Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | NATIONAL INSTRUMENTS CORP /DE/ | ||
Entity Central Index Key | 935,494 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,013,343,026 | ||
Entity Common Stock, Shares Outstanding | 127,778,067 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 251,129 | $ 274,030 |
Short-term investments | 81,789 | 197,163 |
Accounts receivable, net | 216,244 | 202,329 |
Inventories, net | 185,197 | 173,052 |
Prepaid expenses and other current assets | 65,381 | 70,075 |
Deferred income taxes, net | 31,171 | |
Total current assets | 799,740 | 947,820 |
Property and equipment, net | 257,853 | 264,086 |
Goodwill | 257,718 | 144,325 |
Intangible assets, net | 108,196 | 78,282 |
Other long-term assets | 30,349 | 20,978 |
Total assets | 1,453,856 | 1,455,491 |
Current liabilities: | ||
Accounts payable | 50,970 | 58,603 |
Accrued compensation | 27,956 | 33,774 |
Deferred revenue - current | 112,283 | 105,964 |
Accrued expenses and other liabilities | 11,756 | 14,714 |
Other taxes payable | 37,250 | 34,602 |
Total current liabilities | 240,215 | 247,657 |
Long-term debt | 37,000 | |
Deferred income taxes | 44,673 | 47,406 |
Liability for uncertain tax positions | 11,974 | 10,127 |
Deferred revenue- long term | 27,708 | 26,452 |
Other long-term liabilities | 10,565 | 6,353 |
Total liabilities | $ 372,135 | $ 337,995 |
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; 127,471,604 and 127,849,271 shares issued and outstanding, respectively | $ 1,275 | $ 1,278 |
Additional paid-in capital | 717,705 | 662,889 |
Retained earnings | 400,831 | 464,993 |
Accumulated other comprehensive loss | (38,090) | (11,664) |
Total stockholders' equity | 1,081,721 | 1,117,496 |
Total liabilities and stockholders' equity | $ 1,453,856 | $ 1,455,491 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 127,471,604 | 127,849,271 |
Common stock, shares outstanding | 127,471,604 | 127,849,271 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales: | |||
Product | $ 1,113,590 | $ 1,143,000 | $ 1,091,186 |
Software maintenance | 111,866 | 100,862 | 81,372 |
Total net sales | 1,225,456 | 1,243,862 | 1,172,558 |
Cost of sales: | |||
Product | 311,226 | 312,623 | 299,854 |
Software maintenance | 5,730 | 5,509 | 5,389 |
Total cost of sales | 316,956 | 318,132 | 305,243 |
Gross profit | 908,500 | 925,730 | 867,315 |
Operating expenses: | |||
Sales and marketing | 452,262 | 461,845 | 447,800 |
Research and development | 225,131 | 227,433 | 234,796 |
General and administrative | 93,935 | 91,265 | 87,418 |
Acquisition related adjustment | (1,316) | ||
Total operating expenses | 771,328 | 780,543 | 768,698 |
Operating income | 137,172 | 145,187 | 98,617 |
Other income (expense): | |||
Interest income | 1,403 | 1,133 | 679 |
Net foreign exchange loss | (7,075) | (2,250) | (2,578) |
Other (expense) income, net | (221) | (69) | 450 |
Income before income taxes | 131,279 | 144,001 | 97,168 |
Provision for income taxes | 36,017 | 17,668 | 16,655 |
Net income | $ 95,262 | $ 126,333 | $ 80,513 |
Basic earnings per share | $ 0.74 | $ 0.99 | $ 0.65 |
Weighted average shares outstanding - basic | 127,997 | 127,030 | 124,558 |
Diluted earnings per share | $ 0.74 | $ 0.99 | $ 0.64 |
Weighted average shares outstanding - diluted | 128,668 | 127,799 | 125,571 |
Dividends declared per share | $ 0.76 | $ 0.60 | $ 0.56 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 95,262 | $ 126,333 | $ 80,513 |
Other comprehensive income, before tax and net of reclassification adjustments: | |||
Foreign currency translation adjustment | (19,240) | (21,218) | 1,332 |
Unrealized gain (loss) on securities available-for-sale | 701 | (380) | (538) |
Unrealized gain (loss) on derivative instruments | (19,012) | 7,692 | 1,238 |
Other comprehensive income (loss), before tax | (37,551) | (13,906) | 2,032 |
Tax provision related to items of other comprehensive income (loss) | (11,125) | 308 | 326 |
Other comprehensive (loss) income, net of tax | (26,426) | (14,214) | 1,706 |
Comprehensive income | $ 68,836 | $ 112,119 | $ 82,219 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow from operating activities: | |||
Net income | $ 95,262 | $ 126,333 | $ 80,513 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 73,329 | 70,206 | 67,974 |
Stock-based compensation | 25,489 | 25,759 | 28,992 |
Tax (benefit) expense from deferred income taxes | 11,019 | (3,240) | (4,353) |
Tax benefit from stock option plans | (967) | (1,242) | (2,407) |
Changes in operating assets and liabilities(net of effects of acquisitions): | |||
Accounts receivable | (11,760) | (21,649) | 6,820 |
Inventories | (8,381) | (943) | (1,563) |
Prepaid expenses and other assets | (13,126) | (16,864) | (1,767) |
Accounts payable | (9,003) | 1,989 | (8,604) |
Deferred revenue | 5,656 | 14,910 | 6,346 |
Taxes, accrued benefit (expenses) and other liabilities | (4,881) | (149) | (2,472) |
Net cash provided by operating activities | 162,637 | 195,110 | 169,479 |
Cash flow from investing activities: | |||
Capital expenditures | (33,987) | (44,944) | (47,796) |
Capitalization of internally developed software | (31,356) | (25,781) | (14,883) |
Additions to other intangibles | (2,811) | (2,834) | (5,182) |
Acquisition, net of cash received | (125,612) | ||
Purchases of short-term investments | (36,063) | (123,849) | (70,354) |
Sales and maturities of short-term investments | 151,437 | 89,835 | 80,371 |
Net cash used in investing activities | (78,392) | (107,573) | (57,844) |
Cash flow from financing activities: | |||
Proceeds from revolving line of credit | 54,000 | ||
Principal payments on revolving line of credit | (17,000) | ||
Proceeds from issuance of common stock | 27,785 | 31,275 | 39,319 |
Repurchase of common stock | (75,255) | ||
Deferred acquisition payments | (15,318) | ||
Dividends paid | (97,643) | (76,287) | (69,776) |
Tax benefit from stock option plans | 967 | 1,242 | 2,407 |
Net cash used in financing activities | (107,146) | (43,770) | (43,368) |
Net change in cash and cash equivalents | (22,901) | 43,767 | 68,267 |
Cash and cash equivalents at beginning of period | 274,030 | 230,263 | 161,996 |
Cash and cash equivalents at end of period | $ 251,129 | 274,030 | 230,263 |
Supplementary information: | |||
Equity consideration issued in business combinations | 13,778 | ||
Interest paid | $ 287 | 144 | 110 |
Income taxes paid | $ 29,038 | $ 28,003 | $ 10,510 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $ 1,229 | $ 532,845 | $ 404,210 | $ 844 | $ 939,128 |
Balance, Shares at Dec. 31, 2012 | 122,878,690 | ||||
Net income | 80,513 | 80,513 | |||
Other comprehensive income (loss), net of tax | 1,706 | 1,706 | |||
Issuance of common stock under employee plans, including tax benefits | $ 28 | 39,291 | 39,319 | ||
Issuance of common stock under employee plans, including tax benefits, shares | 2,811,550 | ||||
Stock-based compensation | 29,151 | 29,151 | |||
Dividends paid | (69,776) | (69,776) | |||
Disqualified dispositions | 3,043 | 3,043 | |||
Balance at Dec. 31, 2013 | $ 1,257 | 604,330 | 414,947 | 2,550 | 1,023,084 |
Balance, Shares at Dec. 31, 2013 | 125,690,240 | ||||
Net income | 126,333 | 126,333 | |||
Other comprehensive income (loss), net of tax | (14,214) | (14,214) | |||
Issuance of common stock under employee plans, including tax benefits | $ 21 | 31,254 | 31,275 | ||
Issuance of common stock under employee plans, including tax benefits, shares | 2,159,031 | ||||
Stock-based compensation | 26,242 | 26,242 | |||
Dividends paid | (76,287) | (76,287) | |||
Disqualified dispositions | 1,063 | 1,063 | |||
Balance at Dec. 31, 2014 | $ 1,278 | 662,889 | 464,993 | (11,664) | $ 1,117,496 |
Balance, Shares at Dec. 31, 2014 | 127,849,271 | 127,849,271 | |||
Net income | 95,262 | $ 95,262 | |||
Other comprehensive income (loss), net of tax | (26,426) | (26,426) | |||
Issuance of common stock under employee plans, including tax benefits | $ 18 | 27,767 | 27,785 | ||
Issuance of common stock under employee plans, including tax benefits, shares | 1,846,070 | ||||
Stock-based compensation | 25,891 | 25,891 | |||
Issuance of common stock in business acquisitions | $ 4 | 13,774 | 13,778 | ||
Issuance of common stock in business acquisitions, shares | 367,481 | ||||
Repurchase of common stock | $ (25) | (13,449) | (61,781) | (75,255) | |
Repurchase of common stock, shares | (2,591,218) | ||||
Dividends paid | (97,643) | (97,643) | |||
Disqualified dispositions | 833 | 833 | |||
Balance at Dec. 31, 2015 | $ 1,275 | $ 717,705 | $ 400,831 | $ (38,090) | $ 1,081,721 |
Balance, Shares at Dec. 31, 2015 | 127,471,604 | 127,471,604 |
Basis Of Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 – Operations and summary of significant accounting policies National Instruments Corporation is a Delaware corporation. We provide flexible application software and modular, multifunction hardware that users combine with industry-standard computers, networks and third party devices to create measurement, automation and embedded systems, which we refer to as “virtual instruments.” Our approach gives customers the ability to quickly and cost-effectively design, prototype and deploy unique custom-defined solutions for their design, control and test application needs. We offer hundreds of products used to create virtual instrumentation systems for general, commercial, industrial and scientific applications. Our products may be used in different environments, and consequently, specific application of our products is determined by the customer and generally is not known to us. We approach all markets with essentially the same products, which are used in a variety of applications from research and development to production testing, monitoring and industrial control. The following industries and applications are served by us worldwide: advanced research, automotive, commercial aerospace, computers and electronics, continuous process manufacturing, education, government/defense, medical research/pharmaceutical, power/energy, semiconductors, automated test equipment, telecommunications and others. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles. Principles of consolidation The Consolidated Financial Statements include the accounts of National Instruments Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures of contingent assets and liabilities. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Although these estimates are based on management's best knowledge of current events and actions that may impact the company in the future, actual results may be materially different from the estimates. Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with maturities of three months or less at the date of acquisition. Short-Term Investments 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 36 months. Our investments are classified as available-for-sale and accordingly are reported at fair value, with unrealized gains and losses reported as other comprehensive income, a component of stockholders’ equity. Unrealized losses are charged against income when a decline in fair value is determined to be other than temporary. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The fair value of our short-term investments in debt securities at December 31, 2015 and December 31, 2014 was $82 million and $19 7 million, respectively. The decrease was due to the net sales of $115 million of short-term investments. We had $3.5 million U.S. dollar equivalent of corporate bonds that were denominated in Euro at December 31, 2015 . We follow the guidance provided by FASB ASC 320 to assess whether our investments with unrealized loss positions are other than temporarily impaired. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net, in our Consolidated Statements of Income. We did not identify or record any other-than-temp orary impairments on our available-for-sale securities during 2015 and 2014. Accounts Receivable, net Accounts receivable are recorded net of allowances for sales returns of $1.9 million and $1.8 million at December 31, 2015 and 2014, respectively, and net of allowances for doubtful accounts of $2.5 million and $3.0 million at December 31, 2015 and 2014, respectively. A provision for estimated sales returns is made by reducing recorded revenue based on historical experience. We analyze historical returns, current economic trends and changes in customer demand of our products when evaluating the adequacy of our sales returns allowance. Our allowance for doubtful accounts is based on historical experience. We analyze historical bad debts, customer concentrations, customer creditworthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts. (In thousands) Year Description Balance at Beginning of Period Provisions/ (Recapture) Write-Offs/ (Recapture) Balance at End of Period 2013 Allowance for doubtful accounts and sales returns $ 4,870 $ (43) $ 396 $ 4,431 2014 Allowance for doubtful accounts and sales returns $ 4,431 $ 760 $ 393 $ 4,798 2015 Allowance for doubtful accounts and sales returns $ 4,798 $ 536 $ 968 $ 4,366 Inventories, net Inventories are stated at the lower-of-cost or market. Cost is determined using standard costs, which approximate the first-in first-out (“FIFO”) method. Cost includes the acquisition cost of purchased components, parts and subassemblies, in-bound freight costs, labor and overhead. Market is replacement cost with respect to raw materials and is net realizable value with respect to work in process and finished goods. Inventory is shown net of adjustment for excess and obsolete inventories of $10.1 million, $ 9.6 million and $5.5 million at December 31, 2015 , 2014 and 2013, respectively. (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2013 Adjustment for excess and obsolete inventories $ 3,844 $ 3,488 $ 1,873 $ 5,459 2014 Adjustment for excess and obsolete inventories $ 5,459 $ 5,812 $ 1,673 $ 9,598 2015 Adjustment for excess and obsolete inventories $ 9,598 $ 3,087 $ 2,631 $ 10,054 Property and equipment, net Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from twenty to forty years for buildings, three to seven years for purchased internal use software and for equipment which are each included in furniture and equipment. Leasehold improvements are depreciated over the shorter of the life of the lease or the asset. Intangible assets, net We capitalize costs related to the development and acquisition of certain software products. Capitalization of costs begins when technological feasibility has been established and ends when the product is available for general release to customers. Technological feasibility for our products is established when the product is available for beta release. Amortization 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. We use the services of outside counsel to search for, document, and apply for patents. Those costs, along with any filing or application fees, are capitalized. Costs related to patents which are abandoned are written off. Once a patent is granted, the patent costs are amortized ratably over the legal life of the patent, generally ten to seventeen years. At each balance sheet date, the unamortized costs for all intangible assets are reviewed by management and reduced to net realizable value when necessary. Goodwill The excess purchase price over the fair value of net assets acquired is recorded as goodwill. We have one operating segment and one reporting unit. 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, 201 5 . No impairment of goodwill was identified during 2015 and 2014 . Goodwill is deductible for tax purposes in certain jurisdictions. Concentrations of credit risk We maintain cash and cash equivalents with various financial institutions located in many countries throughout the world. At December 31, 2015 , $164 million or 65% of our cash and cash equivalents was held in cash in various operating accounts with financial institutions throughout the world, and $87 million or 35% was held in money market accounts. The most significant of our operating accounts was our domestic Wells Fargo operating account which held approximately $13 million or 5% of our total cash and cash equivalents at a bank that carried A/A2/AA- ratings at December 31, 2015 . From a geographic standpoint, approximately $32 million or 13% of our cash was held in various domestic accounts with financial institutions and $219 million or 87% was held in various accounts outside of the U.S. with financial institutions. At December 31, 2015 , our short-term investments consist ed of $4.4 million or 5% of U.S. treasuries and agencies, $6 8 million or 84 % of corporate notes, and $9 million or 11% in time deposits. The goal of our investment policy is to manage our investment portfolio to preserve principal and liquidity while maximizing the return on our investment portfolio through the full investment of available funds. We place our cash investments in instruments that meet credit quality standards, as specified in our corporate investment policy guidelines. These guidelines also limit the amount of credit exposure to any one issue, issuer or type of instrument. Our cash equivalents and short-term investments carried ratings from the major credit rating agencies that were in accordance with our corporate investment policy. Our investment policy allows investments in the following: government and federal agency obligations, repurchase agreements (“Repos”), certificates of deposit and time deposits, corporate obligations, medium term notes and deposit notes, commercial paper including asset-backed commercial paper (“ABCP”), puttable bonds, general obligation and revenue bonds, money market funds, taxable commercial paper, corporate notes/bonds, municipal notes, municipal obligations, variable rate demand notes and tax exempt commercial paper. All such instruments must carry minimum ratings of A1/P1/F1, MIG1/VMIG1/SP1 and A2/A/A, as applicable, all of which are considered “investment grade”. Our investment policy for marketable securities requires that all securities mature in five years or less, with a weighted average maturity of no longer than 24 months with at least 10% maturing in 90 days or less. (See Note 2 – Cash, cash equivalents, short-term and long-term investments in Notes to Consolidated Financial Statements for further discussion and analysis of our investments). Concentration of credit risk with respect to trade accounts receivable is limited due to our large number of customers and their dispersion across many countries and industries. No single customer accounted for more than 3% , 5% , or 3% of sales for the years ended December 31, 2015, 2014, and 2013 , respectively. The largest trade account receivable from any individual customer at December 31, 2015 was approximately $5 million. Key supplier risk Our manufacturing processes use large volumes of high-quality components and subassemblies supplied by outside sources. Several of these components are available through sole or limited sources. Supply shortages or quality problems in connection with some of these key components could require us to procure components from replacement suppliers, which would cause significant delays in fulfillment of orders and likely result in additional costs. In order to manage this risk, we maintain safety stock of some of these single sourced components and subassemblies and perform regular assessments of suppliers performance, grading key suppliers in critical areas such as quality and “on-time” delivery. Revenue recognition We sell test and measurement solutions that include hardware, software licenses, and related services. Our sales are generally made under standard sales arrangements with payment terms ranging from net 30 days in the U.S. to net 30 days and up to net 120 days in some international markets. We offer rights of return and standard warranties for product defects related to our products. The rights of return are generally for a period of up to 30 days after the delivery date. Our standard warranties cover periods ranging from 90 days to three years. Our standard sales arrangements do not require product acceptance from the customer. In recent years, we have made a concentrated effort to increase our revenue through the pursuit of orders with a value greater than $1.0 million. These orders often include contract terms that vary substantially from our standard terms of sale including product acceptance requirements and product performance evaluations which create uncertainty with respect to the timing of our ability to recognize revenue from such orders. These orders may also include most-favored customer pricing, significant discounts, extended payment terms and volume rebates, all of which may create uncertainty with respect to the amount and timing of revenue recognized from such orders. Sales of application software licenses include post-contract support services. Other services include customer training, customer support, and extended warranties. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable , and collectability is reasonably assured. Delivery is considered to have occurred when title and risk of loss have transferred to the customer. For most of our hardware and software sales, title and risk of loss transfer upon shipment. For services, we recognize revenue when the service is provided, except for extended warranties for which revenue is recognized ratably over the warranty period. We apply the separation guidance under U.S. GAAP for contracts with multiple deliverables. We analyze revenue arrangements with multiple deliverables to determine whether the deliverables should be divided into more than one unit of accounting. For contracts with more than one unit of accounting, we allocate the consideration we receive among the separate units of accounting based on their relative selling prices, which we determine based on prices of the deliverables as sold on a stand-alone basis, or if not sold on a stand-alone basis, the prices we would charge if sold on a stand-alone basis. We recognize revenue for each deliverable based on the revenue recognition policies described below. For software arrangements that include multiple elements, including perpetual software licenses and undelivered items (e.g., software maintenance; subscriptions/term licenses), we allocate and defer revenue for the undelivered items based on vendor specific objective evidence ( “ VSOE ” ) of the fair value of the undelivered elements, and recognize revenue on the perpetual license using the residual method. We base VSOE of each element on the price for which the undelivered element is sold separately. We determine fair value of the undelivered elements based on historical evidence of our stand-alone sales of these elements to third parties or from the stated renewal rate for the undelivered elements. When VSOE does not exist for undelivered items, we recognize the entire arrangement fee ratably over the applicable performance period. A portion of our revenues are generated from the sale of systems that contain software components that operate together with our hardware platform to provide the essential functionality of the system. When sold in a multiple element arrangement, these systems are considered non-software deliv erables , so we can allocate the arrangement fee based upon relative selling price of each element. When applying the relative selling price method, we determine the selling price of each element using best estimate of selling price ( “ BESP ” ), because VSOE and third-party evidence ( “ TPE ” ) are not available. The revenues allocated to the software-related elements are recognized based on software industry specific revenue recognition guidance, as noted above. The revenues allocated to the non-software related elements are recognized based on the nature of the element provided. We estimate BESP by considering internal factors such as historical pricing practices and gross margin objectives, as well as market conditions such as competitor pricing strategies, customer demands and geography, and regularly review these assumptions. The application of revenue recognition standards requires judgment, including whether a software arrangement includes multiple elements, and if so, whether VSOE of fair value exists for those elements. Changes to the elements in a software arrangement, the ability to identify VSOE for those elements, the fair value of the respective elements, and changes to a product’s estimated life cycle could materially impact the amount of our earned and unearned revenue. Judgment is also required to assess whether future releases of certain software represent new products or upgrades and enhancements to existing products. Product revenue Our product revenue is generated predominantly from the sales of measurement and automation products. Our products consist of application software and hardware components together with related driver software. Software maintenance revenue Software maintenance revenue is post contract customer support that provides the customer with unspecified upgrades/updates and technical support. Shipping and handling costs Our shipping and handling costs charged to customers are included in net sales, and the associated expense is recorded in cost of sales. Warranty reserve We offer a one -year limited warranty on most hardware products which is included in the terms of sale of such products. We also offer optional extended warranties on our hardware products for which the related revenue is recognized ratably over the warranty period. Provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred under the limited warranty. Our estimate is based on historical experience and product sales during the period. The warranty reserve for the years ended December 31, 2015, 2014, and 2013 was as follows: (In thousands) 2015 2014 2013 Balance at the beginning of the period $ 1,885 $ 1,764 $ 1,435 Accruals for warranties issued during the period 4,867 6,445 3,737 Settlements made (in cash or in kind) during the period (4,997) (6,324) (3,408) Balance at the end of the period $ 1,755 $ 1,885 $ 1,764 Loss contingencies We accrue for probable losses from contingencies including legal defense costs, on an undiscounted basis , when such costs are considered probable of being incurred and are reasonably estimable. We periodically evaluate available information, both internal and external, relative to such contingencies and adjust this accrual as necessar y. Advertising expense We expense costs of advertising as incurred. Advertising expense for the years ended December 31, 2015, 2014, and 2013 was $12 million, $14 million, and $14 million, respectively. Foreign currency translation The functional currency for our international sales operations is the applicable local currency. The assets and liabilities of these operations are translated at the rate of exchange in effect on the balance sheet date and sales and expenses are translated at average rates. The resulting gains or losses from translation are included in a separate component of other comprehensive income. Gains and losses resulting from re-measuring monetary asset and liability accounts that are denominated in a currency other than a subsidiary’s functional currency are included in net foreign exchange loss and are included in net income. Foreign currency hedging instruments All of our derivative instruments are recognized on the balance sheet at their fair value. We currently use foreign currency forward and purchased option contracts to hedge our exposure to material foreign currency denominated receivables and forecasted foreign currency cash flows. On the date the derivative contract is entered into, we designate the derivative as a hedge of the variability of foreign currency cash flows to be received or paid (“cash flow” hedge) or as a hedge of our foreign denominated net receivable positions (“other derivatives”). Changes in the fair value of derivatives that are designated and qualify as cash flow hedges and that are deemed to be highly effective are recorded in other comprehensive income. These amounts are subsequently reclassified into earnings in the period during which the hedged transaction is realized. The gain or loss on the other derivatives as well as the offsetting gain or loss on the hedged item attributable to the hedged risk is recognized in current earnings under the line item “Net foreign exchange loss”. We do not enter into derivative contracts for speculative purposes. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking various hedge transactions at the inception of the hedge. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the hedging instruments are highly effective in offsetting changes in cash flows of hedged items. We prospectively discontinue hedge accounting if (1) it is determined that the derivative is no longer highly effective in offsetting changes in the fair value of a hedged item (forecasted transactions); or (2) the derivative is de-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur. When hedge accounting is discontinued, the derivative is sold and the resulting gains and losses are recognized immediately in earnings. 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 basis 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. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position or our results of operations. In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. 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. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. 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 years ended December 31, 2015, 2014, and 2013 are as follows: Years ended December 31, (In thousands) 2015 2014 2013 Weighted average shares outstanding-basic 127,997 127,030 124,558 Plus: Common share equivalents Stock options, RSUs 671 769 1,013 Weighted average shares outstanding-diluted 128,668 127,799 125,571 Stock awards to acquire 292,400 shares, 19,400 shares, and 43,600 shares for the years ended December 31, 2015, 2014, and 2013 were excluded in the computations of diluted EPS because the effect of including the stock awards would have been anti-dilutive. Stock-based compensation We account for stock-based compensation plans, which are more fully described in Note 11 – Authorized shares of common and preferred stock and stock-based compensation plans, using a fair-value method and recognize the expense in our Consolidated Statement of Income. Comprehensive income Our comprehensive income is comprised of net income, foreign currency translation and unrealized gains and losses on forward and option contracts and securities available-for-sale. Comprehensive income in 2015, 2014, and 2013 was $69 million, $112 million and $82 million, respectively. Recently issued and adopted accounting pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall. This standard makes several modifications to Subtopic 825-10 including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income. It is effective for interim and annual periods beginning after December 15, 2017. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We adopted these accounting changes during the three months ended December 31, 2015. We did not retrospectively apply the new guidance to the balance sheet at December 31, 2014. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any. The guidance is effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not yet been made available for issuance. The adoption of this standard is not expected to have a material impact on our financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. The amendments in ASU 2015-11 require that an entity measure inventory at the lower of cost and net realizable value. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The adoption of this standard is not expected to have a material impact on our financial statements. I n April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which amends ASC 350, Intangibles - Goodwill and Other. The amendments provide guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. The amendments are effective for fiscal years, and interim period s within those years, beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. The adoption of this standard is not expected to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Pres entation of Debt Issuance Costs . The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. The adoption of this standard is not expected to have a material impa ct on our financial statements. In August 2014, the FASB issued ASU 2014-15. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2017 (fiscal year 2018 for the Company) and early adoption is permitted for annual reporting periods, and interim periods within that period, beginning after December 31, 2016 (fiscal year 2017). Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We have not yet selected an adoption date or transition method. We are currently evaluating the effect that the updated standard will have on our Consolidated Financial Statements and related disclosures. The adoption of this standard will likely impact the timing of revenue recognition for some of our software licensing arrangements, particularly arrangements with customers of our enterprise licensing agreements. |
Cash, Cash Equivalents And Shor
Cash, Cash Equivalents And Short-Term Investments | 12 Months Ended |
Dec. 31, 2015 | |
Cash, Cash Equivalents And Short-Term Investments [Abstract] | |
Cash, Cash Equivalents And Short-Term Investments | Note 2 – 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: (In thousands) As of December 31, 2015 Gross Gross Cumulative Adjusted Cost Unrealized Gain Unrealized Loss Translation Adjustment Fair Value Cash $ 165,251 $ - $ - $ (1,551) $ 163,700 Money Market Accounts 87,429 - - - 87,429 Corporate bonds 69,442 2 (281) (1,119) 68,044 U.S. treasuries and agencies 4,419 - (2) - 4,417 Foreign government bonds - - - - - Time deposits 9,326 2 - - 9,328 Cash, cash equivalents, and short-term investments $ 335,867 $ 4 $ (283) $ (2,670) $ 332,918 (In thousands) As of December 31, 2014 Gross Gross Cumulative Adjusted Cost Unrealized Gain Unrealized Loss Translation Adjustment Fair Value Cash $ 149,598 $ - $ - $ - $ 149,598 Money Market Accounts 124,432 - - - 124,432 Corporate bonds 118,242 54 (254) (4,966) 113,076 U.S. treasuries and agencies 73,919 1 (8) - 73,912 Foreign government bonds 8,841 8 - (1,586) 7,263 Time deposits 2,912 - - - 2,912 Cash, cash equivalents, and short-term investments $ 477,944 $ 63 $ (262) $ (6,552) $ 471,193 The following tables summarize the contractual maturities of our short-term investments designated as available-for-sale: (In thousands) As of December 31, 2015 Adjusted Cost Fair Value Due in less than 1 year $ 45,360 45,328 Due in 1 to 5 years 37,827 36,461 Total available-for-sale debt securities $ 83,187 $ 81,789 Due in less than 1 year Adjusted Cost Fair Value Corporate bonds $ 31,615 31,583 U.S. treasuries and agencies 4,419 4,417 Foreign government bonds - - Time deposits 9,326 9,328 Total available-for-sale debt securities $ 45,360 $ 45,328 Due in 1 to 5 years Adjusted Cost Fair Value Corporate bonds 37,827 36,461 U.S. treasuries and agencies - - Total available-for-sale debt securities $ 37,827 $ 36,461 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 – 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: (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2015 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 $ 87,429 $ 87,429 $ - $ - Short-term investments available for sale: Corporate bonds 68,044 - 68,044 - U.S. treasuries and agencies 4,417 - 4,417 - Foreign government bonds - - - - Time deposits 9,328 9,328 - - Derivatives 1,231 - 1,231 - Total Assets $ 170,449 $ 96,757 $ 73,692 $ - Liabilities Derivatives $ (8,746) $ - $ (8,746) $ - Total Liabilities $ (8,746) $ - $ (8,746) $ - (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2014 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 $ 124,432 $ 124,432 $ - $ - Short-term investments available for sale: Corporate bonds 113,076 - 113,076 - U.S. treasuries and agencies 73,912 - 73,912 - Foreign government bonds 7,263 - 7,263 - Time deposits 2,912 2,912 - - Derivatives 16,151 - 16,151 - Total Assets $ 337,746 $ 127,344 $ 210,402 $ - Liabilities Derivatives $ (4,253) $ - $ (4,253) $ - Total Liabilities $ (4,253) $ - $ (4,253) $ - 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 . All short-term investments available-for-sale have contractual maturities of less than 36 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 year ended December 31, 2015 . There were not any transfers in or out of Level 1 or Level 2 during the year ended December 31, 2015 . Our short-term investments do not include any foreign sovereign debt. The majority of our short-term investments that are located outside of the U.S. are denominated in the U.S. dollar with the exception of $3.5 million U.S. dollar equivalent of corporate bonds that are denominated in Euro. We did no t have any items that were measured at fair value on a nonrecurring basis at December 31, 2015 and December 31, 2014 . The carrying v alue of net accounts receivable, accounts payable , and long-term debt contained in the Consolidated Balance Sheets approximates fair value. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | Note 4 – 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 59 % , 60 %, and 59% of our revenues during years ended December 31, 2015, 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. Ca sh 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, Malaysian ringgit, British pound, Chinese y uan, and Hungarian forint) 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 December 31, 2015 As of December 31, 2014 Chinese yuan $ 26,548 $ - Euro 30,867 97,198 Japanese yen 4,119 7,798 Hungarian forint 38,836 61,067 British pound 4,342 22,809 Malaysian ringgit 40,249 10,241 Total forward contracts notional amount $ 144,961 $ 199,113 The contracts in the foregoing table had contractual maturities of 36 months or less at December 31, 2015 and December 31, 2014 . At December 31, 2015 , we expect to reclassify $351,000 of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $ 2.3 million of losses on derivative instruments from accumulated OCI to cost of sales when the cost of sales are incurred and $2.4 million of losses 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 December 31, 2015 . 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 years ended December 31, 2015 and 201 4 . 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 loss”. As of December 31, 2015 and December 31, 2014 , we held foreign currency forward contracts with a notional amount of $ 97 million and $ 78 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 December 31, 2015 December 31, 2014 (In thousands) 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 $ 391 Prepaid expenses and other current assets $ 14,492 Foreign exchange contracts - LT forwards Other long-term assets - Other long-term assets - Total derivatives designated as hedging instruments $ 391 $ 14,492 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 840 Prepaid expenses and other current assets $ 1,659 Total derivatives not designated as hedging instruments $ 840 $ 1,659 Total derivatives $ 1,231 $ 16,151 Liability Derivatives December 31, 2015 December 31, 2014 (In thousands) 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 $ (4,653) Accrued expenses and other liabilities $ (1,937) Foreign exchange contracts - LT forwards Other long-term liabilities (3,613) Other long-term liabilities (1,536) Total derivatives designated as hedging instruments $ (8,266) $ (3,473) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Accrued expenses and other liabilities $ (480) $ (780) Total derivatives not designated as hedging instruments $ (480) $ (780) Total derivatives $ (8,746) $ (4,253) The following tables present the effect of derivative instruments on our Consolidated Statements of Income for years ended December 31, 2015 and 2014 , respectively: December 31, 2015 (In thousands) 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 $ (14,140) Net sales $ 23,736 Net foreign exchange gain (loss) $ - Foreign exchange contracts - forwards and options (1,951) Cost of sales (2,279) Net foreign exchange gain (loss) - Foreign exchange contracts - forwards and options (2,921) Operating expenses (2,029) Net foreign exchange gain (loss) - Total $ (19,012) $ 19,428 $ - December 31, 2014 (In thousands) 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 $ 12,615 Net sales $ 4,889 Net foreign exchange gain (loss) $ - Foreign exchange contracts - forwards and options (3,151) Cost of sales 67 Net foreign exchange gain (loss) - Foreign exchange contracts - forwards and options (1,772) Operating expenses (16) Net foreign exchange gain (loss) - Total $ 7,692 $ 4,940 $ - (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 December 31, 2015 December 31, 2014 Foreign exchange contracts - forwards Net foreign exchange (loss)/gain $ 4,273 $ 2,484 Total $ 4,273 $ 2,484 Gains or losses recognized in OCI on the effective portion of our derivatives are reported net of gains or losses reclassified from accumulated OCI into income. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | Note 5 – Inventories Inventories, net consist of the following: (In thousands) December 31, 2015 December 31, 2014 Raw materials $ 94,816 $ 79,376 Work-in-process 10,819 6,675 Finished goods 79,562 87,001 To tal $ 185,197 $ 173,052 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 6 – Property and equipment Property and equipment at December 31, 2015 and December 31, 2014 , consist of the following: December 31, December 31, (In thousands) 2015 2014 Land $ 32,949 $ 32,861 Buildings 207,977 213,352 Furniture and equipment 320,410 298,653 561,336 544,866 Accumulated depreciation (303,483) (280,780) Total $ 257,853 $ 264,086 Depreciation expense for the years ended December 31, 2015, 2014, and 2013 , was $38 million, $38 million and $36 million, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note 7 – Intangible asset s Intangible asset s at December 31, 2015 and December 31, 2014 are as follows: (In thousands) December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 80,682 $ (30,434) $ 50,248 $ 58,343 $ (22,853) $ 35,490 Acquired technology 93,976 (69,908) 24,068 88,216 (65,663) 22,553 Patents 30,221 (14,941) 15,280 27,791 (12,859) 14,932 Other 43,201 (24,601) 18,600 28,380 (23,073) 5,307 Total $ 248,080 $ (139,884) $ 108,196 $ 202,730 $ (124,448) $ 78,282 Software development costs capitalized in 2015, 2014, and 2013 were $ 33 million, $27 million, and $ 16 million, respectively, and related amortization expense was $1 8 million , $15 million, and $14 million, respectively. Capitalized software development costs for the years ended December 31, 2015, 2014, and 2013 included costs related to stock based compensation of $ 1.3 million, $1.2 million and $742,000 , 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 two 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 $ 36 million , $32 million, and $ 3 2 million for the years ended December 31, 201 5 , 201 4 , and 201 3 , respectively. Capitalized software development costs, acquired technology, patents and other had weighted-average useful lives of 2.1 years, 2.1 years, 6.0 years, and 4.3 years, respectively, as of December 31, 2015 . The estimated future amortization expense related to intangible assets as of December 31, 2015 was as follows: Amount (In thousands) 2016 $ 40,099 2017 30,393 2018 13,745 2019 6,146 2020 5,126 Thereafter 12,687 Total $ 108,196 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill | Note 8 – Goodwill The carrying amount s of goodwill for 2014 and 2015 are as follows : Amount (In thousands) Balance as of December 31, 2013 $ 146,520 Acquisitions - Foreign currency translation impact (2,195) Balance as of December 31, 2014 $ 144,325 Acquisitions 116,635 Foreign currency translation impact (3,242) Balance as of December 31, 2015 $ 257,718 The excess purchase price over the fair value of assets acquired is recorded as goodwill. During 2013, we also adjusted the purchase price for one of our 2012 acquisitions, which resulted in the reduction of goodwill by $1.5 million. We have one operating segment and one reporting unit. 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, 201 5 . No impairment of goodwill was identified during 2015 and 2014 . Goodwill is deductible for tax purposes in certain jurisdictions. See Note 1 7 – Acquisitions of Notes to Consolidated Financial Statements for additional discussion related to our acquisitions in 201 5 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income taxes The components of income before income taxes are as follows: (In thousands) Years Ended December 31, 2015 2014 2013 Domestic $ 50,102 $ 50,893 $ 41,315 Foreign 81,177 93,108 55,853 Total $ 131,279 $ 144,001 $ 97,168 The provision for income taxes charged to operations is as follows: (In thousands) Years Ended December 31, 2015 2014 2013 Current tax expense: U.S. federal $ 12,678 $ 11,292 $ 27,161 State 446 1,302 813 Foreign 11,874 8,314 4,917 Total current $ 24,998 $ 20,908 $ 32,891 Deferred tax expense (benefit): U.S. federal $ 14,148 $ (2,330) $ (15,401) State 747 (42) (473) Foreign (3,114) (868) (362) Total deferred $ 11,781 $ (3,240) $ (16,236) Change in valuation allowance (762) - - Total provision $ 36,017 $ 17,668 $ 16,655 Deferred tax liabilities (assets) at December 31, 2015 and 2014 as follows: (In thousands) December 31, 2015 2014 Capitalized software $ 17,303 $ 12,058 Depreciation and amortization 15,858 15,456 Intangible assets 21,839 15,945 Inventory valuation and warranty provisions 1,000 - Unrealized exchange gain 1,324 - Unrealized gain on derivative instruments - 3,857 Undistributed earnings of foreign subsidiaries 8,924 8,694 Gross deferred tax liabilties 66,248 56,010 Operating loss carryforwards (108,073) (105,022) Vacation and other accruals (5,963) (5,878) Inventory valuation and warranty provisions - (15,657) Doubtful accounts and sales provisions (1,209) (1,298) Unrealized exchange loss - (282) Deferred revenue (10,146) (7,927) Accrued rent expenses (486) (505) Unrealized loss on derivative instruments (2,756) - 10% minority stock investment (1,273) (910) Stock-based compensation (5,824) (5,451) Research and development tax credit carryforward (1,440) (2,224) Foreign tax credit carryforward (320) (335) Other (480) (570) Gross deferred tax assets (137,970) (146,059) Valuation allowance 101,837 102,378 Net deferred tax liability $ 30,115 $ 12,329 A reconciliation of income taxes at the U.S. federal statutory income tax rate to our effective tax rate follows: Years Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35 % 35 % 35 % Foreign taxes greater (less) than federal statutory rate (1) (2) 2 Research and development tax credits (3) (2) (7) Enhanced deduction for certain research and development expenses (7) (8) (13) State income taxes, net of federal tax benefit 1 1 1 Employee share-based compensation 1 1 - Intercompany profit 1 (1) (2) Change in valuation allowance (1) - - Domestic production activities deduction - (1) (1) Decrease in unrecognized tax benefits - (10) - Other 1 (1) 2 Effective tax rate 27 % 12 % 17 % As of December 31, 2015 , we had a federal net operating loss carryforward of $3 million which expires in the years 2032 to 2034, and federal tax credit carryforwards of $1.8 million which expire during the years 2021 to 2035. Certain of these carryforwards are subject to limitations following a change in ownership. As of December 31, 2015 , 9 of our subsidiaries had available, for income tax purposes, foreign net operating loss carryforwards of an aggregate of approximately $556 million, of which $544 million expires during the years 2019 to 2024 and $12 million of which may be carried forward indefinitely. Our tax valuation allowance relates primarily to our ability to realize certain of these foreign net operating loss carryforwards. Effective January 1, 2010, a new tax law in Hungary provided for an enhanced deduction for the qualified research and development expenses of NI Hungary Software and Hardware Manufacturing Kft. (“NI Hungary”). During the three months ended December 31, 2009, we obtained confirmation of the application of this new tax law for the qualified research and development expenses of NI Hungary. Based on the application of this new tax law to the qualified research and development expense of NI Hungary, we no longer expect to have sufficient future taxable income in Hungary to realize the benefits of these tax assets. As such, we recorded an income tax charge of $21.6 million during the three months ended December 31, 2009, $18.4 million of which was related to a valuation allowance on the previously recognized assets created by the restructuring and $3.2 million of which was related to tax benefits from other assets that we will no longer be able to realize as a result of this change. We do not expect to realize the tax benefit of the remaining assets created by the restructuring and therefore we had a full valuation allowance against those assets at December 31, 2015 . We have not provided for U.S. federal income and foreign withholding taxes on approximately $642 million of certain non-U.S. subsidiaries’ undistributed earnings as of December 31, 2015 . These earnings would become subject to taxes of approximately $208 million, if they were actually or deemed to be remitted to the parent company as dividends or if we should sell our stock in these subsidiaries. We intend to permanently reinvest the undistributed earnings. 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 recognized a gross decrease in unrecognized tax benefits of $14 million for the year ended December 31, 2014 related to a settlement with the Internal Revenue Service of the examination of our U.S. income tax returns for 2010 and 2011. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: (In thousands) 2015 2014 Balance at beginning of period $ 11,070 $ 23,572 Additions based on tax positions related to the current year 1,225 1,330 Additions for tax positions of prior years 201 337 Reductions as a result of settlement with taxing authorities - (14,169) Balance at end of period $ 12,496 $ 11,070 All of our unrecognized tax benefits at December 31, 2015 would affect our effective income tax rate if recognized. We recognize interest and penalties related to income tax matters in income tax expense. During each of the years ended December 31, 2015 and 2014, we recognized interest expense related to uncertain tax positions of approximately $201,000 and $337,000, respectively . The tax years 2008 through 2015 remain open to examination by the major taxing jurisdictions to which we are subject. The Internal Revenue Service (“IRS”) concluded an examination of our U.S. income tax returns for 2010 and 2011 in the third quarter of 2014. 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 income tax benefits of $3.4 million and $1.9 million for the years ended December 31, 2015 and 2014, respective 1y. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015 and 2014 , consisted of the following: December 31, 2015 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2014 $ (17,304) $ (1,399) $ 7,039 $ (11,664) Current-period other comprehensive income (19,240) 701 416 (18,123) Reclassified from accumulated OCI into income - - (19,428) (19,428) Income tax expense (benefit) 4,673 (159) 6,611 11,125 Balance as of December 31, 2015 $ (31,871) $ (857) $ (5,362) $ (38,090) December 31, 2014 (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 income (loss) (21,218) (380) 12,632 (8,966) Reclassified from accumulated OCI into income - - (4,940) (4,940) Income tax (benefit) expense 2,603 47 (2,958) (308) Balance as of December 31, 2014 $ (17,304) $ (1,399) $ 7,039 $ (11,664) |
Authorized Shares Of Common And
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 year ended December 31, 2015 , we did not make any changes in accounting principles or methods of estimates related to the 1994 Plan. Transactions under all stock option plans are summarized as follows: Number of shares under option Weighted average exercise price Outstanding at December 31, 2012 1,053,125 $ 18.44 Exercised (713,737) $ 18.36 Canceled (51,980) $ 18.47 Granted - $ - Outstanding at December 31, 2013 287,408 $ 18.62 Exercised (215,403) $ 18.77 Canceled (42,530) $ 19.99 Granted - $ - Outstanding at December 31, 2014 29,475 $ 15.51 Exercised (28,193) $ 15.52 Canceled (1,282) $ 15.09 Granted - $ - Outstanding at December 31, 2015 - $ - Options exercisable at December 31: 2013 275,643 $ 18.56 2014 29,475 $ 15.51 2015 - $ - The aggregate intrinsic value of stock options at exercise, represented in the table above, was $ 442,000 , $2.5 million and $8.3 million for the years ended December 31, 2015, 2014, and 2013 , respectively. There was no unrecognized stock-based compensation expense related to non-vested stock options as of December 31, 2015. 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 provided for the 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 provided for the 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 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015. Our stockholders approved our 2015 Equity Incentive Plan (the “2015 Plan”) on May 12, 2015. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under this plan, as well as the 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan, and any shares that were returned to the 1994, 2005, and the 2010 Plans as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under these plans. The 2015 Plan provides for the 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 5,449,438 shares available for grant under the 2015 Plan at December 31, 2015. 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 year ended December 31, 2015 , we did not make any changes in accounting principles or methods of estimates related to the 2010 and 2015 Plans. Transactions under our 2010 Plan and 2015 Plan are summarized as follows: RSUs Number of RSUs Weighted average grant price Outstanding at December 31, 2012 3,805,274 $ 24.62 Granted 764,315 $ 29.50 Earned (906,214) $ 22.25 Canceled (156,813) $ 25.99 Outstanding at December 31, 2013 3,506,562 $ 26.23 Granted 394,143 $ 28.46 Earned (822,269) $ 24.75 Canceled (233,017) $ 27.04 Outstanding at December 31, 2014 2,845,419 $ 26.90 Granted 951,265 $ 31.39 Earned (709,724) $ 28.60 Canceled (200,219) $ 28.39 Outstanding at December 31, 2015 2,886,741 $ 28.64 Total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $91.2 million as of December 31, 2015 , related to 2,886,741 shares with a per share weighted average fair value of $28.64 . We anticipate this expense to be recognized over a weighted average period of approximately 5.26 years. 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 December 31, 2015 , we had 2,150,880 shares of common stock reserved for future issuance under this plan. We issued 1,108,153 shares under this plan in the year ended December 31, 2015 . The weighted average purchase price of the employees’ purchase rights was $ 24.70 per share and was estimated using the Black-Scholes model with the following assumptions: 2015 2014 2013 Dividend expense yield 0.625% 0.500% 0.475% Expected life 3 months 3 months 3 months Expected volatility 21% 27% 25% Risk-free interest rate 0.02% 0.04% 0.1% During the year ended December 31, 2015 , we did not make any changes in accounting principles or methods of estimates with respect to the employee stock purchase plan. Weighted average, grant date fair value of pur chase rights granted under the employee stock purchase plan are as follows : Number of Shares Weighted average fair value 2013 1,191,599 $ 5.64 2014 1,121,709 $ 6.05 2015 1,108,153 $ 5.58 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 which expired on May 10, 2014. There were not any shares of preferred stock issued and outstanding as of December 31, 2015 . Stock repurchases and retirements From time to time, our Board of Directors has authorized various programs to repurchase shares of our common stock depending on market conditions and other factors. Under the current program, we repurchased a total of 90,913 shares of our common stock at a weighted average price per share of $29.66 during the three months ended December 31, 2015. We repurchased a total of 2,591,218 shares of our common stock at a weighted average price per share of $29.04 during the twelve months ended December 31, 2015. We did not make any purchases under this program during the year ended December 31, 2014. At December 31, 2015, there were 1,341,027 shares remaining available for repurchase under this program. This repurchase program does not have an expiration date. During the twelve month period ended December 31, 2015, we received less proceeds from the exercise of stock options compared to the twelve month period ended December 3 1 , 2014 . Since 2005, it has been our practice to issue RSUs and not stock options to eligible employees which, over time, reduced the number of stock options available for exercise. Unlike the exercise of stock options, the issuance of shares upon vesting of RSUs does not result in any cash proceeds to us. At December 31, 2015 , there were no options outstanding as all remaining options were either exercised or expired during the twelve month period ended December 31, 2015 . As such, we will not generate any proceeds from stock option exercises in the future |
Employee Retirement Plan
Employee Retirement Plan | 12 Months Ended |
Dec. 31, 2015 | |
Employee Retirement Plan [Abstract] | |
Employee Retirement Plan | Note 12 – Employee retirement plan We have a defined contribution retirement plan pursuant to Section 401(k) of the Internal Revenue Code. Substantially all domestic employees with at least 30 days of continuous service are eligible to participate and may contribute up to 15% of their compensation to such plan. The Board of Directors has elected to make matching contributions equal to 50% of employee contributions, which may be applied to a maximum of 6% of each participant’s compensation. Employees are eligible for matching contributions after one year of continuous service. Company contributions vest immediately. Our policy prohibits participants from direct investment in shares of our common stock within the plan. Company contributions charged to expense were $6.8 million, $6.3 million and $5.8 million in 2015, 2014, and 2013 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | Note 13 – Segment information We operate as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and the notes thereto. We previously disaggregated net sales for four geographic regions which consisted of the Americas, Europe, East Asia, and Emerging Markets. In the third quarter of 2015, we began disaggregating net sales into three geographic regions which consist of the Americas; Europe, Middle East, India, and Africa ( “ EMEIA ” ); and Asia-Pacific ( “ APAC ” ). This resulted in the revenue previously reported under the Emerging Markets region being allocated to the EMEIA and APAC regions. We have revised information from comparative periods to conform to the December 31, 2015 presentation. Our sales to these regions share similar economic characteristics, similar product mix, similar customers, and similar distribution methods. Revenue from the sale of our products, which are similar in nature, and software maintenance is reflected as total net sales in our Consolidated Statements of Income. Total net sales by the major geographic areas in which we operate, are as follows: (In thousands) Years ended December 31, 2015 2014 2013 Net sales: Americas $ 496,746 $ 495,951 $ 483,603 EMEIA 409,119 412,401 390,301 APAC 319,591 335,510 298,654 Total $ 1,225,456 $ 1,243,862 $ 1,172,558 Based on the billing location of the customer, total sales outside the U.S. for years ended December 31, 2015, 2014, and 2013 were $ 762 million, $ 780 million, and $726 million, respectively. Total property and equipment, net, outside the U.S. for the years ended December 31, 2015 , 2014, and 2013 were $138 million , $145 million, and $142 million, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | Note 1 4 - Debt On May 9, 2013, we entered into a Loan Agreement (the “ Loan Agreement ”) with Wells Fargo Bank (the “Lender”). The Loan Agreement provide d for a $50 million unsecured revolving line of credit with a scheduled maturity date of May 9, 2018 (the “ Maturity Date ”). On October 29, 2015, we entered into a First Amendment to Loan Agreement (the “Amendment ”) with the Lender, which amended our Loan Agreement to among other things, (i) increase the unsecured revolving line of credit from $50.0 million to $125.0 million, (ii) extend the M aturity D ate of the line of credit from May 9, 2018 to October 29, 2020, and (iii) provide us with an option to request increases to the line of credit of up to an additional $25.0 million in the aggregate, subject to consent of the Lender and terms and conditions to be mutually agreed between us and the Lender. 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 December 31, 2015 , 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 control events , 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 . 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 December 31, 2015 , we had outstanding $37 million in borrowings under this revolving line of credit. During the years ended December 31, 2015 and 2014, we incurred interest expense related to our outstanding borrowings of $ 245,000 and $0 , respectively, based on a weighted average annual interest rate of 1.38 % and 0% , respecti vely. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 1 5 – Commitments and Contingencies We have commitments under non-cancelable operating leases primarily for office facilities throughout the world. Certain leases require us to pay property taxes, insurance and routine maintenance, and include escalation clauses. Future minimum lease payments as of December 31, 2015 , for each of the next five years are as follows: Amount (In thousands) 2016 $ 17,091 2017 12,242 2018 10,201 2019 8,313 2020 4,271 Thereafter 3,436 Total $ 55,554 Rent expense under operating leases was approximately $20 million, $20 million and $19 million for the years ended December 31, 2015, 2014, and 2013 , respectively. As of December 31, 2015 , we had non-cancelable purchase commitments with various suppliers of customized inventory and inventory components totaling approximately $ 7 million over the next twelve months. As of December 31, 2015 , we had outstanding guarantees for payment of customs and foreign grants totaling approximately $4 million, which are generally payable over the next twelve months. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Litigation [Abstract] | |
Litigation | Note 1 6 – 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. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 17 – Acquisitions Micropross On October 23, 2015 , we completed the acquisition of M2, a privately held French holding company and its wholly-owned subsidiary, Micropross, a supplier of software-based test systems for Near Field Communications (NFC), smart cards, and wireless charging test systems, pursuant to an Agreement for the Sale and Purchase of Shares (the “Purchase Agreement”). Under the terms of the Purchase Agreement, the purchase price of the transaction was approximately $99 million, which included $89 million cash consideration paid directly to existing shareholders and $10.4 million of consideration which was paid by issuing an aggregate of 367,481 shares of our common stock. We also assumed and repaid $5 million of existing Micropross borrowings, net of cash received. The results of operations of Micropross are included in our consolidated financial statements from the date of acquisition. The allocation of the purchase price was determined using the fair value of assets and liabilities acquired as of October 23, 2015. Other Acquisitions During the twelve month period ending December 31, 2015, we also acquired four additional businesses, all of which were treated as business combinations. The total purchase price for these four acquisitions was approximately $36 million which consisted of $31 million cash, net of $1.5 million in cash received, $1.1 million in cash obligations incurred to former owners , $3. 4 million in shares of our common stock, and $ 0 .2 million of a previously-held interest in an equity-method investee. The acquired businesses included a leading designer, manufacturer, and provider of data acquisition solutions for the t est and measurement marketplace , a technology innovator and leading supplier of high-performance FPGA prototyping and deployment products for advanced wireless research, wireless infrastructure and military/defense applications and a PXI modular instruments hardw are product line . Our consolidated financial statements include the operating results from the dates of acquisition. The allocation of the purchase price was determined using the fair value of assets and liabilities acquired as of the acquisition date. Pro-forma Results of Operations Pro-forma results of operations have not been presented because the effects of the acquired operations were not material individually or in the aggregate. The preliminary purchase price allocation related to the Micropross acquisition was not finalized as of December 31, 2015, and is based upon a preliminary valuation which is subject to change as we obtain additional information, including with respect to deferred revenue, inventory, and certain intangible assets. We allocate the fair value of the purchase consideration of the Company’s acquisitions to the tangible assets, intangible assets, including in-process research and development (“IPR&D”), if any, and liabilities assumed, based on estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When a project underlying reported IPR&D is completed, the corresponding amount of IPR&D is amortized over the asset’s estimated useful life. Acquisition-related expenses are recognized separately from the busines s combination and are expensed as incurred in “Selling, General, and Administrative” in the Consolidated Statements of Operations. The following table summarizes the aggregate allocation of the purchase price of our acquisitions resulting from all adjustments as of December 31, 2015 (in thousands): Purchase Price Cash consideration paid to former shareholders $ 121,944 Issuance of common stock 13,778 Fair value of previously held interest in equity method investee 214 Future payment obligations 1,139 Non-Cash Consideration 15,131 Total Purchase Price $ 137,075 Net Assets Acquired Fair value of debt assumed and cash received $ (3,668) Fair value of tangible net assets acquired (excluding debt assumed and cash received) 1,136 Fair value of identifiable intangible assets acquired 30,783 Goodwill 116,635 Deferred Tax Assets/(Liabilities) (7,811) Total Net Assets Acquired $ 137,075 G oodwill is not deductible for tax purposes for two of our five acquisitions. Amortizable intangible assets have useful lives of 2 years to 5 years from the date of acquisition. These assets are not deductible for tax purposes for two of our five acquisitions. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 1 8 – Subsequent events On January 27, 2016 , our Board of Directors declared a quarterly cash dividend of $ 0.20 per common share, payable on March 7, 2016 , to stockholders of record on February 16, 2016 . We have evaluated subsequent events through the date the financial statements were issued. |
Operations And Summary Of Signi
Operations And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The Consolidated Financial Statements include the accounts of National Instruments Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use Of Estimates | Use of estimates The preparation of our financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures of contingent assets and liabilities. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Although these estimates are based on management's best knowledge of current events and actions that may impact the company in the future, actual results may be materially different from the estimates. |
Cash And Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with maturities of three months or less at the date of acquisition. |
Short-Term Investments | Short-Term Investments 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 36 months. Our investments are classified as available-for-sale and accordingly are reported at fair value, with unrealized gains and losses reported as other comprehensive income, a component of stockholders’ equity. Unrealized losses are charged against income when a decline in fair value is determined to be other than temporary. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The fair value of our short-term investments in debt securities at December 31, 2015 and December 31, 2014 was $82 million and $19 7 million, respectively. The decrease was due to the net sales of $115 million of short-term investments. We had $3.5 million U.S. dollar equivalent of corporate bonds that were denominated in Euro at December 31, 2015 . We follow the guidance provided by FASB ASC 320 to assess whether our investments with unrealized loss positions are other than temporarily impaired. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net, in our Consolidated Statements of Income. We did not identify or record any other-than-temp orary impairments on our available-for-sale securities during 2015 and 2014. |
Accounts Receivable, Net | Accounts Receivable, net Accounts receivable are recorded net of allowances for sales returns of $1.9 million and $1.8 million at December 31, 2015 and 2014, respectively, and net of allowances for doubtful accounts of $2.5 million and $3.0 million at December 31, 2015 and 2014, respectively. A provision for estimated sales returns is made by reducing recorded revenue based on historical experience. We analyze historical returns, current economic trends and changes in customer demand of our products when evaluating the adequacy of our sales returns allowance. Our allowance for doubtful accounts is based on historical experience. We analyze historical bad debts, customer concentrations, customer creditworthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts. (In thousands) Year Description Balance at Beginning of Period Provisions/ (Recapture) Write-Offs/ (Recapture) Balance at End of Period 2013 Allowance for doubtful accounts and sales returns $ 4,870 $ (43) $ 396 $ 4,431 2014 Allowance for doubtful accounts and sales returns $ 4,431 $ 760 $ 393 $ 4,798 2015 Allowance for doubtful accounts and sales returns $ 4,798 $ 536 $ 968 $ 4,366 |
Inventories, Net | Inventories, net Inventories are stated at the lower-of-cost or market. Cost is determined using standard costs, which approximate the first-in first-out (“FIFO”) method. Cost includes the acquisition cost of purchased components, parts and subassemblies, in-bound freight costs, labor and overhead. Market is replacement cost with respect to raw materials and is net realizable value with respect to work in process and finished goods. Inventory is shown net of adjustment for excess and obsolete inventories of $10.1 million, $ 9.6 million and $5.5 million at December 31, 2015 , 2014 and 2013, respectively. (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2013 Adjustment for excess and obsolete inventories $ 3,844 $ 3,488 $ 1,873 $ 5,459 2014 Adjustment for excess and obsolete inventories $ 5,459 $ 5,812 $ 1,673 $ 9,598 2015 Adjustment for excess and obsolete inventories $ 9,598 $ 3,087 $ 2,631 $ 10,054 |
Property And Equipment, Net | Property and equipment, net Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from twenty to forty years for buildings, three to seven years for purchased internal use software and for equipment which are each included in furniture and equipment. Leasehold improvements are depreciated over the shorter of the life of the lease or the asset. |
Intangible Assets, Net | Intangible assets, net We capitalize costs related to the development and acquisition of certain software products. Capitalization of costs begins when technological feasibility has been established and ends when the product is available for general release to customers. Technological feasibility for our products is established when the product is available for beta release. Amortization 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. We use the services of outside counsel to search for, document, and apply for patents. Those costs, along with any filing or application fees, are capitalized. Costs related to patents which are abandoned are written off. Once a patent is granted, the patent costs are amortized ratably over the legal life of the patent, generally ten to seventeen years. At each balance sheet date, the unamortized costs for all intangible assets are reviewed by management and reduced to net realizable value when necessary. |
Goodwill | Goodwill The excess purchase price over the fair value of net assets acquired is recorded as goodwill. We have one operating segment and one reporting unit. 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, 201 5 . No impairment of goodwill was identified during 2015 and 2014 . Goodwill is deductible for tax purposes in certain jurisdictions. |
Concentrations Of Credit Risk | Concentrations of credit risk We maintain cash and cash equivalents with various financial institutions located in many countries throughout the world. At December 31, 2015 , $164 million or 65% of our cash and cash equivalents was held in cash in various operating accounts with financial institutions throughout the world, and $87 million or 35% was held in money market accounts. The most significant of our operating accounts was our domestic Wells Fargo operating account which held approximately $13 million or 5% of our total cash and cash equivalents at a bank that carried A/A2/AA- ratings at December 31, 2015 . From a geographic standpoint, approximately $32 million or 13% of our cash was held in various domestic accounts with financial institutions and $219 million or 87% was held in various accounts outside of the U.S. with financial institutions. At December 31, 2015 , our short-term investments consist ed of $4.4 million or 5% of U.S. treasuries and agencies, $6 8 million or 84 % of corporate notes, and $9 million or 11% in time deposits. The goal of our investment policy is to manage our investment portfolio to preserve principal and liquidity while maximizing the return on our investment portfolio through the full investment of available funds. We place our cash investments in instruments that meet credit quality standards, as specified in our corporate investment policy guidelines. These guidelines also limit the amount of credit exposure to any one issue, issuer or type of instrument. Our cash equivalents and short-term investments carried ratings from the major credit rating agencies that were in accordance with our corporate investment policy. Our investment policy allows investments in the following: government and federal agency obligations, repurchase agreements (“Repos”), certificates of deposit and time deposits, corporate obligations, medium term notes and deposit notes, commercial paper including asset-backed commercial paper (“ABCP”), puttable bonds, general obligation and revenue bonds, money market funds, taxable commercial paper, corporate notes/bonds, municipal notes, municipal obligations, variable rate demand notes and tax exempt commercial paper. All such instruments must carry minimum ratings of A1/P1/F1, MIG1/VMIG1/SP1 and A2/A/A, as applicable, all of which are considered “investment grade”. Our investment policy for marketable securities requires that all securities mature in five years or less, with a weighted average maturity of no longer than 24 months with at least 10% maturing in 90 days or less. (See Note 2 – Cash, cash equivalents, short-term and long-term investments in Notes to Consolidated Financial Statements for further discussion and analysis of our investments). Concentration of credit risk with respect to trade accounts receivable is limited due to our large number of customers and their dispersion across many countries and industries. No single customer accounted for more than 3% , 5% , or 3% of sales for the years ended December 31, 2015, 2014, and 2013 , respectively. The largest trade account receivable from any individual customer at December 31, 2015 was approximately $5 million. |
Key Supplier Risk | Key supplier risk Our manufacturing processes use large volumes of high-quality components and subassemblies supplied by outside sources. Several of these components are available through sole or limited sources. Supply shortages or quality problems in connection with some of these key components could require us to procure components from replacement suppliers, which would cause significant delays in fulfillment of orders and likely result in additional costs. In order to manage this risk, we maintain safety stock of some of these single sourced components and subassemblies and perform regular assessments of suppliers performance, grading key suppliers in critical areas such as quality and “on-time” delivery. |
Revenue Recognition | Revenue recognition We sell test and measurement solutions that include hardware, software licenses, and related services. Our sales are generally made under standard sales arrangements with payment terms ranging from net 30 days in the U.S. to net 30 days and up to net 120 days in some international markets. We offer rights of return and standard warranties for product defects related to our products. The rights of return are generally for a period of up to 30 days after the delivery date. Our standard warranties cover periods ranging from 90 days to three years. Our standard sales arrangements do not require product acceptance from the customer. In recent years, we have made a concentrated effort to increase our revenue through the pursuit of orders with a value greater than $1.0 million. These orders often include contract terms that vary substantially from our standard terms of sale including product acceptance requirements and product performance evaluations which create uncertainty with respect to the timing of our ability to recognize revenue from such orders. These orders may also include most-favored customer pricing, significant discounts, extended payment terms and volume rebates, all of which may create uncertainty with respect to the amount and timing of revenue recognized from such orders. Sales of application software licenses include post-contract support services. Other services include customer training, customer support, and extended warranties. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable , and collectability is reasonably assured. Delivery is considered to have occurred when title and risk of loss have transferred to the customer. For most of our hardware and software sales, title and risk of loss transfer upon shipment. For services, we recognize revenue when the service is provided, except for extended warranties for which revenue is recognized ratably over the warranty period. We apply the separation guidance under U.S. GAAP for contracts with multiple deliverables. We analyze revenue arrangements with multiple deliverables to determine whether the deliverables should be divided into more than one unit of accounting. For contracts with more than one unit of accounting, we allocate the consideration we receive among the separate units of accounting based on their relative selling prices, which we determine based on prices of the deliverables as sold on a stand-alone basis, or if not sold on a stand-alone basis, the prices we would charge if sold on a stand-alone basis. We recognize revenue for each deliverable based on the revenue recognition policies described below. For software arrangements that include multiple elements, including perpetual software licenses and undelivered items (e.g., software maintenance; subscriptions/term licenses), we allocate and defer revenue for the undelivered items based on vendor specific objective evidence ( “ VSOE ” ) of the fair value of the undelivered elements, and recognize revenue on the perpetual license using the residual method. We base VSOE of each element on the price for which the undelivered element is sold separately. We determine fair value of the undelivered elements based on historical evidence of our stand-alone sales of these elements to third parties or from the stated renewal rate for the undelivered elements. When VSOE does not exist for undelivered items, we recognize the entire arrangement fee ratably over the applicable performance period. A portion of our revenues are generated from the sale of systems that contain software components that operate together with our hardware platform to provide the essential functionality of the system. When sold in a multiple element arrangement, these systems are considered non-software deliv erables , so we can allocate the arrangement fee based upon relative selling price of each element. When applying the relative selling price method, we determine the selling price of each element using best estimate of selling price ( “ BESP ” ), because VSOE and third-party evidence ( “ TPE ” ) are not available. The revenues allocated to the software-related elements are recognized based on software industry specific revenue recognition guidance, as noted above. The revenues allocated to the non-software related elements are recognized based on the nature of the element provided. We estimate BESP by considering internal factors such as historical pricing practices and gross margin objectives, as well as market conditions such as competitor pricing strategies, customer demands and geography, and regularly review these assumptions. The application of revenue recognition standards requires judgment, including whether a software arrangement includes multiple elements, and if so, whether VSOE of fair value exists for those elements. Changes to the elements in a software arrangement, the ability to identify VSOE for those elements, the fair value of the respective elements, and changes to a product’s estimated life cycle could materially impact the amount of our earned and unearned revenue. Judgment is also required to assess whether future releases of certain software represent new products or upgrades and enhancements to existing products. Product revenue Our product revenue is generated predominantly from the sales of measurement and automation products. Our products consist of application software and hardware components together with related driver software. Software maintenance revenue Software maintenance revenue is post contract customer support that provides the customer with unspecified upgrades/updates and technical support. |
Shipping And Handling Costs | Shipping and handling costs Our shipping and handling costs charged to customers are included in net sales, and the associated expense is recorded in cost of sales. |
Warranty Reserve | Warranty reserve We offer a one -year limited warranty on most hardware products which is included in the terms of sale of such products. We also offer optional extended warranties on our hardware products for which the related revenue is recognized ratably over the warranty period. Provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred under the limited warranty. Our estimate is based on historical experience and product sales during the period. The warranty reserve for the years ended December 31, 2015, 2014, and 2013 was as follows: (In thousands) 2015 2014 2013 Balance at the beginning of the period $ 1,885 $ 1,764 $ 1,435 Accruals for warranties issued during the period 4,867 6,445 3,737 Settlements made (in cash or in kind) during the period (4,997) (6,324) (3,408) Balance at the end of the period $ 1,755 $ 1,885 $ 1,764 |
Loss Contingencies | Loss contingencies We accrue for probable losses from contingencies including legal defense costs, on an undiscounted basis , when such costs are considered probable of being incurred and are reasonably estimable. We periodically evaluate available information, both internal and external, relative to such contingencies and adjust this accrual as necessar y. |
Advertising Expense | Advertising expense We expense costs of advertising as incurred. Advertising expense for the years ended December 31, 2015, 2014, and 2013 was $12 million, $14 million, and $14 million, respectively. |
Foreign Currency Translation | Foreign currency translation The functional currency for our international sales operations is the applicable local currency. The assets and liabilities of these operations are translated at the rate of exchange in effect on the balance sheet date and sales and expenses are translated at average rates. The resulting gains or losses from translation are included in a separate component of other comprehensive income. Gains and losses resulting from re-measuring monetary asset and liability accounts that are denominated in a currency other than a subsidiary’s functional currency are included in net foreign exchange loss and are included in net income. |
Foreign Currency Hedging Instruments | Foreign currency hedging instruments All of our derivative instruments are recognized on the balance sheet at their fair value. We currently use foreign currency forward and purchased option contracts to hedge our exposure to material foreign currency denominated receivables and forecasted foreign currency cash flows. On the date the derivative contract is entered into, we designate the derivative as a hedge of the variability of foreign currency cash flows to be received or paid (“cash flow” hedge) or as a hedge of our foreign denominated net receivable positions (“other derivatives”). Changes in the fair value of derivatives that are designated and qualify as cash flow hedges and that are deemed to be highly effective are recorded in other comprehensive income. These amounts are subsequently reclassified into earnings in the period during which the hedged transaction is realized. The gain or loss on the other derivatives as well as the offsetting gain or loss on the hedged item attributable to the hedged risk is recognized in current earnings under the line item “Net foreign exchange loss”. We do not enter into derivative contracts for speculative purposes. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking various hedge transactions at the inception of the hedge. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the hedging instruments are highly effective in offsetting changes in cash flows of hedged items. We prospectively discontinue hedge accounting if (1) it is determined that the derivative is no longer highly effective in offsetting changes in the fair value of a hedged item (forecasted transactions); or (2) the derivative is de-designated as a hedge instrument, because it is unlikely that a forecasted transaction will occur. When hedge accounting is discontinued, the derivative is sold and the resulting gains and losses are recognized immediately in earnings. |
Income Taxes | 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 basis 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. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position or our results of operations. In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. 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. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. |
Earnings Per Share | 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 years ended December 31, 2015, 2014, and 2013 are as follows: Years ended December 31, (In thousands) 2015 2014 2013 Weighted average shares outstanding-basic 127,997 127,030 124,558 Plus: Common share equivalents Stock options, RSUs 671 769 1,013 Weighted average shares outstanding-diluted 128,668 127,799 125,571 Stock awards to acquire 292,400 shares, 19,400 shares, and 43,600 shares for the years ended December 31, 2015, 2014, and 2013 were excluded in the computations of diluted EPS because the effect of including the stock awards would have been anti-dilutive. |
Stock-Based Compensation | Stock-based compensation We account for stock-based compensation plans, which are more fully described in Note 11 – Authorized shares of common and preferred stock and stock-based compensation plans, using a fair-value method and recognize the expense in our Consolidated Statement of Income. |
Comprehensive Income | Comprehensive income Our comprehensive income is comprised of net income, foreign currency translation and unrealized gains and losses on forward and option contracts and securities available-for-sale. Comprehensive income in 2015, 2014, and 2013 was $69 million, $112 million and $82 million, respectively. |
Recently Issued Accounting Pronouncements | Recently issued and adopted accounting pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall. This standard makes several modifications to Subtopic 825-10 including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income. It is effective for interim and annual periods beginning after December 15, 2017. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We adopted these accounting changes during the three months ended December 31, 2015. We did not retrospectively apply the new guidance to the balance sheet at December 31, 2014. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any. The guidance is effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not yet been made available for issuance. The adoption of this standard is not expected to have a material impact on our financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. The amendments in ASU 2015-11 require that an entity measure inventory at the lower of cost and net realizable value. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The adoption of this standard is not expected to have a material impact on our financial statements. I n April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which amends ASC 350, Intangibles - Goodwill and Other. The amendments provide guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. The amendments are effective for fiscal years, and interim period s within those years, beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. The adoption of this standard is not expected to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Pres entation of Debt Issuance Costs . The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. The adoption of this standard is not expected to have a material impa ct on our financial statements. In August 2014, the FASB issued ASU 2014-15. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2017 (fiscal year 2018 for the Company) and early adoption is permitted for annual reporting periods, and interim periods within that period, beginning after December 31, 2016 (fiscal year 2017). Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We have not yet selected an adoption date or transition method. We are currently evaluating the effect that the updated standard will have on our Consolidated Financial Statements and related disclosures. The adoption of this standard will likely impact the timing of revenue recognition for some of our software licensing arrangements, particularly arrangements with customers of our enterprise licensing agreements. |
Operations And Summary Of Sig27
Operations And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Allowance For Doubtful Accounts And Sales Returns | (In thousands) Year Description Balance at Beginning of Period Provisions/ (Recapture) Write-Offs/ (Recapture) Balance at End of Period 2013 Allowance for doubtful accounts and sales returns $ 4,870 $ (43) $ 396 $ 4,431 2014 Allowance for doubtful accounts and sales returns $ 4,431 $ 760 $ 393 $ 4,798 2015 Allowance for doubtful accounts and sales returns $ 4,798 $ 536 $ 968 $ 4,366 |
Adjustment For Excess And Obsolete Inventories | (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2013 Adjustment for excess and obsolete inventories $ 3,844 $ 3,488 $ 1,873 $ 5,459 2014 Adjustment for excess and obsolete inventories $ 5,459 $ 5,812 $ 1,673 $ 9,598 2015 Adjustment for excess and obsolete inventories $ 9,598 $ 3,087 $ 2,631 $ 10,054 |
Schedule Of Warranty Reserve | (In thousands) 2015 2014 2013 Balance at the beginning of the period $ 1,885 $ 1,764 $ 1,435 Accruals for warranties issued during the period 4,867 6,445 3,737 Settlements made (in cash or in kind) during the period (4,997) (6,324) (3,408) Balance at the end of the period $ 1,755 $ 1,885 $ 1,764 |
Reconciliation Of The Denominators Used To Calculate Basic And Diluted EPS | Years ended December 31, (In thousands) 2015 2014 2013 Weighted average shares outstanding-basic 127,997 127,030 124,558 Plus: Common share equivalents Stock options, RSUs 671 769 1,013 Weighted average shares outstanding-diluted 128,668 127,799 125,571 |
Cash, Cash Equivalents And Sh28
Cash, Cash Equivalents And Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash, Cash Equivalents And Short-Term Investments [Abstract] | |
Unrealized Gains And Losses Related To Short-Term Investments Designated As Available-For-Sale | (In thousands) As of December 31, 2015 Gross Gross Cumulative Adjusted Cost Unrealized Gain Unrealized Loss Translation Adjustment Fair Value Cash $ 165,251 $ - $ - $ (1,551) $ 163,700 Money Market Accounts 87,429 - - - 87,429 Corporate bonds 69,442 2 (281) (1,119) 68,044 U.S. treasuries and agencies 4,419 - (2) - 4,417 Foreign government bonds - - - - - Time deposits 9,326 2 - - 9,328 Cash, cash equivalents, and short-term investments $ 335,867 $ 4 $ (283) $ (2,670) $ 332,918 (In thousands) As of December 31, 2014 Gross Gross Cumulative Adjusted Cost Unrealized Gain Unrealized Loss Translation Adjustment Fair Value Cash $ 149,598 $ - $ - $ - $ 149,598 Money Market Accounts 124,432 - - - 124,432 Corporate bonds 118,242 54 (254) (4,966) 113,076 U.S. treasuries and agencies 73,919 1 (8) - 73,912 Foreign government bonds 8,841 8 - (1,586) 7,263 Time deposits 2,912 - - - 2,912 Cash, cash equivalents, and short-term investments $ 477,944 $ 63 $ (262) $ (6,552) $ 471,193 |
Contractual Maturities Of Short-Term Investments Designated As Available-For-Sale | (In thousands) As of December 31, 2015 Adjusted Cost Fair Value Due in less than 1 year $ 45,360 45,328 Due in 1 to 5 years 37,827 36,461 Total available-for-sale debt securities $ 83,187 $ 81,789 Due in less than 1 year Adjusted Cost Fair Value Corporate bonds $ 31,615 31,583 U.S. treasuries and agencies 4,419 4,417 Foreign government bonds - - Time deposits 9,326 9,328 Total available-for-sale debt securities $ 45,360 $ 45,328 Due in 1 to 5 years Adjusted Cost Fair Value Corporate bonds 37,827 36,461 U.S. treasuries and agencies - - Total available-for-sale debt securities $ 37,827 $ 36,461 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Assets And Liabilities Measured On Recurring Basis | (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2015 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 $ 87,429 $ 87,429 $ - $ - Short-term investments available for sale: Corporate bonds 68,044 - 68,044 - U.S. treasuries and agencies 4,417 - 4,417 - Foreign government bonds - - - - Time deposits 9,328 9,328 - - Derivatives 1,231 - 1,231 - Total Assets $ 170,449 $ 96,757 $ 73,692 $ - Liabilities Derivatives $ (8,746) $ - $ (8,746) $ - Total Liabilities $ (8,746) $ - $ (8,746) $ - (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2014 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 $ 124,432 $ 124,432 $ - $ - Short-term investments available for sale: Corporate bonds 113,076 - 113,076 - U.S. treasuries and agencies 73,912 - 73,912 - Foreign government bonds 7,263 - 7,263 - Time deposits 2,912 2,912 - - Derivatives 16,151 - 16,151 - Total Assets $ 337,746 $ 127,344 $ 210,402 $ - Liabilities Derivatives $ (4,253) $ - $ (4,253) $ - Total Liabilities $ (4,253) $ - $ (4,253) $ - |
Derivative Instruments And He30
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Summary Of Notional Amounts Of Derivative Instruments | (In thousands) US Dollar Equivalent As of December 31, 2015 As of December 31, 2014 Chinese yuan $ 26,548 $ - Euro 30,867 97,198 Japanese yen 4,119 7,798 Hungarian forint 38,836 61,067 British pound 4,342 22,809 Malaysian ringgit 40,249 10,241 Total forward contracts notional amount $ 144,961 $ 199,113 |
Fair Values Of Derivative Instruments On Consolidated Balance Sheets | Asset Derivatives December 31, 2015 December 31, 2014 (In thousands) 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 $ 391 Prepaid expenses and other current assets $ 14,492 Foreign exchange contracts - LT forwards Other long-term assets - Other long-term assets - Total derivatives designated as hedging instruments $ 391 $ 14,492 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 840 Prepaid expenses and other current assets $ 1,659 Total derivatives not designated as hedging instruments $ 840 $ 1,659 Total derivatives $ 1,231 $ 16,151 Liability Derivatives December 31, 2015 December 31, 2014 (In thousands) 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 $ (4,653) Accrued expenses and other liabilities $ (1,937) Foreign exchange contracts - LT forwards Other long-term liabilities (3,613) Other long-term liabilities (1,536) Total derivatives designated as hedging instruments $ (8,266) $ (3,473) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Accrued expenses and other liabilities $ (480) $ (780) Total derivatives not designated as hedging instruments $ (480) $ (780) Total derivatives $ (8,746) $ (4,253) |
Effect Of Derivative Instruments On Consolidated Statements Of Income | December 31, 2015 (In thousands) 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 $ (14,140) Net sales $ 23,736 Net foreign exchange gain (loss) $ - Foreign exchange contracts - forwards and options (1,951) Cost of sales (2,279) Net foreign exchange gain (loss) - Foreign exchange contracts - forwards and options (2,921) Operating expenses (2,029) Net foreign exchange gain (loss) - Total $ (19,012) $ 19,428 $ - December 31, 2014 (In thousands) 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 $ 12,615 Net sales $ 4,889 Net foreign exchange gain (loss) $ - Foreign exchange contracts - forwards and options (3,151) Cost of sales 67 Net foreign exchange gain (loss) - Foreign exchange contracts - forwards and options (1,772) Operating expenses (16) Net foreign exchange gain (loss) - Total $ 7,692 $ 4,940 $ - (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 December 31, 2015 December 31, 2014 Foreign exchange contracts - forwards Net foreign exchange (loss)/gain $ 4,273 $ 2,484 Total $ 4,273 $ 2,484 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Summary Of Inventories | (In thousands) December 31, 2015 December 31, 2014 Raw materials $ 94,816 $ 79,376 Work-in-process 10,819 6,675 Finished goods 79,562 87,001 To tal $ 185,197 $ 173,052 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | December 31, December 31, (In thousands) 2015 2014 Land $ 32,949 $ 32,861 Buildings 207,977 213,352 Furniture and equipment 320,410 298,653 561,336 544,866 Accumulated depreciation (303,483) (280,780) Total $ 257,853 $ 264,086 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Schedule Of Finite-Lived Intangible Assets | (In thousands) December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 80,682 $ (30,434) $ 50,248 $ 58,343 $ (22,853) $ 35,490 Acquired technology 93,976 (69,908) 24,068 88,216 (65,663) 22,553 Patents 30,221 (14,941) 15,280 27,791 (12,859) 14,932 Other 43,201 (24,601) 18,600 28,380 (23,073) 5,307 Total $ 248,080 $ (139,884) $ 108,196 $ 202,730 $ (124,448) $ 78,282 |
Estimated Future Amortization Expense Related To Intangible Assets | Amount (In thousands) 2016 $ 40,099 2017 30,393 2018 13,745 2019 6,146 2020 5,126 Thereafter 12,687 Total $ 108,196 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Schedule Of Goodwill | Amount (In thousands) Balance as of December 31, 2013 $ 146,520 Acquisitions - Foreign currency translation impact (2,195) Balance as of December 31, 2014 $ 144,325 Acquisitions 116,635 Foreign currency translation impact (3,242) Balance as of December 31, 2015 $ 257,718 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | (In thousands) Years Ended December 31, 2015 2014 2013 Domestic $ 50,102 $ 50,893 $ 41,315 Foreign 81,177 93,108 55,853 Total $ 131,279 $ 144,001 $ 97,168 |
Provision for Income Taxes Charged To Operations | (In thousands) Years Ended December 31, 2015 2014 2013 Current tax expense: U.S. federal $ 12,678 $ 11,292 $ 27,161 State 446 1,302 813 Foreign 11,874 8,314 4,917 Total current $ 24,998 $ 20,908 $ 32,891 Deferred tax expense (benefit): U.S. federal $ 14,148 $ (2,330) $ (15,401) State 747 (42) (473) Foreign (3,114) (868) (362) Total deferred $ 11,781 $ (3,240) $ (16,236) Change in valuation allowance (762) - - Total provision $ 36,017 $ 17,668 $ 16,655 |
Deferred Tax Liabilities (Assets) | (In thousands) December 31, 2015 2014 Capitalized software $ 17,303 $ 12,058 Depreciation and amortization 15,858 15,456 Intangible assets 21,839 15,945 Inventory valuation and warranty provisions 1,000 - Unrealized exchange gain 1,324 - Unrealized gain on derivative instruments - 3,857 Undistributed earnings of foreign subsidiaries 8,924 8,694 Gross deferred tax liabilties 66,248 56,010 Operating loss carryforwards (108,073) (105,022) Vacation and other accruals (5,963) (5,878) Inventory valuation and warranty provisions - (15,657) Doubtful accounts and sales provisions (1,209) (1,298) Unrealized exchange loss - (282) Deferred revenue (10,146) (7,927) Accrued rent expenses (486) (505) Unrealized loss on derivative instruments (2,756) - 10% minority stock investment (1,273) (910) Stock-based compensation (5,824) (5,451) Research and development tax credit carryforward (1,440) (2,224) Foreign tax credit carryforward (320) (335) Other (480) (570) Gross deferred tax assets (137,970) (146,059) Valuation allowance 101,837 102,378 Net deferred tax liability $ 30,115 $ 12,329 |
Reconciliation Of Income Taxes At The U.S. Federal Statutory Income Tax Rate To Effective Tax Rate | Years Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35 % 35 % 35 % Foreign taxes greater (less) than federal statutory rate (1) (2) 2 Research and development tax credits (3) (2) (7) Enhanced deduction for certain research and development expenses (7) (8) (13) State income taxes, net of federal tax benefit 1 1 1 Employee share-based compensation 1 1 - Intercompany profit 1 (1) (2) Change in valuation allowance (1) - - Domestic production activities deduction - (1) (1) Decrease in unrecognized tax benefits - (10) - Other 1 (1) 2 Effective tax rate 27 % 12 % 17 % |
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefit | (In thousands) 2015 2014 Balance at beginning of period $ 11,070 $ 23,572 Additions based on tax positions related to the current year 1,225 1,330 Additions for tax positions of prior years 201 337 Reductions as a result of settlement with taxing authorities - (14,169) Balance at end of period $ 12,496 $ 11,070 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income [Abstract] | |
Schedule Of Comprehensive Income | December 31, 2015 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2014 $ (17,304) $ (1,399) $ 7,039 $ (11,664) Current-period other comprehensive income (19,240) 701 416 (18,123) Reclassified from accumulated OCI into income - - (19,428) (19,428) Income tax expense (benefit) 4,673 (159) 6,611 11,125 Balance as of December 31, 2015 $ (31,871) $ (857) $ (5,362) $ (38,090) December 31, 2014 (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 income (loss) (21,218) (380) 12,632 (8,966) Reclassified from accumulated OCI into income - - (4,940) (4,940) Income tax (benefit) expense 2,603 47 (2,958) (308) Balance as of December 31, 2014 $ (17,304) $ (1,399) $ 7,039 $ (11,664) |
Authorized Shares Of Common A37
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract] | |
Schedule Of Stock Option Plans | Number of shares under option Weighted average exercise price Outstanding at December 31, 2012 1,053,125 $ 18.44 Exercised (713,737) $ 18.36 Canceled (51,980) $ 18.47 Granted - $ - Outstanding at December 31, 2013 287,408 $ 18.62 Exercised (215,403) $ 18.77 Canceled (42,530) $ 19.99 Granted - $ - Outstanding at December 31, 2014 29,475 $ 15.51 Exercised (28,193) $ 15.52 Canceled (1,282) $ 15.09 Granted - $ - Outstanding at December 31, 2015 - $ - Options exercisable at December 31: 2013 275,643 $ 18.56 2014 29,475 $ 15.51 2015 - $ - |
Schedule Of Restricted Stock Plans | RSUs Number of RSUs Weighted average grant price Outstanding at December 31, 2012 3,805,274 $ 24.62 Granted 764,315 $ 29.50 Earned (906,214) $ 22.25 Canceled (156,813) $ 25.99 Outstanding at December 31, 2013 3,506,562 $ 26.23 Granted 394,143 $ 28.46 Earned (822,269) $ 24.75 Canceled (233,017) $ 27.04 Outstanding at December 31, 2014 2,845,419 $ 26.90 Granted 951,265 $ 31.39 Earned (709,724) $ 28.60 Canceled (200,219) $ 28.39 Outstanding at December 31, 2015 2,886,741 $ 28.64 |
Schedule Of Employee Stock Purchase Plan | 2015 2014 2013 Dividend expense yield 0.625% 0.500% 0.475% Expected life 3 months 3 months 3 months Expected volatility 21% 27% 25% Risk-free interest rate 0.02% 0.04% 0.1% |
Schedule Of Weighted Average Grant Date Fair Value Of Purchase Rights Granted Under Employee Stock Purchase Plan | Number of Shares Weighted average fair value 2013 1,191,599 $ 5.64 2014 1,121,709 $ 6.05 2015 1,108,153 $ 5.58 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Net Sales By Major Geographical Areas | (In thousands) Years ended December 31, 2015 2014 2013 Net sales: Americas $ 496,746 $ 495,951 $ 483,603 EMEIA 409,119 412,401 390,301 APAC 319,591 335,510 298,654 Total $ 1,225,456 $ 1,243,862 $ 1,172,558 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Lease Payments | Amount (In thousands) 2016 $ 17,091 2017 12,242 2018 10,201 2019 8,313 2020 4,271 Thereafter 3,436 Total $ 55,554 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Micropross [Member] | |
Summary Of The Allocation Of The Purchase Price Of Acquisitions | Purchase Price Cash consideration paid to former shareholders $ 121,944 Issuance of common stock 13,778 Fair value of previously held interest in equity method investee 214 Future payment obligations 1,139 Non-Cash Consideration 15,131 Total Purchase Price $ 137,075 Net Assets Acquired Fair value of debt assumed and cash received $ (3,668) Fair value of tangible net assets acquired (excluding debt assumed and cash received) 1,136 Fair value of identifiable intangible assets acquired 30,783 Goodwill 116,635 Deferred Tax Assets/(Liabilities) (7,811) Total Net Assets Acquired $ 137,075 |
Operations And Summary Of Sig41
Operations And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)segmentshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Maximum contractual maturity period of short-term investments available for sale (in months) | 36 months | |||
Fair value of short-term investments in debt securities | $ 81,789 | $ 197,163 | ||
Net sale of short-term investments | 115,000 | |||
Allowances for sales returns | 1,900 | 1,800 | ||
Allowances for doubtful accounts | 2,500 | 3,000 | ||
Cumulative net adjustment for excess and obsolete inventories | 10,054 | 9,598 | $ 5,459 | $ 3,844 |
Goodwill impairment | $ 0 | 0 | ||
Number of operating segments | segment | 1 | |||
Number of reporting units | segment | 1 | |||
Cash and cash equivalents | $ 251,129 | $ 274,030 | $ 230,263 | $ 161,996 |
Investment policy for marketable securities | Our investment policy for marketable securities requires that all securities mature in five years or less, with a weighted average maturity of no longer than 24 months with at least 10% maturing in 90 days or less. | |||
Maximum maturity period for marketable securities | 5 years | |||
Minimum percentage maturing in 90 days or less | 10.00% | |||
Maturity period | 90 days | |||
Percentage of sales to any individual customer to total revenue | 3.00% | 5.00% | 3.00% | |
Largest trade account receivable from any individual customer | $ 5,000 | |||
Licensing and sales arrangement payment term, minimum (in days) | 30 days | |||
Concentrated orders | $ 1,000 | |||
Licensing and sales arrangement payment term, maximum (in days) | 120 days | |||
Maximum period of return after delivering of product (in days) | 30 days | |||
Warranty on products, minimum (in days) | 90 days | |||
Warranty on Products, maximum (in years) | 3 years | |||
Limited warranty on most hardware products (in number of years) | 1 year | |||
Advertising expense | $ 12,000 | $ 14,000 | $ 14,000 | |
Anti-dilutive securities excluded from the computation of diluted EPS | shares | 292,400 | 19,400 | 43,600 | |
Comprehensive income | $ 68,836 | $ 112,119 | $ 82,219 | |
Operating Account [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 164,000 | |||
Percentage of cash and cash equivalents | 65.00% | |||
Money Market Accounts [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 87,000 | |||
Percentage of cash and cash equivalents | 35.00% | |||
Domestic Financial Institutions [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 32,000 | |||
Percentage of cash and cash equivalents | 13.00% | |||
Non U.S. Financial Institutions [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 219,000 | |||
Percentage of cash and cash equivalents | 87.00% | |||
U.S. Treasuries And Agencies [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value of short-term investments in debt securities | $ 4,400 | |||
Percentage of short-term investments | 5.00% | |||
Corporate Bonds Denominated In Euros [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value of short-term investments in debt securities | $ 3,500 | |||
Corporate Bonds [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value of short-term investments in debt securities | $ 68,000 | |||
Percentage of short-term investments | 84.00% | |||
Time Deposits [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value of short-term investments in debt securities | $ 9,000 | |||
Percentage of short-term investments | 11.00% | |||
Wells Fargo Operating Account [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 13,000 | |||
Percentage of cash and cash equivalents | 5.00% | |||
Minimum [Member] | Buildings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 20 years | |||
Minimum [Member] | Furniture And Equipment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 3 years | |||
Minimum [Member] | Patents [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 10 years | |||
Maximum [Member] | Buildings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 40 years | |||
Maximum [Member] | Furniture And Equipment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 7 years | |||
Maximum [Member] | Patents [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 17 years |
Operations And Summary Of Sig42
Operations And Summary Of Significant Accounting Policies (Schedule Of Allowance For Doubtful Accounts And Sales Returns) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |||
Balance at Beginning of Period | $ 4,798 | $ 4,431 | $ 4,870 |
Provisions/(Recapture) | 536 | 760 | (43) |
Write-Offs/(Recapture) | 968 | 393 | 396 |
Balance at End of Period | $ 4,366 | $ 4,798 | $ 4,431 |
Operations And Summary Of Sig43
Operations And Summary Of Significant Accounting Policies (Adjustment For Excess And Obsolete Inventories) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |||
Balance at Beginning of Period | $ 9,598 | $ 5,459 | $ 3,844 |
Provisions | 3,087 | 5,812 | 3,488 |
Write-Offs | 2,631 | 1,673 | 1,873 |
Balance at End of Period | $ 10,054 | $ 9,598 | $ 5,459 |
Operations And Summary Of Sig44
Operations And Summary Of Significant Accounting Policies (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |||
Balance at the beginning of the period | $ 1,885 | $ 1,764 | $ 1,435 |
Accruals for warranties issued during the period | 4,867 | 6,445 | 3,737 |
Settlements made (in cash or in kind) during the period | (4,997) | (6,324) | (3,408) |
Balance at the end of the period | $ 1,755 | $ 1,885 | $ 1,764 |
Operations And Summary Of Sig45
Operations And Summary Of Significant Accounting Policies (Reconciliation Of Denominators Used To Calculate Basic And Diluted EPS) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Abstract] | |||
Weighted average shares outstanding-basic | 127,997 | 127,030 | 124,558 |
Plus: Common share equivalents Stock options, RSU | 671 | 769 | 1,013 |
Weighted average shares outstanding-diluted | 128,668 | 127,799 | 125,571 |
Cash, Cash Equivalents And Sh46
Cash, Cash Equivalents And Short-Term Investments (Unrealized Gains And Losses Related To Short-Term Investments Designated As Available-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | $ 335,867 | $ 477,944 |
Gross Unrealized Gain | 4 | 63 |
Gross Unrealized Loss | (283) | (262) |
Cumulative Translation Adjustment | (2,670) | (6,552) |
Fair Value | 332,918 | 471,193 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 165,251 | 149,598 |
Cumulative Translation Adjustment | (1,551) | |
Fair Value | 163,700 | 149,598 |
Money Market Accounts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 87,429 | 124,432 |
Fair Value | 87,429 | 124,432 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 69,442 | 118,242 |
Gross Unrealized Gain | 2 | 54 |
Gross Unrealized Loss | (281) | (254) |
Cumulative Translation Adjustment | (1,119) | (4,966) |
Fair Value | 68,044 | 113,076 |
U.S. Treasuries And Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 4,419 | 73,919 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (2) | (8) |
Fair Value | 4,417 | 73,912 |
Foreign Government Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 8,841 | |
Gross Unrealized Gain | 8 | |
Cumulative Translation Adjustment | (1,586) | |
Fair Value | 7,263 | |
Time Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 9,326 | 2,912 |
Gross Unrealized Gain | 2 | |
Fair Value | $ 9,328 | $ 2,912 |
Cash, Cash Equivalents And Sh47
Cash, Cash Equivalents And Short-Term Investments (Contractual Maturities Of Short-Term Investments Designated As Available-For-Sale) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Adjusted Cost, Due in less than 1 year | $ 45,360 |
Fair Value, Due in less than 1 year | 45,328 |
Adjusted Cost, Due in 1 to 5 years | 37,827 |
Fair Value, Due in 1 to 5 years | 36,461 |
Adjusted Cost, Total | 83,187 |
Fair Value, Total | 81,789 |
Corporate Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Adjusted Cost, Due in less than 1 year | 31,615 |
Fair Value, Due in less than 1 year | 31,583 |
Adjusted Cost, Due in 1 to 5 years | 37,827 |
Fair Value, Due in 1 to 5 years | 36,461 |
U.S. Treasuries And Agencies [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Adjusted Cost, Due in less than 1 year | 4,419 |
Fair Value, Due in less than 1 year | $ 4,417 |
Adjusted Cost, Due in 1 to 5 years | |
Fair Value, Due in 1 to 5 years | |
Foreign Government Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Adjusted Cost, Due in less than 1 year | |
Fair Value, Due in less than 1 year | |
Time Deposits [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Adjusted Cost, Due in less than 1 year | $ 9,326 |
Fair Value, Due in less than 1 year | $ 9,328 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 332,918 | $ 471,193 |
Derivatives | 1,231 | 16,151 |
Total Assets | 170,449 | 337,746 |
Derivatives | (8,746) | (4,253) |
Total Liabilities | $ (8,746) | $ (4,253) |
Number of items measured at fair value on a nonrecurring basis | item | 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 | $ 96,757 | $ 127,344 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1,231 | 16,151 |
Total Assets | 73,692 | 210,402 |
Derivatives | (8,746) | (4,253) |
Total Liabilities | $ (8,746) | $ (4,253) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | ||
Total Assets | ||
Derivatives | ||
Total Liabilities | ||
Money Market Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 87,429 | $ 124,432 |
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 | $ 87,429 | $ 124,432 |
Money Market Accounts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | ||
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 68,044 | $ 113,076 |
Cash equivalents | 3,500 | |
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 | $ 68,044 | $ 113,076 |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | ||
U.S. Treasuries And Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 4,417 | $ 73,912 |
U.S. Treasuries And Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 4,417 | $ 73,912 |
U.S. Treasuries And Agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | ||
Foreign Government Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 7,263 | |
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 | $ 7,263 | |
Foreign Government Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | ||
Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | $ 9,328 | $ 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] | ||
Fair Value, Total | $ 9,328 | $ 2,912 |
Time Deposits [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Total | ||
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contractual maturities of short-term investments | 36 months |
Derivative Instruments And He49
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)country | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Minimum number of countries for which entity has operations | country | 50 | ||
Percentage of sales outside of the Americas during the period | 59.00% | 60.00% | 59.00% |
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 | $ 144,961 | $ 199,113 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Estimated amount of reclassification of gains on derivative instruments from accumulated other comprehensive income to net sales | 351 | ||
Estimated amount of reclassification of losses on derivative instruments from accumulated other comprehensive income to cost of sales | 2,300 | ||
Estimated amount of reclassification of gains on derivative instruments from accumulated other comprehensive income to operating expenses | 2,400 | ||
Other Derivatives [Member] | |||
Derivative [Line Items] | |||
Foreign currency forward contracts notional amount | $ 97,000 | $ 78,000 | |
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 He50
Derivative Instruments And Hedging Activities (Summary Of Notional Amounts Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Total forward contracts notional amount | $ 144,961 | $ 199,113 |
Chinese Yuan [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 26,548 | |
Euro [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 30,867 | 97,198 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 4,119 | 7,798 |
Hungarian Forint [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 38,836 | 61,067 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 4,342 | 22,809 |
Malaysian Ringgit [Member] | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | $ 40,249 | $ 10,241 |
Derivative Instruments And He51
Derivative Instruments And Hedging Activities (Fair Values Of Derivative Instruments On Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 1,231 | $ 16,151 |
Derivative liabilities | (8,746) | (4,253) |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 391 | 14,492 |
Derivative liabilities | (8,266) | (3,473) |
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 | 391 | 14,492 |
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 | (4,653) | (1,937) |
Derivatives Designated As Hedging Instruments [Member] | Foreign Exchange Contracts - Long-Term [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (3,613) | (1,536) |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 840 | 1,659 |
Derivative liabilities | (480) | (780) |
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 | 840 | 1,659 |
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 | $ (480) | $ (780) |
Derivative Instruments And He52
Derivative Instruments And Hedging Activities (Effect Of Derivative Instruments On Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (19,012) | $ 7,692 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 19,428 | 4,940 |
Derivatives Designated As Hedging Instruments [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) | (14,140) | 12,615 |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 23,736 | 4,889 |
Derivatives Designated As Hedging Instruments [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) | (1,951) | (3,151) |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2,279) | 67 |
Derivatives Designated As Hedging Instruments [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) | (2,921) | (1,772) |
Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (2,029) | (16) |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | 4,273 | 2,484 |
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 | $ 4,273 | $ 2,484 |
Inventories (Summary Of Invento
Inventories (Summary Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 94,816 | $ 79,376 |
Work-in-process | 10,819 | 6,675 |
Finished goods | 79,562 | 87,001 |
Inventories, net | $ 185,197 | $ 173,052 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property And Equipment [Abstract] | |||
Land | $ 32,949 | $ 32,861 | |
Buildings | 207,977 | 213,352 | |
Furniture and equipment | 320,410 | 298,653 | |
Property and equipment, gross | 561,336 | 544,866 | |
Accumulated depreciation | (303,483) | (280,780) | |
Total property and equipment | 257,853 | 264,086 | |
Depreciation expense | $ 38,000 | $ 38,000 | $ 36,000 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets amortization expenses | $ 36,000 | $ 32,000 | $ 32,000 |
Capitalized Software Development Costs [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized software development costs | 33,000 | 27,000 | 16,000 |
Capitalized computer software amortization | 18,000 | 15,000 | 14,000 |
Costs related to stock based compensation | $ 1,300 | $ 1,200 | $ 742 |
Useful life (in years) | 3 years | ||
Minimum [Member] | Acquired Technology and Other Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 2 years | ||
Minimum [Member] | Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 10 years | ||
Maximum [Member] | Acquired Technology and Other Intangibles [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 | ||
Weighted Average [Member] | Capitalized Software Development Costs [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 2 years 1 month 6 days | ||
Weighted Average [Member] | Acquired Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 2 years 1 month 6 days | ||
Weighted Average [Member] | Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 6 years | ||
Weighted Average [Member] | Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (in years) | 4 years 3 months 18 days |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 248,080 | $ 202,730 |
Accumulated Amortization | (139,884) | (124,448) |
Net Carrying Amount | 108,196 | 78,282 |
Capitalized Software Development Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 80,682 | 58,343 |
Accumulated Amortization | (30,434) | (22,853) |
Net Carrying Amount | 50,248 | 35,490 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 93,976 | 88,216 |
Accumulated Amortization | (69,908) | (65,663) |
Net Carrying Amount | 24,068 | 22,553 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 30,221 | 27,791 |
Accumulated Amortization | (14,941) | (12,859) |
Net Carrying Amount | 15,280 | 14,932 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,201 | 28,380 |
Accumulated Amortization | (24,601) | (23,073) |
Net Carrying Amount | $ 18,600 | $ 5,307 |
Intangible Assets (Estimated Fu
Intangible Assets (Estimated Future Amortization Expense Related To Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible Assets [Abstract] | ||
2,016 | $ 40,099 | |
2,017 | 30,393 | |
2,018 | 13,745 | |
2,019 | 6,146 | |
2,020 | 5,126 | |
Thereafter | 12,687 | |
Net Carrying Amount | $ 108,196 | $ 78,282 |
Goodwill (Schedule Of Goodwill)
Goodwill (Schedule Of Goodwill) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Goodwill [Abstract] | |||
Balance at beginning of period | $ 144,325 | $ 146,520 | |
Acquisitions | 116,635 | ||
Foreign currency translation impact | (3,242) | $ (2,195) | |
Balance at end of period | $ 257,718 | 144,325 | $ 146,520 |
Number of operating segments | segment | 1 | ||
Number of reporting units | segment | 1 | ||
Reduction of goodwill | $ 1,500 | ||
Goodwill impairment | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2009USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Loss Carryforwards [Line Items] | ||||
Change in valuation allowance | $ (762) | |||
Non-U.S. subsidiaries' undistributed earnings | 642,000 | |||
Taxes on undistributed foreign earnings | 208,000 | |||
Income tax charge | $ 21,600 | |||
Unrecognized tax benefits | $ 12,496 | $ 11,070 | $ 23,572 | |
Gross decrease in unrecognized tax benefits, settlements with taxing authorities | $ 14,169 | |||
Effective tax rate | 27.00% | 12.00% | 17.00% | |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | |
Foreign income tax benefit | $ 11,874 | $ 8,314 | $ 4,917 | |
Hungary [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Change in valuation allowance | 18,400 | |||
Income tax charge | $ 3,200 | |||
Foreign [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 556,000 | |||
Number of subsidiaries | item | 9 | |||
Malaysia [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Foreign income tax benefit | $ 3,400 | $ 1,900 | ||
Expiring 2032 To 2034 [Member] | Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 3,000 | |||
Expiring 2021 To 2035 [Member] | Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforwards | 1,800 | |||
Expiring 2019 To 2024 [Member] | Foreign [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 544,000 | |||
Carried Forward Indefinitely [Member] | Foreign [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 12,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Domestic | $ 50,102 | $ 50,893 | $ 41,315 |
Foreign | 81,177 | 93,108 | 55,853 |
Income before income taxes | $ 131,279 | $ 144,001 | $ 97,168 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes Charged To Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Current tax expense, U.S. federal | $ 12,678 | $ 11,292 | $ 27,161 |
Current tax expense, State | 446 | 1,302 | 813 |
Current tax expense, Foreign | 11,874 | 8,314 | 4,917 |
Current tax expense, Total current | 24,998 | 20,908 | 32,891 |
Deferred tax expense (benefit), U.S. federal | 14,148 | (2,330) | (15,401) |
Deferred tax expense (benefit), State | 747 | (42) | (473) |
Deferred tax expense (benefit), Foreign | (3,114) | (868) | (362) |
Total deferred | 11,781 | $ (3,240) | $ (16,236) |
Change in valuation allowance | (762) | ||
Total provision | $ 36,017 | $ 17,668 | $ 16,655 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Capitalized software | $ 17,303 | $ 12,058 |
Depreciation and amortization | 15,858 | 15,456 |
Intangible assets | 21,839 | 15,945 |
Inventory valuation and warranty provisions | 1,000 | |
Unrealized exchange gain | 1,324 | |
Unrealized gain on derivative instruments | 3,857 | |
Undistributed earnings of foreign subsidiaries | 8,924 | 8,694 |
Gross deferred tax liabilities | 66,248 | 56,010 |
Operating loss carryforwards | (108,073) | (105,022) |
Vacation and other accruals | (5,963) | (5,878) |
Inventory valuation and warranty provisions | (15,657) | |
Doubtful accounts and sales provisions | (1,209) | (1,298) |
Unrealized exchange loss | (282) | |
Deferred revenue | (10,146) | (7,927) |
Accrued rent expenses | (486) | (505) |
Unrealized loss on derivative instruments | (2,756) | |
10% minority stock investment | (1,273) | (910) |
Stock-based compensation | (5,824) | (5,451) |
Research and development tax credit carryforward | (1,440) | (2,224) |
Foreign tax credit carryforward | (320) | (335) |
Other | (480) | (570) |
Gross deferred tax assets | (137,970) | (146,059) |
Valuation allowance | 101,837 | 102,378 |
Net deferred tax liability | $ 30,115 | $ 12,329 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes To Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Foreign taxes greater (less) than federal statutory rate | (1.00%) | (2.00%) | 2.00% |
Research and development tax credits | (3.00%) | (2.00%) | (7.00%) |
Enhanced deduction for certain research and development expenses | (7.00%) | (8.00%) | (13.00%) |
State income taxes, net of federal tax benefit | 1.00% | 1.00% | 1.00% |
Employee share-based compensation | 1.00% | 1.00% | |
Intercompany profit | 1.00% | (1.00%) | (2.00%) |
Change in valuation allowance | (1.00%) | ||
Domestic production activities deduction | (1.00%) | (1.00%) | |
Decrease in unrecognized tax benefits | (10.00%) | ||
Other | 1.00% | (1.00%) | 2.00% |
Effective tax rate | 27.00% | 12.00% | 17.00% |
Income Taxes (Reconciliation 64
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
Balance at beginning of period | $ 11,070 | $ 23,572 |
Additions based on tax positions related to the current year | 1,225 | 1,330 |
Additions for tax positions of prior years | 201 | 337 |
Reductions as a result of settlement with taxing authorities | (14,169) | |
Balance at end of period | $ 12,496 | $ 11,070 |
Comprehensive Income (Accumulat
Comprehensive Income (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (11,664) | $ 2,550 | |
Current-period other comprehensive income (loss) | (18,123) | (8,966) | |
Reclassified from accumulated OCI into income | (19,428) | (4,940) | |
Income tax expense (benefit) | 11,125 | (308) | $ (326) |
Ending Balance | (38,090) | (11,664) | 2,550 |
Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (17,304) | 1,311 | |
Current-period other comprehensive income (loss) | (19,240) | (21,218) | |
Income tax expense (benefit) | 4,673 | 2,603 | |
Ending Balance | (31,871) | (17,304) | 1,311 |
Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,399) | (1,066) | |
Current-period other comprehensive income (loss) | 701 | (380) | |
Income tax expense (benefit) | (159) | 47 | |
Ending Balance | (857) | (1,399) | (1,066) |
Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 7,039 | 2,305 | |
Current-period other comprehensive income (loss) | 416 | 12,632 | |
Reclassified from accumulated OCI into income | (19,428) | (4,940) | |
Income tax expense (benefit) | 6,611 | (2,958) | |
Ending Balance | $ (5,362) | $ 7,039 | $ 2,305 |
Authorized Shares Of Common A66
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Narrative) (Details) $ in Thousands | May. 12, 2015shares | May. 14, 2013shares | May. 10, 2011shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2004shares | Dec. 31, 1997shares | Dec. 31, 2012shares | May. 11, 2010shares | May. 10, 2005shares | Jan. 21, 2004shares | May. 09, 1994shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Additional number of shares reserved for issuance | 180,000,000 | |||||||||||||
Common stock, shares authorized | 360,000,000 | 360,000,000 | 360,000,000 | |||||||||||
Common and preferred stock shares authorized | 365,000,000 | 365,000,000 | ||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Aggregate intrinsic value of stock options at exercise | $ | $ 442 | $ 2,500 | $ 8,300 | |||||||||||
Unrecognized stock-based compensation expense | $ | $ 0 | $ 0 | ||||||||||||
Options granted | ||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||||||
Authorized common stock available for repurchase | 1,341,027 | 1,341,027 | ||||||||||||
Outstanding options | 29,475 | 287,408 | 1,053,125 | |||||||||||
Weighted average exercise price, Exercisable | $ / shares | $ 15.51 | $ 18.56 | ||||||||||||
Common stock repurchased | 90,913 | 2,591,218 | ||||||||||||
Weighted average prices of common stock repurchased | $ / shares | 29.66 | 29.04 | ||||||||||||
Restricted Stock Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized stock-based compensation expense | $ | $ 91,200 | $ 91,200 | ||||||||||||
Unrecognized stock-based compensation expense, shares | 2,886,741 | |||||||||||||
Unrecognized stock-based compensation expense, weighted average fair value | $ / shares | $ 28.64 | |||||||||||||
Weighted average period for which unrecognized stock-based compensation expense recognized | 5 years 3 months 4 days | |||||||||||||
Restricted Stock Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares reserved for issuance | 3,362,304 | |||||||||||||
Employee Stock Purchase Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Additional number of shares reserved for issuance | 3,000,000 | |||||||||||||
Percentage of the lower of the market related to purchase of common stock | 85.00% | 85.00% | ||||||||||||
Shares of common stock reserved for future employee purchases | 2,150,880 | 2,150,880 | ||||||||||||
Shares issued during the period, in shares | 1,108,153 | |||||||||||||
Weighted average grant date fair value, in dollar per share | $ / shares | $ 24.70 | |||||||||||||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Maximum employee subscription rate | 15.00% | 15.00% | ||||||||||||
Authorized Preferred Stock And Preferred Stock Purchase Rights Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares reserved for issuance | 750,000 | |||||||||||||
Incentive Plan (1994) [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 | ||||||||||||
Number of shares reserved for issuance | 13,668,750 | |||||||||||||
Expiration period from date options granted | 10 years | |||||||||||||
Incentive Plan (1994) [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 5 years | |||||||||||||
Incentive Plan (1994) [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 10 years | |||||||||||||
Incentive Plan (2005) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares reserved for issuance | 4,050,000 | |||||||||||||
Award vesting period, (in years) | 5 years | |||||||||||||
Incentive Plan (2005) [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 3 years | |||||||||||||
Incentive Plan (2005) [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 10 years | |||||||||||||
Incentive Plan (2010) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares reserved for issuance | 2,518,416 | 2,518,416 | 3,000,000 | |||||||||||
Award vesting period, (in years) | 5 years | |||||||||||||
Incentive Plan (2010) [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 3 years | |||||||||||||
Incentive Plan (2010) [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 10 years | |||||||||||||
Incentive Plan (2015) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Additional number of shares reserved for issuance | 3,000,000 | |||||||||||||
Award vesting period, (in years) | 5 years | |||||||||||||
Number of shares available for grant | 5,449,438 | 5,449,438 | ||||||||||||
Incentive Plan (2015) [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 3 years | |||||||||||||
Incentive Plan (2015) [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period, (in years) | 10 years |
Authorized Shares Of Common A67
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Schedule Of Stock Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract] | |||
Number of shares under option, Outstanding | 29,475 | 287,408 | 1,053,125 |
Number of shares under option, Exercised | (28,193) | (215,403) | (713,737) |
Number of shares under option, Cancelled | (1,282) | (42,530) | (51,980) |
Number of shares under option, Granted | |||
Number of shares under option, Outstanding | 29,475 | 287,408 | |
Weighted average exercise price, Outstanding | $ 15.51 | $ 18.62 | $ 18.44 |
Weighted average exercise price, Exercised | 15.52 | 18.77 | 18.36 |
Weighted average exercise price, Cancelled | $ 15.09 | 19.99 | $ 18.47 |
Weighted average exercise price, Granted | |||
Weighted average exercise price, Outstanding | $ 15.51 | $ 18.62 | |
Number of shares under option, Exercisable | 29,475 | 275,643 | |
Weighted average exercise price, Exercisable | $ 15.51 | $ 18.56 |
Authorized Shares Of Common A68
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Schedule Of Restricted Stock Plans) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSUs, Granted | 1,108,153 | 1,121,709 | 1,191,599 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSUs, Outstanding | 2,845,419 | 3,506,562 | 3,805,274 |
Number of RSUs, Granted | 951,265 | 394,143 | 764,315 |
Number of RSUs, Earned | (709,724) | (822,269) | (906,214) |
Number of RSUs, Cancelled | (200,219) | (233,017) | (156,813) |
Number of RSUs, Outstanding | 2,886,741 | 2,845,419 | 3,506,562 |
Weighted average grant price, Outstanding | $ 26.90 | $ 26.23 | $ 24.62 |
Weighted average grant price, Granted | 31.39 | 28.46 | 29.50 |
Weighted average grant price, Earned | 28.60 | 24.75 | 22.25 |
Weighted average grant price, Cancelled | 28.39 | 27.04 | 25.99 |
Weighted average grant price, Outstanding | $ 28.64 | $ 26.90 | $ 26.23 |
Authorized Shares Of Common A69
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Schedule Of Employee Stock Purchase Plan) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract] | |||
Dividend expense yield | 0.625% | 0.50% | 0.475% |
Expected life (in months) | 3 months | 3 months | 3 months |
Expected volatility | 21.00% | 27.00% | 25.00% |
Risk-free interest rate | 0.02% | 0.04% | 0.10% |
Authorized Shares Of Common A70
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans (Schedule Of Weighted Average Grant Date Fair Value Of Purchase Rights Granted Under Employee Stock Purchase Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract] | |||
Number of shares | 1,108,153 | 1,121,709 | 1,191,599 |
Weighted average fair value | $ 5.58 | $ 6.05 | $ 5.64 |
Employee Retirement Plan (Detai
Employee Retirement Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Retirement Plan [Abstract] | |||
Number of days of continuous service for eligibility to participate in defined contribution benefit plan | 30 days | ||
Maximum contribution percentage of employee salary | 15.00% | ||
Percentage of employee contribution matched by Board of Directors | 50.00% | ||
Maximum percentage of each participant’s compensation | 6.00% | ||
Employee eligibility period for matching contribution (years) | 1 year | ||
Company contributions | $ 6.8 | $ 6.3 | $ 5.8 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of operating segments | segment | 1 | ||
Total sales | $ 1,225,456 | $ 1,243,862 | $ 1,172,558 |
Property and equipment, net | 257,853 | 264,086 | |
Outside The United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total sales | 762,000 | 780,000 | 726,000 |
Property and equipment, net | $ 138,000 | $ 145,000 | $ 142,000 |
Segment Information (Net Sales
Segment Information (Net Sales By Major Geographical Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 1,225,456 | $ 1,243,862 | $ 1,172,558 |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 496,746 | 495,951 | 483,603 |
EMEIA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 409,119 | 412,401 | 390,301 |
APAC [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 319,591 | $ 335,510 | $ 298,654 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Unsecured revolving line of credit | $ 50,000 | |
Outstanding borrowing on line of credit | $ 37,000 | |
Weighted average interest rate | 1.38% | 0.00% |
Interest expense | $ 245 | $ 0 |
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 | 0.175% | |
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% | |
London Interbank Offered Rate [Member | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Variable interest rate spread | 1.125% | |
London Interbank Offered Rate [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 Contingencies75
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Limited warranty on most hardware products (in number of years) | 1 year | ||
Rent expense | $ 20 | $ 20 | $ 19 |
Amount of non-cancelable purchase commitments with various suppliers of customized inventory and inventory components | 7 | ||
Amount of guarantees for payment of customs and foreign grants | $ 4 |
Commitments And Contingencies76
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 17,091 |
2,017 | 12,242 |
2,018 | 10,201 |
2,019 | 8,313 |
2,020 | 4,271 |
Thereafter | 3,436 |
Total | $ 55,554 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Oct. 23, 2015USD ($)shares | Dec. 31, 2015USD ($)item | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||
Earn-out accrual adjustment | $ (1,316) | ||
Micropross [Member] | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Oct. 23, 2015 | ||
Cash paid for acquired company | $ 89,000 | ||
Combined purchase price of acquisitions | 99,000 | ||
Common stock paid for acquired company | $ 10,400 | ||
Common stock shares paid for acquired company | shares | 367,481 | ||
Borrowings assumed from acquired entity | $ 5,000 | ||
Other Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | item | 4 | ||
Cash paid for acquired company | $ 31,000 | ||
Cash received for acquired entity | 1,500 | ||
Future cash payments | 1,100 | ||
Combined purchase price of acquisitions | 36,000 | ||
Common stock paid for acquired company | 3,400 | ||
Previously-held interest in an equity-method investee | $ 200 | ||
Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Useful life | 2 years | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Useful life | 5 years |
Acquisitions (Summary Of The Al
Acquisitions (Summary Of The Allocation Of The Purchase Price Of Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Goodwill. | $ 257,718 | $ 144,325 | $ 146,520 |
All Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration paid to former shareholders | 121,944 | ||
Issuance of common stock | 13,778 | ||
Fair value of previously held interest in equity method investee | 214 | ||
Future payment obligation | 1,139 | ||
Non-Cash Consideration | 15,131 | ||
Total Purchase Price | 137,075 | ||
Fair value of debt assumed and cash received | (3,668) | ||
Fair value of tangible net assets acquired (excluding debt assumed and cash received) | 1,136 | ||
Fair value of identifiable intangible assets acquired | 30,783 | ||
Goodwill. | 116,635 | ||
Deferred Tax Assets/(Liabilities) | (7,811) | ||
Total Net Assets Acquired | $ 137,075 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Jan. 27, 2016 | |
Subsequent Event [Line Items] | ||
Dividend payable, date declared | Jan. 27, 2016 | |
Dividend payable, amount per share | $ 0.20 | |
Dividend payable, date payable | Mar. 7, 2016 | |
Dividend payable, date of record | Feb. 16, 2016 |