National Instruments (NATI) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,498,380
Entity Central Index Key	0000935494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NATI
Security Exchange Name	NASDAQ
Preferred Share Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	N/A
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 137,672	$ 139,799
Accounts receivable, net	415,744	445,279
Inventories, net	401,060	388,164
Prepaid expenses and other current assets	117,701	115,677
Total current assets	1,072,177	1,088,919
Property and equipment, net	277,706	265,380
Goodwill	630,879	615,734
Intangible assets, net	208,207	200,850
Operating lease right-of-use assets	67,153	59,176
Other long-term assets	127,737	128,479
Total assets	2,383,859	2,358,538
Liabilities and stockholders' equity
Accounts payable	50,351	54,639
Accrued compensation	50,126	71,422
Deferred revenue - current	147,774	137,208
Operating lease liabilities - current	15,507	13,834
Other taxes payable	61,292	67,615
Debt, current	25,000	25,000
Accrued expenses and other current liabilities	169,963	153,157
Total current liabilities	520,013	522,875
Deferred income taxes	4,730	1,676
Income taxes payable - non-current	40,646	40,646
Deferred revenue - non-current	65,263	63,066
Operating lease liabilities - non-current	36,590	30,588
Debt, non-current	490,505	516,637
Other long-term liabilities	31,798	26,926
Total liabilities	1,189,545	1,202,414
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; 131,498,380 shares and 131,004,965 shares issued and outstanding, respectively	1,315	1,310
Additional paid-in capital	1,231,894	1,207,420
Retained deficit	(4,627)	(14,741)
Accumulated other comprehensive loss	(34,268)	(37,865)
Total stockholders’ equity	1,194,314	1,156,124
Total liabilities and stockholders' equity	$ 2,383,859	$ 2,358,538

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	360,000,000	360,000,000
Common stock, issued (in shares)	131,498,380	131,004,965
Common stock, outstanding (in shares)	131,498,380	131,004,965

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales:
Total net sales	$ 436,825	$ 385,256
Cost of sales:
Total cost of sales	132,707	119,227
Gross profit	304,118	266,029
Operating expenses:
Sales and marketing	117,342	120,157
Research and development	86,637	82,161
General and administrative	43,214	33,179
Total operating expenses	247,193	235,497
Operating income	56,925	30,532
Other (expense) income	(3,020)	33
Income before income taxes	53,905	30,565
Provision for income taxes	6,976	5,329
Net income	$ 46,929	$ 25,236
Basic earnings per share (in usd per share)	$ 0.36	$ 0.19
Weighted average shares outstanding - basic (in shares)	131,326	132,105
Diluted earnings per share (in usd per share)	$ 0.35	$ 0.19
Weighted average shares outstanding - diluted (in shares)	133,210	133,175
Dividends declared per share (in usd per share)	$ 0.28	$ 0.28
Product
Net sales:
Total net sales	$ 400,399	$ 343,685
Cost of sales:
Total cost of sales	127,556	115,024
Software maintenance
Net sales:
Total net sales	36,426	41,571
Cost of sales:
Total cost of sales	$ 5,151	$ 4,203

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 46,929	$ 25,236
Other comprehensive income, before tax and net of reclassification adjustments:
Foreign currency translation adjustment	4,889	(3,805)
Unrealized (loss) gain on derivative instruments	(1,676)	1,867
Other comprehensive income (loss), before tax	3,213	(1,938)
Tax (benefit) expense related to items of other comprehensive income	(384)	425
Other comprehensive income (loss), net of tax	3,597	(2,363)
Comprehensive income	$ 50,526	$ 22,873

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Net income	$ 46,929	$ 25,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,240	21,566
Stock-based compensation	15,558	20,128
Gain from equity-method investments	(4,800)	(602)
Deferred income taxes	(1,944)	(3,615)
Changes in operating assets and liabilities, net of acquisitions	20,723	(66,561)
Net cash provided by (used in) operating activities	98,706	(3,848)
Cash flow from investing activities:
Acquisitions, net of cash received	(22,700)	(17,510)
Capital expenditures	(21,419)	(10,182)
Capitalization of internally developed software	(925)	(187)
Additions to other intangibles	(3,125)	(1,274)
Net cash used in investing activities	(48,169)	(29,153)
Cash flow from financing activities:
Proceeds from revolving credit	0	25,000
Payments on term loan	(6,250)	0
Payments on revolving credit	(20,000)	0
Proceeds from issuance of common stock	8,956	9,244
Repurchase of common stock	0	(31,455)
Dividends paid	(36,815)	(36,976)
Net cash used in financing activities	(54,109)	(34,187)
Effect of exchange rate changes on cash	1,445	(1,035)
Net change in cash and cash equivalents	(2,127)	(68,223)
Cash and cash equivalents at beginning of period	139,799	211,106
Cash and cash equivalents at end of period	$ 137,672	$ 142,883

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional-Paid in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2021			132,293,898
Beginning balance at Dec. 31, 2021		$ 1,223,697	$ 1,323	$ 1,129,647	$ 112,858	$ (20,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		25,236			25,236
Other comprehensive (loss) income, net of tax		(2,363)				(2,363)
Issuance of common stock under employee plans (in shares)			354,618
Issuance of common stock under employee plans		9,244	$ 4	9,240
Stock-based compensation		20,055		20,055
Repurchase of common stock (in shares)			(772,052)
Repurchase of common stock		(31,455)	$ (8)	(6,593)	(24,854)
Dividends paid	[1]	(36,976)			(36,976)
Ending balance (in shares) at Mar. 31, 2022			131,876,464
Ending Balance at Mar. 31, 2022		$ 1,207,438	$ 1,319	1,152,349	76,264	(22,494)
Beginning balance (in shares) at Dec. 31, 2022		131,004,965	131,004,965
Beginning balance at Dec. 31, 2022		$ 1,156,124	$ 1,310	1,207,420	(14,741)	(37,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		46,929			46,929
Other comprehensive (loss) income, net of tax		3,597				3,597
Issuance of common stock under employee plans (in shares)			493,415
Issuance of common stock under employee plans		8,956	$ 5	8,951
Stock-based compensation		15,523		15,523
Dividends paid	[1]	$ (36,815)			(36,815)
Ending balance (in shares) at Mar. 31, 2023		131,498,380	131,498,380
Ending Balance at Mar. 31, 2023		$ 1,194,314	$ 1,315	$ 1,231,894	$ (4,627)	$ (34,268)
[1]Cash dividends declared per share of common stock were $0.28 for the three months ended March 31, 2023 and 2022.

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.28	$ 0.28

Basis of presentation

Basis of presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 21, 2023 (the "2022 Form 10-K"). In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at March 31, 2023 and December 31, 2022, the results of our operations and comprehensive income for the three months ended March 31, 2023 and 2022, our cash flows for the three months ended March 31, 2023 and 2022, and our statement of stockholders' equity for the three months ended March 31, 2023 and 2022. Our operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Summary of Significant Accounting Policies There were no material changes to our significant accounting policies during the three months ended March 31, 2023 compared to the significant accounting policies described in our 2022 Form 10-K. Other (Expense) Income Other (expense) income consisted of the following amounts (in thousands): Three Months Ended March 31, (Unaudited) 2023 2022 Interest income $ 326 $ 46 Interest expense (8,348) (1,292) Gain from equity-method investments 4,800 602 Net foreign exchange loss (302) (1,166) Other 504 1,843 Other (expense) income $ (3,020) $ 33 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities on our consolidated balance sheet includes the following amounts (in thousands): As of March 31, 2023 As of December 31, (unaudited) 2022 Income taxes payable - current $ 85,940 $ 87,186 Hedge payable - current 10,221 18,117 Accrued liabilities 32,409 26,851 Other 41,393 21,003 Total $ 169,963 $ 153,157 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 time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PRSUs"), is computed using the treasury stock method. The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, (Unaudited) 2023 2022 Weighted average shares outstanding-basic 131,326 132,105 Plus: Common share equivalents RSUs & PRSUs 1,884 1,070 Weighted average shares outstanding-diluted 133,210 133,175 Shares issuable upon vesting of RSU awards for the three months ended March 31, 2023 and 2022 of 69,400 shares and 442,000 shares, respectively, were excluded in the computations of diluted EPS because the effect of including the RSU awards would have been anti-dilutive.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue 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. 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), geographic region based primarily on the billing location of the customer, and customer industry grouping. Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows: Three Months Ended March 31, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time (1) Over Time Total Point-in-Time (1) Over Time Total Americas $ 152,342 $ 25,644 $ 177,986 $ 132,988 $ 26,222 $ 159,210 EMEA 94,696 17,484 112,180 79,241 21,129 100,370 APAC 135,649 11,010 146,659 114,995 10,681 125,676 Total net sales (1) $ 382,687 $ 54,138 $ 436,825 $ 327,224 $ 58,032 $ 385,256 (1): Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. The industry grouping used to disaggregate net sales is determined at the customer account level. Accounts assigned to one of our three industry-specific groupings are either designated as Semiconductor and Electronics, Transportation, or Aerospace, Defense, and Government. We are able to leverage the investments in these areas to also serve a broad base of diverse customers in the other industries we serve, which are included in our Portfolio grouping. Our recent acquisitions described in Note 17 - Acquisition of Notes to Consolidated Financial Statements are presented within the "Transportation" industry grouping below. We periodically review and update the groupings of customers assigned to a particular industry grouping to ensure that our revenue disaggregation aligns with the way we currently manage our business. As part of this process, we reclassified certain customer accounts between industry groups during the first quarter of 2023. The prior period presented below has been recast to conform to the current period presentation. Three Months Ended March 31, (In thousands) (Unaudited) Industry Grouping 2023 2022 Portfolio $ 135,910 $ 124,703 Semiconductor & Electronics 113,757 104,026 Aerospace, Defense & Government 113,114 94,503 Transportation 74,044 62,024 Total net sales $ 436,825 $ 385,256 Information about Contract Balances Amounts billed 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 or to provide customers with financing. Changes in deferred revenue, current and non-current, during the three months ended March 31, 2023 were as follows: Amount (In thousands) Deferred Revenue at December 31, 2022 $ 200,274 Deferral of revenue billed in current period, net of recognition 56,935 Recognition of revenue deferred in prior periods (45,765) Foreign currency translation impact 1,593 Balance as of March 31, 2023 (unaudited) $ 213,037 For the three months ended March 31, 2023, revenue recognized from performance obligations satisfied in 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 which are anticipated to be invoiced in the next twelve months are included in "other current 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 three months ended March 31, 2023 and December 31, 2022, the amounts recognized that were 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 contracts where revenue is recognized as invoiced, was approximately $118 million as of March 31, 2023. Because we typically invoice customers at contract inception, this amount is included in our current and non-current deferred revenue balances and primarily relates to multi-year payments for hardware service and software service offerings. As of March 31, 2023, we expect to recognize approximately 35% of the revenue related to these unsatisfied performance obligations during the remainder of 2023, 38% during 2024, and 26% thereafter. Assets Recognized from the Costs to Obtain a Contract with a Customer

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Investments	Investments Equity-Method Investments The carrying value of our equity method investments was $28 million and $29 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, net sales to our equity-method investees were approximately $0.5 million and $1.5 million, respectively and purchases from our equity-method investees were not material. Refer to Note 17 - Acquisitions of Notes to Consolidated Financial Statements for additional discussion on a step acquisition of one of our existing equity-method investments, SET, during the first quarter of 2023.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2023
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: Fair Value Measurements at Reporting Date Using (In thousands) (Unaudited) Description March 31, 2023 Level 1 Level 2 Level 3 Assets Derivatives (interest rate swaps) 1,954 1,954 Derivatives (foreign exchange contracts) 8,449 — 8,449 Total Assets $ 10,403 $ — $ 10,403 $ — Liabilities Derivatives (interest rate swaps) $ (2,634) $ (2,634) Derivatives (foreign exchange contracts) $ (10,221) $ — $ (10,221) $ — Total Liabilities $ (12,855) $ — $ (12,855) $ — (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2022 Level 1 Level 2 Level 3 Assets Derivatives (interest rate swaps) 2,299 — 2,299 — Derivatives (foreign exchange contracts) 10,025 — 10,025 — Total Assets $ 12,324 $ — $ 12,324 $ — Liabilities Derivatives (interest rate swaps) $ (1,013) $ — $ (1,013) $ — Derivatives (foreign exchange contracts) $ (18,313) $ — $ (18,313) $ — Total Liabilities $ (19,326) $ — $ (19,326) $ — 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. Derivatives include foreign currency forward and interest rate swap contracts. Our derivatives 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 three months ended March 31, 2023. There were no transfers in or out of Level 1 or Level 2 during the three months ended March 31, 2023. 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 March 31, 2023 and December 31, 2022. We did not have any items that were measured at fair value on a nonrecurring basis at March 31, 2023 and December 31, 2022. The carrying value of net accounts receivable, accounts payable, and long-term debt contained in the consolidated balance sheets approximates fair value.

Derivative instruments and hedg

Derivative instruments and hedging activities	3 Months Ended
	Mar. 31, 2023
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% of our net sales during the three months ended March 31, 2023 and 2022. 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. The vast majority of our foreign sales are denominated in the customers’ local currency. Movements in foreign currency exchange rates pose a risk to our operations and competitive position, in that exchange rate changes may affect our profitability and cash flow, and the business or pricing strategies of our non-U.S. based competitors. We use foreign currency forward contracts as hedges of forecasted sales and expenses that are denominated in foreign currencies and as hedges of foreign currency denominated financial assets or liabilities. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash inflows or outflows resulting from these transactions will be adversely affected by changes in exchange rates. We designate foreign currency forward contracts as cash flow hedges of forecasted net sales 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 minimize the financial impact of fluctuations in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one For foreign currency 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 other comprehensive income ("OCI") and reclassified into earnings in the same line item (net sales, operating expenses, or cost of sales) associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the hedged or economically hedged item, primarily in operating activities. 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 designated as cash flow hedges with the following notional amounts: (In thousands) US Dollar Equivalent As of March 31, 2023 As of December 31, (Unaudited) 2022 Chinese yuan $ 109,576 $ 73,419 Euro 136,422 109,091 Japanese yen 29,444 21,285 Hungarian forint 13,799 19,529 British pound 17,993 13,929 Malaysian ringgit 5,997 8,856 Korean won 22,076 14,048 Total forward contracts notional amount $ 335,307 $ 260,157 The contracts in the foregoing table had contractual maturities of 21 months or less and 12 months or less at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, we expect to reclassify $0.7 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $1.2 million of losses on derivative instruments from accumulated OCI to cost of sales during the next twelve months when the cost of sales are incurred, and $0.9 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 March 31, 2023. Actual results may vary materially as a result of changes in the corresponding exchange rates subsequent to this date. In 2022, we entered into interest rate swap agreements with an aggregate notional value of $300 million and a term of three years. The economic effect of the swap agreements is to mitigate the uncertainty of the cash flows associated with floating-rate interest payments due under our term loan and revolving credit facility (“Credit Facility") by fixing the underlying annual interest rate for a portion of our outstanding debt under the Credit Facility at 3.9%, plus a margin. We have designated these interest rate swap agreements as qualifying hedging instruments and are accounting for these as cash flow hedges pursuant to ASC 815, Derivatives and Hedging. The fair values of these interest rate swap agreements are included in prepaid expenses and other current assets and other long-term liabilities in our consolidated balance sheets at March 31, 2023 and December 31, 2022. Changes in the fair values of these interest rate swap agreements are reported in accumulated other comprehensive loss in our consolidated balance sheets and an amount is reclassified out of accumulated other comprehensive loss into Other (expense) income in the same period that the corresponding interest expense is recognized. We do not use any interest rate swap agreements for trading purposes. 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 or less. 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 March 31, 2023 and December 31, 2022, we held foreign currency forward contracts that were not designated as hedging instruments with a notional amount of $266 million and $282 million, respectively. The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. Asset Derivatives March 31, 2023 December 31, 2022 (Unaudited) (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 $ 5,760 $ 8,968 Interest rate contracts - ST forwards Prepaid expenses and other current assets 1,954 2,299 Foreign exchange contracts - LT forwards Other long-term assets 470 — Total derivatives designated as hedging instruments $ 8,184 $ 11,267 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 2,219 $ 1,057 Total derivatives not designated as hedging instruments $ 2,219 $ 1,057 Total derivatives $ 10,403 $ 12,324 Liability Derivatives March 31, 2023 December 31, 2022 (Unaudited) (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (7,175) $ (9,940) Foreign exchange contracts - LT forwards Other long-term liabilities — (196) Interest rate contracts - LT forwards Other long-term liabilities (2,634) (1,013) Total derivatives designated as hedging instruments $ (9,809) $ (11,149) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (3,046) $ (8,177) Total derivatives not designated as hedging instruments $ (3,046) $ (8,177) Total derivatives $ (12,855) $ (19,326) The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the three-months ended March 31, 2023 and 2022, respectively: March 31, 2023 (In thousands) (Unaudited) 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 $ (1,729) Net sales $ 2,244 Foreign exchange contracts - forwards 1,143 Cost of sales (560) Foreign exchange contracts - forwards 876 Operating expenses (328) Interest rate swap contracts - forwards (1,966) Other (expense) income 527 Total $ (1,676) $ 1,883 March 31, 2022 (In thousands) (Unaudited) 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 $ 1,884 Net sales $ 1,739 Foreign exchange contracts - forwards (21) Cost of sales (327) Foreign exchange contracts - forwards 4 Operating expenses (239) Total $ 1,867 $ 1,173 (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 March 31, 2023 March 31, 2022 (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ (856) (803) Total $ (856) $ (803)

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Inventories, net consist of the following: March 31, 2023 December 31, (In thousands) (Unaudited) 2022 Raw materials $ 280,246 $ 273,311 Work-in-process 13,629 14,968 Finished goods 129,606 119,302 Total $ 423,481 $ 407,581 Less: Inventory reserve $ (22,421) $ (19,417) Total $ 401,060 $ 388,164

Intangible assets, net and good

Intangible assets, net and goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net and goodwill	Intangible assets, net and goodwill Intangible assets at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 (In thousands) (Unaudited) December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 14,216 $ (10,560) $ 3,656 $ 18,810 $ (15,321) $ 3,489 Acquired technology 177,521 (60,929) 116,592 167,686 (54,351) 113,335 Customer relationships 96,935 (29,150) 67,785 98,827 (33,514) 65,313 Patents 37,395 (31,756) 5,639 37,240 (31,368) 5,872 Other 29,516 (14,981) 14,535 34,078 (21,237) 12,841 Total $ 355,583 $ (147,376) $ 208,207 $ 356,641 $ (155,791) $ 200,850 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 generally range from three five ten Goodwill The carrying amount of goodwill as of March 31, 2023 was as follows: Amount (In thousands) Balance as of December 31, 2022 $ 615,734 Acquisitions 12,050 Foreign currency translation impact 3,095 Balance as of March 31, 2023 (unaudited) $ 630,879 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 is performed in the fourth quarter of each year. No impairment of goodwill was identified during the three months ended March 31, 2023 or the twelve months ended December 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases We have operating leases for corporate offices, automobiles, and certain equipment. Our leases have remaining terms of 1 year to 91 years, some of which may include options to extend the leases for up to 9 years, and some of which may include options to terminate the leases within 1 year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Amounts related to finance lease activities and income from leasing activities were not material for the periods presented. The components of operating lease expense were as follows (unaudited): (In thousands) March 31, 2023 March 31, 2022 Operating Lease Cost (1) $ 6,314 $ 5,417 (1) includes variable and short-term lease costs Maturities of lease liabilities as of March 31, 2023 were as follows (unaudited): (In thousands) Years ending December 31, Operating Leases 2023 (Excluding the three months ended March 31, 2023) $ 13,616 2024 14,332 2025 10,498 2026 8,743 2027 4,582 Thereafter 6,009 Total future minimum lease payments 57,780 Less imputed interest 5,683 Total lease liabilities $ 52,097 As of March 31, 2023, we have additional operating leases that have not commenced, which were not material.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
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 bases of assets and liabilities and their reported amounts. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We had a valuation allowance of $75 million and $74 million at March 31, 2023 and December 31, 2022, respectively. A majority of the valuation allowance is related to the deferred tax assets of National Instruments Hungary Kft. (“NI Hungary”). We account for uncertainty in income taxes recognized in our financial statements using prescribed recognition thresholds and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on our tax returns. We had $16.0 million and $12.6 million of gross unrecognized tax benefits at March 31, 2023 and December 31, 2022, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $3.4 million for the three months ended March 31, 2023, as a result of the tax positions taken during this period. As of March 31, 2023, it is reasonably possible that we will recognize gross tax benefits in the amount of $0.8 million in the next twelve months due to the closing of open tax years. The nature of the uncertainty is related to positions taken on returns that have not been examined by the applicable tax authority. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. During the three months ended March 31, 2023, we recognized interest expense related to uncertain tax positions of approximately $0.1 million. As of March 31, 2023, we had approximately $0.3 million accrued for interest related to uncertain tax positions. The tax years 2016 through 2023 remain open to examination by the major taxing jurisdictions to which we are subject. Our provision for income taxes reflected an effective tax rate of 13% and 17% for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of an enhanced deduction for certain research and development expenses, deduction for foreign-derived intangible income and the research and development tax credit, which were offset by the change in unrecognized tax benefits. For the three months ended March 31, 2022, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of deduction for foreign-derived intangible income, an enhanced deduction for certain research and development expenses and the research and development tax credit, offset by the change in unrecognized tax benefits, nondeductible officer compensation and state income taxes net of federal benefit and U.S. tax on global intangible low-taxed income. Our earnings in Hungary are subject to a statutory tax rate of 9%. In addition, our research and development activities in Hungary benefit from a tax law in Hungary that provides for an enhanced deduction for qualified research and development expenses. The tax position of our Hungarian operations resulted in income tax benefits of $6.1 million and $2.0 million for the three months ended March 31, 2023, and March 31, 2022, respectively. 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 income tax benefits of the tax holiday for the three months ended March 31, 2023, and March 31, 2022 were approximately $1.3 million and $0.6 million, respectively. The impact of the tax holiday on a per share basis for each of the three months ended March 31, 2023 and March 31, 2022 was a benefit of $0.01 per share. No other taxing jurisdictions had a significant impact on our effective tax rate. We have not entered into any advanced pricing or other agreements with the Internal Revenue Service ("IRS") with regard to any foreign jurisdictions.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive income	Comprehensive income Our OCI is comprised of net income, foreign currency translation adjustments, and unrealized gains and losses on forward contracts. The accumulated OCI, net of tax, for the three months ended March 31, 2023 and 2022, consisted of the following: March 31, 2023 (Unaudited) (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2022 $ (38,250) $ — 385 $ (37,865) Current-period other comprehensive income (loss) 4,889 — 207 5,096 Reclassified from accumulated OCI into income — — (1,883) (1,883) Income tax benefit — — 384 384 Balance as of March 31, 2023 $ (33,361) $ — $ (907) $ (34,268) March 31, 2022 (Unaudited) (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2021 $ (23,179) $ — 3,048 $ (20,131) Current-period other comprehensive (loss) income (3,805) — 3,040 (765) Reclassified from accumulated OCI into income — — (1,173) (1,173) Income tax expense — — (425) (425) Balance as of March 31, 2022 $ (26,984) $ — $ 4,490 $ (22,494)

Authorized shares of common and

Authorized shares of common and preferred stock and stock-based compensation plans	3 Months Ended
	Mar. 31, 2023
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 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 our 1994 Incentive Stock Options Plan (the "1994 Plan") and the 2005 Incentive Plan (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 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 Our stockholders approved our 2022 Equity Incentive Plan (the “2022 Plan”) on May 10, 2022. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2022 Plan, as well as the 1,568,571 shares of common stock that were reserved but not issued under the 2020 Plan as of May 10, 2022, and any shares that were returned to the 2005 Plan, 2010 Plan, 2015 Plan and 2020 Plan as a result of the forfeiture, repurchase or termination of unissued shares subject to options or RSUs issued under those plans. The 2022 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 Performance-based stock units During the three months ended March 31, 2023 and 2022, we granted 70,224 and 164,843 PRSUs, respectively, to executive officers pursuant to the 2022 Plan and 2020 Plan. The PRSUs may be earned based on our total shareholder return ("TSR") compared to the TSR of the Russell 2000 Index or, for awards granted on or after March 3, 2023, the NASDAQ Composite Index (the “Index”) over a three-year performance period. For the PRSUs granted during the three months ended March 31, 2023, the three-year performance period commenced on January 1, 2023, and will end on December 31, 2025, and for the PRSUs granted during the three months ended March 31, 2022, the three-year performance commenced on January 1, 2022 and will end on December 31, 2024, using the average daily closing price over a 30-day lookback in each case. The number of awards earned could range from 0% to 200% of the target number of units granted. Additionally, for awards granted on or after March 3, 2023, the number of PRSUs that may vest pursuant to an award agreement shall not exceed 100% of the target number of PRSUs subject to such award if our absolute total shareholder return is negative during the performance period for such award. The fair values of PRSUs are estimated using a Monte Carlo simulation. The determination of fair value of the PRSUs is 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: Three Months Ended (unaudited) March 31, 2023 March 31, 2022 Number of simulations 100,000 100,000 Expected volatility 32.27% 37.81% Expected life in years 2.84 years 2.95 years Risk-free interest rate 4.45% 1.33% Dividend yield 2.45% 2.52% The weighted average grant date fair value of the market-based awards, as determined by the Monte Carlo valuation model, was $84.45 per share and $59.65 per share in 2023 and 2022, respectively. Employee stock purchase plan Our employee stock purchase plan ("ESPP") 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 the ESPP. Pursuant to the terms of our merger agreement with Emerson, our ESPP program will be suspended indefinitely after the May 1, 2023 purchase. Refer to Note 18 - Subsequent Events of Notes to Consolidated financials for additional information on the proposed transaction. On May 10, 2022, our stockholders approved an additional 3,000,000 shares for issuance under our ESPP. At March 31, 2023, we had 3,797,114 shares of common stock reserved for future issuance under the ESPP. We issued 275,976 shares under this plan in the three months ended March 31, 2023 and the weighted average purchase price of the shares issued was $32.45 per share. During the three months ended March 31, 2023, we did not make any changes in accounting principles or methods of estimates with respect to our ESPP. 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 the adoption of a Preferred Stock Rights Agreement which expired on May 10, 2014. There were no shares of Series A Preferred Stock issued and outstanding at March 31, 2023. On January 13, 2023, our Board of Directors designated 2,000,000 of these shares as Series B Participating Preferred Stock (“Series B Preferred Stock”) in conjunction with its adoption of a stockholder rights plan, as previously disclosed in our Current Report on Form 8-K filed on January 13, 2023. On April 12, 2023, in connection with entering into the merger agreement with Emerson, the stockholder rights plan was modified so that the rights thereunder will not be exercisable by virtue of the merger agreement or any agreement or transactions contemplated thereby, as previously disclosed in our Current Report on Form 8-K filed on April 12, 2023. Stock repurchases and retirements On April 21, 2010, our Board of Directors authorized a program to repurchase shares of our common stock from time to time, depending on market conditions and other factors (the “2019 Program”). The Board has amended the 2019 Program several times over the years to increase the number of shares that may be purchased under the program. On October 23, 2019, our Board amended the 2019 Program to increase the number of shares that may be repurchased by 3,000,000 shares. On January 19, 2022, our Board of Directors approved a new stock repurchase plan for up to $250 million of our common stock, effective immediately (the "2022 Program"). This new repurchase program is in addition to the existing 2019 Program. Under the 2022 Program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the other terms of the repurchase will depend on a variety of factors, including legal requirements, economic and market conditions, and other investment opportunities. The 2022 Program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

Segment and geographic informat

Segment and geographic information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment and geographic information	Segment and geographic 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 as one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and the notes thereto. We sell our products in three geographic regions which consist of: the Americas; Europe, Middle East and Africa region ("EMEA"); and Asia-Pacific region ("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 are 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 regions in which we operate). The following table presents summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's billing location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. (in millions) United States China (1) Rest of the World Total Net sales: Three months ended March 31, 2023 $ 172 82 183 $ 437 Three months ended March 31, 2022 $ 152 55 178 $ 385 (1): Includes Mainland China and the 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. Long-lived assets consist of property, plant, and equipment and operating lease right-of-use assets and exclude intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: March 31, 2023 $ 142 59 81 63 $ 345 December 31, 2022 $ 124 58 82 61 $ 325

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents the amounts outstanding related to our borrowing arrangements discussed below as of March 31, 2023, and December 31, 2022, respectively (in thousands): March 31, December 31, 2023 2022 Secured Term Loan 487,500 493,750 Revolving credit facility 30,000 50,000 Total Debt 517,500 543,750 Less: Unamortized debt issuance costs (1,995) (2,113) Less: Current Portion of Total Debt (25,000) (25,000) Total Debt, non-current $ 490,505 $ 516,637 The effective interest rate for the term loan and the revolving credit facility, both drawn under our Credit Facility, was 6.3% as of March 31, 2023. The effective interest rates for the term loan and revolving credit facility as of December 31, 2022 were 5.6% and 5.7%, respectively. Debt Issuance Costs Debt issuance costs of approximately $1.9 million attributable to our revolving credit are presented within "Other long-term assets" in our Consolidated Balance Sheet and debt issuance costs of approximately $2.0 million attributable to the term loan are presented within "Debt, non-current" as of March 31, 2023. Debt issuance costs of approximately $2.1 million attributable to our revolving credit are presented within "Other long-term assets" in our Consolidated Balance Sheet and debt issuance costs of approximately $2.1 million attributable to the term loan are presented within "Debt, non-current" as of December 31, 2022. These amounts are amortized to interest expense ratably over the life of the revolving credit and the term loan, respectively. Credit Facility On August 24, 2022, we amended the terms of our Credit Facility by entering into a Third 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, BofA Securities, Inc. and Citibank, N.A., as joint lead arrangers and joint bookrunners, BofA Securities, Inc. and Citibank, N.A., as syndication agents, and the lenders party thereto. The Credit Agreement amends and restates and refinances our Second Amended and Restated Credit Agreement, dated as of June 18, 2021, by and among us, the lenders from time-to-time party thereto and Wells Fargo Bank, National Association, as the administrative agent (the "Prior Credit Agreement"). All outstanding loans under the Prior Credit Agreement were repaid in full in connection with the entry into the Credit Agreement. The replacement of the Prior Credit Agreement with the Credit Agreement was treated as a debt modification and the remaining balance of unamortized debt issuance costs were allocated to the new loan facilities, as described below. The Credit Agreement provides for an initial $1 billion Credit Facility consisting of (a) 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 and (b) a secured term loan facility in an aggregate principal amount of $500 million. Subject to the terms of the Credit Agreement, including obtaining commitments from existing lenders or new lenders, we may request additional term loans and/or revolving loan commitments. The Credit Facility terminates, and all revolving loans outstanding and/or outstanding term loan amounts (together with accrued interest and fees) are payable in full, on August 24, 2027, unless terminated earlier pursuant to the terms of the Credit Agreement. The term loans amortize in quarterly payments equal to 1.25% of the original principal amount of the term loans, with the remaining outstanding balance due at maturity. The term loans and revolving 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) an adjusted term SOFR for an interest period of one month plus 1.00%, plus a margin of 0.25% to 0.75%; or (ii) an adjusted term SOFR (for an interest period of one, three or six months) 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 consolidated 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 consolidated 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 portion 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 our obligations under the Credit Agreement, among other things. As of March 31, 2023, there were no Subsidiary Guarantors, and no Guaranty had been executed. In connection with the Credit Agreement, we entered into a Second Amended and Restated Collateral Agreement (the "Collateral Agreement") pursuant to which we granted a continuing security interest on substantially all of our assets, in favor of the Administrative Agent (for the benefit of the lenders of the Credit Facility), to secure our obligations under the Credit Agreement. Subsidiary Guarantors are required to join the Collateral Agreement and make similar grants of security interests. 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 interest rate equal to 2.00% above the otherwise applicable interest rate. The proceeds of the term loans made on August 24, 2022 were used to prepay in full the revolving loans outstanding under the Prior Credit Agreement. Remaining proceeds of the term loans made on August 24, 2022 were used to pay associated costs, fees and other expenses and for other working capital and general corporate purposes. Proceeds of current and additional revolving loans under the Credit Agreement may be used for working capital and other general corporate purposes including acquisitions, share repurchases and dividend payouts. We may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies We offer a standard warranty on most hardware products which is included in the terms of sale of such products. During 2022, we enhanced the service entitlements included with our standard warranty to include technical support and dependable repair and replacement coverage. Standard warranties sold with these additional entitlements are now accounted for as service-type warranties and the revenue allocated to these performance obligations is now recognized over the service duration of one or three years, and the related warranty costs are recognized as incurred. We also offer additional extensions or enhancements to the service-type warranties described above, for which the related revenue is also recognized ratably over the warranty period. The included service period for the enhanced service entitlements was three years for the vast majority of orders placed during 2022. In late 2022, we shortened the default service period for our service-type warranty entitlements to one year, with the ability to add optional, separately-priced extensions for subsequent years. Consequently, revenue deferrals related to service-type warranties are expected to decrease on a year over year basis during the remainder of 2023. For hardware previously sold with only an assurance-type warranty, a provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred. Our estimate is based on historical experience and product sales during the period. The warranty reserve as of March 31, 2023 and December 31, 2022 was $2.4 million and $1.5 million, respectively.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring 2023 Restructuring During the first quarter of 2023, we announced a workforce reduction plan (the "2023 Plan") intended to realign our investments to accelerate our growth strategy and further optimize our operations and cost structure. The 2023 Plan will result in reductions to our worldwide headcount of approximately 4% during 2023. In connection with the Plan, we incurred approximately $15.5 million of charges consisting primarily of cash termination benefits and other employee-related costs during the first quarter of 2023. We expect to incur an additional $0.9 million of additional costs related to our restructuring plans during the remainder of 2023. 2022 and 2021 Restructuring During the first quarter of 2023, we recognized approximately $0.4 million in severance-related charges for restructuring activities that were initiated in prior years. The majority of the charges related to the 2022 and 2021 Plans had been fully recognized as of March 31, 2023. A summary of the charges in our consolidated statement of operations resulting from our restructuring activities is shown below: Three Months Ended March 31, (In thousands) (Unaudited) 2023 2022 Cost of sales $ 1,520 $ — Research and development 3,213 400 Sales and marketing 5,981 — General and administrative 5,256 — Total $ 15,970 $ 400 A summary of balance sheet activity during 2023 related to the restructuring activity is shown below: Restructuring Liability (in thousands) Balance as of December 31, 2022 $ 10,009 Income statement expense 15,970 Cash payments (14,570) Balance as of March 31, 2023 $ 11,409 The restructuring liability of $11.4 million at March 31, 2023, relating primarily to future severance payments is recorded in the “Accrued compensation” line item of the consolidated balance sheet.

Litigation

Litigation	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions SET Acquisition On March 6, 2023, we acquired the remaining 75.1% ownership interest in one of our equity-method investments, SET GmbH ("SET"), for approximately $24.8 million in total cash consideration, subject to certain post-closing adjustments. Of the total cash consideration, approximately $2.7 million will be held back as security for certain representations, warranties, and obligations of the sellers, payable in the first quarter of 2024. SET is a Germany-based expert in aerospace and defense test system development and an innovator in power semiconductor reliability test. This transaction was accounted for as a business combination using the acquisition method of accounting. We recognized a gain of approximately $3 million on the remeasurement of our existing 24.9% equity-method investment to fair value on the acquisition date. The carrying value of the investment immediately prior to the acquisition date was approximately $3 million. The gain is presented in "Other (expense) income." All of the acquired assets and liabilities of SET have been recorded at their respective fair values as of the acquisition date. We recognized approximately $12.1 million of goodwill and $16.0 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 acquisition was funded by cash on hand. The preliminary purchase price allocation related to the acquisition was not finalized as of March 31, 2023, and is based upon a preliminary valuation which is 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 as the impact of the acquired operations was 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 existing offerings related to vehicle electrification and other related applications. Goodwill is not deductible for tax purposes. Kratzer Acquisition On May 2, 2022, we completed the acquisition of certain assets of, and assumed certain liabilities of, the test systems business ("TS Business") of Germany-based Kratzer Automation AG (“Kratzer”). As part of this integrated transaction, we also purchased 100% of the shares in certain subsidiaries of Kratzer: Kratzer Automation S.a.r.l. ("Kratzer France"), Kratzer Automation Inc. ("Kratzer US") and Kratzer Automation (Shanghai) Co., Ltd. ("Kratzer China"). The acquisitions of Kratzer France, Kratzer US, and Kratzer China were completed on June 1, 2022, June 2, 2022, and August 26, 2022, respectively. This transaction was accounted for as a business combination using the acquisition method of accounting. Total cash consideration for the transaction was $56.3 million inclusive of $0.7 million in cash acquired. All of the acquired assets and liabilities of the TS Business have been recorded at their respective fair values as of the acquisition date. The acquisition was funded by cash on hand. Transaction costs have been expensed as incurred. We expensed $2.2 million of transaction costs related to the acquisition of the TS Business, which are included in selling, general and administrative expenses. The excess of the purchase price over the net assets acquired was recorded as goodwill. The goodwill generated from the acquisition is primarily attributed to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification test systems and other related applications. The goodwill is deductible locally and in the U.S. over 15 years for federal income tax purposes. During the fourth quarter of 2022, we recorded measurement period adjustments to our preliminary estimate of the fair value of intangible assets acquired as a result of new information obtained on acquired customer contracts. The net decrease to the fair value of total intangible assets acquired was $10 million, with a corresponding increase to goodwill. This change to the provisional amount did not have a material impact to the income statements in the current or previous reporting periods. Fair value of net assets acquired and liabilities assumed The information below represents the preliminary purchase price allocation of the TS Business (in thousands): May 2, 2022 Consideration Transferred 56,324 Cash and cash equivalents 672 Accounts receivable 2,616 Inventories 5,130 Prepaid expenses and other current assets 1,900 Property and equipment 1,145 Goodwill 29,223 Intangible assets 25,010 Operating lease right-of-use assets 4,820 Other long-term assets 108 Accounts payable and accrued expenses (966) Accrued compensation (463) Operating lease liabilities - current (1,050) Accrued expenses and other current liabilities (8,233) Operating lease liabilities - non-current (3,588) Net Assets Acquired 56,324 The preliminary purchase price allocation related to the acquisition was not finalized as of March 31, 2023. These 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 purchase price that are not yet finalized relate to intangible assets, income taxes 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. Estimated Fair Value (in thousands) Estimated Useful Lives (in years) Customer relationships $ 2,470 10 Developed software 20,830 5 Trade name contractual rights 1,710 2 Total 25,010 Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. The economic useful life was determined by examining the period of time over which the customer attrition curve falls below a target threshold. Developed software represents the fair value of automation systems for performing test bench tasks and management systems for all resources and accruing data in the test field. The economic life of this software is estimated to be 5 years based on the expected future utilization of the software in its current form. Results of operations of the business acquired have been included in our condensed consolidated financial statements subsequent to the dates of acquisition. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material. Heinzinger Acquisition On February 28, 2022, we completed the acquisition of the systems business of Heinzinger Electronic GmbH (“Heinzinger”) for $22.5 million in total cash consideration, including a holdback amount of approximately $3.1 million that was released to Heinzinger during the first quarter of 2023. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of Heinzinger have been recorded at their respective fair values as of the acquisition date. We recognized approximately $13.5 million of goodwill and $7.2 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 acquisition was funded by cash on hand. 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. Goodwill is not deductible for tax purposes. The purchase price allocation related to the acquisition was finalized as of February 28, 2023. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material.

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events Dividend On April 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on May 31, 2023, to stockholders of record as of the close of business on May 9, 2023. Acquisition On April 12, 2023 the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Emerson Electric Co., a Missouri corporation (“Parent”) and Emersub CXIV, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving company in the Merger. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of common stock, par value $0.01 per share, of the Company issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive $60.00 per Company share in cash, without interest. Completion of the Merger is subject to certain conditions, including the receipt of the necessary approval from the Company’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the last calendar quarter of 2023 or the first calendar quarter of 2024.

Basis of presentation (Policies

Basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation   The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 21, 2023 (the "2022 Form 10-K"). In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at March 31, 2023 and December 31, 2022, the results of our operations and comprehensive income for the three months ended March 31, 2023 and 2022, our cash flows for the three months ended March 31, 2023 and 2022, and our statement of stockholders' equity for the three months ended March 31, 2023 and 2022. Our operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There were no material changes to our significant accounting policies during the three months ended March 31, 2023 compared to the significant accounting policies described in our 2022 Form 10-K.
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 time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PRSUs"), is computed using the treasury stock method.

Basis of presentation (Tables)

Basis of presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other (Expense) Income, net	Other (expense) income consisted of the following amounts (in thousands): Three Months Ended March 31, (Unaudited) 2023 2022 Interest income $ 326 $ 46 Interest expense (8,348) (1,292) Gain from equity-method investments 4,800 602 Net foreign exchange loss (302) (1,166) Other 504 1,843 Other (expense) income $ (3,020) $ 33
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities on our consolidated balance sheet includes the following amounts (in thousands): As of March 31, 2023 As of December 31, (unaudited) 2022 Income taxes payable - current $ 85,940 $ 87,186 Hedge payable - current 10,221 18,117 Accrued liabilities 32,409 26,851 Other 41,393 21,003 Total $ 169,963 $ 153,157
Schedule of 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 the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, (Unaudited) 2023 2022 Weighted average shares outstanding-basic 131,326 132,105 Plus: Common share equivalents RSUs & PRSUs 1,884 1,070 Weighted average shares outstanding-diluted 133,210 133,175

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows: Three Months Ended March 31, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time (1) Over Time Total Point-in-Time (1) Over Time Total Americas $ 152,342 $ 25,644 $ 177,986 $ 132,988 $ 26,222 $ 159,210 EMEA 94,696 17,484 112,180 79,241 21,129 100,370 APAC 135,649 11,010 146,659 114,995 10,681 125,676 Total net sales (1) $ 382,687 $ 54,138 $ 436,825 $ 327,224 $ 58,032 $ 385,256 (1): Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. The industry grouping used to disaggregate net sales is determined at the customer account level. Accounts assigned to one of our three industry-specific groupings are either designated as Semiconductor and Electronics, Transportation, or Aerospace, Defense, and Government. We are able to leverage the investments in these areas to also serve a broad base of diverse customers in the other industries we serve, which are included in our Portfolio grouping. Our recent acquisitions described in Note 17 - Acquisition of Notes to Consolidated Financial Statements are presented within the "Transportation" industry grouping below. We periodically review and update the groupings of customers assigned to a particular industry grouping to ensure that our revenue disaggregation aligns with the way we currently manage our business. As part of this process, we reclassified certain customer accounts between industry groups during the first quarter of 2023. The prior period presented below has been recast to conform to the current period presentation. Three Months Ended March 31, (In thousands) (Unaudited) Industry Grouping 2023 2022 Portfolio $ 135,910 $ 124,703 Semiconductor & Electronics 113,757 104,026 Aerospace, Defense & Government 113,114 94,503 Transportation 74,044 62,024 Total net sales $ 436,825 $ 385,256
Schedule of Changes in Unearned Revenue	Changes in deferred revenue, current and non-current, during the three months ended March 31, 2023 were as follows: Amount (In thousands) Deferred Revenue at December 31, 2022 $ 200,274 Deferral of revenue billed in current period, net of recognition 56,935 Recognition of revenue deferred in prior periods (45,765) Foreign currency translation impact 1,593 Balance as of March 31, 2023 (unaudited) $ 213,037

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Reporting Date Using (In thousands) (Unaudited) Description March 31, 2023 Level 1 Level 2 Level 3 Assets Derivatives (interest rate swaps) 1,954 1,954 Derivatives (foreign exchange contracts) 8,449 — 8,449 Total Assets $ 10,403 $ — $ 10,403 $ — Liabilities Derivatives (interest rate swaps) $ (2,634) $ (2,634) Derivatives (foreign exchange contracts) $ (10,221) $ — $ (10,221) $ — Total Liabilities $ (12,855) $ — $ (12,855) $ — (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2022 Level 1 Level 2 Level 3 Assets Derivatives (interest rate swaps) 2,299 — 2,299 — Derivatives (foreign exchange contracts) 10,025 — 10,025 — Total Assets $ 12,324 $ — $ 12,324 $ — Liabilities Derivatives (interest rate swaps) $ (1,013) $ — $ (1,013) $ — Derivatives (foreign exchange contracts) $ (18,313) $ — $ (18,313) $ — Total Liabilities $ (19,326) $ — $ (19,326) $ —

Derivative instruments and he_2

Derivative instruments and hedging activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Forward Contracts Notional Amount	We held forward contracts designated as cash flow hedges with the following notional amounts: (In thousands) US Dollar Equivalent As of March 31, 2023 As of December 31, (Unaudited) 2022 Chinese yuan $ 109,576 $ 73,419 Euro 136,422 109,091 Japanese yen 29,444 21,285 Hungarian forint 13,799 19,529 British pound 17,993 13,929 Malaysian ringgit 5,997 8,856 Korean won 22,076 14,048 Total forward contracts notional amount $ 335,307 $ 260,157
Schedule of Fair Value of Derivative Instruments	The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. Asset Derivatives March 31, 2023 December 31, 2022 (Unaudited) (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 $ 5,760 $ 8,968 Interest rate contracts - ST forwards Prepaid expenses and other current assets 1,954 2,299 Foreign exchange contracts - LT forwards Other long-term assets 470 — Total derivatives designated as hedging instruments $ 8,184 $ 11,267 Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 2,219 $ 1,057 Total derivatives not designated as hedging instruments $ 2,219 $ 1,057 Total derivatives $ 10,403 $ 12,324 Liability Derivatives March 31, 2023 December 31, 2022 (Unaudited) (In thousands) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (7,175) $ (9,940) Foreign exchange contracts - LT forwards Other long-term liabilities — (196) Interest rate contracts - LT forwards Other long-term liabilities (2,634) (1,013) Total derivatives designated as hedging instruments $ (9,809) $ (11,149) Derivatives not designated as hedging instruments Foreign exchange contracts - ST forwards Other current liabilities $ (3,046) $ (8,177) Total derivatives not designated as hedging instruments $ (3,046) $ (8,177) Total derivatives $ (12,855) $ (19,326)
Schedule of Effect of Derivative Instruments	The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the three-months ended March 31, 2023 and 2022, respectively: March 31, 2023 (In thousands) (Unaudited) 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 $ (1,729) Net sales $ 2,244 Foreign exchange contracts - forwards 1,143 Cost of sales (560) Foreign exchange contracts - forwards 876 Operating expenses (328) Interest rate swap contracts - forwards (1,966) Other (expense) income 527 Total $ (1,676) $ 1,883 March 31, 2022 (In thousands) (Unaudited) 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 $ 1,884 Net sales $ 1,739 Foreign exchange contracts - forwards (21) Cost of sales (327) Foreign exchange contracts - forwards 4 Operating expenses (239) Total $ 1,867 $ 1,173 (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 March 31, 2023 March 31, 2022 (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ (856) (803) Total $ (856) $ (803)

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Net	Inventories, net consist of the following: March 31, 2023 December 31, (In thousands) (Unaudited) 2022 Raw materials $ 280,246 $ 273,311 Work-in-process 13,629 14,968 Finished goods 129,606 119,302 Total $ 423,481 $ 407,581 Less: Inventory reserve $ (22,421) $ (19,417) Total $ 401,060 $ 388,164

Intangible assets, net and go_2

Intangible assets, net and goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 (In thousands) (Unaudited) December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 14,216 $ (10,560) $ 3,656 $ 18,810 $ (15,321) $ 3,489 Acquired technology 177,521 (60,929) 116,592 167,686 (54,351) 113,335 Customer relationships 96,935 (29,150) 67,785 98,827 (33,514) 65,313 Patents 37,395 (31,756) 5,639 37,240 (31,368) 5,872 Other 29,516 (14,981) 14,535 34,078 (21,237) 12,841 Total $ 355,583 $ (147,376) $ 208,207 $ 356,641 $ (155,791) $ 200,850
Schedule of Goodwill	The carrying amount of goodwill as of March 31, 2023 was as follows: Amount (In thousands) Balance as of December 31, 2022 $ 615,734 Acquisitions 12,050 Foreign currency translation impact 3,095 Balance as of March 31, 2023 (unaudited) $ 630,879

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of operating lease expense were as follows (unaudited): (In thousands) March 31, 2023 March 31, 2022 Operating Lease Cost (1) $ 6,314 $ 5,417 (1) includes variable and short-term lease costs
Schedule of Future Minimum Lease Payments	Maturities of lease liabilities as of March 31, 2023 were as follows (unaudited): (In thousands) Years ending December 31, Operating Leases 2023 (Excluding the three months ended March 31, 2023) $ 13,616 2024 14,332 2025 10,498 2026 8,743 2027 4,582 Thereafter 6,009 Total future minimum lease payments 57,780 Less imputed interest 5,683 Total lease liabilities $ 52,097

Comprehensive income (Tables)

Comprehensive income (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Comprehensive Income (Loss)	The accumulated OCI, net of tax, for the three months ended March 31, 2023 and 2022, consisted of the following: March 31, 2023 (Unaudited) (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2022 $ (38,250) $ — 385 $ (37,865) Current-period other comprehensive income (loss) 4,889 — 207 5,096 Reclassified from accumulated OCI into income — — (1,883) (1,883) Income tax benefit — — 384 384 Balance as of March 31, 2023 $ (33,361) $ — $ (907) $ (34,268) March 31, 2022 (Unaudited) (In thousands) Currency translation adjustment Investments Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2021 $ (23,179) $ — 3,048 $ (20,131) Current-period other comprehensive (loss) income (3,805) — 3,040 (765) Reclassified from accumulated OCI into income — — (1,173) (1,173) Income tax expense — — (425) (425) Balance as of March 31, 2022 $ (26,984) $ — $ 4,490 $ (22,494)

Authorized shares of common a_2

Authorized shares of common and preferred stock and stock-based compensation plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Key Assumptions to Value Market-based Awards	The key assumptions used in valuing these market-based awards are as follows: Three Months Ended (unaudited) March 31, 2023 March 31, 2022 Number of simulations 100,000 100,000 Expected volatility 32.27% 37.81% Expected life in years 2.84 years 2.95 years Risk-free interest rate 4.45% 1.33% Dividend yield 2.45% 2.52%

Segment and geographic inform_2

Segment and geographic information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Net Sales by Country	The following table presents summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's billing location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. (in millions) United States China (1) Rest of the World Total Net sales: Three months ended March 31, 2023 $ 172 82 183 $ 437 Three months ended March 31, 2022 $ 152 55 178 $ 385 (1): Includes Mainland China and the 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. Long-lived assets consist of property, plant, and equipment and operating lease right-of-use assets and exclude intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: March 31, 2023 $ 142 59 81 63 $ 345 December 31, 2022 $ 124 58 82 61 $ 325

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Amounts Outstanding Related to Borrowing Arrangements	The following table presents the amounts outstanding related to our borrowing arrangements discussed below as of March 31, 2023, and December 31, 2022, respectively (in thousands): March 31, December 31, 2023 2022 Secured Term Loan 487,500 493,750 Revolving credit facility 30,000 50,000 Total Debt 517,500 543,750 Less: Unamortized debt issuance costs (1,995) (2,113) Less: Current Portion of Total Debt (25,000) (25,000) Total Debt, non-current $ 490,505 $ 516,637

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Charges Resulting From Restructuring Activities	A summary of the charges in our consolidated statement of operations resulting from our restructuring activities is shown below: Three Months Ended March 31, (In thousands) (Unaudited) 2023 2022 Cost of sales $ 1,520 $ — Research and development 3,213 400 Sales and marketing 5,981 — General and administrative 5,256 — Total $ 15,970 $ 400
Schedule of Restructuring Reserve by Type of Cost	A summary of balance sheet activity during 2023 related to the restructuring activity is shown below: Restructuring Liability (in thousands) Balance as of December 31, 2022 $ 10,009 Income statement expense 15,970 Cash payments (14,570) Balance as of March 31, 2023 $ 11,409

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Allocation	The information below represents the preliminary purchase price allocation of the TS Business (in thousands): May 2, 2022 Consideration Transferred 56,324 Cash and cash equivalents 672 Accounts receivable 2,616 Inventories 5,130 Prepaid expenses and other current assets 1,900 Property and equipment 1,145 Goodwill 29,223 Intangible assets 25,010 Operating lease right-of-use assets 4,820 Other long-term assets 108 Accounts payable and accrued expenses (966) Accrued compensation (463) Operating lease liabilities - current (1,050) Accrued expenses and other current liabilities (8,233) Operating lease liabilities - non-current (3,588) Net Assets Acquired 56,324
Schedule 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. Estimated Fair Value (in thousands) Estimated Useful Lives (in years) Customer relationships $ 2,470 10 Developed software 20,830 5 Trade name contractual rights 1,710 2 Total 25,010

Basis of presentation - Schedul

Basis of presentation - Schedule of Other (Expense) Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 326	$ 46
Interest expense	(8,348)	(1,292)
Gain from equity-method investments	4,800	602
Net foreign exchange loss	(302)	(1,166)
Other	504	1,843
Other (expense) income	$ (3,020)	$ 33

Basis of presentation - Sched_2

Basis of presentation - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income taxes payable - current	$ 85,940	$ 87,186
Hedge payable - current	10,221	18,117
Accrued liabilities	32,409	26,851
Other	41,393	21,003
Total	$ 169,963	$ 153,157

Basis of presentation - Sched_3

Basis of presentation - Schedule of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Weighted average shares outstanding - basic (in shares)	131,326,000	132,105,000
Plus: Common share equivalents
RSUs & PSUs (in shares)	1,884,000	1,070,000
Weighted average shares outstanding-diluted (in shares)	133,210,000	133,175,000
RSU
Plus: Common share equivalents
Anti-dilutive securities excluded from the computation of diluted EPS (in shares)	69,400	442,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 436,825	$ 385,256
Portfolio
Disaggregation of Revenue [Line Items]
Total net sales	135,910	124,703
Semiconductor & Electronics
Disaggregation of Revenue [Line Items]
Total net sales	113,757	104,026
Aerospace, Defense & Government
Disaggregation of Revenue [Line Items]
Total net sales	113,114	94,503
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	74,044	62,024
Americas
Disaggregation of Revenue [Line Items]
Total net sales	177,986	159,210
EMEA
Disaggregation of Revenue [Line Items]
Total net sales	112,180	100,370
APAC
Disaggregation of Revenue [Line Items]
Total net sales	146,659	125,676
Point-in-Time
Disaggregation of Revenue [Line Items]
Total net sales	382,687	327,224
Point-in-Time | Americas
Disaggregation of Revenue [Line Items]
Total net sales	152,342	132,988
Point-in-Time | EMEA
Disaggregation of Revenue [Line Items]
Total net sales	94,696	79,241
Point-in-Time | APAC
Disaggregation of Revenue [Line Items]
Total net sales	135,649	114,995
Over Time
Disaggregation of Revenue [Line Items]
Total net sales	54,138	58,032
Over Time | Americas
Disaggregation of Revenue [Line Items]
Total net sales	25,644	26,222
Over Time | EMEA
Disaggregation of Revenue [Line Items]
Total net sales	17,484	21,129
Over Time | APAC
Disaggregation of Revenue [Line Items]
Total net sales	$ 11,010	$ 10,681

Revenue - Changes in Unearned R

Revenue - Changes in Unearned Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning balance	$ 200,274
Deferral of revenue billed in current period, net of recognition	56,935
Recognition of revenue deferred in prior periods	(45,765)
Foreign currency translation impact	1,593
Deferred revenue, ending balance	$ 213,037

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) industry
Revenue from Contract with Customer [Abstract]
Payment terms	Amounts billed 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.
Undelivered performance obligation | $	$ 118
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of industry specific groupings | industry	3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	35%
Performance obligation, term	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	38%
Performance obligation, term	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	26%
Performance obligation, term

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Carrying value of equity method investments	$ 28,000		$ 29,000
Total revenue	436,825	$ 385,256
Total cost of sales	132,707	119,227
Equity-Method Investment
Debt Securities, Available-for-sale [Line Items]
Total revenue	500	1,500
Total cost of sales	$ 0	$ 0

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total Assets	$ 10,403	$ 12,324
Liabilities
Total Liabilities	(12,855)	(19,326)
Interest Rate Swap
Liabilities
Derivatives	(2,634)	(1,013)
Foreign Exchange Contract
Liabilities
Derivatives	(10,221)	(18,313)
Level 1
Assets
Total Assets	0	0
Liabilities
Total Liabilities	0	0
Level 1 | Interest Rate Swap
Liabilities
Derivatives		0
Level 1 | Foreign Exchange Contract
Liabilities
Derivatives	0	0
Level 2
Assets
Total Assets	10,403	12,324
Liabilities
Total Liabilities	(12,855)	(19,326)
Level 2 | Interest Rate Swap
Liabilities
Derivatives	(2,634)	(1,013)
Level 2 | Foreign Exchange Contract
Liabilities
Derivatives	(10,221)	(18,313)
Level 3
Assets
Total Assets	0	0
Liabilities
Total Liabilities	0	0
Level 3 | Interest Rate Swap
Liabilities
Derivatives		0
Level 3 | Foreign Exchange Contract
Liabilities
Derivatives	0	0
Derivative | Interest Rate Swap
Assets
Derivatives	1,954	2,299
Derivative | Foreign Exchange Contract
Assets
Derivatives	8,449	10,025
Derivative | Level 1 | Interest Rate Swap
Assets
Derivatives		0
Derivative | Level 1 | Foreign Exchange Contract
Assets
Derivatives	0	0
Derivative | Level 2 | Interest Rate Swap
Assets
Derivatives	1,954	2,299
Derivative | Level 2 | Foreign Exchange Contract
Assets
Derivatives	8,449	10,025
Derivative | Level 3 | Interest Rate Swap
Assets
Derivatives		0
Derivative | Level 3 | Foreign Exchange Contract
Assets
Derivatives		$ 0

Derivative instruments and he_3

Derivative instruments and hedging activities - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) country	Mar. 31, 2022	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of countries for which entity has direct operations | country	40
Period of protection against the reduction in value caused by a fluctuation, minimum (in number of years)	1 year
Period of protection against the reduction in value caused by a fluctuation, maximum (in number of years)	3 years
Foreign currency forward contracts notional amount	$ 335,307		$ 260,157
Maximum
Derivative [Line Items]
Duration of foreign currency forward contracts	21 months		12 months
Forward Contracts
Derivative [Line Items]
Duration of time, foreign currency cash flow hedge	40 months
Forward Contracts | Net sales
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	$ 700
Forward Contracts | Operating expenses
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	(1,200)
Forward Contracts | Cost of sales
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	$ (900)
Forward Contracts | Maximum
Derivative [Line Items]
Percentage of derivative risk hedged	100%
Interest Rate Swap
Derivative [Line Items]
Duration of foreign currency forward contracts			3 years
Foreign currency forward contracts notional amount			$ 300,000
Derivative, fixed interest rate			3.90%
Other Derivatives
Derivative [Line Items]
Foreign currency forward contracts notional amount	$ 266,000		$ 282,000
Other Derivatives | Maximum
Derivative [Line Items]
Percentage of derivative risk hedged	90%
Duration of foreign currency forward contracts	90 days
Net sales | Geographic Concentration Risk | Non-Americas
Derivative [Line Items]
Concentration risk, percentage	59%	59%

Derivative instruments and he_4

Derivative instruments and hedging activities - Schedule of Forward Contracts Notional Amount (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total forward contracts notional amount	$ 335,307	$ 260,157
Chinese yuan
Derivative [Line Items]
Total forward contracts notional amount	109,576	73,419
Euro
Derivative [Line Items]
Total forward contracts notional amount	136,422	109,091
Japanese yen
Derivative [Line Items]
Total forward contracts notional amount	29,444	21,285
Hungarian forint
Derivative [Line Items]
Total forward contracts notional amount	13,799	19,529
British pound
Derivative [Line Items]
Total forward contracts notional amount	17,993	13,929
Malaysian ringgit
Derivative [Line Items]
Total forward contracts notional amount	5,997	8,856
Korean won
Derivative [Line Items]
Total forward contracts notional amount	$ 22,076	$ 14,048

Derivative instruments and he_5

Derivative instruments and hedging activities - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 10,403	$ 12,324
Derivative liability	(12,855)	(19,326)
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	8,184	11,267
Derivative liability	(9,809)	(11,149)
Derivatives designated as hedging instruments | Foreign exchange contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	5,760	8,968
Derivative liability	(7,175)	(9,940)
Derivatives designated as hedging instruments | Interest rate contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	1,954	2,299
Derivatives designated as hedging instruments | Foreign exchange contracts - LT forwards
Derivatives, Fair Value [Line Items]
Derivative assets	470	0
Derivative liability	0	(196)
Derivatives designated as hedging instruments | Interest rate contracts - LT forwards
Derivatives, Fair Value [Line Items]
Derivative liability	(2,634)	(1,013)
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	2,219	1,057
Derivative liability	(3,046)	(8,177)
Derivatives not designated as hedging instruments | Foreign exchange contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	2,219	1,057
Derivative liability	$ (3,046)	$ (8,177)

Derivative instruments and he_6

Derivative instruments and hedging activities - Schedule of Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	$ (1,676)	$ 1,867
Gain or (Loss) Reclassified from Accumulated OCI into Income	1,883	1,173
Derivatives designated as hedging instruments | Foreign exchange contracts 1
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	(1,729)	1,884
Derivatives designated as hedging instruments | Foreign exchange contracts 1 | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	2,244	1,739
Derivatives designated as hedging instruments | Foreign exchange contracts 2
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	1,143	(21)
Derivatives designated as hedging instruments | Foreign exchange contracts 2 | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(560)	(327)
Derivatives designated as hedging instruments | Foreign exchange contracts 3
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	876	4
Derivatives designated as hedging instruments | Foreign exchange contracts 3 | Operating expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(328)	(239)
Derivatives designated as hedging instruments | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	(1,966)
Derivatives designated as hedging instruments | Interest Rate Swap | Other (expense) income
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	527
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	(856)	(803)
Derivatives not designated as hedging instruments | Foreign exchange contracts - forwards
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (856)	$ (803)

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 280,246	$ 273,311
Work-in-process	13,629	14,968
Finished goods	129,606	119,302
Total	423,481	407,581
Less: Inventory reserve	(22,421)	(19,417)
Total	$ 401,060	$ 388,164

Intangible assets, net and go_3

Intangible assets, net and goodwill - Schedule Of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 355,583	$ 356,641
Accumulated Amortization	(147,376)	(155,791)
Net Carrying Amount	208,207	200,850
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,216	18,810
Accumulated Amortization	(10,560)	(15,321)
Net Carrying Amount	3,656	3,489
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	177,521	167,686
Accumulated Amortization	(60,929)	(54,351)
Net Carrying Amount	116,592	113,335
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	96,935	98,827
Accumulated Amortization	(29,150)	(33,514)
Net Carrying Amount	67,785	65,313
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,395	37,240
Accumulated Amortization	(31,756)	(31,368)
Net Carrying Amount	5,639	5,872
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	29,516	34,078
Accumulated Amortization	(14,981)	(21,237)
Net Carrying Amount	$ 14,535	$ 12,841

Intangible assets, net and go_4

Intangible assets, net and goodwill - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 12,700,000	$ 12,400,000
Number of operating segments | segment	1
Goodwill impairment	$ 0		$ 0
Capitalized software development costs | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	3 years
Capitalized software development costs | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	6 years
Acquired technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years
Acquired technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	17 years

Intangible assets, net and go_5

Intangible assets, net and goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 615,734
Acquisitions	12,050
Foreign currency translation impact	3,095
Balance at end of period	$ 630,879

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, termination period	1 year
Operating lease cost	$ 6,314	$ 5,417
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	91 years
Operating lease, option to extend, term	9 years

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (Excluding the three months ended March 31, 2023)	$ 13,616
2024	14,332
2025	10,498
2026	8,743
2027	4,582
Thereafter	6,009
Total future minimum lease payments	57,780
Less imputed interest	5,683
Total lease liabilities	$ 52,097

Income taxes (Details)

Income taxes (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 75		$ 74
Unrecognized tax benefits	16		$ 12.6
Gross increase in unrecognized tax benefits, current period	3.4
Reasonable possibility of future tax benefits	0.8
Interest expense related to uncertain tax positions		$ 0.1
Accrued interest related to uncertain tax positions	$ 0.3
Effective income tax rate	13%	17%
Hungary
Operating Loss Carryforwards [Line Items]
Foreign statutory tax rate	9%
Income tax expense benefit in foreign tax position	$ 6.1	$ 2
Malaysia
Operating Loss Carryforwards [Line Items]
Income tax benefit of tax holiday, amount	$ 1.3	$ 0.6
Income tax benefit of tax holiday (in usd per share)	$ 0.01	$ 0.01

Comprehensive income (Details)

Comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,156,124	$ 1,223,697
Current-period other comprehensive income (loss)	5,096	(765)
Reclassified from accumulated OCI into income	(1,883)	(1,173)
Income tax benefit (expense)	384	(425)
Ending Balance	1,194,314	1,207,438
Currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,250)	(23,179)
Current-period other comprehensive income (loss)	4,889	(3,805)
Reclassified from accumulated OCI into income	0	0
Income tax benefit (expense)	0	0
Ending Balance	(33,361)	(26,984)
Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0
Current-period other comprehensive income (loss)	0	0
Reclassified from accumulated OCI into income	0	0
Income tax benefit (expense)	0	0
Ending Balance	0	0
Derivative instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	385	3,048
Current-period other comprehensive income (loss)	207	3,040
Reclassified from accumulated OCI into income	(1,883)	(1,173)
Income tax benefit (expense)	384	(425)
Ending Balance	(907)	4,490
Accumulated other comprehensive income/(loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,865)	(20,131)
Ending Balance	$ (34,268)	$ (22,494)

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

3 Months Ended

May 10, 2022

Jan. 01, 2021

May 05, 2020

May 12, 2015

May 11, 2010

Mar. 31, 2023

Mar. 31, 2022

Jan. 13, 2023

Dec. 31, 2022

Jan. 19, 2022

Oct. 23, 2019

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, authorized (in shares)

5,000,000

5,000,000

Preferred stock, par value per share (in usd per share)

$ 0.01

$ 0.01

Common stock, authorized (in shares)

360,000,000

360,000,000

Common stock, par value per share (in usd per share)

$ 0.01

$ 0.01

Maximum employee subscription rate

15%

Preferred stock, issued (in shares)

0

0

Preferred stock, outstanding (in shares)

0

0

Common stock repurchased (in shares)

772,052

Shares repurchased, weighted average price (in usd per share)

$ 40.74

2019 Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Authorized common stock available for repurchase (in shares)

0

3,000,000

2022 Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Board of Directors approved stock repurchase (up to)

$ 250

Authorized common stock available for repurchase amount

$ 230

Series A Preferred Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Preferred stock, authorized (in shares)

750,000

Series B Preferred Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Preferred stock, authorized (in shares)

2,000,000

Performance Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares granted (in shares)

70,224

164,843

Service period

3 years

3 years

Performance lookback period

30 days

Weighted average grant day fair value (in dollars per share)

$ 84.45

$ 59.65

Minimum | On Or After March 3, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of target shares granted

0%

Maximum | Performance Shares | Before March 3, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of target shares granted

200%

Maximum | Performance Shares | On Or After March 3, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of target shares granted

100%

2010 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock, authorized (in shares)

3,000,000

Shares available for grant under 2015 restricted stock plan (in shares)

2,518,416

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

1994 Plan and the 2005 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares reserved for issuance (in shares)

3,362,304

2015 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Additional number of shares reserved for issuance (in shares)

3,000,000

Shares available for grant under 2015 restricted stock plan (in shares)

567,142

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

Shares available for grant under 2015 restricted stock plan (in shares)

1,568,571

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

Incentive Plan 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares reserved for issuance (in shares)

4,500,000

Shares available for grant under 2015 restricted stock plan (in shares)

6,109,748

Incentive Plan 2022 | Vesting Period One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

1 year

Incentive Plan 2022 | Vesting Period Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

2 years

Incentive Plan 2022 | Vesting Period Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

3 years

Incentive Plan 2022 | Vesting Period Four

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

4 years

ESPP

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%

Common stock reserved for future issuance under employee stock purchase plan (in shares)

3,797,114

Shares issued under employee stock purchase plan (in shares)

275,976

Weighted average purchase price of employees' purchase rights (in usd per share)

$ 32.45

Authorized shares of common a_4

Authorized shares of common and preferred stock and stock-based compensation plans (Details) - Performance Shares - simulation simulation in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	100	100
Expected volatility	32.27%	37.81%
Expected life in years	2 years 10 months 2 days	2 years 11 months 12 days
Risk-free interest rate	4.45%	1.33%
Dividend yield	2.45%	2.52%

Segment and geographic inform_3

Segment and geographic information- Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment region
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of geographic regions company operates in | region	3

Segment and geographic inform_4

Segment and geographic information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 436,825	$ 385,256
Long-lived assets	345,000		$ 325,000
United States
Segment Reporting Information [Line Items]
Total revenue	172,000	152,000
Long-lived assets	142,000		124,000
China
Segment Reporting Information [Line Items]
Total revenue	82,000	55,000
Hungary
Segment Reporting Information [Line Items]
Long-lived assets	59,000		58,000
Malaysia
Segment Reporting Information [Line Items]
Long-lived assets	81,000		82,000
Rest of the World
Segment Reporting Information [Line Items]
Total revenue	183,000	$ 178,000
Long-lived assets	$ 63,000		$ 61,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Less: Current Portion of Total Debt	$ (25,000)	$ (25,000)
Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Debt	517,500	543,750
Less: Unamortized debt issuance costs	(1,995)	(2,113)
Less: Current Portion of Total Debt	(25,000)	(25,000)
Total Debt, non-current	490,505	516,637
Credit Facility | Term Loan
Line of Credit Facility [Line Items]
Total Debt	487,500	493,750
Credit Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Total Debt	$ 30,000	$ 50,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Credit Facility - USD ($)	Aug. 24, 2022	Mar. 31, 2023	Dec. 31, 2022
Term Loan
Line of Credit Facility [Line Items]
Effective interest rate		6.30%	5.60%
Debt issuance costs		$ 2,000,000	$ 2,100,000
Unsecured revolving line of credit	$ 500,000,000
Amortization rate percentage	1.25%
Revolving credit
Line of Credit Facility [Line Items]
Effective interest rate			5.70%
Debt issuance costs		$ 1,900,000	$ 2,100,000
Unsecured revolving line of credit	$ 500,000,000
Total leverage ratio	3.50
Leverage ratio for material acquisitions	4
Liquidity ratio leverage, minimum	3
Revolving credit | Federal Funds Rate
Line of Credit Facility [Line Items]
Variable interest rate spread	0.50%
Revolving credit | Minimum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.15%
Revolving credit | Minimum | SOFR Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	0.25%
Revolving credit | Minimum | SOFR Plus Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	1.25%
Revolving credit | Maximum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.25%
Revolving credit | Maximum | SOFR Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	0.75%
Revolving credit | Maximum | SOFR Plus Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	1.75%
Line of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 1,000,000,000
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Variable interest rate spread	1%
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Default interest rate	2%
Letter of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 25,000,000

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Warranty reserve	$ 2.4	$ 1.5
Noncancellable unconditional purchase obligations	$ 13.2		$ 17.7
Warranty obligation duration	We offer a standard warranty on most hardware products which is included in the terms of sale of such products. During 2022, we enhanced the service entitlements included with our standard warranty to include technical support and dependable repair and replacement coverage. Standard warranties sold with these additional entitlements are now accounted for as service-type warranties and the revenue allocated to these performance obligations is now recognized over the service duration of one or three years, and the related warranty costs are recognized as incurred. We also offer additional extensions or enhancements to the service-type warranties described above, for which the related revenue is also recognized ratably over the warranty period. The included service period for the enhanced service entitlements was three years for the vast majority of orders placed during 2022. In late 2022, we shortened the default service period for our service-type warranty entitlements to one year, with the ability to add optional, separately-priced extensions for subsequent years.

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 15,970	$ 400
Restructuring reserve	$ 11,400
2023 Plan
Restructuring Cost and Reserve [Line Items]
Expected worldwide headcount reduction	4%
Total	$ 15,500
Additional costs expected	900
2022 and 2021 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring related expenses	$ 400

Restructuring - Summary of Char

Restructuring - Summary of Charges in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 15,970	$ 400
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total	1,520	0
Research and development
Restructuring Cost and Reserve [Line Items]
Total	3,213	400
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total	5,981	0
General and administrative
Restructuring Cost and Reserve [Line Items]
Total	$ 5,256	$ 0

Restructuring - Summary of Bala

Restructuring - Summary of Balance Sheet Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve	$ 10,009
Income statement expense	15,970	$ 400
Cash payments	(14,570)
Restructuring reserve	$ 11,409

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended
	Mar. 06, 2023	Mar. 05, 2023	May 02, 2022	Feb. 28, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill					$ 630,879	$ 615,734
SET GmbH
Business Acquisition [Line Items]
Cash consideration	$ 24,800
Total cash consideration	2,700
Gain recognized	$ 3,000
Outstanding shares acquired	24.90%
Carrying value of investment		$ 3,000
Goodwill	$ 12,100
Intangible assets	$ 16,000
SET GmbH | SET GmbH
Business Acquisition [Line Items]
Ownership interest	75.10%
Kratzer Automation AG
Business Acquisition [Line Items]
Ownership interest			100%
Cash consideration			$ 56,324
Goodwill			29,223
Intangible assets			25,010
Cash acquired from acquisition			700
Transaction costs			$ 2,200
Net decrease to fair value of total intangible assets acquired						$ 10,000
Kratzer Automation AG | Developed software
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			5 years
Heinzinger Acquisitions
Business Acquisition [Line Items]
Cash consideration				$ 22,500
Goodwill				13,500
Intangible assets				7,200
Holdback				$ 3,100
Holdback released					$ 3,100

Acquisitions - Schedule of Prel

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	May 02, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 630,879	$ 615,734
Kratzer Automation AG
Business Acquisition [Line Items]
Consideration Transferred	$ 56,324
Cash and cash equivalents	672
Accounts receivable	2,616
Inventories	5,130
Prepaid expenses and other current assets	1,900
Property and equipment	1,145
Goodwill	29,223
Intangible assets	25,010
Operating lease right-of-use assets	4,820
Other long-term assets	108
Accounts payable and accrued expenses	(966)
Accrued compensation	(463)
Operating lease liabilities - current	(1,050)
Accrued expenses and other current liabilities	(8,233)
Operating lease liabilities - non-current	(3,588)
Net Assets Acquired	$ 56,324

Acquisitions - Schedule of Pr_2

Acquisitions - Schedule of Preliminary Purchase Price Allocation and Useful Lives (Details) - Kratzer Automation AG $ in Thousands	May 02, 2022 USD ($)
Business Acquisition [Line Items]
Estimated Fair Value	$ 25,010
Customer relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 2,470
Estimated Useful Lives (in years)	10 years
Developed software
Business Acquisition [Line Items]
Estimated Fair Value	$ 20,830
Estimated Useful Lives (in years)	5 years
Trade name contractual rights
Business Acquisition [Line Items]
Estimated Fair Value	$ 1,710
Estimated Useful Lives (in years)	2 years

Subsequent events (Details)

Subsequent events (Details) - $ / shares		3 Months Ended
	Apr. 26, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 12, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)		$ 0.28	$ 0.28
Preferred stock, par value per share (in usd per share)		$ 0.01			$ 0.01
Subsequent event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)	$ 0.28
Preferred stock, par value per share (in usd per share)				$ 0.01
Subsequent event | Emerson Electric Co
Subsequent Event [Line Items]
Shares issued, price per share (in usd per share)				$ 60