,938 — 22,938 — Total cash equivalents 346,123 255,715 90,408 — Short-term investments: Commercial paper 170,030 — 170,030 — Corporate bonds 103,773 — 103,773 — U.S. Treasury and agency obligations 66,319 — 66,319 — Term deposits 3,048 — 3,048 — Total short-term investments 343,170 — 343,170 — Total $ 689,293 $ 255,715 $ 433,578 $ — 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: June 30, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Investment maturity Less than 1 year $ 343,363 $ 343,170 $ 662,807 $ 662,811

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: June 30, December 31, 2024 2023 Components and raw materials $ 226,305 $ 263,652 Work-in-process 44,051 47,997 Finished goods 130,483 142,225 Total $ 400,839 $ 453,874

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the changes in the carrying amount of goodwill: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 38,540 $ 38,325 Foreign exchange adjustment (262) 169 Balance, end of period $ 38,278 $ 38,494
Schedule of Intangible Assets	Intangible assets, subject to amortization, consisted of the following: June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Net Weighted- Average Lives Gross Carrying Amount Accumulated Net Weighted- Customer relationships $ 48,140 $ (27,778) $ 20,362 11 years $ 48,216 $ (25,973) $ 22,243 11 years Technology, trademark and trade name 29,903 (26,842) 3,061 7 years 29,903 (25,960) 3,943 7 years Production know-how 9,111 (9,111) — 7 years 9,155 (9,155) — 7 years Patents 8,034 (8,034) — 8 years 8,035 (7,987) 48 8 years Total $ 95,188 $ (71,765) $ 23,423 $ 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 $ 2,751 $ 4,977 $ 4,216 $ 4,004 $ 3,633 $ 3,842 $ 23,423 (a) For the six-month period beginning July 1, 2024.

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Liabilities	Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2024 2023 Accrued compensation $ 60,722 $ 67,053 Contract liabilities 57,452 69,219 Current portion of accrued warranty 24,754 27,283 Short-term lease liabilities 4,454 4,597 Other 13,847 13,198 Total $ 161,229 $ 181,350
Other Noncurrent Liabilities	Other long-term liabilities and deferred income taxes consist of the following: June 30, December 31, 2024 2023 Accrued warranty $ 16,320 $ 19,926 Unrecognized tax benefits 15,527 17,176 Long-term lease liabilities 12,964 13,664 Deferred income taxes 1,506 1,508 Transition tax related to 2017 U.S. tax reform act — 11,009 Other 5,261 5,369 Total $ 51,578 $ 68,652

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2024
Product Warranties Disclosures [Abstract]
Summary of Product Warranty Activity	Activity related to the warranty accrual was as follows: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 47,209 $ 52,862 Provision for warranty accrual 2,853 7,089 Warranty claims (8,268) (8,533) Foreign currency translation (720) 216 Balance, end of period $ 41,074 $ 51,634

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 17,176 $ 15,841 Change in prior period positions (1,759) (1,273) Additions for tax positions in current period 170 950 Foreign currency translation (60) (482) Balance, end of period $ 15,527 $ 15,036

Net Income Attributable to IP_2

Net Income Attributable to IPG Photonics Corporation Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to IPG Photonics Corporation common stockholders $ 20,154 $ 62,321 $ 44,253 $ 122,456 Basic weighted average common shares 44,917,696 47,316,342 45,439,126 47,428,639 Dilutive effect of common stock equivalents 94,778 136,918 162,313 189,523 Diluted weighted average common shares 45,012,474 47,453,260 45,601,439 47,618,162 Basic net income attributable to IPG Photonics Corporation per common share $ 0.45 $ 1.32 $ 0.97 $ 2.58 Diluted net income attributable to IPG Photonics Corporation per common share $ 0.45 $ 1.31 $ 0.97 $ 2.57
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The weighted average anti-dilutive shares outstanding for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Non-qualified stock options 603,281 538,442 598,073 540,912 Restricted stock units 235,619 420,750 235,739 397,861 Performance stock units 59,350 64,590 59,350 47,818 Total weighed average anti-dilutive shares outstanding 898,250 1,023,782 893,162 986,591

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 1,817	$ 2,363	$ 1,763	$ 2,639
Provision for bad debts, net of (recoveries)	298	58	391	(151)
Uncollectible accounts written off	(16)	(191)	(41)	(241)
Foreign currency translation	(4)	(61)	(18)	(78)
Balance, end of period	$ 2,095	$ 2,169	$ 2,095	$ 2,169

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI [Roll Forward]
Balance, beginning of period	$ 2,340,720	$ 2,338,525	$ 2,415,385	$ 2,385,360
Foreign currency translation adjustments and other, net of tax expense	3,406	(15,082)	(14,322)	(14,601)
Unrealized loss on derivatives, net of tax expense		(63)		(152)
Total other comprehensive loss	3,406	(15,145)	(14,322)	(14,753)
Balance, end of period	2,253,370	2,398,550	2,253,370	2,398,550
Accumulated Other Comprehensive (Loss) Income
AOCI [Roll Forward]
Balance, beginning of period	(230,258)	(204,132)	(212,530)	(204,524)
Balance, end of period	(226,852)	(219,277)	(226,852)	(219,277)
Foreign currency translation adjustments and other
AOCI [Roll Forward]
Balance, beginning of period	(230,258)	(204,195)	(212,530)	(204,676)
Foreign currency translation adjustments and other, net of tax expense	3,406	(15,082)	(14,322)	(14,601)
Total other comprehensive loss	3,406	(15,082)	(14,322)	(14,601)
Balance, end of period	(226,852)	(219,277)	(226,852)	(219,277)
Other comprehensive income (loss), tax, portion attributable to parent	92	(69)	125	(104)
Unrealized gain (loss) on derivatives, net of tax
AOCI [Roll Forward]
Balance, beginning of period	0	63	0	152
Unrealized loss on derivatives, net of tax expense		(63)		(152)
Total other comprehensive loss	0	(63)	0	(152)
Balance, end of period	$ 0	0	$ 0	0
Other comprehensive income (loss), tax, portion attributable to parent		$ 20		$ 46

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Disaggregation of Revenue, By Application) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales by Application
Total	$ 257,645	$ 339,971	$ 509,654	$ 687,145
Materials processing
Sales by Application
Total	225,773	314,184	452,138	627,153
Other applications
Sales by Application
Total	$ 31,872	$ 25,787	$ 57,516	$ 59,992

Revenue From Contracts With C_4

Revenue From Contracts With Customers (Disaggregation of Revenue, By Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 257,645	$ 339,971	$ 509,654	$ 687,145
High Power Continuous Wave ("CW") Lasers
Disaggregation of Revenue [Line Items]
Total	82,225	145,992	173,018	300,026
Medium Power CW Lasers
Disaggregation of Revenue [Line Items]
Total	15,758	22,370	31,972	36,209
Pulsed Lasers
Disaggregation of Revenue [Line Items]
Total	42,536	53,002	77,355	109,149
Quasi-Continuous Wave ("QCW") Lasers
Disaggregation of Revenue [Line Items]
Total	10,549	13,840	26,340	25,122
Laser and Non-Laser Systems
Disaggregation of Revenue [Line Items]
Total	38,668	38,187	76,171	79,571
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue
Disaggregation of Revenue [Line Items]
Total	$ 67,909	$ 66,580	$ 124,798	$ 137,068

Revenue From Contracts With C_5

Revenue From Contracts With Customers (Disaggregation of Revenue, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales by Geography
Total	$ 257,645	$ 339,971	$ 509,654	$ 687,145
North America
Sales by Geography
Total	76,905	78,220	140,869	154,300
Germany
Sales by Geography
Total	20,809	28,962	40,828	48,795
Other Europe
Sales by Geography
Total	53,722	72,865	113,219	153,285
China
Sales by Geography
Total	64,875	98,567	127,605	199,854
Japan
Sales by Geography
Total	10,215	16,749	26,913	38,367
Other Asia
Sales by Geography
Total	27,643	38,062	52,621	81,716
Rest of World
Sales by Geography
Total	$ 3,476	$ 6,546	$ 7,599	$ 10,828

Revenue From Contracts With C_6

Revenue From Contracts With Customers (Disaggregation of Revenue, By Timing) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Timing of Revenue Recognition
Total	$ 257,645	$ 339,971	$ 509,654	$ 687,145
Goods and services transferred at a point in time
Timing of Revenue Recognition
Total	248,117	329,571	490,644	662,696
Goods and services transferred over time
Timing of Revenue Recognition
Total	$ 9,528	$ 10,400	$ 19,010	$ 24,449

Revenue From Contracts With C_7

Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 12,716	$ 14,431	$ 43,216	$ 43,443
One Customer | Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage			17%		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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Contract assets	$ 13,194	$ 17,460	$ 9,383	$ 8,620
Contract assets, change	3,811	8,840
Contract liabilities
Contract liabilities - current	57,452	75,785	69,219	80,068
Contract liabilities - current, change	(11,767)	(4,283)
Contract liabilities - long-term	2,593	3,054	$ 2,851	$ 3,142
Contract liabilities - long-term, change	$ (258)	$ (88)

Revenue From Contracts With C_9

Revenue From Contracts With Customers (Schedule of Remaining Performance Obligations) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 21,994
Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	5,333
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	16,661
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 15,998
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Revenue expected to be recognized for extended warranty agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,799
Remaining performance obligations, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Revenue to be earned over time from contracts to sell large scale materials processing systems
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 14,199
Remaining performance obligations, expected timing	6 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	$ 4,086
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	$ 1,624
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	$ 2,462
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	$ 954
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	$ 954
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	$ 642
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	$ 642
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	$ 185
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	$ 185
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	$ 129
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	$ 129
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	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 346,123	$ 285,482
Short-term investments	343,170	662,811
Total	689,293	948,293
Commercial paper
Assets
Short-term investments	170,030	244,571
Corporate bonds
Assets
Short-term investments	103,773	243,915
U.S. Treasury and agency obligations
Assets
Short-term investments	66,319	171,316
Term deposits
Assets
Short-term investments	3,048	3,009
Money market fund deposits
Assets
Cash equivalents	255,715	171,632
Commercial paper
Assets
Cash equivalents	39,566	6,369
Term deposits
Assets
Cash equivalents	27,904	83,965
Corporate bonds
Assets
Cash equivalents	22,938	23,516
Level 1
Assets
Cash equivalents	255,715	171,632
Short-term investments	0	0
Total	255,715	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	255,715	171,632
Level 1 | Commercial paper
Assets
Cash equivalents	0	0
Level 1 | Term deposits
Assets
Cash equivalents	0	0
Level 1 | Corporate bonds
Assets
Cash equivalents	0	0
Level 2
Assets
Cash equivalents	90,408	113,850
Short-term investments	343,170	662,811
Total	433,578	776,661
Level 2 | Commercial paper
Assets
Short-term investments	170,030	244,571
Level 2 | Corporate bonds
Assets
Short-term investments	103,773	243,915
Level 2 | U.S. Treasury and agency obligations
Assets
Short-term investments	66,319	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 | Commercial paper
Assets
Cash equivalents	39,566	6,369
Level 2 | Term deposits
Assets
Cash equivalents	27,904	83,965
Level 2 | Corporate bonds
Assets
Cash equivalents	22,938	23,516
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 | Commercial paper
Assets
Cash equivalents	0	0
Level 3 | Term deposits
Assets
Cash equivalents	0	0
Level 3 | Corporate bonds
Assets
Cash equivalents	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 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	Jun. 30, 2024	Dec. 31, 2023
Investment maturity
Held-to-maturity maturities, less than 1 year, book value	$ 343,363	$ 662,807
Held-to-maturity maturities, less than 1 year, fair value	$ 343,170	$ 662,811

Inventories (Components Of Inve

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Components and raw materials	$ 226,305	$ 263,652
Work-in-process	44,051	47,997
Finished goods	130,483	142,225
Total	$ 400,839	$ 453,874

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory provisions	$ 14,009	$ 11,218	$ 26,851	$ 23,314

Goodwill and Intangibles (Sched

Goodwill and Intangibles (Schedule of Changes) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Balance, beginning of period	$ 38,540	$ 38,325
Foreign exchange adjustment	(262)	169
Balance, end of period	$ 38,278	$ 38,494

Goodwill and Intangibles (Intan

Goodwill and Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 95,188	$ 95,309
Accumulated Amortization	(71,765)	(69,075)
Net  Carrying Amount	23,423	26,234
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,140	48,216
Accumulated Amortization	(27,778)	(25,973)
Net  Carrying Amount	$ 20,362	$ 22,243
Weighted- Average  Lives	11 years	11 years
Technology, trademark and trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,903	$ 29,903
Accumulated Amortization	(26,842)	(25,960)
Net  Carrying Amount	$ 3,061	$ 3,943
Weighted- Average  Lives	7 years	7 years
Production know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,111	$ 9,155
Accumulated Amortization	(9,111)	(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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,377	$ 2,021	$ 2,802	$ 4,042

Goodwill and Intangibles (Estim

Goodwill and Intangibles (Estimated Future Amortization Expense for Intangibles) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,751
2025	4,977
2026	4,216
2027	4,004
2028	3,633
Thereafter	3,842
Net  Carrying Amount	$ 23,423	$ 26,234

Other Liabilities (Components o

Other Liabilities (Components of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 60,722	$ 67,053
Contract liabilities	57,452	69,219	$ 75,785	$ 80,068
Current portion of accrued warranty	24,754	27,283
Short-term lease liabilities	4,454	4,597
Other	13,847	13,198
Total	$ 161,229	$ 181,350

Other Liabilities (Other Long-T

Other Liabilities (Other Long-Term Liabilities and Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued warranty	$ 16,320	$ 19,926
Unrecognized tax benefits	15,527	17,176
Long-term lease liabilities	12,964	13,664
Deferred income taxes	1,506	1,508
Transition tax related to 2017 U.S. tax reform act	0	11,009
Other	5,261	5,369
Total	$ 51,578	$ 68,652

Product Warranties (Narrative)

Product Warranties (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Product Warranty Liability [Line Items]
Accrued warranty reported in accrued expenses and other liabilities	$ 24,754	$ 27,283
Accrued warranty	$ 16,320	$ 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 47,209	$ 52,862
Provision for warranty accrual	2,853	7,089
Warranty claims	(8,268)	(8,533)
Foreign currency translation	(720)	216
Balance, end of period	$ 41,074	$ 51,634

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) € in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
U S Line Of Credit
Debt Instrument [Line Items]
Guarantees issued	$ 2,153		$ 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	72,847
Letter of Credit | Euro Line Of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 6,964	€ 6,500

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	19.40%	23.60%	24.50%	25.70%
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount	$ (85)	$ (1,751)	$ 1,912	$ 221

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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	(1,759)	(1,273)
Additions for tax positions in current period	170	950
Foreign currency translation	(60)	(482)
Balance, end of period	$ 15,527	$ 15,036

Net Income Attributable to IP_3

Net Income Attributable to IPG Photonics Corporation Per Common Share (Computation of Diluted Net Income) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to IPG Photonics Corporation common stockholders	$ 20,154	$ 62,321	$ 44,253	$ 122,456
Basic weighted average common shares	44,917,696	47,316,342	45,439,126	47,428,639
Dilutive effect of common stock equivalents (in shares)	94,778	136,918	162,313	189,523
Diluted weighted average common shares	45,012,474	47,453,260	45,601,439	47,618,162
Basic net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 0.45	$ 1.32	$ 0.97	$ 2.58
Diluted net income attributable to IPG Photonics Corporation per common share (in dollars per share)	$ 0.45	$ 1.31	$ 0.97	$ 2.57

Net Income Attributable to IP_4

Net Income Attributable to IPG Photonics Corporation Per Common Share (Anti Dilutive Shares Excluded From EPS) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	898,250	1,023,782	893,162	986,591
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	603,281	538,442	598,073	540,912
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	235,619	420,750	235,739	397,861
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded from computation of diluted weighted average common shares	59,350	64,590	59,350	47,818

Net Income Attributable to IP_5

Net Income Attributable to IPG Photonics Corporation Per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Feb. 13, 2024
Equity, Class of Treasury Stock [Line Items]
Decrease in weighted average number of shares outstanding treasury stock	(662,348)	(1,028,573)
February 2024 Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorized amount			$ 300,000
May 2023 Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)	1,404,249	2,362,174
Stock repurchase average price (in dollars per share)	$ 86.32	$ 88.92
Remaining repurchase amount	$ 180,484	$ 180,484