Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 29, 2013 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 29-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | COGNEX CORP |
Entity Central Index Key | 851205 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 87,280,585 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Revenue | ||||||||
Product | $83,464 | $72,437 | $237,834 | $222,293 | ||||
Service | 7,324 | 7,639 | 20,356 | 19,818 | ||||
Total revenue | 90,788 | 80,076 | 258,190 | 242,111 | ||||
Cost of revenue | ||||||||
Product | 18,132 | 15,863 | 52,506 | 49,054 | ||||
Service | 3,216 | 3,643 | 9,415 | 10,059 | ||||
Total cost of revenue | 21,348 | 19,506 | 61,921 | 59,113 | ||||
Gross margin | ||||||||
Product | 65,332 | 56,574 | 185,328 | 173,239 | ||||
Service | 4,108 | 3,996 | 10,941 | 9,759 | ||||
Total gross margin | 69,440 | 60,570 | 196,269 | 182,998 | ||||
Research, development, and engineering expenses | 12,184 | 10,002 | 35,392 | 30,663 | ||||
Selling, general, and administrative expenses | 33,877 | 28,765 | 99,344 | 89,441 | ||||
Operating income | 23,379 | 21,803 | 61,533 | 62,894 | ||||
Foreign currency loss | -442 | -409 | -303 | -1,077 | ||||
Investment income | 937 | 823 | 2,103 | 3,596 | ||||
Other expense | -166 | -131 | -306 | -227 | ||||
Income before income tax expense | 23,708 | 22,086 | 63,027 | 65,186 | ||||
Income tax expense | 2,981 | 4,281 | 9,987 | 13,332 | ||||
Net income | $20,727 | $17,805 | $53,130 | $51,854 | ||||
Earnings per weighted-average common and common-equivalent share: | ||||||||
Basic | $0.24 | [1] | $0.21 | [1] | $0.61 | [1] | $0.61 | [1] |
Diluted | $0.23 | [1] | $0.20 | [1] | $0.59 | [1] | $0.59 | [1] |
Weighted-average common and common-equivalent shares outstanding: | ||||||||
Basic | 87,339 | [1] | 85,824 | [1] | 87,578 | [1] | 85,554 | [1] |
Diluted | 89,359 | [1] | 87,258 | [1] | 89,450 | [1] | 87,220 | [1] |
Cash dividends per common share | $0 | [1] | $0.06 | [1] | $0 | [1] | $0.16 | [1] |
[1] | Prior period results have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend which occurred in September 2013. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jul. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
Income Statement [Abstract] | |||
Stock split conversion ratio | 2 | 2 | 2 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $20,727 | $17,805 | $53,130 | $51,854 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on available-for-sale investments, net of tax of $152 and $102 in the three-month periods and net of tax of ($124) and $302 in the nine-month periods, respectively | 764 | 523 | -342 | 2,141 |
Foreign currency translation adjustments, net of tax of $302 and $17 in the three-month periods and net of tax of $121 and ($180) in the nine-month periods, respectively | 1,626 | -2,905 | -181 | -12,086 |
Other comprehensive income (loss) | 2,390 | -2,382 | -523 | -9,945 |
Total comprehensive income | $23,117 | $15,423 | $52,607 | $41,909 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Tax effect of unrealized gain (loss) on available-for-sale investments | $152 | $102 | ($124) | $302 |
Tax effect of foreign currency translation adjustment | $302 | $17 | $121 | ($180) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $30,446 | $45,160 | ||
Short-term investments | 186,572 | 105,105 | ||
Accounts receivable, less reserves of $1,346 and $1,131 in 2013 and 2012, respectively | 48,832 | 42,387 | ||
Inventories | 27,625 | 26,182 | ||
Deferred income taxes | 6,292 | 6,369 | ||
Prepaid expenses and other current assets | 19,300 | 14,394 | ||
Total current assets | 319,067 | 239,597 | ||
Long-term investments | 226,720 | 238,255 | ||
Property, plant, and equipment, net | 35,565 | 34,820 | ||
Deferred income taxes | 15,503 | 15,647 | ||
Intangible assets, net | 11,890 | 14,770 | ||
Goodwill | 81,689 | 81,689 | ||
Other assets | 2,316 | 2,827 | ||
Total assets | 692,750 | 627,605 | ||
Current liabilities: | ||||
Accounts payable | 7,457 | 6,815 | ||
Accrued expenses | 31,367 | 29,590 | ||
Accrued income taxes | 90 | 1,009 | ||
Deferred revenue and customer deposits | 11,722 | 12,690 | ||
Total current liabilities | 50,636 | 50,104 | ||
Reserve for income taxes | 4,390 | 5,216 | ||
Commitments and contingencies (Note 8) | ||||
Shareholders' equity: | ||||
Common stock, $.002 par value - Authorized: 140,000 shares, issued: 87,281 and 86,110 shares in 2013 and 2012, respectively | 175 | [1] | 172 | [1] |
Additional paid-in capital | 206,152 | [1] | 165,162 | [1] |
Retained earnings | 461,538 | [1] | 436,466 | [1] |
Accumulated other comprehensive loss, net of tax | -30,141 | [1] | -29,515 | [1] |
Total shareholders' equity | 637,724 | [1] | 572,285 | [1] |
Total liabilities and shareholders' equity | $692,750 | $627,605 | ||
[1] | Prior period amounts have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend which occurred in September 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | ||
In Thousands, except Per Share data, unless otherwise specified | ||||
Statement Of Financial Position [Abstract] | ||||
Reserves for accounts receivable | $1,346 | $1,131 | ||
Common stock, par value | $0.00 | $0.00 | ||
Common stock, shares authorized | 140,000 | 140,000 | ||
Common stock, shares issued | 87,281 | [1] | 86,110 | [1] |
[1] | Prior period amounts have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend which occurred in September 2013. |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2012 | $572,285 | [1] | $172 | $165,162 | $436,466 | ($29,515) |
Beginning Balance, Shares at Dec. 31, 2012 | 86,110 | [1] | 86,110 | |||
Issuance of common stock under stock option plans | 25,990 | 4 | 25,986 | |||
Issuance of common stock under stock option plans, shares | 2,275 | 2,270 | ||||
Repurchase of common stock | -28,059 | -1 | -28,058 | |||
Repurchase of common stock, shares | -1,099 | |||||
Stock-based compensation expense | 8,299 | 8,299 | ||||
Excess tax benefit from stock option exercises | 6,584 | 6,584 | ||||
Tax benefit for research and development credits as a result of stock option accounting | 121 | 121 | ||||
Net income | 53,130 | 53,130 | ||||
Net unrealized loss on available-for-sale investments, net of tax of $124 | -342 | -342 | ||||
Reclassification of net realized gain on the sale of available-for-sale investments | -103 | -103 | ||||
Foreign currency translation adjustment, net of tax of $121 | -181 | -181 | ||||
Ending Balance at Sep. 29, 2013 | $637,724 | [1] | $175 | $206,152 | $461,538 | ($30,141) |
Ending Balance, Shares at Sep. 29, 2013 | 87,281 | [1] | 87,281 | |||
[1] | Prior period amounts have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend which occurred in September 2013. |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Tax effect of unrealized loss on available-for-sale investments | $124 |
Tax effect of foreign currency translation adjustment | 121 |
Accumulated Other Comprehensive Loss [Member] | |
Tax effect of unrealized loss on available-for-sale investments | 124 |
Tax effect of foreign currency translation adjustment | $121 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $53,130 | $51,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 8,299 | 6,795 |
Depreciation of property, plant, and equipment | 5,389 | 4,977 |
Amortization of intangible assets | 2,880 | 3,124 |
Amortization of discounts or premiums on investments | 1,996 | 4,719 |
Realized gain on sale of investments | -103 | -1,411 |
Tax effect of stock option exercises | -6,584 | -3,256 |
Change in deferred income taxes | 216 | -1,509 |
Net unrealized loss on trading securities | 267 | |
Change in operating assets and liabilities | -6,255 | 9,516 |
Net cash provided by operating activities | 59,235 | 74,809 |
Cash flows from investing activities: | ||
Purchases of investments | -251,033 | -355,351 |
Maturities and sales of investments | 178,372 | 309,081 |
Purchases of property, plant, and equipment | -6,152 | -7,621 |
Net cash used in investing activities | -78,813 | -53,891 |
Cash flows from financing activities: | ||
Issuance of common stock under stock option plans | 25,990 | 15,579 |
Repurchase of common stock | -28,059 | |
Payment of dividends | -13,706 | |
Tax effect of stock option exercises | 6,584 | 3,256 |
Net cash provided by financing activities | 4,515 | 5,129 |
Effect of foreign exchange rate changes on cash and cash equivalents | 349 | -9,992 |
Net change in cash and cash equivalents | -14,714 | 16,055 |
Cash and cash equivalents at beginning of period | 45,160 | 38,103 |
Cash and cash equivalents at end of period | $30,446 | $54,158 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1: Summary of Significant Accounting Policies |
As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles (GAAP). Reference should be made to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
In the opinion of the management of Cognex Corporation (the “Company”), the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments and financial statement reclassifications necessary to present fairly the Company’s financial position as of September 29, 2013, and the results of its operations for the three-month and nine-month periods ended September 29, 2013 and September 30, 2012, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented. | |
On July 29, 2013, the Company’s Board of Directors declared a two-for-one split of the Company’s common stock, which was effected through a stock dividend distributed on September 16, 2013. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been restated to reflect the effect of this two-for-one stock split for all periods presented. | |
The results disclosed in the Consolidated Statements of Operations for the three-month and nine-month periods ended September 29, 2013 are not necessarily indicative of the results to be expected for the full year. |
New_Pronouncements
New Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
New Pronouncements | NOTE 2: New Pronouncements |
Accounting Standards Update (ASU) 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” | |
The amendments in ASU 2013-01 require companies to present enhanced disclosure about certain financial instruments and derivative instruments that are offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirement became effective, retrospectively, in the first quarter of our fiscal year ending December 31, 2013. However, as this ASU related only to presentation and disclosure it did not have an impact on our consolidated financial position, results of operations, or cash flows. | |
Accounting Standards Update (ASU) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” | |
The amendments in ASU 2013-02 require companies to present information about amounts reclassified out of accumulated other comprehensive income (OCI) to net income, by component. The effect of significant reclassification adjustments being made out of accumulated OCI on the corresponding line items in net income must be presented when the item is reclassified in its entirety during one reporting period. While the new guidance in ASU 2013-12 changes the presentation of accumulated OCI, there are no changes to the components that are recognized in net income or OCI under current accounting guidance. | |
Amounts reclassified from accumulated other comprehensive income to investment income on the Consolidated Statements of Operations were realized gains of $20,000 and $103,000 during the three-month and nine-month periods ended September 29, 2013, respectively, and realized gains of $340,000 and $1,411,000 during the three-month and nine-month periods ended September 30, 2012, respectively. | |
Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” | |
The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss (NOL) carryforward or a similar tax loss or tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not net the unrecognized tax benefit with a deferred tax asset. As the Company does not currently have any NOL carryforwards, this guidance will most likely apply to research and development tax credit carryforwards. ASU 2013-11 is effective for annual periods beginning after December 15, 2013 and should be applied to all unrecognized tax benefits that exist as of the effective date. Companies may choose to apply this guidance retrospectively to each prior reporting period presented. Management is the process of evaluating the impact of this Update. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Measurements | NOTE 3: Fair Value Measurements | ||||||||
Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | |||||||||
The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of September 29, 2013 (in thousands): | |||||||||
Quoted Prices in | Significant Other | ||||||||
Active Markets | Observable | ||||||||
for Identical | Inputs (Level 2) | ||||||||
Assets (Level 1) | |||||||||
Assets: | |||||||||
Corporate stock | $ | 1,864 | $ | — | |||||
Money market instruments | 225 | — | |||||||
Corporate bonds | — | 210,341 | |||||||
Asset-backed securities | — | 69,928 | |||||||
Treasury bills | — | 69,277 | |||||||
Sovereign bonds | — | 29,923 | |||||||
Municipal bonds | — | 28,005 | |||||||
Agency bonds | — | 1,499 | |||||||
Currency forward contracts | — | 81 | |||||||
Liabilities: | |||||||||
Currency forward contracts | — | 64 | |||||||
The Company’s cash equivalents and money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1 investments. The Company’s corporate stock position is reported at fair value based upon quoted market prices on a stock exchange, and is therefore classified as a Level 1 investment. | |||||||||
The Company’s debt securities and currency forward contracts are reported at fair value based upon model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset, and are therefore classified as Level 2 investments. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. | |||||||||
The Company did not record an other-than-temporary impairment of these investments during the nine-month period ended September 29, 2013. | |||||||||
Financial Assets that are Measured at Fair Value on a Non-recurring Basis | |||||||||
The Company has an interest in a limited partnership, which is accounted for using the cost method and is required to be measured at fair value on a non-recurring basis. Management is responsible for estimating the fair value of this investment, and in doing so, considers valuations of the partnership’s investments as determined by the General Partner. Publicly-traded investments in active markets are reported at the market closing price less a discount, as appropriate, to reflect restricted marketability. Fair value for private investments for which observable market prices in active markets do not exist is based upon the best information available including the value of a recent financing, reference to observable valuation measures for comparable companies (such as revenue multiples), public or private transactions (such as the sale of a comparable company), and valuations for publicly-traded comparable companies. The valuations also incorporate the General Partner’s own judgment and close familiarity with the business activities of each portfolio company. Significant increases or decreases in any of these inputs in isolation may result in a significantly lower or higher fair value measurement. The portfolio consists of securities of public and private companies, and consequently, inputs used in the fair value calculation are classified as Level 3. The Company did not record an other-than-temporary impairment of this asset during the nine-month period ended September 29, 2013. | |||||||||
Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis | |||||||||
Non-financial assets such as goodwill, intangible assets, and property, plant, and equipment are required to be measured at fair value only when an impairment loss is recognized. The Company did not record an impairment charge related to these assets during the nine-month period ended September 29, 2013. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents, and Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Cash And Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Cash, Cash Equivalents, and Investments | NOTE 4: Cash, Cash Equivalents, and Investments | ||||||||||||||||||||||||
Cash, cash equivalents, and investments consisted of the following (in thousands): | |||||||||||||||||||||||||
September 29, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cash | $ | 30,221 | $ | 34,986 | |||||||||||||||||||||
Cash equivalents | — | 5,098 | |||||||||||||||||||||||
Money market instruments | 225 | 5,076 | |||||||||||||||||||||||
Cash and cash equivalents | 30,446 | 45,160 | |||||||||||||||||||||||
Corporate bonds | 104,720 | 46,001 | |||||||||||||||||||||||
Asset-backed securities | 41,269 | 17,666 | |||||||||||||||||||||||
Municipal bonds | 17,013 | 16,224 | |||||||||||||||||||||||
Treasury bills | 11,654 | 5,997 | |||||||||||||||||||||||
Sovereign bonds | 8,553 | 3,986 | |||||||||||||||||||||||
Corporate stock | 1,864 | 2,131 | |||||||||||||||||||||||
Agency bonds | 1,499 | 7,482 | |||||||||||||||||||||||
Covered bonds | — | 5,618 | |||||||||||||||||||||||
Short-term investments | 186,572 | 105,105 | |||||||||||||||||||||||
Corporate bonds | 105,621 | 100,072 | |||||||||||||||||||||||
Treasury bills | 57,623 | 36,276 | |||||||||||||||||||||||
Asset-backed securities | 28,659 | 34,710 | |||||||||||||||||||||||
Sovereign bonds | 21,370 | 10,606 | |||||||||||||||||||||||
Municipal bonds | 10,992 | 17,846 | |||||||||||||||||||||||
Agency bonds | — | 29,441 | |||||||||||||||||||||||
Covered bonds | — | 5,564 | |||||||||||||||||||||||
Limited partnership interest (accounted for using cost method) | 2,455 | 3,740 | |||||||||||||||||||||||
Long-term investments | 226,720 | 238,255 | |||||||||||||||||||||||
$ | 443,738 | $ | 388,520 | ||||||||||||||||||||||
The Company’s investment portfolio includes corporate bonds, asset-backed securities, treasury bills, sovereign bonds, municipal bonds, and agency bonds. Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury bills consist of debt securities issued by both the U.S. and foreign governments; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. | |||||||||||||||||||||||||
The following tables summarize the Company’s available-for-sale investments as of September 29, 2013 (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Short-term: | |||||||||||||||||||||||||
Corporate bonds | $ | 104,580 | $ | 270 | $ | (130 | ) | $ | 104,720 | ||||||||||||||||
Asset-backed securities | 41,600 | 7 | (338 | ) | 41,269 | ||||||||||||||||||||
Municipal bonds | 16,969 | 44 | — | 17,013 | |||||||||||||||||||||
Treasury bills | 11,647 | 7 | — | 11,654 | |||||||||||||||||||||
Sovereign bonds | 8,554 | 9 | (10 | ) | 8,553 | ||||||||||||||||||||
Agency bonds | 1,500 | — | (1 | ) | 1,499 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||
Corporate bonds | 105,251 | 513 | (143 | ) | 105,621 | ||||||||||||||||||||
Treasury bills | 57,604 | 24 | (5 | ) | 57,623 | ||||||||||||||||||||
Asset-backed securities | 28,810 | 10 | (161 | ) | 28,659 | ||||||||||||||||||||
Sovereign bonds | 21,386 | 57 | (73 | ) | 21,370 | ||||||||||||||||||||
Municipal bonds | 10,957 | 45 | (10 | ) | 10,992 | ||||||||||||||||||||
$ | 408,858 | $ | 986 | $ | (871 | ) | $ | 408,973 | |||||||||||||||||
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 29, 2013 (in thousands): | |||||||||||||||||||||||||
Unrealized Loss Position For: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 62,910 | $ | (272 | ) | $ | 2,455 | $ | (1 | ) | $ | 65,365 | $ | (273 | ) | ||||||||||
Asset- backed securities | 41,848 | (102 | ) | 16,332 | (397 | ) | 58,180 | (499 | ) | ||||||||||||||||
Sovereign bonds | 9,300 | (25 | ) | 888 | (58 | ) | 10,188 | (83 | ) | ||||||||||||||||
Treasury bills | 7,614 | (5 | ) | — | — | 7,614 | (5 | ) | |||||||||||||||||
Municipal bonds | 4,374 | (10 | ) | — | — | 4,374 | (10 | ) | |||||||||||||||||
Agency bonds | 1,499 | (1 | ) | — | — | 1,499 | (1 | ) | |||||||||||||||||
$ | 127,545 | $ | (415 | ) | $ | 19,675 | $ | (456 | ) | $ | 147,220 | $ | (871 | ) | |||||||||||
As of September 29, 2013, the Company did not recognize an other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before its effective maturity or market price recovery. | |||||||||||||||||||||||||
The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $32,000 and $12,000, respectively, during the three-month period ended September 29, 2013 and $342,000 and $1,000, respectively, during the three-month period ended September 30, 2012. The Company recorded gross realized gains and gross realized losses of $182,000 and $79,000, respectively, during the nine-month period ending September 29, 2013, and $1,669,000 and $239,000, respectively, during the nine-month period ended September 30, 2012. | |||||||||||||||||||||||||
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2013 (in thousands): | |||||||||||||||||||||||||
<1 | 2-Jan | 3-Feb | 4-Mar | 5-Apr | Total | ||||||||||||||||||||
Year | Years | Years | Years | Years | |||||||||||||||||||||
Corporate bonds | $ | 104,720 | $ | 61,596 | $ | 41,299 | $ | 2,203 | $ | 523 | $ | 210,341 | |||||||||||||
Asset-backed securities | 41,269 | 28,659 | — | — | — | 69,928 | |||||||||||||||||||
Treasury bills | 11,654 | 48,015 | 9,608 | — | — | 69,277 | |||||||||||||||||||
Sovereign bonds | 8,553 | 9,571 | 10,911 | — | 888 | 29,923 | |||||||||||||||||||
Municipal bonds | 17,013 | 4,576 | 4,531 | 1,385 | 500 | 28,005 | |||||||||||||||||||
Agency bonds | 1,499 | — | — | — | — | 1,499 | |||||||||||||||||||
$ | 184,708 | $ | 152,417 | $ | 66,349 | $ | 3,588 | $ | 1,911 | $ | 408,973 | ||||||||||||||
During the fourth quarter of 2012, the Company purchased equity securities, representing stock in a publicly-traded U.S. company, with an aggregate fair value of $2,131,000 as of December 31, 2012. As of September 29, 2013, these securities had an aggregate fair value of $1,864,000, resulting in a net unrealized loss of $267,000. | |||||||||||||||||||||||||
The Company is a Limited Partner in Venrock Associates III, L.P. (Venrock), a venture capital fund. The Company has committed to a total investment in the limited partnership of up to $20,500,000, with an expiration date of December 31, 2013. As of September 29, 2013, the Company contributed $19,886,000 to the partnership. The remaining commitment of $614,000 can be called by Venrock at any time before December 31, 2013. Distributions and contributions are at the discretion of Venrock’s management. No contributions were made during the nine-month period ended September 29, 2013. The Company received a cash distribution of $1,285,000 during the second quarter of 2013, which was accounted for as a return of capital. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | NOTE 5: Inventories | ||||||||
Inventories consisted of the following (in thousands): | |||||||||
September 29, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 14,050 | $ | 12,667 | |||||
Work-in-process | 3,935 | 4,193 | |||||||
Finished goods | 9,640 | 9,322 | |||||||
$ | 27,625 | $ | 26,182 |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 29, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | NOTE 6: Intangible Assets and Goodwill |
The Company evaluates the possible impairment of goodwill and other intangible assets whenever events or circumstances indicate that the carrying value of these assets may not be recoverable. No triggering event occurred in the nine-month period ended September 29, 2013 that would indicate a potential impairment of goodwill or other intangible assets. However, the Company continues to monitor a variety of factors that could result in an impairment of goodwill or other intangible assets in a future period. |
Warranty_Obligations
Warranty Obligations | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Guarantees [Abstract] | |||||
Warranty Obligations | NOTE 7: Warranty Obligations | ||||
The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets. | |||||
The changes in the warranty obligations were as follows (in thousands): | |||||
Balance as of December 31, 2012 | $ | 2,256 | |||
Provisions for warranties issued during the period | 2,027 | ||||
Fulfillment of warranty obligations | (1,535 | ) | |||
Foreign exchange rate changes | 64 | ||||
Balance as of September 29, 2013 | $ | 2,812 | |||
Contingencies
Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 8: Contingencies |
In May 2008, the Company filed a complaint against MvTec Software GmbH, MvTec LLC, and Fuji America Corporation in the United States District Court for the District of Massachusetts alleging infringement of certain patents owned by the Company. This matter is ongoing. | |
In May 2009, the Company pre-filed a complaint with the United States International Trade Commission (ITC) pursuant to Section 337 of the Tariff Act of 1930, as amended, 19 U.S.C. §1337, against MvTec Software GmbH, MvTec LLC, Fuji America, and several other respondents alleging unfair methods of competition and unfair acts in the unlawful importation into the United States, sale for importation, or sale within the United States after importation. By this filing, the Company requested the ITC to investigate the Company’s contention that certain machine vision software, machine vision systems, and products containing the same infringe, and respondents directly infringe and/or actively induce and/or contribute to the infringement in the United States, of one or more of the Company’s U.S. patents. In July 2009, the ITC issued an order that it would institute an investigation based upon the Company’s assertions. In September 2009, the Company reached a settlement with two of the respondents, and in December 2009, the Company reached a settlement with five additional respondents. In March 2010, the Company reached a settlement with respondent Fuji Machine Manufacturing Co., Ltd. and its subsidiary Fuji America Corporation. These settlements did not have a material impact on the Company’s financial results. An ITC hearing was held in May 2010. In July 2010, the Administrative Law Judge issued an initial determination finding two of the Company’s patents invalid and that respondents did not infringe the patents-at-issue. In September 2010, the ITC issued a notice that it would review the initial determination of the Administrative Law Judge. The ITC issued its Final Determination in November 2010 in which it determined to modify-in-part and affirm-in-part the Administrative Law Judge’s determination, and terminate the investigation with a finding of no violation of Section 337 of the Tariff Act of 1930 (as amended 19 U.S.C. §1337). The Company has filed an appeal of the decision with the United States Court of Appeals for the Federal Circuit. An oral hearing before the United States Court of Appeals occurred in February 2012. This matter is ongoing. | |
In March 2013, the Company filed a lawsuit against Microscan Systems, Inc. (“Microscan”) and Code Corporation in the United States District Court for the Southern District of New York alleging that Microscan’s Mobile Hawk handheld imager infringes U.S. Patent 7,874,487 owned by the Company. The lawsuit seeks to prohibit Code Corporation from manufacturing the product, and Microscan from selling and distributing the product. The Company is also seeking monetary damages resulting from the alleged infringement. Both parties have filed motions for summary judgment and a hearing on these motions was held in October 2013. Trial was originally scheduled for October 2013, but has been moved to February 2014 at the earliest. This matter is ongoing. | |
The Company cannot predict the outcome of the above-referenced pending matters and an adverse resolution of these lawsuits could have a material adverse effect on the Company’s financial position, liquidity, results of operations, and/or indemnification obligations. In addition, various other claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these incidental matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations. |
Guarantees
Guarantees | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Guarantees [Abstract] | |||||||
Guarantees | NOTE 9: Guarantees | ||||||
In the ordinary course of business, the Company enters into guarantee contracts with certain customers, generally in the Company’s Surface Inspection Systems Division (SISD) business. These guarantees represent standby letters of credit (LOC) which can be grouped into three categories: (1) bank guarantees which may require the Company to return a customer’s initial payment if the Company cannot deliver the order; (2) warranty bonds which may require the Company to resolve warranty issues within a specified time period; and (3) performance bonds which include a combination of the above two options. The type of LOC is generally determined based upon customer request and the guarantee amount represents the maximum potential amount of future payments. All of the Company’s LOCs are with the same counterparty and they do not contain any recourse provisions or collateral obligations. | |||||||
The following table details the letters of credit outstanding as of September 29, 2013: | |||||||
Type | Guarantee | Guarantee due date | |||||
Amount | |||||||
(in thousands) | |||||||
Bank Guarantees | $ | 294 | Various from October 2013 to November 2013 | ||||
Performance Bonds | 159 | Various from January 2015 to March 2016 | |||||
Warranty Bonds | 1,095 | Various from October 2013 to August 2015 | |||||
$ | 1,548 | ||||||
The Company evaluates losses for guarantees under accounting for contingencies. The Company considers such factors as the degree of probability that the Company would be required to satisfy the liability and the ability to make a reasonable estimate of the loss. To date, the Company has not incurred any losses as a result of these obligations, and therefore, has not recorded any liability related to such obligation in its financial statements. The fair value of the Company’s outstanding guarantees is immaterial for all periods presented. | |||||||
Indemnification_Provisions
Indemnification Provisions | 9 Months Ended |
Sep. 29, 2013 | |
Text Block [Abstract] | |
Indemnification Provisions | NOTE 10: Indemnification Provisions |
Except as limited by Massachusetts law, the by-laws of the Company require it to indemnify certain current or former directors, officers, and employees of the Company against expenses incurred by them in connection with each proceeding in which he or she is involved as a result of serving or having served in certain capacities. Indemnification is not available with respect to a proceeding as to which it has been adjudicated that the person did not act in good faith in the reasonable belief that the action was in the best interests of the Company. The maximum potential amount of future payments the Company could be required to make under these provisions is unlimited. The Company has never incurred significant costs related to these indemnification provisions. As a result, the Company believes the estimated fair value of these provisions is minimal. | |
In the ordinary course of business, the Company may accept standard limited indemnification provisions in connection with the sale of its products, whereby it indemnifies its customers for certain direct damages incurred in connection with third-party patent or other intellectual property infringement claims with respect to the use of the Company’s products. The term of these indemnification provisions generally coincides with the customer’s use of the Company’s products. The maximum potential amount of future payments the Company could be required to make under these provisions is generally subject to fixed monetary limits. The Company has never incurred significant costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the Company believes the estimated fair value of these provisions is minimal. | |
In the ordinary course of business, the Company also accepts limited indemnification provisions from time to time, whereby it indemnifies customers for certain direct damages incurred in connection with bodily injury and property damage arising from the installation of the Company’s products. The term of these indemnification provisions generally coincides with the period of installation. The maximum potential amount of future payments the Company could be required to make under these provisions is generally limited and is likely recoverable under the Company’s insurance policies. As a result of this coverage, and the fact that the Company has never incurred significant costs to defend lawsuits or settle claims related to these indemnification provisions, the Company believes the estimated fair value of these provisions is minimal. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Instruments | NOTE 11: Derivative Instruments | ||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations including foreign currency exchange rate risk and interest rate risk. The Company currently mitigates certain foreign currency exchange rate risks with derivative instruments. The Company does not currently manage its interest rate risk with derivative instruments. | |||||||||||||||||||||
The Company faces exposure to foreign currency exchange rate fluctuations, as a significant portion of its revenues, expenses, assets, and liabilities are denominated in currencies other than the functional currencies of the Company’s subsidiaries or the reporting currency of the Company, which is the U.S. Dollar. The Company faces two types of foreign currency exchange rate exposures: | |||||||||||||||||||||
• | Transactional currency/functional currency exchange rate exposures from transactions that are denominated in currencies other than the functional currency of the subsidiary. These transactions gains and losses are reported on the Consolidated Statements of Operations as a component of “Foreign Currency Gain (Loss).” | ||||||||||||||||||||
• | Functional currency/reporting currency exchange rate exposures from the revaluation of the assets and liabilities of our foreign subsidiaries, whose functional currency is generally their local currency, to the Company’s reporting currency, which is the U.S. Dollar. The net effect of these translation gains and losses are reported in “Accumulated Other Comprehensive Loss” on the Consolidated Balance Sheets, and also on the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||
The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. Derivative instruments, specifically foreign currency forward contracts with maturities of up to three months, are used to manage the exposure to fluctuations in foreign currency exchange rates that arise primarily from foreign-denominated receivables and payables. As of September 29, 2013, the Company’s forward contracts do not qualify for effective hedge accounting. Because forward contracts are used as an economic hedge, any gain or loss on the underlying foreign-denominated balance is intended to be offset by the loss or gain on the forward contract. Gains and losses on forward contracts and foreign-denominated receivables and payables are included in “Foreign Currency Gain (Loss)” on the Consolidated Statements of Operations. The Company recorded net foreign currency losses of $442,000 and $303,000 in the three-month and nine-month periods ended September 29, 2013, respectively, and net foreign currency losses of $409,000 and $1,077,000 in the three-month and nine-month periods ended September 30, 2012, respectively. | |||||||||||||||||||||
As of September 29, 2013, the Company had the following outstanding forward contracts that were entered into to mitigate foreign currency exchange rate risk (in thousands): | |||||||||||||||||||||
Currency | Notional | USD | |||||||||||||||||||
Value | Equivalent | ||||||||||||||||||||
Chinese Renminbi | 20,000 | $ | 3,213 | ||||||||||||||||||
Japanese Yen | 235,400 | 2,395 | |||||||||||||||||||
Singapore Dollar | 3,025 | 2,379 | |||||||||||||||||||
Euro | 1,035 | 1,400 | |||||||||||||||||||
British Pound | 650 | 1,036 | |||||||||||||||||||
Korean Won | 1,121,500 | 1,029 | |||||||||||||||||||
Taiwanese Dollar | 28,450 | 952 | |||||||||||||||||||
Swedish Krona | 5,800 | 891 | |||||||||||||||||||
Hungarian Forint | 135,000 | 603 | |||||||||||||||||||
Information regarding the fair value of the forward contracts outstanding as of September 29, 2013 and December 31, 2012 was as follows (in thousands): | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||
Sheet | September 29, | December 31, | Sheet | September 29, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||||||
Currency forward contracts | Prepaid expenses and | $ | 81 | $ | 44 | Accrued | $ | 64 | $ | 14 | |||||||||||
other current assets | expenses | ||||||||||||||||||||
Information regarding the effect of the forward contracts, net of the underlying exposure, on the Consolidated Statements of Operations for the three-month and nine-month periods ended September 29, 2013 and September 30, 2012 was as follows (in thousands): | |||||||||||||||||||||
Amount of Loss Recognized | Amount of Gain (Loss) | ||||||||||||||||||||
Recognized | |||||||||||||||||||||
Location of | Three-months ended | Location of | Nine-months ended | ||||||||||||||||||
Loss | September 29, | September 30, | Gain (Loss) | September 29, | September 30, | ||||||||||||||||
Recognized | 2013 | 2012 | Recognized | 2013 | 2012 | ||||||||||||||||
Currency forward contracts | Foreign currency | $ | (186 | ) | $ | (546 | ) | Foreign currency | $ | 10 | $ | (637 | ) | ||||||||
loss | gain (loss) |
StockBased_Compensation_Expens
Stock-Based Compensation Expense | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation Expense | NOTE 12: Stock-Based Compensation Expense | ||||||||||||||||
The Company’s share-based payments that result in compensation expense consist solely of stock option grants. As of September 29, 2013, the Company had 11,178,930 shares available for grant under two stock option plans: the 2001 General Stock Option Plan (8,660,710) and the 2007 Stock Option and Incentive Plan (2,518,220). Each of these plans expires ten years from the date the plan was approved. In December 2011, the 2001 General Stock Option Plan received shareholder approval for an amendment and restatement of the plan, extending the plan until September 2021. Generally, stock options are granted with an exercise price equal to the market value of the Company’s common stock at the grant date, vest over four years based upon continuous service, and expire ten years from the grant date. | |||||||||||||||||
The following table summarizes the Company’s stock option activity for the nine-month period ended September 29, 2013: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding as of December 31, 2012 | 7,118 | $ | 12.78 | ||||||||||||||
Granted | 1,711 | 21.29 | |||||||||||||||
Exercised | (2,275 | ) | 11.42 | ||||||||||||||
Forfeited or expired | (259 | ) | 16.29 | ||||||||||||||
Outstanding as of September 29, 2013 | 6,295 | $ | 15.44 | 7.4 | $ | 100,525 | |||||||||||
Exercisable as of September 29, 2013 | 1,806 | $ | 11.55 | 5.4 | $ | 35,855 | |||||||||||
Options vested or expected to vest at September 29, 2013 (1) | 5,577 | $ | 15.09 | 7.2 | $ | 91,041 | |||||||||||
-1 | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. | ||||||||||||||||
The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: | |||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Risk-free rate | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||
Expected dividend yield | 0 | % | 1.2 | % | 0 | % | 1.2 | % | |||||||||
Expected volatility | 42 | % | 44 | % | 42 | % | 44 | % | |||||||||
Expected term (in years) | 5.9 | 5.6 | 5.9 | 5.6 | |||||||||||||
Risk-free rate | |||||||||||||||||
The risk-free rate was based upon a treasury instrument whose term was consistent with the contractual term of the option. | |||||||||||||||||
Expected dividend yield | |||||||||||||||||
Generally, the current dividend yield is calculated by annualizing the cash dividend declared by the Company’s Board of Directors and dividing that result by the closing stock price on the grant date. However, in the fourth quarter of 2012, the Company paid the full annual dividends for 2013 and 2014 in advance, and therefore, the dividend yield for those years has been adjusted to zero. At the time of the 2013 valuation, a dividend yield of 1.04% was estimated for future periods from 2015 through the expected life of the option. | |||||||||||||||||
Expected volatility | |||||||||||||||||
The expected volatility was based upon a combination of historical volatility of the Company’s common stock over the contractual term of the option and implied volatility for traded options of the Company’s stock. | |||||||||||||||||
Expected term | |||||||||||||||||
The expected term was derived from the binomial lattice model from the impact of events that trigger exercises over time. | |||||||||||||||||
The weighted-average grant-date fair values of stock options granted during the three-month periods ended September 29, 2013 and September 30, 2012 were $8.07 and $6.48, respectively. The weighted-average grant-date fair values of stock options granted during the nine-month periods ended September 29, 2013 and September 30, 2012 were $8.07 and $6.58, respectively. | |||||||||||||||||
The Company stratifies its employee population into two groups: one consisting of senior management and another consisting of all other employees. The Company currently expects that approximately 71% of its stock options granted to senior management and 69% of its options granted to all other employees will actually vest. Therefore, the Company currently applies an estimated annual forfeiture rate of 12% to all unvested options for senior management and a rate of 13% for all other employees. | |||||||||||||||||
The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended September 29, 2013 were $2,220,000 and $721,000, respectively, and for the three-month period ended September 30, 2012 were $1,492,000 and $478,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the nine-month period ended September 29, 2013 were $8,299,000 and $2,725,000, respectively, and for the nine-month period ended September 30, 2012 were $6,795,000 and $2,212,000, respectively. No compensation expense was capitalized as of September 29, 2013 or December 31, 2012. | |||||||||||||||||
The following table details the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): | |||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Product cost of revenue | $ | 160 | $ | 99 | $ | 564 | $ | 474 | |||||||||
Service cost of revenue | 33 | 26 | 143 | 134 | |||||||||||||
Research, development, and engineering | 546 | 385 | 2,009 | 1,735 | |||||||||||||
Selling, general, and administrative | 1,481 | 982 | 5,583 | 4,452 | |||||||||||||
$ | 2,220 | $ | 1,492 | $ | 8,299 | $ | 6,795 | ||||||||||
The total intrinsic values of stock options exercised for the three-month periods ended September 29, 2013 and September 30, 2012 were $14,422,000 and $1,436,000, respectively. The total intrinsic values of stock options exercised for the nine-month periods ended September 29, 2013 and September 30, 2012 were $28,374,000 and $14,744,000, respectively. The total fair values of stock options vested for the three-month periods ended September 29, 2013 and September 30, 2012 were $197,000 and $242,000, respectively. The total fair values of stock options vested for the nine-month periods ended September 29, 2013 and September 30, 2012 were $9,428,000 and $8,927,000, respectively. | |||||||||||||||||
As of September 29, 2013, total unrecognized compensation expense related to non-vested stock options was $10,411,000, which is expected to be recognized over a weighted-average period of 1.4 years. |
Stock_Repurchase_Program
Stock Repurchase Program | 9 Months Ended |
Sep. 29, 2013 | |
Text Block [Abstract] | |
Stock Repurchase Program | NOTE 13: Stock Repurchase Program |
In April 2008, the Company’s Board of Directors authorized the repurchase of up to $50,000,000 of the Company’s common stock, primarily as a means to reduce the dilutive effect of employee stock options. As of September 29, 2013, the Company had repurchased 3,578,000 shares at a cost of $50,000,000 under this program, including 536,000 shares at a cost of $11,891,000 in the second quarter of 2013 and 291,000 shares at a cost of $8,109,000 in the third quarter of 2013. Stock repurchases under this program are now complete. In November 2011, the Company’s Board of Directors authorized the repurchase of up to $80,000,000 of the Company’s common stock to help reduce the dilutive effect of employee stock options. In the third quarter of 2013, the Company purchased 272,000 shares at a cost of $8,059,000 under this 2011 repurchase program. The Company may repurchase shares under the 2011 program in future periods depending upon a variety of factors, including, among other things, the impact of dilution from employee stock options, stock price, share availability, and cash requirements. |
TwoforOne_Stock_Split
Two-for-One Stock Split | 9 Months Ended |
Sep. 29, 2013 | |
Equity [Abstract] | |
Two-for-One Stock Split | NOTE 14: Two-for-One Stock Split |
On July 29, 2013, the Company’s Board of Directors declared a two-for-one stock split, effected in the form of a stock dividend, on the shares of the Company’s common stock. Each shareholder of record on August 26, 2013, received an additional share of common stock for each share of common stock then held. The stock was distributed on September 16, 2013. The Company retained the current par value of $0.002 per share for all shares of common stock. All references in the financial statements to the number of shares outstanding, number of shares repurchased, per-share amounts, and stock option data related to the Company’s common stock have been restated to reflect the effect of the stock split for all periods presented. | |
Stockholders’ equity reflects the stock split by reclassifying from “Additional paid in capital” to “Common stock” an amount equal to the par value of the additional shares arising from the split. |
Taxes
Taxes | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Taxes | NOTE 15: Taxes | ||||||||||||||||
A reconciliation of the United States federal statutory corporate tax rate to the Company’s effective tax rate, or income tax provision, was as follows: | |||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income tax at federal statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of federal benefit | 1 | 1 | 1 | 1 | |||||||||||||
Foreign tax rate differential | (17 | ) | (15 | ) | (17 | ) | (15 | ) | |||||||||
Discrete events | (6 | ) | (2 | ) | (3 | ) | (1 | ) | |||||||||
Income tax provision | 13 | % | 19 | % | 16 | % | 20 | % | |||||||||
The effective tax rate for 2013 included the impact of the following discrete tax events: (1) a decrease in tax expense of $1,790,000 recorded in the third quarter from the expiration of statutes of limitations for certain reserves for income tax uncertainties, (2) an increase in tax expense of $267,000 recorded in the third quarter from the final true-up of the prior year’s tax accrual upon filing the actual tax returns, and (3) a decrease in tax expense of $555,000 recorded in the first quarter from the retroactive application of the 2012 research and development credit. The American Taxpayer Relief Act of 2012 was passed by Congress and signed into law on January 1, 2013. The provisions under this law are to be applied retroactively to January 1, 2012. As a result of the law being signed on January 1, 2013, the financial impact of the retroactive provision was recorded as a discrete event in the first quarter of 2013. These discrete tax events decreased the effective tax rate from a provision of 19% to a provision of 13% for the three-month period in 2013 and decreased the effective tax rate from a provision of 19% to a provision of 16% for the nine-month period in 2013. | |||||||||||||||||
The effective tax rate for 2012 included the impact of the following discrete tax events: (1) a decrease in tax expense of $441,000 recorded in the third quarter from the expiration of statutes of limitations for certain reserves for income tax uncertainties and (2) an increase in tax expense of $84,000 recorded in the third quarter from the final true-up of the prior year’s tax accrual upon filing the actual tax returns. These discrete tax events decreased the effective tax rate from a provision of 21% to a provision of 19% for the three-month period in 2012 and decreased the effective tax rate from a provision of 21% to a provision of 20% for the nine-month period in 2012. | |||||||||||||||||
During the nine-month period ended September 29, 2013, the Company recorded a $679,000 decrease in liabilities, net of deferred tax benefit, for uncertain tax positions that were recorded as income tax benefit, of which $1,597,000 of income tax benefit was recorded in the three-month period ended September 29, 2013. Estimated interest and penalties included in these amounts totaled $834,000 for the nine-month period ended September 29, 2013, of which $911,000 was recorded in the three-month period ended September 29, 2013. | |||||||||||||||||
The Company’s reserve for income taxes, including gross interest and penalties, was $4,390,000 as of September 29, 2013, all of which was classified as noncurrent. The amount of gross interest and penalties included in these balances was $297,000. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period, less $361,000 that would be recorded through additional paid in capital. As a result of the expiration of certain statutes of limitations, there is a potential that a portion of these reserves could be released, which would decrease income tax expense by approximately $450,000 to $550,000 over the next twelve months. | |||||||||||||||||
The Company has defined its major tax jurisdictions as the United States, Ireland, China, and Japan, and within the United States, Massachusetts and California. Within the United States, the tax years 2010 through 2012 remain open to examination by various taxing authorities, while the tax years 2009 through 2012 remain open to examination by various taxing authorities in other jurisdictions in which the Company operates. The Company has recently been notified by the Internal Revenue Service that its U.S. Federal tax returns for years 2010 and 2011 are under audit. The Company believes it is adequately reserved for these years. |
WeightedAverage_Shares
Weighted-Average Shares | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Weighted-Average Shares | NOTE 16: Weighted-Average Shares | ||||||||||||||||
On July 29, 2013 the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock, which was effected through a stock dividend distributed on September 16, 2013. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures reflect this two-for-one stock split. | |||||||||||||||||
Weighted-average shares were calculated as follows (in thousands): | |||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted-average common shares outstanding | 87,339 | 85,824 | 87,578 | 85,554 | |||||||||||||
Effect of dilutive stock options | 2,020 | 1,434 | 1,872 | 1,666 | |||||||||||||
Weighted-average common and common-equivalent shares outstanding | 89,359 | 87,258 | 89,450 | 87,220 | |||||||||||||
Stock options to purchase 76,653 and 1,357,004 shares of common stock, on a weighted-average basis, were outstanding during the three-month and nine-month periods ended September 29, 2013, respectively, and 1,870,684 and 1,784,698 for the same periods in 2012, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | NOTE 17: Segment Information | ||||||||||||||||
The Company has two reportable segments: the Modular Vision Systems Division (MVSD) and the Surface Inspection Systems Division (SISD). MVSD develops, manufactures, and markets modular vision systems that are used to control the manufacture of discrete items by locating, identifying, inspecting, and measuring them during the manufacturing process. SISD develops, manufactures, and markets surface inspection vision systems that are used to inspect surfaces of materials processed in a continuous fashion, such as metals, paper, nonwoven, plastics, and glass, to ensure there are no flaws or defects on the surfaces. Segments are determined based upon the way that management organizes its business for making operating decisions and assessing performance. The Company evaluates segment performance based upon income or loss from operations, excluding stock-based compensation expense. | |||||||||||||||||
The following table summarizes information about the segments (in thousands): | |||||||||||||||||
Three-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 29, 2013 | |||||||||||||||||
Product revenue | $ | 75,184 | $ | 8,280 | $ | — | $ | 83,464 | |||||||||
Service revenue | 2,758 | 4,566 | — | 7,324 | |||||||||||||
Operating income | 26,038 | 2,916 | (5,575 | ) | 23,379 | ||||||||||||
Nine-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 29, 2013 | |||||||||||||||||
Product revenue | $ | 215,515 | $ | 22,319 | $ | — | $ | 237,834 | |||||||||
Service revenue | 7,151 | 13,205 | — | 20,356 | |||||||||||||
Operating income | 71,641 | 6,875 | (16,983 | ) | 61,533 | ||||||||||||
Three-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 30, 2012 | |||||||||||||||||
Product revenue | $ | 64,971 | $ | 7,466 | $ | — | $ | 72,437 | |||||||||
Service revenue | 3,291 | 4,348 | — | 7,639 | |||||||||||||
Operating income | 22,664 | 2,724 | (3,585 | ) | 21,803 | ||||||||||||
Nine-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 30, 2012 | |||||||||||||||||
Product revenue | $ | 198,935 | $ | 23,358 | $ | — | $ | 222,293 | |||||||||
Service revenue | 6,989 | 12,829 | — | 19,818 | |||||||||||||
Operating income | 68,843 | 7,964 | (13,913 | ) | 62,894 | ||||||||||||
Reconciling items consist of stock-based compensation expense and unallocated corporate expenses, which primarily include corporate headquarters costs, professional fees, and patent infringement litigation. Additional asset information by segment is not produced internally for use by the chief operating decision maker, and therefore, is not presented. Additional asset information is not provided because cash and investments are commingled and the segments share assets and resources in a number of locations around the world. | |||||||||||||||||
New_Pronouncements_Policies
New Pronouncements (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | Accounting Standards Update (ASU) 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” |
The amendments in ASU 2013-01 require companies to present enhanced disclosure about certain financial instruments and derivative instruments that are offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirement became effective, retrospectively, in the first quarter of our fiscal year ending December 31, 2013. However, as this ASU related only to presentation and disclosure it did not have an impact on our consolidated financial position, results of operations, or cash flows. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | Accounting Standards Update (ASU) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” |
The amendments in ASU 2013-02 require companies to present information about amounts reclassified out of accumulated other comprehensive income (OCI) to net income, by component. The effect of significant reclassification adjustments being made out of accumulated OCI on the corresponding line items in net income must be presented when the item is reclassified in its entirety during one reporting period. While the new guidance in ASU 2013-12 changes the presentation of accumulated OCI, there are no changes to the components that are recognized in net income or OCI under current accounting guidance. | |
Amounts reclassified from accumulated other comprehensive income to investment income on the Consolidated Statements of Operations were realized gains of $20,000 and $103,000 during the three-month and nine-month periods ended September 29, 2013, respectively, and realized gains of $340,000 and $1,411,000 during the three-month and nine-month periods ended September 30, 2012, respectively. | |
Presentation of Unrecognized Tax Benefit When Net Operating Loss Carryforward, Similar Tax Loss, or Tax Credit Carryforward Exists | Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” |
The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss (NOL) carryforward or a similar tax loss or tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not net the unrecognized tax benefit with a deferred tax asset. As the Company does not currently have any NOL carryforwards, this guidance will most likely apply to research and development tax credit carryforwards. ASU 2013-11 is effective for annual periods beginning after December 15, 2013 and should be applied to all unrecognized tax benefits that exist as of the effective date. Companies may choose to apply this guidance retrospectively to each prior reporting period presented. Management is the process of evaluating the impact of this Update. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of September 29, 2013 (in thousands): | ||||||||
Quoted Prices in | Significant Other | ||||||||
Active Markets | Observable | ||||||||
for Identical | Inputs (Level 2) | ||||||||
Assets (Level 1) | |||||||||
Assets: | |||||||||
Corporate stock | $ | 1,864 | $ | — | |||||
Money market instruments | 225 | — | |||||||
Corporate bonds | — | 210,341 | |||||||
Asset-backed securities | — | 69,928 | |||||||
Treasury bills | — | 69,277 | |||||||
Sovereign bonds | — | 29,923 | |||||||
Municipal bonds | — | 28,005 | |||||||
Agency bonds | — | 1,499 | |||||||
Currency forward contracts | — | 81 | |||||||
Liabilities: | |||||||||
Currency forward contracts | — | 64 |
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents, and Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Cash And Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Components of Cash, Cash Equivalents, and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands): | ||||||||||||||||||||||||
September 29, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cash | $ | 30,221 | $ | 34,986 | |||||||||||||||||||||
Cash equivalents | — | 5,098 | |||||||||||||||||||||||
Money market instruments | 225 | 5,076 | |||||||||||||||||||||||
Cash and cash equivalents | 30,446 | 45,160 | |||||||||||||||||||||||
Corporate bonds | 104,720 | 46,001 | |||||||||||||||||||||||
Asset-backed securities | 41,269 | 17,666 | |||||||||||||||||||||||
Municipal bonds | 17,013 | 16,224 | |||||||||||||||||||||||
Treasury bills | 11,654 | 5,997 | |||||||||||||||||||||||
Sovereign bonds | 8,553 | 3,986 | |||||||||||||||||||||||
Corporate stock | 1,864 | 2,131 | |||||||||||||||||||||||
Agency bonds | 1,499 | 7,482 | |||||||||||||||||||||||
Covered bonds | — | 5,618 | |||||||||||||||||||||||
Short-term investments | 186,572 | 105,105 | |||||||||||||||||||||||
Corporate bonds | 105,621 | 100,072 | |||||||||||||||||||||||
Treasury bills | 57,623 | 36,276 | |||||||||||||||||||||||
Asset-backed securities | 28,659 | 34,710 | |||||||||||||||||||||||
Sovereign bonds | 21,370 | 10,606 | |||||||||||||||||||||||
Municipal bonds | 10,992 | 17,846 | |||||||||||||||||||||||
Agency bonds | — | 29,441 | |||||||||||||||||||||||
Covered bonds | — | 5,564 | |||||||||||||||||||||||
Limited partnership interest (accounted for using cost method) | 2,455 | 3,740 | |||||||||||||||||||||||
Long-term investments | 226,720 | 238,255 | |||||||||||||||||||||||
$ | 443,738 | $ | 388,520 | ||||||||||||||||||||||
Summary of Available-for-Sale Investments | The following tables summarize the Company’s available-for-sale investments as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Short-term: | |||||||||||||||||||||||||
Corporate bonds | $ | 104,580 | $ | 270 | $ | (130 | ) | $ | 104,720 | ||||||||||||||||
Asset-backed securities | 41,600 | 7 | (338 | ) | 41,269 | ||||||||||||||||||||
Municipal bonds | 16,969 | 44 | — | 17,013 | |||||||||||||||||||||
Treasury bills | 11,647 | 7 | — | 11,654 | |||||||||||||||||||||
Sovereign bonds | 8,554 | 9 | (10 | ) | 8,553 | ||||||||||||||||||||
Agency bonds | 1,500 | — | (1 | ) | 1,499 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||
Corporate bonds | 105,251 | 513 | (143 | ) | 105,621 | ||||||||||||||||||||
Treasury bills | 57,604 | 24 | (5 | ) | 57,623 | ||||||||||||||||||||
Asset-backed securities | 28,810 | 10 | (161 | ) | 28,659 | ||||||||||||||||||||
Sovereign bonds | 21,386 | 57 | (73 | ) | 21,370 | ||||||||||||||||||||
Municipal bonds | 10,957 | 45 | (10 | ) | 10,992 | ||||||||||||||||||||
$ | 408,858 | $ | 986 | $ | (871 | ) | $ | 408,973 | |||||||||||||||||
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments | |||||||||||||||||||||||||
Unrealized Loss Position For: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 62,910 | $ | (272 | ) | $ | 2,455 | $ | (1 | ) | $ | 65,365 | $ | (273 | ) | ||||||||||
Asset- backed securities | 41,848 | (102 | ) | 16,332 | (397 | ) | 58,180 | (499 | ) | ||||||||||||||||
Sovereign bonds | 9,300 | (25 | ) | 888 | (58 | ) | 10,188 | (83 | ) | ||||||||||||||||
Treasury bills | 7,614 | (5 | ) | — | — | 7,614 | (5 | ) | |||||||||||||||||
Municipal bonds | 4,374 | (10 | ) | — | — | 4,374 | (10 | ) | |||||||||||||||||
Agency bonds | 1,499 | (1 | ) | — | — | 1,499 | (1 | ) | |||||||||||||||||
$ | 127,545 | $ | (415 | ) | $ | 19,675 | $ | (456 | ) | $ | 147,220 | $ | (871 | ) | |||||||||||
Effective Maturity Dates of Available-for-Sale Investments | The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2013 (in thousands): | ||||||||||||||||||||||||
<1 | 2-Jan | 3-Feb | 4-Mar | 5-Apr | Total | ||||||||||||||||||||
Year | Years | Years | Years | Years | |||||||||||||||||||||
Corporate bonds | $ | 104,720 | $ | 61,596 | $ | 41,299 | $ | 2,203 | $ | 523 | $ | 210,341 | |||||||||||||
Asset-backed securities | 41,269 | 28,659 | — | — | — | 69,928 | |||||||||||||||||||
Treasury bills | 11,654 | 48,015 | 9,608 | — | — | 69,277 | |||||||||||||||||||
Sovereign bonds | 8,553 | 9,571 | 10,911 | — | 888 | 29,923 | |||||||||||||||||||
Municipal bonds | 17,013 | 4,576 | 4,531 | 1,385 | 500 | 28,005 | |||||||||||||||||||
Agency bonds | 1,499 | — | — | — | — | 1,499 | |||||||||||||||||||
$ | 184,708 | $ | 152,417 | $ | 66,349 | $ | 3,588 | $ | 1,911 | $ | 408,973 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories consisted of the following (in thousands): | ||||||||
September 29, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 14,050 | $ | 12,667 | |||||
Work-in-process | 3,935 | 4,193 | |||||||
Finished goods | 9,640 | 9,322 | |||||||
$ | 27,625 | $ | 26,182 |
Warranty_Obligations_Tables
Warranty Obligations (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Guarantees [Abstract] | |||||
Changes in Warranty Obligations | The changes in the warranty obligations were as follows (in thousands): | ||||
Balance as of December 31, 2012 | $ | 2,256 | |||
Provisions for warranties issued during the period | 2,027 | ||||
Fulfillment of warranty obligations | (1,535 | ) | |||
Foreign exchange rate changes | 64 | ||||
Balance as of September 29, 2013 | $ | 2,812 | |||
Guarantees_Tables
Guarantees (Tables) | 9 Months Ended | ||||||
Sep. 29, 2013 | |||||||
Guarantees [Abstract] | |||||||
Details of Letters of Credit Outstanding | The following table details the letters of credit outstanding as of September 29, 2013: | ||||||
Type | Guarantee | Guarantee due date | |||||
Amount | |||||||
(in thousands) | |||||||
Bank Guarantees | $ | 294 | Various from October 2013 to November 2013 | ||||
Performance Bonds | 159 | Various from January 2015 to March 2016 | |||||
Warranty Bonds | 1,095 | Various from October 2013 to August 2015 | |||||
$ | 1,548 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Outstanding Forward Contracts | As of September 29, 2013, the Company had the following outstanding forward contracts that were entered into to mitigate foreign currency exchange rate risk (in thousands): | ||||||||||||||||||||
Currency | Notional | USD | |||||||||||||||||||
Value | Equivalent | ||||||||||||||||||||
Chinese Renminbi | 20,000 | $ | 3,213 | ||||||||||||||||||
Japanese Yen | 235,400 | 2,395 | |||||||||||||||||||
Singapore Dollar | 3,025 | 2,379 | |||||||||||||||||||
Euro | 1,035 | 1,400 | |||||||||||||||||||
British Pound | 650 | 1,036 | |||||||||||||||||||
Korean Won | 1,121,500 | 1,029 | |||||||||||||||||||
Taiwanese Dollar | 28,450 | 952 | |||||||||||||||||||
Swedish Krona | 5,800 | 891 | |||||||||||||||||||
Hungarian Forint | 135,000 | 603 | |||||||||||||||||||
Information Regarding Fair Value of Forward Contracts Outstanding | Information regarding the fair value of the forward contracts outstanding as of September 29, 2013 and December 31, 2012 was as follows (in thousands): | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||
Sheet | September 29, | December 31, | Sheet | September 29, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||||||
Currency forward contracts | Prepaid expenses and | $ | 81 | $ | 44 | Accrued | $ | 64 | $ | 14 | |||||||||||
other current assets | expenses | ||||||||||||||||||||
Information Regarding Effect of Forward Contracts, Net of Underlying Exposure, on Consolidated Statements of Operations | Information regarding the effect of the forward contracts, net of the underlying exposure, on the Consolidated Statements of Operations for the three-month and nine-month periods ended September 29, 2013 and September 30, 2012 was as follows (in thousands): | ||||||||||||||||||||
Amount of Loss Recognized | Amount of Gain (Loss) | ||||||||||||||||||||
Recognized | |||||||||||||||||||||
Location of | Three-months ended | Location of | Nine-months ended | ||||||||||||||||||
Loss | September 29, | September 30, | Gain (Loss) | September 29, | September 30, | ||||||||||||||||
Recognized | 2013 | 2012 | Recognized | 2013 | 2012 | ||||||||||||||||
Currency forward contracts | Foreign currency | $ | (186 | ) | $ | (546 | ) | Foreign currency | $ | 10 | $ | (637 | ) | ||||||||
loss | gain (loss) |
StockBased_Compensation_Expens1
Stock-Based Compensation Expense (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine-month period ended September 29, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding as of December 31, 2012 | 7,118 | $ | 12.78 | ||||||||||||||
Granted | 1,711 | 21.29 | |||||||||||||||
Exercised | (2,275 | ) | 11.42 | ||||||||||||||
Forfeited or expired | (259 | ) | 16.29 | ||||||||||||||
Outstanding as of September 29, 2013 | 6,295 | $ | 15.44 | 7.4 | $ | 100,525 | |||||||||||
Exercisable as of September 29, 2013 | 1,806 | $ | 11.55 | 5.4 | $ | 35,855 | |||||||||||
Options vested or expected to vest at September 29, 2013 (1) | 5,577 | $ | 15.09 | 7.2 | $ | 91,041 | |||||||||||
-1 | In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. | ||||||||||||||||
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted | The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: | ||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Risk-free rate | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||
Expected dividend yield | 0 | % | 1.2 | % | 0 | % | 1.2 | % | |||||||||
Expected volatility | 42 | % | 44 | % | 42 | % | 44 | % | |||||||||
Expected term (in years) | 5.9 | 5.6 | 5.9 | 5.6 | |||||||||||||
Stock-Based Compensation Expense | The following table details the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): | ||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Product cost of revenue | $ | 160 | $ | 99 | $ | 564 | $ | 474 | |||||||||
Service cost of revenue | 33 | 26 | 143 | 134 | |||||||||||||
Research, development, and engineering | 546 | 385 | 2,009 | 1,735 | |||||||||||||
Selling, general, and administrative | 1,481 | 982 | 5,583 | 4,452 | |||||||||||||
$ | 2,220 | $ | 1,492 | $ | 8,299 | $ | 6,795 | ||||||||||
Taxes_Tables
Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Reconciliation of United States Federal Statutory Corporate Tax Rate to Company's Effective Tax Rate, or Income Tax Provision | A reconciliation of the United States federal statutory corporate tax rate to the Company’s effective tax rate, or income tax provision, was as follows: | ||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
Sept. 29, | Sept. 30, | Sept. 29, | Sept. 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income tax at federal statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of federal benefit | 1 | 1 | 1 | 1 | |||||||||||||
Foreign tax rate differential | (17 | ) | (15 | ) | (17 | ) | (15 | ) | |||||||||
Discrete events | (6 | ) | (2 | ) | (3 | ) | (1 | ) | |||||||||
Income tax provision | 13 | % | 19 | % | 16 | % | 20 | % | |||||||||
WeightedAverage_Shares_Tables
Weighted-Average Shares (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Calculation of Weighted-Average Shares | Weighted-average shares were calculated as follows (in thousands): | ||||||||||||||||
Three-months Ended | Nine-months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted-average common shares outstanding | 87,339 | 85,824 | 87,578 | 85,554 | |||||||||||||
Effect of dilutive stock options | 2,020 | 1,434 | 1,872 | 1,666 | |||||||||||||
Weighted-average common and common-equivalent shares outstanding | 89,359 | 87,258 | 89,450 | 87,220 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Information About Segments | The following table summarizes information about the segments (in thousands): | ||||||||||||||||
Three-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 29, 2013 | |||||||||||||||||
Product revenue | $ | 75,184 | $ | 8,280 | $ | — | $ | 83,464 | |||||||||
Service revenue | 2,758 | 4,566 | — | 7,324 | |||||||||||||
Operating income | 26,038 | 2,916 | (5,575 | ) | 23,379 | ||||||||||||
Nine-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 29, 2013 | |||||||||||||||||
Product revenue | $ | 215,515 | $ | 22,319 | $ | — | $ | 237,834 | |||||||||
Service revenue | 7,151 | 13,205 | — | 20,356 | |||||||||||||
Operating income | 71,641 | 6,875 | (16,983 | ) | 61,533 | ||||||||||||
Three-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 30, 2012 | |||||||||||||||||
Product revenue | $ | 64,971 | $ | 7,466 | $ | — | $ | 72,437 | |||||||||
Service revenue | 3,291 | 4,348 | — | 7,639 | |||||||||||||
Operating income | 22,664 | 2,724 | (3,585 | ) | 21,803 | ||||||||||||
Nine-months Ended | MVSD | SISD | Reconciling Items | Consolidated | |||||||||||||
September 30, 2012 | |||||||||||||||||
Product revenue | $ | 198,935 | $ | 23,358 | $ | — | $ | 222,293 | |||||||||
Service revenue | 6,989 | 12,829 | — | 19,818 | |||||||||||||
Operating income | 68,843 | 7,964 | (13,913 | ) | 62,894 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jul. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
Accounting Policies [Abstract] | |||
Stock split conversion ratio | 2 | 2 | 2 |
New_Pronouncements_Additional_
New Pronouncements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
New Accounting Pronouncement Or Change In Accounting Principle Retrospective Adjustments [Abstract] | ||||
Reclassification from accumulated other comprehensive income to investment income | $20,000 | $340,000 | $103,000 | $1,411,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Money market instruments | $225 | $5,076 |
Financial assets at fair value | 408,973 | |
Corporate Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 210,341 | |
Asset-Backed Securities [Member] | ||
Assets: | ||
Financial assets at fair value | 69,928 | |
Treasury Bills [Member] | ||
Assets: | ||
Financial assets at fair value | 69,277 | |
Sovereign Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 29,923 | |
Municipal Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 28,005 | |
Agency Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 1,499 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Corporate stock | 1,864 | |
Money market instruments | 225 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 210,341 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||
Assets: | ||
Financial assets at fair value | 69,928 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Treasury Bills [Member] | ||
Assets: | ||
Financial assets at fair value | 69,277 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Sovereign Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 29,923 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 28,005 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Agency Bonds [Member] | ||
Assets: | ||
Financial assets at fair value | 1,499 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Currency Forward Contracts [Member] | ||
Assets: | ||
Currency forward contracts | 81 | |
Liabilities: | ||
Currency forward contracts | $64 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 29, 2013 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other-than-temporary impairment loss | $0 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other-than-temporary impairment loss | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other-than-temporary impairment loss | $0 |
Cash_Cash_Equivalents_and_Inve2
Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash | $30,221 | $34,986 | ||
Cash equivalents | 5,098 | |||
Money market instruments | 225 | 5,076 | ||
Cash and cash equivalents | 30,446 | 45,160 | 54,158 | 38,103 |
Short-term investments | 186,572 | 105,105 | ||
Limited partnership interest (accounted for using cost method) | 2,455 | 3,740 | ||
Long-term investments | 226,720 | 238,255 | ||
Total | 443,738 | 388,520 | ||
Corporate Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 104,720 | 46,001 | ||
Long-term investments | 105,621 | 100,072 | ||
Asset-Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 41,269 | 17,666 | ||
Long-term investments | 28,659 | 34,710 | ||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 17,013 | 16,224 | ||
Long-term investments | 10,992 | 17,846 | ||
Treasury Bills [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 11,654 | 5,997 | ||
Long-term investments | 57,623 | 36,276 | ||
Sovereign Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 8,553 | 3,986 | ||
Long-term investments | 21,370 | 10,606 | ||
Corporate Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 1,864 | 2,131 | ||
Agency Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 1,499 | 7,482 | ||
Long-term investments | 29,441 | |||
Covered Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Short-term investments | 5,618 | |||
Long-term investments | $5,564 |
Cash_Cash_Equivalents_and_Inve3
Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Detail) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $408,858 |
Gross Unrealized Gains | 986 |
Gross Unrealized Losses | -871 |
Fair Value | 408,973 |
Corporate Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 210,341 |
Corporate Bonds [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 104,580 |
Gross Unrealized Gains | 270 |
Gross Unrealized Losses | -130 |
Fair Value | 104,720 |
Corporate Bonds [Member] | Long-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 105,251 |
Gross Unrealized Gains | 513 |
Gross Unrealized Losses | -143 |
Fair Value | 105,621 |
Asset-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 69,928 |
Asset-Backed Securities [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 41,600 |
Gross Unrealized Gains | 7 |
Gross Unrealized Losses | -338 |
Fair Value | 41,269 |
Asset-Backed Securities [Member] | Long-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 28,810 |
Gross Unrealized Gains | 10 |
Gross Unrealized Losses | -161 |
Fair Value | 28,659 |
Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 28,005 |
Municipal Bonds [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 16,969 |
Gross Unrealized Gains | 44 |
Fair Value | 17,013 |
Municipal Bonds [Member] | Long-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 10,957 |
Gross Unrealized Gains | 45 |
Gross Unrealized Losses | -10 |
Fair Value | 10,992 |
Treasury Bills [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 69,277 |
Treasury Bills [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 11,647 |
Gross Unrealized Gains | 7 |
Fair Value | 11,654 |
Treasury Bills [Member] | Long-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 57,604 |
Gross Unrealized Gains | 24 |
Gross Unrealized Losses | -5 |
Fair Value | 57,623 |
Sovereign Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 29,923 |
Sovereign Bonds [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 8,554 |
Gross Unrealized Gains | 9 |
Gross Unrealized Losses | -10 |
Fair Value | 8,553 |
Sovereign Bonds [Member] | Long-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 21,386 |
Gross Unrealized Gains | 57 |
Gross Unrealized Losses | -73 |
Fair Value | 21,370 |
Agency Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value | 1,499 |
Agency Bonds [Member] | Short-Term Investments [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 1,500 |
Gross Unrealized Losses | -1 |
Fair Value | $1,499 |
Cash_Cash_Equivalents_and_Inve4
Cash, Cash Equivalents, and Investments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Detail) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | $127,545 |
Unrealized Losses, Less than 12 Months | -415 |
Fair Value, 12 Months or Greater | 19,675 |
Unrealized Losses, 12 Months or Greater | -456 |
Total Fair Value | 147,220 |
Total Unrealized Losses | -871 |
Corporate Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 62,910 |
Unrealized Losses, Less than 12 Months | -272 |
Fair Value, 12 Months or Greater | 2,455 |
Unrealized Losses, 12 Months or Greater | -1 |
Total Fair Value | 65,365 |
Total Unrealized Losses | -273 |
Asset-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 41,848 |
Unrealized Losses, Less than 12 Months | -102 |
Fair Value, 12 Months or Greater | 16,332 |
Unrealized Losses, 12 Months or Greater | -397 |
Total Fair Value | 58,180 |
Total Unrealized Losses | -499 |
Sovereign Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 9,300 |
Unrealized Losses, Less than 12 Months | -25 |
Fair Value, 12 Months or Greater | 888 |
Unrealized Losses, 12 Months or Greater | -58 |
Total Fair Value | 10,188 |
Total Unrealized Losses | -83 |
Treasury Bills [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 7,614 |
Unrealized Losses, Less than 12 Months | -5 |
Total Fair Value | 7,614 |
Total Unrealized Losses | -5 |
Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 4,374 |
Unrealized Losses, Less than 12 Months | -10 |
Total Fair Value | 4,374 |
Total Unrealized Losses | -10 |
Agency Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Value, Less than 12 Months | 1,499 |
Unrealized Losses, Less than 12 Months | -1 |
Total Fair Value | 1,499 |
Total Unrealized Losses | ($1) |
Cash_Cash_Equivalents_and_Inve5
Cash, Cash Equivalents, and Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 29, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | |
Equity Securities [Member] | Equity Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Gross realized gains on sale of investments | $32,000 | $342,000 | $182,000 | $1,669,000 | |||
Gross realized losses on sale of investments | 12,000 | 1,000 | 79,000 | 239,000 | |||
Fair value | 1,864,000 | 2,131,000 | |||||
Net unrealized loss | 267,000 | 267,000 | |||||
Maximum amount committed to invest in limited partnership | 20,500,000 | ||||||
Contribution to limited partnership | 19,886,000 | 19,886,000 | |||||
Remaining amount of commitment in limited partnership | 614,000 | 614,000 | |||||
Investment expiration date | 31-Dec-13 | ||||||
Number of contributions made during the period | 0 | ||||||
Cash distribution received | $1,285,000 |
Cash_Cash_Equivalents_and_Inve6
Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Detail) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | $184,708 |
1-2 Years | 152,417 |
2-3 Years | 66,349 |
3-4 Years | 3,588 |
4-5 Years | 1,911 |
Fair Value | 408,973 |
Corporate Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 104,720 |
1-2 Years | 61,596 |
2-3 Years | 41,299 |
3-4 Years | 2,203 |
4-5 Years | 523 |
Fair Value | 210,341 |
Asset-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 41,269 |
1-2 Years | 28,659 |
Fair Value | 69,928 |
Treasury Bills [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 11,654 |
1-2 Years | 48,015 |
2-3 Years | 9,608 |
Fair Value | 69,277 |
Sovereign Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 8,553 |
1-2 Years | 9,571 |
2-3 Years | 10,911 |
4-5 Years | 888 |
Fair Value | 29,923 |
Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 17,013 |
1-2 Years | 4,576 |
2-3 Years | 4,531 |
3-4 Years | 1,385 |
4-5 Years | 500 |
Fair Value | 28,005 |
Agency Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than 1 Year | 1,499 |
Fair Value | $1,499 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $14,050 | $12,667 |
Work-in-process | 3,935 | 4,193 |
Finished goods | 9,640 | 9,322 |
Inventories | $27,625 | $26,182 |
Warranty_Obligations_Changes_i
Warranty Obligations - Changes in Warranty Obligations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Payables And Accruals [Abstract] | |
Beginning Balance | $2,256 |
Provisions for warranties issued during the period | 2,027 |
Fulfillment of warranty obligations | -1,535 |
Foreign exchange rate changes | 64 |
Ending Balance | $2,812 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) | 1 Months Ended | ||
Jul. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2009 | |
Patents | Respondent | Respondent | |
Leases [Abstract] | |||
Number of respondents with whom a settlement was reached | 5 | 2 | |
Number of the company's patents found invalid | 2 |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) | 9 Months Ended |
Sep. 29, 2013 | |
Category | |
Guarantees [Abstract] | |
Number of categories of letters of credit | 3 |
Guarantees_Details_of_Letters_
Guarantees - Details of Letters of Credit Outstanding (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Guarantor Obligations [Line Items] | |
Guarantee Amount | $1,548 |
Bank Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee Amount | 294 |
Guarantee due date | Various from October 2013 to November 2013 |
Performance Bonds [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee Amount | 159 |
Guarantee due date | Various from January 2015 to March 2016 |
Warranty Bonds [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee Amount | $1,095 |
Guarantee due date | Various from October 2013 to August 2015 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||
Derivative instruments maturity period | 3 months | |||
Net foreign currency gains (losses) | ($442) | ($409) | ($303) | ($1,077) |
Derivative_Instruments_Outstan
Derivative Instruments - Outstanding Forward Contracts (Detail) (Currency Forward Contracts [Member]) | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | Chinese Renminbi [Member] | Chinese Renminbi [Member] | Japanese Yen [Member] | Japanese Yen [Member] | Singapore Dollar [Member] | Singapore Dollar [Member] | Euro [Member] | Euro [Member] | British Pound [Member] | British Pound [Member] | Korean Won [Member] | Korean Won [Member] | Taiwanese Dollar [Member] | Taiwanese Dollar [Member] | Swedish Krona [Member] | Swedish Krona [Member] | Hungarian Forint [Member] | Hungarian Forint [Member] |
USD ($) | CNY | USD ($) | JPY (¥) | USD ($) | SGD | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | KRW | USD ($) | TWD | USD ($) | SEK | USD ($) | HUF | |
Derivative [Line Items] | ||||||||||||||||||
Outstanding forward contracts | $3,213 | 20,000 | $2,395 | ¥ 235,400 | $2,379 | 3,025 | $1,400 | € 1,035 | $1,036 | £ 650 | $1,029 | 1,121,500 | $952 | 28,450 | $891 | 5,800 | $603 | 135,000 |
Derivative_Instruments_Informa
Derivative Instruments - Information Regarding Fair Value of Forward Contracts Outstanding (Detail) (Currency Forward Contracts [Member], USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $81 | $44 |
Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $64 | $14 |
Derivative_Instruments_Informa1
Derivative Instruments - Information Regarding Effect of Forward Contracts, Net of Underlying Exposure, on Consolidated Statements of Operations (Detail) (Foreign Currency Gain (Loss) [Member], Currency Forward Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Foreign Currency Gain (Loss) [Member] | Currency Forward Contracts [Member] | ||||
Information regarding the effect of the forward contracts, net of the underlying exposure, on the Consolidated Statements of Operations | ||||
Amount of Gain (Loss) Recognized | ($186) | ($546) | $10 | ($637) |
StockBased_Compensation_Expens2
Stock-Based Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
OptionPlan | OptionPlan | ||||
Employees | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under stock option plans | 11,178,930 | 11,178,930 | |||
Number of stock option plans | 2 | 2 | |||
Expected dividend yield | 0.00% | 0.00% | 1.20% | 0.00% | 1.20% |
Weighted-average grant-date fair values of stock options granted | $8.07 | $6.48 | $8.07 | $6.58 | |
Number of groups within the employee population | 2 | 2 | |||
Percentage of stock options granted to senior management expected to vest | 71.00% | 71.00% | |||
Percentage of stock options granted to all other employees expected to vest | 69.00% | 69.00% | |||
Estimated forfeiture rate for unvested options for senior management | 12.00% | 12.00% | |||
Estimated forfeiture rate for unvested options for all non-senior management | 13.00% | 13.00% | |||
Stock-based compensation expense | $2,220,000 | $1,492,000 | $8,299,000 | $6,795,000 | |
Income tax benefit recognized related to stock-based compensation expense | 721,000 | 478,000 | 2,725,000 | 2,212,000 | |
Compensation expense was capitalized | 0 | 0 | 0 | ||
Total intrinsic values of stock options exercised | 14,422,000 | 1,436,000 | 28,374,000 | 14,744,000 | |
Total fair values of stock options vest | 197,000 | 242,000 | 9,428,000 | 8,927,000 | |
Total unrecognized compensation expense related to non-vested stock options | $10,411,000 | $10,411,000 | |||
Weighted-average period for unrecognized compensation expense related to non-vested stock options (years) | 1 year 4 months 24 days | ||||
General Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under stock option plans | 8,660,710 | 8,660,710 | |||
Expiration period of stock option plan | 10 years | ||||
Vesting period for stock option plans | 4 years | ||||
Stock Option and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under stock option plans | 2,518,220 | 2,518,220 | |||
Expiration period of stock option plan | 10 years | ||||
Vesting period for stock option plans | 4 years | ||||
2015 Through Expected Life of Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected dividend yield | 1.04% |
StockBased_Compensation_Expens3
Stock-Based Compensation Expense - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding, Shares | 7,118 |
Granted, Shares | 1,711 |
Exercised, Shares | -2,275 |
Forfeited or expired, Shares | -259 |
Outstanding, Shares | 6,295 |
Exercisable, Shares | 1,806 |
Options vested or expected to vest, Shares | 5,577 |
Outstanding, Weighted-Average Exercise Price | $12.78 |
Granted, Weighted-Average Exercise Price | $21.29 |
Exercised, Weighted-Average Exercise Price | $11.42 |
Forfeited or expired, Weighted-Average Exercise Price | $16.29 |
Outstanding, Weighted-Average Exercise Price | $15.44 |
Exercisable, Weighted-Average Exercise Price | $11.55 |
Options vested or expected to vest, Weighted-Average Exercise Price | $15.09 |
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 7 years 4 months 24 days |
Exercisable, Weighted-Average Remaining Contractual Term (in years) | 5 years 4 months 24 days |
Options vested or expected to vest, Weighted-Average Remaining Contractual Term (in years) | 7 years 2 months 12 days |
Outstanding, Aggregate Intrinsic Value | $100,525 |
Exercisable, Aggregate Intrinsic Value | 35,855 |
Options vested or expected to vest, Aggregate Intrinsic Value | $91,041 |
StockBased_Compensation_Expens4
Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Risk-free rate | 2.00% | 2.00% | 2.00% | 2.00% | |
Expected dividend yield | 0.00% | 0.00% | 1.20% | 0.00% | 1.20% |
Expected volatility | 42.00% | 44.00% | 42.00% | 44.00% | |
Expected term (in years) | 5 years 10 months 24 days | 5 years 7 months 6 days | 5 years 10 months 24 days | 5 years 7 months 6 days |
StockBased_Compensation_Expens5
Stock-Based Compensation Expense - Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $2,220 | $1,492 | $8,299 | $6,795 |
Product Cost of Revenue [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 160 | 99 | 564 | 474 |
Service Cost of Revenue [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 33 | 26 | 143 | 134 |
Research, Development, and Engineering [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 546 | 385 | 2,009 | 1,735 |
Selling, General, and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $1,481 | $982 | $5,583 | $4,452 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2011 | Apr. 01, 2008 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | |
Equity [Line Items] | |||||
Repurchase of authorized common stock | $80,000,000 | $50,000,000 | |||
Repurchase of shares | 3,578,000 | 3,578,000 | |||
Repurchase of shares during period | 291,000 | 536,000 | |||
Repurchase of shares, value | 50,000,000 | 50,000,000 | |||
Repurchase of shares during period, value | 8,109,000 | 11,891,000 | 28,059,000 | ||
2011 Stock Repurchase Program [Member] | |||||
Equity [Line Items] | |||||
Repurchase of shares during period | 272,000 | ||||
Repurchase of shares during period, value | $8,059,000 |
TwoforOne_Stock_Split_Addition
Two-for-One Stock Split - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ||||
Common stock, par or stated value per share | $0.00 | $0.00 | $0.00 | |
Stock split conversion ratio | 2 | 2 | 2 |
Taxes_Reconciliation_of_United
Taxes - Reconciliation of United States Federal Statutory Corporate Tax Rate to Company's Effective Tax Rate, or Income Tax Provision (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||||
Income tax at federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.00% | 1.00% | 1.00% | 1.00% |
Foreign tax rate differential | -17.00% | -15.00% | -17.00% | -15.00% |
Discrete events | -6.00% | -2.00% | -3.00% | -1.00% |
Income tax provision | 13.00% | 19.00% | 16.00% | 20.00% |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | |
Research and Development Tax Credit [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Increase (decrease) in tax expense upon the expiration of the statutes of limitation for certain reserves for income tax uncertainties | ($1,790,000) | ($441,000) | ||||
Increase (decrease) in tax expense for the final true-up of the prior year's tax accrual upon filing the actual tax returns | 267,000 | 84,000 | ||||
Reduction in tax expense | 555,000 | |||||
Effective discrete tax rate | 19.00% | 21.00% | 19.00% | 21.00% | ||
Provision for effective tax rate | 13.00% | 19.00% | 16.00% | 20.00% | ||
Increase (decrease) in liabilities, net of deferred tax benefit, for uncertain tax positions | -679,000 | |||||
Income tax expense benefit on uncertain tax position | 1,597,000 | |||||
Increase (decrease) in interest and penalties | 911,000 | 834,000 | ||||
Reserve for income taxes, total | 4,390,000 | 4,390,000 | 5,216,000 | |||
Interest and penalties, gross | 297,000 | 297,000 | ||||
Reserve for income taxes to be recorded in additional paid in capital | 361,000 | |||||
Minimum decrease in income tax expense due to release in reserves | 450,000 | |||||
Maximum decrease in income tax expense due to release in reserves | $550,000 | |||||
Tax years open to examination by various taxing authorities | 2010 through 2012 | |||||
Tax years open to examination by various taxing authorities for other entities | 2009 through 2012 | |||||
Tax years currently under audit by internal revenue service for U.S. federal returns | 2010 and 2011 |
WeightedAverage_Shares_Additio
Weighted-Average Shares - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | |||||
Stock split conversion ratio | 2 | 2 | 2 | ||
Stock options to purchase anti-dilutive common stock | 76,653 | 1,870,684 | 1,357,004 | 1,784,698 |
WeightedAverage_Shares_Calcula
Weighted-Average Shares - Calculation of Weighted-Average Shares (Detail) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share [Abstract] | ||||||||
Basic weighted-average common shares outstanding | 87,339 | [1] | 85,824 | [1] | 87,578 | [1] | 85,554 | [1] |
Effect of dilutive stock options | 2,020 | 1,434 | 1,872 | 1,666 | ||||
Weighted-average common and common-equivalent shares outstanding | 89,359 | [1] | 87,258 | [1] | 89,450 | [1] | 87,220 | [1] |
[1] | Prior period results have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend which occurred in September 2013. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 29, 2013 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment_Information_Informatio
Segment Information - Information About Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Product revenue | $83,464 | $72,437 | $237,834 | $222,293 |
Service revenue | 7,324 | 7,639 | 20,356 | 19,818 |
Operating income | 23,379 | 21,803 | 61,533 | 62,894 |
Operating Segments [Member] | MVSD [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product revenue | 75,184 | 64,971 | 215,515 | 198,935 |
Service revenue | 2,758 | 3,291 | 7,151 | 6,989 |
Operating income | 26,038 | 22,664 | 71,641 | 68,843 |
Operating Segments [Member] | SISD [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product revenue | 8,280 | 7,466 | 22,319 | 23,358 |
Service revenue | 4,566 | 4,348 | 13,205 | 12,829 |
Operating income | 2,916 | 2,724 | 6,875 | 7,964 |
Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | ($5,575) | ($3,585) | ($16,983) | ($13,913) |