Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'NATIONAL INSTRUMENTS CORP /DE/ | ' |
Entity Central Index Key | '0000935494 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 126,132,512 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $240,701 | $230,263 |
Short-term investments | 169,409 | 163,149 |
Accounts receivable, net | 181,545 | 180,680 |
Inventories, net | 170,257 | 172,109 |
Prepaid expenses and other current assets | 51,723 | 49,001 |
Deferred income taxes, net | 35,324 | 33,393 |
Total current assets | 848,959 | 828,595 |
Property and equipment, net | 262,518 | 260,568 |
Goodwill | 146,544 | 146,520 |
Intangible assets, net | 83,484 | 82,310 |
Other long-term assets | 24,173 | 25,558 |
Total assets | 1,365,678 | 1,343,551 |
Current liabilities: | ' | ' |
Accounts payable | 62,827 | 56,614 |
Accrued compensation | 21,817 | 25,189 |
Deferred revenue - current | 102,155 | 96,117 |
Accrued expenses and other liabilities | 16,567 | 17,627 |
Other taxes payable | 29,752 | 29,808 |
Total current liabilities | 233,118 | 225,355 |
Deferred income taxes | 43,294 | 44,620 |
Liability for uncertain tax positions | 24,145 | 23,572 |
Deferred revenue- long term | 21,261 | 21,389 |
Other long-term liabilities | 6,119 | 5,531 |
Total liabilities | 327,937 | 320,467 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock: par value $0.01; 5,000,000 shares authorized; none issued and outstanding | ' | ' |
Common stock: par value $0.01; 360,000,000 shares authorized; 126,132,383 and 125,690,240 shares issued and outstanding, respectively | 1,261 | 1,257 |
Additional paid-in capital | 621,211 | 604,330 |
Retained earnings | 414,765 | 414,947 |
Accumulated other comprehensive income | 504 | 2,550 |
Total stockholders' equity | 1,037,741 | 1,023,084 |
Total liabilities and stockholders' equity | $1,365,678 | $1,343,551 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 126,132,383 | 125,690,240 |
Common stock, shares outstanding | 126,132,383 | 125,690,240 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales: | ' | ' |
Product | $262,264 | $265,418 |
Software maintenance | 22,410 | 21,070 |
Total net sales | 284,674 | 286,488 |
Cost of sales: | ' | ' |
Product | 69,621 | 68,626 |
Software maintenance | 1,581 | 1,614 |
Total cost of sales | 71,202 | 70,240 |
Gross profit | 213,472 | 216,248 |
Operating expenses: | ' | ' |
Sales and marketing | 111,916 | 114,070 |
Research and development | 55,259 | 61,256 |
General and administrative | 22,473 | 22,844 |
Acquisition related adjustment | ' | -1,316 |
Total operating expenses | 189,648 | 196,854 |
Operating income | 23,824 | 19,394 |
Other income: | ' | ' |
Interest income | 197 | 185 |
Net foreign exchange gain (loss) | 50 | -1,462 |
Other income loss, net | 88 | 24 |
Income before income taxes | 24,159 | 18,141 |
Provision for income taxes | 5,436 | -459 |
Net income | $18,723 | $18,600 |
Basic earnings per share | $0.15 | $0.15 |
Weighted average shares outstanding - basic | 125,973 | 123,306 |
Diluted earnings per share | $0.15 | $0.15 |
Weighted average shares outstanding - diluted | 126,725 | 124,365 |
Dividends declared per share | $0.15 | $0.14 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Consolidated Comprehensive Income [Abstract] | ' | ' |
Net income | $18,723 | $18,600 |
Other comprehensive income, before tax and net of reclassification adjustments: | ' | ' |
Foreign currency translation adjustment | -1,139 | -2,924 |
Unrealized gain (loss) on securities available-for-sale | 192 | -442 |
Unrealized (loss) gain on derivative instruments | -1,873 | 2,078 |
Other comprehensive income (loss), before tax | -2,820 | -1,288 |
Income tax (benefit) expense | -774 | 1,162 |
Other comprehensive loss, net of tax | -2,046 | -2,450 |
Comprehensive income | $16,677 | $16,150 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $18,723 | $18,600 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 16,994 | 16,829 |
Stock-based compensation | 6,553 | 7,134 |
Tax benefit from deferred income taxes | -3,198 | -1,902 |
Tax benefit from stock option plans | -70 | -459 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -865 | 15,115 |
Inventories | 1,852 | -18,045 |
Prepaid expenses and other assets | -2,790 | -12,969 |
Accounts payable | 6,213 | 1,603 |
Deferred revenue | 5,910 | 3,776 |
Taxes, accrued expenses and other liabilities | -3,180 | -9,200 |
Net cash provided by operating activities | 46,142 | 20,482 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -11,959 | -19,094 |
Capitalization of internally developed software | -7,602 | -2,803 |
Additions to other intangibles | -1,049 | -1,418 |
Purchases of short-term investments | -9,649 | -8,177 |
Sales and maturities of short-term investments | 3,389 | 26,092 |
Net cash used in investing activities | -26,870 | -5,400 |
Cash flow from financing activities: | ' | ' |
Proceeds from issuance of common stock | 10,000 | 11,798 |
Dividends paid | -18,904 | -17,281 |
Tax benefit from stock option plans | 70 | 459 |
Net cash used in financing activities | -8,834 | -5,024 |
Net change in cash and cash equivalents | 10,438 | 10,058 |
Cash and cash equivalents at beginning of period | 230,263 | 161,996 |
Cash and cash equivalents at end of period | $240,701 | $172,054 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
Note 1 – Basis of presentation | |
The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013, included in our annual report on Form 10-K, filed with the Securities and Exchange Commission. In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at March 31, 2014 and December 31, 2013, and the results of our operations, comprehensive income, and cash flows for the three month periods ended March 31, 2014 and March 31, 2013. Operating results for the three month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Earnings Per Share [Abstract] | ' | |||
Earnings Per Share | ' | |||
Note 2 – Earnings per share | ||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options and restricted stock units (“RSUs”), is computed using the treasury stock method. | ||||
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three months ended March 31, 2014 and 2013, are as follows: | ||||
Three Months Ended March 31, | ||||
(In thousands) | ||||
(Unaudited) | ||||
2014 | 2013 | |||
Weighted average shares outstanding-basic | 125,973 | 123,306 | ||
Plus: Common share equivalents | ||||
Stock options, RSUs | 752 | 1,059 | ||
Weighted average shares outstanding-diluted | 126,725 | 124,365 | ||
Stock awards to acquire 61,500 shares and 86,800 shares for the three months ended March 31, 2014 and 2013 were excluded in the computations of diluted EPS because the effect of including the stock awards would have been anti-dilutive. | ||||
Cash_Cash_Equivalents_And_Shor
Cash, Cash Equivalents And Short-Term Investments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Cash, Cash Equivalents And Short-Term Investments [Abstract] | ' | ||||||||||
Cash, Cash Equivalents And Short-Term Investments | ' | ||||||||||
Note 3 – Cash, cash equivalents and short-term investments | |||||||||||
The following tables summarize unrealized gains and losses related to our cash, cash equivalents, and short-term investments designated as available-for-sale: | |||||||||||
As of March 31, 2014 | |||||||||||
(In thousands) | (Unaudited) | ||||||||||
Gross | Gross | Cumulative | |||||||||
Adjusted Cost | Unrealized Gain | Unrealized Loss | Translation Adjustment | Fair Value | |||||||
Cash | $ | 120,982 | $ | - | $ | - | $ | - | $ | 120,982 | |
Money Market Accounts | 119,719 | - | - | - | 119,719 | ||||||
Corporate bonds | 71,359 | 44 | -20 | -1,183 | 70,200 | ||||||
U.S. treasuries and agencies | 79,146 | 6 | -23 | - | 79,129 | ||||||
Foreign government bonds | 18,428 | - | -2 | -1,258 | 17,168 | ||||||
Time deposits | 2,912 | - | - | - | 2,912 | ||||||
Cash, cash equivalents, and short-term investments | $ | 412,546 | $ | 50 | $ | -45 | $ | -2,441 | $ | 410,110 | |
(In thousands) | 31-Dec-13 | ||||||||||
Gross | Gross | Cumulative | |||||||||
Adjusted Cost | Unrealized Gain | Unrealized Loss | Translation Adjustment | Fair Value | |||||||
Cash | $ | 142,058 | $ | - | $ | - | $ | - | $ | 142,058 | |
Money Market Accounts | 88,205 | - | - | - | 88,205 | ||||||
Corporate bonds | 71,964 | 16 | -146 | -1,218 | 70,616 | ||||||
U.S. treasuries and agencies | 72,459 | 26 | - | - | 72,485 | ||||||
Foreign government bonds | 18,409 | - | -7 | -1,266 | 17,136 | ||||||
Time deposits | 2,912 | - | - | - | 2,912 | ||||||
Cash, cash equivalents, and short-term investments | $ | 396,007 | $ | 42 | $ | -153 | $ | -2,484 | $ | 393,412 | |
The following tables summarize the contractual maturities of our short-term investments designated as available-for-sale: | |||||||||||
As of March 31, 2014 | |||||||||||
(In thousands) | (Unaudited) | ||||||||||
Adjusted Cost | Fair Value | ||||||||||
Due in less than 1 year | $ | 104,365 | $ | 102,543 | |||||||
Due in 1 to 5 years | 67,480 | 66,866 | |||||||||
Total available-for-sale debt securities | $ | 171,845 | $ | 169,409 | |||||||
Due in less than 1 year | Adjusted Cost | Fair Value | |||||||||
Corporate bonds | $ | 22,389 | $ | 21,217 | |||||||
U.S. treasuries and agencies | 69,492 | 69,498 | |||||||||
Foreign government bonds | 9,572 | 8,916 | |||||||||
Time deposits | 2,912 | 2,912 | |||||||||
Total available-for-sale debt securities | $ | 104,365 | $ | 102,543 | |||||||
Due in 1 to 5 years | Adjusted Cost | Fair Value | |||||||||
Corporate bonds | $ | 48,970 | $ | 48,983 | |||||||
U.S. treasuries and agencies | 9,654 | 9,631 | |||||||||
Foreign government bonds | 8,856 | 8,252 | |||||||||
Total available-for-sale debt securities | $ | 67,480 | $ | 66,866 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
Note 4 – Fair value measurements | |||||||||
We define fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market that market participants may use when pricing the asset or liability. | |||||||||
We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value measurement is determined based on the lowest level input that is significant to the fair value measurement. The three values of the fair value hierarchy are the following: | |||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities | |||||||||
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly | |||||||||
Level 3 – Inputs that are not based on observable market data | |||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||
(In thousands) | (Unaudited) | ||||||||
Description | 31-Mar-14 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||||||
Cash and cash equivalents available for sale: | |||||||||
Money Market Funds | $ | 119,719 | $ | 119,719 | $ | - | $ | - | |
Short-term investments available for sale: | |||||||||
Corporate bonds | 70,200 | - | 70,200 | - | |||||
U.S. treasuries and agencies | 79,129 | - | 79,129 | - | |||||
Foreign government bonds | 17,168 | - | 17,168 | - | |||||
Time deposits | 2,912 | 2,912 | - | - | |||||
Derivatives | 4,588 | - | 4,588 | - | |||||
Total Assets | $ | 293,716 | $ | 122,631 | $ | 171,085 | $ | - | |
Liabilities | |||||||||
Derivatives | $ | -3,545 | $ | - | $ | -3,545 | $ | - | |
Total Liabilities | $ | -3,545 | $ | - | $ | -3,545 | $ | - | |
(In thousands) | Fair Value Measurements at Reporting Date Using | ||||||||
Description | 31-Dec-13 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||||||
Cash and cash equivalents available for sale: | |||||||||
Money Market Funds | $ | 88,205 | $ | 88,205 | $ | - | $ | - | |
Short-term investments available for sale: | |||||||||
Corporate bonds | 70,616 | - | 70,616 | - | |||||
U.S. treasuries and agencies | 72,485 | - | 72,485 | - | |||||
Foreign government bonds | 17,136 | - | 17,136 | - | |||||
Time deposits | 2,912 | 2,912 | - | - | |||||
Derivatives | 6,908 | - | 6,908 | - | |||||
Total Assets | $ | 258,262 | $ | 91,117 | $ | 167,145 | $ | - | |
Liabilities | |||||||||
Derivatives | $ | -4,742 | $ | - | $ | -4,742 | $ | - | |
Total Liabilities | $ | -4,742 | $ | - | $ | -4,742 | $ | - | |
We value our available-for-sale short-term investments based on pricing from third party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. We classify all of our fixed income available-for-sale securities as having Level 2 inputs. The valuation techniques used to measure the fair value of our financial instruments having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models, such as discounted cash flow techniques. We believe all of these sources reflect the credit risk associated with each of our available-for-sale short-term investments. Short-term investments available-for-sale consists of debt securities issued by states of the U.S. and political subdivisions of the U.S., corporate debt securities and debt securities issued by U.S. government organizations and agencies as well as debt securities issued by foreign governments. All short-term investments available-for-sale have contractual maturities of less than 40 months. | |||||||||
Derivatives include foreign currency forward and option contracts. Our foreign currency forward contracts are valued using an income approach (Level 2) based on the spot rate less the contract rate multiplied by the notional amount. Our foreign currency option contracts are valued using a market approach based on the quoted market prices which are derived from observable inputs including current and future spot rates, interest rate spreads as well as quoted market prices of similar instruments. We consider counterparty credit risk in the valuation of our derivatives. However, counterparty credit risk did not impact the valuation of our derivatives during the three month period ended March 31, 2014. There were not any transfers in or out of Level 1 or Level 2 during the three month period ended March 31, 2014. | |||||||||
Our foreign government bonds consist of German government sovereign debt denominated in Euro with maximum remaining maturities of 15 months. Our short-term investments do not involve sovereign debt from any other country in Europe. | |||||||||
We did not have any items that were measured at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013. | |||||||||
The carrying value of net accounts receivable and accounts payable contained in the Consolidated Balance Sheets approximates fair value. | |||||||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||
Note 5 – Derivative instruments and hedging activities | |||||||||
We recognize all of our derivative instruments as either assets or liabilities in our statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. | |||||||||
We have operations in over 50 countries. Sales outside of the Americas accounted for approximately 60% and 58% of our revenues during the three month periods ended March 31, 2014 and 2013, respectively. Our activities expose us to a variety of market risks, including the effects of changes in foreign currency exchange rates. These financial risks are monitored and managed by us as an integral part of our overall risk management program. | |||||||||
We maintain a foreign currency risk management strategy that uses derivative instruments (foreign currency forward and purchased option contracts) to help protect our earnings and cash flows from fluctuations caused by the volatility in currency exchange rates. Movements in foreign currency exchange rates pose a risk to our operations and competitive position, since exchange rate changes may affect our profitability and cash flow, and the business or pricing strategies of our non-U.S. based competitors. | |||||||||
The vast majority of our foreign sales are denominated in the customers’ local currency. We purchase foreign currency forward and option contracts as hedges of forecasted sales that are denominated in foreign currencies and as hedges of foreign currency denominated receivables. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash inflows resulting from such sales or firm commitments will be adversely affected by changes in exchange rates. We also purchase foreign currency forward contracts as hedges of forecasted expenses that are denominated in foreign currencies. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash outflows resulting from foreign currency operating and cost of revenue expenses will be adversely affected by changes in exchange rates. | |||||||||
We designate foreign currency forward and purchased option contracts as cash flow hedges of forecasted revenues or forecasted expenses. In addition, we hedge our foreign currency denominated balance sheet exposures using foreign currency forward contracts that are not designated as hedging instruments. None of our derivative instruments contain a credit-risk-related contingent feature. | |||||||||
Cash flow hedges | |||||||||
To help protect against the reduction in value caused by a fluctuation in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one to three years, we have instituted a foreign currency cash flow hedging program. We hedge portions of our forecasted revenue and forecasted expenses denominated in foreign currencies with forward and purchased option contracts. For forward contracts, when the dollar strengthens significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the forward contracts designated as hedges. For option contracts, when the dollar strengthens significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the option contracts net of the premium paid designated as hedges. Our foreign currency purchased option contracts are purchased “at-the-money” or “out-of-the-money.” We purchase foreign currency forward and option contracts for up to 100% of our forecasted exposures in selected currencies (primarily in Euro, Japanese yen, Hungarian forint, British pound, and Malaysian ringgit) and limit the duration of these contracts to 40 months or less. | |||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (“OCI”) and reclassified into earnings in the same line item (net sales, operating expenses, or cost of sales) associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings or expenses during the current period and are classified as a component of “net foreign exchange loss.” Hedge effectiveness of foreign currency forwards and purchased option contracts designated as cash flow hedges are measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the forecasted transaction’s terminal value. | |||||||||
We held forward contracts with the following notional amounts: | |||||||||
(In thousands) | US Dollar Equivalent | ||||||||
As of March 31, 2014 | As of December 31, | ||||||||
(Unaudited) | 2013 | ||||||||
Euro | $ | 86,571 | $ | 75,886 | |||||
Japanese yen | 17,641 | 23,284 | |||||||
Hungarian forint | 15,855 | 21,159 | |||||||
British pound | 23,668 | 14,869 | |||||||
Malaysian ringgit | 5,591 | 4,426 | |||||||
Total forward contracts notional amount | $ | 149,326 | $ | 139,624 | |||||
The contracts in the foregoing table had contractual maturities of 36 months or less at March 31, 2014 and December 31, 2013. | |||||||||
At March 31, 2014, we expect to reclassify $68,000 of losses on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $321,000 of gains on derivative instruments from accumulated OCI to cost of sales when the cost of sales are incurred and $168,000 of gains on derivative instruments from accumulated OCI to operating expenses during the next twelve months when the hedged operating expenses occur. Expected amounts are based on derivative valuations at March 31, 2014. Actual results may vary as a result of changes in the corresponding exchange rates subsequent to this date. | |||||||||
We did not record any ineffectiveness from our hedges during the three month periods ended March 31, 2014 and 2013. | |||||||||
Other Derivatives | |||||||||
Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge our foreign denominated net receivable or net payable positions to protect against the change in value caused by a fluctuation in foreign currency exchange rates. We typically attempt to hedge up to 90% of our outstanding foreign denominated net receivables or net payables and typically limit the duration of these foreign currency forward contracts to approximately 120 days. The gain or loss on the derivatives as well as the offsetting gain or loss on the hedge item attributable to the hedged risk is recognized in current earnings under the line item “net foreign exchange gain (loss).” As of March 31, 2014 and December 31, 2013, we held foreign currency forward contracts with a notional amount of $61 million and $70 million, respectively. | |||||||||
The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets and the effect of derivative instruments on our Consolidated Statements of Income. | |||||||||
Fair Values of Derivative Instruments: | |||||||||
Asset Derivatives | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(In thousands) | (Unaudited) | ||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | $ | 3,139 | Prepaid expenses and other current assets | $ | 4,825 | |||
Foreign exchange contracts - LT forwards | Other long-term assets | 1,024 | Other long-term assets | 1,719 | |||||
Total derivatives designated as hedging instruments | $ | 4,163 | $ | 6,544 | |||||
Derivatives not designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | $ | 425 | Prepaid expenses and other current assets | $ | 364 | |||
Total derivatives not designated as hedging instruments | $ | 425 | $ | 364 | |||||
Total derivatives | $ | 4,588 | $ | 6,908 | |||||
Liability Derivatives | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(In thousands) | (Unaudited) | ||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Accrued expenses and other liabilities | $ | -2,833 | Accrued expenses and other liabilities | $ | -3,350 | |||
Foreign exchange contracts - LT forwards | Other long-term liabilities | - | Other long-term liabilities | - | |||||
Total derivatives designated as hedging instruments | $ | -2,833 | $ | -3,350 | |||||
Derivatives not designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Accrued expenses and other liabilities | $ | -712 | Accrued expenses and other liabilities | $ | -1,392 | |||
Total derivatives not designated as hedging instruments | $ | -712 | $ | -1,392 | |||||
Total derivatives | $ | -3,545 | $ | -4,742 | |||||
The following tables present the effect of derivative instruments on our Consolidated Statements of Income for three month periods ended March 31, 2014 and 2013, respectively: | |||||||||
31-Mar-14 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Derivatives in Cash Flow Hedging Relationship | Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||
Foreign exchange contracts - forwards and options | $ | -1,035 | Net sales | $ | 346 | Net foreign exchange gain (loss) | $ | - | |
Foreign exchange contracts - forwards and options | -597 | Cost of sales | 81 | Net foreign exchange gain (loss) | - | ||||
Foreign exchange contracts - forwards and options | -241 | Operating expenses | 18 | Net foreign exchange gain (loss) | - | ||||
Total | $ | -1,873 | $ | 445 | $ | - | |||
31-Mar-13 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Derivatives in Cash Flow Hedging Relationship | Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||
Foreign exchange contracts - forwards and options | $ | 4,263 | Net sales | $ | 1,158 | Net foreign exchange gain (loss) | $ | - | |
Foreign exchange contracts - forwards and options | -1,427 | Cost of sales | 108 | Net foreign exchange gain (loss) | - | ||||
Foreign exchange contracts - forwards and options | -758 | Operating expenses | -1 | Net foreign exchange gain (loss) | - | ||||
Total | $ | 2,078 | $ | 1,265 | $ | - | |||
(In thousands) | |||||||||
Derivatives not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | ||||||
31-Mar-14 | 31-Mar-13 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Foreign exchange contracts - forwards | Net foreign exchange gain/(loss) | $ | -68 | $ | 1,324 | ||||
Total | $ | -68 | $ | 1,324 | |||||
Inventories
Inventories | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 6 – Inventories | |||||
Inventories, net consist of the following: | |||||
31-Mar-14 | December 31, | ||||
(In thousands) | (Unaudited) | 2013 | |||
Raw materials | $ | 79,092 | $ | 81,574 | |
Work-in-process | 4,217 | 4,958 | |||
Finished goods | 86,948 | 85,577 | |||
$ | 170,257 | $ | 172,109 | ||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Note 7 – Intangible assets | |||||||||||||
Intangible assets at March 31, 2014 and December 31, 2013 are as follows: | |||||||||||||
31-Mar-14 | |||||||||||||
(In thousands) | (Unaudited) | 31-Dec-13 | |||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized software development costs | $ | 55,995 | $ | -27,827 | $ | 28,168 | $ | 48,947 | $ | -25,706 | $ | 23,241 | |
Acquired technology | 89,318 | -57,281 | 32,037 | 89,446 | -54,253 | 35,193 | |||||||
Patents | 26,547 | -11,476 | 15,071 | 26,070 | -11,045 | 15,025 | |||||||
Other | 28,732 | -20,524 | 8,208 | 28,517 | -19,666 | 8,851 | |||||||
$ | 200,592 | $ | -117,108 | $ | 83,484 | $ | 192,980 | $ | -110,670 | $ | 82,310 | ||
Software development costs capitalized for the three month periods ended March 31, 2014 and 2013 were $8.0 million and $2.9 million, respectively, and related amortization expense was $3.1 million and $3.7 million, respectively. Capitalized software development costs for the three month periods ended March 31, 2014 and 2013 included costs related to stock based compensation of $378,000 and $140,000, respectively. The related amounts in the table above are net of fully amortized assets. | |||||||||||||
Amortization of capitalized software development costs is computed on an individual product basis for those products available for market and is recognized based on the product’s estimated economic life, generally three years. Acquired technology and other intangible assets are amortized over their useful lives, which range from three to eight years. Patents are amortized using the straight-line method over their estimated period of benefit, generally 10 to 17 years. Total intangible assets amortization expenses were $7.6 million and $8.4 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||
Goodwill
Goodwill | 3 Months Ended | ||
Mar. 31, 2014 | |||
Goodwill [Abstract] | ' | ||
Goodwill | ' | ||
Note 8 – Goodwill | |||
The carrying amount of goodwill as of March 31, 2014, was as follows: | |||
Amount | |||
(In thousands) | |||
Balance as of December 31, 2013 | $ | 146,520 | |
Purchase price adjustments | - | ||
Foreign currency translation impact | 24 | ||
Balance as of March 31, 2014 (unaudited) | $ | 146,544 | |
The excess purchase price over the fair value of assets acquired is recorded as goodwill. As we have one operating segment, we allocate goodwill to one reporting unit for goodwill impairment testing. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach based on the market capitalization of the reporting unit. Our annual impairment test was performed as of February 28, 2014. No impairment of goodwill was identified during 2014 and 2013. Goodwill is deductible for tax purposes in certain jurisdictions. | |||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 9 – Income taxes | |
We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. | |
We account for uncertainty in income taxes recognized in our financial statements using prescribed recognition thresholds and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on our tax returns. We had $24.1 million and $23.6 million of unrecognized tax benefits at March 31, 2014 and December 31, 2013, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $515,000 for the three months ended March 31, 2014 as a result of tax positions taken during the period. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2014, we had approximately $1.5 million accrued for interest related to uncertain tax positions. The tax years 2007 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject. The Internal Revenue Service (“IRS”) commenced an examination of our U.S. income tax returns for 2010 and 2011 in the second quarter of 2013 and such examination is still ongoing. | |
Our provision for income taxes reflected an effective tax rate of 23% and (3)% for the three month periods ended March 31, 2014 and 2013. For the three months ended March 31, 2014, our effective tax rate was lower than the U.S. federal statutory rate of 35% as a result of an enhanced deduction for certain research and development expenses, profits in foreign jurisdictions with reduced income tax rates, and a tax benefit from disqualifying dispositions of equity awards that do not ordinarily result in a tax benefit. For the three month period ended March 31, 2013, our effective tax rate was lower than the U.S. federal statutory rate of 35% as a result of an enhanced deduction for certain research and development expenses, profits in foreign jurisdictions with reduced income tax rates, the research and development tax credit, and a tax benefit from disqualifying dispositions of equity awards that do not ordinarily result in a tax benefit. | |
Our earnings in Hungary are subject to a statutory tax rate of 19%. The difference between this rate and the statutory U.S. rate of 35% resulted in income tax benefits of $1.6 million and $1.7 million for the three month periods ended March 31, 2014 and 2013, respectively. No countries other than Hungary had a significant impact on our effective tax rate. We have not entered into any advanced pricing or other agreements with the Internal Revenue Service with regard to any foreign jurisdictions. | |
The tax position of our Hungarian operation continues to benefit from assets created by the restructuring of our operations in Hungary. In addition, our research and development activities in Hungary continue to benefit from a tax law in Hungary that provides for an enhanced deduction for qualified research and development expenses. Partial release of the valuation allowance on assets from the restructuring and the enhanced tax deduction for research expenses resulted in income tax benefits of $2.5 million and $2.4 million for the three month periods ended March 31, 2014 and 2013, respectively. | |
Earnings from our operations in Malaysia are free of tax under a tax holiday effective January 1, 2013. This tax holiday expires in 2027. If we fail to satisfy the conditions of the tax holiday, this tax benefit may be terminated early. The tax holiday resulted in an income tax benefit of $306,000 for the three months ended March 31, 2014. | |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Comprehensive Income [Abstract] | ' | ||||||||
Comprehensive Income | ' | ||||||||
Note 10 – Comprehensive income | |||||||||
Our comprehensive income is comprised of net income, foreign currency translation, unrealized gains and losses on forward and option contracts and securities classified as available-for-sale. The accumulated other comprehensive income, net of tax, for the three month periods ended March 31, 2014 and 2013, consisted of the following: | |||||||||
31-Mar-14 | |||||||||
(Unaudited) | |||||||||
(In thousands) | Currency translation adjustment | Investments | Derivative instruments | Accumulated other comprehensive income/(loss) | |||||
Balance as of December 31, 2013 | $ | 1,311 | $ | -1,066 | $ | 2,305 | $ | 2,550 | |
Current-period other comprehensive (loss) income | -1,139 | 192 | -1,428 | -2,375 | |||||
Reclassified from accumulated OCI into income | - | - | -445 | -445 | |||||
Income tax (benefit) expense | -255 | 62 | -581 | -774 | |||||
Balance as of March 31, 2014 | $ | 427 | $ | -936 | $ | 1,013 | $ | 504 | |
31-Mar-13 | |||||||||
(Unaudited) | |||||||||
(In thousands) | Currency translation adjustment | Investments | Derivative instruments | Accumulated other comprehensive income/(loss) | |||||
Balance as of December 31, 2012 | $ | 208 | $ | -620 | $ | 1,256 | $ | 844 | |
Current-period other comprehensive (loss) income | -2,924 | -442 | 3,343 | -23 | |||||
Reclassified from accumulated OCI into income | - | - | -1,265 | -1,265 | |||||
Income tax expense | 74 | 11 | 1,077 | 1,162 | |||||
Balance as of March 31, 2013 | $ | -2,790 | $ | -1,073 | $ | 2,257 | $ | -1,606 | |
Authorized_Shares_Of_Common_An
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2014 | |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract] | ' |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans | ' |
Note 11 – Authorized shares of common and preferred stock and stock-based compensation plans | |
Authorized shares of common and preferred stock | |
Following approval by the Company’s Board of Directors and stockholders, on May 14, 2013, the Company’s certificate of incorporation was amended to increase the authorized shares of common stock by 180,000,000 shares to a total of 360,000,000 shares. As a result of this amendment, the total number of shares which the Company is authorized to issue is 365,000,000 shares, consisting of (i) 5,000,000 shares of preferred stock, par value $.01 per share, and (ii) 360,000,000 shares of common stock, par value $.01 per share. | |
Stock option plans | |
Our stockholders approved the 1994 Incentive Stock Option Plan (the “1994 Plan”) in May 1994. At the time of approval, 13,668,750 shares of our common stock were reserved for issuance under this plan. In 1997, an additional 10,631,250 shares of our common stock were reserved for issuance under this plan, and an additional 1,125,000 shares were reserved for issuance under this plan in 2004. The 1994 Plan terminated in May 2005, except with respect to outstanding awards previously granted thereunder. | |
Awards under the plan were either incentive stock options within the meaning of Section 422 of the Internal Revenue Code or nonqualified options. The right to purchase shares under the options vests over a five to ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and revenue growth but shares cannot accelerate to vest over a period of less than five years. Stock options must be exercised within ten years from date of grant. Stock options were issued with an exercise price which was equal to the market price of our common stock at the grant date. We estimate potential forfeitures of stock grants and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. During the three month period ended March 31, 2014, we did not make any changes in accounting principles or methods of estimates related to the 1994 Plan. | |
Restricted stock plan | |
Our stockholders approved our 2005 Incentive Plan (the “2005 Plan”) in May 2005. At the time of approval, 4,050,000 shares of our common stock were reserved for issuance under this plan, as well as the number of shares which had been reserved but not issued under the 1994 Plan (our incentive stock option plan which terminated in May 2005), and any shares that returned to the 1994 Plan as a result of termination of options or repurchase of shares issued under such plan. The 2005 Plan, administered by the Compensation Committee of the Board of Directors, provided for granting of incentive awards in the form of restricted stock and RSUs to directors, executive officers and employees of the Company and its subsidiaries. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and growth but ten year awards cannot accelerate to vest over a period of less than five years. The 2005 Plan terminated on May 11, 2010, except with respect to outstanding awards previously granted thereunder. There were 3,362,304 shares of common stock that were reserved but not issued under the 1994 Plan and the 2005 Plan as of May 11, 2010. | |
Our stockholders approved our 2010 Incentive Plan (the “2010 Plan”) on May 11, 2010. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under this plan, as well as the 3,362,304 shares of common stock that were reserved but not issued under the 1994 Plan and the 2005 Plan as of May 11, 2010, and any shares that are returned to the 1994 Plan and the 2005 Plan as a result of forfeiture or termination of options or RSUs or repurchase of shares issued under these plans. The 2010 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and growth but ten year awards cannot accelerate to vest over a period of less than five years. There were 3,372,072 shares available for grant under the 2010 Plan at March 31, 2014. | |
We estimate potential forfeitures of RSUs and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. During the three month period ended March 31, 2014, we did not make any changes in accounting principles or methods of estimates related to the 2010 Plan. | |
Employee stock purchase plan | |
Our employee stock purchase plan permits substantially all domestic employees and employees of designated subsidiaries to acquire our common stock at a purchase price of 85% of the lower of the market price at the beginning or the end of the purchase period. The plan has quarterly purchase periods generally beginning on February 1, May 1, August 1 and November 1 of each year. Employees may designate up to 15% of their compensation for the purchase of common stock under this plan. On May 10, 2011, our stockholders approved an additional 3,000,000 shares for issuance under our employee stock purchase plan, and at March 31, 2014, we had 1,092,870 shares of common stock reserved for future issuance under this plan. We issued 287,872 shares under this plan in the three month period ended March 31, 2014. The weighted average purchase price of the employees’ purchase rights was $24.65 per share. During the three month period ended March 31, 2014, we did not make any changes in accounting principles or methods of estimates with respect to such plan. | |
Authorized Preferred Stock and Preferred Stock Purchase Rights Plan | |
We have 5,000,000 authorized shares of preferred stock. On January 21, 2004, our Board of Directors designated 750,000 of these shares as Series A Participating Preferred Stock in conjunction with its adoption of a Preferred Stock Rights Agreement (the “Rights Agreement”) and declaration of a dividend of one preferred share purchase right (a “Right”) for each share of common stock outstanding held as of May 10, 2004 or issued thereafter. Each Right will entitle its holder to purchase one one-thousandth of a share of National Instruments’ Series A Participating Preferred Stock at an exercise price of $200, subject to adjustment, under certain circumstances. The Rights Agreement was not adopted in response to any effort to acquire control of National Instruments. | |
The Rights only become exercisable in certain limited circumstances following the tenth day after a person or group announces acquisitions of or tender offers for 20% or more of our common stock. In addition, if an acquirer (subject to certain exclusions for certain current stockholders of National Instruments, an “Acquiring Person”) obtains 20% or more of our common stock, then each Right (other than the Rights owned by an Acquiring Person or its affiliates) will entitle the holder to purchase, for the exercise price, shares of our common stock having a value equal to two times the exercise price. Under certain circumstances, our Board of Directors may redeem the Rights, in whole, but not in part, at a purchase price of $0.01 per Right. The Rights have no voting privileges and are attached to and automatically traded with our common stock until the occurrence of specified trigger events. The Rights will expire on the earlier of May 10, 2014 or the exchange or redemption of the Rights. | |
There were not any shares of preferred stock issued and outstanding at March 31, 2014. | |
Segment_Information
Segment Information | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Segment Information [Abstract] | ' | ||||
Segment Information | ' | ||||
Note 12 – Segment information | |||||
We determine operating segments using the management approach. The management approach designates the internal organization that is used by management for making operating decisions and assessing performance as the source of our operating segments. It also requires disclosures about products and services, geographic areas and major customers. | |||||
We have defined our operating segment based on geographic regions. We sell our products in four geographic regions. Our sales to these regions share similar economic characteristics, similar product mix, similar customers, and similar distribution methods. Accordingly, we have elected to aggregate these four geographic regions into a single operating segment. Revenue from the sale of our products which are similar in nature and software maintenance are reflected as total net sales in our Consolidated Statements of Income. | |||||
Total net sales, operating income, interest income and long-lived assets, classified by the major geographic areas in which we operate, are as follows: | |||||
Three Months Ended March 31, | |||||
(In thousands) | (Unaudited) | ||||
2014 | 2013 | ||||
Net sales: | |||||
Americas | $ | 115,106 | $ | 119,717 | |
Europe | 83,857 | 79,061 | |||
East Asia | 61,348 | 60,770 | |||
Emerging Markets | 24,363 | 26,940 | |||
$ | 284,674 | $ | 286,488 | ||
Three Months Ended March 31, | |||||
(Unaudited) | |||||
2014 | 2013 | ||||
Operating income: | |||||
Americas | $ | 6,961 | $ | 12,923 | |
Europe | 37,309 | 32,959 | |||
East Asia | 27,200 | 26,242 | |||
Emerging Markets | 7,613 | 8,526 | |||
Unallocated: | |||||
Research and development expenses | -55,259 | -61,256 | |||
$ | 23,824 | $ | 19,394 | ||
Three Months Ended March 31, | |||||
(Unaudited) | |||||
2014 | 2013 | ||||
Interest income: | |||||
Americas | $ | 10 | $ | 21 | |
Europe | 168 | 132 | |||
East Asia | 7 | 6 | |||
Emerging Markets | 12 | 26 | |||
$ | 197 | $ | 185 | ||
31-Mar-14 | 31-Dec-13 | ||||
(Unaudited) | |||||
Long-lived assets: | |||||
Americas | $ | 121,125 | $ | 120,829 | |
Europe | 51,935 | 51,038 | |||
East Asia | 4,046 | 4,162 | |||
Emerging Markets | 85,412 | 84,539 | |||
$ | 262,518 | $ | 260,568 | ||
Total sales outside the U.S. for the three month periods ended March 31, 2014 and 2013 were $178 million and $180 million, respectively. | |||||
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
Note 13 - Debt | |
On May 9, 2013, we entered into a Loan Agreement (the “Loan Agreement”) with Wells Fargo Bank, National Association. The Loan Agreement provides for a $50 million unsecured revolving line of credit with a scheduled maturity date of May 9, 2018 (the “Maturity Date”). Proceeds of loans made under the Loan Agreement may be used for working capital and other general corporate purposes. We may prepay the loans under the Loan Agreement in whole or in part at any time without premium or penalty. Certain of our existing and future material domestic subsidiaries are required to guaranty our obligations under the Loan Agreement. As of March 31, 2014, we had $50 million available for borrowings under this revolving line of credit. | |
The loans bear interest, at our option, at a base rate determined in accordance with the Loan Agreement, plus a spread of 0.0% to 0.5%, or a LIBOR rate plus a spread of 1.125% to 2.0%, in each case with such spread determined based on a ratio of consolidated indebtedness to EBITDA, determined in accordance with the Loan Agreement. Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date. We are also obligated to pay a quarterly commitment fee, payable in arrears, based on the available commitments at a rate of 0.175% to 0.300%, with such rate determined based on the ratio described above. The Loan Agreement contains customary affirmative and negative covenants. The affirmative covenants include, among other things, delivery of financial statements, compliance certificates and notices; payment of taxes and other obligations; maintenance of existence; maintenance of properties and insurance; and compliance with applicable laws and regulations. The negative covenants include, among other things, limitations on indebtedness, liens, mergers, consolidations, acquisitions and sales of assets, investments, changes in the nature of the business, affiliate transactions and certain restricted payments. The Loan Agreement also requires us to maintain a ratio of consolidated indebtedness to EBITDA equal to or less than 3.25 to 1.00, and a ratio of consolidated EBITDA to interest expense greater than or equal to 3.00 to 1.00, in each case determined in accordance with the Loan Agreement. As of March 31, 2014, we were in compliance with all covenants in the Loan Agreement. | |
The Loan Agreement contains customary events of default including, among other things, payment defaults, breaches of covenants or representations and warranties, cross-defaults with certain other indebtedness, bankruptcy and insolvency events, judgment defaults and change in our control, subject to grace periods in certain instances. Upon an event of default, the lender may declare all or a portion of the outstanding obligations payable by us to be immediately due and payable and exercise other rights and remedies provided for under the Loan Agreement. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Loan Agreement at a per annum rate of interest equal to 2.00% above the otherwise applicable interest rate. | |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Commitments And Contingencies | ' | ||||
Note 14 – Commitments and Contingencies | |||||
We offer a one-year limited warranty on most hardware products, with an optional two or three-year warranty on our hardware products, which is included in the sales price of our products. Provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred under the basic limited warranty. Our estimate is based on historical experience and product sales during the period. | |||||
The warranty reserve for the three month periods ended March 31, 2014 and 2013, respectively, was as follows: | |||||
Three Months Ended March 31, | |||||
(In thousands) | (Unaudited) | ||||
2014 | 2013 | ||||
Balance at the beginning of the period | $ | 1,764 | $ | 1,435 | |
Accruals for warranties issued during the period | 744 | 659 | |||
Settlements made (in cash or in kind) during the period | -643 | -597 | |||
Balance at the end of the period | $ | 1,865 | $ | 1,497 | |
As of March 31, 2014, we had non-cancelable purchase commitments with various suppliers of customized inventory and inventory components totaling approximately $10 million over the next twelve months. | |||||
As of March 31, 2014, we had outstanding guarantees for payment of customs and foreign grants totaling approximately $14 million, which are generally payable over the next twelve months. | |||||
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Note 15 – Recently issued accounting pronouncements | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which amends ASC 740, Income Taxes. The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit, as either a reduction of a deferred tax asset or as a liability, when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and may be applied on either a prospective or retrospective basis. The provisions are effective for the Company’s Form 10-K for the year ending December 31, 2014. We do not expect the adoption of these provisions to have a significant impact on our consolidated financial statements. | |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2014 | |
Litigation [Abstract] | ' |
Litigation | ' |
Note 16 – Litigation | |
We are not currently a party to any material litigation. However, in the ordinary course of our business, we are involved in a limited number of legal actions, both as plaintiff and defendant, and could incur uninsured liability in any one or more of them. We also periodically receive notifications from various third parties related to alleged infringement of patents or intellectual property rights, commercial disputes or other matters. No assurances can be given with respect to the extent or outcome of any future litigation or dispute. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 17 – Subsequent events | |
We have evaluated subsequent events through the date the financial statements were issued. | |
On April 29, 2014, our Board of Directors declared a quarterly cash dividend of $0.15 per common share, payable on June 2, 2014, to stockholders of record on May 12, 2014. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Earnings Per Share [Abstract] | ' | |||
Reconciliation Of The Denominators Used To Calculate Basic EPS And Diluted EPS | ' | |||
Three Months Ended March 31, | ||||
(In thousands) | ||||
(Unaudited) | ||||
2014 | 2013 | |||
Weighted average shares outstanding-basic | 125,973 | 123,306 | ||
Plus: Common share equivalents | ||||
Stock options, RSUs | 752 | 1,059 | ||
Weighted average shares outstanding-diluted | 126,725 | 124,365 | ||
Cash_Cash_Equivalents_And_Shor1
Cash, Cash Equivalents And Short-Term Investments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Cash, Cash Equivalents And Short-Term Investments [Abstract] | ' | ||||||||||
Unrealized Gains And Losses Related To Short-Term Investments Designated As Available-For-Sale | ' | ||||||||||
As of March 31, 2014 | |||||||||||
(In thousands) | (Unaudited) | ||||||||||
Gross | Gross | Cumulative | |||||||||
Adjusted Cost | Unrealized Gain | Unrealized Loss | Translation Adjustment | Fair Value | |||||||
Cash | $ | 120,982 | $ | - | $ | - | $ | - | $ | 120,982 | |
Money Market Accounts | 119,719 | - | - | - | 119,719 | ||||||
Corporate bonds | 71,359 | 44 | -20 | -1,183 | 70,200 | ||||||
U.S. treasuries and agencies | 79,146 | 6 | -23 | - | 79,129 | ||||||
Foreign government bonds | 18,428 | - | -2 | -1,258 | 17,168 | ||||||
Time deposits | 2,912 | - | - | - | 2,912 | ||||||
Cash, cash equivalents, and short-term investments | $ | 412,546 | $ | 50 | $ | -45 | $ | -2,441 | $ | 410,110 | |
(In thousands) | 31-Dec-13 | ||||||||||
Gross | Gross | Cumulative | |||||||||
Adjusted Cost | Unrealized Gain | Unrealized Loss | Translation Adjustment | Fair Value | |||||||
Cash | $ | 142,058 | $ | - | $ | - | $ | - | $ | 142,058 | |
Money Market Accounts | 88,205 | - | - | - | 88,205 | ||||||
Corporate bonds | 71,964 | 16 | -146 | -1,218 | 70,616 | ||||||
U.S. treasuries and agencies | 72,459 | 26 | - | - | 72,485 | ||||||
Foreign government bonds | 18,409 | - | -7 | -1,266 | 17,136 | ||||||
Time deposits | 2,912 | - | - | - | 2,912 | ||||||
Cash, cash equivalents, and short-term investments | $ | 396,007 | $ | 42 | $ | -153 | $ | -2,484 | $ | 393,412 | |
Contractual Maturities Of Short-Term Investments Designated As Available-For-Sale | ' | ||||||||||
As of March 31, 2014 | |||||||||||
(In thousands) | (Unaudited) | ||||||||||
Adjusted Cost | Fair Value | ||||||||||
Due in less than 1 year | $ | 104,365 | $ | 102,543 | |||||||
Due in 1 to 5 years | 67,480 | 66,866 | |||||||||
Total available-for-sale debt securities | $ | 171,845 | $ | 169,409 | |||||||
Due in less than 1 year | Adjusted Cost | Fair Value | |||||||||
Corporate bonds | $ | 22,389 | $ | 21,217 | |||||||
U.S. treasuries and agencies | 69,492 | 69,498 | |||||||||
Foreign government bonds | 9,572 | 8,916 | |||||||||
Time deposits | 2,912 | 2,912 | |||||||||
Total available-for-sale debt securities | $ | 104,365 | $ | 102,543 | |||||||
Due in 1 to 5 years | Adjusted Cost | Fair Value | |||||||||
Corporate bonds | $ | 48,970 | $ | 48,983 | |||||||
U.S. treasuries and agencies | 9,654 | 9,631 | |||||||||
Foreign government bonds | 8,856 | 8,252 | |||||||||
Total available-for-sale debt securities | $ | 67,480 | $ | 66,866 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Assets And Liabilities Measured On Recurring Basis | ' | ||||||||
Fair Value Measurements at Reporting Date Using | |||||||||
(In thousands) | (Unaudited) | ||||||||
Description | 31-Mar-14 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||||||
Cash and cash equivalents available for sale: | |||||||||
Money Market Funds | $ | 119,719 | $ | 119,719 | $ | - | $ | - | |
Short-term investments available for sale: | |||||||||
Corporate bonds | 70,200 | - | 70,200 | - | |||||
U.S. treasuries and agencies | 79,129 | - | 79,129 | - | |||||
Foreign government bonds | 17,168 | - | 17,168 | - | |||||
Time deposits | 2,912 | 2,912 | - | - | |||||
Derivatives | 4,588 | - | 4,588 | - | |||||
Total Assets | $ | 293,716 | $ | 122,631 | $ | 171,085 | $ | - | |
Liabilities | |||||||||
Derivatives | $ | -3,545 | $ | - | $ | -3,545 | $ | - | |
Total Liabilities | $ | -3,545 | $ | - | $ | -3,545 | $ | - | |
(In thousands) | Fair Value Measurements at Reporting Date Using | ||||||||
Description | 31-Dec-13 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||
Assets | |||||||||
Cash and cash equivalents available for sale: | |||||||||
Money Market Funds | $ | 88,205 | $ | 88,205 | $ | - | $ | - | |
Short-term investments available for sale: | |||||||||
Corporate bonds | 70,616 | - | 70,616 | - | |||||
U.S. treasuries and agencies | 72,485 | - | 72,485 | - | |||||
Foreign government bonds | 17,136 | - | 17,136 | - | |||||
Time deposits | 2,912 | 2,912 | - | - | |||||
Derivatives | 6,908 | - | 6,908 | - | |||||
Total Assets | $ | 258,262 | $ | 91,117 | $ | 167,145 | $ | - | |
Liabilities | |||||||||
Derivatives | $ | -4,742 | $ | - | $ | -4,742 | $ | - | |
Total Liabilities | $ | -4,742 | $ | - | $ | -4,742 | $ | - | |
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||
Summary Of Notional Amounts Of Derivative Instruments | ' | ||||||||
(In thousands) | US Dollar Equivalent | ||||||||
As of March 31, 2014 | As of December 31, | ||||||||
(Unaudited) | 2013 | ||||||||
Euro | $ | 86,571 | $ | 75,886 | |||||
Japanese yen | 17,641 | 23,284 | |||||||
Hungarian forint | 15,855 | 21,159 | |||||||
British pound | 23,668 | 14,869 | |||||||
Malaysian ringgit | 5,591 | 4,426 | |||||||
Total forward contracts notional amount | $ | 149,326 | $ | 139,624 | |||||
Fair Values Of Derivative Instruments On Consolidated Balance Sheets | ' | ||||||||
Asset Derivatives | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(In thousands) | (Unaudited) | ||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | $ | 3,139 | Prepaid expenses and other current assets | $ | 4,825 | |||
Foreign exchange contracts - LT forwards | Other long-term assets | 1,024 | Other long-term assets | 1,719 | |||||
Total derivatives designated as hedging instruments | $ | 4,163 | $ | 6,544 | |||||
Derivatives not designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | $ | 425 | Prepaid expenses and other current assets | $ | 364 | |||
Total derivatives not designated as hedging instruments | $ | 425 | $ | 364 | |||||
Total derivatives | $ | 4,588 | $ | 6,908 | |||||
Liability Derivatives | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
(In thousands) | (Unaudited) | ||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||
Derivatives designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Accrued expenses and other liabilities | $ | -2,833 | Accrued expenses and other liabilities | $ | -3,350 | |||
Foreign exchange contracts - LT forwards | Other long-term liabilities | - | Other long-term liabilities | - | |||||
Total derivatives designated as hedging instruments | $ | -2,833 | $ | -3,350 | |||||
Derivatives not designated as hedging instruments | |||||||||
Foreign exchange contracts - ST forwards | Accrued expenses and other liabilities | $ | -712 | Accrued expenses and other liabilities | $ | -1,392 | |||
Total derivatives not designated as hedging instruments | $ | -712 | $ | -1,392 | |||||
Total derivatives | $ | -3,545 | $ | -4,742 | |||||
Effect Of Derivative Instruments On Consolidated Statements Of Income | ' | ||||||||
The following tables present the effect of derivative instruments on our Consolidated Statements of Income for three month periods ended March 31, 2014 and 2013, respectively: | |||||||||
31-Mar-14 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Derivatives in Cash Flow Hedging Relationship | Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||
Foreign exchange contracts - forwards and options | $ | -1,035 | Net sales | $ | 346 | Net foreign exchange gain (loss) | $ | - | |
Foreign exchange contracts - forwards and options | -597 | Cost of sales | 81 | Net foreign exchange gain (loss) | - | ||||
Foreign exchange contracts - forwards and options | -241 | Operating expenses | 18 | Net foreign exchange gain (loss) | - | ||||
Total | $ | -1,873 | $ | 445 | $ | - | |||
31-Mar-13 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Derivatives in Cash Flow Hedging Relationship | Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||
Foreign exchange contracts - forwards and options | $ | 4,263 | Net sales | $ | 1,158 | Net foreign exchange gain (loss) | $ | - | |
Foreign exchange contracts - forwards and options | -1,427 | Cost of sales | 108 | Net foreign exchange gain (loss) | - | ||||
Foreign exchange contracts - forwards and options | -758 | Operating expenses | -1 | Net foreign exchange gain (loss) | - | ||||
Total | $ | 2,078 | $ | 1,265 | $ | - | |||
(In thousands) | |||||||||
Derivatives not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income | ||||||
31-Mar-14 | 31-Mar-13 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Foreign exchange contracts - forwards | Net foreign exchange gain/(loss) | $ | -68 | $ | 1,324 | ||||
Total | $ | -68 | $ | 1,324 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Inventories [Abstract] | ' | ||||
Summary Of Inventories | ' | ||||
31-Mar-14 | December 31, | ||||
(In thousands) | (Unaudited) | 2013 | |||
Raw materials | $ | 79,092 | $ | 81,574 | |
Work-in-process | 4,217 | 4,958 | |||
Finished goods | 86,948 | 85,577 | |||
$ | 170,257 | $ | 172,109 | ||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||
Schedule Of Finite-Lived Intangible Assets | ' | ||||||||||||
31-Mar-14 | |||||||||||||
(In thousands) | (Unaudited) | 31-Dec-13 | |||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized software development costs | $ | 55,995 | $ | -27,827 | $ | 28,168 | $ | 48,947 | $ | -25,706 | $ | 23,241 | |
Acquired technology | 89,318 | -57,281 | 32,037 | 89,446 | -54,253 | 35,193 | |||||||
Patents | 26,547 | -11,476 | 15,071 | 26,070 | -11,045 | 15,025 | |||||||
Other | 28,732 | -20,524 | 8,208 | 28,517 | -19,666 | 8,851 | |||||||
$ | 200,592 | $ | -117,108 | $ | 83,484 | $ | 192,980 | $ | -110,670 | $ | 82,310 | ||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Goodwill [Abstract] | ' | ||
Schedule Of Goodwill | ' | ||
Amount | |||
(In thousands) | |||
Balance as of December 31, 2013 | $ | 146,520 | |
Purchase price adjustments | - | ||
Foreign currency translation impact | 24 | ||
Balance as of March 31, 2014 (unaudited) | $ | 146,544 | |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Comprehensive Income [Abstract] | ' | ||||||||
Schedule Of Comprehensive Income | ' | ||||||||
31-Mar-14 | |||||||||
(Unaudited) | |||||||||
(In thousands) | Currency translation adjustment | Investments | Derivative instruments | Accumulated other comprehensive income/(loss) | |||||
Balance as of December 31, 2013 | $ | 1,311 | $ | -1,066 | $ | 2,305 | $ | 2,550 | |
Current-period other comprehensive (loss) income | -1,139 | 192 | -1,428 | -2,375 | |||||
Reclassified from accumulated OCI into income | - | - | -445 | -445 | |||||
Income tax (benefit) expense | -255 | 62 | -581 | -774 | |||||
Balance as of March 31, 2014 | $ | 427 | $ | -936 | $ | 1,013 | $ | 504 | |
31-Mar-13 | |||||||||
(Unaudited) | |||||||||
(In thousands) | Currency translation adjustment | Investments | Derivative instruments | Accumulated other comprehensive income/(loss) | |||||
Balance as of December 31, 2012 | $ | 208 | $ | -620 | $ | 1,256 | $ | 844 | |
Current-period other comprehensive (loss) income | -2,924 | -442 | 3,343 | -23 | |||||
Reclassified from accumulated OCI into income | - | - | -1,265 | -1,265 | |||||
Income tax expense | 74 | 11 | 1,077 | 1,162 | |||||
Balance as of March 31, 2013 | $ | -2,790 | $ | -1,073 | $ | 2,257 | $ | -1,606 | |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Segment Information [Abstract] | ' | ||||
Schedule Of Net Sales, Operating Income, Interest Income And Long-Lived Assets By Major Geographical Areas | ' | ||||
Three Months Ended March 31, | |||||
(In thousands) | (Unaudited) | ||||
2014 | 2013 | ||||
Net sales: | |||||
Americas | $ | 115,106 | $ | 119,717 | |
Europe | 83,857 | 79,061 | |||
East Asia | 61,348 | 60,770 | |||
Emerging Markets | 24,363 | 26,940 | |||
$ | 284,674 | $ | 286,488 | ||
Three Months Ended March 31, | |||||
(Unaudited) | |||||
2014 | 2013 | ||||
Operating income: | |||||
Americas | $ | 6,961 | $ | 12,923 | |
Europe | 37,309 | 32,959 | |||
East Asia | 27,200 | 26,242 | |||
Emerging Markets | 7,613 | 8,526 | |||
Unallocated: | |||||
Research and development expenses | -55,259 | -61,256 | |||
$ | 23,824 | $ | 19,394 | ||
Three Months Ended March 31, | |||||
(Unaudited) | |||||
2014 | 2013 | ||||
Interest income: | |||||
Americas | $ | 10 | $ | 21 | |
Europe | 168 | 132 | |||
East Asia | 7 | 6 | |||
Emerging Markets | 12 | 26 | |||
$ | 197 | $ | 185 | ||
31-Mar-14 | 31-Dec-13 | ||||
(Unaudited) | |||||
Long-lived assets: | |||||
Americas | $ | 121,125 | $ | 120,829 | |
Europe | 51,935 | 51,038 | |||
East Asia | 4,046 | 4,162 | |||
Emerging Markets | 85,412 | 84,539 | |||
$ | 262,518 | $ | 260,568 | ||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Schedule Of Warranty Reserve | ' | ||||
Three Months Ended March 31, | |||||
(In thousands) | (Unaudited) | ||||
2014 | 2013 | ||||
Balance at the beginning of the period | $ | 1,764 | $ | 1,435 | |
Accruals for warranties issued during the period | 744 | 659 | |||
Settlements made (in cash or in kind) during the period | -643 | -597 | |||
Balance at the end of the period | $ | 1,865 | $ | 1,497 | |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of The Denominators Used To Calculate Basic EPS And Diluted EPS) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Weighted average shares outstanding-basic | 125,973,000 | 123,306,000 |
Plus: Common share equivalents Stock options, restricted stock units | 752,000 | 1,059,000 |
Weighted average shares outstanding-diluted | 126,725,000 | 124,365,000 |
Anti-dilutive securities excluded from the computation of diluted EPS | 61,500 | 86,800 |
Cash_Cash_Equivalents_And_Shor2
Cash, Cash Equivalents And Short-Term Investments (Unrealized Gains And Losses Related To Short-Term Investments Designated As Available-For-Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | $412,546 | $396,007 |
Gross Unrealized Gain | 50 | 42 |
Gross Unrealized Loss | -45 | -153 |
Cumulative Translation Adjustment | -2,441 | -2,484 |
Fair Value | 410,110 | 393,412 |
Cash [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 120,982 | 142,058 |
Fair Value | 120,982 | 142,058 |
Money Market Accounts [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 119,719 | 88,205 |
Fair Value | 119,719 | 88,205 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 71,359 | 71,964 |
Gross Unrealized Gain | 44 | 16 |
Gross Unrealized Loss | -20 | -146 |
Cumulative Translation Adjustment | -1,183 | -1,218 |
Fair Value | 70,200 | 70,616 |
U.S. Treasuries And Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 79,146 | 72,459 |
Gross Unrealized Gain | 6 | 26 |
Gross Unrealized Loss | -23 | ' |
Fair Value | 79,129 | 72,485 |
Foreign Government Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 18,428 | 18,409 |
Gross Unrealized Loss | -2 | -7 |
Cumulative Translation Adjustment | -1,258 | -1,266 |
Fair Value | 17,168 | 17,136 |
Time Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | 2,912 | 2,912 |
Fair Value | $2,912 | $2,912 |
Cash_Cash_Equivalents_And_Shor3
Cash, Cash Equivalents And Short-Term Investments (Contractual Maturities Of Short-Term Investments Designated As Available-For-Sale) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Adjusted Cost, Due in less than 1 year | $104,365 |
Fair Value, Due in less than 1 year | 102,543 |
Adjusted Cost, Due in 1 to 5 years | 67,480 |
Fair Value, Due in 1 to 5 years | 66,866 |
Adjusted Cost, Total | 171,845 |
Fair Value, Total | 169,409 |
Corporate Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Adjusted Cost, Due in less than 1 year | 22,389 |
Fair Value, Due in less than 1 year | 21,217 |
Adjusted Cost, Due in 1 to 5 years | 48,970 |
Fair Value, Due in 1 to 5 years | 48,983 |
U.S. Treasuries And Agencies [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Adjusted Cost, Due in less than 1 year | 69,492 |
Fair Value, Due in less than 1 year | 69,498 |
Adjusted Cost, Due in 1 to 5 years | 9,654 |
Fair Value, Due in 1 to 5 years | 9,631 |
Foreign Government Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Adjusted Cost, Due in less than 1 year | 9,572 |
Fair Value, Due in less than 1 year | 8,916 |
Adjusted Cost, Due in 1 to 5 years | 8,856 |
Fair Value, Due in 1 to 5 years | 8,252 |
Time Deposits [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Adjusted Cost, Due in less than 1 year | 2,912 |
Fair Value, Due in less than 1 year | $2,912 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
item | item | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | $410,110 | $393,412 |
Derivatives | 4,588 | 6,908 |
Total Assets | 293,716 | 258,262 |
Derivatives | -3,545 | -4,742 |
Total Liabilities | -3,545 | -4,742 |
Contractual maturities of short-term investments | '40 months | ' |
Number of items measured at fair value on a nonrecurring basis | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets | 122,631 | 91,117 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivatives | 4,588 | 6,908 |
Total Assets | 171,085 | 167,145 |
Derivatives | -3,545 | -4,742 |
Total Liabilities | -3,545 | -4,742 |
Money Market Accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 119,719 | 88,205 |
Money Market Accounts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 119,719 | 88,205 |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 70,200 | 70,616 |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 70,200 | 70,616 |
U.S. Treasuries And Agencies Available For Sale Securities Portion [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 79,129 | 72,485 |
U.S. Treasuries And Agencies Available For Sale Securities Portion [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 79,129 | 72,485 |
Foreign Government Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 17,168 | 17,136 |
Foreign Government Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 17,168 | 17,136 |
Time Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Total | 2,912 | 2,912 |
Time deposits | 2,912 | 2,912 |
Time Deposits [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Time deposits | $2,912 | $2,912 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
country | |||
Derivative [Line Items] | ' | ' | ' |
Minimum number of countries for which entity has operations | 50 | ' | ' |
Percentage of sales outside of the Americas during the period | 60.00% | 58.00% | ' |
Period of protection against the reduction in value caused by a fluctuation, minimum (in number of years) | '1 year | ' | ' |
Period of protection against the reduction in value caused by a fluctuation, maximum (in number of years) | '3 years | ' | ' |
Duration of derivative contracts entered into by the entity to hedge risk of loss | '36 months | ' | ' |
Foreign currency forward contracts notional amount | $149,326,000 | ' | $139,624,000 |
Forward Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Estimated amount of reclassification of gains on derivative instruments from accumulated other comprehensive income to net sales | 68,000 | ' | ' |
Estimated amount of reclassification of losses on derivative instruments from accumulated other comprehensive income to cost of sales | 321,000 | ' | ' |
Estimated amount of reclassification of gains on derivative instruments from accumulated other comprehensive income to operating expenses | 168,000 | ' | ' |
Other Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Foreign currency forward contracts notional amount | $61,000,000 | ' | $70,000,000 |
Maximum [Member] | Forward Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Percentage of derivative risk hedged | 100.00% | ' | ' |
Duration of derivative contracts entered into by the entity to hedge risk of loss | '40 months | ' | ' |
Maximum [Member] | Other Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Percentage of derivative risk hedged | 90.00% | ' | ' |
Duration of derivative contracts entered into by the entity to hedge risk of loss | '120 days | ' | ' |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Summary Of Notional Amounts Of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | $149,326 | $139,624 |
Euro [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | 86,571 | 75,886 |
Japanese Yen [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | 17,641 | 23,284 |
Hungarian Forint [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | 15,855 | 21,159 |
British Pound [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | 23,668 | 14,869 |
Malaysian Ringgit [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total forward contracts notional amount | $5,591 | $4,426 |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Fair Values Of Derivative Instruments On Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $4,588 | $6,908 |
Derivative liabilities | -3,545 | -4,742 |
Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 4,163 | 6,544 |
Derivative liabilities | -2,833 | -3,350 |
Derivatives Designated As Hedging Instruments [Member] | Foreign Exchange Contract - Short-Term [Member] | Prepaid Expenses And Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 3,139 | 4,825 |
Derivatives Designated As Hedging Instruments [Member] | Foreign Exchange Contract - Short-Term [Member] | Accrued Expenses And Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | -2,833 | -3,350 |
Derivatives Designated As Hedging Instruments [Member] | Foreign Exchange Contracts - Long-Term [Member] | Other Long-Term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 1,024 | 1,719 |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 425 | 364 |
Derivative liabilities | -712 | -1,392 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract - Short-Term [Member] | Prepaid Expenses And Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 425 | 364 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange Contract - Short-Term [Member] | Accrued Expenses And Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities | ($712) | ($1,392) |
Derivative_Instruments_And_Hed5
Derivative Instruments And Hedging Activities (Effect Of Derivative Instruments On Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flow Hedging [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | ($1,873) | $2,078 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 445 | 1,265 |
Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contracts - Forwards And Options [Member] | Net Sales [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -1,035 | 4,263 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 346 | 1,158 |
Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contracts - Forwards And Options [Member] | Cost Of Sales [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -597 | -1,427 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 81 | 108 |
Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ' |
Cash Flow Hedging [Member] | Foreign Exchange Contracts - Forwards And Options [Member] | Operating Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -241 | -758 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 18 | -1 |
Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ' |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | -68 | 1,324 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange Contracts - Forwards And Options [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | ($68) | $1,324 |
Inventories_Summary_Of_Invento
Inventories (Summary Of Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $79,092 | $81,574 |
Work-in-process | 4,217 | 4,958 |
Finished goods | 86,948 | 85,577 |
Inventories, net | $170,257 | $172,109 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets amortization expenses | $7,600,000 | $8,400,000 |
Capitalized Software Development Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Capitalized software development costs | 8,000,000 | 2,900,000 |
Capitalized computer software amortization | 3,100,000 | 3,700,000 |
Costs related to stock based compensation | $378,000 | $140,000 |
Useful life (in years) | '3 years | ' |
Minimum [Member] | Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life (in years) | '3 years | ' |
Minimum [Member] | Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life (in years) | '10 years | ' |
Maximum [Member] | Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life (in years) | '8 years | ' |
Maximum [Member] | Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life (in years) | '17 years | ' |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Finite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $200,592 | $192,980 |
Accumulated Amortization | -117,108 | -110,670 |
Net Carrying Amount | 83,484 | 82,310 |
Capitalized Software Development Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 55,995 | 48,947 |
Accumulated Amortization | -27,827 | -25,706 |
Net Carrying Amount | 28,168 | 23,241 |
Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 89,318 | 89,446 |
Accumulated Amortization | -57,281 | -54,253 |
Net Carrying Amount | 32,037 | 35,193 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 26,547 | 26,070 |
Accumulated Amortization | -11,476 | -11,045 |
Net Carrying Amount | 15,071 | 15,025 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 28,732 | 28,517 |
Accumulated Amortization | -20,524 | -19,666 |
Net Carrying Amount | $8,208 | $8,851 |
Goodwill_Schedule_Of_Goodwill_
Goodwill (Schedule Of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
segment | |
Goodwill [Abstract] | ' |
Balance at beginning of period | $146,520 |
Purchase price adjustments | ' |
Foreign currency translation impact | 24 |
Balance at end of period | $146,544 |
Number of operating segments | 1 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Unrecognized tax benefits | $24,100,000 | ' | $23,600,000 |
Gross increase in unrecognized tax benefits | 515,000 | ' | ' |
Accrual for interest related to uncertain tax positions | 1,500,000 | ' | ' |
Effective tax rate | 23.00% | -3.00% | ' |
U.S. federal statutory rate | 35.00% | ' | ' |
Hungary statutory tax rate | 19.00% | ' | ' |
Tax benefits recognized due to differences in Hungary statutory rates from the statutory U.S. tax rate | 1,600,000 | 1,700,000 | ' |
Tax benefits resulting from the partial release of the valuation allowance on assets from the restructuring and the enhanced tax deduction for research expenses in Hungary | 2,500,000 | 2,400,000 | ' |
Malaysia [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Foreign income tax benefit | $306,000 | ' | ' |
Comprehensive_Income_Accumulat
Comprehensive Income (Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | $2,550 | $844 |
Current-period other comprehensive (loss) income | -2,375 | -23 |
Reclassified from accumulated OCI into income | -445 | -1,265 |
Income tax (benefit) expense | -774 | 1,162 |
Ending Balance | 504 | -1,606 |
Currency Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | 1,311 | 208 |
Current-period other comprehensive (loss) income | -1,139 | -2,924 |
Income tax (benefit) expense | -255 | 74 |
Ending Balance | 427 | -2,790 |
Investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -1,066 | -620 |
Current-period other comprehensive (loss) income | 192 | -442 |
Income tax (benefit) expense | 62 | 11 |
Ending Balance | -936 | -1,073 |
Derivative Instruments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | 2,305 | 1,256 |
Current-period other comprehensive (loss) income | -1,428 | 3,343 |
Reclassified from accumulated OCI into income | -445 | -1,265 |
Income tax (benefit) expense | -581 | 1,077 |
Ending Balance | $1,013 | $2,257 |
Authorized_Shares_Of_Common_An1
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2004 | Dec. 31, 1997 | 9-May-94 | Mar. 31, 2014 | Mar. 31, 2014 | 10-May-11 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 21, 2004 | Mar. 31, 2014 | 11-May-10 | Mar. 31, 2014 | 10-May-05 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 11-May-10 | Mar. 31, 2014 | Mar. 31, 2014 |
Incentive Plan (1994) [Member] | Incentive Plan (1994) [Member] | Incentive Plan (1994) [Member] | Incentive Plan (1994) [Member] | Incentive Plan (1994) [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Authorized Preferred Stock And Preferred Stock Purchase Rights Plan [Member] | Authorized Preferred Stock And Preferred Stock Purchase Rights Plan [Member] | Authorized Preferred Stock And Preferred Stock Purchase Rights Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | Restricted Stock Plan [Member] | |||
Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Incentive Plan (2005) [Member] | Incentive Plan (2005) [Member] | Incentive Plan (2005) [Member] | Incentive Plan (2005) [Member] | Incentive Plan (2010) [Member] | Incentive Plan (2010) [Member] | Incentive Plan (2010) [Member] | Incentive Plan (2010) [Member] | |||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional number of shares reserved for issuance | ' | ' | 1,125,000 | 10,631,250 | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 360,000,000 | 360,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for issuance | ' | ' | ' | ' | 13,668,750 | ' | ' | ' | ' | ' | ' | 750,000 | ' | 3,362,304 | ' | 4,050,000 | ' | ' | ' | 3,000,000 | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period, (in years) | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '3 years | '10 years | '5 years | ' | '3 years | '10 years |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,372,072 | ' | ' | ' |
Percentage of the lower of the market related to purchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum employee subscription rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock reserved for future employee purchases | ' | ' | ' | ' | ' | ' | ' | ' | 1,092,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during the period, in shares | ' | ' | ' | ' | ' | ' | ' | ' | 287,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value, in dollar per share | ' | ' | ' | ' | ' | ' | ' | ' | $24.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred shares declared for each share of common stock outstanding, in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of a share of Series A Participating Preferred Stock each Right entitles its holder to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of Series A Participating Preferred Stock Rights, in dollar per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock before rights become exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiple of original exercise price for which holder is entitled to purchase (in number of times: 2x, 3x, etc.) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of Series A Participating Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
region | ||
Segment Information [Abstract] | ' | ' |
Number of geographic regions where products are sold | 4 | ' |
Total sales outside the United States | $178 | $180 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Net Sales, Operating Income, Interest Income And Long-Lived Assets By Major Geographical Areas) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $284,674 | $286,488 | ' |
Operating income | 23,824 | 19,394 | ' |
Unallocated: Research and development expenses | -55,259 | -61,256 | ' |
Interest income | 197 | 185 | ' |
Property and equipment, net | 262,518 | ' | 260,568 |
Americas [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 115,106 | 119,717 | ' |
Operating income | 6,961 | 12,923 | ' |
Interest income | 10 | 21 | ' |
Property and equipment, net | 121,125 | ' | 120,829 |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 83,857 | 79,061 | ' |
Operating income | 37,309 | 32,959 | ' |
Interest income | 168 | 132 | ' |
Property and equipment, net | 51,935 | ' | 51,038 |
East Asia [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 61,348 | 60,770 | ' |
Operating income | 27,200 | 26,242 | ' |
Interest income | 7 | 6 | ' |
Property and equipment, net | 4,046 | ' | 4,162 |
Emerging Markets [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 24,363 | 26,940 | ' |
Operating income | 7,613 | 8,526 | ' |
Interest income | 12 | 26 | ' |
Property and equipment, net | $85,412 | ' | $84,539 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Line of Credit Facility [Line Items] | ' |
Unsecured revolving line of credit | $50 |
Available for borrowings under revolving line of credit | $50 |
Ratio of consolidated indebtedness to earnings before interest, taxes, depreciation and amortization, maximum allowed | 3.25 |
Ratio of consolidated earnings before interest, taxes, depreciation and amortization expense, minimum allowed | 3 |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Quarterly commitment fee | 0.18% |
Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Quarterly commitment fee | 0.30% |
Base Rate Determined In Accordance With Loan Agreement [Member] | Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Variable interest rate spread | 0.00% |
Base Rate Determined In Accordance With Loan Agreement [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Variable interest rate spread | 0.50% |
LIBOR [Member] | Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Variable interest rate spread | 1.13% |
LIBOR [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Variable interest rate spread | 2.00% |
During Event Of Default [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Variable interest rate spread | 2.00% |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
Limited warranty on most hardware products (in number of years) | '1 year |
Warranty on a subset of our hardware products, minimum (in number of years) | '2 years |
Warranty on a subset of our hardware products, maximum (in number of years) | '3 years |
Amount of non-cancelable purchase commitments with various suppliers of customized inventory and inventory components | $10 |
Amount of guarantees for payment of customs and foreign grants | $14 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Warranty Reserve) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments And Contingencies [Abstract] | ' | ' |
Balance at the beginning of the period | $1,764 | $1,435 |
Accruals for warranties issued during the period | 744 | 659 |
Settlements made (in cash or in kind) during the period | -643 | -597 |
Balance at the end of the period | $1,865 | $1,497 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Event [Line Items] | ' |
Dividend payable, date of record | 12-May-14 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividend payable, date declared | 29-Apr-14 |
Dividend payable, amount per share | 0.15 |
Dividend payable, date payable | 2-Jun-14 |