Document_and_Entity_Informatio
Document and Entity Information Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity [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 | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 141,622,753 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue | $351,542 | $348,583 |
Cost of goods sold | 183,010 | 164,596 |
Gross profit | 168,532 | 183,987 |
Operating expenses: | ' | ' |
Research and development | 36,326 | 36,684 |
Selling, general and administrative | 81,942 | 78,173 |
Restructuring expenses | 7,813 | 0 |
Total operating expenses | 126,081 | 114,857 |
Earnings from operations | 42,451 | 69,130 |
Interest expense | 3,708 | 2,897 |
Interest income | -264 | -191 |
Other income, net | -198 | -764 |
Earnings before income taxes | 39,205 | 67,188 |
Income tax provision | 9,311 | 15,552 |
Net earnings | $29,894 | $51,636 |
Earnings per share: | ' | ' |
Basic | $0.21 | $0.36 |
Diluted | $0.21 | $0.35 |
Weighted average shares outstanding: | ' | ' |
Basic | 140,932 | 144,629 |
Diluted | 143,828 | 146,291 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net earnings | $29,894 | $51,636 |
Other comprehensive loss, net of tax: | ' | ' |
Cash flow hedges | -226 | 0 |
Foreign currency translation adjustments | -1,912 | -12,498 |
Total other comprehensive loss | -2,138 | -12,498 |
Comprehensive income | $27,756 | $39,138 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $584,095 | $542,476 |
Accounts receivable, net | 270,165 | 286,573 |
Inventories | 338,894 | 344,719 |
Prepaid expenses and other current assets | 98,386 | 97,574 |
Deferred income taxes, net | 38,660 | 38,389 |
Total current assets | 1,330,200 | 1,309,731 |
Property and equipment, net | 232,904 | 234,041 |
Deferred income taxes, net | 18,079 | 17,883 |
Goodwill | 575,744 | 575,701 |
Intangible assets, net | 153,664 | 154,195 |
Other assets | 58,297 | 51,808 |
Total assets | 2,368,888 | 2,343,359 |
Current liabilities: | ' | ' |
Accounts payable | 91,965 | 85,730 |
Deferred revenue | 23,951 | 28,844 |
Accrued payroll and related liabilities | 60,370 | 62,069 |
Accrued product warranties | 13,751 | 14,665 |
Advance payments from customers | 24,858 | 25,414 |
Accrued expenses | 36,159 | 39,316 |
Accrued income taxes | 138 | 663 |
Other current liabilities | 4,969 | 4,814 |
Current portion, long term debt | 15,000 | 15,000 |
Total current liabilities | 271,161 | 276,515 |
Long-term debt | 368,892 | 372,528 |
Deferred income taxes | 14,076 | 12,255 |
Accrued income taxes | 20,763 | 19,996 |
Other long-term liabilities | 49,966 | 48,685 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued at March 31, 2014, and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value, 500,000 shares authorized, 141,306 and 140,782 shares issued at March 31, 2014, and December 31, 2013, respectively, and additional paid-in capital | 59,934 | 42,955 |
Retained earnings | 1,560,234 | 1,544,425 |
Accumulated other comprehensive earnings | 23,862 | 26,000 |
Total shareholders’ equity | 1,644,030 | 1,613,380 |
Total liabilities and shareholders' equity | $2,368,888 | $2,343,359 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par Value | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $0.01 | $0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 141,306 | 140,782 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH PROVIDED BY OPERATING ACTIVITIES: | ' | ' |
Net earnings | $29,894 | $51,636 |
Income items not affecting cash: | ' | ' |
Depreciation and amortization | 16,470 | 14,871 |
Deferred income taxes | 1,507 | 44 |
Stock-based compensation arrangements | 8,756 | 5,696 |
Other non-cash items, net | -1,490 | 2,374 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 15,452 | 27,310 |
Decrease (increase) in inventories | 5,424 | -9,704 |
Decrease (increase) in prepaid expenses and other current assets | 422 | -1,234 |
Increase in other assets | -10,729 | -2,988 |
Increase (decrease) in accounts payable | 6,527 | -9,636 |
Decrease in deferred revenue | -4,431 | -169 |
Decrease in accrued payroll and other liabilities | -8,020 | -1,029 |
Decrease in accrued income taxes | -1,097 | -16,130 |
Increase in other long-term liabilities | 1,140 | 918 |
Cash provided by operating activities | 59,825 | 61,959 |
CASH USED BY INVESTING ACTIVITIES: | ' | ' |
Additions to property and equipment, net | -9,590 | -12,648 |
Cash used by investing activities | -9,590 | -12,648 |
CASH USED BY FINANCING ACTIVITIES: | ' | ' |
Repayments of long term debt, net | -3,750 | 0 |
Repurchase of common stock | -1,766 | -108,361 |
Dividends paid | -14,085 | -13,106 |
Proceeds from shares issued pursuant to stock-based compensation plans | 8,876 | 1,179 |
Excess tax benefit of stock options exercised | 2,698 | 234 |
Other financing activities | 252 | -22 |
Cash used by financing activities | -7,775 | -120,076 |
Effect of exchange rate changes on cash | -841 | -4,967 |
Net increase (decrease) in cash and cash equivalents | 41,619 | -75,732 |
Cash and cash equivalents, beginning of period | 542,476 | 321,739 |
Cash and cash equivalents, end of period | $584,095 | $246,007 |
Basis_of_Presenation
Basis of Presenation | 3 Months Ended |
Mar. 31, 2014 | |
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, 2013. | |
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, 2014. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Stock-based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
Stock-based compensation expense recognized in the Consolidated Statements of Income are as follows (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cost of goods sold | $ | 653 | $ | 652 | |||||||||
Research and development | 1,199 | 1,081 | |||||||||||
Selling, general and administrative | 4,309 | 3,963 | |||||||||||
Restructuring expenses | 2,595 | — | |||||||||||
Stock-based compensation expense | $ | 8,756 | $ | 5,696 | |||||||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized in inventory | $ | 729 | $ | 452 | |||||||||
As of March 31, 2014, the Company had $32.8 million of total unrecognized stock-based compensation costs, net of estimated forfeitures, to be recognized over a weighted average period of 1.7 years. | |||||||||||||
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 | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Stock Option Awards: | |||||||||||||
Total fair value of awards vested | $ | 11 | $ | 13 | |||||||||
Total intrinsic value of options exercised | $ | 8,916 | $ | 1,187 | |||||||||
Restricted Stock Unit Awards: | |||||||||||||
Weighted average grant date fair value per share | $ | 30.27 | $ | 17.3 | |||||||||
Total fair value of awards granted | $ | 170 | $ | 142 | |||||||||
Total fair value of awards vested | $ | 3,608 | $ | 184 | |||||||||
Note 2. | Stock-based Compensation - (Continued) | ||||||||||||
The total amount of cash received from the exercise of stock options in the three months ended March 31, 2014 and 2013 was $8.9 million and $1.2 million, respectively, and the related tax impact realized from the exercise of the stock options was a benefit of $2.7 million and $0.3 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, 2013 | 7,338 | $ | 22.38 | 4.6 | |||||||||
Granted | — | — | |||||||||||
Exercised | (559 | ) | 18 | ||||||||||
Forfeited | (14 | ) | 27.33 | ||||||||||
Outstanding at March 31, 2014 | 6,765 | $ | 22.73 | 4.2 | $ | 88,047 | |||||||
Exercisable at March 31, 2014 | 5,553 | $ | 22.27 | 3.3 | $ | 74,577 | |||||||
Vested and expected to vest at March 31, 2014 | 6,704 | $ | 22.72 | 4.2 | $ | 87,374 | |||||||
Information with respect to restricted stock unit activity is as follows: | |||||||||||||
Shares | Weighted | ||||||||||||
(in thousands) | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Outstanding at December 31, 2013 | 2,788 | $ | 21.16 | ||||||||||
Granted | 6 | 30.27 | |||||||||||
Vested and distributed | (105 | ) | 25.25 | ||||||||||
Forfeited | (72 | ) | 26.41 | ||||||||||
Outstanding at March 31, 2014 | 2,617 | $ | 20.88 | ||||||||||
During the three months ended March 31, 2014 and 2013, the Company granted approximately 5,600 and 1,200 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 three months ended March 31, 2014 and 2013 were $30.27 and $25.62, respectively. | |||||||||||||
During the three months ended March 31, 2013, the Company also granted approximately 7,000 market-based restricted stock units. 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 stock units granted during the three months ended March 31, 2013 was $15.87. There were no market-based restricted stock units granted during the three months ended March 31, 2014. | |||||||||||||
There were no shares issued under the 2011 Employee Stock Purchase Plan ("ESPP") during the three months ended March 31, 2014 and 2013. There are approximately 3,630,000 shares that remain available under the ESPP at March 31, 2014 for future issuance. |
Net_Earnings_Per_Share
Net Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for earnings per share: | ||||||||
Net earnings for basic and diluted earnings per share | $ | 29,894 | $ | 51,636 | ||||
Denominator for earnings per share: | ||||||||
Weighted average number of common shares outstanding | 140,932 | 144,629 | ||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,896 | 1,662 | ||||||
Weighted average diluted shares outstanding | 143,828 | 146,291 | ||||||
Stock-based compensation awards for the three months ended March 31, 2014 and 2013 that aggregated 100,000 and 877,000 shares, respectively, have been excluded for purposes of calculating diluted earnings per share since their inclusion would have been anti-dilutive. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company had $100.8 million and $28.5 million of cash equivalents at March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013 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 $258.1 million based upon Level 2 inputs at March 31, 2014. 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. | |
The carrying amount of accounts receivable, accounts payable and accrued payroll and related liabilities approximates the fair value of those instruments due to their short-term nature. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||||||||
In general, the gains and losses related to outstanding derivative instruments recorded in other expense (income) are offset by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net amounts of these gains and losses related to the outstanding derivative instruments for the three months ended March 31, 2014 and 2013 were a loss of $2.0 million and a gain of $1.5 million, respectively. | ||||||||||||||||
The following table provides volume information about the Company's foreign currency hedge volume. The table below presents the net notional amounts of the Company's outstanding foreign currency forward contracts in United Stated dollar equivalent amounts (in thousands): | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Swedish kronor | $ | 97,650 | $ | 99,214 | ||||||||||||
British pound sterling | 8,282 | 5,641 | ||||||||||||||
Australian dollar | 3,402 | 5,986 | ||||||||||||||
Japanese yen | 1,943 | 4,462 | ||||||||||||||
Euro | 12,288 | 265 | ||||||||||||||
Canadian dollar | 13,588 | 2,914 | ||||||||||||||
Other | 3,584 | 3,448 | ||||||||||||||
$ | 140,737 | $ | 121,930 | |||||||||||||
At March 31, 2014, the Company’s foreign currency forward contracts, in general, had maturities of five months or less. | ||||||||||||||||
The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||
Foreign currency forward contracts | $ | 65 | $ | 1,905 | $ | 392 | $ | 613 | ||||||||
Interest Rates | ||||||||||||||||
At March 31, 2014, the effective interest rate on the Company's term loan was 2.49 percent. As of March 31, 2014, the following interest rate swaps were outstanding: | ||||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 67.5 | 1.0165 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
29-Mar-13 | 67.5 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | |||||||||||
The net fair value carrying amount of the Company's interest rate swaps was $2.2 million, of which $3.2 million and $1.0 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of March 31, 2014. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2014 | |
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 $7.7 million at both March 31, 2014 and December 31, 2013. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw material and subassemblies | $ | 198,916 | $ | 204,542 | ||||
Work-in-progress | 43,655 | 45,060 | ||||||
Finished goods | 96,323 | 95,117 | ||||||
$ | 338,894 | $ | 344,719 | |||||
Property_and_Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are net of accumulated depreciation of $244.4 million and $235.3 million at March 31, 2014 and December 31, 2013, respectively. Property and equipment, net, as of March 31, 2014, includes land and a building valued at approximately $4.0 million that are held for sale. |
Goodwill
Goodwill | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Disclosure - Goodwill - Additional Information [Abstract] | ' | |||
Goodwill | ' | |||
Goodwill | ||||
In February 2014, the Company announced a realignment of its business which resulted in the elimination of its division structure and the formation of six reporting segments effective as of January 1, 2014. This reorganization requires that the Company reassign its reported goodwill as of January 1, 2014 to its new reporting units based on the relative fair value of the respective business units at that time. The Company is in the process of performing this valuation analysis which is expected to be finalized by June 30, 2014. Subsequent to the reallocation of goodwill, an impairment test of each new reporting unit is required to be performed, and a potential impairment could be deemed to exist as a result of this process. The Company will record any such potential impairment, if identified, during the fiscal quarter ending June 30, 2014. | ||||
The carrying value of goodwill and the activity for the three months ended March 31, 2014 are as follows (in thousands): | ||||
Balance, December 31, 2013 | $ | 575,701 | ||
Currency translation adjustments | 43 | |||
Balance, March 31, 2014 | $ | 575,744 | ||
Intangible_Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2014 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets are net of accumulated amortization of $88.0 million and $81.7 million at March 31, 2014 and December 31, 2013, respectively. |
Credit_Agreements
Credit Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit Facility [Abstract] | ' |
Credit Agreements | ' |
Credit Agreement | |
At March 31, 2014, 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, as amended on April 5, 2013, and $29.4 million of letters of credit outstanding, which reduces the total available credit under the Credit Agreement to $170.6 million. |
Accrued_Product_Warranties
Accrued Product Warranties | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accrued product warranties, beginning of period | $ | 17,732 | $ | 16,152 | |||||
Amounts paid for warranty services | (2,687 | ) | (2,392 | ) | |||||
Warranty provisions for products sold | 1,970 | 2,706 | |||||||
Currency translation adjustments and other | (303 | ) | 186 | ||||||
Accrued product warranties, end of period | $ | 16,712 | $ | 16,652 | |||||
Current accrued product warranties, end of period | $ | 13,751 | $ | 13,557 | |||||
Long-term accrued product warranties, end of period | $ | 2,961 | $ | 3,095 | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 135,000 | 138,750 | ||||||
Unamortized discounts and issuance costs of unsecured notes | (1,108 | ) | (1,222 | ) | ||||
$ | 383,892 | $ | 387,528 | |||||
Current portion, long-term debt | $ | 15,000 | $ | 15,000 | ||||
Long-term debt | $ | 368,892 | $ | 372,528 | ||||
In August 2011, the Company issued $250 million aggregate principal amount of its 3.750 percent 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 on the Notes is payable 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. | ||||||||
The Credit Agreement discussed in Note 11, "Credit Agreement," 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 $3.75 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. See Note 5, "Derivative Financial Instruments - Interest Rates, " for additional information on the effective interest rate on the term loan at March 31, 2014. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Stockholders' Equity Note [Abstract] | ' | |||
Shareholders' Equity | ' | |||
Shareholders’ Equity | ||||
The following table summarizes the common stock and additional paid-in capital activity during the three months ended March 31, 2014 (in thousands): | ||||
Common stock and additional paid-in capital, December 31, 2013 | $ | 42,955 | ||
Income tax benefit of common stock options exercised | 2,865 | |||
Common stock issued pursuant to stock-based compensation plans, net | 7,124 | |||
Stock-based compensation expense | 8,756 | |||
Repurchase of common stock | (1,766 | ) | ||
Common stock and additional paid-in capital, March 31, 2014 | $ | 59,934 | ||
During the three months ended March 31, 2014, the Company repurchased approximately 57,000 shares of the Company's common stock through open market transactions. 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 $0.10 per share of outstanding common stock was paid on March 7, 2014 to shareholders of record as of the close of business on February 19, 2014. The total cash payments for dividends in the three months ended March 31, 2014 was $14.1 million. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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 | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Income Taxes | ||
As of March 31, 2014, the Company had approximately $25.8 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 may 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 March 31, 2014, the Company had approximately $2.7 million of net accrued interest and penalties related to uncertain tax positions. | ||
Note 16. | Income Taxes - (Continued) | |
The Company currently has the following tax years open to examination by major taxing jurisdictions: | ||
Tax Years: | ||
US Federal | 2012 – 2013 | |
State of Oregon | 2012 – 2013 | |
State of Massachusetts | 2011 – 2013 | |
State of California | 2008 – 2013 | |
Sweden | 2008 – 2013 | |
United Kingdom | 2007 – 2013 | |
Belgium | 2011 - 2013 |
Operating_Segments_and_Related
Operating Segments and Related Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Operating Segments and Related Information | ' | |||||||
Operating Segments and Related Information | ||||||||
Operating Segments | ||||||||
In February 2014, the Company announced a realignment of its business which resulted in the elimination of its division structure and the formation of six reporting segments effective as of January 1, 2014. Those operating segments are as follows: | ||||||||
Surveillance | ||||||||
The Surveillance segment develops and manufactures enhanced imaging and recognition solutions for 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. Offerings include airborne, land, maritime, and man-portable multi-spectrum imaging systems, radars, lasers, imaging components, integrated multi-sensor system platforms, and services related to these systems. | ||||||||
Instruments | ||||||||
The Instruments segment develops and manufactures devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications. Products include thermal imaging cameras, gas detection cameras, firefighting cameras, process automation cameras, and environmental test and measurement devices. | ||||||||
OEM and Emerging Markets | ||||||||
The OEM and Emerging Markets segment develops and manufactures thermal imaging camera cores and components that are utilized by third parties to create thermal and other types of imaging systems. The segment also develops and manufactures intelligent traffic systems and hand-held and weapon-mounted thermal imaging systems for use by consumers and law enforcement. | ||||||||
Maritime | ||||||||
The Maritime segment develops and manufactures electronics and imaging instruments for the recreational and commercial maritime market. The segment provides a full suite of networked electronic systems including multi-function helm displays, navigational instruments, autopilots, radars, sonar systems, thermal and visible imaging systems, and communications equipment for boats of all sizes. | ||||||||
Security | ||||||||
The Security segment develops and manufactures cameras and video recording systems for use in commercial, critical infrastructure, and home security applications. Products include thermal and visible-spectrum cameras, digital and networked video recorders, and related software and accessories that enable the efficient and effective safeguarding of assets at all hours of the day and through adverse weather conditions. | ||||||||
Detection | ||||||||
The Detection segment develops and manufactures sensor instruments and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives threats for military force protection, homeland security, and commercial applications. | ||||||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||
Operating Segments - (Continued) | ||||||||
Operating segment information is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue – External Customers: | ||||||||
Surveillance | $ | 117,201 | $ | 117,987 | ||||
Instruments | 84,056 | 78,550 | ||||||
OEM and Emerging Markets | 53,801 | 50,285 | ||||||
Maritime | 52,575 | 50,462 | ||||||
Security | 29,309 | 29,472 | ||||||
Detection | 14,600 | 21,827 | ||||||
$ | 351,542 | $ | 348,583 | |||||
Revenue – Intersegments: | ||||||||
Surveillance | $ | 2,415 | $ | 1,830 | ||||
Instruments | 302 | 1,521 | ||||||
OEM and Emerging Markets | 5,166 | 6,016 | ||||||
Maritime | 668 | — | ||||||
Security | 1,655 | — | ||||||
Detection | 21 | 1 | ||||||
Elimination | (10,227 | ) | (9,368 | ) | ||||
$ | — | $ | — | |||||
Earnings (loss) from operations: | ||||||||
Surveillance | $ | 20,361 | $ | 33,726 | ||||
Instruments | 20,450 | 20,024 | ||||||
OEM and Emerging Markets | 11,711 | 14,596 | ||||||
Maritime | 8,830 | 8,107 | ||||||
Security | 1,686 | 4,389 | ||||||
Detection | (1,800 | ) | 2,545 | |||||
Other | (18,787 | ) | (14,257 | ) | ||||
$ | 42,451 | $ | 69,130 | |||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Segment assets (accounts receivable, net and inventories): | ||||||||
Surveillance | $ | 271,834 | $ | 282,839 | ||||
Instruments | 109,957 | 117,336 | ||||||
OEM and Emerging Markets | 85,112 | 88,317 | ||||||
Maritime | 79,462 | 68,915 | ||||||
Security | 36,916 | 45,053 | ||||||
Detection | 25,778 | 28,832 | ||||||
$ | 609,059 | $ | 631,292 | |||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||
Operating Segments - (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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
United States | $ | 161,738 | $ | 171,016 | ||||
Europe | 95,072 | 91,154 | ||||||
Other international | 94,732 | 86,413 | ||||||
$ | 351,542 | $ | 348,583 | |||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
United States | $ | 617,096 | $ | 600,261 | ||||
Europe | 346,865 | 359,444 | ||||||
Other international | 56,648 | 56,040 | ||||||
$ | 1,020,609 | $ | 1,015,745 | |||||
Major Customers | ||||||||
Revenue derived from major customers is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
US Government | $ | 71,637 | $ | 77,759 | ||||
Restructuring_Costs_Notes
Restructuring Costs (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||||
Restructuring Costs | ||||||||||||||||
In 2013, the Company initiated a realignment plan that includes closing six not-to-scale sites in the United States and Europe and transferring those operations to the Company's larger facilities. The Company is also consolidating its optics and laser manufacturing businesses to better realize the benefits of vertical integration in these areas. During the quarter ended March 31, 2014, the Company recorded net pre-tax restructuring expenses totaling $8.4 million. There were no restructuring expenses recorded during the quarter ended March 31, 2013. The Company recorded the restructuring expenses in the segments as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | ||||||||||||||||
Surveillance | $ | 4,118 | ||||||||||||||
Instruments | 3,524 | |||||||||||||||
OEM and Emerging Markets | 167 | |||||||||||||||
Maritime | (141 | ) | ||||||||||||||
Security | — | |||||||||||||||
Detection | 615 | |||||||||||||||
Other | 120 | |||||||||||||||
$ | 8,403 | |||||||||||||||
Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | ||||||||||||||||
Cost of goods sold | $ | 590 | ||||||||||||||
Restructuring expenses | 7,813 | |||||||||||||||
$ | 8,403 | |||||||||||||||
The following table summarizes the activity by cost type (in thousands): | ||||||||||||||||
Severance and personnel costs | Inventory | Facilities Exit, Lease Terminations & Other | Total | |||||||||||||
write downs | ||||||||||||||||
Balance, December 31, 2013 | $ | 18,191 | $ | — | $ | 3,670 | $ | 21,861 | ||||||||
Restructuring costs | 4,750 | 590 | 3,063 | 8,403 | ||||||||||||
Utilization | (6,340 | ) | (590 | ) | (5,744 | ) | (12,674 | ) | ||||||||
Balance, March 31, 2014 | $ | 16,600 | $ | — | $ | 989 | $ | 17,589 | ||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On April 24, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.10 per share on its common stock, payable on June 6, 2014, to shareholders of record as of the close of business on May 20, 2014. The total cash payment of this dividend will be approximately $14.2 million. |
Basis_of_Presenation_Basis_of_
Basis of Presenation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Stock-based compensation expense recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets | ' | ||||||||||||
Stock-based compensation expense recognized in the Consolidated Statements of Income are as follows (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cost of goods sold | $ | 653 | $ | 652 | |||||||||
Research and development | 1,199 | 1,081 | |||||||||||
Selling, general and administrative | 4,309 | 3,963 | |||||||||||
Restructuring expenses | 2,595 | — | |||||||||||
Stock-based compensation expense | $ | 8,756 | $ | 5,696 | |||||||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized in inventory | $ | 729 | $ | 452 | |||||||||
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 | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Stock Option Awards: | |||||||||||||
Total fair value of awards vested | $ | 11 | $ | 13 | |||||||||
Total intrinsic value of options exercised | $ | 8,916 | $ | 1,187 | |||||||||
Restricted Stock Unit Awards: | |||||||||||||
Weighted average grant date fair value per share | $ | 30.27 | $ | 17.3 | |||||||||
Total fair value of awards granted | $ | 170 | $ | 142 | |||||||||
Total fair value of awards vested | $ | 3,608 | $ | 184 | |||||||||
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, 2013 | 7,338 | $ | 22.38 | 4.6 | |||||||||
Granted | — | — | |||||||||||
Exercised | (559 | ) | 18 | ||||||||||
Forfeited | (14 | ) | 27.33 | ||||||||||
Outstanding at March 31, 2014 | 6,765 | $ | 22.73 | 4.2 | $ | 88,047 | |||||||
Exercisable at March 31, 2014 | 5,553 | $ | 22.27 | 3.3 | $ | 74,577 | |||||||
Vested and expected to vest at March 31, 2014 | 6,704 | $ | 22.72 | 4.2 | $ | 87,374 | |||||||
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, 2013 | 2,788 | $ | 21.16 | ||||||||||
Granted | 6 | 30.27 | |||||||||||
Vested and distributed | (105 | ) | 25.25 | ||||||||||
Forfeited | (72 | ) | 26.41 | ||||||||||
Outstanding at March 31, 2014 | 2,617 | $ | 20.88 | ||||||||||
Net_Earnings_Per_Share_Net_Ear
Net Earnings Per Share Net Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for earnings per share: | ||||||||
Net earnings for basic and diluted earnings per share | $ | 29,894 | $ | 51,636 | ||||
Denominator for earnings per share: | ||||||||
Weighted average number of common shares outstanding | 140,932 | 144,629 | ||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,896 | 1,662 | ||||||
Weighted average diluted shares outstanding | 143,828 | 146,291 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Notional amounts of outstanding foreign currency forward contracts by currency | ' | |||||||||||||||
in United Stated dollar equivalent amounts (in thousands): | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Swedish kronor | $ | 97,650 | $ | 99,214 | ||||||||||||
British pound sterling | 8,282 | 5,641 | ||||||||||||||
Australian dollar | 3,402 | 5,986 | ||||||||||||||
Japanese yen | 1,943 | 4,462 | ||||||||||||||
Euro | 12,288 | 265 | ||||||||||||||
Canadian dollar | 13,588 | 2,914 | ||||||||||||||
Other | 3,584 | 3,448 | ||||||||||||||
$ | 140,737 | $ | 121,930 | |||||||||||||
Fair value carrying amount of derivative instruments included in consolidated balance sheets | ' | |||||||||||||||
The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||
Foreign currency forward contracts | $ | 65 | $ | 1,905 | $ | 392 | $ | 613 | ||||||||
Interest rate swaps outstanding | ' | |||||||||||||||
As of March 31, 2014, the following interest rate swaps were outstanding: | ||||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 67.5 | 1.0165 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
29-Mar-13 | 67.5 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | |||||||||||
Inventories_Inventories_Tables
Inventories Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw material and subassemblies | $ | 198,916 | $ | 204,542 | ||||
Work-in-progress | 43,655 | 45,060 | ||||||
Finished goods | 96,323 | 95,117 | ||||||
$ | 338,894 | $ | 344,719 | |||||
Goodwill_Goodwill_Tables
Goodwill Goodwill (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Disclosure - Goodwill - Additional Information [Abstract] | ' | |||
Carrying value of goodwill by reporting segment and the activity | ' | |||
The carrying value of goodwill and the activity for the three months ended March 31, 2014 are as follows (in thousands): | ||||
Balance, December 31, 2013 | $ | 575,701 | ||
Currency translation adjustments | 43 | |||
Balance, March 31, 2014 | $ | 575,744 | ||
Accrued_Product_Warranties_Acc
Accrued Product Warranties Accrued Product Warrenties (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accrued product warranties, beginning of period | $ | 17,732 | $ | 16,152 | |||||
Amounts paid for warranty services | (2,687 | ) | (2,392 | ) | |||||
Warranty provisions for products sold | 1,970 | 2,706 | |||||||
Currency translation adjustments and other | (303 | ) | 186 | ||||||
Accrued product warranties, end of period | $ | 16,712 | $ | 16,652 | |||||
Current accrued product warranties, end of period | $ | 13,751 | $ | 13,557 | |||||
Long-term accrued product warranties, end of period | $ | 2,961 | $ | 3,095 | |||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 135,000 | 138,750 | ||||||
Unamortized discounts and issuance costs of unsecured notes | (1,108 | ) | (1,222 | ) | ||||
$ | 383,892 | $ | 387,528 | |||||
Current portion, long-term debt | $ | 15,000 | $ | 15,000 | ||||
Long-term debt | $ | 368,892 | $ | 372,528 | ||||
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 three months ended March 31, 2014 (in thousands): | ||||
Common stock and additional paid-in capital, December 31, 2013 | $ | 42,955 | ||
Income tax benefit of common stock options exercised | 2,865 | |||
Common stock issued pursuant to stock-based compensation plans, net | 7,124 | |||
Stock-based compensation expense | 8,756 | |||
Repurchase of common stock | (1,766 | ) | ||
Common stock and additional paid-in capital, March 31, 2014 | $ | 59,934 | ||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended | |
Mar. 31, 2014 | ||
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 | 2012 – 2013 | |
State of Oregon | 2012 – 2013 | |
State of Massachusetts | 2011 – 2013 | |
State of California | 2008 – 2013 | |
Sweden | 2008 – 2013 | |
United Kingdom | 2007 – 2013 | |
Belgium | 2011 - 2013 |
Operating_Segments_and_Related1
Operating Segments and Related Information Operating Segments and Related Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Operating Segment Information | ' | |||||||
Operating segment information is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue – External Customers: | ||||||||
Surveillance | $ | 117,201 | $ | 117,987 | ||||
Instruments | 84,056 | 78,550 | ||||||
OEM and Emerging Markets | 53,801 | 50,285 | ||||||
Maritime | 52,575 | 50,462 | ||||||
Security | 29,309 | 29,472 | ||||||
Detection | 14,600 | 21,827 | ||||||
$ | 351,542 | $ | 348,583 | |||||
Revenue – Intersegments: | ||||||||
Surveillance | $ | 2,415 | $ | 1,830 | ||||
Instruments | 302 | 1,521 | ||||||
OEM and Emerging Markets | 5,166 | 6,016 | ||||||
Maritime | 668 | — | ||||||
Security | 1,655 | — | ||||||
Detection | 21 | 1 | ||||||
Elimination | (10,227 | ) | (9,368 | ) | ||||
$ | — | $ | — | |||||
Earnings (loss) from operations: | ||||||||
Surveillance | $ | 20,361 | $ | 33,726 | ||||
Instruments | 20,450 | 20,024 | ||||||
OEM and Emerging Markets | 11,711 | 14,596 | ||||||
Maritime | 8,830 | 8,107 | ||||||
Security | 1,686 | 4,389 | ||||||
Detection | (1,800 | ) | 2,545 | |||||
Other | (18,787 | ) | (14,257 | ) | ||||
$ | 42,451 | $ | 69,130 | |||||
Segment Assets | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Segment assets (accounts receivable, net and inventories): | ||||||||
Surveillance | $ | 271,834 | $ | 282,839 | ||||
Instruments | 109,957 | 117,336 | ||||||
OEM and Emerging Markets | 85,112 | 88,317 | ||||||
Maritime | 79,462 | 68,915 | ||||||
Security | 36,916 | 45,053 | ||||||
Detection | 25,778 | 28,832 | ||||||
$ | 609,059 | $ | 631,292 | |||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
United States | $ | 161,738 | $ | 171,016 | ||||
Europe | 95,072 | 91,154 | ||||||
Other international | 94,732 | 86,413 | ||||||
$ | 351,542 | $ | 348,583 | |||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
United States | $ | 617,096 | $ | 600,261 | ||||
Europe | 346,865 | 359,444 | ||||||
Other international | 56,648 | 56,040 | ||||||
$ | 1,020,609 | $ | 1,015,745 | |||||
Revenue Derived from Major Customers | ' | |||||||
Revenue derived from major customers is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
US Government | $ | 71,637 | $ | 77,759 | ||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | ||||||||||||||||
Surveillance | $ | 4,118 | ||||||||||||||
Instruments | 3,524 | |||||||||||||||
OEM and Emerging Markets | 167 | |||||||||||||||
Maritime | (141 | ) | ||||||||||||||
Security | — | |||||||||||||||
Detection | 615 | |||||||||||||||
Other | 120 | |||||||||||||||
$ | 8,403 | |||||||||||||||
Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | ||||||||||||||||
Cost of goods sold | $ | 590 | ||||||||||||||
Restructuring expenses | 7,813 | |||||||||||||||
$ | 8,403 | |||||||||||||||
The following table summarizes the activity by cost type (in thousands): | ||||||||||||||||
Severance and personnel costs | Inventory | Facilities Exit, Lease Terminations & Other | Total | |||||||||||||
write downs | ||||||||||||||||
Balance, December 31, 2013 | $ | 18,191 | $ | — | $ | 3,670 | $ | 21,861 | ||||||||
Restructuring costs | 4,750 | 590 | 3,063 | 8,403 | ||||||||||||
Utilization | (6,340 | ) | (590 | ) | (5,744 | ) | (12,674 | ) | ||||||||
Balance, March 31, 2014 | $ | 16,600 | $ | — | $ | 989 | $ | 17,589 | ||||||||
Stockbased_Compensation_Stockb1
Stock-based Compensation Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $8,756 | $5,696 |
Cost of goods sold | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 653 | 652 |
Research and development | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 1,199 | 1,081 |
Selling, general and administrative | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 4,309 | 3,963 |
Restructuring Charges | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $2,595 | $0 |
Stockbased_Compensation_Stockb2
Stock-based Compensation Stock-based Compensation (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Capitalized in inventory | $729 | $452 |
Stockbased_Compensation_Stockb3
Stock-based Compensation Stock-based Compensation (Details 4) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Option Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total fair value of awards vested | $11 | $13 |
Total intrinsic value of options exercised | 8,916 | 1,187 |
Restricted Stock Unit Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average grant date fair value per share | $30.27 | $17.30 |
Total fair value of awards granted | 170 | 142 |
Total fair value of awards vested | $3,608 | $184 |
Stockbased_Compensation_Stockb4
Stock-based Compensation Stock-based Compensation (Details 5) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Weighted-Average Remaining Contractual Term (in years) | ' | ' |
Outstanding, beginning of period (in years) | '4 years 2 months 12 days | '4 years 7 months 6 days |
Outstanding, end of period (in years) | '4 years 2 months 12 days | '4 years 7 months 6 days |
Exercisable, end of period (in years) | '3 years 3 months 18 days | ' |
Vested and expected to vest, end of period (in years) | '4 years 2 months 12 days | ' |
Stock Option Awards | ' | ' |
Shares | ' | ' |
Outstanding, beginning of period (in shares) | 7,338 | ' |
Granted (in shares) | 0 | ' |
Exercised (in shares) | -559 | ' |
Forfeited (in shares) | -14 | ' |
Outstanding, end of period (in shares) | 6,765 | ' |
Exercisable, end of period (in shares) | 5,553 | ' |
Vested and expected to vest, end of period (in shares) | 6,704 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding, beginning of period (in dollars per share) | 22.38 | ' |
Granted (in dollars per share) | 0 | ' |
Exercised (in dollars per share) | 18 | ' |
Forfeited (in dollars per share) | 27.33 | ' |
Outstanding, end of period (in dollars per share) | 22.73 | ' |
Exercisable, end of period (in dollars per share) | 22.27 | ' |
Vested and expected to vest, end of period (in dollars per share) | 22.72 | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding, end of period | 88,047 | ' |
Exercisable, end of period | 74,577 | ' |
Vested and expected to vest, end of period | 87,374 | ' |
Stockbased_Compensation_Stockb5
Stock-based Compensation Stock-based Compensation (Details 6) (Restricted Stock Unit Awards, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
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) | 2,788,000 | ' |
Granted (in shares) | 6,000 | ' |
Vested and distributed (in shares) | -105,000 | ' |
Forfeited (in shares) | -72,000 | ' |
Outstanding, end of period (in shares) | 2,617,000 | ' |
Weighted Average Grant Date Fair Value | ' | ' |
Outstanding, beginning of period (in dollars per share) | $21.16 | ' |
Granted (in dollars per share) | $30.27 | $17.30 |
Vested and distributed (in dollars per share) | $25.25 | ' |
Forfeited (in dollars per share) | $26.41 | ' |
Outstanding, end of period (in dollars per share) | $20.88 | ' |
Stockbased_Compensation_Stockb6
Stock-based Compensation Stock-based Compensation (Details textual) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Unrecognized stock-based compensation costs, net of estimated forfeitures | $32.80 | ' |
Weighted average period of unrecognized stock-based compensation costs, net of estimated forfeitures | '1 year 8 months 12 days | ' |
Cash received from the exercise of stock options | 8.9 | 1.2 |
Related tax benefit realized from the exercise of the stock options | $2.70 | $0.30 |
Time-vested restricted stock unit [Member] | ' | ' |
Statement [Line Items] | ' | ' |
Restricted stock units granted | 5,600 | 1,200 |
Weighted average grant date fair value per share | $30.27 | $25.62 |
Market-based restricted stock unit | ' | ' |
Statement [Line Items] | ' | ' |
Restricted stock units granted | ' | 7,000 |
Weighted average grant date fair value per share | ' | $15.87 |
Employee Stock Purchase Plan [Member] | ' | ' |
Statement [Line Items] | ' | ' |
Number of common stock shares issued | 0 | ' |
Employee Stock | ' | ' |
Statement [Line Items] | ' | ' |
Shares of common stock reserved for future issuance under all of the stock incentive plans | 3,630,000 | ' |
Net_Earnings_Per_Share_Net_Ear1
Net Earnings Per Share Net Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator for earnings per share: | ' | ' |
Net earnings for basic and diluted earnings per share | $29,894 | $51,636 |
Denominator for earnings per share: | ' | ' |
Weighted average number of common shares outstanding | 140,932 | 144,629 |
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 2,896 | 1,662 |
Weighted average diluted shares outstanding | 143,828 | 146,291 |
Net_Earnings_Per_Share_Net_Ear2
Net Earnings Per Share Net Earnings Per Share (Details textual) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Effect of stock-based compensation awards, shares excluded for purposes of diluted earnings per share | 100,000 | 877,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 1 | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cash equivalents | $100.80 | $28.50 |
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 | $258.10 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative, Notional Amount | $140,737 | $121,930 |
Swedish kronor | ' | ' |
Derivative, Notional Amount | 97,650 | 99,214 |
British pound sterling | ' | ' |
Derivative, Notional Amount | 8,282 | 5,641 |
Australian dollar | ' | ' |
Derivative, Notional Amount | 3,402 | 5,986 |
Japanese yen | ' | ' |
Derivative, Notional Amount | 1,943 | 4,462 |
Euro | ' | ' |
Derivative, Notional Amount | 12,288 | 265 |
Canada, Dollars | ' | ' |
Derivative, Notional Amount | 13,588 | 2,914 |
Other | ' | ' |
Derivative, Notional Amount | $3,584 | $3,448 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Details 2) (Level 2, Foreign currency forward contracts, Not Designated as Hedging Instrument, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $65 | $392 |
Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $1,905 | $613 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||
March 15, 2013 Interest rate swap [Member] | March 29, 2013 Interest rate swap [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' |
Contract date | ' | ' | 15-Mar-13 | 29-Mar-13 |
Derivative, Notional Amount | $140,737 | $121,930 | $67,500 | $67,500 |
Fixed rate | ' | ' | 1.02% | 0.97% |
Effective date | ' | ' | 5-Apr-13 | 5-Apr-13 |
Maturity date | ' | ' | 31-Mar-19 | 31-Mar-19 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Derivative Financial Instruments (Details textual) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative [Line Items] | ' | ' |
Net gain (loss) | ($2,000,000) | $1,500,000 |
Maturities of foreign currency forward contracts | '5 months 0 days | ' |
Level 2 | Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Net | 2,200,000 | ' |
Level 2 | Interest Rate Swap [Member] | Other Current Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,200,000 | ' |
Level 2 | Interest Rate Swap [Member] | Other Current Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Liability | $1,000,000 | ' |
Term loan facility [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Effective interest rate | 2.49% | ' |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $7.70 | $7.70 |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw material and subassemblies | $198,916 | $204,542 |
Work-in-progress | 43,655 | 45,060 |
Finished goods | 96,323 | 95,117 |
Total inventories | $338,894 | $344,719 |
Property_and_Equipment_Propert
Property and Equipment Property and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Accumulated depreciation | $244.40 | $235.30 |
Assets Held-for-sale, Property, Plant and Equipment | $4 | ' |
Goodwill_Goodwill_Details
Goodwill Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, beginning of period | $575,701 |
Currency translation adjustments | 43 |
Goodwill, end of period | $575,744 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Accumulated amortization | $88 | $81.70 |
Credit_Agreements_Credit_Agree
Credit Agreements Credit Agreements (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Line of Credit Facility [Abstract] | ' |
Letters of credit outstanding | $29.40 |
Total available credit | $170.60 |
Accrued_Product_Warranties_Acc1
Accrued Product Warranties Accrued Product Warrenties (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Accrued product warranties, beginning of period | $17,732 | $16,152 | ' |
Amounts paid for warranty services | -2,687 | -2,392 | ' |
Warranty provisions for products sold | 1,970 | 2,706 | ' |
Currency translation adjustments and other | -303 | 186 | ' |
Accrued product warranties, end of period | 16,712 | 16,652 | ' |
Current accrued product warranties, end of period | 13,751 | 13,557 | 14,665 |
Long-term accrued product warranties, end of period | $2,961 | $3,095 | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Unsecured notes | $250,000 | $250,000 |
Term loan | 135,000 | 138,750 |
Unamortized discounts and issuance costs of unsecured notes | -1,108 | -1,222 |
Long-term Debt | 383,892 | 387,528 |
Current portion, long term debt | 15,000 | 15,000 |
Long-term debt | $368,892 | $372,528 |
LongTerm_Debt_Long_Term_Debt_D
Long-Term Debt Long Term Debt (Details textual) (USD $) | Mar. 31, 2014 | Aug. 31, 2011 | Apr. 30, 2013 | Apr. 05, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | Term loan facility [Member] | Term loan facility [Member] | Long-term Debt [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 | ' | ' | ' | ' | $3.75 |
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 $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Stockholders' Equity Note [Abstract] | ' |
Common stock and additional paid-in capital, beginning of period | $42,955 |
Income tax benefit of common stock options exercised | 2,865 |
Common stock issued pursuant to stock-based compensation plans, net | 7,124 |
Stock-based compensation expense | 8,756 |
Repurchase of common stock | -1,766 |
Common stock and additional paid-in capital, end of period | $59,934 |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity (Details textual) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 07, 2014 | Mar. 31, 2014 | Feb. 06, 2013 | |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Value | ' | $1,766,000 | ' |
Common stock authorized to be repurchased, number of shares (in shares) | ' | ' | 25,000,000 |
Common stock dividends, paid per share (in dollars per share) | $0.10 | ' | ' |
Common Stock and Additional Paid-in Capital | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Common stock repurchased, shares | ' | 57,000 | ' |
Retained Earnings | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Common stock dividends, total cash paid | ' | $14,100,000 | ' |
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 Textuals) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Unrecognized tax benefits | $25.80 |
Accrued interest and penalties | $2.70 |
Income_Taxes_Income_Taxes_Deta1
Income Taxes Income Taxes (Details Parentheticals) | 3 Months Ended |
Mar. 31, 2014 | |
US Federal | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
US Federal | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
State of Massachusetts | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2011 |
State of Massachusetts | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
State of California | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2008 |
State of California | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
State of Oregon | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2012 |
State of Oregon | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
Sweden | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2008 |
Sweden | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
United Kingdom | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2007 |
United Kingdom | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
Belgium | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2011 |
Belgium | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination by major taxing jurisdictions | '2013 |
Operating_Segments_and_Related2
Operating Segments and Related Information Operating Segments and Related Information (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Operating segments | 6 |
Operating_Segments_and_Related3
Operating Segments and Related Information Operating Segments and Related Information (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | $351,542 | $348,583 |
Intersegment revenue | 0 | 0 |
Earnings (loss) from operations | 42,451 | 69,130 |
Surveillance | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 117,201 | 117,987 |
Intersegment revenue | 2,415 | 1,830 |
Earnings (loss) from operations | 20,361 | 33,726 |
Instruments | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 84,056 | 78,550 |
Intersegment revenue | 302 | 1,521 |
Earnings (loss) from operations | 20,450 | 20,024 |
OEM & Emerging Markets | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 53,801 | 50,285 |
Intersegment revenue | 5,166 | 6,016 |
Earnings (loss) from operations | 11,711 | 14,596 |
Maritime | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 52,575 | 50,462 |
Intersegment revenue | 668 | 0 |
Earnings (loss) from operations | 8,830 | 8,107 |
Security | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 29,309 | 29,472 |
Intersegment revenue | 1,655 | 0 |
Earnings (loss) from operations | 1,686 | 4,389 |
Detection | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue - External Customers | 14,600 | 21,827 |
Intersegment revenue | 21 | 1 |
Earnings (loss) from operations | -1,800 | 2,545 |
Other | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Intersegment revenue | -10,227 | -9,368 |
Earnings (loss) from operations | ($18,787) | ($14,257) |
Operating_Segments_and_Related4
Operating Segments and Related Information Operating Segments and Related Information (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | $609,059 | $631,292 |
Surveillance | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 271,834 | 282,839 |
Instruments | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 109,957 | 117,336 |
OEM & Emerging Markets | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 85,112 | 88,317 |
Maritime | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 79,462 | 68,915 |
Security | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | 36,916 | 45,053 |
Detection | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Segment assets (accounts receivable, net and inventories) | $25,778 | $28,832 |
Operating_Segments_and_Related5
Operating Segments and Related Information Operating Segments and Related Information (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenue | $351,542 | $348,583 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenue | 161,738 | 171,016 |
Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenue | 95,072 | 91,154 |
Other International | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Revenue | $94,732 | $86,413 |
Operating_Segments_and_Related6
Operating Segments and Related Information Operating Segments and Related Information (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $1,020,609 | $1,015,745 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 617,096 | 600,261 |
Europe | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 346,865 | 359,444 |
Other International | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $56,648 | $56,040 |
Operating_Segments_and_Related7
Operating Segments and Related Information Operating Segments and Related Information (Details 6) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue, Major Customer [Line Items] | ' | ' |
Revenue | $351,542 | $348,583 |
US Government | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Revenue | $71,637 | $77,759 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | $7,813 | $0 |
Total COGS and SGA | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 8,403 | ' |
Surveillance | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 4,118 | ' |
Instruments | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 3,524 | ' |
OEM & Emerging Markets | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 167 | ' |
Maritime | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | -141 | ' |
Security | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 0 | ' |
Detection | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 615 | ' |
Other | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | $120 | ' |
Restructuring_Costs_Details_2
Restructuring Costs (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | $7,813 | $0 |
Cost of Goods Sold | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 590 | ' |
Selling, general and administrative | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | 7,813 | ' |
Total COGS and SGA | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | $8,403 | ' |
Restructuring_Costs_Details_3
Restructuring Costs (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring expenses | $7,813 | $0 |
Total COGS and SGA | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, beginning balance | 21,861 | ' |
Restructuring expenses | 8,403 | ' |
Restructuring and Related Cost, Incurred Cost | -12,674 | ' |
Restructuring Reserve, ending balance | 17,589 | ' |
Total COGS and SGA | Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, beginning balance | 18,191 | ' |
Restructuring expenses | 4,750 | ' |
Restructuring and Related Cost, Incurred Cost | -6,340 | ' |
Restructuring Reserve, ending balance | 16,600 | ' |
Total COGS and SGA | Asset write-down [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, beginning balance | 0 | ' |
Restructuring expenses | 590 | ' |
Restructuring and Related Cost, Incurred Cost | -590 | ' |
Restructuring Reserve, ending balance | 0 | ' |
Total COGS and SGA | Facility Exit [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, beginning balance | 3,670 | ' |
Restructuring expenses | 3,063 | ' |
Restructuring and Related Cost, Incurred Cost | -5,744 | ' |
Restructuring Reserve, ending balance | $989 | ' |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Dividend declared, USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Dividend declared | ' |
Subsequent Event [Line Items] | ' |
Quarterly dividend, date declared | 24-Apr-14 |
Quarterly dividend, value per share (in dollars per share) | $0.10 |
Quarterly dividend, date to be paid | 6-Jun-14 |
Quarterly dividend, date of record | 20-May-14 |
Quarterly dividend, amount declared | $14.20 |