Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-25426 | ||
Entity Registrant Name | NATIONAL INSTRUMENTS CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 74-1871327 | ||
Entity Address, Address Line One | 11500 North MoPac Expressway | ||
Entity Address, City or Town | Austin, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78759 | ||
City Area Code | 512 | ||
Local Phone Number | 683-0100 | ||
Title of 12(g) Security | Common Stock, $0.01 par value | ||
Trading Symbol | NATI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,310,423,839 | ||
Entity Common Stock, Shares Outstanding | 132,026,680 | ||
Documents Incorporated by Reference | Part III incorporates certain information by reference from the definitive proxy statement to be filed by the registrant for its Annual Meeting of Stockholders to be held on May 10, 2022 (the “Proxy Statement”). | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0000935494 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Austin, Texas |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 211,106 | $ 260,232 |
Short-term investments | 0 | 59,923 |
Accounts receivable, net | 341,275 | 266,869 |
Inventories, net | 289,243 | 194,012 |
Prepaid expenses and other current assets | 89,925 | 68,470 |
Total current assets | 931,549 | 849,506 |
Property and equipment, net | 253,668 | 254,399 |
Goodwill | 575,992 | 467,547 |
Intangible assets, net | 220,418 | 172,719 |
Operating lease right-of-use assets | 58,641 | 67,674 |
Other long-term assets | 74,717 | 72,643 |
Total assets | 2,114,985 | 1,884,488 |
Liabilities and stockholders' equity | ||
Accounts payable and accrued expenses | 83,218 | 51,124 |
Accrued compensation | 111,261 | 87,068 |
Deferred revenue | 137,818 | 132,151 |
Other lease liabilities | 13,137 | 15,801 |
Other taxes payable | 59,109 | 48,129 |
Debt, current | 0 | 5,000 |
Other current liabilities | 40,671 | 42,578 |
Total current liabilities | 445,214 | 381,851 |
Debt, non-current | 300,000 | 92,036 |
Deferred income taxes | 14,249 | 25,288 |
Income tax payable - non-current | 54,195 | 61,623 |
Deferred revenue - non-current | 32,822 | 36,335 |
Operating lease liabilities - non-current | 30,468 | 35,854 |
Other long-term liabilities | 14,340 | 26,630 |
Total liabilities | 891,288 | 659,617 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock: par value $0.01; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock: par value $0.01; 360,000,000 shares authorized; 132,293,898 and 131,246,615 shares issued and outstanding, respectively | 1,323 | 1,312 |
Additional paid-in capital | 1,129,647 | 1,033,284 |
Retained earnings | 112,858 | 211,101 |
Accumulated other comprehensive loss | (20,131) | (20,826) |
Total stockholders’ equity | 1,223,697 | 1,224,871 |
Total liabilities and stockholders’ equity | $ 2,114,985 | $ 1,884,488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common stock, shares issued (in shares) | 132,293,898 | 131,246,615 |
Common stock, shares outstanding (in shares) | 132,293,898 | 131,246,615 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales: | |||
Total net sales | $ 1,469,681 | $ 1,286,671 | $ 1,353,215 |
Cost of sales: | |||
Total cost of sales | 420,963 | 371,121 | 336,891 |
Gross profit | 1,048,718 | 915,550 | 1,016,324 |
Operating expenses: | |||
Sales and marketing | 467,352 | 465,509 | 473,392 |
Research and development | 335,986 | 280,381 | 272,452 |
General and administrative | 127,215 | 129,863 | 122,768 |
Total operating expenses | 930,553 | 875,753 | 868,612 |
Gain on sale of business/asset | 0 | 159,753 | 26,842 |
Operating income | 118,165 | 199,550 | 174,554 |
Other (expense) income | (14,590) | (788) | 5,990 |
Income before income taxes | 103,575 | 198,762 | 180,544 |
Provision for income taxes | 14,260 | 55,103 | 18,393 |
Net income | $ 89,315 | $ 143,659 | $ 162,151 |
Basic earnings per share (in dollars per share) | $ 0.68 | $ 1.10 | $ 1.23 |
Weighted average shares outstanding - basic (in shares) | 132,311 | 131,082 | 131,722 |
Diluted earnings per share (in dollars per share) | $ 0.67 | $ 1.09 | $ 1.22 |
Weighted average shares outstanding - diluted (in shares) | 133,562 | 131,799 | 132,734 |
Dividends declared per share (in dollars per share) | $ 1.08 | $ 1.04 | $ 1 |
Product | |||
Net sales: | |||
Total net sales | $ 1,304,609 | $ 1,137,603 | $ 1,215,014 |
Cost of sales: | |||
Total cost of sales | 406,342 | 359,861 | 329,364 |
Software maintenance | |||
Net sales: | |||
Total net sales | 165,072 | 149,068 | 138,201 |
Cost of sales: | |||
Total cost of sales | $ 14,621 | $ 11,260 | $ 7,527 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 89,315 | $ 143,659 | $ 162,151 |
Other comprehensive income (loss), before tax and net of reclassification adjustments: | |||
Foreign currency translation adjustment | (13,113) | 15,765 | (3,346) |
Unrealized gain (loss) on securities available-for-sale | 420 | (398) | 1,141 |
Unrealized gain (loss) on derivative instruments | 17,270 | (19,694) | (2,629) |
Other comprehensive income (loss), before tax | 4,577 | (4,327) | (4,834) |
Tax provision (benefit) related to items of other comprehensive income | 3,882 | (4,571) | (695) |
Other comprehensive income (loss), net of tax | 695 | 244 | (4,139) |
Comprehensive income | $ 90,010 | $ 143,903 | $ 158,012 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities: | |||
Net income | $ 89,315 | $ 143,659 | $ 162,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 99,402 | 87,064 | 73,541 |
Stock-based compensation | 74,583 | 58,376 | 51,438 |
Disposal gain on sale of business/assets | 0 | (159,753) | (26,842) |
Loss from equity-method investees | 5,719 | 2,942 | 1,060 |
Deferred income taxes | (15,796) | 7,771 | (12,680) |
Changes in operating assets/ liabilities (net of effects of acquisitions and divestitures): | |||
Accounts receivable | (75,492) | (17,260) | (7,193) |
Inventories | (90,480) | 7,617 | (6,773) |
Prepaid expenses and other assets | (5,274) | (5,427) | (8,986) |
Accounts payable and accrued expenses | 31,303 | (10) | 4,034 |
Deferred revenue | 6,096 | 6,417 | 5,579 |
Taxes, accrued compensation, and other current liabilities | 24,123 | 49,371 | (10,924) |
Net cash provided by operating activities | 143,499 | 180,767 | 224,405 |
Cash flow from investing activities: | |||
Capital expenditures | (40,975) | (49,652) | (60,857) |
Proceeds from sale of assets/business, net of cash divested | 0 | 160,266 | 32,492 |
Capitalization of internally developed software | (1,463) | (4,054) | (9,065) |
Additions to other intangibles | (2,751) | (1,441) | (1,209) |
Acquisitions of equity-method investments | (15,753) | (9,761) | (13,670) |
Acquisitions, net of cash received | (223,080) | (334,981) | 0 |
Purchases of short-term investments | 0 | (206,330) | (185,267) |
Sales and maturities of short-term investments | 60,297 | 384,652 | 219,628 |
Net cash used in investing activities | (223,725) | (61,301) | (17,948) |
Cash flow from financing activities: | |||
Proceeds from term loan | 0 | 170,000 | 0 |
Payments on term loan | (98,750) | (71,250) | 0 |
Proceeds from revolving line of credit | 300,000 | 20,000 | 0 |
Payments of revolving line of credit | 0 | (20,000) | 0 |
Debt issuance costs | (1,993) | (1,893) | 0 |
Proceeds from issuance of common stock | 32,518 | 31,947 | 33,191 |
Repurchase of common stock | (55,000) | (48,713) | (171,316) |
Dividends paid | (143,113) | (136,545) | (131,855) |
Other | 0 | 0 | (837) |
Net cash provided by (used in) financing activities | 33,662 | (56,454) | (270,817) |
Effect of exchange rate changes on cash | (2,562) | 2,604 | (410) |
Net change in cash and cash equivalents | (49,126) | 65,616 | (64,770) |
Cash and cash equivalents at beginning of period | 260,232 | 194,616 | 259,386 |
Cash and cash equivalents at end of period | 211,106 | 260,232 | 194,616 |
Supplemental disclosures: | |||
Interest paid | 2,619 | 1,131 | 0 |
Income taxes paid | $ 40,520 | $ 45,182 | $ 46,096 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance (in shares) at Dec. 31, 2018 | 132,655,941 | ||||
Beginning balance at Dec. 31, 2018 | $ 1,238,358 | $ 1,327 | $ 897,544 | $ 356,418 | $ (16,931) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 162,151 | 162,151 | |||
Other comprehensive (loss) income, net of tax | (4,139) | (4,139) | |||
Issuance of common stock under employee plans (in shares) | 1,848,594 | ||||
Issuance of common stock under employee plans | 32,354 | $ 18 | 32,336 | ||
Stock-based compensation | 50,797 | 50,797 | |||
Repurchase of common stock (in shares) | (4,000,000) | ||||
Repurchase of common stock | (171,316) | $ (40) | (27,099) | (144,177) | |
Dividends paid | (131,855) | (131,855) | |||
Ending balance (in shares) at Dec. 31, 2019 | 130,504,535 | ||||
Ending balance at Dec. 31, 2019 | 1,176,350 | $ 1,305 | 953,578 | 242,537 | (21,070) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 143,659 | 143,659 | |||
Other comprehensive (loss) income, net of tax | 244 | 244 | |||
Issuance of common stock under employee plans (in shares) | 2,132,137 | ||||
Issuance of common stock under employee plans | 31,947 | $ 21 | 31,926 | ||
Stock-based compensation | 57,929 | 57,929 | |||
Repurchase of common stock (in shares) | (1,390,057) | ||||
Repurchase of common stock | (48,713) | $ (14) | (10,149) | (38,550) | |
Dividends paid | $ (136,545) | (136,545) | |||
Ending balance (in shares) at Dec. 31, 2020 | 131,246,615 | 131,246,615 | |||
Ending balance at Dec. 31, 2020 | $ 1,224,871 | $ 1,312 | 1,033,284 | 211,101 | (20,826) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 89,315 | 89,315 | |||
Other comprehensive (loss) income, net of tax | 695 | 695 | |||
Issuance of common stock under employee plans (in shares) | 2,386,781 | ||||
Issuance of common stock under employee plans | 32,518 | $ 24 | 32,494 | ||
Stock-based compensation | 74,411 | 74,411 | |||
Repurchase of common stock (in shares) | (1,339,498) | ||||
Repurchase of common stock | (55,000) | $ (13) | (10,542) | (44,445) | |
Dividends paid | $ (143,113) | (143,113) | |||
Ending balance (in shares) at Dec. 31, 2021 | 132,293,898 | 132,293,898 | |||
Ending balance at Dec. 31, 2021 | $ 1,223,697 | $ 1,323 | $ 1,129,647 | $ 112,858 | $ (20,131) |
Operations and summary of signi
Operations and summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and summary of significant accounting policies | Operations and summary of significant accounting policies National Instruments Corporation (the "Company," "NI," "we," "us" or "our") 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 automated test and automated measurement systems. Our software-centric approach helps our customers quickly and cost-effectively design, prototype and deploy 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 often is not known to us. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Gain on Sale of Business/Assets Sale of Office Building During the year ended December 31, 2019, we recognized a gain of $26.8 million from the sale of our 136,000 square foot office building and property located at 6504 Bridgepoint Parkway, Austin, Texas. At the time of sale, we did not occupy the building and had been leasing the building to third parties for several years. The disposal gain is presented as "Gain on sale of business/asset" in the Consolidated Statements of Income, in accordance with ASC 360 - Property, Plant and Equipment . Divestiture of AWR On January 15, 2020, we completed the sale of our AWR Corporation subsidiary ("AWR") for approximately $161 million. We recognized a gain of approximately $160 million on the sale. The gain is included within "Gain on sale of business/asset" in the consolidated statements of income, which also included approximately $1 million of transaction costs. The divestiture of AWR resulted in the derecognition of the following assets and liabilities (in thousands): Assets Cash $ 1,027 Accounts receivable, net 7,233 Prepaid and other current assets 283 Goodwill 7,221 Other non-current assets 556 Total Assets $ 16,320 Liabilities Deferred revenue 15,296 Other current liabilities 940 Cumulative translation adjustment (660) Total liabilities and stockholders' equity 15,576 Total assets divested, net (including cash) $ 744 Revenue Recognition Revenue is recognized upon transfer of control of the promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of our products or services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Nature of Goods and Services We derive revenues from two primary sources: products and software maintenance. Product revenues are primarily generated from the sale of off-the-shelf modular test and measurement hardware components and related drivers, and application software licenses. Sales of most hardware components may also include optional extended hardware warranties, which typically provide additional service-type coverage for three years from the purchase date. Our software licenses typically provide for a perpetual right to use our software. We also offer some term-based software licenses that expire, which are referred to as subscription arrangements. We do not customize software for customers and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We sell our customer support contracts as a percentage of net software purchases to which the support is related. Revenues from offerings related to our hardware and software products such as extended hardware warranties, training, consulting and installation services are not significant and are presented within product revenues, as further discussed below. Software maintenance revenues consists of post-contract customer support that provides the customer with unspecified upgrades and technical support. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software licenses are estimated based on our established pricing practices and maximize the use of observable inputs. Standalone selling prices of hardware products are typically estimated based on observable transactions when these services are sold on a standalone basis. Our typical performance obligations include the following: Performance Obligation When performance obligation is typically satisfied When payment is typically due How standalone selling price is typically estimated Product revenue Modular hardware When customer obtains control of the product (point-in-time) Within 30-90 days of shipment Observable in transactions without multiple performance obligations Software licenses When software media is delivered to customer or made available for download electronically, and the applicable license period has begun (point-in-time) Within 30-90 days of the beginning of license period Perpetual/Subscription licenses: Value relationships based on (i) the directly observable pricing of the license bundled with software maintenance and (ii) the directly observable pricing of software maintenance renewals, when they are sold on a standalone basis. Enterprise-wide term licenses: Residual method Extended hardware warranty Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions Other related support offerings As work is performed (over time) or course is delivered (point-in-time) Within 30-90 days of delivery Observable in transactions without multiple performance obligations Software maintenance revenue Software maintenance Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions Significant Judgments Judgment is required to determine the standalone selling price ("SSP") for each distinct performance obligation. We use a single amount to estimate SSP for items that are not sold separately, including perpetual and term licenses sold with software maintenance. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount that needs to be allocated based on the relative SSP of the various products and services. Due to the various benefits from and the nature of our enterprise agreement program, judgment is required to assess the pattern of delivery, including the utilization of certain benefits across our portfolio of customers. Additionally, whether a renewal option represents a distinct performance obligation could significantly impact the timing of revenue recognized. Our products are generally sold with a right of return which is accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available and only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Changes to our estimated variable consideration were not material for the periods presented. Contract Balances Timing of revenue recognition may differ from the timing of payment from customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Based on the nature of our contracts with customers, we do not typically recognize unbilled receivables related to revenues recognized in excess of amounts billed. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with efficient and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing. Examples include invoicing at the beginning of a maintenance service term with revenue recognized ratably over the contract period. Accounts Receivable Accounts receivable are recorded net of allowance for credit losses of $7.0 million and $6.5 million at December 31, 2021 and 2020, respectively. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical bad debts, customer concentrations, customer creditworthiness and current economic trends. (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2019 Allowance for credit losses $ 3,490 $ 396 343 $ 3,543 2020 Allowance for credit losses $ 3,543 $ 3,669 693 $ 6,519 2021 Allowance for credit losses $ 6,519 $ 672 179 $ 7,012 Contract Liabilities We recognize contract liabilities, presented in our Consolidated Balance Sheet as "Deferred revenue" when we have an obligation to transfer goods or services to a customer for which we have received consideration (or an amount of consideration is due) from the customer. Refer to Note 2 - Revenue of Notes to Consolidated Financial Statements for additional information, including changes in our contract liability during the years ended December 31, 2021 and December 31, 2020. Refund Liability A refund liability 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 refund liability. Our sales return refund liability was $3.2 million and $2.6 million at each of December 31, 2021 and 2020 and is presented within "Other Current Liabilities" on our balance sheet. Assets Recognized from the Costs to Obtain a Contract with a Customer We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. Capitalized incremental costs related to initial contracts and renewals are amortized over the same period because the commissions paid on both the initial contract and renewals are commensurate with one another. Total capitalized costs to obtain a contract were not material during the periods presented and are included in other long-term assets on our consolidated balance sheets. The net effect of capitalization and amortization of these costs was not material to our results of operating during the periods presented. 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. 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. Investments We value our available-for-sale debt instruments 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 debt investments. Short-term investments consist of available-for-sale 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. Our investments in debt securities 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. 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. We periodically assess our available-for-sale debt securities for impairment and credit losses based on the specific identification method. We record an allowance for credit loss when a decline in fair value is due to credit-related factors. We consider various factors in determining whether an investment is impaired, including the severity of the impairment, changes in underlying credit ratings, forecasted recovery, our intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When we conclude that a credit-related impairment has occurred, we assess whether we intend to sell the security or if it is more likely than not that we will be required to sell the security before recovery. If either of these two conditions is met, we recognize a charge in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell a security and it is not more likely than not that we will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in “Other (expense) income” in our Consolidated Statements of Income, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss) . In addition, we from time to time make equity investments in non-publicly traded companies. Equity investments in which we do not have control but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. We record our proportionate share of the net income or loss of our equity method investees, along with adjustments for unrealized profits or losses on intra-entity transactions and amortization of basis differences, within "Other (expense) income" in the Consolidated Statement of Income. Profits or losses related to intra-entity sales with our equity method investees are eliminated until realized by the investor or investee. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are generally amortized over the lives of the related assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment. We record our interest in the net earnings of our equity method investments based on the most recently available financial statements of the investees. At December 31, 2021, the difference between the carrying amount of our equity-method investments and our share of the underlying equity in net assets of our investments was approximately $25 million. The basis difference is primarily attributable to intangible assets and equity-method goodwill. The carrying amount of the investment in equity interests is adjusted to reflect our interest in net earnings, dividends received and other-than-temporary impairments. We review the carrying amount for impairment whenever factors indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the Consolidated Statement of Income. All other non-marketable equity investments do not have readily determinable fair values and are recorded at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. We periodically review our non-marketable equity investments for other-than-temporary declines in fair value and write-down specific investments to their fair values when we determine that an other-than-temporary decline has occurred. We did not record any other-than-temporary impairments on our investment securities during 2021, 2020, and 2019. Inventories, net Inventories are stated at the lower of cost or net realizable value. 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. Inventory is shown net of adjustment for excess and obsolete inventories of $18.9 million, $17.0 million and $15.5 million at December 31, 2021, 2020 and 2019, respectively. (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2019 Adjustment for excess and obsolete inventories $ 15,385 $ 6,046 5,942 $ 15,489 2020 Adjustment for excess and obsolete inventories $ 15,489 $ 8,163 6,616 $ 17,036 2021 Adjustment for excess and obsolete inventories $ 17,036 $ 9,986 8,090 $ 18,932 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 three Business combinations We account for business combinations using the acquisition method of accounting and, accordingly, allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the businesses acquired are included in our consolidated statement of income beginning on the date of the acquisition. 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 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 Leasehold improvements are amortized over the shorter of the life of the lease or the asset. Intangible assets with finite useful lives, including developed technology, customer-related intangible assets, patents, trademarks, and backlog are subject to amortization over the expected period of economic benefit to us. We evaluate whether events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. Intangible assets related to in-process research and development (“IPR&D”) projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of our fiscal year. In testing indefinite-lived intangible assets for impairment, we may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, we then quantitatively compare the fair value of the indefinite-lived intangible asset to its carrying amount. We determine the fair value of our indefinite-lived intangible assets using a discounted cash flow method. The carrying values of long-lived assets, including identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, a recoverability test is performed utilizing undiscounted cash flows expected to be generated by that asset or asset group compared to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models or, when available, quoted market values and third-party appraisals. It is not possible for us to predict the likelihood of any possible future impairments or, if such an impairment were to occur, the magnitude of any impairment. Goodwill The excess purchase price over the fair value of assets acquired is recorded as goodwill. As businesses are acquired, we assign assets acquired (including goodwill) and liabilities assumed to either our existing reporting unit or a newly identified reporting unit as of the date of the acquisition. In the event a disposal group meets the definition of a business, goodwill is allocated to the disposal group based on the relative fair value of the disposal group to the related reporting unit. As we have one operating segment comprised of components with similar economic characteristics, we allocate goodwill to one reporting unit for goodwill impairment testing. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach based on the market capitalization of the reporting unit. Our annual impairment test was performed as of November 30, 2021. No impairment of goodwill was identified during 2021 and 2020. Goodwill is deductible for tax purposes in certain jurisdictions. Concentrations of credit risk At December 31, 2021, we had $211 million in cash and cash equivalents. Our cash and cash equivalent balances are held in numerous financial institutions throughout the world, including substantial amounts held outside of the U.S. The most significant of our operating accounts was our Citibank operating account owned by our entity in Hungary which held approximately $13 million or 6% of our total cash and cash equivalents at a bank that carried Baa1/BBB+/A ratings at December 31, 2021. The following table presents the geographic distribution of our cash, cash equivalents, and short-term investments as of December 31, 2021 (in millions): Domestic International Total Cash and Cash Equivalents $107.7 $103.4 $211.1 51% 49% Figures may not sum due to rounding. 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 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 3 – Short-term investments of 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% of our sales for the years ended December 31, 2021, 2020, and 2019, respectively. The largest trade account receivable from any individual customer at December 31, 2021 was approximately $9.3 million. Key supplier risk Our manufacturing processes use large volumes of high-quality components and subassemblies supplied by outside sources. Several of these items are available through sole or limited sources. Supply shortages or quality problems in connection with these key items could require us to procure items 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 a suppliers' performance, grading key suppliers in critical areas such as quality and “on-time” delivery. 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, 2021, 2020, and 2019 was as follows: (In thousands) 2021 2020 2019 Balance at the beginning of the year $ 2,872 $ 2,561 $ 3,173 Accruals for warranties issued during the year 2,790 2,668 2,356 Accruals related to pre-existing warranties 195 486 (376) Settlements made (in cash or in kind) during the year (2,647) (2,843) (2,592) Balance at the end of the year $ 3,210 $ 2,872 $ 2,561 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 necessary. Other (Expense) Income Other (expense) income consisted of the following amounts: (in thousands) 2021 2020 2019 Interest income $ 375 $ 3,899 $ 8,129 Interest expense (3,780) (1,883) (40) Loss from equity-method investments (5,719) (2,942) (1,060) Net foreign exchange loss (4,973) (141) (1,846) Other (493) 279 807 Other (expense) income $ (14,590) $ (788) $ 5,990 Advertising expense We expense costs of advertising as incurred. Advertising expense for the years ended December 31, 2021, 2020, and 2019 was $20 million, $15 million, and $7 million, respectively. Foreign currency translation The functional currency for a substantial majority of 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 gain (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 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. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated 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 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 gain (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 (fo |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenues We disaggregate revenue from contracts with customers based on the timing of transfer of goods or services to customers (point-in-time or over time) and geographic region based on the billing location of the customer. Before the second quarter of 2020, we included net sales attributable to our operations in India within the EMEA region. In the second quarter of 2020, we began including these amounts within APAC geographic region, to reflect recent changes within our organizational structure. We have recast historical comparative information to conform to the December 31, 2020 presentation. The geographic regions are now presented as the Americas, EMEA and APAC to reflect this change. Total net sales based on the disaggregation criteria described above are as follows: Year Ended December 31, 2021 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 503,839 $ 93,417 $ 597,256 EMEA 285,842 89,782 375,624 APAC 454,684 42,117 496,801 Total net sales (1) $ 1,244,365 $ 225,316 $ 1,469,681 Year Ended December 31, 2020 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 430,779 $ 77,669 $ 508,448 EMEA 263,473 82,162 345,635 APAC 391,937 40,651 432,588 Total net sales (1) $ 1,086,189 $ 200,482 $ 1,286,671 Year Ended December 31, 2019 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 446,703 $ 91,976 $ 538,679 EMEA 299,850 76,700 376,550 APAC 401,191 36,795 437,986 Total net sales (1) $ 1,147,744 $ 205,471 $ 1,353,215 (1) Net sales contain hedging gains and losses, which do not represent revenues recognized from customers. See Note 5 -Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations Information about Contract Balances Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to extended hardware and software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 90 days of contract inception. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers, such as invoicing at the beginning of a subscription term with a portion of the revenue recognized ratably over the contract period, or to provide customers with financing, such as multi-year on-premises licenses that are invoiced annually with revenue recognized upfront. Changes in deferred revenue, current and long-term, during the twelve months ended December 31, 2021 and December 31, 2020 were as follows: Amount (In thousands) Deferred Revenue at December 31, 2019 $ 164,925 Deferral of revenue billed in current period, net of recognition 124,769 Recognition of revenue deferred in prior periods (118,308) Acquisitions/Divestitures (7,999) Foreign currency translation impact 5,099 Deferred Revenue at December 31, 2020 $ 168,486 Deferral of revenue billed in current period, net of recognition 132,374 Recognition of revenue deferred in prior periods (126,263) Acquisitions/Divestitures 343 Foreign currency translation impact (4,300) Deferred Revenue at December 31, 2021 $ 170,640 For the twelve months ended December 31, 2021, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables are included in "Other current assets" and "Other long-term assets" on the consolidated balance sheet. Based on the nature of our contracts with customers, we do not typically recognize unbilled receivables related to revenues recognized in excess of amounts billed. For the year ended December 31, 2021, amounts recognized related to unbilled receivables were not material. Unsatisfied Performance Obligations Revenue expected to be recognized in any future period related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, and excluding contracts where revenue is recognized as invoiced, was approximately $61 million as of December 31, 2021. Since we typically invoice customers at contract inception, this amount is included in our current and non-current deferred revenue balances. As of December 31, 2021, we expect to recognize approximately 50% of the revenue related to these unsatisfied performance obligations during 2022, 31% during 2023, and 19% thereafter. Practical Expedients As discussed in Note 1 - Operations and summary of significant accounting policies and elsewhere in Note 2 - Revenue of Notes to Consolidated Financial Statements, we have elected the following practical expedients in accordance with the new revenue standard: • We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. • We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. • We do not consider the time value of money for contracts with original durations of one year or less. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Investments | Investments The following tables summarize unrealized gains and losses related to our short-term investments designated as available-for-sale debt securities: (In thousands) As of December 31, 2021 Adjusted Cost Gross Gross Fair Value Corporate bonds $ — $ — $ — $ — Short-term investments $ — $ — $ — $ — (In thousands) As of December 31, 2020 Adjusted Cost Gross Gross Fair Value Corporate bonds $ 59,761 $ 163 $ (1) $ 59,923 Short-term investments $ 59,761 $ 163 $ (1) $ 59,923 The following tables summarize the contractual maturities of our short-term investments designated as available-for-sale debt securities: (In thousands) As of December 31, 2021 Adjusted Cost Fair Value Due in less than 1 year $ — $ — Total available-for-sale debt securities $ — $ — Due in less than 1 year Adjusted Cost Fair Value Corporate bonds $ — $ — Total available-for-sale debt securities $ — $ — Equity-Method Investments The carrying value of our equity method investments was $32 million and $25 million as of December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, net sales to our equity-method investees were approximately $5.3 million and $1.0 million, respectively and purchases from our equity-method investees were not material. During the first quarter of 2021, we determined there was an other than temporary impairment for one of our equity-method investments, based on revised forecasts. We recorded a $3.5 million impairment loss related to this investment. Our proportionate share of the income/loss from equity-method investments is included within "Other (expense) income". Refer to Note 1 - Basis of Presentation of Notes to Consolidated Financial Statements for additional information on these amounts for the year ended December 31, 2021, 2020, and 2019. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 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, 2021 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 $ 101,290 $ 101,290 $ — $ — Other assets: Derivatives 12,407 — 12,407 — Total Assets $ 113,697 $ 101,290 $ 12,407 $ — Liabilities Derivatives $ (9,468) — (9,468) — Total Liabilities $ (9,468) $ — $ (9,468) $ — (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2020 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 $ 145,466 $ 145,466 $ — $ — Short-term investments available for sale: Corporate bonds 59,923 — 59,923 — Other Assets: Derivatives 6,124 — 6,124 — Total Assets $ 211,513 $ 145,466 $ 66,047 $ — Liabilities Derivatives $ (19,359) $ — $ (19,359) $ — Total Liabilities $ (19,359) $ — $ (19,359) $ — 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 of our short-term investments available-for-sale have contractual maturities of less than 60 months as of December 30, 2020. Derivatives include foreign currency forward 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. 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, 2021. There were not any transfers in or out of Level 1 or Level 2 during the year ended December 31, 2021. As of December 31, 2020, our short-term investments did not include any foreign sovereign debt from any country other than the United States. All of our short-term investments that are located outside of the U.S. are denominated in the U.S. dollar. Non-financial assets such as equity method investments, goodwill, intangible assets, and property, plant and equipment are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment is recognized. The amounts related to all assets and liabilities required to be measured at fair value on a nonrecurring basis were not material at December 31, 2021 and December 31, 2020. |
Derivative instruments and hedg
Derivative instruments and hedging activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | 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 direct operations in approximately 40 countries. Sales outside of the Americas accounted for approximately 59%, 60% and 60% of our net sales during each of the years ended December 31, 2021, 2020, and 2019, 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 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 use foreign currency forward 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 use 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 contracts as cash flow hedges of forecasted revenues or forecasted expenses. In addition, we hedge our foreign currency denominated balance sheet exposures using foreign currency forward contracts that are not designated as hedging instruments. None of our derivative instruments contain a credit-risk-related contingent feature. Cash flow hedges To help protect against the reduction in value caused by a fluctuation in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated 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. Hedge effectiveness of foreign currency forwards designated as cash flow hedges is 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) U.S. Dollar Equivalent As of December 31, 2021 As of December 31, 2020 Chinese yuan $ 99,066 $ 45,553 Euro 145,351 219,115 Japanese yen 43,128 73,399 Hungarian forint 54,939 82,429 British pound 25,947 25,133 Malaysian ringgit 29,624 36,249 Korean won $ 21,180 $ 22,301 Total forward contracts notional amount $ 419,235 $ 504,179 The contracts in the foregoing table had contractual maturities of 24 months or less as of December 31, 2021 and 36 months or less as of December 31, 2020. At December 31, 2021, we expect to reclassify $5.6 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $1.7 million of losses on derivative instruments from accumulated OCI to cost of sales when the cost of sales are incurred and $1.3 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, 2021. Actual results may vary as a result of changes in the corresponding exchange rates subsequent to this date. Other Derivatives Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge our foreign denominated monetary assets and liabilities to help 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 90 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 “Other (expense) income.” As of December 31, 2021 and December 31, 2020, we held foreign currency forward contracts that were not designated as hedging instruments with a notional amount of $94 million and $89 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. Asset Derivatives December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 8,993 $ 1,564 Foreign exchange contracts - LT forwards Other long-term assets 2,908 3,117 $ 11,901 $ 4,681 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 506 $ 1,443 $ 506 $ 1,443 Total derivatives $ 12,407 $ 6,124 Liability Derivatives December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (6,425) $ (12,549) Foreign exchange contracts - LT forwards Other long-term liabilities (2,377) (6,328) $ (8,802) $ (18,877) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (666) $ (482) $ (666) $ (482) Total derivatives $ (9,468) $ (19,359) The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the years ended December 31, 2021 and 2020, respectively: December 31, 2021 (In thousands) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 24,082 Net sales $ (4,229) Foreign exchange contracts - forwards (4,004) Cost of sales (452) Foreign exchange contracts - forwards (2,808) Operating expenses (355) Total $ 17,270 $ (5,036) December 31, 2020 (In thousands) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ (22,813) Net sales $ 4,322 Foreign exchange contracts - forwards 1,925 Cost of sales (2,165) Foreign exchange contracts - forwards 1,194 Operating expenses (1,603) Total $ (19,694) $ 554 (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, 2021 December 31, 2020 Foreign exchange contracts - forwards Other (expense) income $ (4,944) $ 810 Total $ (4,944) $ 810 Gains or losses recognized in OCI on our derivatives are reported net of gains or losses reclassified from accumulated OCI into income. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net at December 31, 2021 and December 31, 2020 consist of the following: (In thousands) December 31, 2021 December 31, 2020 Raw materials $ 181,676 $ 99,942 Work-in-process 14,573 11,307 Finished goods 92,994 82,763 Total $ 289,243 $ 194,012 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment Property and equipment at December 31, 2021 and December 31, 2020 consist of the following: (In thousands) December 31, 2021 December 31, 2020 Land $ 12,390 $ 12,424 Buildings 238,949 232,094 Furniture and equipment 450,889 427,807 702,228 672,325 Accumulated depreciation (448,560) (417,926) Total, net $ 253,668 $ 254,399 Depreciation expense for the years ended December 31, 2021, 2020, and 2019, was $40 million, $40 million and $38 million, respectively. |
Intangible assets, net and Good
Intangible assets, net and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net and Goodwill | Intangible assets, net and Goodwill Intangible assets at December 31, 2021 and December 31, 2020 are as follows: (In thousands) December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 45,671 $ (36,457) $ 9,214 $ 115,251 $ (83,706) $ 31,545 Acquired technology 148,155 (34,264) 113,891 105,486 (17,913) 87,573 Customer relationships 93,931 (19,717) 74,214 40,273 (10,026) 30,247 Patents 36,217 (29,316) 6,901 35,803 (25,578) 10,225 Other 32,962 (16,764) 16,198 27,440 (14,311) 13,129 Total $ 356,936 $ (136,518) $ 220,418 $ 324,253 $ (151,534) $ 172,719 Software development costs capitalized in 2021, 2020, and 2019 were $2 million, $4 million, and $10 million, respectively, and related amortization expense was $24 million, $29 million, and $28 million, respectively. Capitalized software development costs for the years ended December 31, 2021, 2020, and 2019 included costs related to stock-based compensation of $0.2 million, $0.3 million and $0.5 million, 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, which range from three five ten Capitalized software development costs, acquired technology, patents and other intangible assets had weighted-average remaining useful lives of 1.7 years, 3.5 years, 5.0 years, and 2.5 years, respectively, as of December 31, 2021. The estimated future amortization expense related to intangible assets as of December 31, 2021 was as follows: Amount (In thousands) 2022 $ 51,279 2023 43,250 2024 40,019 2025 35,383 2026 22,669 Thereafter 27,818 Total $ 220,418 Goodwill A reconciliation of the beginning and ending carrying amounts of goodwill is as follows: Amount (In thousands) Balance as of December 31, 2019 $ 262,242 Acquisitions 203,065 Divestiture (7,221) Foreign currency translation impact 9,461 Balance as of December 31, 2020 $ 467,547 Acquisitions 114,178 Purchase price adjustments 1,973 Foreign currency translation impact (7,706) Balance as of December 31, 2021 $ 575,992 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The components of operating lease expense were as follows: Years Ended December 31, (In thousands) 2021 2020 Operating Lease Cost (a) 21,173 $ 21,637 (a) Includes variable and short-term lease costs Supplemental cash flow information related to operating leases were as follows: Years Ended December 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating lease liabilities $ 19,087 $ 20,005 Supplemental non-cash information: Operating lease right-of-use assets obtained in exchange for new operating lease obligations $ 8,707 $ 12,252 Maturities of lease liabilities as of December 31, 2021 were as follows: (In thousands) Years ending December 31, Operating Leases 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total future minimum lease payments 47,262 Less imputed interest 3,657 Total $ 43,605 Years Ended December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating Leases 4.3 4.6 Weighted Average Discount Rate Operating Leases 3.8 % 4.9 % As of December 31, 2021, we have additional operating leases, that have not commenced during the period, which were not material. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The components of income before income taxes are as follows: (In thousands) Years Ended December 31, 2021 2020 2019 Domestic $ 33,368 $ 189,486 $ 98,476 Foreign 70,207 9,276 82,068 Total $ 103,575 $ 198,762 $ 180,544 The provision for income taxes charged to operations is as follows: (In thousands) Years Ended December 31, 2021 2020 2019 Current tax expense: U.S. federal $ 10,979 $ 25,949 $ 18,212 State 3,135 4,793 2,705 Foreign 15,942 16,590 10,156 Total current $ 30,056 $ 47,332 $ 31,073 Deferred tax expense (benefit): U.S. federal $ (8,485) $ 10,056 $ (9,168) State (732) 885 (1,218) Foreign (6,676) (5,100) (3,045) Total deferred $ (15,893) $ 5,841 $ (13,431) Change in valuation allowance 97 1,930 751 Total provision $ 14,260 $ 55,103 $ 18,393 Deferred tax liabilities (assets) at December 31, 2021 and 2020 were as follows: (In thousands) December 31, 2021 2020 Capitalized software $ 1,956 $ 7,134 Depreciation and amortization 8,202 11,142 Intangible assets 25,526 29,384 Right of use asset 7,246 9,029 Unrealized exchange loss — 3,658 Undistributed earnings of foreign subsidiaries 2,865 2,600 Unrealized gain on derivative instruments 481 — Gross deferred tax liabilities 46,276 62,947 Operating loss carryforwards (92,069) (101,187) Vacation and other accruals (6,188) (6,296) Inventory valuation and warranty provisions (2,566) (2,178) Doubtful accounts and sales provisions (1,759) (1,435) Unrealized gain on derivative instrument — (3,394) Deferred revenue (5,997) (6,831) Operating lease liabilities (7,847) (9,737) Accrued expenses (194) (213) Global intangible low-taxed income (2,714) (2,580) Stock-based compensation (6,786) (6,384) Research and development tax credit carryforward (33) — Foreign tax credit carryforward (1,468) (1,016) Cumulative translation adjustment on undistributed earnings (873) (451) Unrealized exchange loss (758) — Other (3,446) (4,246) Gross deferred tax assets (132,698) (145,948) Valuation allowance 83,630 93,042 Net deferred tax (asset) liability $ (2,792) $ 10,041 A reconciliation of income taxes at the U.S. federal statutory income tax rate to our effective tax rate follows: Years Ended December 31, 2021 2020 2019 U.S. federal statutory rate 21 % 21 % 21 % Foreign taxes greater (less) than federal statutory rate (3) 6 — Outside basis difference on asset held for sale — 2 (6) Research and development tax credits (4) (2) (3) Enhanced deduction for certain research and development expenses (5) (2) (3) State income taxes, net of federal tax benefit 2 1 — Nondeductible officer compensation 2 1 1 Change in intercompany prepaid tax asset (1) 1 — Foreign-derived intangible income deduction (4) (2) (3) Global intangible low-taxed income inclusion ("GILTI") 2 — 1 Amortization of intangible assets 3 1 — Transition tax on deferred foreign income — — 1 Global intangible low-taxed income deferred — — — Foreign tax on undistributed foreign earnings — — — Other 1 1 1 Effective tax rate 14 % 28 % 10 % The Tax Cuts and Jobs Act was enacted on December 22, 2017 (the "Tax Act"). The Act reduced the US federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings. In 2018 and 2017, we recorded tax expense related to the enactment-date effects of the Act that included recording the one-time transition tax liability related to undistributed earnings of certain foreign subsidiaries that were not previously taxed, adjusting deferred tax assets and liabilities and recognizing the effects of electing to account for GILTI in deferred taxes. As of December 31, 2017, we recognized a provisional amount of $69.9 million, which was included as a component of income tax expense from continuing operations. During 2018, we reduced the provisional amounts recorded at December 31, 2017 by $4.2 million and included these adjustments as a reduction of income tax expense from continuing operations. During 2019, we recorded a $2.6 million net tax expense related to an increase in the 2017 one-time transition tax on accumulated foreign earnings as a result of final tax regulations issued in 2019. The amount of transition tax payable as of December 31, 2021 was $61.2 million, of which $7 million is due in the next 12 months and $54.2 million is payable during 2023 through 2025. As of December 31, 2021, we had federal tax net operating loss carryforwards of $2.0 million, which may be carried forward indefinitely, and tax credit carryforwards of $1.5 million which expire during the years 2028 to 2031. Certain of these carryforwards are subject to limitations following a change in ownership. We do not expect to utilize certain of these tax credit carryforwards and have recorded a valuation allowance of $1.5 million against those credits at December 31, 2021. As of December 31, 2021, 28 of our subsidiaries had available, for income tax purposes, foreign net operating loss carryforwards of an aggregate of approximately $963 million, of which $872 million expires during the years 2022 to 2038 and $91 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 do not expect to have sufficient future taxable income in Hungary to realize the benefits of NI Hungary’s deferred tax assets. Therefore, we had a full valuation allowance against those assets at December 31, 2021. Earnings from our operations in Malaysia are free of tax under a tax holiday effective January 1, 2013. This tax holiday expires in 2037. If we fail to satisfy the conditions of the tax holiday, this tax benefit may be terminated early. The tax holiday in Malaysia resulted in income tax benefits of $3.9 million and $2.0 million for the years ended December 31, 2021 and 2020, respective1y. The impact of the tax holiday on a per share basis for each of the years ended December 31, 2021 and 2020 was a benefit of $0.03 and $0.02 per share, respectively. We have not provided for foreign withholding or distribution taxes on approximately $2.4 million of certain non-U.S. subsidiaries' undistributed earnings as of December 31, 2021. These earnings would become subject to withholding or distribution taxes of approximately $194,000, if they were remitted to the parent company as dividends. We intend to permanently reinvest these 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. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: (In thousands) December 31, 2021 December 31, 2020 Balance at beginning of period $ 10,488 $ 6,030 Additions based on tax positions related to the current year 232 6,866 Reductions as a result of the closing of open tax periods (1,360) (2,408) Balance at end of period $ 9,360 $ 10,488 All of our gross unrecognized tax benefits at December 31, 2021 would affect our effective income tax rate if recognized. As of December 31, 2021, it is reasonably possible that we will recognize gross tax benefits in the amount of $1.5 million in the next twelve months due to the closing of open tax years. The nature of the uncertainty is related to deductions taken on returns that have not been examined by the applicable tax authority. We recognize interest and penalties related to income tax matters in income tax expense. During the years ended December 31, 2021 and 2020, we recognized interest expense related to uncertain tax positions of approximately $0.2 million and $0.3 million, respectively. As of December 31, 2021, and 2020, we had approximately $0.3 million and $0.4 million accrued for interest related to uncertain tax positions, respectively. The tax years 2015 through 2021 remain open to examination by the major taxing jurisdictions to which we are subject. |
Comprehensive income
Comprehensive income | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive income | Comprehensive income Our comprehensive income is comprised of net income, foreign currency translation, unrealized gains and losses on forward contracts and debt securities classified as available-for-sale. The accumulated other comprehensive income, net of tax, for the years ended December 31, 2021 and 2020, consisted of the following: December 31, 2021 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2020 $ (10,066) $ (426) $ (10,334) $ (20,826) Current-period other comprehensive (loss) income (13,113) 420 12,234 (459) Reclassified from accumulated OCI into income — — 5,036 5,036 Income tax benefit (expense) — 6 (3,888) (3,882) Balance as of December 31, 2021 $ (23,179) $ — $ 3,048 $ (20,131) December 31, 2020 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2019 $ (25,831) $ (85) $ 4,846 $ (21,070) Current-period other comprehensive income (loss) 15,765 (398) (19,139) (3,772) Reclassified from accumulated OCI into income — — (554) (554) Income tax benefit (expense) — 57 4,513 4,570 Balance as of December 31, 2020 $ (10,066) $ (426) $ (10,334) $ (20,826) |
Authorized shares of common and
Authorized shares of common and preferred stock and stock-based compensation plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Authorized shares of common and preferred stock and stock-based compensation plans | Authorized shares of common and preferred stock and stock-based compensation plans Authorized shares of common and preferred stock The total number of shares which we are authorized to issue is 365,000,000 shares, consisting of (i) 5,000,000 shares of preferred stock, par value $0.01 per share, and (ii) 360,000,000 shares of common stock, par value $0.01 per share. Stock-Based Compensation Plan Our stockholders approved our 2005 Incentive Plan (the “2005 Plan”) on May 10, 2005. At the time of approval, 4,050,000 shares of our common stock were reserved for issuance under the 2005 Plan, as well as the number of shares which had been reserved but not issued under our 1994 Incentive Stock Options Plan (the "1994 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 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 the 2010 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 the forfeiture or termination of options or RSUs or repurchase of shares issued under those 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 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 the 2015 Plan, as well as the 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015, and any shares that were returned to the 1994 Plan, 2005 Plan, and 2010 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those 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 and such awards may be subject to performance-based vesting conditions. Awards generally vest over a three four five Our stockholders approved our 2020 Equity Incentive Plan (the “2020 Plan”) on May 5, 2020. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2020 Plan, as well as the 567,142 shares of common stock that were reserved but not issued under the 2015 Plan as of May 5, 2020, and any shares that were returned to the 1994 Plan, 2005 Plan, 2010 Plan and 2015 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2020 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 generally vest over a one two three During the year ended December 31, 2021, we did not make any changes in accounting principles or methods of estimates related to the 2010, 2015 and 2020 Plans. Transactions under our 2010 Plan, 2015 Plan and 2020 Plan are summarized as follows: RSUs Number of RSUs Weighted average grant price per share Outstanding at December 31, 2018 3,178,536 $ 36.91 Granted 1,306,387 $ 46.76 Earned (958,995) $ 35.86 Canceled (236,291) $ (38.82) Outstanding at December 31, 2019 3,289,637 $ 40.99 Granted 2,347,725 $ 40.27 Earned (1,105,559) $ 40.02 Canceled (490,541) $ 40.74 Outstanding at December 31, 2020 4,041,262 $ 40.88 Granted 1,757,606 $ 45.67 Earned (1,389,110) $ 39.92 Canceled (447,300) $ 41.54 Outstanding at December 31, 2021 3,962,458 $ 43.26 Total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $209.0 million as of December 31, 2021, related to 3,962,458 shares with a per share weighted average fair value of $43.26. We anticipate this expense to be recognized over a weighted average period of approximately 2.31 years. Performance-based stock units During the year ended December 31, 2021 and 2020, we granted 130,006 and 144,647, of PRSUs, to executive officers pursuant to the 2020 Plan and 2015 Plan, respectively. The PRSUs may be earned based on our total shareholder return ("TSR") compared to the TSR of the Russell 2000 Index (the “Index”) over a three-year performance period. For the PRSUs granted during the year ended December 31, 2021, the three-year performance period commenced on January 1, 2021, and will end on December 31, 2023, and for the PRSUs granted during the year ended December 31, 2019, the three-year performance period commenced on January 1, 2020 and will end on December 31, 2022, using the average daily closing price over a 30-day lookback in each case. The number of awards earned could range from zero to two times the target number of shares granted. The fair values of PRSUs are estimated using a Monte Carlo simulation. The determination of fair value of the PRSUs are based on our stock price and a number of assumptions including the expected volatility, expected dividend yield and the risk-free interest rate. The expected volatility at the date of grant was based on the historical volatilities of our stock and the companies included in the Index over the performance period. The Monte Carlo model is based on random projections of stock-price paths and must be repeated numerous times to achieve a probabilistic assessment. The key assumptions used in valuing these market-based awards are as follows: Twelve Months Ended December 31, 2021 December 31, 2020 Number of simulations 100,000 100,000 Expected volatility 40.60% 27.41% Expected life in years 2.95 years 2.92 years Risk-free interest rate 0.21% 1.38% Dividend yield 2.66% 2.32% The weighted average grant date fair value of the market-based awards, as determined by the Monte Carlo valuation model, was $66.97 per share and $61.00 per share in 2021 and 2020, respectively. 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 14, 2019, our stockholders approved an additional 3,000,000 shares for issuance under our employee stock purchase plan, and at December 31, 2021, we had 2,061,521 shares of common stock reserved for future issuance under this plan. We issued 997,671 shares under this plan in the year ended December 31, 2021. The weighted average purchase price of the shares under this plan was $32.59 per share. The grant date fair value of the purchase rights was estimated using the Black-Scholes model with the following assumptions: 2021 2020 2019 Dividend yield 0.653 % 0.620 % 0.558 % Expected life 3 months 3 months 3 months Expected volatility 35 % 47 % 34 % Risk-free interest rate 0.71 % 1.26 % 2.32 % Weighted average, grant date fair value of purchase rights granted under the employee stock purchase plan are as follows: Number of Shares Weighted average fair value per share 2019 909,274 $ 9.40 2020 1,026,578 $ 8.80 2021 997,671 $ 9.17 During the year ended December 31, 2021, we did not make any changes in accounting principles or methods of estimates with respect to the employee stock purchase plan. Authorized Preferred Stock and Preferred Stock Purchase Rights Plan We have 5,000,000 authorized shares of preferred stock. On January 21, 2004, our Board of Directors designated 750,000 of these shares as Series A Participating Preferred Stock in conjunction with its adoption of a Preferred Stock Rights Agreement which expired on May 10, 2014. There were no shares of preferred stock issued and outstanding as of December 31, 2021. Stock repurchases and retirements On April 21, 2010, our Board of Directors authorized a program to repurchase of shares of our common stock from time to time, depending on market conditions and other factors (the "Program"). The Board of Directors has amended the Program several times over the years to increase the number of shares that may be purchased under the Program. Most recently, on October 23, 2019, our Board amended the Program to increase the number of shares that may be repurchased by 3,000,000 shares. At December 31, 2021, there were 270,445 shares remaining available for repurchase under the Program. The Program does not have an expiration date. Under the Program, during the year ended December 31, 2021, we repurchased 1,339,498 shares of our common stock at a weighted average price per share of $41.06. Under the Program, during the year ended December 31, 2020, we repurchased 1,390,057 shares of our common stock at a weighted average price per share of $35.04. Under the current program, and during the year ended December 31, 2019, we repurchased 4,000,000 shares of our common stock at a weighted average price per share of $42.83. (See Note 20 –Subsequent events of Notes to Consolidated Financial Statements for the new repurchase program approved by our Board). |
Employee retirement plan
Employee retirement plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee retirement plan | Employee retirement planWe 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, subject to annual IRS limitations, may contribute up to 80% of their compensation to such plan. The Board of Directors has elected to make matching contributions equal to 50% of employee contributions, which could be applied to up to 8% of each participant’s compensation during 2021, 2020 and 2019. 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 $9.5 million, $9.3 million and $9.6 million in 2021, 2020, and 2019, respectively. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment information | 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 consolidated financial statements and the notes thereto. We sell our products in three geographic regions which consist of Americas; EMEA; and APAC. Our sales to these regions share similar economic characteristics including the nature of products and services we sell, the type and class of customers, and the methods used to distribute our products and services. 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. (See Note 2 –Revenue of Notes to Consolidated Financial Statements for total net sales by the major geographic areas in which we operate). The following tables present summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. United States China (1) Rest of the World Total (in millions) Net sales: Year ended December 31, 2021 $ 566 $ 233 $ 671 $ 1,470 Year ended December 31, 2020 $ 482 $ 201 $ 604 $ 1,287 Year ended December 31, 2019 $ 503 $ 200 $ 650 $ 1,353 (1): Includes Mainland China and Hong Kong Special Administrative Region The following table presents summarized information for long-lived assets by country. Long-lived assets attributable to each individual country outside the U.S., Hungary and Malaysia were not material. The long-lived assets presented below consist of property, plant, and equipment and operating lease right-of-use assets and excludes intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: December 31, 2021 $ 128 $ 51 $ 76 $ 57 $ 312 December 31, 2020 $ 127 $ 52 $ 75 $ 68 $ 322 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On June 18, 2021, we entered into the Second Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as the administrative agent, swingline lender and issuing lender (the “Administrative Agent”), Wells Fargo Securities, LLC, as sole lead arranger and bookrunner, and the lenders party thereto. The Credit Agreement amended and restated and refinanced our prior Amended and Restated Credit Agreement, dated as of June 12, 2020 (as further amended on October 30, 2020, the "Prior Credit Agreement"), by and among us, the lenders from time-to-time party thereto and Administrative Agent. All outstanding loans under the Prior Credit Agreement were repaid in full in connection with the entry into the Credit Agreement. The Credit Agreement provides for a secured revolving loan facility in an aggregate principal amount of up to $500 million at any time outstanding, with a sublimit of $25 million for the issuance of letters of credit. Subject to the terms and conditions of the Credit Agreement, including obtaining commitments from existing lenders or new lenders, we may request term loans or additional revolving commitments. Pursuant the Credit Agreement, the revolving line of credit terminates, and all revolving loans under the Credit Agreement will be due and payable, on June 18, 2026. The revolving loans and term loans accrue interest, at our option, at (i) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, and (c) a LIBOR loan interest rate of LIBOR for an interest period of one month plus 1.00%, in each case, plus a margin of 0.25% to 0.75%, or (ii) LIBOR plus a margin of 1.25% to 1.75%, with the margin being determined based upon our consolidated total net leverage ratio. The Credit Agreement contains financial covenants requiring us to maintain a maximum total net leverage ratio of less than or equal to 3.50 to 1.00, which increases to 4.00 to 1.00 for a specified period following material acquisitions, and a minimum interest coverage ratio of greater than or equal to 3.00 to 1.00, in each case determined in accordance with the Credit Agreement. The Credit Agreement provides for a commitment fee of 0.150% to 0.250% per annum, determined based upon our consolidated total net leverage ratio, on the average daily unused amount of the revolving committed amount, payable quarterly in arrears. Under the circumstances described in the Credit Agreement, certain of our wholly owned domestic subsidiaries (the "Subsidiary Guarantors") are required to enter into a guaranty agreement ("Guaranty") in favor of the Administrative Agent guarantying the obligations of the Company under the Credit Agreement, among other things. As of December 31, 2021, there were no Subsidiary Guarantors, and no Guaranty had been executed in connection with the Credit Agreement. In connection with the Credit Agreement, we have entered (and our future Subsidiary Guarantors will enter into an Amended and Restated Collateral Agreement pursuant to which we and our Subsidiary Guarantors from time-to-time have granted (or will grant) a lien on substantially all of our and their assets to secure our and their obligations under the Credit Agreement and the Guaranty. The Credit 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, maintenance of books and records, 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 Credit 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 Administrative Agent and the Lenders 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 Credit Agreement. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Credit Agreement at a per annum rate of interest equal to 2.00% above the otherwise applicable interest rate. Proceeds of revolving loans of the Credit Agreement may be used for working capital and other general corporate purposes. We may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty. The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of December 31, 2021, and 2020, respectively (in thousands): December 31, December 31, 2021 2020 Secured 2020 term loan (effective interest rate of 1.7%) $ — $ 98,750 2021 revolving line of credit (effective interest rate of 1.4%) 300,000 — Total Debt 300,000 98,750 Less: Unamortized debt issuance costs — (1,714) Less: Current Portion of Total Debt — (5,000) Total Debt, non-current $ 300,000 $ 92,036 As of December 31, 2021, debt issuance costs of approximately $2.5 million attributable to our revolving credit facility are presented within "Other long-term assets" in our Consolidated Balance Sheet. These amounts are amortized to interest expense ratably over the life of the revolving line of credit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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, 2021, for each of the next five years are as follows: Amount (In thousands) 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total $ 47,262 Rent expense under operating leases was approximately $21 million for the year ended December 31, 2021, $23 million for the year ended December 31, 2020 and $21 million for the year ended December 31, 2019. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2021 | |
Litigation Settlement [Abstract] | |
Litigation | Litigation We are not currently a party to any material litigation. However, in the ordinary course of our business, we have in the past, are currently and may likely become involved in various legal proceedings, claims, and regulatory, tax or government inquiries and investigations, 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 investigation, litigation or dispute. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of N H Research, LLC ("NHR") On October 19, 2021, we completed the acquisition of NHR, a manufacturer of test and measurement solutions for high power applications including electric vehicles ("EV") and batteries. As a result of acquiring 100% of the outstanding share capital of NHR, NHR became our wholly owned subsidiary. This transaction is being accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of NHR have been recorded at their respective fair values as of the acquisition date. Transaction costs have been expensed as incurred. The acquisition was funded primarily by cash on hand in addition to $200 million drawn under our existing credit facility in October 2021. See Note 15 – Debt of Notes to Consolidated Financial Statements for further information on our outstanding borrowings. During the year ended December 31, 2021, we expensed $6 million of transaction costs in connection with the acquisition of NHR, which are included in selling, general and administrative expenses. At the acquisition date, total consideration transferred was approximately $206 million, inclusive of $3 million in cash acquired. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification and other related applications. As a result of the structure of the transaction, the balance of goodwill is deductible in the U.S. over 15 years for income tax purposes. Fair value of net assets acquired and liabilities assumed The information below represents the preliminary purchase price allocation of NHR (in thousands): October 19, 2021 Consideration Transferred $ 206,238 Cash 2,935 Accounts receivable, net 3,902 Inventories, net 4,764 Property and equipment, net 287 Other assets and liabilities 464 Intangible assets 98,510 Goodwill 97,847 Accounts payable and accrued expenses (2,186) Deferred revenue (285) Net assets acquired $ 206,238 Our preliminary estimates of the fair value of the assets acquired and the liabilities assumed are based on the information currently available, and we are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the date of acquisition. A decrease in the fair value of assets acquired or an increase in the fair value of liabilities assumed in the acquisition would result in a corresponding increase in the amount of goodwill acquired. The primary areas of the purchase price that are not yet finalized relate to income taxes, acquired intangibles, inventory and residual goodwill. Acquired intangible assets will be amortized over their estimated useful lives on a straight-line basis. The following table summarizes the preliminary purchase price allocation, and the preliminary average remaining useful lives, for identifiable intangible assets acquired (dollars in thousands): Estimated Fair Value Estimated Useful Lives (in years) Customer relationships $ 54,350 7 Developed software 6,010 2-7 Existing product configurations 28,300 9 In-process research and development (IPR&D) 4,030 Indefinite Trade name 5,820 6 Total $ 98,510 Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. Customer relationships were valued using the multi-period excess earnings method of the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by customer relationships less charges representing the contribution of other assets to those cash flows. The economic useful life was determined by examining the period of time over which a target cumulative present value of discounted cash flows could be achieved. Existing product configurations represent the existing hardware configurations of products sold by NHR. These products are created from component parts and assembled based on their intended purpose and application. Existing product configurations were valued using the avoided costs / lost profits method. The fair value represents the total costs that would be avoided by having this asset in place. The economic useful life was determined based on the number of years since launch for each product compared to the expected total life of each product. Unaudited Pro Forma Information For the period subsequent to the acquisition date, net sales of $9 million and net income of $3 million related to NHR have been included in our consolidated statements of income. The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the NHR acquisition had occurred on January 1, 2020, with adjustments to give effect to pro forma events that are directly attributable to the acquisition. These pro forma adjustments include additional amortization expense for the identifiable intangible assets and an increase in interest expense related to the additional borrowings entered into in connection with the acquisition, net of tax effects. For the pro forma presentation, given the assumed acquisition date of January 1, 2020, transaction and integration costs that were incurred at or subsequent to the actual acquisition date have been included in the calculation of pro forma net income for the twelve months ended December 31, 2021, whereas transaction and integration costs that were incurred prior to the acquisition date have been excluded from the calculation of pro forma net income. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what actual results of operations would have been if the acquisition had occurred as the beginning of the period presented, nor are they indicative of future results of operations. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the unaudited pro forma results. Years Ended December 31, (in thousands) 2021 2020 Net sales $ 1,496,917 $ 1,319,330 Net income $ 85,746 $ 144,211 2021 - Other Acquisitions During the second quarter of 2021, we also completed the acquisition of a software company that specializes in signal processing and high-fidelity simulation software for validation of autonomous vehicles and advanced driver-assistance systems for approximately $20 million in total cash consideration, subject to certain post-closing adjustments. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of the software company have been recorded at their respective fair values as of the acquisition date. We recognized approximately $17 million of goodwill and $4 million of other intangible assets as part of our preliminary purchase price allocation. Transaction costs have been expensed as incurred and were not material to the periods presented. The preliminary purchase price allocation related to the acquisition was not finalized as of December 31, 2021, and is based upon a preliminary valuation subject to change as we obtain additional information with respect to certain intangible assets and income taxes. Pro forma results of operations have not been presented because the effects of the acquired operations were not material. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our software-defined automated test and measurement platform. Goodwill is not deductible for tax purposes. 2020 - Acquisition of OptimalPlus On July 2, 2020, we completed the acquisition of OptimalPlus Ltd. (“OptimalPlus”), a global leader in data analytics software for the semiconductor, automotive and electronics industries that is based in Israel. As a result of acquiring 100% of the outstanding share capital of OptimalPlus, OptimalPlus became our wholly owned subsidiary. This transaction is being accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of OptimalPlus have been recorded at their respective fair values as of the acquisition date. Transaction costs have been expensed as incurred. The acquisition was funded primarily by cash on hand in addition to $70 million drawn under our term loan facility on June 30, 2020. See Note 15 – Debt of Notes to Consolidated Financial Statements for further information on our outstanding borrowings. During the year ended December 31, 2020, we expensed $7 million of transaction costs in connection with the acquisition of OptimalPlus, which are included in selling, general and administrative expenses. At the acquisition date, total consideration transferred was approximately $353 million, inclusive of $18 million in cash acquired. Additionally, unvested in-the-money share options of certain OptimalPlus employees were exchanged into the right to receive deferred cash consideration in accordance with the terms of the share purchase agreement. Approximately $12 million of deferred cash consideration was allocated to post-combination expense and is not included in the total consideration transferred. The deferred cash consideration is subject to the original vesting schedule of the corresponding unvested options that were replaced and the amounts will be recognized as compensation expense over the remaining service period. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our software-defined automated test and measurement platform. As a result of the structure of the transaction, the balance of goodwill is deductible in the U.S. over 15 years for income tax purposes. Fair value of net assets acquired and liabilities assumed The information below represents the preliminary purchase price allocation of OptimalPlus (in thousands): July 2, 2020 Consideration Transferred $ 352,642 Cash 17,661 Intangible assets 129,000 Goodwill 203,065 Contract assets 15,454 Deferred revenue (7,341) Accounts receivable 4,927 Other assets and liabilities (2,543) Deferred tax liabilities (7,581) Net assets acquired $ 352,642 Our preliminary estimates of the fair value of the assets acquired and the liabilities assumed are based on the information currently available, and we are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the date of acquisition. A decrease in the fair value of assets acquired or an increase in the fair value of liabilities assumed in the acquisition from those valuation would result in a corresponding increase in the amount of goodwill acquired. The primary areas of the purchase price that are not yet finalized relate to income taxes, indemnification assets, and residual goodwill. Acquired intangible assets will be amortized over their estimated useful lives on a straight-line basis. The following table summarizes the preliminary purchase price allocation, and the preliminary average remaining useful lives, for identifiable intangible assets acquired (dollars in thousands): Estimated Fair Value Estimated Useful Lives (in years) Customer relationships $ 30,100 5 Developed technology 82,400 6 In-process research and development ("IPR&D") 10,400 Indefinite Other intangibles 6,100 3-5 Total $ 129,000 Developed technology and IPR&D relate to software platforms for data analytics in the semiconductor, automotive, and electronic industries that combine machine-learning with a global data infrastructure to provide real-time product analytics and extract insights from data across the entire supply chain. We valued the developed technology and IPR&D using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the technology less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the technology cycle related to each technology, as well as the cash flows over the forecast period. Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. Customer relationships were valued using the with-and-without-method under the income approach. In the with-and-without method, the fair value was measured by the difference between the present values of the cash flows with and without the existing customers in place over the period of time necessary to reacquire the customers. The economic useful life was determined by evaluating many factors, including the useful life of other intangible assets, the length of time remaining on the acquired contracts and the historical customer turnover rates. Unaudited Pro Forma Information The results of OptimalPlus have been included in our consolidated statements of income for the period subsequent to the acquisition date. The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the OptimalPlus acquisition had occurred on January 1, 2019, with adjustments to give effect to pro forma events that are directly attributable to the acquisition. These pro forma adjustments include additional amortization expense for the identifiable intangible assets, a reduction in revenue related to deferred revenue purchase accounting adjustments, an increase in interest expense related to the term loan entered into in connection with the acquisition, and adjustments to compensation expense for the replacement of unvested stock options discussed above, net of tax effects. For the pro forma presentation, given the assumed acquisition date of January 1, 2019, transaction and integration costs that were incurred at or subsequent to the actual acquisition date have been included in the calculation of pro forma net income for the year ended December 31, 2020, whereas transaction and integration costs that were incurred prior to the acquisition date have been excluded from the calculation of pro forma net income. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what actual results of operations would have been if the acquisition had occurred as the beginning of the period presented, nor are they indicative of future results of operations. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the unaudited pro forma results. Twelve Months Ended December 31, (in thousands) 2020 2019 Net sales $ 1,298,718 $ 1,399,669 Net income $ 131,519 $ 128,434 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On October 26, 2021, we initiated a restructuring plan (the “2021 Plan”) that will result in the site closure of our facilities in Aachen, Germany. This targeted restructuring effort is intended to further optimize our research and development operations and accelerate investment in strategic growth opportunities. In connection with the 2021 Plan, the majority of these charges were recognized during the fourth quarter of 2021. On October 29, 2020, we announced a workforce reduction plan (the “2020 Plan”) intended to accelerate our growth strategy and further optimize our operations and cost structure. The majority of charges related to this Plan were recognized during the three months ended December 31, 2020. We implemented a majority of the actions under this Plan as of December 31, 2021. A summary of the charges in the consolidated statement of operations resulting from these restructuring activities is shown below: (In thousands) Years Ended 2021 2020 2019 Cost of sales $ (25) 1,626 — Research and development 7,907 5,564 3,888 Sales and marketing 4,006 30,189 13,300 General and administrative 2,174 7,871 2,877 Other 316 — — Total restructuring and other related costs $ 14,378 45,250 20,065 Total restructuring and other charges incurred during the year ended December 31, 2021 related to the initiatives described above were $14.4 million primarily related to employee severance costs. A summary of balance sheet activity during 2021 related to the restructuring activity is shown below: Restructuring Liability Balance as of December 31, 2019 $ 9,527 Income statement expense 45,250 Cash payments (25,784) Balance as of December 31, 2020 $ 28,993 Income statement expense 14,378 Cash payments (31,851) Balance as of December 31, 2021 $ 11,520 The restructuring liability of $11.5 million at December 31, 2021, relating primarily to severance payments associated with the restructuring activity, is recorded in the “accrued compensation” line item of the consolidated balance sheet. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events On January 19, 2022, our Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on February 28, 2022, to stockholders of record at the close of business on February 7, 2022. |
Operations and summary of sig_2
Operations and summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
Reclassifications | ReclassificationsCertain prior period amounts have been reclassified to conform to the current period presentation. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of the promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of our products or services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Nature of Goods and Services We derive revenues from two primary sources: products and software maintenance. Product revenues are primarily generated from the sale of off-the-shelf modular test and measurement hardware components and related drivers, and application software licenses. Sales of most hardware components may also include optional extended hardware warranties, which typically provide additional service-type coverage for three years from the purchase date. Our software licenses typically provide for a perpetual right to use our software. We also offer some term-based software licenses that expire, which are referred to as subscription arrangements. We do not customize software for customers and installation services are not required. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We sell our customer support contracts as a percentage of net software purchases to which the support is related. Revenues from offerings related to our hardware and software products such as extended hardware warranties, training, consulting and installation services are not significant and are presented within product revenues, as further discussed below. Software maintenance revenues consists of post-contract customer support that provides the customer with unspecified upgrades and technical support. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices of software licenses are estimated based on our established pricing practices and maximize the use of observable inputs. Standalone selling prices of hardware products are typically estimated based on observable transactions when these services are sold on a standalone basis. Our typical performance obligations include the following: Performance Obligation When performance obligation is typically satisfied When payment is typically due How standalone selling price is typically estimated Product revenue Modular hardware When customer obtains control of the product (point-in-time) Within 30-90 days of shipment Observable in transactions without multiple performance obligations Software licenses When software media is delivered to customer or made available for download electronically, and the applicable license period has begun (point-in-time) Within 30-90 days of the beginning of license period Perpetual/Subscription licenses: Value relationships based on (i) the directly observable pricing of the license bundled with software maintenance and (ii) the directly observable pricing of software maintenance renewals, when they are sold on a standalone basis. Enterprise-wide term licenses: Residual method Extended hardware warranty Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions Other related support offerings As work is performed (over time) or course is delivered (point-in-time) Within 30-90 days of delivery Observable in transactions without multiple performance obligations Software maintenance revenue Software maintenance Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions Significant Judgments Judgment is required to determine the standalone selling price ("SSP") for each distinct performance obligation. We use a single amount to estimate SSP for items that are not sold separately, including perpetual and term licenses sold with software maintenance. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount that needs to be allocated based on the relative SSP of the various products and services. Due to the various benefits from and the nature of our enterprise agreement program, judgment is required to assess the pattern of delivery, including the utilization of certain benefits across our portfolio of customers. Additionally, whether a renewal option represents a distinct performance obligation could significantly impact the timing of revenue recognized. Our products are generally sold with a right of return which is accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available and only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Changes to our estimated variable consideration were not material for the periods presented. Contract Balances Timing of revenue recognition may differ from the timing of payment from customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Based on the nature of our contracts with customers, we do not typically recognize unbilled receivables related to revenues recognized in excess of amounts billed. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with efficient and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing. Examples include invoicing at the beginning of a maintenance service term with revenue recognized ratably over the contract period. |
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. |
Investments | Investments We value our available-for-sale debt instruments 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 debt investments. Short-term investments consist of available-for-sale 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. Our investments in debt securities 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. 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. We periodically assess our available-for-sale debt securities for impairment and credit losses based on the specific identification method. We record an allowance for credit loss when a decline in fair value is due to credit-related factors. We consider various factors in determining whether an investment is impaired, including the severity of the impairment, changes in underlying credit ratings, forecasted recovery, our intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. When we conclude that a credit-related impairment has occurred, we assess whether we intend to sell the security or if it is more likely than not that we will be required to sell the security before recovery. If either of these two conditions is met, we recognize a charge in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell a security and it is not more likely than not that we will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in “Other (expense) income” in our Consolidated Statements of Income, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss) . In addition, we from time to time make equity investments in non-publicly traded companies. Equity investments in which we do not have control but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. We record our proportionate share of the net income or loss of our equity method investees, along with adjustments for unrealized profits or losses on intra-entity transactions and amortization of basis differences, within "Other (expense) income" in the Consolidated Statement of Income. Profits or losses related to intra-entity sales with our equity method investees are eliminated until realized by the investor or investee. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are generally amortized over the lives of the related assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment. We record our interest in the net earnings of our equity method investments based on the most recently available financial statements of the investees. At December 31, 2021, the difference between the carrying amount of our equity-method investments and our share of the underlying equity in net assets of our investments was approximately $25 million. The basis difference is primarily attributable to intangible assets and equity-method goodwill. The carrying amount of the investment in equity interests is adjusted to reflect our interest in net earnings, dividends received and other-than-temporary impairments. We review the carrying amount for impairment whenever factors indicate that the carrying amount of the investment might not be recoverable. In such a case, the decrease in value is recognized in the period the impairment occurs in the Consolidated Statement of Income. |
Inventories, net | Inventories, netInventories are stated at the lower of cost or net realizable value. 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. |
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 three |
Business combinations | Business combinations We account for business combinations using the acquisition method of accounting and, accordingly, allocate the fair value of acquisition consideration to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. The results of operations of the businesses acquired are included in our consolidated statement of income beginning on the date of the acquisition. |
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 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 Leasehold improvements are amortized over the shorter of the life of the lease or the asset. Intangible assets with finite useful lives, including developed technology, customer-related intangible assets, patents, trademarks, and backlog are subject to amortization over the expected period of economic benefit to us. We evaluate whether events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. Intangible assets related to in-process research and development (“IPR&D”) projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Indefinite-lived intangible assets are tested for impairment at least annually during the fourth quarter of our fiscal year. In testing indefinite-lived intangible assets for impairment, we may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, we then quantitatively compare the fair value of the indefinite-lived intangible asset to its carrying amount. We determine the fair value of our indefinite-lived intangible assets using a discounted cash flow method. |
Goodwill | Goodwill The excess purchase price over the fair value of assets acquired is recorded as goodwill. As businesses are acquired, we assign assets acquired (including goodwill) and liabilities assumed to either our existing reporting unit or a newly identified reporting unit as of the date of the acquisition. In the event a disposal group meets the definition of a business, goodwill is allocated to the disposal group based on the relative fair value of the disposal group to the related reporting unit. As we have one operating segment comprised of components with similar economic characteristics, we allocate goodwill to one reporting unit for goodwill impairment testing. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach based on the market capitalization of the reporting unit. Our annual impairment test was performed as of November 30, 2021. No impairment of goodwill was identified during 2021 and 2020. Goodwill is deductible for tax purposes in certain jurisdictions. |
Concentrations of credit risk | Concentrations of credit riskThe 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 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 3 – Short-term investments of 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. |
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 items are available through sole or limited sources. Supply shortages or quality problems in connection with these key items could require us to procure items 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 a suppliers' performance, grading key suppliers in critical areas such as quality and “on-time” delivery. |
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. |
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 necessary. |
Advertising expense | Advertising expenseWe expense costs of advertising as incurred. |
Foreign currency translation | Foreign currency translation The functional currency for a substantial majority of 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 gain (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 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. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated 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 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 gain (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. |
Leases | Leases We identify leases by evaluating our contracts to determine if the contract conveys the right to use an identified asset for a stated period of time in exchange for consideration. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. We combine lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with the non-lease components (e.g., common-area maintenance costs) for our office leases. For our leases of other asset classes that contain both lease components and non-lease components, we allocate the consideration in the contract to each component based on its standalone price. Leases with terms greater than 12 months are classified as either operating or finance leases at the commencement date. For these leases, we record the related asset and obligation at the present value of lease payments. The discount rate used to calculate the present value of the lease payments is typically our incremental borrowing rate, as the rate implicit in the lease is generally not known or determinable. The lease term includes any noncancellable period for which we have the right to use the asset and may include options to extend or terminate the lease when it is reasonably certain that we will exercise the option. Operating leases are recognized as a single lease cost on a straight-line basis over the lease term. Our remaining lease terms range from approximately 1 year to 92 years, some of which may include options to extend the lease for up to 9 years, and some of which may include options to terminate the leases within 1 year. Such operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the accompanying consolidated balance sheets. Amounts related to finance lease activities and income from leasing activities were not material for the periods presented. (See Note 9 – Leases for further information on our lease balances). |
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. We account for GILTI in deferred taxes. 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 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 includes restricted stock units (“RSUs”), is computed using the treasury stock method. |
Stock-based compensation | Stock-based compensation Stock-based compensation costs are based on the fair value on the date of grant for all RSUs and on the date of enrollment for the employee stock purchase plan. We recognize compensation expense ratably over the requisite service period of the awards. Performance-based restricted stock units ("PRSUs") are RSU awards that vest based on a market condition. The market condition currently used is our stockholder return relative to the total stockholder return of the companies included in the Russell 2000 Index at the end of the three-year performance period. The fair values of RSUs, with service-based vesting conditions, are estimated using their market price on the date of grant. The fair values of rights under employee stock purchase plans are estimated using the Black-Scholes option-pricing model. The fair values of PRSUs are estimated using a Monte Carlo simulation. The determination of fair value of the PRSUs is affected by our stock price and a number of assumptions including the expected volatility, expected dividend yield and the risk-free interest rate. Our expected volatility at the date of grant was based on the historical volatilities of our stock and the companies included in the Russell 2000 Index over the performance period. Refer to Note 12 – Authorized shares of common and preferred stock and stock-based compensation plans for additional information on our equity-based compensation programs. |
Comprehensive income | Comprehensive incomeOur comprehensive income is comprised of net income, foreign currency translation and unrealized gains and losses on forward contracts and securities available-for-sale. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Clarification of Equity Method Transition In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-01, “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” which clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We adopted ASU 2020-01 on January 1, 2021, and the new standard did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10 (“ASU 2021-10”), Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU No. 2021-08 (“ASU 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers to improve the accounting for acquired revenue contracts with customers in a business combination to address recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements and related disclosures. |
Operations and summary of sig_3
Operations and summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Divestiture of AWR | The divestiture of AWR resulted in the derecognition of the following assets and liabilities (in thousands): Assets Cash $ 1,027 Accounts receivable, net 7,233 Prepaid and other current assets 283 Goodwill 7,221 Other non-current assets 556 Total Assets $ 16,320 Liabilities Deferred revenue 15,296 Other current liabilities 940 Cumulative translation adjustment (660) Total liabilities and stockholders' equity 15,576 Total assets divested, net (including cash) $ 744 |
Schedule of Typical Performance Obligations | Our typical performance obligations include the following: Performance Obligation When performance obligation is typically satisfied When payment is typically due How standalone selling price is typically estimated Product revenue Modular hardware When customer obtains control of the product (point-in-time) Within 30-90 days of shipment Observable in transactions without multiple performance obligations Software licenses When software media is delivered to customer or made available for download electronically, and the applicable license period has begun (point-in-time) Within 30-90 days of the beginning of license period Perpetual/Subscription licenses: Value relationships based on (i) the directly observable pricing of the license bundled with software maintenance and (ii) the directly observable pricing of software maintenance renewals, when they are sold on a standalone basis. Enterprise-wide term licenses: Residual method Extended hardware warranty Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions Other related support offerings As work is performed (over time) or course is delivered (point-in-time) Within 30-90 days of delivery Observable in transactions without multiple performance obligations Software maintenance revenue Software maintenance Ratably over the course of the support contract (over time) Within 30-90 days of the beginning of the contract period Observable in renewal transactions |
Allowance for Credit Losses | (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2019 Allowance for credit losses $ 3,490 $ 396 343 $ 3,543 2020 Allowance for credit losses $ 3,543 $ 3,669 693 $ 6,519 2021 Allowance for credit losses $ 6,519 $ 672 179 $ 7,012 |
Adjustment for Excess and Obsolete Inventories | Inventory is shown net of adjustment for excess and obsolete inventories of $18.9 million, $17.0 million and $15.5 million at December 31, 2021, 2020 and 2019, respectively. (In thousands) Year Description Balance at Beginning of Period Provisions Write-Offs Balance at End of Period 2019 Adjustment for excess and obsolete inventories $ 15,385 $ 6,046 5,942 $ 15,489 2020 Adjustment for excess and obsolete inventories $ 15,489 $ 8,163 6,616 $ 17,036 2021 Adjustment for excess and obsolete inventories $ 17,036 $ 9,986 8,090 $ 18,932 |
Geographic Distribution of Cash, Cash Equivalents, and Short-term Investments | The following table presents the geographic distribution of our cash, cash equivalents, and short-term investments as of December 31, 2021 (in millions): Domestic International Total Cash and Cash Equivalents $107.7 $103.4 $211.1 51% 49% |
Schedule of Product Warranty Liability | The warranty reserve for the years ended December 31, 2021, 2020, and 2019 was as follows: (In thousands) 2021 2020 2019 Balance at the beginning of the year $ 2,872 $ 2,561 $ 3,173 Accruals for warranties issued during the year 2,790 2,668 2,356 Accruals related to pre-existing warranties 195 486 (376) Settlements made (in cash or in kind) during the year (2,647) (2,843) (2,592) Balance at the end of the year $ 3,210 $ 2,872 $ 2,561 |
Schedule of Other (Expense) Income | Other (expense) income consisted of the following amounts: (in thousands) 2021 2020 2019 Interest income $ 375 $ 3,899 $ 8,129 Interest expense (3,780) (1,883) (40) Loss from equity-method investments (5,719) (2,942) (1,060) Net foreign exchange loss (4,973) (141) (1,846) Other (493) 279 807 Other (expense) income $ (14,590) $ (788) $ 5,990 |
Reconciliation of the Denominators used to Calculate Basic and Diluted EPS | The reconciliation of the denominators used to calculate basic EPS and diluted EPS for years ended December 31, 2021, 2020, and 2019 are as follows: Years ended December 31, (In thousands) 2021 2020 2019 Weighted average shares outstanding-basic 132,311 131,082 131,722 Plus: Common share equivalents RSUs 1,251 717 1,012 Weighted average shares outstanding-diluted 133,562 131,799 132,734 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Total net sales based on the disaggregation criteria described above are as follows: Year Ended December 31, 2021 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 503,839 $ 93,417 $ 597,256 EMEA 285,842 89,782 375,624 APAC 454,684 42,117 496,801 Total net sales (1) $ 1,244,365 $ 225,316 $ 1,469,681 Year Ended December 31, 2020 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 430,779 $ 77,669 $ 508,448 EMEA 263,473 82,162 345,635 APAC 391,937 40,651 432,588 Total net sales (1) $ 1,086,189 $ 200,482 $ 1,286,671 Year Ended December 31, 2019 (In thousands) Net sales: Point-in-Time (1) Over Time Total Americas $ 446,703 $ 91,976 $ 538,679 EMEA 299,850 76,700 376,550 APAC 401,191 36,795 437,986 Total net sales (1) $ 1,147,744 $ 205,471 $ 1,353,215 (1) Net sales contain hedging gains and losses, which do not represent revenues recognized from customers. See Note 5 -Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations |
Changes in Deferred Revenue | Changes in deferred revenue, current and long-term, during the twelve months ended December 31, 2021 and December 31, 2020 were as follows: Amount (In thousands) Deferred Revenue at December 31, 2019 $ 164,925 Deferral of revenue billed in current period, net of recognition 124,769 Recognition of revenue deferred in prior periods (118,308) Acquisitions/Divestitures (7,999) Foreign currency translation impact 5,099 Deferred Revenue at December 31, 2020 $ 168,486 Deferral of revenue billed in current period, net of recognition 132,374 Recognition of revenue deferred in prior periods (126,263) Acquisitions/Divestitures 343 Foreign currency translation impact (4,300) Deferred Revenue at December 31, 2021 $ 170,640 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Summary of Unrealized Gains and Losses | The following tables summarize unrealized gains and losses related to our short-term investments designated as available-for-sale debt securities: (In thousands) As of December 31, 2021 Adjusted Cost Gross Gross Fair Value Corporate bonds $ — $ — $ — $ — Short-term investments $ — $ — $ — $ — (In thousands) As of December 31, 2020 Adjusted Cost Gross Gross Fair Value Corporate bonds $ 59,761 $ 163 $ (1) $ 59,923 Short-term investments $ 59,761 $ 163 $ (1) $ 59,923 |
Summary of Contractual Maturities | The following tables summarize the contractual maturities of our short-term investments designated as available-for-sale debt securities: (In thousands) As of December 31, 2021 Adjusted Cost Fair Value Due in less than 1 year $ — $ — Total available-for-sale debt securities $ — $ — Due in less than 1 year Adjusted Cost Fair Value Corporate bonds $ — $ — Total available-for-sale debt securities $ — $ — |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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, 2021 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 $ 101,290 $ 101,290 $ — $ — Other assets: Derivatives 12,407 — 12,407 — Total Assets $ 113,697 $ 101,290 $ 12,407 $ — Liabilities Derivatives $ (9,468) — (9,468) — Total Liabilities $ (9,468) $ — $ (9,468) $ — (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2020 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 $ 145,466 $ 145,466 $ — $ — Short-term investments available for sale: Corporate bonds 59,923 — 59,923 — Other Assets: Derivatives 6,124 — 6,124 — Total Assets $ 211,513 $ 145,466 $ 66,047 $ — Liabilities Derivatives $ (19,359) $ — $ (19,359) $ — Total Liabilities $ (19,359) $ — $ (19,359) $ — |
Derivative instruments and he_2
Derivative instruments and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts of Derivative Instruments | We held forward contracts with the following notional amounts: (In thousands) U.S. Dollar Equivalent As of December 31, 2021 As of December 31, 2020 Chinese yuan $ 99,066 $ 45,553 Euro 145,351 219,115 Japanese yen 43,128 73,399 Hungarian forint 54,939 82,429 British pound 25,947 25,133 Malaysian ringgit 29,624 36,249 Korean won $ 21,180 $ 22,301 Total forward contracts notional amount $ 419,235 $ 504,179 |
Schedule of Fair Value of Derivative Instruments | 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. Asset Derivatives December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 8,993 $ 1,564 Foreign exchange contracts - LT forwards Other long-term assets 2,908 3,117 $ 11,901 $ 4,681 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 506 $ 1,443 $ 506 $ 1,443 Total derivatives $ 12,407 $ 6,124 Liability Derivatives December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (6,425) $ (12,549) Foreign exchange contracts - LT forwards Other long-term liabilities (2,377) (6,328) $ (8,802) $ (18,877) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (666) $ (482) $ (666) $ (482) Total derivatives $ (9,468) $ (19,359) |
Effect of Derivative Instruments on Consolidated Statements of Income | The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the years ended December 31, 2021 and 2020, respectively: December 31, 2021 (In thousands) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 24,082 Net sales $ (4,229) Foreign exchange contracts - forwards (4,004) Cost of sales (452) Foreign exchange contracts - forwards (2,808) Operating expenses (355) Total $ 17,270 $ (5,036) December 31, 2020 (In thousands) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ (22,813) Net sales $ 4,322 Foreign exchange contracts - forwards 1,925 Cost of sales (2,165) Foreign exchange contracts - forwards 1,194 Operating expenses (1,603) Total $ (19,694) $ 554 (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, 2021 December 31, 2020 Foreign exchange contracts - forwards Other (expense) income $ (4,944) $ 810 Total $ (4,944) $ 810 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | Inventories, net at December 31, 2021 and December 31, 2020 consist of the following: (In thousands) December 31, 2021 December 31, 2020 Raw materials $ 181,676 $ 99,942 Work-in-process 14,573 11,307 Finished goods 92,994 82,763 Total $ 289,243 $ 194,012 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at December 31, 2021 and December 31, 2020 consist of the following: (In thousands) December 31, 2021 December 31, 2020 Land $ 12,390 $ 12,424 Buildings 238,949 232,094 Furniture and equipment 450,889 427,807 702,228 672,325 Accumulated depreciation (448,560) (417,926) Total, net $ 253,668 $ 254,399 |
Intangible assets, net and Go_2
Intangible assets, net and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at December 31, 2021 and December 31, 2020 are as follows: (In thousands) December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 45,671 $ (36,457) $ 9,214 $ 115,251 $ (83,706) $ 31,545 Acquired technology 148,155 (34,264) 113,891 105,486 (17,913) 87,573 Customer relationships 93,931 (19,717) 74,214 40,273 (10,026) 30,247 Patents 36,217 (29,316) 6,901 35,803 (25,578) 10,225 Other 32,962 (16,764) 16,198 27,440 (14,311) 13,129 Total $ 356,936 $ (136,518) $ 220,418 $ 324,253 $ (151,534) $ 172,719 |
Estimated Future Amortization Expense Related to Intangible Assets | The estimated future amortization expense related to intangible assets as of December 31, 2021 was as follows: Amount (In thousands) 2022 $ 51,279 2023 43,250 2024 40,019 2025 35,383 2026 22,669 Thereafter 27,818 Total $ 220,418 |
Schedule of Goodwill | A reconciliation of the beginning and ending carrying amounts of goodwill is as follows: Amount (In thousands) Balance as of December 31, 2019 $ 262,242 Acquisitions 203,065 Divestiture (7,221) Foreign currency translation impact 9,461 Balance as of December 31, 2020 $ 467,547 Acquisitions 114,178 Purchase price adjustments 1,973 Foreign currency translation impact (7,706) Balance as of December 31, 2021 $ 575,992 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Operating Lease Expense | The components of operating lease expense were as follows: Years Ended December 31, (In thousands) 2021 2020 Operating Lease Cost (a) 21,173 $ 21,637 (a) Includes variable and short-term lease costs Supplemental cash flow information related to operating leases were as follows: Years Ended December 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating lease liabilities $ 19,087 $ 20,005 Supplemental non-cash information: Operating lease right-of-use assets obtained in exchange for new operating lease obligations $ 8,707 $ 12,252 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2021 were as follows: (In thousands) Years ending December 31, Operating Leases 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total future minimum lease payments 47,262 Less imputed interest 3,657 Total $ 43,605 Years Ended December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating Leases 4.3 4.6 Weighted Average Discount Rate Operating Leases 3.8 % 4.9 % Amount (In thousands) 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total $ 47,262 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income before Income Taxes | The components of income before income taxes are as follows: (In thousands) Years Ended December 31, 2021 2020 2019 Domestic $ 33,368 $ 189,486 $ 98,476 Foreign 70,207 9,276 82,068 Total $ 103,575 $ 198,762 $ 180,544 |
Provision for Income Taxes Charged To Operations | The provision for income taxes charged to operations is as follows: (In thousands) Years Ended December 31, 2021 2020 2019 Current tax expense: U.S. federal $ 10,979 $ 25,949 $ 18,212 State 3,135 4,793 2,705 Foreign 15,942 16,590 10,156 Total current $ 30,056 $ 47,332 $ 31,073 Deferred tax expense (benefit): U.S. federal $ (8,485) $ 10,056 $ (9,168) State (732) 885 (1,218) Foreign (6,676) (5,100) (3,045) Total deferred $ (15,893) $ 5,841 $ (13,431) Change in valuation allowance 97 1,930 751 Total provision $ 14,260 $ 55,103 $ 18,393 |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) at December 31, 2021 and 2020 were as follows: (In thousands) December 31, 2021 2020 Capitalized software $ 1,956 $ 7,134 Depreciation and amortization 8,202 11,142 Intangible assets 25,526 29,384 Right of use asset 7,246 9,029 Unrealized exchange loss — 3,658 Undistributed earnings of foreign subsidiaries 2,865 2,600 Unrealized gain on derivative instruments 481 — Gross deferred tax liabilities 46,276 62,947 Operating loss carryforwards (92,069) (101,187) Vacation and other accruals (6,188) (6,296) Inventory valuation and warranty provisions (2,566) (2,178) Doubtful accounts and sales provisions (1,759) (1,435) Unrealized gain on derivative instrument — (3,394) Deferred revenue (5,997) (6,831) Operating lease liabilities (7,847) (9,737) Accrued expenses (194) (213) Global intangible low-taxed income (2,714) (2,580) Stock-based compensation (6,786) (6,384) Research and development tax credit carryforward (33) — Foreign tax credit carryforward (1,468) (1,016) Cumulative translation adjustment on undistributed earnings (873) (451) Unrealized exchange loss (758) — Other (3,446) (4,246) Gross deferred tax assets (132,698) (145,948) Valuation allowance 83,630 93,042 Net deferred tax (asset) liability $ (2,792) $ 10,041 |
Reconciliation of Income Taxes to Effective Tax Rate | A reconciliation of income taxes at the U.S. federal statutory income tax rate to our effective tax rate follows: Years Ended December 31, 2021 2020 2019 U.S. federal statutory rate 21 % 21 % 21 % Foreign taxes greater (less) than federal statutory rate (3) 6 — Outside basis difference on asset held for sale — 2 (6) Research and development tax credits (4) (2) (3) Enhanced deduction for certain research and development expenses (5) (2) (3) State income taxes, net of federal tax benefit 2 1 — Nondeductible officer compensation 2 1 1 Change in intercompany prepaid tax asset (1) 1 — Foreign-derived intangible income deduction (4) (2) (3) Global intangible low-taxed income inclusion ("GILTI") 2 — 1 Amortization of intangible assets 3 1 — Transition tax on deferred foreign income — — 1 Global intangible low-taxed income deferred — — — Foreign tax on undistributed foreign earnings — — — Other 1 1 1 Effective tax rate 14 % 28 % 10 % |
Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: (In thousands) December 31, 2021 December 31, 2020 Balance at beginning of period $ 10,488 $ 6,030 Additions based on tax positions related to the current year 232 6,866 Reductions as a result of the closing of open tax periods (1,360) (2,408) Balance at end of period $ 9,360 $ 10,488 |
Comprehensive income (Tables)
Comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income, net of Tax | The accumulated other comprehensive income, net of tax, for the years ended December 31, 2021 and 2020, consisted of the following: December 31, 2021 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2020 $ (10,066) $ (426) $ (10,334) $ (20,826) Current-period other comprehensive (loss) income (13,113) 420 12,234 (459) Reclassified from accumulated OCI into income — — 5,036 5,036 Income tax benefit (expense) — 6 (3,888) (3,882) Balance as of December 31, 2021 $ (23,179) $ — $ 3,048 $ (20,131) December 31, 2020 (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income (loss) Balance as of December 31, 2019 $ (25,831) $ (85) $ 4,846 $ (21,070) Current-period other comprehensive income (loss) 15,765 (398) (19,139) (3,772) Reclassified from accumulated OCI into income — — (554) (554) Income tax benefit (expense) — 57 4,513 4,570 Balance as of December 31, 2020 $ (10,066) $ (426) $ (10,334) $ (20,826) |
Authorized shares of common a_2
Authorized shares of common and preferred stock and stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Plans | Transactions under our 2010 Plan, 2015 Plan and 2020 Plan are summarized as follows: RSUs Number of RSUs Weighted average grant price per share Outstanding at December 31, 2018 3,178,536 $ 36.91 Granted 1,306,387 $ 46.76 Earned (958,995) $ 35.86 Canceled (236,291) $ (38.82) Outstanding at December 31, 2019 3,289,637 $ 40.99 Granted 2,347,725 $ 40.27 Earned (1,105,559) $ 40.02 Canceled (490,541) $ 40.74 Outstanding at December 31, 2020 4,041,262 $ 40.88 Granted 1,757,606 $ 45.67 Earned (1,389,110) $ 39.92 Canceled (447,300) $ 41.54 Outstanding at December 31, 2021 3,962,458 $ 43.26 |
Schedule of Key Assumptions | The key assumptions used in valuing these market-based awards are as follows: Twelve Months Ended December 31, 2021 December 31, 2020 Number of simulations 100,000 100,000 Expected volatility 40.60% 27.41% Expected life in years 2.95 years 2.92 years Risk-free interest rate 0.21% 1.38% Dividend yield 2.66% 2.32% |
Schedule of Grant Date Fair Value Assumptions | The grant date fair value of the purchase rights was estimated using the Black-Scholes model with the following assumptions: 2021 2020 2019 Dividend yield 0.653 % 0.620 % 0.558 % Expected life 3 months 3 months 3 months Expected volatility 35 % 47 % 34 % Risk-free interest rate 0.71 % 1.26 % 2.32 % |
Schedule of Weighted Average Grant Date Fair Value | Weighted average, grant date fair value of purchase rights granted under the employee stock purchase plan are as follows: Number of Shares Weighted average fair value per share 2019 909,274 $ 9.40 2020 1,026,578 $ 8.80 2021 997,671 $ 9.17 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. United States China (1) Rest of the World Total (in millions) Net sales: Year ended December 31, 2021 $ 566 $ 233 $ 671 $ 1,470 Year ended December 31, 2020 $ 482 $ 201 $ 604 $ 1,287 Year ended December 31, 2019 $ 503 $ 200 $ 650 $ 1,353 (1): Includes Mainland China and Hong Kong Special Administrative Region The following table presents summarized information for long-lived assets by country. Long-lived assets attributable to each individual country outside the U.S., Hungary and Malaysia were not material. The long-lived assets presented below consist of property, plant, and equipment and operating lease right-of-use assets and excludes intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: December 31, 2021 $ 128 $ 51 $ 76 $ 57 $ 312 December 31, 2020 $ 127 $ 52 $ 75 $ 68 $ 322 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding | The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of December 31, 2021, and 2020, respectively (in thousands): December 31, December 31, 2021 2020 Secured 2020 term loan (effective interest rate of 1.7%) $ — $ 98,750 2021 revolving line of credit (effective interest rate of 1.4%) 300,000 — Total Debt 300,000 98,750 Less: Unamortized debt issuance costs — (1,714) Less: Current Portion of Total Debt — (5,000) Total Debt, non-current $ 300,000 $ 92,036 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments | Maturities of lease liabilities as of December 31, 2021 were as follows: (In thousands) Years ending December 31, Operating Leases 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total future minimum lease payments 47,262 Less imputed interest 3,657 Total $ 43,605 Years Ended December 31, 2021 2020 Weighted Average Remaining Lease Term (years) Operating Leases 4.3 4.6 Weighted Average Discount Rate Operating Leases 3.8 % 4.9 % Amount (In thousands) 2022 $ 14,541 2023 10,201 2024 8,785 2025 5,843 2026 5,034 Thereafter 2,858 Total $ 47,262 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Preliminary Purchase Price Allocation | The information below represents the preliminary purchase price allocation of NHR (in thousands): October 19, 2021 Consideration Transferred $ 206,238 Cash 2,935 Accounts receivable, net 3,902 Inventories, net 4,764 Property and equipment, net 287 Other assets and liabilities 464 Intangible assets 98,510 Goodwill 97,847 Accounts payable and accrued expenses (2,186) Deferred revenue (285) Net assets acquired $ 206,238 The information below represents the preliminary purchase price allocation of OptimalPlus (in thousands): July 2, 2020 Consideration Transferred $ 352,642 Cash 17,661 Intangible assets 129,000 Goodwill 203,065 Contract assets 15,454 Deferred revenue (7,341) Accounts receivable 4,927 Other assets and liabilities (2,543) Deferred tax liabilities (7,581) Net assets acquired $ 352,642 |
Summary of Preliminary Purchase Price Allocation and Useful Lives | The following table summarizes the preliminary purchase price allocation, and the preliminary average remaining useful lives, for identifiable intangible assets acquired (dollars in thousands): Estimated Fair Value Estimated Useful Lives (in years) Customer relationships $ 54,350 7 Developed software 6,010 2-7 Existing product configurations 28,300 9 In-process research and development (IPR&D) 4,030 Indefinite Trade name 5,820 6 Total $ 98,510 Estimated Fair Value Estimated Useful Lives (in years) Customer relationships $ 30,100 5 Developed technology 82,400 6 In-process research and development ("IPR&D") 10,400 Indefinite Other intangibles 6,100 3-5 Total $ 129,000 |
Unaudited Pro Forma Results | Years Ended December 31, (in thousands) 2021 2020 Net sales $ 1,496,917 $ 1,319,330 Net income $ 85,746 $ 144,211 Twelve Months Ended December 31, (in thousands) 2020 2019 Net sales $ 1,298,718 $ 1,399,669 Net income $ 131,519 $ 128,434 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Charges Resulting From Restructuring Activities | A summary of the charges in the consolidated statement of operations resulting from these restructuring activities is shown below: (In thousands) Years Ended 2021 2020 2019 Cost of sales $ (25) 1,626 — Research and development 7,907 5,564 3,888 Sales and marketing 4,006 30,189 13,300 General and administrative 2,174 7,871 2,877 Other 316 — — Total restructuring and other related costs $ 14,378 45,250 20,065 |
Schedule of Restructuring Reserve by Type of Cost | A summary of balance sheet activity during 2021 related to the restructuring activity is shown below: Restructuring Liability Balance as of December 31, 2019 $ 9,527 Income statement expense 45,250 Cash payments (25,784) Balance as of December 31, 2020 $ 28,993 Income statement expense 14,378 Cash payments (31,851) Balance as of December 31, 2021 $ 11,520 |
Operations and summary of sig_4
Operations and summary of significant accounting policies - Narrative (Details) ft² in Thousands | Jan. 15, 2020USD ($) | Dec. 31, 2021USD ($)reporting_unitsegmentprimary_sourceshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)ft²shares | Dec. 31, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain on sale of business/asset | $ 0 | $ 159,753,000 | $ 26,842,000 | ||
Number of primary sources of revenue | primary_source | 2 | ||||
Product warranty, terms | 3 years | ||||
Typical performance obligation period for payment | Our typical performance obligations include the following:Performance ObligationWhen performance obligation is typically satisfiedWhen payment is typically dueHow standalone selling price is typically estimatedProduct revenueModular hardwareWhen customer obtains control of the product (point-in-time)Within 30-90 days of shipmentObservable in transactions without multiple performance obligationsSoftware licensesWhen software media is delivered to customer or made available for download electronically, and the applicable license period has begun (point-in-time)Within 30-90 days of the beginning of license periodPerpetual/Subscription licenses: Value relationships based on (i) the directly observable pricing of the license bundled with software maintenance and (ii) the directly observable pricing of software maintenance renewals, when they are sold on a standalone basis. Enterprise-wide term licenses: Residual methodExtended hardware warrantyRatably over the course of the support contract (over time)Within 30-90 days of the beginning of the contract periodObservable in renewal transactionsOther related support offeringsAs work is performed (over time) or course is delivered (point-in-time)Within 30-90 days of deliveryObservable in transactions without multiple performance obligationsSoftware maintenance revenueSoftware maintenanceRatably over the course of the support contract (over time)Within 30-90 days of the beginning of the contract periodObservable in renewal transactions | ||||
Allowances for doubtful accounts | $ 7,012,000 | 6,519,000 | 3,543,000 | $ 3,490,000 | |
Allowances for sales returns | 3,200,000 | 2,600,000 | |||
Underlying equity in net assets | 25,000,000 | ||||
Cumulative net adjustment for excess and obsolete inventories | $ 18,932,000 | 17,036,000 | 15,489,000 | $ 15,385,000 | |
Number of operating segments | segment | 1 | ||||
Number of reporting units | reporting_unit | 1 | ||||
Goodwill impairment | $ 0 | 0 | |||
Cash, cash equivalents, and short-term investments | 211,000,000 | ||||
Cash and cash equivalents | $ 211,106,000 | 260,232,000 | |||
Maximum maturity period for marketable securities | 5 years | ||||
Maximum weighted average maturity period (in months) | 24 months | ||||
Minimum percentage maturing in 90 days or less | 10.00% | ||||
Maturity period | 90 days | ||||
Largest trade account receivable from any individual customer | $ 9,300,000 | ||||
Limited warranty on most hardware products (in number of years) | 1 year | ||||
Advertising expense | $ 20,000,000 | $ 15,000,000 | $ 7,000,000 | ||
Operating lease, renewal term (in years) | 9 years | ||||
Operating lease, termination period (in years) | 1 year | ||||
Anti-dilutive securities excluded from the computation of diluted EPS (in shares) | shares | 125,200 | 251,400 | 94,200 | ||
Comprehensive income | $ 90,010,000 | $ 143,903,000 | $ 158,012,000 | ||
Percentage of sales to any individual customer to total revenue | 3.00% | 3.00% | 3.00% | ||
PRSU | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Malaysian Citibank | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | $ 13,000,000 | ||||
Malaysian Citibank | Credit Concentration | Cash and Cash Equivalents | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk | 6.00% | ||||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease, remaining terms (in years) | 1 year | ||||
Minimum | Acquired Software Products | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life | 3 years | ||||
Minimum | Patents | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life | 10 years | ||||
Minimum | Buildings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 20 years | ||||
Minimum | Furniture And Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 3 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease, remaining terms (in years) | 92 years | ||||
Maximum | Acquired Software Products | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life | 6 years | ||||
Maximum | Patents | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life | 17 years | ||||
Maximum | Buildings | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 40 years | ||||
Maximum | Furniture And Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 7 years | ||||
Sale | Millennium Property | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain on sale of business/asset | $ 26,800,000 | ||||
Area of property | ft² | 136 | ||||
Sale | AWR Corp. | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Consideration from sale of subsidiary | $ 161,000,000 | ||||
Gain on sale of subsidiary | 160,000,000 | ||||
Transaction costs | $ 1,000,000 |
Operations and summary of sig_5
Operations and summary of significant accounting policies - Divestiture Of AWR (Details) - AWR Corp. - Sale $ in Thousands | Dec. 31, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash | $ 1,027 |
Accounts receivable, net | 7,233 |
Prepaid and other current assets | 283 |
Goodwill | 7,221 |
Other non-current assets | 556 |
Total Assets | 16,320 |
Deferred revenue | 15,296 |
Other current liabilities | 940 |
Cumulative translation adjustment | (660) |
Total liabilities and stockholders' equity | 15,576 |
Total assets divested, net (including cash) | $ 744 |
Operations and summary of sig_6
Operations and summary of significant accounting policies - Schedule Of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at Beginning of Period | $ 6,519 | $ 3,543 | $ 3,490 |
Provisions | 672 | 3,669 | 396 |
Write-Offs | 179 | 693 | 343 |
Balance at End of Period | $ 7,012 | $ 6,519 | $ 3,543 |
Operations and summary of sig_7
Operations and summary of significant accounting policies - Adjustment For Excess And Obsolete Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Valuation Reserve [Roll Forward] | |||
Balance at Beginning of Period | $ 17,036 | $ 15,489 | $ 15,385 |
Provisions | 9,986 | 8,163 | 6,046 |
Write-Offs | 8,090 | 6,616 | 5,942 |
Balance at End of Period | $ 18,932 | $ 17,036 | $ 15,489 |
Operations and summary of sig_8
Operations and summary of significant accounting policies - Geographic Distribution Of Cash, Cash Equivalents, And Short-term Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Cash and Cash Equivalents | $ 211,106 | $ 260,232 |
Cash and Cash Equivalents | Geographic distribution | ||
Concentration Risk [Line Items] | ||
Cash and Cash Equivalents | 211,100 | |
Cash and Cash Equivalents | Geographic distribution | Domestic | ||
Concentration Risk [Line Items] | ||
Cash and Cash Equivalents | $ 107,700 | |
Concentration risk | 51.00% | |
Cash and Cash Equivalents | Geographic distribution | International | ||
Concentration Risk [Line Items] | ||
Cash and Cash Equivalents | $ 103,400 | |
Concentration risk | 49.00% |
Operations and summary of sig_9
Operations and summary of significant accounting policies - Schedule Of Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at the beginning of the year | $ 2,872 | $ 2,561 | $ 3,173 |
Accruals for warranties issued during the year | 2,790 | 2,668 | 2,356 |
Accruals related to pre-existing warranties | 195 | 486 | (376) |
Settlements made (in cash or in kind) during the year | (2,647) | (2,843) | (2,592) |
Balance at the end of the year | $ 3,210 | $ 2,872 | $ 2,561 |
Operations and summary of si_10
Operations and summary of significant accounting policies - Schedule Of Other (Expense) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest income | $ 375 | $ 3,899 | $ 8,129 |
Interest expense | (3,780) | (1,883) | (40) |
Loss from equity-method investments | (5,719) | (2,942) | (1,060) |
Net foreign exchange loss | (4,973) | (141) | (1,846) |
Other | (493) | 279 | 807 |
Other (expense) income | $ (14,590) | $ (788) | $ 5,990 |
Operations and summary of si_11
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Weighted average shares outstanding - basic (in shares) | 132,311 | 131,082 | 131,722 |
Plus: Common share equivalents, Stock options and RSUs (in shares) | 1,251 | 717 | 1,012 |
Weighted average shares outstanding - diluted (in shares) | 133,562 | 131,799 | 132,734 |
Revenue - Disaggregation Of Rev
Revenue - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 1,469,681 | $ 1,286,671 | $ 1,353,215 |
Point-in-Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 1,244,365 | 1,086,189 | 1,147,744 |
Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 225,316 | 200,482 | 205,471 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 597,256 | 508,448 | 538,679 |
Americas | Point-in-Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 503,839 | 430,779 | 446,703 |
Americas | Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 93,417 | 77,669 | 91,976 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 375,624 | 345,635 | 376,550 |
EMEA | Point-in-Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 285,842 | 263,473 | 299,850 |
EMEA | Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 89,782 | 82,162 | 76,700 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 496,801 | 432,588 | 437,986 |
APAC | Point-in-Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 454,684 | 391,937 | 401,191 |
APAC | Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 42,117 | $ 40,651 | $ 36,795 |
Revenue - Change In Deferred Re
Revenue - Change In Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Beginning balance, deferred revenue | $ 168,486 | $ 164,925 |
Deferral of revenue billed in current period, net of recognition | 132,374 | 124,769 |
Recognition of revenue deferred in prior periods | (126,263) | (118,308) |
Acquisitions/Divestitures | 343 | (7,999) |
Foreign currency translation impact | (4,300) | 5,099 |
Ending balance, deferred revenue | $ 170,640 | $ 168,486 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 61 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, percent | 50.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, percent | 31.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, percent | 19.00% |
Expected timing of satisfaction |
Investments - Summary Of Unreal
Investments - Summary Of Unrealized Gains And Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | $ 0 | $ 59,761 |
Gross Unrealized Gain | 0 | 163 |
Gross Unrealized Loss | 0 | (1) |
Fair Value | 0 | 59,923 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Adjusted Cost | 0 | 59,761 |
Gross Unrealized Gain | 0 | 163 |
Gross Unrealized Loss | 0 | (1) |
Fair Value | $ 0 | $ 59,923 |
Investments - Summary Of Contra
Investments - Summary Of Contractual Maturities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Adjusted Cost | |||
Due in less than 1 year | $ 0 | ||
Fair Value | |||
Due in less than 1 year | 0 | ||
Carrying value of equity method investments | 32,000 | $ 25,000 | |
Impairment loss | $ 3,500 | ||
Equity-Method Investment | |||
Fair Value | |||
Net sales | 5,300 | $ 1,000 | |
Corporate bonds | |||
Adjusted Cost | |||
Due in less than 1 year | 0 | ||
Fair Value | |||
Due in less than 1 year | $ 0 |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term investments available for sale: | ||
Available-for-sale | $ 0 | $ 59,923 |
Other Assets: | ||
Total Assets | 113,697 | 211,513 |
Derivatives | (9,468) | (19,359) |
Total Liabilities | (9,468) | $ (19,359) |
Available-for-sale contractual maturity (in months) | 60 months | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Other Assets: | ||
Total Assets | 101,290 | $ 145,466 |
Derivatives | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Other Assets: | ||
Total Assets | 12,407 | 66,047 |
Derivatives | (9,468) | (19,359) |
Total Liabilities | (9,468) | (19,359) |
Significant Unobservable Inputs (Level 3) | ||
Other Assets: | ||
Total Assets | 0 | 0 |
Derivatives | 0 | 0 |
Total Liabilities | 0 | 0 |
Money market funds | ||
Assets | ||
Cash and cash equivalents available for sale | 101,290 | 145,466 |
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Cash and cash equivalents available for sale | 101,290 | 145,466 |
Money market funds | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Cash and cash equivalents available for sale | 0 | 0 |
Money market funds | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Cash and cash equivalents available for sale | 0 | 0 |
Corporate bonds | ||
Short-term investments available for sale: | ||
Available-for-sale | 59,923 | |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Short-term investments available for sale: | ||
Available-for-sale | 0 | |
Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Short-term investments available for sale: | ||
Available-for-sale | 59,923 | |
Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Short-term investments available for sale: | ||
Available-for-sale | 0 | |
Derivatives | ||
Other Assets: | ||
Derivatives | 12,407 | 6,124 |
Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Other Assets: | ||
Derivatives | 0 | 0 |
Derivatives | Significant Other Observable Inputs (Level 2) | ||
Other Assets: | ||
Derivatives | 12,407 | 6,124 |
Derivatives | Significant Unobservable Inputs (Level 3) | ||
Other Assets: | ||
Derivatives | $ 0 | $ 0 |
Derivative instruments and he_3
Derivative instruments and hedging activities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)country | Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Number of countries for which entity has operations | country | 40 | ||
Period of protection against the reduction in value caused by a fluctuation, minimum | 1 year | ||
Period of protection against the reduction in value caused by a fluctuation, maximum | 3 years | ||
Duration of foreign currency forward contracts (or less) | 24 months | 36 months | |
Foreign currency forward contracts notional amount | $ 419,235 | $ 504,179 | |
Forward Contracts | |||
Derivative [Line Items] | |||
Percentage of derivative risk hedged | 100.00% | ||
Duration of cash flow hedge contracts (or less) | 40 months | ||
Gains (losses) expected to be reclassified from AOCI to earnings (less than for Operating expenses) | $ 5,600 | ||
Forward Contracts | Operating expense | |||
Derivative [Line Items] | |||
Gains (losses) expected to be reclassified from AOCI to earnings (less than for Operating expenses) | (1,700) | ||
Forward Contracts | Cost of sales | |||
Derivative [Line Items] | |||
Gains (losses) expected to be reclassified from AOCI to earnings (less than for Operating expenses) | $ (1,300) | ||
Other Derivatives | |||
Derivative [Line Items] | |||
Percentage of derivative risk hedged | 90.00% | ||
Duration of foreign currency forward contracts (or less) | 90 days | ||
Foreign currency forward contracts notional amount | $ 94,000 | $ 89,000 | |
Non-Americas | Geographic concentration | Net sales | |||
Derivative [Line Items] | |||
Concentration risk | 59.00% | 60.00% | 60.00% |
Derivative instruments and he_4
Derivative instruments and hedging activities - Summary Of Notional Amounts Of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total forward contracts notional amount | $ 419,235 | $ 504,179 |
Chinese yuan | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 99,066 | 45,553 |
Euro | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 145,351 | 219,115 |
Japanese yen | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 43,128 | 73,399 |
Hungarian forint | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 54,939 | 82,429 |
British pound | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 25,947 | 25,133 |
Malaysian ringgit | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | 29,624 | 36,249 |
Korean won | ||
Derivative [Line Items] | ||
Total forward contracts notional amount | $ 21,180 | $ 22,301 |
Derivative instruments and he_5
Derivative instruments and hedging activities - Schedule Of Fair Value Of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 12,407 | $ 6,124 |
Derivative liabilities | (9,468) | (19,359) |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 11,901 | 4,681 |
Derivative liabilities | (8,802) | (18,877) |
Derivatives designated as hedging instruments | Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8,993 | 1,564 |
Derivatives designated as hedging instruments | Foreign exchange contracts - ST forwards | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (6,425) | (12,549) |
Derivatives designated as hedging instruments | Foreign exchange contracts - LT forwards | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,908 | 3,117 |
Derivatives designated as hedging instruments | Foreign exchange contracts - LT forwards | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (2,377) | (6,328) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 506 | 1,443 |
Derivative liabilities | (666) | (482) |
Derivatives not designated as hedging instruments | Foreign exchange contracts - ST forwards | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 506 | 1,443 |
Derivatives not designated as hedging instruments | Foreign exchange contracts - ST forwards | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (666) | $ (482) |
Derivative instruments and he_6
Derivative instruments and hedging activities - Effect Of Derivative Instruments On Consolidated Statements Of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in OCI on Derivative | $ 17,270 | $ (19,694) |
Gain or (Loss) Reclassified from Accumulated OCI into Income | (5,036) | 554 |
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in OCI on Derivative | 24,082 | (22,813) |
Gain or (Loss) Reclassified from Accumulated OCI into Income | (4,229) | 4,322 |
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Cost of sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in OCI on Derivative | (4,004) | 1,925 |
Gain or (Loss) Reclassified from Accumulated OCI into Income | (452) | (2,165) |
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Operating expenses | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in OCI on Derivative | (2,808) | 1,194 |
Gain or (Loss) Reclassified from Accumulated OCI into Income | (355) | (1,603) |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | (4,944) | 810 |
Derivatives not designated as hedging instruments | Foreign exchange contracts - forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | $ (4,944) | $ 810 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 181,676 | $ 99,942 |
Work-in-process | 14,573 | 11,307 |
Finished goods | 92,994 | 82,763 |
Total | $ 289,243 | $ 194,012 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 12,390 | $ 12,424 | |
Buildings | 238,949 | 232,094 | |
Furniture and equipment | 450,889 | 427,807 | |
Property and equipment, gross | 702,228 | 672,325 | |
Accumulated depreciation | (448,560) | (417,926) | |
Total, net | 253,668 | 254,399 | |
Depreciation expense | $ 40,000 | $ 40,000 | $ 38,000 |
Intangible assets, net and Go_3
Intangible assets, net and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 356,936 | $ 324,253 |
Accumulated Amortization | (136,518) | (151,534) |
Total | 220,418 | 172,719 |
Capitalized software development costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 45,671 | 115,251 |
Accumulated Amortization | (36,457) | (83,706) |
Total | 9,214 | 31,545 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 148,155 | 105,486 |
Accumulated Amortization | (34,264) | (17,913) |
Total | 113,891 | 87,573 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 93,931 | 40,273 |
Accumulated Amortization | (19,717) | (10,026) |
Total | 74,214 | 30,247 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,217 | 35,803 |
Accumulated Amortization | (29,316) | (25,578) |
Total | 6,901 | 10,225 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 32,962 | 27,440 |
Accumulated Amortization | (16,764) | (14,311) |
Total | $ 16,198 | $ 13,129 |
Intangible assets, net and Go_4
Intangible assets, net and Goodwill - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 60 | $ 48 | $ 37 |
Capitalized software development costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized software development costs | 2 | 4 | 10 |
Capitalized computer software amortization | 24 | 29 | 28 |
Costs related to stock based compensation | $ 0.2 | $ 0.3 | $ 0.5 |
Capitalized software development costs | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 3 years | ||
Capitalized software development costs | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 6 years | ||
Capitalized software development costs | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 1 year 8 months 12 days | ||
Acquired technology | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 5 years | ||
Acquired technology | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years | ||
Acquired technology | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 3 years 6 months | ||
Patents | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years | ||
Patents | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 17 years | ||
Patents | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 5 years | ||
Other | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 2 years 6 months |
Intangible assets, net and Go_5
Intangible assets, net and Goodwill - Estimated Future Amortization Expense Related To Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 51,279 | |
2023 | 43,250 | |
2024 | 40,019 | |
2025 | 35,383 | |
2026 | 22,669 | |
Thereafter | 27,818 | |
Total | $ 220,418 | $ 172,719 |
Intangible assets, net and Go_6
Intangible assets, net and Goodwill - Schedule Of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 467,547 | $ 262,242 |
Acquisitions | 114,178 | 203,065 |
Divestiture | (7,221) | |
Purchase price adjustments | 1,973 | |
Foreign currency translation impact | (7,706) | 9,461 |
Balance at end of period | $ 575,992 | $ 467,547 |
Leases - Components Of Lease Ex
Leases - Components Of Lease Expense And Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease Cost | $ 21,173 | $ 21,637 |
Cash paid for operating lease liabilities | 19,087 | 20,005 |
Operating lease right-of-use assets obtained in exchange for new operating lease obligations | $ 8,707 | $ 12,252 |
Leases - Maturities Of Lease Li
Leases - Maturities Of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 14,541 | |
2023 | 10,201 | |
2024 | 8,785 | |
2025 | 5,843 | |
2026 | 5,034 | |
Thereafter | 2,858 | |
Total future minimum lease payments | 47,262 | |
Less imputed interest | 3,657 | |
Total | $ 43,605 | |
Operating leases, weighted average remaining lease term (in years) | 4 years 3 months 18 days | 4 years 7 months 6 days |
Operating lease, weighted average discount rate (as a percent) | 3.80% | 4.90% |
Income taxes - Schedule Of Comp
Income taxes - Schedule Of Components Of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 33,368 | $ 189,486 | $ 98,476 |
Foreign | 70,207 | 9,276 | 82,068 |
Income before income taxes | $ 103,575 | $ 198,762 | $ 180,544 |
Income taxes - Provision For In
Income taxes - Provision For Income Taxes Charged To Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | |||
U.S. federal | $ 10,979 | $ 25,949 | $ 18,212 |
State | 3,135 | 4,793 | 2,705 |
Foreign | 15,942 | 16,590 | 10,156 |
Total current | 30,056 | 47,332 | 31,073 |
Deferred tax expense (benefit): | |||
U.S. federal | (8,485) | 10,056 | (9,168) |
State | (732) | 885 | (1,218) |
Foreign | (6,676) | (5,100) | (3,045) |
Total deferred | (15,893) | 5,841 | (13,431) |
Change in valuation allowance | 97 | 1,930 | 751 |
Total provision | $ 14,260 | $ 55,103 | $ 18,393 |
Income taxes - Deferred Tax Lia
Income taxes - Deferred Tax Liabilities (Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Capitalized software | $ 1,956 | $ 7,134 |
Depreciation and amortization | 8,202 | 11,142 |
Intangible assets | 25,526 | 29,384 |
Right of use asset | 7,246 | 9,029 |
Unrealized exchange loss | 0 | 3,658 |
Undistributed earnings of foreign subsidiaries | 2,865 | 2,600 |
Gross deferred tax liabilities | 46,276 | 62,947 |
Operating loss carryforwards | (92,069) | (101,187) |
Vacation and other accruals | (6,188) | (6,296) |
Inventory valuation and warranty provisions | (2,566) | (2,178) |
Doubtful accounts and sales provisions | (1,759) | (1,435) |
Unrealized gain on derivative instrument | 0 | (3,394) |
Deferred revenue | (5,997) | (6,831) |
Operating lease liabilities | (7,847) | (9,737) |
Accrued expenses | (194) | (213) |
Global intangible low-taxed income | (2,714) | (2,580) |
Stock-based compensation | (6,786) | (6,384) |
Research and development tax credit carryforward | (33) | 0 |
Foreign tax credit carryforward | (1,468) | (1,016) |
Cumulative translation adjustment on undistributed earnings | (873) | (451) |
Unrealized exchange loss | (758) | 0 |
Other | (3,446) | (4,246) |
Gross deferred tax assets | (132,698) | (145,948) |
Valuation allowance | 83,630 | 93,042 |
Net deferred tax (asset) liability | (2,792) | |
Net deferred tax (asset) liability | 10,041 | |
Deferred Tax Liabilities, Derivatives | $ 481 | $ 0 |
Income taxes - Reconciliation O
Income taxes - Reconciliation Of Income Taxes To Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 21.00% | 21.00% | 21.00% |
Foreign taxes greater (less) than federal statutory rate | (3.00%) | 6.00% | 0.00% |
Outside basis difference on asset held for sale | 0.00% | 2.00% | (6.00%) |
Research and development tax credits | (4.00%) | (2.00%) | (3.00%) |
Enhanced deduction for certain research and development expenses | (5.00%) | (2.00%) | (3.00%) |
State income taxes, net of federal tax benefit | 2.00% | 1.00% | 0.00% |
Nondeductible officer compensation | 2.00% | 1.00% | 1.00% |
Change in intercompany prepaid tax asset | (1.00%) | 1.00% | 0.00% |
Foreign-derived intangible income deduction | (4.00%) | (2.00%) | (3.00%) |
Global intangible low-taxed income inclusion ("GILTI") | 2.00% | 0.00% | 1.00% |
Amortization of intangible assets | 3.00% | 1.00% | 0.00% |
Transition tax on deferred foreign income | 0.00% | 0.00% | 1.00% |
Global intangible low-taxed income deferred | 0.00% | 0.00% | 0.00% |
Foreign tax on undistributed foreign earnings | 0.00% | 0.00% | 0.00% |
Other | 1.00% | 1.00% | 1.00% |
Effective tax rate | 14.00% | 28.00% | 10.00% |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)subsidiary$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating Loss Carryforwards [Line Items] | |||||
Provisional amount | $ 69,900 | ||||
Adjustment to provision | $ 2,600 | $ 4,200 | |||
Transition tax payable | $ 61,200 | ||||
Transition tax payable, current | 7,000 | ||||
Transition tax payable, noncurrent | 54,200 | ||||
Foreign income tax benefit | (15,942) | $ (16,590) | $ (10,156) | ||
Unremitted earnings from foreign subsidiaries | 2,400 | ||||
Provisional tax on foreign earnings | 194,000 | ||||
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 1,500 | ||||
Interest and penalties related to income tax matters | 200 | 300 | |||
Interest accrued related to income tax matters | 300 | 400 | |||
Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 2,000 | ||||
Operating loss carryforwards, valuation allowance | 1,500 | ||||
Foreign | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | $ 963,000 | ||||
Number of subsidiaries | subsidiary | 28 | ||||
Malaysia | |||||
Operating Loss Carryforwards [Line Items] | |||||
Foreign income tax benefit | $ 3,900 | $ 2,000 | |||
Income tax benefit of tax holiday on per share basis (in dollars per share) | $ / shares | $ 0.03 | $ 0.02 | |||
Expiring 2021 To 2034 | Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax credit carryforwards | $ 1,500 | ||||
Expiring 2020 To 2038 | Foreign | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | $ 872,000 | ||||
Carried Forward Indefinitely | Foreign | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | $ 91,000 |
Income taxes - Reconciliation_2
Income taxes - Reconciliation Of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 10,488 | $ 6,030 |
Additions based on tax positions related to the current year | 232 | 6,866 |
Reductions as a result of the closing of open tax periods | (1,360) | (2,408) |
Balance at end of period | $ 9,360 | $ 10,488 |
Comprehensive income (Details)
Comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,224,871 | $ 1,176,350 |
Current-period other comprehensive (loss) income | (459) | (3,772) |
Reclassified from accumulated OCI into income | 5,036 | (554) |
Income tax benefit (expense) | (3,882) | 4,570 |
Ending balance | 1,223,697 | 1,224,871 |
Currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (10,066) | (25,831) |
Current-period other comprehensive (loss) income | (13,113) | 15,765 |
Reclassified from accumulated OCI into income | 0 | 0 |
Income tax benefit (expense) | 0 | 0 |
Ending balance | (23,179) | (10,066) |
Investments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (426) | (85) |
Current-period other comprehensive (loss) income | 420 | (398) |
Reclassified from accumulated OCI into income | 0 | 0 |
Income tax benefit (expense) | 6 | 57 |
Ending balance | 0 | (426) |
Derivative instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (10,334) | 4,846 |
Current-period other comprehensive (loss) income | 12,234 | (19,139) |
Reclassified from accumulated OCI into income | 5,036 | (554) |
Income tax benefit (expense) | (3,888) | 4,513 |
Ending balance | 3,048 | (10,334) |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (20,826) | (21,070) |
Ending balance | $ (20,131) | $ (20,826) |
Authorized shares of common a_3
Authorized shares of common and preferred stock and stock-based compensation plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2021 | Jan. 01, 2020 | May 14, 2019 | May 12, 2015 | May 11, 2010 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 05, 2020 | Oct. 23, 2019 | May 31, 2005 | Jan. 21, 2004 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common and preferred stock shares authorized (in shares) | 365,000,000 | |||||||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||
Performance lookback period | 30 days | |||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||||||
Authorized common stock available for repurchase (shares) | 270,445 | 3,000,000 | ||||||||||
Common stock repurchased (in shares) | 1,339,498 | 1,390,057 | 4,000,000 | |||||||||
Common stock repurchased, average cost per share (in dollars per share) | $ 41.06 | $ 35.04 | $ 42.83 | |||||||||
RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unrecognized stock-based compensation expense | $ 209 | |||||||||||
Unrecognized stock-based compensation expense (in shares) | 3,962,458 | |||||||||||
Unrecognized stock-based compensation expense, weighted average fair value (in dollars per share) | $ 43.26 | |||||||||||
Weighted average period for which unrecognized stock-based compensation expense recognized | 2 years 3 months 21 days | |||||||||||
Number of shares granted (in shares) | 1,389,110 | 1,105,559 | 958,995 | |||||||||
PRSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares granted (in shares) | 130,006 | 144,647 | ||||||||||
Performance period | 3 years | 3 years | 3 years | |||||||||
Weighted average grant day fair value (in dollars per share) | $ 66.97 | $ 61 | ||||||||||
Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of target shares granted | 0.00% | |||||||||||
Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of target shares granted | 200.00% | |||||||||||
2005 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for issuance (in shares) | 4,050,000 | |||||||||||
Number of shares available for grant (in shares) | 3,362,304 | |||||||||||
2005 Plan | Vesting period one | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 3 years | |||||||||||
2005 Plan | Vesting period two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 5 years | |||||||||||
2005 Plan | Vesting period three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 10 years | |||||||||||
2005 Plan | Vesting period three | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 5 years | |||||||||||
2010 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for issuance (in shares) | 3,000,000 | |||||||||||
Number of shares available for grant (in shares) | 2,518,416 | |||||||||||
Award expiration period (in shares) | 5 years | |||||||||||
2010 Plan | Vesting period one | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 3 years | |||||||||||
2010 Plan | Vesting period two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 5 years | |||||||||||
2010 Plan | Vesting period three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 10 years | |||||||||||
2015 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares available for grant (in shares) | 567,142 | |||||||||||
Additional number of shares reserved for issuance (in shares) | 3,000,000 | |||||||||||
2015 Plan | Vesting period one | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 3 years | |||||||||||
2015 Plan | Vesting period two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 4 years | |||||||||||
2015 Plan | Vesting period three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 5 years | |||||||||||
2015 Plan | Vesting period four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 10 years | |||||||||||
2015 Plan | Vesting period four | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 5 years | |||||||||||
2020 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for issuance (in shares) | 4,500,000 | |||||||||||
Number of shares available for grant (in shares) | 3,249,365 | |||||||||||
2020 Plan | Vesting period one | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 1 year | |||||||||||
2020 Plan | Vesting period two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 2 years | |||||||||||
2020 Plan | Vesting period three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 3 years | |||||||||||
2020 Plan | Vesting period four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period (in years) | 4 years | |||||||||||
Employee Stock Purchase Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Additional number of shares reserved for issuance (in shares) | 3,000,000 | |||||||||||
Percentage of the lower of the market related to purchase of common stock | 85.00% | |||||||||||
Maximum employee subscription rate | 15.00% | |||||||||||
Shares of common stock reserved for future employee purchases (in shares) | 2,061,521 | |||||||||||
Shares issued during the period (in shares) | 997,671 | |||||||||||
Weighted average grant date fair value (in dollars per share) | $ 32.59 | |||||||||||
Preferred Stock Rights Agreement | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares reserved for issuance (in shares) | 750,000 |
Authorized shares of common a_4
Authorized shares of common and preferred stock and stock-based compensation plans - Schedule Of Restricted Stock Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of RSUs | |||
Granted (in shares) | 997,671 | 1,026,578 | 909,274 |
RSUs | |||
Number of RSUs | |||
Outstanding, beginning balance (in shares) | 4,041,262 | 3,289,637 | 3,178,536 |
Granted (in shares) | 1,757,606 | 2,347,725 | 1,306,387 |
Earned (in shares) | (1,389,110) | (1,105,559) | (958,995) |
Canceled (in shares) | (447,300) | (490,541) | (236,291) |
Outstanding, ending balance (in shares) | 3,962,458 | 4,041,262 | 3,289,637 |
Weighted average grant price per share | |||
Outstanding, beginning balance (in dollars per share) | $ 40.88 | $ 40.99 | $ 36.91 |
Granted (in dollars per share) | 45.67 | 40.27 | 46.76 |
Earned (in dollars per share) | 39.92 | 40.02 | 35.86 |
Canceled (in dollars per share) | 41.54 | 40.74 | (38.82) |
Outstanding, ending balance (in dollars per share) | $ 43.26 | $ 40.88 | $ 40.99 |
Authorized shares of common a_5
Authorized shares of common and preferred stock and stock-based compensation plans - Schedule Of Key Assumptions (Details) - simulation simulation in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life in years | 3 months | 3 months | 3 months |
Risk-free interest rate | 0.71% | 1.26% | 2.32% |
Dividend yield | 0.653% | 0.62% | 0.558% |
PRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of simulations | 100 | 100 | |
Expected volatility | 40.60% | 27.41% | |
Expected life in years | 2 years 11 months 12 days | 2 years 11 months 1 day | |
Risk-free interest rate | 0.21% | 1.38% | |
Dividend yield | 2.66% | 2.32% |
Authorized shares of common a_6
Authorized shares of common and preferred stock and stock-based compensation plans - Schedule Of Grant Date Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Dividend yield | 0.653% | 0.62% | 0.558% |
Expected life in years | 3 months | 3 months | 3 months |
Expected volatility (percentage) | 35.00% | 47.00% | 34.00% |
Risk-free interest rate | 0.71% | 1.26% | 2.32% |
Authorized shares of common a_7
Authorized shares of common and preferred stock and stock-based compensation plans -Schedule Of Weighted Average Grant Date Fair Value (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Number of shares (in shares) | 997,671 | 1,026,578 | 909,274 |
Weighted average fair value per share (in dollars per share) | $ 9.17 | $ 8.80 | $ 9.40 |
Employee retirement plan (Detai
Employee retirement plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Number of days of continuous service for eligibility to participate in defined contribution benefit plan | 30 days | ||
Maximum contribution percentage of employee salary | 80.00% | ||
Maximum matching contribution | 50.00% | 50.00% | 50.00% |
Maximum matching participant’s compensation | 8.00% | 8.00% | 8.00% |
Employee eligibility period for matching contribution (years) | 1 year | ||
Company contributions | $ 9.5 | $ 9.3 | $ 9.6 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021segmentregion | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 1 |
Number of operating geographic regions | region | 3 |
Segment information - Schedule
Segment information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,469,681 | $ 1,286,671 | $ 1,353,215 |
Long-lived Assets | 312,000 | 322,000 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 566,000 | 482,000 | 503,000 |
Long-lived Assets | 128,000 | 127,000 | |
China | |||
Segment Reporting Information [Line Items] | |||
Net sales | 233,000 | 201,000 | 200,000 |
Hungary | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 51,000 | 52,000 | |
Malaysia | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 76,000 | 75,000 | |
Rest of the World | |||
Segment Reporting Information [Line Items] | |||
Net sales | 671,000 | 604,000 | $ 650,000 |
Long-lived Assets | $ 57,000 | $ 68,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - Secured Revolving Loan Facility | Jun. 18, 2021USD ($) | Dec. 31, 2021USD ($) | Jun. 12, 2020 |
Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving line of credit | $ 500,000,000 | ||
Total leverage ratio | 3.50 | ||
Leverage ratio for material acquisitions | 4 | ||
Liquidity ratio leverage, minimum | 3 | ||
Credit Agreement | Minimum | |||
Line of Credit Facility [Line Items] | |||
Quarterly commitment fee | 0.15% | ||
Credit Agreement | Maximum | |||
Line of Credit Facility [Line Items] | |||
Quarterly commitment fee | 0.25% | ||
Credit Agreement | Federal Funds Rate | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 0.50% | ||
Credit Agreement | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 1.00% | ||
Credit Agreement | LIBOR | Minimum | |||
Line of Credit Facility [Line Items] | |||
Default interest rate | 2.00% | ||
Credit Agreement | LIBOR Margin | Minimum | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 0.25% | ||
Credit Agreement | LIBOR Margin | Maximum | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 0.75% | ||
Credit Agreement | LIBOR plus Margin | Minimum | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 1.25% | ||
Credit Agreement | LIBOR plus Margin | Maximum | |||
Line of Credit Facility [Line Items] | |||
Variable interest rate spread | 1.75% | ||
Credit Agreement | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving line of credit | $ 25,000,000 | ||
Wells Fargo Revolving Credit Loan | |||
Line of Credit Facility [Line Items] | |||
Debt issuance costs | $ 2,500,000 |
Debt - Schedule Of Debt Outstan
Debt - Schedule Of Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Total Debt | $ 300,000 | $ 98,750 |
Less: Unamortized debt issuance costs | 0 | (1,714) |
Less: Current Portion of Total Debt | 0 | (5,000) |
Total Debt, non-current | $ 300,000 | 92,036 |
Secured Revolving Loan Facility | Wells Fargo Term Loan | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate | 1.70% | |
Total Debt | $ 0 | 98,750 |
Secured Revolving Loan Facility | Wells Fargo Revolving Credit Loan | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate | 1.40% | |
Total Debt | $ 300,000 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 14,541 |
2023 | 10,201 |
2024 | 8,785 |
2025 | 5,843 |
2026 | 5,034 |
Thereafter | 2,858 |
Total future minimum lease payments | $ 47,262 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 21 | $ 23 | $ 21 |
Non-cancelable purchase commitments | $ 11.7 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Oct. 19, 2021 | Jul. 02, 2020 | Jun. 30, 2020 | Oct. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||||
Proceeds from term loan | $ 0 | $ 170,000 | $ 0 | |||||
Goodwill | 575,992 | 467,547 | 262,242 | |||||
Secured Revolving Loan Facility | Secured Term Loan Facility | ||||||||
Business Acquisition [Line Items] | ||||||||
Proceeds from term loan | $ 70,000 | |||||||
Secured Term Loan Facility | Line of Credit | Wells Fargo Securities, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Proceeds from term loan | $ 200,000 | |||||||
NHR | ||||||||
Business Acquisition [Line Items] | ||||||||
Outstanding shares acquired | 100.00% | |||||||
Transaction costs | 6,000 | |||||||
Total consideration transferred | $ 206,238 | |||||||
Cash acquired from acquisition | 3,000 | |||||||
Period subsequent to the acquisition date, net sales | 9,000 | |||||||
Period subsequent to the acquisition date, net income | 3,000 | |||||||
Goodwill | $ 97,847 | |||||||
Net income | $ 85,746 | 144,211 | ||||||
Other Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration transferred | $ 20,000 | |||||||
Goodwill | 17,000 | |||||||
Other intangible assets | $ 4,000 | |||||||
Optimal Plus Ltd | ||||||||
Business Acquisition [Line Items] | ||||||||
Outstanding shares acquired | 100.00% | |||||||
Transaction costs | 7,000 | |||||||
Total consideration transferred | $ 352,642 | |||||||
Cash acquired from acquisition | 18,000 | |||||||
Goodwill | 203,065 | |||||||
Deferred cash consideration | $ 12,000 | |||||||
Net income | $ 131,519 | $ 128,434 |
Acquisitions - Schedule Of Prel
Acquisitions - Schedule Of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Oct. 19, 2021 | Jul. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 575,992 | $ 467,547 | $ 262,242 | ||
Optimal Plus Ltd | |||||
Business Acquisition [Line Items] | |||||
Consideration Transferred | $ 352,642 | ||||
Cash | 17,661 | ||||
Accounts receivable | 4,927 | ||||
Other assets and liabilities | (2,543) | ||||
Intangible assets | 129,000 | ||||
Goodwill | 203,065 | ||||
Contract assets | 15,454 | ||||
Deferred revenue | (7,341) | ||||
Deferred tax liabilities | (7,581) | ||||
Net assets acquired | $ 352,642 | ||||
NHR | |||||
Business Acquisition [Line Items] | |||||
Consideration Transferred | $ 206,238 | ||||
Cash | 2,935 | ||||
Accounts receivable | 3,902 | ||||
Inventories, net | 4,764 | ||||
Property and equipment, net | 287 | ||||
Other assets and liabilities | 464 | ||||
Intangible assets | 98,510 | ||||
Goodwill | 97,847 | ||||
Accounts payable and accrued expenses | (2,186) | ||||
Deferred revenue | (285) | ||||
Net assets acquired | $ 206,238 |
Acquisitions - Summary Of Preli
Acquisitions - Summary Of Preliminary Purchase Price Allocation And Useful Lives (Details) - USD ($) $ in Thousands | Oct. 19, 2021 | Jul. 02, 2020 |
Optimal Plus Ltd | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 129,000 | |
Optimal Plus Ltd | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 30,100 | |
Estimated Useful Lives (in years) | 5 years | |
Optimal Plus Ltd | Developed technology | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 82,400 | |
Estimated Useful Lives (in years) | 6 years | |
Optimal Plus Ltd | In-process research and development ("IPR&D") | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 10,400 | |
Optimal Plus Ltd | Other intangibles | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 6,100 | |
Optimal Plus Ltd | Minimum | Other intangibles | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives (in years) | 3 years | |
Optimal Plus Ltd | Maximum | Other intangibles | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives (in years) | 5 years | |
NHR | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 98,510 | |
NHR | Customer relationships | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 54,350 | |
Estimated Useful Lives (in years) | 7 years | |
NHR | Developed technology | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 6,010 | |
NHR | Existing product configurations | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 28,300 | |
Estimated Useful Lives (in years) | 9 years | |
NHR | In-process research and development ("IPR&D") | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 4,030 | |
NHR | Trade Names | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 5,820 | |
Estimated Useful Lives (in years) | 6 years | |
NHR | Minimum | Developed technology | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives (in years) | 2 years | |
NHR | Maximum | Developed technology | ||
Business Acquisition [Line Items] | ||
Estimated Useful Lives (in years) | 7 years |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Optimal Plus Ltd | |||
Business Acquisition [Line Items] | |||
Net sales | $ 1,298,718 | $ 1,399,669 | |
Net income | 131,519 | $ 128,434 | |
NHR | |||
Business Acquisition [Line Items] | |||
Net sales | $ 1,496,917 | 1,319,330 | |
Net income | $ 85,746 | $ 144,211 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 14,378 | $ 45,250 | $ 20,065 |
Restructuring reserve | 11,520 | $ 28,993 | $ 9,527 |
Employee severance costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 14,400 |
Restructuring - Summary of Char
Restructuring - Summary of Charges in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 14,378 | $ 45,250 | $ 20,065 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (25) | 1,626 | 0 |
Research and development | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 7,907 | 5,564 | 3,888 |
Sales and marketing | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,006 | 30,189 | 13,300 |
General and administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,174 | 7,871 | 2,877 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 316 | $ 0 | $ 0 |
Restructuring - Summary of Bala
Restructuring - Summary of Balance Sheet Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve | $ 28,993 | $ 9,527 | |
Income statement expense | 14,378 | 45,250 | $ 20,065 |
Cash payments | (31,851) | (25,784) | |
Restructuring reserve | $ 11,520 | $ 28,993 | $ 9,527 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent Event | Jan. 19, 2022USD ($)$ / shares |
Subsequent Event [Line Items] | |
Dividend declared (in dollars per share) | $ / shares | $ 0.28 |
Authorized stock repurchase amount | $ | $ 250,000,000 |