Document_and_Entity_Informatio
Document and Entity Information Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity [Abstract] | ||
Entity Registrant Name | FLIR SYSTEMS INC | |
Entity Central Index Key | 354908 | |
Trading Symbol | FLIR | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 140,124,557 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $344,517 | $351,542 |
Cost of goods sold | 168,620 | 183,010 |
Gross profit | 175,897 | 168,532 |
Operating expenses: | ||
Research and development | 34,694 | 36,326 |
Selling, general and administrative | 75,135 | 81,942 |
Restructuring expenses | 314 | 7,813 |
Total operating expenses | 110,143 | 126,081 |
Earnings from operations | 65,754 | 42,451 |
Interest expense | 3,661 | 3,708 |
Interest income | -247 | -264 |
Other income, net | -700 | -198 |
Earnings before income taxes | 63,040 | 39,205 |
Income tax provision | 15,130 | 9,311 |
Net earnings | $47,910 | $29,894 |
Earnings per share: | ||
Basic | $0.34 | $0.21 |
Diluted | $0.34 | $0.21 |
Weighted average shares outstanding: | ||
Basic | 139,768 | 140,932 |
Diluted | 141,472 | 143,828 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $47,910 | $29,894 |
Other comprehensive loss, net of tax: | ||
Cash flow hedges | -604 | -226 |
Foreign currency translation adjustments | -65,964 | -1,912 |
Total other comprehensive loss | -66,568 | -2,138 |
Comprehensive (loss) income | ($18,658) | $27,756 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $547,780 | $531,374 |
Accounts receivable, net | 311,787 | 354,658 |
Inventories | 340,300 | 320,605 |
Prepaid expenses and other current assets | 83,165 | 93,691 |
Deferred income taxes, net | 38,394 | 38,873 |
Total current assets | 1,321,426 | 1,339,201 |
Property and equipment, net | 249,002 | 247,094 |
Deferred income taxes, net | 20,278 | 19,941 |
Goodwill | 536,780 | 553,335 |
Intangible assets, net | 125,818 | 133,212 |
Other assets | 59,054 | 61,240 |
Total assets | 2,312,358 | 2,354,023 |
Current liabilities: | ||
Accounts payable | 106,120 | 98,173 |
Deferred revenue | 27,439 | 27,878 |
Accrued payroll and related liabilities | 48,478 | 62,065 |
Accrued product warranties | 13,199 | 13,538 |
Advance payments from customers | 30,746 | 28,276 |
Accrued expenses | 48,050 | 51,810 |
Accrued income taxes | 2,298 | 4,586 |
Other current liabilities | 3,212 | 8,231 |
Current portion, long term debt | 15,000 | 15,000 |
Total current liabilities | 294,542 | 309,557 |
Long-term debt | 354,351 | 357,986 |
Deferred income taxes | 13,486 | 13,905 |
Accrued income taxes | 11,242 | 11,096 |
Other long-term liabilities | 52,919 | 51,706 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at March 31, 2015, and December 31, 2014 | 0 | 0 |
Common stock, $0.01 par value, 500,000 shares authorized, 139,891 and 139,579 shares issued at March 31, 2015, and December 31, 2014, respectively, and additional paid-in capital | 11,476 | 1,396 |
Retained earnings | 1,704,319 | 1,671,786 |
Accumulated other comprehensive loss | -129,977 | -63,409 |
Total shareholders’ equity | 1,585,818 | 1,609,773 |
Total liabilities and shareholders' equity | $2,312,358 | $2,354,023 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 139,891 | 139,579 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Net earnings | $47,910 | $29,894 |
Income items not affecting cash: | ||
Depreciation and amortization | 12,489 | 16,470 |
Deferred income taxes | 96 | 1,507 |
Stock-based compensation arrangements | 4,757 | 8,756 |
Other non-cash items | -3,303 | -1,490 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable, net | 35,621 | 15,452 |
(Increase) decrease in inventories | -27,000 | 5,424 |
Decrease in prepaid expenses and other current assets | 4,966 | 422 |
Decrease (increase) in other assets | 364 | -10,729 |
Increase in accounts payable | 9,808 | 6,527 |
Increase (decrease) in deferred revenue | 11 | -4,431 |
Decrease in accrued payroll and other current liabilities | -14,538 | -8,020 |
Increase (decrease) in accrued income taxes | 1,802 | -1,097 |
Increase in other long-term liabilities | 1,944 | 1,140 |
Cash provided by operating activities | 74,927 | 59,825 |
CASH USED BY INVESTING ACTIVITIES: | ||
Additions to property and equipment, net | -13,139 | -9,590 |
Cash used by investing activities | -13,139 | -9,590 |
CASH USED BY FINANCING ACTIVITIES: | ||
Repayments of long term debt, net | -3,750 | -3,750 |
Repurchase of common stock | 0 | -1,766 |
Dividends paid | -15,377 | -14,085 |
Proceeds from shares issued pursuant to stock-based compensation plans | 4,414 | 8,876 |
Excess tax benefit of stock options exercised | 779 | 2,698 |
Other financing activities | -7 | 252 |
Cash used by financing activities | -13,941 | -7,775 |
Effect of exchange rate changes on cash | -31,441 | -841 |
Net increase in cash and cash equivalents | 16,406 | 41,619 |
Cash and cash equivalents, beginning of period | 531,374 | 542,476 |
Cash and cash equivalents, end of period | $547,780 | $584,095 |
Basis_of_Presenation
Basis of Presenation | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. | |
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, 2015. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Stock-based Compensation | Stock-based Compensation | |||||||
Stock Incentive Plans | ||||||||
The Company has a stock-based compensation program that provides equity incentives for employees, consultants and directors. This program includes incentive and non-statutory stock options and nonvested stock awards (referred to as restricted stock unit awards) administered by the Compensation Committee of the Board of Directors. | ||||||||
Under the stock-based compensation program, the Company has granted time-based options, performance-based options, time-based restricted stock unit awards, performance-based restricted stock unit awards and market-based restricted stock unit awards. The vesting of performance-based options and restricted stock unit awards is contingent upon the Company meeting certain diluted earnings per share growth targets and occurs primarily in three independent tranches over a three year period. The vesting of each tranche is not dependent on the other tranches. Options generally expire ten years from their grant dates. Time-based options and restricted stock unit awards generally vest over a three year period. Market-based restricted stock unit awards 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. | ||||||||
Employee Stock Purchase Plan | ||||||||
The Company has an Employee Stock Purchase Plan (the “ESPP”) which allows employees to purchase shares of the Company’s common stock at 85 percent of the lower of the fair market value at the date of enrollment or the fair market value at the purchase date. The ESPP provides for six-month offerings commencing on May 1 and November 1 of each year with purchases on April 30 and October 31 of each year. Shares purchased under the ESPP must be held by the purchasing plan participant for a period of at least 18 months after the date of purchase. | ||||||||
Note 2. | Stock-based Compensation - (Continued) | |||||||
Stock-based Compensation Expense | ||||||||
Stock-based compensation expense recognized in the Consolidated Statements of Income are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Cost of goods sold | $ | 718 | $ | 653 | ||||
Research and development | 1,140 | 1,199 | ||||||
Selling, general and administrative | 2,899 | 4,309 | ||||||
Restructuring expenses | — | 2,595 | ||||||
Stock-based compensation expense | $ | 4,757 | $ | 8,756 | ||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Capitalized in inventory | $ | 782 | $ | 729 | ||||
As of March 31, 2015, the Company had $27.6 million of total unrecognized stock-based compensation costs, net of estimated forfeitures, to be recognized over a weighted average period of 1.7 years. |
Net_Earnings_Per_Share
Net Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Numerator for earnings per share: | ||||||||
Net earnings for basic and diluted earnings per share | $ | 47,910 | $ | 29,894 | ||||
Denominator for earnings per share: | ||||||||
Weighted average number of common shares outstanding | 139,768 | 140,932 | ||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 1,704 | 2,896 | ||||||
Weighted average diluted shares outstanding | 141,472 | 143,828 | ||||||
For the three months ended March 31, 2015 and 2014, stock-based compensation awards which aggregated 248,000 and 100,000 shares, respectively, have been excluded for purposes of calculating diluted earnings per share since their inclusion would have had an anti-dilutive effect. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”: | |
Level 1 – quoted prices in active markets for identical securities as of the reporting date; | |
Level 2 – other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; and | |
Level 3 – significant inputs that are generally less observable than objective sources, including our own assumptions in determining fair value. | |
The factors and methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |
The Company had $29.9 million and $29.8 million of cash equivalents at March 31, 2015 and December 31, 2014, 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 values of the Company’s foreign currency forward contracts and interest rate swap contracts as of March 31, 2015 and December 31, 2014 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 $257.8 million based upon Level 2 inputs at March 31, 2015. 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 | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments | |||||||||||||||
Foreign Currency Exchange Rate Contracts | ||||||||||||||||
In general, the gains and losses related to the Company's foreign currency exchange rate contracts recorded in other income, net are offset by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net losses from these contracts for the three months ended March 31, 2015 and 2014 were $4.0 million and $2.0 million, respectively. | ||||||||||||||||
The following table provides volume information about the Company's foreign currency exchange rate contracts. The table below presents the net notional amounts of the Company's outstanding foreign currency forward contracts in United States dollar equivalent amounts (in thousands): | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Swedish kronor | $ | 62,499 | $ | 67,809 | ||||||||||||
Canadian dollar | 20,602 | 17,446 | ||||||||||||||
British pound sterling | 17,644 | 14,928 | ||||||||||||||
Euro | 6,498 | 5,391 | ||||||||||||||
Australian dollar | 3,098 | 6,566 | ||||||||||||||
Japanese yen | 3,572 | 3,718 | ||||||||||||||
Other | 6,340 | 3,150 | ||||||||||||||
$ | 120,253 | $ | 119,008 | |||||||||||||
At March 31, 2015, the Company’s foreign currency forward contracts, in general, had maturities of three months or less. | ||||||||||||||||
Note 5. | Derivative Financial Instruments - (Continued) | |||||||||||||||
Foreign Currency Exchange Rate Contracts - (Continued) | ||||||||||||||||
The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Other current assets | Other current liabilities | Other current assets | Other current liabilities | |||||||||||||
Foreign currency forward contracts | $ | 261 | $ | 2,348 | $ | 112 | $ | 3,247 | ||||||||
Interest Rate Swap Contracts | ||||||||||||||||
At March 31, 2015, the effective interest rate on the Company's term loan was 2.49 percent. As of March 31, 2015, the following interest rate swaps were outstanding: | ||||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 60 | 1.02 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
March 29, 2013 | $ | 60 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
The net fair value carrying amount of the Company's interest rate swaps was $0.3 million, of which $1.1 million and $0.8 million have been recorded to other assets and other current liabilities, respectively, in the Consolidated Balance Sheet as of March 31, 2015. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2015 | |
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 $7.4 million at March 31, 2015 and $8.0 million at December 31, 2014. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories consist of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw material and subassemblies | $ | 185,975 | $ | 181,618 | ||||
Work-in-progress | 48,593 | 37,139 | ||||||
Finished goods | 105,732 | 101,848 | ||||||
$ | 340,300 | $ | 320,605 | |||||
Property_and_Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment |
Property and equipment are net of accumulated depreciation of $240.6 million and $248.2 million at March 31, 2015 and December 31, 2014, respectively. Property and equipment, net, as of March 31, 2015, includes land and a building valued at approximately $2.5 million that are held for sale. |
Goodwill
Goodwill | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Disclosure - Goodwill - Additional Information [Abstract] | ||||
Goodwill | Goodwill | |||
The carrying value of goodwill and the activity for the three months ended March 31, 2015 are as follows (in thousands): | ||||
Balance, December 31, 2014 | $ | 553,335 | ||
Currency translation adjustments | (16,555 | ) | ||
Balance, March 31, 2015 | $ | 536,780 | ||
See Note 17, "Operating Segments and Related Information - Operating Segments" of the Notes to the Consolidated Financial Statements for additional information on the carrying value of goodwill by operating segment for the three months ended March 31, 2015. |
Intangible_Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets |
Intangible assets are net of accumulated amortization of $78.7 million and $75.1 million at March 31, 2015 and December 31, 2014, respectively. |
Credit_Agreements
Credit Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Agreements | Credit Agreement |
At March 31, 2015, 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 had $38.9 million of letters of credit outstanding, which reduced the total available credit under the revolving credit facility to $161.1 million. |
Accrued_Product_Warranties
Accrued Product Warranties | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Accrued Product Warranties | Accrued Product Warranties | |||||||
The following table summarizes the Company’s accrued product warranties and activity (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accrued product warranties, beginning of period | $ | 16,175 | $ | 17,732 | ||||
Amounts paid for warranty services | (1,952 | ) | (2,687 | ) | ||||
Warranty provisions for products sold | 1,917 | 1,970 | ||||||
Currency translation adjustments and other | (300 | ) | (303 | ) | ||||
Accrued product warranties, end of period | $ | 15,840 | $ | 16,712 | ||||
Current accrued product warranties, end of period | $ | 13,199 | $ | 13,751 | ||||
Long-term accrued product warranties, end of period | $ | 2,641 | $ | 2,961 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 120,000 | 123,750 | ||||||
Unamortized discounts and issuance costs of unsecured notes | (649 | ) | (764 | ) | ||||
$ | 369,351 | $ | 372,986 | |||||
Current portion, long-term debt | $ | 15,000 | $ | 15,000 | ||||
Long-term debt | $ | 354,351 | $ | 357,986 | ||||
In August 2011, the Company issued $250 million aggregate principal amount of its 3.75 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, incorporates 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 Rate Swap Contracts," of the Notes to the Consolidated Financial Statements for additional information on the effective interest rate on the term loan at March 31, 2015. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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, 2015 (in thousands): | ||||
Common stock and additional paid-in capital, December 31, 2014 | $ | 1,396 | ||
Income tax benefit of common stock options exercised | 896 | |||
Common stock issued pursuant to stock-based compensation plans, net | 4,401 | |||
Stock-based compensation arrangements | 4,783 | |||
Common stock and additional paid-in capital, March 31, 2015 | $ | 11,476 | ||
On February 5, 2015, the Company's Board of Directors authorized the repurchase of up to 15.0 million shares of the Company's outstanding common stock in the open market or through privately negotiated transactions. The authorization will expire on February 5, 2017. During the three months ended March 31, 2015, the Company did not repurchase any such shares. | ||||
On March 6, 2015, the Company paid a dividend of $0.11 per share on its outstanding common stock to the shareholders of record as of the close of business on February 20, 2015. The total cash payments for dividends in the three months ended March 31, 2015 was $15.4 million. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies |
FLIR Systems, Inc. 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 October 27, 2010, the FLIR Parties and Raytheon entered into a settlement agreement that resolved the patent infringement claims (the "Patent Claims") pursuant to which the FLIR Parties paid $3 million to Raytheon and entitles the FLIR Parties to certain license rights in the patents that were the subject of the Patent Claims. On October 28, 2014, a four-week trial began with respect to Raytheon's remaining claims of misappropriations of trade secrets and claims related to 31 alleged trade secrets. On November 24, 2014, a jury in the United States District Court for the Eastern District of Texas rejected Raytheon’s claims and determined that 27 of the alleged trade secrets were not in fact trade secrets and that neither Indigo, prior to its acquisition by FLIR Systems, Inc., nor FLIR Systems, Inc. infringed any of the trade secrets claimed and awarded Raytheon no damages. The court has yet to rule on any post-trial motion seeking to modify the jury verdict or on the FLIR Parties' motion for an award of attorney’s fees in the amount of $28 million as a prevailing party under the Texas Theft Liability Act. The matter remains ongoing and is subject to appeal and the Company is unable to estimate the amount or range of potential loss or recovery, if any, which might result if the final determination of this matter is favorable or unfavorable, but an adverse ruling on the merits of the original claims against the FLIR Parties, while remote, could be material. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | Income Taxes | |
As of March 31, 2015, the Company had approximately $12.1 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 March 31, 2015, the Company had approximately $1.0 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 | 2012 – 2014 | |
State of Oregon | 2012 – 2014 | |
State of Massachusetts | 2011 – 2014 | |
State of California | 2012 – 2014 | |
Sweden | 2011 – 2014 | |
United Kingdom | 2011 – 2014 | |
Belgium | 2011 – 2014 |
Operating_Segments_and_Related
Operating Segments and Related Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Operating Segments and Related Information | Operating Segments and Related Information | |||||||
Operating Segments | ||||||||
The operating segments of the Company 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. Effective January 1, 2015, the Personal Vision Systems product line was transferred from the OEM and Emerging Markets segment to the Surveillance segment. This product line includes hand-held and weapon-mounted thermal imaging systems for use by consumers. Accordingly, segment financial information in the tables below has been reclassified for the prior period for comparative purposes. | ||||||||
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 monitoring and signal control systems and imaging solutions for the smartphone and mobile devices market. | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Revenue – External Customers: | ||||||||
Surveillance | $ | 112,901 | $ | 123,087 | ||||
Instruments | 83,821 | 84,056 | ||||||
OEM and Emerging Markets | 39,834 | 47,915 | ||||||
Maritime | 50,972 | 52,575 | ||||||
Security | 38,806 | 29,309 | ||||||
Detection | 18,183 | 14,600 | ||||||
$ | 344,517 | $ | 351,542 | |||||
Revenue – Intersegments: | ||||||||
Surveillance | $ | 3,682 | $ | 2,415 | ||||
Instruments | 842 | 302 | ||||||
OEM and Emerging Markets | 8,686 | 5,166 | ||||||
Maritime | 657 | 665 | ||||||
Security | 3,976 | 1,655 | ||||||
Detection | — | 21 | ||||||
Elimination | (17,843 | ) | (10,224 | ) | ||||
$ | — | $ | — | |||||
Earnings (loss) from operations: | ||||||||
Surveillance | $ | 30,166 | $ | 23,266 | ||||
Instruments | 28,063 | 20,450 | ||||||
OEM and Emerging Markets | 8,779 | 8,806 | ||||||
Maritime | 4,789 | 8,830 | ||||||
Security | 3,816 | 1,686 | ||||||
Detection | 2,680 | (1,800 | ) | |||||
Other | (12,539 | ) | (18,787 | ) | ||||
$ | 65,754 | $ | 42,451 | |||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||
Operating Segments - (Continued) | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Segment assets (accounts receivable, net and inventories): | ||||||||
Surveillance | $ | 285,707 | $ | 309,473 | ||||
Instruments | 112,430 | 119,629 | ||||||
OEM and Emerging Markets | 85,022 | 79,053 | ||||||
Maritime | 79,689 | 67,775 | ||||||
Security | 53,457 | 59,182 | ||||||
Detection | 35,782 | 40,151 | ||||||
$ | 652,087 | $ | 675,263 | |||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Segment goodwill: | ||||||||
Surveillance | $ | 119,977 | $ | 121,268 | ||||
Instruments | 148,956 | 155,527 | ||||||
OEM and Emerging Markets | 69,639 | 72,687 | ||||||
Maritime | 106,320 | 109,980 | ||||||
Security | 43,779 | 45,710 | ||||||
Detection | 48,109 | 48,163 | ||||||
$ | 536,780 | $ | 553,335 | |||||
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, | ||||||||
2015 | 2014 | |||||||
United States | $ | 158,650 | $ | 161,738 | ||||
Europe | 90,306 | 95,072 | ||||||
Other international | 95,561 | 94,732 | ||||||
$ | 344,517 | $ | 351,542 | |||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
United States | $ | 622,694 | $ | 623,522 | ||||
Europe | 336,511 | 319,661 | ||||||
Other international | 11,449 | 51,698 | ||||||
$ | 970,654 | $ | 994,881 | |||||
Note 17. Operating Segments and Related Information - (Continued) | ||||||||
Major Customers | ||||||||
Revenue derived from major customers is as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
US Government | $ | 53,320 | $ | 71,637 | ||||
Restructuring_Costs_Notes
Restructuring Costs (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 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 three months ended March 31, 2015 and 2014, the Company recorded net pre-tax restructuring expenses totaling $0.3 million and 8.4 million, respectively. The Company recorded the restructuring expenses in the segments as follows (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Surveillance | $ | 122 | $ | 4,118 | ||||||||
Instruments | 187 | 3,524 | ||||||||||
OEM and Emerging Markets | 2 | 167 | ||||||||||
Maritime | — | (141 | ) | |||||||||
Detection | 3 | 615 | ||||||||||
Other | — | 120 | ||||||||||
$ | 314 | $ | 8,403 | |||||||||
Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Cost of goods sold | $ | — | $ | 590 | ||||||||
Restructuring expenses | 314 | 7,813 | ||||||||||
$ | 314 | $ | 8,403 | |||||||||
The following table summarizes the activity by cost type (in thousands): | ||||||||||||
Severance and personnel costs | Facilities Exit, Lease Terminations & Other | Total | ||||||||||
Balance, December 31, 2014 | $ | 10,941 | $ | 1,485 | $ | 12,426 | ||||||
Additional costs | 277 | 37 | 314 | |||||||||
Utilization | (3,524 | ) | (1,040 | ) | (4,564 | ) | ||||||
Balance, March 31, 2015 | $ | 7,694 | $ | 482 | $ | 8,176 | ||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 23, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.11 per share on its common stock, payable on June 5, 2015, to shareholders of record as of the close of business on May 22, 2015. The total cash payment of this dividend will be approximately $15.4 million. |
Basis_of_Presenation_Basis_of_
Basis of Presenation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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, 2015 | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Cost of goods sold | $ | 718 | $ | 653 | ||||
Research and development | 1,140 | 1,199 | ||||||
Selling, general and administrative | 2,899 | 4,309 | ||||||
Restructuring expenses | — | 2,595 | ||||||
Stock-based compensation expense | $ | 4,757 | $ | 8,756 | ||||
Stock-based compensation costs capitalized in inventory are as follows (in thousands): | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Capitalized in inventory | $ | 782 | $ | 729 | ||||
Net_Earnings_Per_Share_Net_Ear
Net Earnings Per Share Net Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Numerator for earnings per share: | ||||||||
Net earnings for basic and diluted earnings per share | $ | 47,910 | $ | 29,894 | ||||
Denominator for earnings per share: | ||||||||
Weighted average number of common shares outstanding | 139,768 | 140,932 | ||||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 1,704 | 2,896 | ||||||
Weighted average diluted shares outstanding | 141,472 | 143,828 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Notional amounts of outstanding foreign currency forward contracts by currency | in United States dollar equivalent amounts (in thousands): | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Swedish kronor | $ | 62,499 | $ | 67,809 | ||||||||||||
Canadian dollar | 20,602 | 17,446 | ||||||||||||||
British pound sterling | 17,644 | 14,928 | ||||||||||||||
Euro | 6,498 | 5,391 | ||||||||||||||
Australian dollar | 3,098 | 6,566 | ||||||||||||||
Japanese yen | 3,572 | 3,718 | ||||||||||||||
Other | 6,340 | 3,150 | ||||||||||||||
$ | 120,253 | $ | 119,008 | |||||||||||||
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, 2015 | December 31, 2014 | |||||||||||||||
Other current assets | Other current liabilities | Other current assets | Other current liabilities | |||||||||||||
Foreign currency forward contracts | $ | 261 | $ | 2,348 | $ | 112 | $ | 3,247 | ||||||||
Interest rate swaps outstanding | As of March 31, 2015, the following interest rate swaps were outstanding: | |||||||||||||||
Contract Date | Notional Amount | Fixed Rate | Effective Date | Maturity Date | ||||||||||||
(in millions) | ||||||||||||||||
15-Mar-13 | $ | 60 | 1.02 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
March 29, 2013 | $ | 60 | 0.97 | % | 5-Apr-13 | 31-Mar-19 | ||||||||||
Inventories_Inventories_Tables
Inventories Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories consist of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw material and subassemblies | $ | 185,975 | $ | 181,618 | ||||
Work-in-progress | 48,593 | 37,139 | ||||||
Finished goods | 105,732 | 101,848 | ||||||
$ | 340,300 | $ | 320,605 | |||||
Goodwill_Goodwill_Tables
Goodwill Goodwill (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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, 2015 are as follows (in thousands): | |||
Balance, December 31, 2014 | $ | 553,335 | ||
Currency translation adjustments | (16,555 | ) | ||
Balance, March 31, 2015 | $ | 536,780 | ||
Accrued_Product_Warranties_Acc
Accrued Product Warranties Accrued Product Warrenties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Summay of warranty liability and activity | The following table summarizes the Company’s accrued product warranties and activity (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Accrued product warranties, beginning of period | $ | 16,175 | $ | 17,732 | ||||
Amounts paid for warranty services | (1,952 | ) | (2,687 | ) | ||||
Warranty provisions for products sold | 1,917 | 1,970 | ||||||
Currency translation adjustments and other | (300 | ) | (303 | ) | ||||
Accrued product warranties, end of period | $ | 15,840 | $ | 16,712 | ||||
Current accrued product warranties, end of period | $ | 13,199 | $ | 13,751 | ||||
Long-term accrued product warranties, end of period | $ | 2,641 | $ | 2,961 | ||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-term debt consists of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Unsecured notes | $ | 250,000 | $ | 250,000 | ||||
Term loan | 120,000 | 123,750 | ||||||
Unamortized discounts and issuance costs of unsecured notes | (649 | ) | (764 | ) | ||||
$ | 369,351 | $ | 372,986 | |||||
Current portion, long-term debt | $ | 15,000 | $ | 15,000 | ||||
Long-term debt | $ | 354,351 | $ | 357,986 | ||||
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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, 2015 (in thousands): | |||
Common stock and additional paid-in capital, December 31, 2014 | $ | 1,396 | ||
Income tax benefit of common stock options exercised | 896 | |||
Common stock issued pursuant to stock-based compensation plans, net | 4,401 | |||
Stock-based compensation arrangements | 4,783 | |||
Common stock and additional paid-in capital, March 31, 2015 | $ | 11,476 | ||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended | |
Mar. 31, 2015 | ||
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 – 2014 | |
State of Oregon | 2012 – 2014 | |
State of Massachusetts | 2011 – 2014 | |
State of California | 2012 – 2014 | |
Sweden | 2011 – 2014 | |
United Kingdom | 2011 – 2014 | |
Belgium | 2011 – 2014 |
Operating_Segments_and_Related1
Operating Segments and Related Information Operating Segments and Related Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Operating Segment Information | Operating segment information is as follows (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Revenue – External Customers: | ||||||||
Surveillance | $ | 112,901 | $ | 123,087 | ||||
Instruments | 83,821 | 84,056 | ||||||
OEM and Emerging Markets | 39,834 | 47,915 | ||||||
Maritime | 50,972 | 52,575 | ||||||
Security | 38,806 | 29,309 | ||||||
Detection | 18,183 | 14,600 | ||||||
$ | 344,517 | $ | 351,542 | |||||
Revenue – Intersegments: | ||||||||
Surveillance | $ | 3,682 | $ | 2,415 | ||||
Instruments | 842 | 302 | ||||||
OEM and Emerging Markets | 8,686 | 5,166 | ||||||
Maritime | 657 | 665 | ||||||
Security | 3,976 | 1,655 | ||||||
Detection | — | 21 | ||||||
Elimination | (17,843 | ) | (10,224 | ) | ||||
$ | — | $ | — | |||||
Earnings (loss) from operations: | ||||||||
Surveillance | $ | 30,166 | $ | 23,266 | ||||
Instruments | 28,063 | 20,450 | ||||||
OEM and Emerging Markets | 8,779 | 8,806 | ||||||
Maritime | 4,789 | 8,830 | ||||||
Security | 3,816 | 1,686 | ||||||
Detection | 2,680 | (1,800 | ) | |||||
Other | (12,539 | ) | (18,787 | ) | ||||
$ | 65,754 | $ | 42,451 | |||||
Segment Assets | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Segment assets (accounts receivable, net and inventories): | ||||||||
Surveillance | $ | 285,707 | $ | 309,473 | ||||
Instruments | 112,430 | 119,629 | ||||||
OEM and Emerging Markets | 85,022 | 79,053 | ||||||
Maritime | 79,689 | 67,775 | ||||||
Security | 53,457 | 59,182 | ||||||
Detection | 35,782 | 40,151 | ||||||
$ | 652,087 | $ | 675,263 | |||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(as reclassified) | ||||||||
Segment goodwill: | ||||||||
Surveillance | $ | 119,977 | $ | 121,268 | ||||
Instruments | 148,956 | 155,527 | ||||||
OEM and Emerging Markets | 69,639 | 72,687 | ||||||
Maritime | 106,320 | 109,980 | ||||||
Security | 43,779 | 45,710 | ||||||
Detection | 48,109 | 48,163 | ||||||
$ | 536,780 | $ | 553,335 | |||||
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, | ||||||||
2015 | 2014 | |||||||
United States | $ | 158,650 | $ | 161,738 | ||||
Europe | 90,306 | 95,072 | ||||||
Other international | 95,561 | 94,732 | ||||||
$ | 344,517 | $ | 351,542 | |||||
Long-lived assets by significant geographic locations are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
United States | $ | 622,694 | $ | 623,522 | ||||
Europe | 336,511 | 319,661 | ||||||
Other international | 11,449 | 51,698 | ||||||
$ | 970,654 | $ | 994,881 | |||||
Revenue Derived from Major Customers | Revenue derived from major customers is as follows (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
US Government | $ | 53,320 | $ | 71,637 | ||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring and Related Costs [Table Text Block] | In 2013, the Company initiated a realignment plan that includes closing six 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 three months ended March 31, 2015 and 2014, the Company recorded net pre-tax restructuring expenses totaling $0.3 million and 8.4 million, respectively. The Company recorded the restructuring expenses in the segments as follows (in thousands): | |||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Surveillance | $ | 122 | $ | 4,118 | ||||||||
Instruments | 187 | 3,524 | ||||||||||
OEM and Emerging Markets | 2 | 167 | ||||||||||
Maritime | — | (141 | ) | |||||||||
Detection | 3 | 615 | ||||||||||
Other | — | 120 | ||||||||||
$ | 314 | $ | 8,403 | |||||||||
Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Cost of goods sold | $ | — | $ | 590 | ||||||||
Restructuring expenses | 314 | 7,813 | ||||||||||
$ | 314 | $ | 8,403 | |||||||||
The following table summarizes the activity by cost type (in thousands): | ||||||||||||
Severance and personnel costs | Facilities Exit, Lease Terminations & Other | Total | ||||||||||
Balance, December 31, 2014 | $ | 10,941 | $ | 1,485 | $ | 12,426 | ||||||
Additional costs | 277 | 37 | 314 | |||||||||
Utilization | (3,524 | ) | (1,040 | ) | (4,564 | ) | ||||||
Balance, March 31, 2015 | $ | 7,694 | $ | 482 | $ | 8,176 | ||||||
Stockbased_Compensation_Stockb1
Stock-based Compensation Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $4,757 | $8,756 |
Cost of goods sold | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 718 | 653 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,140 | 1,199 |
Selling, general and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 2,899 | 4,309 |
Restructuring Charges | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $0 | $2,595 |
Stockbased_Compensation_Stockb2
Stock-based Compensation Stock-based Compensation (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Capitalized in inventory | $782 | $729 |
Stockbased_Compensation_Stockb3
Stock-based Compensation Stock-based Compensation (Details textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation [Abstract] | |
Unrecognized stock-based compensation costs, net of estimated forfeitures | $27.60 |
Weighted average period of unrecognized stock-based compensation costs, net of estimated forfeitures | 1 year 8 months 12 days |
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, 2015 | Mar. 31, 2014 |
Numerator for earnings per share: | ||
Net earnings for basic and diluted earnings per share | $47,910 | $29,894 |
Denominator for earnings per share: | ||
Weighted average number of common shares outstanding | 139,768 | 140,932 |
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 1,704 | 2,896 |
Weighted average diluted shares outstanding | 141,472 | 143,828 |
Net_Earnings_Per_Share_Net_Ear2
Net Earnings Per Share Net Earnings Per Share (Details textual) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Effect of stock-based compensation awards, shares excluded for purposes of diluted earnings per share | 248,000 | 100,000 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Level 1 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cash equivalents | $29.90 | $29.80 |
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 | $257.80 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative, Notional Amount | $120,253 | $119,008 |
Swedish kronor | ||
Derivative, Notional Amount | 62,499 | 67,809 |
British pound sterling | ||
Derivative, Notional Amount | 17,644 | 14,928 |
Australian dollar | ||
Derivative, Notional Amount | 3,098 | 6,566 |
Japanese yen | ||
Derivative, Notional Amount | 3,572 | 3,718 |
Euro | ||
Derivative, Notional Amount | 6,498 | 5,391 |
Canada, Dollars | ||
Derivative, Notional Amount | 20,602 | 17,446 |
Other | ||
Derivative, Notional Amount | $6,340 | $3,150 |
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, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $261 | $112 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $2,348 | $3,247 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $120,253 | $119,008 |
Interest Rate Swap [Member] | March 15, 2013 Interest rate swap [Member] | ||
Derivative [Line Items] | ||
Contract date | 15-Mar-13 | |
Derivative, Notional Amount | 60,000 | |
Fixed rate | 1.02% | |
Effective date | 5-Apr-13 | |
Maturity date | 31-Mar-19 | |
Interest Rate Swap [Member] | March 29, 2013 Interest rate swap [Member] | ||
Derivative [Line Items] | ||
Contract date | 29-Mar-13 | |
Derivative, Notional Amount | $60,000 | |
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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative [Line Items] | ||
Net gain (loss) | ($4,000,000) | ($2,000,000) |
Maturities of foreign currency forward contracts | 3 years | |
Level 2 | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Net | 300,000 | |
Level 2 | Interest Rate Swap [Member] | Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,100,000 | |
Level 2 | Interest Rate Swap [Member] | Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | $800,000 | |
Term loan facility [Member] | ||
Derivative [Line Items] | ||
Effective interest rate | 2.49% |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Allowance for doubtful accounts receivable | $7.40 | $8 |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw material and subassemblies | $185,975 | $181,618 |
Work-in-progress | 48,593 | 37,139 |
Finished goods | 105,732 | 101,848 |
Total inventories | $340,300 | $320,605 |
Property_and_Equipment_Propert
Property and Equipment Property and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation | $240.60 | $248.20 |
Assets Held-for-sale, Property, Plant and Equipment | $2.50 |
Goodwill_Goodwill_Details
Goodwill Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $553,335 |
Currency translation adjustments | -16,555 |
Goodwill, end of period | $536,780 |
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated amortization | $78.70 | $75.10 |
Credit_Agreements_Credit_Agree
Credit Agreements Credit Agreements (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Line of Credit Facility [Abstract] | |
Letters of credit outstanding | $38.90 |
Total available credit | $161.10 |
Accrued_Product_Warranties_Acc1
Accrued Product Warranties Accrued Product Warrenties (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Accrued product warranties, beginning of period | $16,175 | $17,732 | |
Amounts paid for warranty services | -1,952 | -2,687 | |
Warranty provisions for products sold | 1,917 | 1,970 | |
Currency translation adjustments and other | -300 | -303 | |
Accrued product warranties, end of period | 15,840 | 16,712 | |
Current accrued product warranties, end of period | 13,199 | 13,751 | 13,538 |
Long-term accrued product warranties, end of period | $2,641 | $2,961 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Unsecured notes | $250,000 | $250,000 |
Term loan | 120,000 | 123,750 |
Unamortized discounts and issuance costs of unsecured notes | -649 | -764 |
Long-term Debt | 369,351 | 372,986 |
Current portion, long term debt | 15,000 | 15,000 |
Long-term debt | $354,351 | $357,986 |
LongTerm_Debt_Long_Term_Debt_D
Long-Term Debt Long Term Debt (Details textual) (USD $) | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Aug. 31, 2011 | Apr. 30, 2013 | Apr. 05, 2013 |
Debt Instrument [Line Items] | ||||
Senior unsecured notes, term (in years) | 5 years 0 months 0 days | |||
Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $250 | |||
Debt instrument, interest rate, stated percentage | 3.75% | |||
Debt instrument, maturity date | 1-Sep-16 | |||
Senior unsecured notes, proceeds | 247.7 | |||
Debt instrument, frequency of periodic payment | semiannually | |||
Senior unsecured notes, interest payment dates | March 1 and September 1 | |||
Term loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 150 | |||
Debt instrument, maturity date | 5-Apr-19 | |||
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 | monthly | |||
Debt Instrument, Date of First Required Payment | 30-Jun-13 | |||
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | 3.75 |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Stockholders' Equity Note [Abstract] | |
Common stock and additional paid-in capital, beginning of period | $1,396 |
Income tax benefit of common stock options exercised | 896 |
Common stock issued pursuant to stock-based compensation plans, net | 4,401 |
Stock-based compensation arrangements | 4,783 |
Common stock and additional paid-in capital, end of period | $11,476 |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity (Details textual) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 06, 2015 | Mar. 31, 2015 | Feb. 05, 2015 |
Stockholders Equity Note [Line Items] | |||
Common stock authorized to be repurchased, number of shares (in shares) | 15 | ||
Common stock dividends, paid per share (in dollars per share) | $0.11 | ||
Retained Earnings | |||
Stockholders Equity Note [Line Items] | |||
Common stock dividends, total cash paid | $15.40 |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2010 |
Loss Contingency [Abstract] | ||
Litigation settlement payment | ($28) | ($3) |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details Textuals) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $12.10 |
Accrued interest and penalties | $1 |
Income_Taxes_Income_Taxes_Deta1
Income Taxes Income Taxes (Details Parentheticals) | 3 Months Ended |
Mar. 31, 2015 | |
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 | 2014 |
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 | 2014 |
State of California | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2012 |
State of California | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2014 |
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 | 2014 |
Sweden | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2011 |
Sweden | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2014 |
United Kingdom | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2011 |
United Kingdom | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2014 |
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 | 2014 |
Operating_Segments_and_Related2
Operating Segments and Related Information Operating Segments and Related Information (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | $344,517 | $351,542 |
Intersegment revenue | 0 | 0 |
Earnings (loss) from operations | 65,754 | 42,451 |
Surveillance | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 112,901 | 123,087 |
Intersegment revenue | 3,682 | 2,415 |
Earnings (loss) from operations | 30,166 | 23,266 |
Instruments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 83,821 | 84,056 |
Intersegment revenue | 842 | 302 |
Earnings (loss) from operations | 28,063 | 20,450 |
OEM & Emerging Markets | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 39,834 | 47,915 |
Intersegment revenue | 8,686 | 5,166 |
Earnings (loss) from operations | 8,779 | 8,806 |
Maritime | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 50,972 | 52,575 |
Intersegment revenue | 657 | 665 |
Earnings (loss) from operations | 4,789 | 8,830 |
Security | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 38,806 | 29,309 |
Intersegment revenue | 3,976 | 1,655 |
Earnings (loss) from operations | 3,816 | 1,686 |
Detection | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue - External Customers | 18,183 | 14,600 |
Intersegment revenue | 0 | 21 |
Earnings (loss) from operations | 2,680 | -1,800 |
Other | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Intersegment revenue | -17,843 | -10,224 |
Earnings (loss) from operations | ($12,539) | ($18,787) |
Operating_Segments_and_Related3
Operating Segments and Related Information Operating Segments and Related Information (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | $652,087 | $675,263 |
Surveillance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 285,707 | 309,473 |
Instruments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 112,430 | 119,629 |
OEM & Emerging Markets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 85,022 | 79,053 |
Maritime | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 79,689 | 67,775 |
Security | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 53,457 | 59,182 |
Detection | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | $35,782 | $40,151 |
Operating_Segments_and_Related4
Operating Segments and Related Information Operating Segments and Related Information (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | $536,780 | $553,335 |
Surveillance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 119,977 | 121,268 |
Instruments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 148,956 | 155,527 |
OEM & Emerging Markets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 69,639 | 72,687 |
Maritime | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 106,320 | 109,980 |
Detection | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 48,109 | 48,163 |
Security | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | $43,779 | $45,710 |
Operating_Segments_and_Related5
Operating Segments and Related Information Operating Segments and Related Information (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $344,517 | $351,542 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 158,650 | 161,738 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 90,306 | 95,072 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $95,561 | $94,732 |
Operating_Segments_and_Related6
Operating Segments and Related Information Operating Segments and Related Information (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $970,654 | $994,881 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 622,694 | 623,522 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 336,511 | 319,661 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $11,449 | $51,698 |
Operating_Segments_and_Related7
Operating Segments and Related Information Operating Segments and Related Information (Details 7) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue, Major Customer [Line Items] | ||
Revenue | $344,517 | $351,542 |
US Government | ||
Revenue, Major Customer [Line Items] | ||
Revenue | $53,320 | $71,637 |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $314 | $7,813 |
Total COGS and SGA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 314 | 8,403 |
Surveillance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 122 | 4,118 |
Instruments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 187 | 3,524 |
OEM & Emerging Markets | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 2 | 167 |
Maritime | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 0 | -141 |
Security | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 0 | 0 |
Detection | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 3 | 615 |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $0 | $120 |
Restructuring_Costs_Details_2
Restructuring Costs (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $314 | $7,813 |
Cost of Goods Sold | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 0 | 590 |
Selling, general and administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 314 | 7,813 |
Total COGS and SGA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $314 | $8,403 |
Restructuring_Costs_Details_3
Restructuring Costs (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $314 | $7,813 |
Total COGS and SGA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, beginning balance | 12,426 | |
Restructuring expenses | 314 | 8,403 |
Restructuring and Related Cost, Incurred Cost | -4,564 | |
Restructuring Reserve, ending balance | 8,176 | |
Total COGS and SGA | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, beginning balance | 10,941 | |
Restructuring expenses | 277 | |
Restructuring and Related Cost, Incurred Cost | -3,524 | |
Restructuring Reserve, ending balance | 7,694 | |
Total COGS and SGA | Asset write-down [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, beginning balance | 0 | |
Restructuring expenses | 0 | |
Restructuring and Related Cost, Incurred Cost | 0 | |
Restructuring Reserve, ending balance | 0 | |
Total COGS and SGA | Facility Exit [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, beginning balance | 1,485 | |
Restructuring expenses | 37 | |
Restructuring and Related Cost, Incurred Cost | -1,040 | |
Restructuring Reserve, ending balance | $482 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Dividend declared, USD $) | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Jun. 05, 2015 | 22-May-15 | Apr. 23, 2015 | Jun. 05, 2015 |
Dividend declared | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.11 | |||
Quarterly dividend, date declared | 23-Apr-15 | |||
Quarterly dividend, date to be paid | 5-Jun-15 | |||
Quarterly dividend, date of record | 22-May-15 | |||
Quarterly dividend, amount declared | $15.40 | $15.40 |