Teledyne FLIR (FLIR) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document and Entity [Abstract]
Entity Registrant Name	FLIR SYSTEMS INC
Entity Central Index Key	354,908
Trading Symbol	FLIR
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		136,129,920

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenue	$ 405,228	$ 381,928	$ 1,187,429	$ 1,119,420
Cost of goods sold	213,852	201,189	635,041	573,169
Gross profit	191,376	180,739	552,388	546,251
Operating expenses:
Research and development	32,664	31,200	106,020	101,100
Selling, general and administrative	77,863	73,557	242,930	232,884
Total operating expenses	110,527	104,757	348,950	333,984
Earnings from operations	80,849	75,982	203,438	212,267
Interest expense	5,736	3,670	13,543	10,689
Interest income	(336)	(319)	(924)	(861)
Other expense, net	241	1,455	138	1,775
Earnings before income taxes	75,208	71,176	190,681	200,664
Income tax provision (benefit)	16,575	(1,896)	85,555	29,182
Net earnings	$ 58,633	$ 73,072	$ 105,126	$ 171,482
Earnings per share:
Basic	$ 0.43	$ 0.52	$ 0.76	$ 1.23
Diluted	$ 0.43	$ 0.52	$ 0.76	$ 1.21
Weighted average shares outstanding:
Basic	136,963	139,596	137,438	139,808
Diluted	137,938	140,525	138,594	141,262

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 58,633	$ 73,072	$ 105,126	$ 171,482
Other comprehensive income (loss), net of tax:
Cash flow hedges	292	(599)	(573)	(1,009)
Foreign currency translation adjustments	(7,724)	(16,672)	(9,250)	(52,138)
Total other comprehensive loss	(7,432)	(17,271)	(9,823)	(53,147)
Comprehensive income	$ 51,201	$ 55,801	$ 95,303	$ 118,335

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 677,688	$ 472,785
Accounts receivable, net	309,602	326,098
Inventories	380,225	393,092
Prepaid expenses and other current assets	88,625	95,539
Total current assets	1,456,140	1,287,514
Property and equipment, net	267,149	272,629
Deferred income taxes, net	55,194	55,429
Goodwill	626,243	596,316
Intangible assets, net	135,878	141,302
Other assets	47,290	53,210
Total assets	2,587,894	2,406,400
Current liabilities:
Accounts payable	109,663	139,540
Deferred revenue	36,553	31,933
Accrued payroll and related liabilities	54,277	54,806
Accrued product warranties	16,759	13,406
Advance payments from customers	28,680	33,848
Accrued expenses	35,449	40,930
Accrued income taxes	6,133	201
Other current liabilities	8,134	5,987
Current portion, long term debt	15,000	264,694
Total current liabilities	310,648	585,345
Long-term debt	501,606	93,750
Deferred income taxes	3,711	3,623
Accrued income taxes	53,397	10,457
Other long-term liabilities	65,126	63,710
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at September 30, 2016, and December 31, 2015	0	0
Common stock, $0.01 par value, 500,000 shares authorized, 136,127 and 137,350 shares issued at September 30, 2016, and December 31, 2015, respectively, and additional paid-in capital	1,361	1,374
Retained earnings	1,786,994	1,773,267
Accumulated other comprehensive loss	(134,949)	(125,126)
Total shareholders’ equity	1,653,406	1,649,515
Total liabilities and shareholders' equity	$ 2,587,894	$ 2,406,400

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2016	Dec. 31, 2015
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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 105,126	$ 171,482
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	41,857	36,465
Deferred income taxes	(200)	(17,238)
Stock-based compensation arrangements	21,253	19,449
Other, net	19,830	4,346
Increase (decrease) in cash, net of acquisitions, resulting from changes in:
Accounts receivable	19,951	43,295
Inventories	20,211	(72,531)
Prepaid expenses	(3,129)	1,784
Other assets	(18,861)	(1,775)
Accounts payable	(35,507)	29,011
Deferred revenue	4,859	(106)
Accrued payroll and other liabilities	(13,614)	(21,055)
Accrued income taxes	51,856	(957)
Pension & other long term liabilities	1,595	5,309
Net cash provided by operating activities	215,227	197,479
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment	(27,682)	(50,146)
Proceeds on sale of property and equipment	6,986	30
Business acquisitions, net of cash acquired	42,445	0
Net cash used by investing activities	(63,141)	(50,116)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from credit agreement and long-term debt	524,826	0
Repayments of credit agreements and long-term debt	(367,435)	(11,250)
Dividends paid	(66,057)	(93,381)
Proceeds from employee stock based compensation plans	(49,564)	(46,193)
Excess tax benefits from share-based payment arrangements	7,347	21,188
Other financing activities	1,605	4,216
Proceeds from (Payments for) Other Financing Activities	10	(10)
Net cash provided (used) by financing activities	50,732	(125,430)
Effect of exchange rates on cash and cash equivalents	2,085	(27,931)
Net increase (decrease) in cash and cash equivalents	204,903	(5,998)
Cash and cash equivalents, beginning of period	472,785	531,374
Cash and cash equivalents, end of period	$ 677,688	$ 525,376

Basis of Presenation

Basis of Presenation	9 Months Ended
	Sep. 30, 2016
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, 2015 . The accompanying consolidated financial statements include the accounts of FLIR Systems, Inc. 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, 2016 . Reclassifications The Company made certain reclassifications to the prior year's financial statements to conform them to the presentation as of September 30, 2016 . Restructuring expenses of $0.3 million and $1.1 million have been reclassified to research and development expenses and selling, general and administrative expenses, for the three and nine months ended September 30, 2015 , respectively. These reclassifications had no effect on consolidated financial position, shareholders' equity or net cash flows for any of the periods presented.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
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 Company's Board of Directors. Under the stock-based compensation program, the Company has granted time-based options, time-based restricted stock unit awards, performance-based restricted stock unit awards and market-based restricted stock unit awards. Options generally expire ten years from their grant dates. Time-based options and restricted stock unit awards generally vest over a three year period. Shares issuable under the performance-based restricted stock unit awards are earned based upon the Company's return on invested capital over a three year period. Shares issuable under market-based restricted stock unit awards are earned based upon the Company's total shareholder return compared to the total shareholder return over a three year period of the component company at the 60th percentile level in the Standard & Poor's 500 Index. Shares vested under the performance-based restricted stock unit awards and the market-based restricted stock unit awards must be held by the participant for a period of one year from the vest date. 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 employees 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of goods sold $ 881 $ 799 $ 2,351 $ 2,283 Research and development 1,225 1,259 3,639 3,584 Selling, general and administrative 4,766 4,454 15,263 13,582 Stock-based compensation expense $ 6,872 $ 6,512 $ 21,253 $ 19,449 Stock-based compensation costs capitalized in inventory are as follows (in thousands): September 30, 2016 2015 Capitalized in inventory $ 585 $ 667 As of September 30, 2016 , the Company had $46.5 million of total unrecognized stock-based compensation costs, net of estimated forfeitures, to be recognized over a weighted average period of 2.1 years.

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator for earnings per share: Net earnings for basic and diluted earnings per share $ 58,633 $ 73,072 $ 105,126 $ 171,482 Denominator for earnings per share: Weighted average number of common shares outstanding 136,963 139,596 137,438 139,808 Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method 975 929 1,156 1,454 Weighted average diluted shares outstanding 137,938 140,525 138,594 141,262 The effect of outstanding stock-based compensation awards for the three and nine months ended September 30, 2016 , which in the aggregate consisted of 322,000 and 317,000 shares, respectively; and for the three and nine months ended September 30, 2015 , which in the aggregate consisted of 457,000 and 316,000 shares, respectively, have been excluded for purposes of calculating diluted earnings per share since their inclusion would have an anti-dilutive effect.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
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 Measurement”: 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 $147.3 million and $29.0 million of cash equivalents at September 30, 2016 and December 31, 2015 , 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 September 30, 2016 and December 31, 2015 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 $440.1 million and $254.1 million based upon Level 2 inputs at September 30, 2016 and December 31, 2015 , respectively. The fair value of the Company's borrowings under the revolving credit facility, 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 Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2016
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 expense, net are offset by the reciprocal gains and losses generated from foreign currency changes on the settlement of underlying assets or liabilities which originally gave rise to the exposure. The net losses for the three and nine months ended September 30, 2016 were $3.1 million and $5.2 million , respectively. The net losses for the three and nine months ended September 30, 2015 were $8.9 million and $7.0 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): September 30, December 31, Swedish kronor $ 89,433 $ 59,198 Euro 52,277 281 Canadian dollar 12,978 10,799 British pound sterling 7,484 10,203 Brazilian real 7,478 6,440 Australian dollar 4,967 2,342 Japanese yen 1,011 2,124 Other — 526 $ 175,628 $ 91,913 At September 30, 2016 , the Company’s foreign currency forward contracts, in general, had maturities of one month 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): September 30, 2016 December 31, 2015 Other current assets Other current liabilities Other current assets Other current liabilities Foreign currency forward contracts $ 61 $ 1,811 $ 767 $ 1,314 Interest Rate Swap Contracts At September 30, 2016 , the effective interest rate on the Company's revolving credit facility was 2.37 percent . As of September 30, 2016 , the following interest rate swaps were outstanding: Contract Date Notional Amount (in millions) Fixed Rate Effective Date Maturity Date March 15, 2013 $ 48.8 1.02 % April 5, 2013 March 31, 2019 March 29, 2013 $ 48.8 0.97 % April 5, 2013 March 31, 2019 The net fair value carrying amount of the Company's interest rate swaps was a liability of $0.4 million of which $0.3 million has been recorded in other current liabilities and $0.1 million has been recorded to other long-term liabilities in the Consolidated Balance Sheet as of September 30, 2016 .

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2016
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 $7.0 million at September 30, 2016 and $6.9 million at December 31, 2015 .

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands): September 30, December 31, Raw material and subassemblies $ 192,057 $ 216,107 Work-in-progress 55,007 38,639 Finished goods 133,161 138,346 $ 380,225 $ 393,092

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment are net of accumulated depreciation of $273.2 million and $253.4 million at September 30, 2016 and December 31, 2015 , respectively.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2016
Disclosure - Goodwill - Additional Information [Abstract]
Goodwill	Goodwill The carrying value of goodwill and the activity for the nine months ended September 30, 2016 are as follows (in thousands): Balance, December 31, 2015 $ 596,316 Goodwill from acquisitions 35,203 Currency translation adjustments and other (5,276 ) Balance, September 30, 2016 $ 626,243 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 at September 30, 2016 . See Note 18, "Business Acquisitions," of the Notes to the Consolidated Financial Statements for additional information on the addition of goodwill from acquisitions.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2016
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets are net of accumulated amortization of $73.3 million and $61.3 million at September 30, 2016 and December 31, 2015 , respectively.

Credit Agreements

Credit Agreements	9 Months Ended
	Sep. 30, 2016
Line of Credit Facility [Abstract]
Credit Agreements	Credit Agreement At September 30, 2016 , the Company had $97.5 million borrowings outstanding under its revolving credit facility pursuant to the Credit Agreement, dated February 8, 2011, by and among the Company, 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, October 27, 2015 and May 31, 2016 (the "Credit Agreement"), and had $21.6 million of letters of credit outstanding, which reduced the available credit under the revolving credit facility to $380.9 million .

Accrued Product Warranties

Accrued Product Warranties	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Accrued product warranties, beginning of period $ 17,492 $ 16,023 $ 16,514 $ 16,175 Amounts paid for warranty services (3,624 ) (3,731 ) (13,221 ) (10,701 ) Warranty provisions for products sold 5,099 3,567 15,658 10,551 Currency translation and acquisition adjustments 1,025 (23 ) 1,041 (189 ) Accrued product warranties, end of period $ 19,992 $ 15,836 $ 19,992 $ 15,836 Current accrued product warranties, end of period $ 16,759 $ 13,213 Long-term accrued product warranties, end of period $ 3,233 $ 2,623

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in thousands): September 30, December 31, Unsecured notes $ 425,000 $ 250,000 Term loan — 108,750 Credit Agreement 97,500 — Unamortized discounts and issuance costs (5,894 ) (306 ) $ 516,606 $ 358,444 Current portion, long-term debt $ 15,000 $ 264,694 Long-term debt $ 501,606 $ 93,750 In August 2011, the Company issued $250 million aggregate principal amount of its 3.75 percent senior unsecured notes due September 1, 2016 (the “2011 Notes”). The 2011 Notes were repaid on July 5, 2016. The Company recorded a $1.3 million loss on the extinguishment of the 2011 Notes in Interest expense during the three months ended September 30, 2016. In June 2016, the Company issued $425 million aggregate principal amount of its 3.125 percent senior unsecured notes due June 15, 2021 (the “2016 Notes”). The net proceeds from the issuance of the 2016 Notes were approximately $421.0 million , after deducting underwriting discounts and offering expenses, which are being amortized over a period of five years. Interest on the 2016 Notes is payable semiannually in arrears on December 15 and June 15 . The proceeds from the 2016 Notes were used to repay the principal amount of the 2011 Notes outstanding in July 2016 and are being used for other general corporate purposes, including 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, consisted of a $150 million term loan facility and a revolving credit facility. On May 31, 2016, the Company repaid its term loan and drew down $105.0 million under the revolving credit facility. Interest on amounts outstanding under the revolving credit facility accrues at the one-month LIBOR rate plus the applicable scheduled spread for the amount outstanding and is paid monthly in arrears. 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 revolving credit facility at September 30, 2016 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2016 (in thousands): Common stock and additional paid-in capital, December 31, 2015 $ 1,374 Income tax benefit of common stock options exercised 1,477 Common stock issued pursuant to stock-based compensation plans, net 1,585 Stock-based compensation expense 21,147 Repurchase of common stock (24,222 ) Common stock and additional paid-in capital, September 30, 2016 $ 1,361 On February 5, 2015, the Company's Board of Directors authorized the repurchase in the open market or through privately negotiated transactions of up to 15.0 million shares of the Company's outstanding common stock. The authorization will expire on February 5, 2017. During the nine months ended September 30, 2016 , the Company repurchased 2.1 million shares for an aggregate purchase price of $66.1 million , of which $24.2 million reduced common stock and additional paid in capital and $41.9 million reduced retained earnings. Note 14. Shareholders’ Equity - (Continued) On September 2, 2016 , the Company paid a dividend of $0.12 per share on its outstanding common stock to the shareholders of record as of the close of business on August 19, 2016 . The total cash payments for dividends during the nine months ended September 30, 2016 were $49.6 million .

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2016
Loss Contingency [Abstract]
Contingencies	Contingencies FLIR Systems, Inc. and its subsidiary, FLIR Commercial Systems, Inc. (formerly known as Indigo Systems Corporation) (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 of the FLIR Parties infringed any of the trade secrets claimed and awarded Raytheon no damages. On March 31, 2016 the United States District Court for the Eastern District of Texas issued a Final Judgment denying Raytheon’s claims and awarding FLIR court costs and denying each of Raytheon’s and FLIR’s Renewed Motions for Judgment as a Matter of Law and denying FLIR’s Amended Rule 54(d) Motion for Attorneys’ Fees and Costs Under the Texas Theft Liability Act. On April 29, 2016, Raytheon filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit of the denial by the United States District Court for the Eastern District of Texas of Raytheon’s Renewed Motion for Judgment as a Matter of Law, or in the Alternative, Motion for New Trial. On May 11, 2016, the FLIR Parties filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit of the Order of the United States District Court for the Eastern District of Texas Denying the FLIR Parties’ Amended Rule 54(d) Motion for Attorneys’ Fees and Costs under the Texas Theft Liability Act, the Order Denying the FLIR Parties’ Renewed Motion For Judgment as a Matter Of Law, and the Final Judgment to the extent it denied the FLIR Parties Attorneys’ Fees and Costs 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. On October 22, 2014, the Company initially contacted the United States Department of State Office of Defense Trade Controls Compliance (“DDTC”), pursuant to International Traffic in Arms Regulation (“ITAR”) § 127.12(c), regarding the unauthorized export of technical data and defense services to dual and third country nationals in at least four facilities of the Company. On April 27, 2015, the Company submitted its initial report to DDTC regarding the details of the issues raised in the October 22, 2014 submission. DDTC subsequently notified the Company that it was considering administrative proceedings under Part 128 of ITAR and requested a tolling agreement, which the Company executed on June 16, 2015. On June 6, 2016, the Company executed a subsequent tolling agreement extending the tolling period for matters to be potentially included in an administrative proceeding for an additional 18 months until December 2017. DDTC continues its review and the Company is unable to reasonably estimate the time it may take to resolve the matter or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with this matter. However, an unfavorable outcome could result in fines and penalties or loss or modification of exporting privileges that could potentially be material to the financial condition and results of operations of the Company in and following the period in which such an outcome becomes estimable or known. Note 15. Contingencies - (Continued) In March 2016, the Company learned of potential quality concerns with respect to as many as 312 Level III and Level IV SkyWatch Surveillance Towers sold by FLIR and companies acquired by FLIR from 2002 through 2014. During the quarter ended September 30, 2016, the Company identified the cause of these quality issues and tested certain remedial solutions which may be required to repair the affected SkyWatch Towers. Testing of the remedial solution is ongoing. The Company has notified customers who purchased the affected SkyWatch Towers of the potential concerns and, as a precautionary measure, has also temporarily suspended production of all Level III and Level IV SkyWatch Towers pending the completion of its review and the implementation of any necessary remedial measures. While there still remains uncertainty related to estimating the costs associated with a potential remedy and number of units which may require such remedy, the Company currently estimates the range of potential loss to be between $2 million and $20 million. As no single amount within the range is a better estimate than any other amount within the range, the Company has recorded a liability of $2 million as of September 30, 2016. Factors underlying this estimated range of loss may change from time to time, and actual results may vary significantly from this estimate The Company is also subject to other legal and administrative proceedings, investigations, claims and litigation arising in the ordinary course of business not specifically identified above. In these identified matters and others not specifically identified, the Company makes a provision for a liability with respect to a matter when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated for such matter. The Company believes it has recorded adequate provisions for any probable and estimable losses for matters in existence on the date hereof. While the outcome of each of these matters is currently not determinable, the Company does not expect that the ultimate resolution of any such matter will individually have a material adverse effect on the Company’s financial position, results of operations or cash flows. The costs to resolve all such matters may in the aggregate have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision (benefit) for income taxes was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income tax provision (benefit) $ 16,575 $ (1,896 ) $ 85,555 $ 29,182 Effective tax rate 22.0 % (2.7 )% 44.9 % 14.5 % The effective tax rate for the three months ended September 30, 2016 is lower than the US Federal tax rate of 35 percent because of the mix of lower foreign jurisdiction tax rates, the effect of federal, foreign and state tax credits and discrete adjustments. During the first quarter of 2016, the Company recorded discrete tax expenses of $40.0 million primarily related to the European Commission’s decision regarding certain tax legislation in Belgium impacting one of the Company’s international subsidiaries. The Belgian Government announced that they have appealed this decision and filed an action for annulment with the General Court of the European Union. In July 2016, the Company filed a separate appeal with the General Court of the European Union. The outcome of an appeal, new information received from the Belgian Government, or other future events may cause the income tax provision associated with the decision to be entirely or partially reversed. As of September 30, 2016 , the Company had approximately $53.4 million of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. The Company anticipates an immaterial portion of its net unrecognized tax benefits will be recognized within 12 months as the result of settlements or effective settlements with various tax authorities, the closure of certain audits and the lapse of the applicable statute of limitations. The Company classifies interest and penalties related to uncertain tax positions as income tax expense. As of September 30, 2016 , the Company had approximately $2.2 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 2013 – 2015 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	9 Months Ended
	Sep. 30, 2016
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, hand-held and weapon-mounted thermal and image intensified imaging systems for use by consumers 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. 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. OEM & Emerging Markets The OEM & 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, imaging solutions for the smartphone and mobile devices market, and provides thermal cameras and cores for use or integration into unmanned aerial systems. 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. Note 17. Operating Segments and Related Information - (Continued) Operating Segments - (Continued) 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 ("CBRNE") threats for military force protection, homeland security, and commercial applications. Operating segment information is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue – External Customers: Surveillance $ 136,402 $ 131,598 $ 373,993 $ 352,312 Instruments 82,673 74,796 240,160 248,877 Security 56,431 59,331 166,872 158,185 OEM & Emerging Markets 62,719 51,448 167,544 137,568 Maritime 40,586 38,920 147,469 141,922 Detection 26,417 25,835 91,391 80,556 $ 405,228 $ 381,928 $ 1,187,429 $ 1,119,420 Revenue – Intersegments: Surveillance $ 5,001 $ 2,653 $ 13,980 $ 8,400 Instruments 709 777 3,498 2,687 Security 4,267 2,386 10,575 10,393 OEM & Emerging Markets 7,518 8,020 24,528 25,778 Maritime 656 85 2,728 1,667 Detection — — 31 — Elimination (18,151 ) (13,921 ) (55,340 ) (48,925 ) $ — $ — $ — $ — Earnings (loss) from operations: Surveillance $ 38,427 $ 39,918 $ 99,801 $ 96,464 Instruments 27,010 21,555 65,640 77,959 Security 2,958 7,222 2,527 18,911 OEM & Emerging Markets 19,936 14,233 46,063 33,507 Maritime 2,391 1,848 14,110 13,058 Detection 6,641 5,290 24,484 17,349 Other (16,514 ) (14,084 ) (49,187 ) (44,981 ) $ 80,849 $ 75,982 $ 203,438 $ 212,267 Note 17. Operating Segments and Related Information - (Continued) Operating Segments - (Continued) September 30, December 31, Segment assets (accounts receivable, net and inventories): Surveillance $ 275,705 $ 285,602 Instruments 110,048 130,363 Security 93,646 105,737 OEM & Emerging Markets 118,408 93,925 Maritime 62,290 73,506 Detection 29,730 30,057 $ 689,827 $ 719,190 September 30, December 31, Segment goodwill: Surveillance $ 151,123 $ 120,145 Instruments 150,638 149,582 Security 105,630 101,955 OEM & Emerging Markets 70,380 69,973 Maritime 100,489 106,549 Detection 47,983 48,112 $ 626,243 $ 596,316 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 United States 229,350 216,237 647,938 587,637 Canada/Latin America 19,401 23,825 66,727 60,224 Europe 71,949 66,207 240,656 255,331 Middle East/Africa 41,889 37,253 98,231 89,830 Asia 42,639 38,406 133,877 126,398 $ 405,228 $ 381,928 $ 1,187,429 $ 1,119,420 Long-lived assets by significant geographic locations are as follows (in thousands): September 30, December 31, United States $ 692,391 $ 666,759 Europe 369,906 383,501 Other international 14,263 13,197 $ 1,076,560 $ 1,063,457 Note 17. Operating Segments and Related Information - (Continued) Major Customers Revenue derived from major customers is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 US Government $ 112,737 $ 79,297 $ 298,479 $ 208,742

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 20, 2016 , the Company’s Board of Directors declared a quarterly dividend of $0.12 per share on its common stock, payable on December 2, 2016 , to shareholders of record as of the close of business on November 18, 2016 . The total cash payment of this dividend will be approximately $16.3 million . On November 4, 2016, the Company's subsidiary, FLIR Integrated Imaging Solutions, Inc., completed its previously announced acquisition of the assets of Point Grey Research Inc., for approximately $259 million in cash, which is subject to a post-closing working capital adjustment.

Basis of Presenation Basis of P

Basis of Presenation Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of consolidation	The accompanying consolidated financial statements include the accounts of FLIR Systems, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cost of goods sold $ 881 $ 799 $ 2,351 $ 2,283 Research and development 1,225 1,259 3,639 3,584 Selling, general and administrative 4,766 4,454 15,263 13,582 Stock-based compensation expense $ 6,872 $ 6,512 $ 21,253 $ 19,449 Stock-based compensation costs capitalized in inventory are as follows (in thousands): September 30, 2016 2015 Capitalized in inventory $ 585 $ 667

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator for earnings per share: Net earnings for basic and diluted earnings per share $ 58,633 $ 73,072 $ 105,126 $ 171,482 Denominator for earnings per share: Weighted average number of common shares outstanding 136,963 139,596 137,438 139,808 Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method 975 929 1,156 1,454 Weighted average diluted shares outstanding 137,938 140,525 138,594 141,262

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
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): September 30, December 31, Swedish kronor $ 89,433 $ 59,198 Euro 52,277 281 Canadian dollar 12,978 10,799 British pound sterling 7,484 10,203 Brazilian real 7,478 6,440 Australian dollar 4,967 2,342 Japanese yen 1,011 2,124 Other — 526 $ 175,628 $ 91,913
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): September 30, 2016 December 31, 2015 Other current assets Other current liabilities Other current assets Other current liabilities Foreign currency forward contracts $ 61 $ 1,811 $ 767 $ 1,314
Interest rate swaps outstanding	As of September 30, 2016 , the following interest rate swaps were outstanding: Contract Date Notional Amount (in millions) Fixed Rate Effective Date Maturity Date March 15, 2013 $ 48.8 1.02 % April 5, 2013 March 31, 2019 March 29, 2013 $ 48.8 0.97 % April 5, 2013 March 31, 2019

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consist of the following (in thousands): September 30, December 31, Raw material and subassemblies $ 192,057 $ 216,107 Work-in-progress 55,007 38,639 Finished goods 133,161 138,346 $ 380,225 $ 393,092

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine months ended September 30, 2016 are as follows (in thousands): Balance, December 31, 2015 $ 596,316 Goodwill from acquisitions 35,203 Currency translation adjustments and other (5,276 ) Balance, September 30, 2016 $ 626,243

Accrued Product Warrenties (Tab

Accrued Product Warrenties (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Accrued product warranties, beginning of period $ 17,492 $ 16,023 $ 16,514 $ 16,175 Amounts paid for warranty services (3,624 ) (3,731 ) (13,221 ) (10,701 ) Warranty provisions for products sold 5,099 3,567 15,658 10,551 Currency translation and acquisition adjustments 1,025 (23 ) 1,041 (189 ) Accrued product warranties, end of period $ 19,992 $ 15,836 $ 19,992 $ 15,836 Current accrued product warranties, end of period $ 16,759 $ 13,213 Long-term accrued product warranties, end of period $ 3,233 $ 2,623

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following (in thousands): September 30, December 31, Unsecured notes $ 425,000 $ 250,000 Term loan — 108,750 Credit Agreement 97,500 — Unamortized discounts and issuance costs (5,894 ) (306 ) $ 516,606 $ 358,444 Current portion, long-term debt $ 15,000 $ 264,694 Long-term debt $ 501,606 $ 93,750

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Common stock and additional paid-in capital activity	The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2016 (in thousands): Common stock and additional paid-in capital, December 31, 2015 $ 1,374 Income tax benefit of common stock options exercised 1,477 Common stock issued pursuant to stock-based compensation plans, net 1,585 Stock-based compensation expense 21,147 Repurchase of common stock (24,222 ) Common stock and additional paid-in capital, September 30, 2016 $ 1,361

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
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 2013 – 2015 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 Relate35

Operating Segments and Related Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Operating Segment Information	Operating segment information is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue – External Customers: Surveillance $ 136,402 $ 131,598 $ 373,993 $ 352,312 Instruments 82,673 74,796 240,160 248,877 Security 56,431 59,331 166,872 158,185 OEM & Emerging Markets 62,719 51,448 167,544 137,568 Maritime 40,586 38,920 147,469 141,922 Detection 26,417 25,835 91,391 80,556 $ 405,228 $ 381,928 $ 1,187,429 $ 1,119,420 Revenue – Intersegments: Surveillance $ 5,001 $ 2,653 $ 13,980 $ 8,400 Instruments 709 777 3,498 2,687 Security 4,267 2,386 10,575 10,393 OEM & Emerging Markets 7,518 8,020 24,528 25,778 Maritime 656 85 2,728 1,667 Detection — — 31 — Elimination (18,151 ) (13,921 ) (55,340 ) (48,925 ) $ — $ — $ — $ — Earnings (loss) from operations: Surveillance $ 38,427 $ 39,918 $ 99,801 $ 96,464 Instruments 27,010 21,555 65,640 77,959 Security 2,958 7,222 2,527 18,911 OEM & Emerging Markets 19,936 14,233 46,063 33,507 Maritime 2,391 1,848 14,110 13,058 Detection 6,641 5,290 24,484 17,349 Other (16,514 ) (14,084 ) (49,187 ) (44,981 ) $ 80,849 $ 75,982 $ 203,438 $ 212,267
Segment Assets	September 30, December 31, Segment assets (accounts receivable, net and inventories): Surveillance $ 275,705 $ 285,602 Instruments 110,048 130,363 Security 93,646 105,737 OEM & Emerging Markets 118,408 93,925 Maritime 62,290 73,506 Detection 29,730 30,057 $ 689,827 $ 719,190 September 30, December 31, Segment goodwill: Surveillance $ 151,123 $ 120,145 Instruments 150,638 149,582 Security 105,630 101,955 OEM & Emerging Markets 70,380 69,973 Maritime 100,489 106,549 Detection 47,983 48,112 $ 626,243 $ 596,316
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 United States 229,350 216,237 647,938 587,637 Canada/Latin America 19,401 23,825 66,727 60,224 Europe 71,949 66,207 240,656 255,331 Middle East/Africa 41,889 37,253 98,231 89,830 Asia 42,639 38,406 133,877 126,398 $ 405,228 $ 381,928 $ 1,187,429 $ 1,119,420 Long-lived assets by significant geographic locations are as follows (in thousands): September 30, December 31, United States $ 692,391 $ 666,759 Europe 369,906 383,501 Other international 14,263 13,197 $ 1,076,560 $ 1,063,457
Revenue Derived from Major Customers	Revenue derived from major customers is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 US Government $ 112,737 $ 79,297 $ 298,479 $ 208,742

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,872	$ 6,512	$ 21,253	$ 19,449
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	881	799	2,351	2,283
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,225	1,259	3,639	3,584
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,766	$ 4,454	$ 15,263	$ 13,582

Stock-based Compensation (Det37

Stock-based Compensation (Details textual) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Share-based Compensation [Abstract]
Unrecognized stock-based compensation costs, net of estimated forfeitures	$ 46.5
Weighted average period of unrecognized stock-based compensation costs, net of estimated forfeitures	2 years 1 month 6 days

Net Earnings Per Share (Details

Net Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator for earnings per share:
Net earnings for basic and diluted earnings per share	$ 58,633	$ 73,072	$ 105,126	$ 171,482
Denominator for earnings per share:
Weighted average number of common shares outstanding	136,963	139,596	137,438	139,808
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method	975	929	1,156	1,454
Weighted average diluted shares outstanding	137,938	140,525	138,594	141,262

Net Earnings Per Share (Detai39

Net Earnings Per Share (Details textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Effect of stock-based compensation awards, shares excluded for purposes of diluted earnings per share	322,000	457,000	317,000	316,000

Fair Value of Financial Instr40

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Level 1
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cash equivalents	$ 147.3	$ 29
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	$ 440.1	$ 254.1

Derivative Financial Instrume41

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative, Notional Amount	$ 175,628	$ 91,913
Swedish kronor
Derivative, Notional Amount	89,433	59,198
Canadian dollar
Derivative, Notional Amount	52,277	281
Canada, Dollars
Derivative, Notional Amount	12,978	10,799
Brazil, Brazil Real
Derivative, Notional Amount	7,484	10,203
Australian dollar
Derivative, Notional Amount	7,478	6,440
Japan, Yen
Derivative, Notional Amount	4,967	2,342
British pound sterling
Derivative, Notional Amount	1,011	2,124
Other
Derivative, Notional Amount	$ 0	$ 526

Derivative Financial Instrume42

Derivative Financial Instruments (Details 2) - Level 2 - Foreign currency forward contracts - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other current assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 61	$ 767
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 1,811	$ 1,314

Derivative Financial Instrume43

Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative, Notional Amount	$ 175,628	$ 91,913
Interest Rate Swap [Member] | March 15, 2013 Interest rate swap [Member]
Derivative [Line Items]
Contract date	Mar. 15, 2013
Derivative, Notional Amount	$ 48,800
Fixed rate	1.02%
Effective date	Apr. 5, 2013
Maturity date	Mar. 31, 2019
Interest Rate Swap [Member] | March 29, 2013 Interest rate swap [Member]
Derivative [Line Items]
Contract date	Mar. 29, 2013
Derivative, Notional Amount	$ 48,800
Fixed rate	0.97%
Effective date	Apr. 5, 2013
Maturity date	Mar. 31, 2019

Derivative Financial Instrume44

Derivative Financial Instruments (Details textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Net gain (loss)	$ (3.1)	$ (8.9)	$ (5.2)	$ (7)
Maturities of foreign currency forward contracts			1 month
Level 2 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Net	(0.4)		$ (0.4)
Level 2 | Interest Rate Swap [Member] | Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Liability	0.3		0.3
Level 2 | Interest Rate Swap [Member] | Other current liabilities
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Liability	$ 0.1		$ 0.1
Term loan facility [Member]
Derivative [Line Items]
Effective interest rate	2.37%		2.37%

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Allowance for doubtful accounts receivable	$ 7	$ 6.9

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw material and subassemblies	$ 192,057	$ 216,107
Work-in-progress	55,007	38,639
Finished goods	133,161	138,346
Total inventories	$ 380,225	$ 393,092

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Accumulated depreciation	$ 273.2	$ 253.4

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill [Line Items]
Goodwill, Acquired During Period	$ 35,203
Goodwill [Roll Forward]
Goodwill, beginning of period	596,316
Currency translation adjustments and other	(5,276)
Goodwill, end of period	$ 626,243

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ 73.3	$ 61.3

Credit Agreements (Details)

Credit Agreements (Details) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Line of Credit Facility [Abstract]
Line of Credit Assumed	$ 105
Letters of credit outstanding	21.6
Total available credit	$ 380.9

Accrued Product Warrenties (Det

Accrued Product Warrenties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued product warranties, beginning of period	$ 17,492	$ 16,023	$ 16,514	$ 16,175
Amounts paid for warranty services	(3,624)	(3,731)	(13,221)	(10,701)
Warranty provisions for products sold	5,099	3,567	15,658	10,551
Currency translation and acquisition adjustments	1,025	(23)	1,041	(189)
Accrued product warranties, end of period	19,992	15,836	19,992	15,836
Current accrued product warranties, end of period	16,759	13,213	16,759	13,213	$ 13,406
Long-term accrued product warranties, end of period	$ 3,233	$ 2,623	$ 3,233	$ 2,623

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Unsecured notes	$ 425,000	$ 250,000
Term loan	0	108,750
Line of Credit, Current	97,500
Unamortized discounts and issuance costs	(5,894)	(306)
Long-term Debt	516,606	358,444
Current portion, long term debt	15,000	264,694
Long-term debt	$ 501,606	$ 93,750

Long Term Debt (Details textual

Long Term Debt (Details textual) - USD ($) $ in Millions	Jun. 15, 2021	Sep. 01, 2016	Apr. 30, 2013	Sep. 30, 2016	Jun. 01, 2016	Apr. 05, 2013	Aug. 31, 2011
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		Sep. 1, 2016
Three Point One Two Five Percent Senior Unsecured Notes Due June Fifteenth Twenty Twenty Five [Domain]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 425
Debt instrument, interest rate, stated percentage				3.125%
Senior unsecured notes, proceeds				$ 421
Debt instrument, frequency of periodic payment				semiannually
Senior unsecured notes, interest payment dates				December 15 and June 15
Term loan facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						$ 150
Debt instrument, maturity date	Jun. 15, 2021
Debt instrument, frequency of periodic payment			monthly
Debt Instrument, Description of Variable Rate Basis			Interest on amounts outstanding under the revolving credit facility accrues at the one-month LIBOR rate plus the applicable scheduled spread

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Stockholders Equity Note [Line Items]
Common stock and additional paid-in capital, beginning of period	$ 1,374
Income tax benefit of common stock options exercised	1,477
Common stock issued pursuant to stock-based compensation plans, net	1,585
Stock-based compensation expense	21,147
Stock Repurchased During Period, Value	66,057
Common stock and additional paid-in capital, end of period	1,361
Common Stock [Member]
Stockholders Equity Note [Line Items]
Stock Repurchased During Period, Value	$ 24,222

Shareholders' Equity (Details t

Shareholders' Equity (Details textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 03, 2016	Sep. 30, 2016	Feb. 05, 2015
Stockholders Equity Note [Line Items]
Common stock authorized to be repurchased, number of shares (in shares)			15
Common stock repurchased, shares		2.1
Stock Repurchased During Period, Value		$ 66,057
Common Stock, Dividends, Per Share, Cash Paid	$ 0.12
Common Stock [Member]
Stockholders Equity Note [Line Items]
Stock Repurchased During Period, Value		24,222
Retained Earnings
Stockholders Equity Note [Line Items]
Stock Repurchased During Period, Value		41,900
Dividends, Common Stock, Cash		$ 49,600

Contingencies (Details)

Contingencies (Details) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Loss Contingency [Abstract]
Litigation settlement payment	$ (3)

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 16,575	$ (1,896)	$ 85,555	$ 29,182
Federal Statutory Income Tax Rate	35.00%
Unrecognized tax benefits	$ 53,400		53,400
Accrued interest and penalties	$ 2,200		$ 2,200

Operating Segments and Relate58

Operating Segments and Related Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	$ 405,228	$ 381,928	$ 1,187,429	$ 1,119,420
Intersegment revenue	0	0	0	0
Earnings (loss) from operations	80,849	75,982	203,438	212,267
Surveillance
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	136,402	131,598	373,993	352,312
Intersegment revenue	5,001	2,653	13,980	8,400
Earnings (loss) from operations	38,427	39,918	99,801	96,464
Instruments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	82,673	74,796	240,160	248,877
Intersegment revenue	709	777	3,498	2,687
Earnings (loss) from operations	27,010	21,555	65,640	77,959
Security [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	56,431	59,331	166,872	158,185
Intersegment revenue	4,267	2,386	10,575	10,393
Earnings (loss) from operations	2,958	7,222	2,527	18,911
OEM & Emerging Markets
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	62,719	51,448	167,544	137,568
Intersegment revenue	7,518	8,020	24,528	25,778
Earnings (loss) from operations	19,936	14,233	46,063	33,507
Maritime
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	40,586	38,920	147,469	141,922
Intersegment revenue	656	85	2,728	1,667
Earnings (loss) from operations	2,391	1,848	14,110	13,058
Detection
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue - External Customers	26,417	25,835	91,391	80,556
Intersegment revenue	0	0	31	0
Earnings (loss) from operations	6,641	5,290	24,484	17,349
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Intersegment revenue	(18,151)	(13,921)	(55,340)	(48,925)
Earnings (loss) from operations	$ (16,514)	$ (14,084)	$ (49,187)	$ (44,981)

Operating Segments and Relate59

Operating Segments and Related Information (Details 3) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	$ 689,827	$ 719,190
Surveillance
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	275,705	285,602
Instruments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	110,048	130,363
OEM & Emerging Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	118,408	93,925
Maritime
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	62,290	73,506
Detection
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets (accounts receivable, net and inventories)	$ 29,730	$ 30,057

Operating Segments and Relate60

Operating Segments and Related Information (Details 4) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	$ 626,243	$ 596,316
Surveillance
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	151,123	120,145
Instruments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	150,638	149,582
OEM & Emerging Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	70,380	69,973
Maritime
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	100,489	106,549
Detection
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting Information Goodwill	$ 47,983	$ 48,112

Operating Segments and Relate61

Operating Segments and Related Information (Details 5) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 405,228	$ 381,928	$ 1,187,429	$ 1,119,420
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	229,400	216,200	647,900	587,600
Canada/Latin_America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	19,401	23,825	66,727	60,224
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	71,949	66,207	240,656	255,331
Mid_East/Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	41,889	37,253	98,231	89,830
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 42,639	$ 38,406	$ 133,877	$ 126,398

Operating Segments and Relate62

Operating Segments and Related Information (Details 6) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,076,560	$ 1,063,457
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	692,391	666,759
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	369,906	383,501
Other International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 14,263	$ 13,197

Operating Segments and Relate63

Operating Segments and Related Information (Details 7) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue, Major Customer [Line Items]
Revenue	$ 405,228	$ 381,928	$ 1,187,429	$ 1,119,420
US Government
Revenue, Major Customer [Line Items]
Revenue	$ 112,737	$ 79,297	$ 298,479	$ 208,742

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 02, 2016	Nov. 18, 2016	Oct. 20, 2016	Jul. 21, 2016
Subsequent Event [Line Items]
Quarterly dividend, date declared			Oct. 20, 2016
Common Stock, Dividends, Per Share, Declared				$ 0.12
Quarterly dividend, date to be paid	Dec. 2, 2016
Quarterly dividend, date of record		Nov. 18, 2016
Quarterly dividend, amount declared	$ 16.3