Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'FLIR SYSTEMS INC | ' |
Entity Central Index Key | '0000354908 | ' |
Trading Symbol | 'FLIR | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 141,654,996 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $358,141 | $332,230 | $1,096,053 | $1,018,973 |
Cost of goods sold | 185,251 | 158,877 | 549,134 | 492,865 |
Gross profit | 172,890 | 173,353 | 546,919 | 526,108 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 32,986 | 29,593 | 109,271 | 103,674 |
Selling, general and administrative | 76,365 | 69,523 | 234,706 | 219,181 |
Total operating expenses | 109,351 | 99,116 | 343,977 | 322,855 |
Earnings from operations | 63,539 | 74,237 | 202,942 | 203,253 |
Interest expense | 3,696 | 3,096 | 10,361 | 8,930 |
Interest income | -256 | -268 | -721 | -1,073 |
Other expense (income), net | 53 | 2,175 | -536 | 1,190 |
Earnings from continuing operations before income taxes | 60,046 | 69,234 | 193,838 | 194,206 |
Income tax provision | 13,560 | 13,285 | 45,558 | 47,027 |
Earnings from continuing operations | 46,486 | 55,949 | 148,280 | 147,179 |
Loss from discontinued operations, net of tax | 0 | -44 | 0 | -2,042 |
Net earnings | $46,486 | $55,905 | $148,280 | $145,137 |
Basic earnings per share: | ' | ' | ' | ' |
Continuing operations | $0.33 | $0.37 | $1.04 | $0.96 |
Discontinued operations | $0 | $0 | $0 | ($0.01) |
Basic earnings per share | $0.33 | $0.37 | $1.04 | $0.95 |
Diluted earnings per share: | ' | ' | ' | ' |
Continuing operations | $0.32 | $0.37 | $1.02 | $0.95 |
Discontinued operations | $0 | $0 | $0 | ($0.01) |
Diluted earnings per share | $0.32 | $0.37 | $1.02 | $0.94 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 141,863 | 150,878 | 142,849 | 152,820 |
Diluted | 144,231 | 152,327 | 144,831 | 154,758 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $46,486 | $55,905 | $148,280 | $145,137 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 22,587 | 22,694 | 5,560 | 15,812 |
Fair value adjustment on interest rate swap contracts | -408 | 0 | 1,119 | 0 |
Comprehensive income | $68,665 | $78,599 | $154,959 | $160,949 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $492,199 | $321,739 |
Accounts receivable, net | 281,611 | 335,163 |
Inventories | 376,033 | 381,378 |
Prepaid expenses and other current assets | 98,001 | 96,006 |
Deferred income taxes, net | 31,659 | 30,960 |
Total current assets | 1,279,503 | 1,165,246 |
Property and equipment, net | 229,844 | 211,615 |
Deferred income taxes, net | 32,235 | 32,223 |
Goodwill | 567,611 | 562,586 |
Intangible assets, net | 157,489 | 175,823 |
Other assets | 59,194 | 41,442 |
Total assets | 2,325,876 | 2,188,935 |
Current liabilities: | ' | ' |
Accounts payable | 93,861 | 94,156 |
Deferred revenue | 30,308 | 29,465 |
Accrued payroll and related liabilities | 39,139 | 41,506 |
Accrued product warranties | 13,464 | 13,169 |
Advance payments from customers | 13,585 | 12,150 |
Accrued expenses | 41,977 | 32,772 |
Accrued income taxes | 0 | 11,943 |
Other current liabilities | 4,479 | 6,406 |
Current portion long term debt | 15,000 | 0 |
Total current liabilities | 251,813 | 241,567 |
Long-term debt | 376,163 | 248,319 |
Deferred income taxes | 18,828 | 17,351 |
Accrued income taxes | 22,410 | 22,812 |
Pension and other long-term liabilities | 50,151 | 58,985 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at September 30, 2013, and December 31, 2012 | 0 | 0 |
Common stock, $0.01 par value, 500,000 shares authorized, 141,620 and 145,814 shares issued at September 30, 2013, and December 31, 2012, respectively, and additional paid-in capital | 61,892 | 171,546 |
Retained earnings | 1,528,399 | 1,418,814 |
Accumulated other comprehensive earnings | 16,220 | 9,541 |
Total shareholders’ equity | 1,606,511 | 1,599,901 |
Total liabilities and shareholders' equity | $2,325,876 | $2,188,935 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 141,620,000 | 145,814,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH PROVIDED BY OPERATING ACTIVITIES: | ' | ' |
Net earnings | $148,280 | $145,137 |
Income items not affecting cash: | ' | ' |
Depreciation and amortization | 44,978 | 44,859 |
Deferred income taxes | -38 | 599 |
Stock-based compensation arrangements | 20,673 | 19,997 |
Other non-cash items | 1,485 | -1,864 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Decrease in accounts receivable | 52,856 | 41,476 |
Decrease (increase) in inventories | 6,481 | -22,427 |
Increase in prepaid expenses and other current assets | -2,142 | -15,367 |
(Increase) decrease in other assets | -4,911 | 450 |
Decrease in accounts payable | -374 | -6,720 |
Increase (decrease) in deferred revenue | 808 | -4,382 |
Decrease in accrued payroll and other liabilities | -9,865 | -21,438 |
Decrease in accrued income taxes | -12,347 | -14,501 |
Increase in pension and other long-term liabilities | 3,907 | 6,852 |
Cash provided by operating activities | 249,791 | 172,671 |
CASH USED BY INVESTING ACTIVITIES: | ' | ' |
Additions to property and equipment, net | -36,997 | -39,188 |
Business acquisitions, net of cash acquired | 20,073 | 0 |
Other investments | 0 | 3,000 |
Cash used by investing activities | -57,070 | -42,188 |
CASH USED BY FINANCING ACTIVITIES: | ' | ' |
Proceeds from long-term debt, including current portion | 150,000 | 0 |
Repayments of long-term debt | -7,500 | 0 |
Repurchase of common stock | -133,049 | -129,010 |
Dividends paid | -38,695 | -32,020 |
Proceeds from shares issued pursuant to stock-based compensation plans | 5,953 | 7,117 |
Excess tax benefit of stock options exercised | 928 | 1,231 |
Other financing activities | -1,273 | -139 |
Cash used by financing activities | -23,636 | -152,821 |
Effect of exchange rate changes on cash | 1,375 | 5,981 |
Net increase (decrease) in cash and cash equivalents | 170,460 | -16,357 |
Cash and cash equivalents, beginning of period | 321,739 | 440,846 |
Cash and cash equivalents, end of period | $492,199 | $424,489 |
Basis_of_Presenation
Basis of Presenation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements of FLIR Systems, Inc. and its consolidated subsidiaries (the “Company”) are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the year ending December 31, 2013. | |
Reclassifications and Adjustments to Prior Year | |
The Company made certain reclassifications to the prior year's financial statements to conform them to the presentation as of September 30, 2013. In addition, the December 31, 2012 balance sheet has been adjusted for purchase price allocations of the Lorex and Traficon acquisitions. See Note 18, "Business Acquisitions," of the Notes to the Consolidated Financial Statements for additional information. These reclassifications and adjustments had no effect on consolidated net earnings, shareholders' equity or net cash flows from operating, investing or financing activities for any of the periods presented. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Stock-based Compensation | ' | |||||||||||||||
Stock-based Compensation | ||||||||||||||||
Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of goods sold | $ | 672 | $ | 895 | $ | 1,902 | $ | 2,516 | ||||||||
Research and development | 1,388 | 1,297 | 3,675 | 3,771 | ||||||||||||
Selling, general and administrative | 5,288 | 4,405 | 15,096 | 13,710 | ||||||||||||
Stock-based compensation expense before income taxes | 7,348 | 6,597 | 20,673 | 19,997 | ||||||||||||
Income tax benefit | (2,295 | ) | (2,005 | ) | (6,696 | ) | (6,067 | ) | ||||||||
Total stock-based compensation expense after income taxes | $ | 5,053 | $ | 4,592 | $ | 13,977 | $ | 13,930 | ||||||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Capitalized in inventory | $ | 789 | $ | 514 | ||||||||||||
As of September 30, 2013, the Company had $50.4 million of total unrecognized stock-based compensation costs, net of estimated forfeitures, to be recognized over a weighted average period of 2.0 years. | ||||||||||||||||
Note 2. | Stock-based Compensation - (Continued) | |||||||||||||||
The fair value of the stock-based awards granted in the three and nine months ended September 30, 2013 was estimated with the following weighted-average assumptions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock option awards: | ||||||||||||||||
Risk-free interest rate | 0.6 | % | — | 0.3 | % | 0.4 | % | |||||||||
Expected dividend yield | 1.1 | % | — | 1.5 | % | 1.3 | % | |||||||||
Expected term | 4.5 years | — | 4.3 years | 4.2 years | ||||||||||||
Expected volatility | 31.4 | % | — | 33.7 | % | 39.7 | % | |||||||||
Market-based restricted stock awards: | ||||||||||||||||
Risk-free interest rate | — | — | 0.3 | % | 0.4 | % | ||||||||||
Expected dividend yield | — | — | — | — | ||||||||||||
Expected term | — | — | 2.2 years | 3.0 years | ||||||||||||
Expected volatility | — | — | 28.8 | % | 30.7 | % | ||||||||||
Expected volatility of S&P 500 | — | — | 18.1 | % | 19.6 | % | ||||||||||
Employee stock purchase plan: | ||||||||||||||||
Risk-free interest rate | — | — | 0.1 | % | 0.2 | % | ||||||||||
Expected dividend yield | — | — | 1.5 | % | 1.3 | % | ||||||||||
Expected term | — | — | 6 months | 6 months | ||||||||||||
Expected volatility | — | — | 25 | % | 27.4 | % | ||||||||||
The weighted average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised during the period were (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock Option Awards: | ||||||||||||||||
Weighted average grant date fair value per share | $ | 7.65 | $ | — | $ | 5.92 | $ | 6.43 | ||||||||
Total fair value of awards granted | $ | 278 | $ | — | $ | 6,095 | $ | 4,104 | ||||||||
Total fair value of awards vested | $ | 33 | $ | 38 | $ | 5,059 | $ | 6,023 | ||||||||
Total intrinsic value of options exercised | $ | 1,910 | $ | 3,278 | $ | 3,748 | $ | 5,637 | ||||||||
Restricted Stock Unit Awards: | ||||||||||||||||
Weighted average grant date fair value per share | $ | 31.3 | $ | 19.84 | $ | 23.91 | $ | 17.23 | ||||||||
Total fair value of awards granted | $ | 2,427 | $ | 121 | $ | 28,063 | $ | 30,643 | ||||||||
Total fair value of awards vested | $ | 222 | $ | 174 | $ | 13,541 | $ | 12,276 | ||||||||
Employee Stock Purchase Plan: | ||||||||||||||||
Weighted average grant date fair value per share | $ | — | $ | — | $ | 5.25 | $ | 5.02 | ||||||||
Total fair value of shares estimated to be issued | $ | — | $ | — | $ | 552 | $ | 1,106 | ||||||||
Note 2. Stock-based Compensation - (Continued) | ||||||||||||||||
The total amount of cash received from the exercise of stock options in the three months ended September 30, 2013 and 2012 was $2.0 million and $1.5 million, respectively, and the related tax impact realized from the exercise of the stock options was a benefit of $0.4 million and $0.8 million, respectively. The total amount of cash received from the exercise of stock options in the nine months ended September 30, 2013 and 2012 was $3.7 million and $3.1 million, respectively, and the related tax impact realized from the exercise of the stock options was a benefit of $0.3 million and $0.1 million, respectively. | ||||||||||||||||
Information with respect to stock option activity is as follows: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
(in thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
Outstanding at December 31, 2012 | 6,642 | $ | 21.64 | 4.7 | ||||||||||||
Granted | 1,030 | 24.58 | ||||||||||||||
Exercised | (266 | ) | 14.07 | |||||||||||||
Forfeited | (8 | ) | 21.4 | |||||||||||||
Outstanding at September 30, 2013 | 7,398 | $ | 22.32 | 4.9 | $ | 70,176 | ||||||||||
Exercisable at September 30, 2013 | 6,032 | $ | 21.75 | 3.9 | $ | 60,831 | ||||||||||
Vested and expected to vest at September 30, 2013 | 7,329 | $ | 22.3 | 4.9 | $ | 69,709 | ||||||||||
Information with respect to restricted stock unit activity is as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(in thousands) | Average | |||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at December 31, 2012 | 2,372 | $ | 21.3 | |||||||||||||
Granted | 1,173 | 23.91 | ||||||||||||||
Vested and distributed | (556 | ) | 26.71 | |||||||||||||
Forfeited | (140 | ) | 24.84 | |||||||||||||
Outstanding at September 30, 2013 | 2,849 | $ | 23.74 | |||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company granted approximately 1,166,000 and 984,000 time-vested restricted stock units, respectively. The fair value of time-vested restricted stock units is fixed and determined on the date of grant based upon the Company's stock price on the date of grant. The weighted average fair values of the time-vested restricted stock units granted during the nine months ended September 30, 2013 and 2012 were $23.96 and $21.67, respectively. | ||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company also granted approximately 7,000 and 795,000 market-based restricted stock units, respectively. These units may be earned based upon the Company's total shareholder return compared to the total shareholder return of the S&P 500 Index over a three year period. The fair value of the market-based restricted units was determined and fixed on the date of grant using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation and considered the likelihood of the Company achieving the market-based condition. The fair value of the market-based restricted stock units granted during the nine months ended September 30, 2013 and 2012 was $15.87 and $11.73, respectively. | ||||||||||||||||
There were approximately 125,000 shares issued under the 2011 Employee Stock Purchase Plan ("ESPP") during the nine months ended September 30, 2013 and approximately 3,728,000 shares remain available under the ESPP at September 30, 2013 for future issuance. The total amount of cash received from the issuance of ESPP shares in the nine months ended September 30, 2013 was $2.1 million. Shares issued for ESPP purchases are newly issued shares. |
Net_Earnings_Per_Share
Net Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Earnings Per Share | ' | |||||||||||||||
Net Earnings Per Share | ||||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator for earnings per share: | ||||||||||||||||
Earnings from continuing operations | $ | 46,486 | $ | 55,949 | $ | 148,280 | $ | 147,179 | ||||||||
Loss from discontinued operations | — | (44 | ) | — | (2,042 | ) | ||||||||||
Net earnings for basic and diluted earnings per share | $ | 46,486 | $ | 55,905 | $ | 148,280 | $ | 145,137 | ||||||||
Denominator for earnings per share: | ||||||||||||||||
Weighted average number of common shares outstanding | 141,863 | 150,878 | 142,849 | 152,820 | ||||||||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,368 | 1,449 | 1,982 | 1,938 | ||||||||||||
Weighted average diluted shares outstanding | 144,231 | 152,327 | 144,831 | 154,758 | ||||||||||||
Certain stock-based compensation awards are excluded for purposes of calculating diluted earnings per share since including such stock-based compensation awards that would have been anti-dilutive. Stock-based compensation awards for the three and nine months ended September 30, 2013, which aggregated 136,000 shares and 478,000 shares, respectively, and for the three and nine months ended September 30, 2012, which aggregated 6,792,000 shares and 3,100,000 shares, respectively, have been excluded for such purposes. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company had $106.0 million and $5.9 million of cash equivalents at September 30, 2013 and December 31, 2012, respectively, which were primarily investments in money market funds. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. The fair value of the Company’s forward currency contracts and interest rate swap contracts as of September 30, 2013 and December 31, 2012 are disclosed in Note 5, "Derivative Financial Instruments," of the Notes to the Consolidated Financial Statements below and are based on Level 2 inputs. The fair value of the Company’s senior unsecured notes as described in Note 13, "Long-Term Debt," of the Notes to the Consolidated Financial Statements is approximately $258.2 million based upon Level 2 inputs at September 30, 2013. The fair value of the Company's term loan, also described in Note 13, approximates the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||
Foreign Currency Exchange Rate Risk | ' | |||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||||
The gains and losses related to outstanding derivative instruments recorded in other expense (income) are offset, in general, by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net amounts of these realized and unrealized gains and losses for the three and nine months ended September 30, 2013, were a gain of $1.4 million and a loss of $2.1 million, respectively. The net amounts of these gains and losses for the three and nine months ended September 30, 2012 were gains of $2.6 million and $2.9 million, respectively. | ||||||||||||||||
Note 5. | Derivative Financial Instruments - (Continued) | |||||||||||||||
The following table provides volume information about the Company's foreign currency hedge volume. The information provided is in United States dollar equivalent amounts. The table presents the net notional amounts at contract exchange rates (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Swedish kronor | $ | 106,658 | $ | 98,385 | ||||||||||||
British pound sterling | 7,612 | 15,619 | ||||||||||||||
Australian dollar | 4,247 | 7,022 | ||||||||||||||
Japanese yen | 3,729 | 5,157 | ||||||||||||||
Euro | 9,611 | 2,232 | ||||||||||||||
Brazilian real | 3,897 | — | ||||||||||||||
Other | 971 | 622 | ||||||||||||||
$ | 136,725 | $ | 129,037 | |||||||||||||
At September 30, 2013, the Company’s foreign currency forward contracts, in general, had maturities of seven months or less. | ||||||||||||||||
The fair value carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||
Foreign exchange contracts | $ | 1,045 | $ | 17 | $ | 2,106 | $ | 229 | ||||||||
Interest Rates | ||||||||||||||||
The Company's outstanding long-term debt at September 30, 2013 consists of fixed rate notes and a floating rate term loan. The Company maintains its floating rate revolver for flexibility to fund working capital needs and for other uses of cash. Interest expense on the Company's floating rate debt is typically calculated based on a fixed spread over a reference rate, such as LIBOR (also known as the Eurocurrency rate). Therefore, fluctuations in market interest rates will cause interest expense increases or decreases on a given amount of floating rate debt. | ||||||||||||||||
The Company is managing its interest rate risk related to floating rate debt by entering into interest rate swaps in which the Company receives floating rate payments and makes fixed rate payments. The impact of the interest rate swaps is to fix the floating rate basis for the calculation of interest on the term loan at the levels indicated in the table below. The effective interest rate paid is equal to the fixed rates shown below plus the credit spread then in effect. At September 30, 2013, the effective interest rate on the term loan was 2.49 percent. As of September 30, 2013, the following interest rate swaps were outstanding: | ||||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 73.1 | 1.0165 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
29-Mar-13 | 73.1 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | |||||||||||
Interest rate swaps are recorded as an asset or liability in the Company's Consolidated Balance Sheet at fair value. Gains and losses on cash flow hedges are recorded as an adjustment to accumulated other comprehensive (loss) earnings, except that any gains and losses on ineffectiveness of cash flow hedges would be recorded as an adjustment to other expense (income). | ||||||||||||||||
The net fair value carrying amount of the Company's interest rate swaps was $1.8 million, of which $2.8 million and $1.0 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of September 30, 2013. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable are net of an allowance for doubtful accounts of $7.9 million and $6.6 million at September 30, 2013 and December 31, 2012, respectively. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw material and subassemblies | $ | 222,573 | $ | 231,273 | ||||
Work-in-progress | 56,289 | 50,644 | ||||||
Finished goods | 97,171 | 99,461 | ||||||
$ | 376,033 | $ | 381,378 | |||||
Property_and_Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are net of accumulated depreciation of $214.8 million and $190.5 million at September 30, 2013 and December 31, 2012, respectively. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Disclosure - Goodwill - Additional Information [Abstract] | ' | |||||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
As of September 30, 2013, the Company completed its annual review of goodwill and has determined that there have been no triggering events or indicators of impairment on its recorded goodwill. The carrying value of goodwill by reporting segment and the activity for the nine months ended September 30, 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Thermal Vision and Measurement | Raymarine | Surveillance | Detection | Integrated Systems | Total | |||||||||||||||||||
Balance, December 31, 2012 | $ | 253,226 | $ | 100,744 | $ | 90,817 | $ | 38,162 | $ | 20,129 | $ | 503,078 | ||||||||||||
(as originally reported) | ||||||||||||||||||||||||
Adjustments | 59,508 | — | — | — | — | 59,508 | ||||||||||||||||||
Balance, December 31, 2012 | 312,734 | 100,744 | 90,817 | 38,162 | 20,129 | 562,586 | ||||||||||||||||||
Goodwill from acquisitions | — | — | — | — | 2,462 | 2,462 | ||||||||||||||||||
Currency translation adjustments | 2,158 | 277 | 87 | — | 41 | 2,563 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 314,892 | $ | 101,021 | $ | 90,904 | $ | 38,162 | $ | 22,632 | $ | 567,611 | ||||||||||||
During the nine months ended September 30, 2013, the Company updated the purchase price accounting associated with the Lorex and Traficon acquisitions resulting in an increase in goodwill of $59.5 million which was retrospectively adjusted. See Note 18, "Business Acquisitions," of the Notes to the Consolidated Financial Statements for additional information. |
Intangible_Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2013 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets are net of accumulated amortization of $110.2 million and $90.3 million at September 30, 2013 and December 31, 2012, respectively. |
Credit_Agreements
Credit Agreements | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility [Abstract] | ' |
Credit Agreements | ' |
Credit Facility | |
At September 30, 2013, the Company had no borrowings outstanding under its revolving credit facility pursuant to the Credit Agreement, dated February 8, 2011, with Bank of America, N.A., U.S. Bank National Association, JPMorgan Chase Bank N.A. and other Lenders, and $13.2 million of letters of credit outstanding, which reduces the total available credit under the Credit Agreement to $186.8 million. | |
On April 5, 2013, the Credit Agreement was amended to extend the maturity of the revolving credit facility from February 8, 2016 to April 5, 2018. The amendment also incorporated a revised schedule of interest rates. |
Accrued_Product_Warrenties
Accrued Product Warrenties | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Accrued Product Warranties | ' | |||||||||||||||
Accrued Product Warranties | ||||||||||||||||
The following table summarizes the Company’s warranty liability and activity (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued product warranties, beginning of period | $ | 16,791 | $ | 15,322 | $ | 16,152 | $ | 16,046 | ||||||||
Amounts paid for warranty services | (1,128 | ) | (2,465 | ) | (5,273 | ) | (6,722 | ) | ||||||||
Warranty provisions for products sold | 768 | 1,689 | 5,309 | 4,823 | ||||||||||||
Currency translation adjustments and other | 160 | 646 | 403 | 1,045 | ||||||||||||
Accrued product warranties, end of period | $ | 16,591 | $ | 15,192 | $ | 16,591 | $ | 15,192 | ||||||||
Current accrued product warranties, end of period | $ | 13,464 | $ | 13,094 | ||||||||||||
Long-term accrued product warranties, end of period | $ | 3,127 | $ | 2,098 | ||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 142,500 | — | ||||||
Unamortized discounts and issuance costs of unsecured notes | (1,337 | ) | (1,681 | ) | ||||
$ | 391,163 | $ | 248,319 | |||||
Current portion, long-term debt | $ | 15,000 | $ | — | ||||
Long-term debt | $ | 376,163 | $ | 248,319 | ||||
In August 2011, the Company issued $250 million aggregate principal amount of its 3.750% senior unsecured notes due September 1, 2016 (the “Notes”). The net proceeds from the issuance of the Notes were approximately $247.7 million, after deducting underwriting discounts and offering expenses, which are being amortized over a period of five years. Interest is payable on the Notes semiannually in arrears on March 1 and September 1. The proceeds from the Notes are being used for general corporate purposes, which may include working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock. | ||||||||
Note 13. | Long-Term Debt - (Continued) | |||||||
The Credit Agreement amendment of April 5, 2013, discussed in Note 11, "Credit Agreements," of the Notes to the Consolidated Financial Statements above, incorporated a $150 million term loan facility that matures on April 5, 2019. On April 5, 2013 the Company drew down $150 million under the term loan facility. Interest is accrued at the one-month LIBOR rate plus the scheduled spread and paid monthly. Quarterly principal payments of $3.8 million commenced on June 30, 2013 and will continue through December 31, 2018 with the final maturity payment including any accrued interest due on April 5, 2019. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Shareholders' Equity | ' | |||
Shareholders’ Equity | ||||
The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2013 (in thousands): | ||||
Common stock and additional paid-in capital, December 31, 2012 | $ | 171,546 | ||
Excess income tax benefit of common stock options exercised | 347 | |||
Common stock issued pursuant to stock-based compensation plans, net | 2,058 | |||
Stock-based compensation costs | 20,990 | |||
Repurchase of common stock | (133,049 | ) | ||
Common stock and additional paid-in capital, September 30, 2013 | $ | 61,892 | ||
During the nine months ended September 30, 2013, the Company repurchased 2.1 million shares of the Company's common stock through open market transactions and entered into an accelerated share repurchase program at a notional amount of $75.0 million under which the Company received 2.6 million shares in March 2013 and an additional 0.3 million shares in April 2013. The repurchases were under the February 2013 authorization by the Company’s Board of Directors pursuant to which the Company is authorized to repurchase up to 25.0 million shares of the Company’s outstanding common stock. This authorization expires in February 2015. | ||||
On February 9, 2011, the Company’s Board of Directors adopted a dividend policy under which the Company intends to pay quarterly cash dividends on its common stock. Accordingly, a dividend of $0.09 per share of outstanding common stock was paid on September 6, 2013 to shareholders of record as of the close of business on August 19, 2013. The total cash payments for dividends in the nine months ended September 30, 2013 was $38.7 million. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company and its subsidiary, Indigo Systems Corporation (now known as FLIR Commercial Systems, Inc.) (together, the “FLIR Parties”), were named in a lawsuit filed by Raytheon Company (“Raytheon”) on March 2, 2007 in the United States District Court for the Eastern District of Texas. Raytheon's complaint, as amended, asserted claims for tortious interference, patent infringement, trade secret misappropriation, unfair competition, breach of contract and fraudulent concealment. The FLIR Parties filed an answer to the complaint on September 2, 2008, in which they denied all material allegations. On August 31, 2009, the court entered an order granting the FLIR Parties' motion for summary judgment on Raytheon's trade secret misappropriation claim based on the FLIR Parties' statute of limitations defense. Raytheon abandoned all of its other claims except its claims relating to four patents (the “Patent Claims”). On August 11, 2010, the FLIR Parties and Raytheon entered into an agreement in principle to resolve the remaining Patent Claims, which resulted in a payment of $3 million by the FLIR Parties to Raytheon and entitles the FLIR Parties to certain license rights in the patents that were the subject of the Patent Claims. The parties appealed certain rulings of the District Court to the United States Court of Appeals for the Federal Circuit which on August 1, 2012 reversed the judgment of the District Court and remanded the case for further proceedings consistent with the appellate court's opinion. The Company intends to vigorously defend itself in this matter and is unable to estimate the amount or range of potential loss, if any, which might result if the outcome in this matter is unfavorable. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Income Taxes | ||
As of September 30, 2013, the Company had approximately $29.8 million of unrecognized tax benefits all of which would affect the Company’s effective tax rate if recognized. The Company anticipates an immaterial portion of its net unrecognized tax benefits will be recognized within 12 months as the result of settlements or effective settlements with various tax authorities, the closure of certain audits and the lapse of the applicable statute of limitations. | ||
The Company classifies interest and penalties related to uncertain tax positions as income tax expense. As of September 30, 2013, the Company had approximately $2.8 million of net accrued interest and penalties related to uncertain tax positions. | ||
The Company currently has the following tax years open to examination by major taxing jurisdictions: | ||
Tax Years: | ||
US Federal | 2010 – 2012 | |
State of Oregon | 2009 – 2012 | |
State of Massachusetts | 2009 – 2012 | |
State of California | 2008 – 2012 | |
Sweden | 2007 – 2012 | |
United Kingdom | 2008 – 2012 | |
Belgium | 2011 - 2012 |
Operating_Segments_and_Related
Operating Segments and Related Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Operating Segments and Related Information | ' | |||||||||||||||
Operating Segments and Related Information | ||||||||||||||||
Operating Segments | ||||||||||||||||
The Company has two business divisions: Commercial Systems and Government Systems. | ||||||||||||||||
Commercial Systems Division | ||||||||||||||||
The Commercial Systems division is focused on the design, manufacture, and marketing of instrument, sensor, and electronics solutions that facilitate improved situational awareness and environmental analytics for commercial customers. The division is comprised of two operating segments: Thermal Vision and Measurement and Raymarine. The Thermal Vision and Measurement segment provides advanced thermal imaging solutions for emerging commercial and industrial markets that enable people to see at night or through adverse weather conditions and to capture, measure, and analyze temperature data. The Raymarine segment provides electronics for the maritime market and is a leading global provider of fully integrated “stem to stern” networked electronic systems for boats of all sizes. | ||||||||||||||||
Government Systems Division | ||||||||||||||||
The Government Systems division designs, manufactures, and markets advanced imaging and detection systems for government markets where high performance is required. The division is comprised of three operating segments: Surveillance, Detection, and Integrated Systems. The Surveillance segment provides enhanced imaging and recognition solutions to a wide variety of military, law enforcement, public safety, and other government customers around the world for the protection of borders, troops, and public welfare. The Detection segment produces sensor instruments that detect and identify chemical, biological, radiological, nuclear, and explosives (“CBRNE”) threats for military force protection, homeland security, and commercial applications. The Integrated Systems segment develops platform solutions for combating sophisticated security threats and incorporates multiple sensor systems in order to deliver actionable intelligence for wide area surveillance, intrusion detection, and facility security. | ||||||||||||||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||||||||||
Operating Segments - (Continued) | ||||||||||||||||
Operating segment information is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue – External Customers: | ||||||||||||||||
Thermal Vision and Measurement | $ | 177,100 | $ | 149,540 | $ | 519,453 | $ | 447,922 | ||||||||
Raymarine | 35,800 | 31,659 | 127,087 | 125,443 | ||||||||||||
Surveillance | 102,966 | 115,915 | 331,824 | 350,005 | ||||||||||||
Detection | 13,103 | 15,401 | 40,016 | 50,467 | ||||||||||||
Integrated Systems | 29,172 | 19,715 | 77,673 | 45,136 | ||||||||||||
$ | 358,141 | $ | 332,230 | $ | 1,096,053 | $ | 1,018,973 | |||||||||
Revenue – Intersegments: | ||||||||||||||||
Thermal Vision and Measurement | $ | 5,201 | $ | 3,076 | $ | 12,397 | $ | 12,527 | ||||||||
Raymarine | — | — | — | 4 | ||||||||||||
Surveillance | 8,240 | 5,260 | 22,520 | 17,246 | ||||||||||||
Detection | 1,836 | 1,027 | 6,098 | 1,803 | ||||||||||||
Integrated Systems | 384 | 295 | 1,082 | 1,342 | ||||||||||||
Eliminations | (15,661 | ) | (9,658 | ) | (42,097 | ) | (32,922 | ) | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Earnings (loss) from operations: | ||||||||||||||||
Thermal Vision and Measurement | $ | 43,744 | $ | 42,916 | $ | 125,509 | $ | 109,651 | ||||||||
Raymarine | 2,050 | 374 | 14,345 | 9,944 | ||||||||||||
Surveillance | 30,535 | 39,243 | 100,835 | 114,965 | ||||||||||||
Detection | 1,354 | 1,131 | 3,265 | 801 | ||||||||||||
Integrated Systems | (97 | ) | 1,333 | 112 | 1,267 | |||||||||||
Other | (14,047 | ) | (10,760 | ) | (41,124 | ) | (33,375 | ) | ||||||||
$ | 63,539 | $ | 74,237 | $ | 202,942 | $ | 203,253 | |||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Segment assets (accounts receivable, net and inventories): | ||||||||||||||||
Thermal Vision and Measurement | $ | 249,972 | $ | 265,197 | ||||||||||||
Raymarine | 66,185 | 74,980 | ||||||||||||||
Surveillance | 283,809 | 317,944 | ||||||||||||||
Detection | 24,858 | 31,861 | ||||||||||||||
Integrated Systems | 32,820 | 26,559 | ||||||||||||||
$ | 657,644 | $ | 716,541 | |||||||||||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||||||||||
Revenue and Long-Lived Assets by Geographic Area | ||||||||||||||||
Information related to revenue by significant geographical location, determined by the end customer, is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
United States | $ | 191,261 | $ | 185,222 | $ | 576,278 | $ | 536,150 | ||||||||
Europe | 81,748 | 61,507 | 260,474 | 231,374 | ||||||||||||
Other international | 85,132 | 85,501 | 259,301 | 251,449 | ||||||||||||
$ | 358,141 | $ | 332,230 | $ | 1,096,053 | $ | 1,018,973 | |||||||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(As adjusted) | ||||||||||||||||
United States | $ | 596,967 | $ | 583,008 | ||||||||||||
Europe | 362,959 | 355,497 | ||||||||||||||
Other international | 54,212 | 52,961 | ||||||||||||||
$ | 1,014,138 | $ | 991,466 | |||||||||||||
Major Customers | ||||||||||||||||
Revenue derived from major customers is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
US Government | $ | 89,866 | $ | 91,714 | $ | 282,470 | $ | 265,976 | ||||||||
Business_Acquisitions_Business
Business Acquisitions Business Acquisitions (Notes) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Acquisitions | ' | |||||
Business Acquisitions | ||||||
In December 2012, the Company acquired Lorex Technology Inc. ("Lorex"), a provider of consumer oriented and professional grade video surveillance systems, for approximately $61.2 million in cash. At December 31, 2012, the Company initially reported the net tangible assets of $19.1 million in the respective balance sheet accounts and the excess purchase price of $42.1 million in other assets. | ||||||
The Company has since performed a purchase price allocation which resulted in an allocation of $15.1 million of identifiable intangible assets and $31.1 million of goodwill in conjunction with the Lorex acquisition, which has been recorded in the Company’s Thermal Vision and Measurement segment. This goodwill consists largely of the ability of Lorex to provide the Company domain knowledge and distribution channels in adjacent security markets. These purchase price adjustments have been applied retrospectively to the December 31, 2012 balance sheet. | ||||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Cash acquired | $ | 1,170 | ||||
Accounts receivable, net | 10,183 | |||||
Inventories | 13,967 | |||||
Property and equipment | 1,049 | |||||
Other assets | 3,004 | |||||
Liabilities | (10,252 | ) | ||||
Net tangible assets | 19,121 | |||||
Net deferred taxes | (4,189 | ) | ||||
Identifiable intangible assets | 15,100 | |||||
Goodwill | 31,138 | |||||
Purchase price | $ | 61,170 | ||||
None of the goodwill recognized is deductible for income tax purposes. | ||||||
The identifiable intangible assets and the estimated useful life of each are as follows (in thousands): | ||||||
Estimated | Amount | |||||
Useful Life | ||||||
Lorex Trade Name | indefinite | $ | 6,800 | |||
Customer Relationships | 7 years | 8,300 | ||||
$ | 15,100 | |||||
Also in December 2012, the Company acquired Traficon International NV ("Traficon"), a provider of video image processing software and hardware for traffic analysis applications, for approximately $46.3 million in cash. At December 31, 2012, the Company initially reported the net tangible assets of $5.1 million in the respective balance sheet accounts and the excess purchase price of $41.2 million in other assets. | ||||||
In April 2013, the Company made an additional payment of $2.1 million in cash as an adjustment to the purchase price. The Company has performed a purchase price allocation which resulted in an allocation of $20.1 million of identifiable intangible assets and $28.4 million of goodwill in conjunction with the Traficon acquisition, which has been recorded in the Company’s Thermal Vision and Measurement segment. This goodwill consists largely of the ability of Traficon to expand the Company's presence in the global traffic monitoring market through the provision of domain expertise and distribution channels. These purchase price adjustments have been applied retrospectively to the December 31, 2012 balance sheet. | ||||||
Note 18. | Business Acquisitions - (Continued) | |||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Cash acquired | $ | 181 | ||||
Accounts receivable, net | 6,435 | |||||
Inventories | 2,853 | |||||
Property and equipment | 179 | |||||
Other assets | 657 | |||||
Liabilities | (5,248 | ) | ||||
Net tangible assets | 5,057 | |||||
Net deferred taxes | (5,166 | ) | ||||
Identifiable intangible assets | 20,102 | |||||
Goodwill | 28,370 | |||||
Purchase price | $ | 48,363 | ||||
None of the goodwill recognized is deductible for income tax purposes. | ||||||
The identifiable intangible assets and the estimated useful life of each are as follows (in thousands): | ||||||
Estimated | Amount | |||||
Useful Life | ||||||
Patented/Proprietary Technology | 10 years | $ | 5,951 | |||
Backlog | 1.5 years | 1,852 | ||||
Customer Relationships | 12 years | 12,299 | ||||
$ | 20,102 | |||||
In April 2013, the Company acquired Marine and Remote Sensing Solutions, Ltd. ("MARSS"), a developer of software and sensor control systems for use in maritime security applications, including above and below water port security and ship-based man overboard detection, for approximately $3.2 million in cash. | ||||||
In August 2013, the Company acquired certain tangible assets and intellectual property related to the design and manufacturing of wafer-level optics from DigitalOptics Corporation East for approximately $14.9 million in cash. The tangible assets, including property, equipment and inventory, and intellectual property that were acquired are included in the Consolidated Balance Sheet as of September 30, 2013 and are included in the Thermal Vision and Measurement segment assets in Note 17, "Operating Segments and Related Information," of the Notes to the Consolidated Financial Statements. The Company has preliminarily recorded $5.0 million in property and equipment and $9.9 million in other assets as of September 30, 2013. The allocation of the purchase price is subject to the final determination on the valuation of the assets acquired. The valuation is expected to be finalized by December 31, 2013. | ||||||
The operating results for these acquisitions are included in the Company's 2013 results of operations. | ||||||
These acquisitions are not significant, either individually or in the aggregate, as defined in Regulation S-X of the Securities and Exchange Commission, compared to the Company’s overall financial position. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 15, 2013, the Company announced a proposed realignment of some of its production and engineering operations that will result in the closure of up to six of its global locations and the transfer of these operations to larger Company facilities. The Company also announced its intention to consolidate its optics and laser manufacturing operations. The Company expects to record pre-tax restructuring charges in the fourth quarter of 2013 of approximately $27 million to $30 million related to these and other cost reduction actions. | |
On October 23, 2013, the Company’s Board of Directors declared a quarterly dividend of $0.09 per share on its common stock, payable on December 6, 2013, to shareholders of record as of the close of business on November 18, 2013. The total cash payment of this dividend will be approximately $12.7 million. |
Basis_of_Presenation_Basis_of_
Basis of Presenation Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of consolidation | ' |
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Stockbased_Compensation_Stockb
Stock-based Compensation Stock-based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets | ' | |||||||||||||||
Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of goods sold | $ | 672 | $ | 895 | $ | 1,902 | $ | 2,516 | ||||||||
Research and development | 1,388 | 1,297 | 3,675 | 3,771 | ||||||||||||
Selling, general and administrative | 5,288 | 4,405 | 15,096 | 13,710 | ||||||||||||
Stock-based compensation expense before income taxes | 7,348 | 6,597 | 20,673 | 19,997 | ||||||||||||
Income tax benefit | (2,295 | ) | (2,005 | ) | (6,696 | ) | (6,067 | ) | ||||||||
Total stock-based compensation expense after income taxes | $ | 5,053 | $ | 4,592 | $ | 13,977 | $ | 13,930 | ||||||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Capitalized in inventory | $ | 789 | $ | 514 | ||||||||||||
Fair value of the stock-based awards, as determined under the Black-Scholes model, granted weighted-average assumptions | ' | |||||||||||||||
The fair value of the stock-based awards granted in the three and nine months ended September 30, 2013 was estimated with the following weighted-average assumptions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock option awards: | ||||||||||||||||
Risk-free interest rate | 0.6 | % | — | 0.3 | % | 0.4 | % | |||||||||
Expected dividend yield | 1.1 | % | — | 1.5 | % | 1.3 | % | |||||||||
Expected term | 4.5 years | — | 4.3 years | 4.2 years | ||||||||||||
Expected volatility | 31.4 | % | — | 33.7 | % | 39.7 | % | |||||||||
Market-based restricted stock awards: | ||||||||||||||||
Risk-free interest rate | — | — | 0.3 | % | 0.4 | % | ||||||||||
Expected dividend yield | — | — | — | — | ||||||||||||
Expected term | — | — | 2.2 years | 3.0 years | ||||||||||||
Expected volatility | — | — | 28.8 | % | 30.7 | % | ||||||||||
Expected volatility of S&P 500 | — | — | 18.1 | % | 19.6 | % | ||||||||||
Employee stock purchase plan: | ||||||||||||||||
Risk-free interest rate | — | — | 0.1 | % | 0.2 | % | ||||||||||
Expected dividend yield | — | — | 1.5 | % | 1.3 | % | ||||||||||
Expected term | — | — | 6 months | 6 months | ||||||||||||
Expected volatility | — | — | 25 | % | 27.4 | % | ||||||||||
Weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised | ' | |||||||||||||||
The weighted average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised during the period were (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock Option Awards: | ||||||||||||||||
Weighted average grant date fair value per share | $ | 7.65 | $ | — | $ | 5.92 | $ | 6.43 | ||||||||
Total fair value of awards granted | $ | 278 | $ | — | $ | 6,095 | $ | 4,104 | ||||||||
Total fair value of awards vested | $ | 33 | $ | 38 | $ | 5,059 | $ | 6,023 | ||||||||
Total intrinsic value of options exercised | $ | 1,910 | $ | 3,278 | $ | 3,748 | $ | 5,637 | ||||||||
Restricted Stock Unit Awards: | ||||||||||||||||
Weighted average grant date fair value per share | $ | 31.3 | $ | 19.84 | $ | 23.91 | $ | 17.23 | ||||||||
Total fair value of awards granted | $ | 2,427 | $ | 121 | $ | 28,063 | $ | 30,643 | ||||||||
Total fair value of awards vested | $ | 222 | $ | 174 | $ | 13,541 | $ | 12,276 | ||||||||
Employee Stock Purchase Plan: | ||||||||||||||||
Weighted average grant date fair value per share | $ | — | $ | — | $ | 5.25 | $ | 5.02 | ||||||||
Total fair value of shares estimated to be issued | $ | — | $ | — | $ | 552 | $ | 1,106 | ||||||||
Information with respect to stock option activity | ' | |||||||||||||||
Information with respect to stock option activity is as follows: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
(in thousands) | Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in thousands) | ||||||||||||||
Term | ||||||||||||||||
Outstanding at December 31, 2012 | 6,642 | $ | 21.64 | 4.7 | ||||||||||||
Granted | 1,030 | 24.58 | ||||||||||||||
Exercised | (266 | ) | 14.07 | |||||||||||||
Forfeited | (8 | ) | 21.4 | |||||||||||||
Outstanding at September 30, 2013 | 7,398 | $ | 22.32 | 4.9 | $ | 70,176 | ||||||||||
Exercisable at September 30, 2013 | 6,032 | $ | 21.75 | 3.9 | $ | 60,831 | ||||||||||
Vested and expected to vest at September 30, 2013 | 7,329 | $ | 22.3 | 4.9 | $ | 69,709 | ||||||||||
Information with respect to restricted stock unit activity | ' | |||||||||||||||
Information with respect to restricted stock unit activity is as follows: | ||||||||||||||||
Shares | Weighted | |||||||||||||||
(in thousands) | Average | |||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at December 31, 2012 | 2,372 | $ | 21.3 | |||||||||||||
Granted | 1,173 | 23.91 | ||||||||||||||
Vested and distributed | (556 | ) | 26.71 | |||||||||||||
Forfeited | (140 | ) | 24.84 | |||||||||||||
Outstanding at September 30, 2013 | 2,849 | $ | 23.74 | |||||||||||||
Net_Earnings_Per_Share_Net_Ear
Net Earnings Per Share Net Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share | ' | |||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator for earnings per share: | ||||||||||||||||
Earnings from continuing operations | $ | 46,486 | $ | 55,949 | $ | 148,280 | $ | 147,179 | ||||||||
Loss from discontinued operations | — | (44 | ) | — | (2,042 | ) | ||||||||||
Net earnings for basic and diluted earnings per share | $ | 46,486 | $ | 55,905 | $ | 148,280 | $ | 145,137 | ||||||||
Denominator for earnings per share: | ||||||||||||||||
Weighted average number of common shares outstanding | 141,863 | 150,878 | 142,849 | 152,820 | ||||||||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,368 | 1,449 | 1,982 | 1,938 | ||||||||||||
Weighted average diluted shares outstanding | 144,231 | 152,327 | 144,831 | 154,758 | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||
Notional amounts of outstanding foreign currency forward contracts by currency | ' | |||||||||||||||
(in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Swedish kronor | $ | 106,658 | $ | 98,385 | ||||||||||||
British pound sterling | 7,612 | 15,619 | ||||||||||||||
Australian dollar | 4,247 | 7,022 | ||||||||||||||
Japanese yen | 3,729 | 5,157 | ||||||||||||||
Euro | 9,611 | 2,232 | ||||||||||||||
Brazilian real | 3,897 | — | ||||||||||||||
Other | 971 | 622 | ||||||||||||||
$ | 136,725 | $ | 129,037 | |||||||||||||
Fair value carrying amount of derivative instruments included in consolidated balance sheets | ' | |||||||||||||||
The fair value carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||
Foreign exchange contracts | $ | 1,045 | $ | 17 | $ | 2,106 | $ | 229 | ||||||||
Interest rate swaps outstanding | ' | |||||||||||||||
As of September 30, 2013, the following interest rate swaps were outstanding: | ||||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 73.1 | 1.0165 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
29-Mar-13 | 73.1 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | |||||||||||
Inventories_Inventories_Tables
Inventories Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw material and subassemblies | $ | 222,573 | $ | 231,273 | ||||
Work-in-progress | 56,289 | 50,644 | ||||||
Finished goods | 97,171 | 99,461 | ||||||
$ | 376,033 | $ | 381,378 | |||||
Goodwill_Goodwill_Tables
Goodwill Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Disclosure - Goodwill - Additional Information [Abstract] | ' | |||||||||||||||||||||||
Carrying value of goodwill by reporting segment and the activity | ' | |||||||||||||||||||||||
The carrying value of goodwill by reporting segment and the activity for the nine months ended September 30, 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Thermal Vision and Measurement | Raymarine | Surveillance | Detection | Integrated Systems | Total | |||||||||||||||||||
Balance, December 31, 2012 | $ | 253,226 | $ | 100,744 | $ | 90,817 | $ | 38,162 | $ | 20,129 | $ | 503,078 | ||||||||||||
(as originally reported) | ||||||||||||||||||||||||
Adjustments | 59,508 | — | — | — | — | 59,508 | ||||||||||||||||||
Balance, December 31, 2012 | 312,734 | 100,744 | 90,817 | 38,162 | 20,129 | 562,586 | ||||||||||||||||||
Goodwill from acquisitions | — | — | — | — | 2,462 | 2,462 | ||||||||||||||||||
Currency translation adjustments | 2,158 | 277 | 87 | — | 41 | 2,563 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 314,892 | $ | 101,021 | $ | 90,904 | $ | 38,162 | $ | 22,632 | $ | 567,611 | ||||||||||||
Accrued_Product_Warrenties_Acc
Accrued Product Warrenties Accrued Product Warrenties (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Summay of warranty liability and activity | ' | |||||||||||||||
The following table summarizes the Company’s warranty liability and activity (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accrued product warranties, beginning of period | $ | 16,791 | $ | 15,322 | $ | 16,152 | $ | 16,046 | ||||||||
Amounts paid for warranty services | (1,128 | ) | (2,465 | ) | (5,273 | ) | (6,722 | ) | ||||||||
Warranty provisions for products sold | 768 | 1,689 | 5,309 | 4,823 | ||||||||||||
Currency translation adjustments and other | 160 | 646 | 403 | 1,045 | ||||||||||||
Accrued product warranties, end of period | $ | 16,591 | $ | 15,192 | $ | 16,591 | $ | 15,192 | ||||||||
Current accrued product warranties, end of period | $ | 13,464 | $ | 13,094 | ||||||||||||
Long-term accrued product warranties, end of period | $ | 3,127 | $ | 2,098 | ||||||||||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 142,500 | — | ||||||
Unamortized discounts and issuance costs of unsecured notes | (1,337 | ) | (1,681 | ) | ||||
$ | 391,163 | $ | 248,319 | |||||
Current portion, long-term debt | $ | 15,000 | $ | — | ||||
Long-term debt | $ | 376,163 | $ | 248,319 | ||||
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Common stock and additional paid-in capital activity | ' | |||
The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2013 (in thousands): | ||||
Common stock and additional paid-in capital, December 31, 2012 | $ | 171,546 | ||
Excess income tax benefit of common stock options exercised | 347 | |||
Common stock issued pursuant to stock-based compensation plans, net | 2,058 | |||
Stock-based compensation costs | 20,990 | |||
Repurchase of common stock | (133,049 | ) | ||
Common stock and additional paid-in capital, September 30, 2013 | $ | 61,892 | ||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Tax years open to examination by major taxing jurisdictions | ' | |
The Company currently has the following tax years open to examination by major taxing jurisdictions: | ||
Tax Years: | ||
US Federal | 2010 – 2012 | |
State of Oregon | 2009 – 2012 | |
State of Massachusetts | 2009 – 2012 | |
State of California | 2008 – 2012 | |
Sweden | 2007 – 2012 | |
United Kingdom | 2008 – 2012 | |
Belgium | 2011 - 2012 |
Operating_Segments_and_Related1
Operating Segments and Related Information Operating Segments and Related Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Operating Segment Information | ' | |||||||||||||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||||||||||
Operating Segments - (Continued) | ||||||||||||||||
Operating segment information is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue – External Customers: | ||||||||||||||||
Thermal Vision and Measurement | $ | 177,100 | $ | 149,540 | $ | 519,453 | $ | 447,922 | ||||||||
Raymarine | 35,800 | 31,659 | 127,087 | 125,443 | ||||||||||||
Surveillance | 102,966 | 115,915 | 331,824 | 350,005 | ||||||||||||
Detection | 13,103 | 15,401 | 40,016 | 50,467 | ||||||||||||
Integrated Systems | 29,172 | 19,715 | 77,673 | 45,136 | ||||||||||||
$ | 358,141 | $ | 332,230 | $ | 1,096,053 | $ | 1,018,973 | |||||||||
Revenue – Intersegments: | ||||||||||||||||
Thermal Vision and Measurement | $ | 5,201 | $ | 3,076 | $ | 12,397 | $ | 12,527 | ||||||||
Raymarine | — | — | — | 4 | ||||||||||||
Surveillance | 8,240 | 5,260 | 22,520 | 17,246 | ||||||||||||
Detection | 1,836 | 1,027 | 6,098 | 1,803 | ||||||||||||
Integrated Systems | 384 | 295 | 1,082 | 1,342 | ||||||||||||
Eliminations | (15,661 | ) | (9,658 | ) | (42,097 | ) | (32,922 | ) | ||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||
Earnings (loss) from operations: | ||||||||||||||||
Thermal Vision and Measurement | $ | 43,744 | $ | 42,916 | $ | 125,509 | $ | 109,651 | ||||||||
Raymarine | 2,050 | 374 | 14,345 | 9,944 | ||||||||||||
Surveillance | 30,535 | 39,243 | 100,835 | 114,965 | ||||||||||||
Detection | 1,354 | 1,131 | 3,265 | 801 | ||||||||||||
Integrated Systems | (97 | ) | 1,333 | 112 | 1,267 | |||||||||||
Other | (14,047 | ) | (10,760 | ) | (41,124 | ) | (33,375 | ) | ||||||||
$ | 63,539 | $ | 74,237 | $ | 202,942 | $ | 203,253 | |||||||||
Segment Assets | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Segment assets (accounts receivable, net and inventories): | ||||||||||||||||
Thermal Vision and Measurement | $ | 249,972 | $ | 265,197 | ||||||||||||
Raymarine | 66,185 | 74,980 | ||||||||||||||
Surveillance | 283,809 | 317,944 | ||||||||||||||
Detection | 24,858 | 31,861 | ||||||||||||||
Integrated Systems | 32,820 | 26,559 | ||||||||||||||
$ | 657,644 | $ | 716,541 | |||||||||||||
By Significant Geographical Area | ' | |||||||||||||||
Information related to revenue by significant geographical location, determined by the end customer, is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
United States | $ | 191,261 | $ | 185,222 | $ | 576,278 | $ | 536,150 | ||||||||
Europe | 81,748 | 61,507 | 260,474 | 231,374 | ||||||||||||
Other international | 85,132 | 85,501 | 259,301 | 251,449 | ||||||||||||
$ | 358,141 | $ | 332,230 | $ | 1,096,053 | $ | 1,018,973 | |||||||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(As adjusted) | ||||||||||||||||
United States | $ | 596,967 | $ | 583,008 | ||||||||||||
Europe | 362,959 | 355,497 | ||||||||||||||
Other international | 54,212 | 52,961 | ||||||||||||||
$ | 1,014,138 | $ | 991,466 | |||||||||||||
Revenue Derived from Major Customers | ' | |||||||||||||||
Revenue derived from major customers is as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
US Government | $ | 89,866 | $ | 91,714 | $ | 282,470 | $ | 265,976 | ||||||||
Business_Acquisitions_Business1
Business Acquisitions Business Acquisitions (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Lorex Technology Inc | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Allocation of the purchase price | ' | |||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Cash acquired | $ | 1,170 | ||||
Accounts receivable, net | 10,183 | |||||
Inventories | 13,967 | |||||
Property and equipment | 1,049 | |||||
Other assets | 3,004 | |||||
Liabilities | (10,252 | ) | ||||
Net tangible assets | 19,121 | |||||
Net deferred taxes | (4,189 | ) | ||||
Identifiable intangible assets | 15,100 | |||||
Goodwill | 31,138 | |||||
Purchase price | $ | 61,170 | ||||
Identifiable intangible assets and the estimated useful life | ' | |||||
The identifiable intangible assets and the estimated useful life of each are as follows (in thousands): | ||||||
Estimated | Amount | |||||
Useful Life | ||||||
Lorex Trade Name | indefinite | $ | 6,800 | |||
Customer Relationships | 7 years | 8,300 | ||||
$ | 15,100 | |||||
Traficon International NV | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Allocation of the purchase price | ' | |||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Cash acquired | $ | 181 | ||||
Accounts receivable, net | 6,435 | |||||
Inventories | 2,853 | |||||
Property and equipment | 179 | |||||
Other assets | 657 | |||||
Liabilities | (5,248 | ) | ||||
Net tangible assets | 5,057 | |||||
Net deferred taxes | (5,166 | ) | ||||
Identifiable intangible assets | 20,102 | |||||
Goodwill | 28,370 | |||||
Purchase price | $ | 48,363 | ||||
Identifiable intangible assets and the estimated useful life | ' | |||||
The identifiable intangible assets and the estimated useful life of each are as follows (in thousands): | ||||||
Estimated | Amount | |||||
Useful Life | ||||||
Patented/Proprietary Technology | 10 years | $ | 5,951 | |||
Backlog | 1.5 years | 1,852 | ||||
Customer Relationships | 12 years | 12,299 | ||||
$ | 20,102 | |||||
Stockbased_Compensation_Stockb1
Stock-based Compensation Stock-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense before income taxes | $7,348 | $6,597 | $20,673 | $19,997 |
Income tax benefit | -2,295 | -2,005 | -6,696 | -6,067 |
Total stock-based compensation expense after income taxes | 5,053 | 4,592 | 13,977 | 13,930 |
Cost of goods sold | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 672 | 895 | 1,902 | 2,516 |
Research and development | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1,388 | 1,297 | 3,675 | 3,771 |
Selling, general and administrative | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $5,288 | $4,405 | $15,096 | $13,710 |
Stockbased_Compensation_Stockb2
Stock-based Compensation Stock-based Compensation (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Capitalized in inventory | $789 | $514 |
Stockbased_Compensation_Stockb3
Stock-based Compensation Stock-based Compensation (Details 3) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Option Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | 0.00% | 0.00% | 0.30% | 0.40% |
Expected dividend yield | 0.00% | 0.00% | 1.50% | 1.30% |
Expected term | '4 years 6 months | ' | '4 years 4 months | '4 years 2 months |
Expected volatility | 0.00% | 0.00% | 33.70% | 39.70% |
Market-based restricted stock unit | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | 0.00% | 0.00% | 0.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected term | ' | ' | '2 years 2 months | '3 years |
Employee Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | 0.00% | 0.00% | 0.10% | 0.20% |
Expected dividend yield | 0.00% | 0.00% | 1.50% | 1.30% |
Expected term | '6 months | '6 months | '6 months | '6 months |
Expected volatility | 0.00% | 0.00% | 25.00% | 27.40% |
FLIR | Market-based restricted stock unit | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | 0.00% | 0.00% | 0.00% | 0.00% |
S&P 500 | Market-based restricted stock unit | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility | 0.00% | 0.00% | 0.00% | 0.00% |
Stockbased_Compensation_Stockb4
Stock-based Compensation Stock-based Compensation (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Option Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average grant date fair value per share | $7.65 | $0 | $5.92 | $6.43 |
Total fair value of awards granted | $278 | $0 | $6,095 | $4,104 |
Total fair value of awards vested | 33 | 38 | 5,059 | 6,023 |
Total intrinsic value of options exercised | 1,910 | 3,278 | 3,748 | 5,637 |
Restricted Stock Unit Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average grant date fair value per share | $31.30 | $19.84 | $23.91 | $17.23 |
Total fair value of awards granted | 2,427 | 121 | 28,063 | 30,643 |
Total fair value of awards vested | 222 | 174 | 13,541 | 12,276 |
Employee Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average grant date fair value per share | $0 | $0 | $5.25 | $5.02 |
Sharebased Compensation Arrangement by Sharebased Payment Award Equity Instruments other than Options Shares Estimated to be Issued Total Fair Value1 | $0 | $0 | $552 | $1,106 |
Stockbased_Compensation_Stockb5
Stock-based Compensation Stock-based Compensation (Details 5) (Stock Option Awards, USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Stock Option Awards | ' | ' |
Shares | ' | ' |
Outstanding, beginning of period (in shares) | 6,642 | ' |
Granted (in shares) | 1,030 | ' |
Exercised (in shares) | -266 | ' |
Forfeited (in shares) | -8 | ' |
Outstanding, end of period (in shares) | 7,398 | 6,642 |
Exercisable, end of period (in shares) | 6,032 | ' |
Vested and expected to vest, end of period (in shares) | 7,329 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding, beginning of period (in dollars per share) | $21.64 | ' |
Granted (in dollars per share) | $24.58 | ' |
Exercised (in dollars per share) | $14.07 | ' |
Forfeited (in dollars per share) | $21.40 | ' |
Outstanding, end of period (in dollars per share) | $22.32 | $21.64 |
Exercisable, end of period (in dollars per share) | $21.75 | ' |
Vested and expected to vest, end of period (in dollars per share) | $22.30 | ' |
Weighted-Average Remaining Contractual Term (in years) | ' | ' |
Outstanding, beginning of period (in years) | '4 years 11 months | '4 years 8 months |
Outstanding, end of period (in years) | '4 years 11 months | '4 years 8 months |
Exercisable, end of period (in years) | '3 years 11 months | ' |
Vested and expected to vest, end of period (in years) | '4 years 11 months | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding, end of period | $70,176 | ' |
Exercisable, end of period | 60,831 | ' |
Vested and expected to vest, end of period | $69,709 | ' |
Stockbased_Compensation_Stockb6
Stock-based Compensation Stock-based Compensation (Details 6) (Restricted Stock Unit Awards, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Stock Unit Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | 2,372 | ' |
Granted (in shares) | ' | ' | 1,173 | ' |
Vested and distributed (in shares) | ' | ' | -556 | ' |
Forfeited (in shares) | ' | ' | -140 | ' |
Outstanding, end of period (in shares) | 2,849 | ' | 2,849 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | ' | $21.30 | ' |
Granted (in dollars per share) | $31.30 | $19.84 | $23.91 | $17.23 |
Vested and distributed (in dollars per share) | ' | ' | $26.71 | ' |
Forfeited (in dollars per share) | ' | ' | $24.84 | ' |
Outstanding, end of period (in dollars per share) | $23.74 | ' | $23.74 | ' |
Stockbased_Compensation_Stockb7
Stock-based Compensation Stock-based Compensation (Details textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Unrecognized stock-based compensation costs, net of estimated forfeitures | $50,400,000 | ' | $50,400,000 | ' |
Weighted average period of unrecognized stock-based compensation costs, net of estimated forfeitures | '2 years 0 months | ' | ' | ' |
Cash received from the exercise of stock options | 2,000,000 | 1,500,000 | 3,700,000 | 3,100,000 |
Related tax benefit realized from the exercise of the stock options | 400,000 | 800,000 | 300,000 | 100,000 |
Statement [Line Items] | ' | ' | ' | ' |
Proceeds from shares issued pursuant to stock-based compensation plans | ' | ' | 5,953,000 | 7,117,000 |
Time-vested restricted stock unit [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | 1,166,000 | 984,000 |
Weighted average grant date fair value per share | ' | ' | $23.96 | $21.67 |
Market-based restricted stock unit | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | 7,000 | 795,000 |
Weighted average grant date fair value per share | ' | ' | $15.87 | $11.73 |
Vesting period for market-based RSUs | ' | ' | '3 years | ' |
Employee Stock | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Weighted average grant date fair value per share | $0 | $0 | $5.25 | $5.02 |
Number of common stock shares issued | ' | ' | 125,000 | ' |
Shares of common stock reserved for future issuance under all of the stock incentive plans | 3,728,000 | ' | 3,728,000 | ' |
Proceeds from shares issued pursuant to stock-based compensation plans | ' | ' | $2,100,000 | ' |
Net_Earnings_Per_Share_Net_Ear1
Net Earnings Per Share Net Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for earnings per share: | ' | ' | ' | ' |
Earnings from continuing operations | $46,486 | $55,949 | $148,280 | $147,179 |
Loss from discontinued operations | 0 | -44 | 0 | -2,042 |
Net earnings for basic and diluted earnings per share | $46,486 | $55,905 | $148,280 | $145,137 |
Denominator for earnings per share: | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 141,863 | 150,878 | 142,849 | 152,820 |
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,368 | 1,449 | 1,982 | 1,938 |
Weighted average diluted shares outstanding | 144,231 | 152,327 | 144,831 | 154,758 |
Net_Earnings_Per_Share_Net_Ear2
Net Earnings Per Share Net Earnings Per Share (Details textual) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Effect of stock-based compensation awards, shares excluded for purposes of diluted earnings per share | 136 | 6,792 | 478 | 3,100 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Level 1 | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cash equivalents | $106 | $5.90 |
Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | Level 2 | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair value of long-term debt | $258.20 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Notional amount of foreign currency derivatives | $136,725 | $129,037 |
Swedish kronor | ' | ' |
Notional amount of foreign currency derivatives | 106,658 | 98,385 |
British pound sterling | ' | ' |
Notional amount of foreign currency derivatives | 7,612 | 15,619 |
Australian dollar | ' | ' |
Notional amount of foreign currency derivatives | 4,247 | 7,022 |
Japanese yen | ' | ' |
Notional amount of foreign currency derivatives | 3,729 | 5,157 |
Euro | ' | ' |
Notional amount of foreign currency derivatives | 9,611 | 2,232 |
Brazilian real | ' | ' |
Notional amount of foreign currency derivatives | 3,897 | 0 |
Other | ' | ' |
Notional amount of foreign currency derivatives | $971 | $622 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Details 2) (Level 2, Foreign exchange contracts, Not Designated as Hedging Instrument, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $1,045 | $2,106 |
Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $17 | $229 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Details 3) (Interest Rate Swap [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
March 15, 2013 Interest rate swap [Member] | ' |
Derivative [Line Items] | ' |
Contract date | 15-Mar-13 |
Notional amount | $73.10 |
Fixed rate | 1.02% |
Effective date | 5-Apr-13 |
Maturity date | 31-Mar-19 |
March 29, 2013 Interest rate swap [Member] | ' |
Derivative [Line Items] | ' |
Contract date | 29-Mar-13 |
Notional amount | $73.10 |
Fixed rate | 0.97% |
Effective date | 5-Apr-13 |
Maturity date | 31-Mar-19 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Derivative Financial Instruments (Details textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' |
Net gain (loss) | $1,400,000 | $2,600,000 | ($2,100,000) | $2,900,000 |
Maturities of foreign currency forward contracts | ' | ' | '7 months | ' |
Level 2 | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Net | 1,800,000 | ' | 1,800,000 | ' |
Level 2 | Interest Rate Swap [Member] | Other Current Assets | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,800,000 | ' | 2,800,000 | ' |
Level 2 | Interest Rate Swap [Member] | Other Current Liabilities | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Liability | $1,000,000 | ' | $1,000,000 | ' |
Term loan facility [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Effective interest rate | 2.49% | ' | 2.49% | ' |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $7.90 | $6.60 |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw material and subassemblies | $222,573 | $231,273 |
Work-in-progress | 56,289 | 50,644 |
Finished goods | 97,171 | 99,461 |
Total inventories | $376,033 | $381,378 |
Property_and_Equipment_Propert
Property and Equipment Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Accumulated depreciation | $214.80 | $190.50 |
Goodwill_Goodwill_Details
Goodwill Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | $503,078 |
Adjustments | 59,508 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 562,586 | ' |
Goodwill from acquisitions | 2,462 | ' |
Currency translation adjustments | 2,563 | ' |
Goodwill, end of period | 567,611 | ' |
Thermal Vision and Measurement | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | 253,226 |
Adjustments | 59,508 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 312,734 | ' |
Goodwill from acquisitions | 0 | ' |
Currency translation adjustments | 2,158 | ' |
Goodwill, end of period | 314,892 | ' |
Raymarine | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | 100,744 |
Adjustments | 0 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 100,744 | ' |
Goodwill from acquisitions | 0 | ' |
Currency translation adjustments | 277 | ' |
Goodwill, end of period | 101,021 | ' |
Surveillance | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | 90,817 |
Adjustments | 0 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 90,817 | ' |
Goodwill from acquisitions | 0 | ' |
Currency translation adjustments | 87 | ' |
Goodwill, end of period | 90,904 | ' |
Detection | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | 38,162 |
Adjustments | 0 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 38,162 | ' |
Goodwill from acquisitions | 0 | ' |
Currency translation adjustments | 0 | ' |
Goodwill, end of period | 38,162 | ' |
Integrated Systems | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, as previously reported | ' | 20,129 |
Adjustments | 0 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 20,129 | ' |
Goodwill from acquisitions | 2,462 | ' |
Currency translation adjustments | 41 | ' |
Goodwill, end of period | $22,632 | ' |
Goodwill_Goodw_Details
Goodwill Goodw (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill allocation adjustment | $59,508 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Accumulated amortization | $110.20 | $90.30 |
Credit_Agreements_Credit_Agree
Credit Agreements Credit Agreements (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Line of Credit Facility [Abstract] | ' |
Letters of credit outstanding | $13.20 |
Total available credit | $186.80 |
Maturity date | 5-Apr-18 |
Accrued_Product_Warrenties_Acc1
Accrued Product Warrenties Accrued Product Warrenties (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Accrued product warranties, beginning of period | ' | ' | $16,152 | $16,046 | $16,791 | ' | $15,322 |
Amounts paid for warranty services | -1,128 | -2,465 | -5,273 | -6,722 | ' | ' | ' |
Warranty provisions for products sold | 768 | 1,689 | 5,309 | 4,823 | ' | ' | ' |
Currency translation adjustments and other | 160 | 646 | 403 | 1,045 | ' | ' | ' |
Accrued product warranties, end of period | 16,591 | 15,192 | 16,591 | 15,192 | 16,791 | ' | 15,322 |
Current accrued product warranties, end of period | 13,464 | 13,094 | 13,464 | 13,094 | ' | 13,169 | ' |
Long-term accrued product warranties, end of period | $3,127 | $2,098 | $3,127 | $2,098 | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Unsecured notes | $250,000 | $250,000 |
Term loan | 142,500 | 0 |
Unamortized discounts issuance costs of unsecured notes | -1,337 | -1,681 |
Long-term Debt | $391,163 | $248,319 |
LongTerm_Debt_Long_Term_Debt_D
Long-Term Debt Long Term Debt (Details textual) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2011 | Apr. 30, 2013 | Apr. 05, 2013 |
Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | Term loan facility [Member] | Term loan facility [Member] | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, face amount | $250 | ' | $150 |
Debt instrument, interest rate, stated percentage | 3.75% | ' | ' |
Debt instrument, maturity date | 1-Sep-16 | 5-Apr-19 | ' |
Senior unsecured notes, proceeds | 247.7 | ' | ' |
Senior unsecured notes, term (in years) | '5 years | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | 'Interest is accrued at the one-month LIBOR rate plus the scheduled spread | ' |
Debt instrument, frequency of periodic payment | 'semiannually | 'monthly | ' |
Debt Instrument, Periodic Payment, Principal | ' | $3.80 | ' |
Senior unsecured notes, interest payment dates | 'March 1 and September 1 | ' | ' |
Debt Instrument, Date of First Required Payment | ' | 30-Jun-13 | ' |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Common stock and additional paid-in capital, beginning of period | $171,546 |
Excess income tax benefit of common stock options exercised | 347 |
Common stock issued pursuant to stock-based compensation plans, net | 2,058 |
Stock-based compensation costs | 20,990 |
Repurchase of common stock | -133,049 |
Common stock and additional paid-in capital, end of period | $61,892 |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity (Details textual) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 07, 2013 | Sep. 30, 2013 | Feb. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
Common Stock and Additional Paid-in Capital | Retained Earnings | Accelerated share repurchase program [Member] | Accelerated share repurchase program [Member] | Accelerated share repurchase program [Member] | ||||
Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in Capital | ||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased, shares | ' | ' | ' | 2.1 | ' | 0.3 | 2.6 | ' |
Stock Repurchased During Period, Value | ' | $133,049,000 | ' | ' | ' | ' | ' | $75,000,000 |
Common stock authorized to be repurchased, number of shares (in shares) | ' | ' | 25 | ' | ' | ' | ' | ' |
Common stock dividends, paid per share (in dollars per share) | $0.09 | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends, total cash paid | ' | ' | ' | ' | $38,700,000 | ' | ' | ' |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 27, 2010 |
Loss Contingency [Abstract] | ' |
Litigation settlement payment | $3 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum | US Federal | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2010 |
Minimum | State of Oregon | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2009 |
Minimum | State of Massachusetts | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2009 |
Minimum | State of California | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2008 |
Minimum | Sweden | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2007 |
Minimum | United Kingdom | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2008 |
Minimum | Belgium | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2011 |
Maximum | US Federal | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | State of Oregon | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | State of Massachusetts | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | State of California | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | Sweden | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | United Kingdom | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Maximum | Belgium | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
Income_Taxes_Income_Taxes_Deta1
Income Taxes Income Taxes (Details textual) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Unrecognized tax benefits | $29.80 |
Accrued interest and penalties | $2.80 |
Operating_Segments_and_Related2
Operating Segments and Related Information Operating Segments and Related Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
operating_segments | |
Segment Reporting Information [Line Items] | ' |
Business divisions | 2 |
Commercial Systems division | ' |
Segment Reporting Information [Line Items] | ' |
Operating segments | 2 |
Government Systems division | ' |
Segment Reporting Information [Line Items] | ' |
Operating segments | 3 |
Operating_Segments_and_Related3
Operating Segments and Related Information Operating Segments and Related Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | $358,141 | $332,230 | $1,096,053 | $1,018,973 |
Revenue - Intersegments | 0 | 0 | 0 | 0 |
Earnings (loss) from operations | 63,539 | 74,237 | 202,942 | 203,253 |
Thermal Vision and Measurement | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | 177,100 | 149,540 | 519,453 | 447,922 |
Revenue - Intersegments | 5,201 | 3,076 | 12,397 | 12,527 |
Earnings (loss) from operations | 43,744 | 42,916 | 125,509 | 109,651 |
Raymarine | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | 35,800 | 31,659 | 127,087 | 125,443 |
Revenue - Intersegments | 0 | 0 | 0 | 4 |
Earnings (loss) from operations | 2,050 | 374 | 14,345 | 9,944 |
Surveillance | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | 102,966 | 115,915 | 331,824 | 350,005 |
Revenue - Intersegments | 8,240 | 5,260 | 22,520 | 17,246 |
Earnings (loss) from operations | 30,535 | 39,243 | 100,835 | 114,965 |
Detection | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | 13,103 | 15,401 | 40,016 | 50,467 |
Revenue - Intersegments | 1,836 | 1,027 | 6,098 | 1,803 |
Earnings (loss) from operations | 1,354 | 1,131 | 3,265 | 801 |
Integrated Systems | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - External Customers | 29,172 | 19,715 | 77,673 | 45,136 |
Revenue - Intersegments | 384 | 295 | 1,082 | 1,342 |
Earnings (loss) from operations | -97 | 1,333 | 112 | 1,267 |
Eliminations | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenue - Intersegments | -15,661 | -9,658 | -42,097 | -32,922 |
Other | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Earnings (loss) from operations | ($14,047) | ($10,760) | ($41,124) | ($33,375) |
Operating_Segments_and_Related4
Operating Segments and Related Information Operating Segments and Related Information (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | $657,644 | $716,541 |
Thermal Vision and Measurement | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 249,972 | 265,197 |
Raymarine | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 66,185 | 74,980 |
Surveillance | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 283,809 | 317,944 |
Detection | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 24,858 | 31,861 |
Integrated Systems | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | $32,820 | $26,559 |
Operating_Segments_and_Related5
Operating Segments and Related Information Operating Segments and Related Information (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | $358,141 | $332,230 | $1,096,053 | $1,018,973 |
United States | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 191,261 | 185,222 | 576,278 | 536,150 |
Europe | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | 81,748 | 61,507 | 260,474 | 231,374 |
Other international | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Revenue | $85,132 | $85,501 | $259,301 | $251,449 |
Operating_Segments_and_Related6
Operating Segments and Related Information Operating Segments and Related Information (Details 5) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $1,014,138 | $991,466 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 596,967 | 583,008 |
Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 362,959 | 355,497 |
Other international | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $54,212 | $52,961 |
Operating_Segments_and_Related7
Operating Segments and Related Information Operating Segments and Related Information (Details 6) (US Government, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
US Government | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenues | $89,866 | $91,714 | $282,470 | $265,976 |
Business_Acquisitions_Business2
Business Acquisitions Business Acquisitions (Details) (USD $) | Sep. 30, 2013 | Dec. 20, 2012 | Sep. 30, 2013 | Apr. 24, 2013 | Dec. 31, 2012 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | Lorex Technology Inc | Lorex Technology Inc | Traficon International NV | Traficon International NV | Traficon International NV | Traficon International NV |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash acquired | $1,170 | ' | $181 | ' | ' | ' |
Accounts receivable, net | 10,183 | ' | 6,435 | ' | ' | ' |
Inventories | 13,967 | ' | 2,853 | ' | ' | ' |
Property and equipment | 1,049 | ' | 179 | ' | ' | ' |
Other assets | 3,004 | ' | 657 | ' | ' | ' |
Liabilities | -10,252 | ' | -5,248 | ' | ' | ' |
Net tangible assets | 19,121 | ' | 5,057 | ' | 5,100 | ' |
Net deferred taxes | -4,189 | ' | -5,166 | ' | ' | ' |
Identifiable intangible assets | 15,100 | ' | 20,102 | ' | ' | ' |
Goodwill | 31,138 | ' | 28,370 | ' | ' | ' |
Purchase price | $61,170 | $61,200 | $48,363 | $2,100 | ' | $46,300 |
Business_Acquisitions_Business3
Business Acquisitions Business Acquisitions (Details 2) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Lorex Technology Inc | ' |
Business Acquisition [Line Items] | ' |
Identifiable intangible assets | $15,100 |
Traficon International NV | ' |
Business Acquisition [Line Items] | ' |
Identifiable intangible assets | 20,102 |
Lorex Trade Name | Lorex Technology Inc | ' |
Business Acquisition [Line Items] | ' |
Indefinite-Lived Intangible Assets | 6,800 |
Patented/Proprietary Technology | Traficon International NV | ' |
Business Acquisition [Line Items] | ' |
Finite-Lived Intangible Assets | 5,951 |
Weighted average estimated useful life | '10 years |
Backlog | Traficon International NV | ' |
Business Acquisition [Line Items] | ' |
Finite-Lived Intangible Assets | 1,852 |
Weighted average estimated useful life | '1 year 6 months |
Customer Relationships | Lorex Technology Inc | ' |
Business Acquisition [Line Items] | ' |
Finite-Lived Intangible Assets | 8,300 |
Weighted average estimated useful life | '7 years |
Customer Relationships | Traficon International NV | ' |
Business Acquisition [Line Items] | ' |
Finite-Lived Intangible Assets | $12,299 |
Weighted average estimated useful life | '12 years |
Business_Acquisitions_Business4
Business Acquisitions Business Acquisitions (Details textual) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 20, 2012 | Sep. 30, 2013 | Apr. 24, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Apr. 16, 2013 | Aug. 12, 2013 | Aug. 12, 2013 |
Lorex Technology Inc | Lorex Technology Inc | Lorex Technology Inc | Traficon International NV | Traficon International NV | Traficon International NV | Traficon International NV | Marine and Remote Sensing Solutions, Ltd. | DigitalOptics Corporation East | Thermal Vision and Measurement | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | $61,170,000 | ' | $61,200,000 | $48,363,000 | $2,100,000 | ' | $46,300,000 | $3,200,000 | $14,900,000 | ' |
Net tangible assets acquired | 19,121,000 | ' | ' | 5,057,000 | ' | 5,100,000 | ' | ' | ' | ' |
Purchase price allocation to intangible assets | 15,100,000 | ' | ' | 20,102,000 | ' | ' | ' | ' | ' | ' |
Purchase price allocation to goodwill | 31,138,000 | ' | ' | 28,370,000 | ' | ' | ' | ' | ' | ' |
Other long-term assets | ' | 42,100,000 | ' | ' | ' | 41,200,000 | ' | ' | ' | ' |
Purchase price allocation to property and equipment | 1,049,000 | ' | ' | 179,000 | ' | ' | ' | ' | ' | 5,000,000 |
Purchase price allocation to other assets | $3,004,000 | ' | ' | $657,000 | ' | ' | ' | ' | ' | $9,900,000 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Dividend declared | Minimum | Maximum | |
Subsequent Event [Line Items] | ' | ' | ' |
Expected restructuring and related costs | ' | $27 | $30 |
Quarterly dividend, date declared | 23-Oct-13 | ' | ' |
Quarterly dividend, value per share (in dollars per share) | $0.09 | ' | ' |
Quarterly dividend, date to be paid | 6-Dec-13 | ' | ' |
Quarterly dividend, date of record | 18-Nov-13 | ' | ' |
Quarterly dividend, amount declared | $12.70 | ' | ' |