Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity [Abstract] | ||
Entity Registrant Name | FLIR SYSTEMS INC | |
Entity Central Index Key | 354,908 | |
Trading Symbol | FLIR | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 138,134,165 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 381,928 | $ 375,366 | $ 1,119,420 | $ 1,096,288 |
Cost of goods sold | 201,189 | 190,980 | 573,169 | 560,652 |
Gross profit | 180,739 | 184,386 | 546,251 | 535,636 |
Operating expenses: | ||||
Research and development | 31,050 | 34,022 | 100,898 | 106,655 |
Selling, general and administrative | 73,380 | 76,295 | 231,991 | 241,737 |
Restructuring expenses | 327 | 4,060 | 1,095 | 15,420 |
Total operating expenses | 104,757 | 114,377 | 333,984 | 363,812 |
Earnings from operations | 75,982 | 70,009 | 212,267 | 171,824 |
Interest expense | 3,670 | 3,663 | 10,689 | 11,000 |
Interest income | (319) | (398) | (861) | (934) |
Other expense (income), net | 1,455 | (3,719) | 1,775 | (4,987) |
Earnings before income taxes | 71,176 | 70,463 | 200,664 | 166,745 |
Income tax (benefit) provision | (1,896) | 17,606 | 29,182 | 39,236 |
Net earnings | $ 73,072 | $ 52,857 | $ 171,482 | $ 127,509 |
Earnings per share: | ||||
Basic | $ 0.52 | $ 0.37 | $ 1.23 | $ 0.90 |
Diluted | $ 0.52 | $ 0.37 | $ 1.21 | $ 0.89 |
Weighted average shares outstanding: | ||||
Basic | 139,596 | 141,433 | 139,808 | 141,315 |
Diluted | 140,525 | 143,413 | 141,262 | 143,756 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 73,072 | $ 52,857 | $ 171,482 | $ 127,509 |
Other comprehensive loss, net of tax: | ||||
Pension Plans | 0 | 163 | 0 | 163 |
Cash flow hedges | (599) | 359 | (1,009) | (362) |
Foreign currency translation adjustments | (16,672) | (48,994) | (52,138) | (57,800) |
Total other comprehensive loss | (17,271) | (48,472) | (53,147) | (57,999) |
Comprehensive income | $ 55,801 | $ 4,385 | $ 118,335 | $ 69,510 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 525,376 | $ 531,374 |
Accounts receivable, net | 304,270 | 354,658 |
Inventories | 387,113 | 320,605 |
Prepaid expenses and other current assets | 90,957 | 93,691 |
Deferred income taxes, net | 38,484 | 38,873 |
Total current assets | 1,346,200 | 1,339,201 |
Property and equipment, net | 269,724 | 247,094 |
Deferred income taxes, net | 20,521 | 19,941 |
Goodwill | 541,971 | 553,335 |
Intangible assets, net | 118,418 | 133,212 |
Other assets | 57,969 | 61,240 |
Total assets | 2,354,803 | 2,354,023 |
Current liabilities: | ||
Accounts payable | 125,739 | 98,173 |
Deferred revenue | 27,394 | 27,878 |
Accrued payroll and related liabilities | 55,713 | 62,065 |
Accrued product warranties | 13,213 | 13,538 |
Advance payments from customers | 33,270 | 28,276 |
Accrued expenses | 38,516 | 51,810 |
Accrued income taxes | 0 | 4,586 |
Other current liabilities | 5,038 | 8,231 |
Current portion, long term debt | 15,000 | 15,000 |
Total current liabilities | 313,883 | 309,557 |
Long-term debt | 347,080 | 357,986 |
Deferred income taxes | 1,012 | 13,905 |
Accrued income taxes | 11,255 | 11,096 |
Other long-term liabilities | $ 56,715 | $ 51,706 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at September 30, 2015, and December 31 2014 | $ 0 | $ 0 |
Common stock, $0.01 par value, 500,000 shares authorized, 138,128 and 139,579 shares issued at September 30, 2015, and December 31 2014, respectively, and additional paid-in capital | 1,381 | 1,396 |
Retained earnings | 1,740,033 | 1,671,786 |
Accumulated other comprehensive loss | (116,556) | (63,409) |
Total shareholders’ equity | 1,624,858 | 1,609,773 |
Total liabilities and shareholders' equity | $ 2,354,803 | $ 2,354,023 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 138,128 | 139,579 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Net earnings | $ 171,482 | $ 127,509 |
Income items not affecting cash: | ||
Depreciation and amortization | 36,465 | 44,278 |
Deferred income taxes | (17,238) | 971 |
Stock-based compensation arrangements | 19,449 | 24,006 |
Gain on sale of certain optics assets | 0 | (4,129) |
Other non-cash items | 4,346 | 3,241 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, net | 43,295 | (17,422) |
Increase in inventories | (72,531) | (7,196) |
Decrease in prepaid expenses and other current assets | 1,784 | 10,248 |
Increase in other assets | (1,775) | (26,609) |
Increase in accounts payable | 29,011 | 6,362 |
Decrease in deferred revenue | (106) | (2,194) |
(Decrease) increase in accrued payroll and other current liabilities | (21,055) | 5,795 |
Decrease in accrued income taxes | (957) | (2,571) |
Increase in other long-term liabilities | 5,309 | 1,111 |
Cash provided by operating activities | 197,479 | 163,400 |
CASH USED BY INVESTING ACTIVITIES: | ||
Additions to property and equipment, net | (50,116) | (40,928) |
Proceeds from sale of certain optics assets | 0 | (12,000) |
Cash used by investing activities | (50,116) | (28,928) |
CASH USED BY FINANCING ACTIVITIES: | ||
Repayments of long term debt, net | (11,250) | (11,250) |
Repurchase of common stock | (93,381) | (76,624) |
Dividends paid | (46,193) | (42,410) |
Proceeds from shares issued pursuant to stock-based compensation plans | 21,188 | 34,168 |
Excess tax benefit of stock options exercised | 4,216 | 7,705 |
Other financing activities | (10) | (36) |
Cash used by financing activities | (125,430) | (88,447) |
Effect of exchange rate changes on cash | (27,931) | (23,128) |
Net increase in cash and cash equivalents | (5,998) | 22,897 |
Cash and cash equivalents, beginning of period | 531,374 | 542,476 |
Cash and cash equivalents, end of period | $ 525,376 | $ 565,373 |
Basis of Presenation
Basis of Presenation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of FLIR Systems, Inc. and its consolidated subsidiaries (the “Company”) are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the year ending December 31, 2015 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Stock-based Compensation Stock Incentive Plans The Company has a stock-based compensation program that provides equity incentives for employees, consultants and directors. This program includes incentive and non-statutory stock options and nonvested stock awards (referred to as restricted stock unit awards) administered by the Compensation Committee of the Board of Directors. Under the stock-based compensation program, the Company has granted time-based options, time-based restricted stock unit awards, and market-based restricted stock unit awards. Options generally expire ten years from their grant dates. Time-based options and restricted stock unit awards generally vest over a three year period. Shares issuable under market-based restricted stock unit awards are earned based upon the Company's total shareholder return compared to the total shareholder return over a three year period of the component company at the 60th percentile level in the Standard & Poor's 500 Index. Shares vested under the market-based restricted stock unit awards must be held by the participant for a period of one year from the vest date. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (the “ESPP”) which allows employees to purchase shares of the Company’s common stock at 85 percent of the lower of the fair market value at the date of enrollment or the fair market value at the purchase date. The ESPP provides for six-month offerings commencing on May 1 and November 1 of each year with purchases on April 30 and October 31 of each year. Shares purchased under the ESPP must be held by the purchasing plan participant for a period of at least 18 months after the date of purchase. Note 2. Stock-based Compensation - (Continued) Stock-based Compensation Expense Stock-based compensation expense recognized in the Consolidated Statements of Income are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cost of goods sold $ 799 $ 679 $ 2,283 $ 1,974 Research and development 1,259 1,371 3,584 3,951 Selling, general and administrative 4,454 4,752 13,582 15,486 Restructuring expenses — — — 2,595 Stock-based compensation expense $ 6,512 $ 6,802 $ 19,449 $ 24,006 Stock-based compensation costs capitalized in inventory are as follows (in thousands): September 30, 2015 2014 Capitalized in inventory $ 667 $ 665 As of September 30, 2015 , the Company had $42.5 million of total unrecognized stock-based compensation costs, net of estimated forfeitures, to be recognized over a weighted average period of 2.1 years. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for earnings per share: Net earnings for basic and diluted earnings per share $ 73,072 $ 52,857 $ 171,482 $ 127,509 Denominator for earnings per share: Weighted average number of common shares outstanding 139,596 141,433 139,808 141,315 Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method 929 1,980 1,454 2,441 Weighted average diluted shares outstanding 140,525 143,413 141,262 143,756 The effect of outstanding stock-based compensation awards for the three and nine months ended September 30, 2015 , which in the aggregate consisted of 457,000 and 316,000 shares, respectively, and for the three and nine months ended September 30, 2014 , which in the aggregate consisted of 142,000 and 85,000 shares, respectively, have been excluded for purposes of calculating diluted earnings per share since their inclusion would have had an anti-dilutive effect. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories in accordance with FASB ASC Topic 820, “Fair Value Measurement”: Level 1 – quoted prices in active markets for identical securities as of the reporting date; Level 2 – other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; and Level 3 – significant inputs that are generally less observable than objective sources, including our own assumptions in determining fair value. The factors and methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The Company had $28.7 million and $29.8 million of cash equivalents at September 30, 2015 and December 31, 2014 , respectively, which were primarily investments in money market funds. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets. The fair values of the Company’s foreign currency forward contracts and interest rate swap contracts as of September 30, 2015 and December 31, 2014 are disclosed in Note 5, "Derivative Financial Instruments," of the Notes to the Consolidated Financial Statements below and are based on Level 2 inputs. The fair value of the Company’s senior unsecured notes as described in Note 13, "Long-Term Debt," of the Notes to the Consolidated Financial Statements is approximately $255.6 million based upon Level 2 inputs at September 30, 2015 . The fair value of the Company's term loan, also described in Note 13, approximates the carrying value due to the variable market rate used to calculate interest payments. The Company does not have any other significant financial assets or liabilities that are measured at fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments Foreign Currency Exchange Rate Contracts In general, the gains and losses related to the Company's foreign currency exchange rate contracts recorded in other expense (income), net are offset by the reciprocal gains and losses from the underlying assets or liabilities which originally gave rise to the exposure. The net losses for the three and nine months ended September 30, 2015 were $8.9 million and $7.0 million , respectively. The net losses for the three and nine months ended September 30, 2014 were $2.8 million and $5.7 million , respectively. The following table provides volume information about the Company's foreign currency exchange rate contracts. The table below presents the net notional amounts of the Company's outstanding foreign currency forward contracts in United States dollar equivalent amounts (in thousands): September 30, December 31, Swedish kronor $ 71,088 $ 67,809 British pound sterling 41,396 14,928 Canadian dollar 20,852 17,446 Brazilian real 6,240 2,449 Australian dollar 3,830 6,566 Japanese yen 3,765 3,718 Euro 1,441 5,391 Other 176 701 $ 148,788 $ 119,008 At September 30, 2015 , the Company’s foreign currency forward contracts, in general, had maturities of three months or less. Note 5. Derivative Financial Instruments - (Continued) Foreign Currency Exchange Rate Contracts - (Continued) The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): September 30, 2015 December 31, 2014 Other current assets Other current liabilities Other current assets Other current liabilities Foreign currency forward contracts $ 429 $ 2,080 $ 112 $ 3,247 Interest Rate Swap Contracts At September 30, 2015 , the effective interest rate on the Company's term loan was 2.49 percent . As of September 30, 2015 , the following interest rate swaps were outstanding: Contract Date Notional Amount (in millions) Fixed Rate Effective Date Maturity Date March 15, 2013 $ 56.3 1.02 % April 5, 2013 March 31, 2019 March 29, 2013 $ 56.3 0.97 % April 5, 2013 March 31, 2019 The net fair value carrying amount of the Company's interest rate swaps was a liability of $0.3 million , of which $0.3 million and $0.6 million have been recorded to other assets and other current liabilities , respectively, in the Consolidated Balance Sheet as of September 30, 2015 . |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable are net of an allowance for doubtful accounts of $8.0 million at both September 30, 2015 and December 31, 2014 . |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): September 30, December 31, Raw material and subassemblies $ 201,777 $ 181,618 Work-in-progress 49,712 37,139 Finished goods 135,624 101,848 $ 387,113 $ 320,605 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment are net of accumulated depreciation of $256.6 million and $248.2 million at September 30, 2015 and December 31, 2014 , respectively. Property and equipment, net, as of September 30, 2015 , includes land and a building valued at approximately $2.2 million that are held for sale. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure - Goodwill - Additional Information [Abstract] | |
Goodwill | Goodwill During the third quarter of 2015, the Company completed its annual review of goodwill and determined there had been no impairment on its recorded goodwill. The carrying value of goodwill and the activity for the nine months ended September 30, 2015 are as follows (in thousands): Balance, December 31, 2014 $ 553,335 Currency translation adjustments (11,364 ) Balance, September 30, 2015 $ 541,971 See Note 17, "Operating Segments and Related Information - Operating Segments, " of the Notes to the Consolidated Financial Statements for additional information on the carrying value of goodwill by operating segment at September 30, 2015 . |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are net of accumulated amortization of $86.7 million and $75.1 million at September 30, 2015 and December 31, 2014 , respectively. |
Credit Agreements
Credit Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Agreements | Credit Agreement At September 30, 2015 , the Company had no borrowings outstanding under its revolving credit facility pursuant to the Credit Agreement, dated February 8, 2011, with Bank of America, N.A., U.S. Bank National Association, JPMorgan Chase Bank N.A. and other lenders, as amended, and had $42.7 million of letters of credit outstanding, which reduced the available credit under the revolving credit facility to $157.3 million . |
Accrued Product Warranties
Accrued Product Warranties | 9 Months Ended |
Sep. 30, 2015 | |
Product Warranties Disclosures [Abstract] | |
Accrued Product Warranties | Accrued Product Warranties The following table summarizes the Company’s accrued product warranties and activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Accrued product warranties, beginning of period $ 16,023 $ 15,989 $ 16,175 $ 17,732 Amounts paid for warranty services (1,907 ) (2,368 ) (5,678 ) (7,131 ) Warranty provisions for products sold 1,745 2,254 5,529 5,546 Currency translation adjustments and other (25 ) (343 ) (190 ) (615 ) Accrued product warranties, end of period $ 15,836 $ 15,532 $ 15,836 $ 15,532 Current accrued product warranties, end of period $ 13,213 $ 12,881 Long-term accrued product warranties, end of period $ 2,623 $ 2,651 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands): September 30, December 31, Unsecured notes $ 250,000 $ 250,000 Term loan 112,500 123,750 Unamortized discounts and issuance costs of unsecured notes (420 ) (764 ) $ 362,080 $ 372,986 Current portion, long-term debt $ 15,000 $ 15,000 Long-term debt $ 347,080 $ 357,986 In August 2011, the Company issued $250 million aggregate principal amount of its 3.75 percent senior unsecured notes due September 1, 2016 (the “Notes”). The net proceeds from the issuance of the Notes were approximately $247.7 million , after deducting underwriting discounts and offering expenses, which are being amortized over a period of five years. Interest on the Notes is payable semiannually in arrears on March 1 and September 1 . The proceeds from the Notes are being used for general corporate purposes, which may include working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock. The Credit Agreement discussed in Note 11, "Credit Agreement," of the Notes to the Consolidated Financial Statements above, incorporates a $150 million term loan facility that matures on April 5, 2019 . On April 5, 2013 the Company drew down $150 million under the term loan facility. Interest is accrued at the one-month LIBOR rate plus the scheduled spread and paid monthly . Quarterly principal payments of $3.75 million commenced on June 30, 2013 and will continue through December 31, 2018 with the final maturity payment including any accrued interest due on April 5, 2019 . See Note 5, "Derivative Financial Instruments - Interest Rate Swap Contracts ," of the Notes to the Consolidated Financial Statements for additional information on the effective interest rate on the term loan at September 30, 2015 . |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2015 (in thousands): Common stock and additional paid-in capital, December 31, 2014 $ 1,396 Income tax benefit of common stock options exercised 3,487 Common stock issued pursuant to stock-based compensation plans, net 13,475 Stock-based compensation arrangements 19,362 Repurchase of common stock (36,339 ) Common stock and additional paid-in capital, September 30, 2015 $ 1,381 On February 5, 2015 , the Company's Board of Directors authorized the repurchase of up to 15.0 million shares of the Company's outstanding common stock in the open market or through privately negotiated transactions. The authorization will expire on February 5, 2017 . During the nine months ended September 30, 2015 , the Company repurchased 3.2 million shares through open market transactions for a total of $93.4 million, of which $36.3 million reduced common stock and additional paid in capital and $57.0 million reduced retained earnings. On September 4, 2015 , the Company paid a dividend of $0.11 per share on its outstanding common stock to the shareholders of record as of the close of business on August 21, 2015 . The total cash payments for dividends during the nine months ended September 30, 2015 were $46.2 million . |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies FLIR Systems, Inc. and its subsidiary, Indigo Systems Corporation (now known as FLIR Commercial Systems, Inc.) (together, the “FLIR Parties”), were named in a lawsuit filed by Raytheon Company (“Raytheon”) on March 2, 2007 in the United States District Court for the Eastern District of Texas. Raytheon's complaint, as amended, asserted claims for tortious interference, patent infringement, trade secret misappropriation, unfair competition, breach of contract and fraudulent concealment. The FLIR Parties filed an answer to the complaint on September 2, 2008, in which they denied all material allegations. On October 27, 2010, the FLIR Parties and Raytheon entered into a settlement agreement that resolved the patent infringement claims (the "Patent Claims") pursuant to which the FLIR Parties paid $3 million to Raytheon and entitles the FLIR Parties to certain license rights in the patents that were the subject of the Patent Claims. On October 28, 2014, a four-week trial began with respect to Raytheon's remaining claims of misappropriations of trade secrets and claims related to 31 alleged trade secrets. On November 24, 2014, a jury in the United States District Court for the Eastern District of Texas rejected Raytheon’s claims and determined that 27 of the alleged trade secrets were not in fact trade secrets and that neither Indigo, prior to its acquisition by FLIR Systems, Inc., nor FLIR Systems, Inc. infringed any of the trade secrets claimed and awarded Raytheon no damages. The court has yet to rule on any post-trial motion seeking to modify the jury verdict or on the FLIR Parties' motion for an award of attorney’s fees in the amount of $28 million as a prevailing party under the Texas Theft Liability Act. The matter remains ongoing and is subject to appeal and the Company is unable to estimate the amount or range of potential loss or recovery, if any, which might result if the final determination of this matter is favorable or unfavorable, but an adverse ruling on the merits of the original claims against the FLIR Parties, while remote, could be material. On October 22, 2014, the Company initially contacted the United States Department of State Office of Defense Trade Controls Compliance (“DDTC”), pursuant to International Traffic in Arms Regulation (“ITAR”) § 127.12(c), regarding the unauthorized export of technical data and defense services to dual and third country nationals in at least four facilities of the Company. On April 27, 2015, the Company submitted its initial report to DDTC regarding the details of the issues raised in the October 22, 2014 submission. DDTC subsequently notified the Company that it was considering administrative proceedings under Part 128 of ITAR and requested a tolling agreement, which the Company executed on June 16, 2015. DDTC continues its review and the Company is unable to reasonably estimate the time it may take to resolve the matter or the amount or range of potential loss, penalty or other government action, if any, that may be incurred in connection with this matter. However, an unfavorable outcome could potentially be material to the financial condition and results of operations of the Company in the period in which such an outcome becomes estimable or known. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income tax (benefit) provision $ (1,896 ) $ 17,606 $ 29,182 $ 39,236 Effective tax rate (2.7 )% 25.0 % 14.5 % 23.5 % The effective tax rates are lower than the US Federal tax rate of 35 percent because of the mix of lower foreign jurisdiction tax rates, the effect of federal, foreign and state tax credits and discrete adjustments. The effective tax rate for the three and nine months ended September 30, 2015 included a discrete tax benefit from the recognition of a valuation allowance release of $17.4 million . As of September 30, 2015 , the Company had approximately $11.3 million of unrecognized tax benefits, all of which would affect the Company’s effective tax rate if recognized. The Company anticipates an immaterial portion of its net unrecognized tax benefits will be recognized within 12 months as the result of settlements or effective settlements with various tax authorities, the closure of certain audits and the lapse of the applicable statute of limitations. The Company classifies interest and penalties related to uncertain tax positions as income tax expense. As of September 30, 2015 , the Company had approximately $1.1 million of net accrued interest and penalties related to uncertain tax positions. Note 16. Income Taxes - (Continued) The Company currently has the following tax years open to examination by major taxing jurisdictions: Tax Years: US Federal 2012 – 2014 State of Oregon 2012 – 2014 State of Massachusetts 2011 – 2014 State of California 2012 – 2014 Sweden 2011 – 2014 United Kingdom 2011 – 2014 Belgium 2011 – 2014 |
Operating Segments and Related
Operating Segments and Related Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Operating Segments and Related Information | Operating Segments and Related Information Operating Segments The operating segments of the Company are as follows: Surveillance The Surveillance segment develops and manufactures enhanced imaging and recognition solutions for a wide variety of military, law enforcement, public safety, and other government customers around the world for the protection of borders, troops, and public welfare. Offerings include airborne, land, maritime, and man-portable multi-spectrum imaging systems, radars, lasers, imaging components, integrated multi-sensor system platforms, and services related to these systems. Effective January 1, 2015, the Personal Vision Systems product line was transferred from the OEM and Emerging Markets segment to the Surveillance segment. This product line includes hand-held and weapon-mounted thermal imaging systems for use by consumers. Accordingly, segment financial information in the tables below has been reclassified for the applicable prior periods for comparative purposes. Instruments The Instruments segment develops and manufactures devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications. Products include thermal imaging cameras, gas detection cameras, firefighting cameras, process automation cameras, and environmental test and measurement devices. OEM and Emerging Markets The OEM and Emerging Markets segment develops and manufactures thermal imaging camera cores and components that are utilized by third parties to create thermal and other types of imaging systems. The segment also develops and manufactures intelligent traffic monitoring and signal control systems and imaging solutions for the smartphone and mobile devices market. Maritime The Maritime segment develops and manufactures electronics and imaging instruments for the recreational and commercial maritime market. The segment provides a full suite of networked electronic systems including multi-function helm displays, navigational instruments, autopilots, radars, sonar systems, thermal and visible imaging systems, and communications equipment for boats of all sizes. Security The Security segment develops and manufactures cameras and video recording systems for use in commercial, critical infrastructure, and home security applications. Products include thermal and visible-spectrum cameras, digital and networked video recorders, and related software and accessories that enable the efficient and effective safeguarding of assets at all hours of the day and through adverse weather conditions. Note 17. Operating Segments and Related Information - (Continued) Operating Segments - (Continued) Detection The Detection segment develops and manufactures sensor instruments and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives ("CBRNE") threats for military force protection, homeland security, and commercial applications. Operating segment information is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (as reclassified) (as reclassified) Revenue – External Customers: Surveillance $ 131,598 $ 125,343 $ 352,312 $ 362,073 Instruments 74,796 82,561 248,877 250,583 OEM and Emerging Markets 51,448 49,888 137,568 148,927 Maritime 38,920 44,728 141,922 152,533 Security 59,331 48,648 158,185 122,692 Detection 25,835 24,198 80,556 59,480 $ 381,928 $ 375,366 $ 1,119,420 $ 1,096,288 Revenue – Intersegments: Surveillance $ 2,653 $ 2,659 $ 8,400 $ 6,642 Instruments 777 74 2,687 548 OEM and Emerging Markets 8,020 4,721 25,778 15,277 Maritime 85 804 1,667 2,308 Security 2,386 2,971 10,393 7,361 Detection — 4 — 64 Elimination (13,921 ) (11,233 ) (48,925 ) (32,200 ) $ — $ — $ — $ — Earnings (loss) from operations: Surveillance $ 39,918 $ 33,393 $ 96,464 $ 79,293 Instruments 21,555 23,191 77,959 64,678 OEM and Emerging Markets 14,233 12,798 33,507 35,518 Maritime 1,848 4,614 13,058 23,159 Security 7,222 6,988 18,911 14,560 Detection 5,290 4,167 17,349 5,519 Other (14,084 ) (15,142 ) (44,981 ) (50,903 ) $ 75,982 $ 70,009 $ 212,267 $ 171,824 Note 17. Operating Segments and Related Information - (Continued) Operating Segments - (Continued) September 30, December 31, (as reclassified) Segment assets (accounts receivable, net and inventories): Surveillance $ 284,147 $ 309,473 Instruments 121,995 119,629 OEM and Emerging Markets 91,582 79,053 Maritime 72,802 67,775 Security 90,271 59,182 Detection 30,586 40,151 $ 691,383 $ 675,263 September 30, December 31, (as reclassified) Segment goodwill: Surveillance $ 120,358 $ 121,268 Instruments 150,803 155,527 OEM and Emerging Markets 70,470 72,687 Maritime 107,883 109,980 Security 44,322 45,710 Detection 48,135 48,163 $ 541,971 $ 553,335 Revenue and Long-Lived Assets by Geographic Area Information related to revenue by significant geographical location, determined by the end customer, is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States 216,237 192,495 587,637 559,058 Canada/Latin America 23,825 20,870 60,224 69,349 Europe 66,207 82,253 255,331 256,908 Middle East/Africa 37,253 42,287 89,830 91,506 Asia 38,406 37,461 126,398 119,467 $ 381,928 $ 375,366 $ 1,119,420 $ 1,096,288 Note 17. Operating Segments and Related Information - (Continued) Long-lived assets by significant geographic locations are as follows (in thousands): September 30, December 31, United States $ 636,965 $ 623,522 Europe 338,670 319,661 Other international 12,447 51,698 $ 988,082 $ 994,881 Major Customers Revenue derived from major customers is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 US Government $ 79,297 $ 77,496 $ 208,742 $ 227,715 |
Restructuring Costs (Notes)
Restructuring Costs (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Costs In 2013, the Company initiated a realignment plan that includes closing six sites in the United States and Europe and transferring those operations to the Company's larger facilities. The Company also consolidated its optics and laser manufacturing businesses to better realize the benefits of vertical integration in these areas. As of September 30, 2015 , most of the restructuring activities have been completed, with remaining costs and accrued expenses primarily related to the closure of a European facility. During the three and nine months ended September 30, 2015 , the Company recorded net pre-tax restructuring expenses totaling $0.3 million and $1.1 million , respectively. During the three and nine months ended September 30, 2014 , the Company recorded net pre-tax restructuring expenses totaling $4.1 million and $16.0 million , respectively. The Company recorded the restructuring expenses in the segments as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Surveillance $ 148 $ 358 $ 225 $ 5,082 Instruments 223 3,674 907 9,868 OEM and Emerging Markets (24 ) — (22 ) 278 Maritime — 28 — (97 ) Detection (19 ) — (15 ) 759 Other — — — 120 $ 328 $ 4,060 $ 1,095 $ 16,010 Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cost of goods sold $ — $ — $ — $ 590 Restructuring expenses 328 4,060 1,095 15,420 $ 328 $ 4,060 $ 1,095 $ 16,010 Note 18. Restructuring Costs - (Continued) The following table summarizes the activity by cost type (in thousands): Severance and personnel costs Facilities Exit, Lease Terminations & Other Total Balance, December 31, 2014 $ 10,941 $ 1,485 $ 12,426 Additional costs 277 37 314 Utilization (3,524 ) (1,040 ) (4,564 ) Balance, March 31, 2015 $ 7,694 $ 482 $ 8,176 Additional costs 82 371 453 Utilization (2,394 ) (371 ) (2,765 ) Balance, June 30, 2015 $ 5,382 $ 482 $ 5,864 Additional costs 269 59 328 Utilization (1,593 ) (148 ) (1,741 ) Balance, September 30, 2015 $ 4,058 $ 393 $ 4,451 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 22, 2015 , the Company’s Board of Directors declared a quarterly dividend of $0.11 per share on its common stock, payable on December 4, 2015 , to shareholders of record as of the close of business on November 20, 2015 . The total cash payment of this dividend will be approximately $15.2 million . On November 2, 2015, the Company sold its investment in a private company and anticipates a pre-tax gain of approximately $20.2 million in the fourth quarter as a result of the sale. |
Basis of Presenation Basis of P
Basis of Presenation Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of consolidation | The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based compensation expense recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets | Stock-based compensation expense recognized in the Consolidated Statements of Income are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cost of goods sold $ 799 $ 679 $ 2,283 $ 1,974 Research and development 1,259 1,371 3,584 3,951 Selling, general and administrative 4,454 4,752 13,582 15,486 Restructuring expenses — — — 2,595 Stock-based compensation expense $ 6,512 $ 6,802 $ 19,449 $ 24,006 Stock-based compensation costs capitalized in inventory are as follows (in thousands): September 30, 2015 2014 Capitalized in inventory $ 667 $ 665 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share | The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for earnings per share: Net earnings for basic and diluted earnings per share $ 73,072 $ 52,857 $ 171,482 $ 127,509 Denominator for earnings per share: Weighted average number of common shares outstanding 139,596 141,433 139,808 141,315 Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method 929 1,980 1,454 2,441 Weighted average diluted shares outstanding 140,525 143,413 141,262 143,756 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amounts of outstanding foreign currency forward contracts by currency | in United States dollar equivalent amounts (in thousands): September 30, December 31, Swedish kronor $ 71,088 $ 67,809 British pound sterling 41,396 14,928 Canadian dollar 20,852 17,446 Brazilian real 6,240 2,449 Australian dollar 3,830 6,566 Japanese yen 3,765 3,718 Euro 1,441 5,391 Other 176 701 $ 148,788 $ 119,008 |
Fair value carrying amount of derivative instruments included in consolidated balance sheets | The carrying amount of the foreign currency forward contracts included in the Consolidated Balance Sheets are as follows (in thousands): September 30, 2015 December 31, 2014 Other current assets Other current liabilities Other current assets Other current liabilities Foreign currency forward contracts $ 429 $ 2,080 $ 112 $ 3,247 |
Interest rate swaps outstanding | As of September 30, 2015 , the following interest rate swaps were outstanding: Contract Date Notional Amount (in millions) Fixed Rate Effective Date Maturity Date March 15, 2013 $ 56.3 1.02 % April 5, 2013 March 31, 2019 March 29, 2013 $ 56.3 0.97 % April 5, 2013 March 31, 2019 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following (in thousands): September 30, December 31, Raw material and subassemblies $ 201,777 $ 181,618 Work-in-progress 49,712 37,139 Finished goods 135,624 101,848 $ 387,113 $ 320,605 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure - Goodwill - Additional Information [Abstract] | |
Carrying value of goodwill by reporting segment and the activity | The carrying value of goodwill and the activity for the nine months ended September 30, 2015 are as follows (in thousands): Balance, December 31, 2014 $ 553,335 Currency translation adjustments (11,364 ) Balance, September 30, 2015 $ 541,971 |
Accrued Product Warrenties (Tab
Accrued Product Warrenties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Product Warranties Disclosures [Abstract] | |
Summay of warranty liability and activity | The following table summarizes the Company’s accrued product warranties and activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Accrued product warranties, beginning of period $ 16,023 $ 15,989 $ 16,175 $ 17,732 Amounts paid for warranty services (1,907 ) (2,368 ) (5,678 ) (7,131 ) Warranty provisions for products sold 1,745 2,254 5,529 5,546 Currency translation adjustments and other (25 ) (343 ) (190 ) (615 ) Accrued product warranties, end of period $ 15,836 $ 15,532 $ 15,836 $ 15,532 Current accrued product warranties, end of period $ 13,213 $ 12,881 Long-term accrued product warranties, end of period $ 2,623 $ 2,651 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following (in thousands): September 30, December 31, Unsecured notes $ 250,000 $ 250,000 Term loan 112,500 123,750 Unamortized discounts and issuance costs of unsecured notes (420 ) (764 ) $ 362,080 $ 372,986 Current portion, long-term debt $ 15,000 $ 15,000 Long-term debt $ 347,080 $ 357,986 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common stock and additional paid-in capital activity | The following table summarizes the common stock and additional paid-in capital activity during the nine months ended September 30, 2015 (in thousands): Common stock and additional paid-in capital, December 31, 2014 $ 1,396 Income tax benefit of common stock options exercised 3,487 Common stock issued pursuant to stock-based compensation plans, net 13,475 Stock-based compensation arrangements 19,362 Repurchase of common stock (36,339 ) Common stock and additional paid-in capital, September 30, 2015 $ 1,381 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Tax years open to examination by major taxing jurisdictions | The Company currently has the following tax years open to examination by major taxing jurisdictions: Tax Years: US Federal 2012 – 2014 State of Oregon 2012 – 2014 State of Massachusetts 2011 – 2014 State of California 2012 – 2014 Sweden 2011 – 2014 United Kingdom 2011 – 2014 Belgium 2011 – 2014 |
Operating Segments and Relate36
Operating Segments and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating segment information is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (as reclassified) (as reclassified) Revenue – External Customers: Surveillance $ 131,598 $ 125,343 $ 352,312 $ 362,073 Instruments 74,796 82,561 248,877 250,583 OEM and Emerging Markets 51,448 49,888 137,568 148,927 Maritime 38,920 44,728 141,922 152,533 Security 59,331 48,648 158,185 122,692 Detection 25,835 24,198 80,556 59,480 $ 381,928 $ 375,366 $ 1,119,420 $ 1,096,288 Revenue – Intersegments: Surveillance $ 2,653 $ 2,659 $ 8,400 $ 6,642 Instruments 777 74 2,687 548 OEM and Emerging Markets 8,020 4,721 25,778 15,277 Maritime 85 804 1,667 2,308 Security 2,386 2,971 10,393 7,361 Detection — 4 — 64 Elimination (13,921 ) (11,233 ) (48,925 ) (32,200 ) $ — $ — $ — $ — Earnings (loss) from operations: Surveillance $ 39,918 $ 33,393 $ 96,464 $ 79,293 Instruments 21,555 23,191 77,959 64,678 OEM and Emerging Markets 14,233 12,798 33,507 35,518 Maritime 1,848 4,614 13,058 23,159 Security 7,222 6,988 18,911 14,560 Detection 5,290 4,167 17,349 5,519 Other (14,084 ) (15,142 ) (44,981 ) (50,903 ) $ 75,982 $ 70,009 $ 212,267 $ 171,824 |
Segment Assets | September 30, December 31, (as reclassified) Segment assets (accounts receivable, net and inventories): Surveillance $ 284,147 $ 309,473 Instruments 121,995 119,629 OEM and Emerging Markets 91,582 79,053 Maritime 72,802 67,775 Security 90,271 59,182 Detection 30,586 40,151 $ 691,383 $ 675,263 September 30, December 31, (as reclassified) Segment goodwill: Surveillance $ 120,358 $ 121,268 Instruments 150,803 155,527 OEM and Emerging Markets 70,470 72,687 Maritime 107,883 109,980 Security 44,322 45,710 Detection 48,135 48,163 $ 541,971 $ 553,335 |
By Significant Geographical Area | Information related to revenue by significant geographical location, determined by the end customer, is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States 216,237 192,495 587,637 559,058 Canada/Latin America 23,825 20,870 60,224 69,349 Europe 66,207 82,253 255,331 256,908 Middle East/Africa 37,253 42,287 89,830 91,506 Asia 38,406 37,461 126,398 119,467 $ 381,928 $ 375,366 $ 1,119,420 $ 1,096,288 Note 17. Operating Segments and Related Information - (Continued) Long-lived assets by significant geographic locations are as follows (in thousands): September 30, December 31, United States $ 636,965 $ 623,522 Europe 338,670 319,661 Other international 12,447 51,698 $ 988,082 $ 994,881 |
Revenue Derived from Major Customers | Revenue derived from major customers is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 US Government $ 79,297 $ 77,496 $ 208,742 $ 227,715 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | In 2013, the Company initiated a realignment plan that includes closing six sites in the United States and Europe and transferring those operations to the Company's larger facilities. The Company also consolidated its optics and laser manufacturing businesses to better realize the benefits of vertical integration in these areas. As of September 30, 2015 , most of the restructuring activities have been completed, with remaining costs and accrued expenses primarily related to the closure of a European facility. During the three and nine months ended September 30, 2015 , the Company recorded net pre-tax restructuring expenses totaling $0.3 million and $1.1 million , respectively. During the three and nine months ended September 30, 2014 , the Company recorded net pre-tax restructuring expenses totaling $4.1 million and $16.0 million , respectively. The Company recorded the restructuring expenses in the segments as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Surveillance $ 148 $ 358 $ 225 $ 5,082 Instruments 223 3,674 907 9,868 OEM and Emerging Markets (24 ) — (22 ) 278 Maritime — 28 — (97 ) Detection (19 ) — (15 ) 759 Other — — — 120 $ 328 $ 4,060 $ 1,095 $ 16,010 Restructuring expenses were recorded in the Consolidated Statements of Income as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cost of goods sold $ — $ — $ — $ 590 Restructuring expenses 328 4,060 1,095 15,420 $ 328 $ 4,060 $ 1,095 $ 16,010 Note 18. Restructuring Costs - (Continued) The following table summarizes the activity by cost type (in thousands): Severance and personnel costs Facilities Exit, Lease Terminations & Other Total Balance, December 31, 2014 $ 10,941 $ 1,485 $ 12,426 Additional costs 277 37 314 Utilization (3,524 ) (1,040 ) (4,564 ) Balance, March 31, 2015 $ 7,694 $ 482 $ 8,176 Additional costs 82 371 453 Utilization (2,394 ) (371 ) (2,765 ) Balance, June 30, 2015 $ 5,382 $ 482 $ 5,864 Additional costs 269 59 328 Utilization (1,593 ) (148 ) (1,741 ) Balance, September 30, 2015 $ 4,058 $ 393 $ 4,451 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 6,512 | $ 6,802 | $ 19,449 | $ 24,006 |
Cost of goods sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 799 | 679 | 2,283 | 1,974 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,259 | 1,371 | 3,584 | 3,951 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,454 | 4,752 | 13,582 | 15,486 |
Restructuring Charges | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 2,595 |
Stock-based Compensation (Det39
Stock-based Compensation (Details 2) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Capitalized in inventory | $ 667 | $ 665 |
Stock-based Compensation (Det40
Stock-based Compensation (Details textual) $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Share-based Compensation [Abstract] | |
Unrecognized stock-based compensation costs, net of estimated forfeitures | $ 42.5 |
Weighted average period of unrecognized stock-based compensation costs, net of estimated forfeitures | 2 years 1 month 6 days |
Net Earnings Per Share (Details
Net Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator for earnings per share: | ||||
Net earnings for basic and diluted earnings per share | $ 73,072 | $ 52,857 | $ 171,482 | $ 127,509 |
Denominator for earnings per share: | ||||
Weighted average number of common shares outstanding | 139,596 | 141,433 | 139,808 | 141,315 |
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method | 929 | 1,980 | 1,454 | 2,441 |
Weighted average diluted shares outstanding | 140,525 | 143,413 | 141,262 | 143,756 |
Net Earnings Per Share (Detai42
Net Earnings Per Share (Details textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Effect of stock-based compensation awards, shares excluded for purposes of diluted earnings per share | 457,000 | 142,000 | 316,000 | 85,000 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Level 1 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cash equivalents | $ 28.7 | $ 29.8 |
Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Fair value of long-term debt | $ 255.6 |
Derivative Financial Instrume44
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative, Notional Amount | $ 148,788 | $ 119,008 |
Swedish kronor | ||
Derivative, Notional Amount | 71,088 | 67,809 |
British pound sterling | ||
Derivative, Notional Amount | 41,396 | 14,928 |
Canada, Dollars | ||
Derivative, Notional Amount | 20,852 | 17,446 |
Brazil, Brazil Real | ||
Derivative, Notional Amount | 6,240 | 2,449 |
Australian dollar | ||
Derivative, Notional Amount | 3,830 | 6,566 |
Japan, Yen | ||
Derivative, Notional Amount | 3,765 | 3,718 |
Euro | ||
Derivative, Notional Amount | 1,441 | 5,391 |
Other | ||
Derivative, Notional Amount | $ 176 | $ 701 |
Derivative Financial Instrume45
Derivative Financial Instruments (Details 2) - Level 2 - Foreign currency forward contracts - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 429 | $ 112 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 2,080 | $ 3,247 |
Derivative Financial Instrume46
Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 148,788 | $ 119,008 |
Interest Rate Swap [Member] | March 15, 2013 Interest rate swap [Member] | ||
Derivative [Line Items] | ||
Contract date | Mar. 15, 2013 | |
Derivative, Notional Amount | $ 56,300 | |
Fixed rate | 1.02% | |
Effective date | Apr. 5, 2013 | |
Maturity date | Mar. 31, 2019 | |
Interest Rate Swap [Member] | March 29, 2013 Interest rate swap [Member] | ||
Derivative [Line Items] | ||
Contract date | Mar. 29, 2013 | |
Derivative, Notional Amount | $ 56,300 | |
Fixed rate | 0.97% | |
Effective date | Apr. 5, 2013 | |
Maturity date | Mar. 31, 2019 |
Derivative Financial Instrume47
Derivative Financial Instruments (Details textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Net gain (loss) | $ (8.9) | $ (2.8) | $ (7) | $ (5.7) |
Maturities of foreign currency forward contracts | 3 months | |||
Level 2 | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Net | (0.3) | $ (0.3) | ||
Level 2 | Interest Rate Swap [Member] | Other current assets | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.3 | 0.3 | ||
Level 2 | Interest Rate Swap [Member] | Other current liabilities | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Liability | $ 0.6 | $ 0.6 | ||
Term loan facility [Member] | ||||
Derivative [Line Items] | ||||
Effective interest rate | 2.49% | 2.49% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Allowance for doubtful accounts receivable | $ 8 | $ 8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw material and subassemblies | $ 201,777 | $ 181,618 |
Work-in-progress | 49,712 | 37,139 |
Finished goods | 135,624 | 101,848 |
Total inventories | $ 387,113 | $ 320,605 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation | $ 256.6 | $ 248.2 |
Assets Held-for-sale, Property, Plant and Equipment | $ 2.2 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $ 553,335 |
Currency translation adjustments | (11,364) |
Goodwill, end of period | $ 541,971 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated amortization | $ 86.7 | $ 75.1 |
Credit Agreements (Details)
Credit Agreements (Details) $ in Millions | Sep. 30, 2015USD ($) |
Line of Credit Facility [Abstract] | |
Letters of credit outstanding | $ 42.7 |
Total available credit | $ 157.3 |
Accrued Product Warrenties (Det
Accrued Product Warrenties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||||
Accrued product warranties, beginning of period | $ 16,023 | $ 15,989 | $ 16,175 | $ 17,732 | |
Amounts paid for warranty services | (1,907) | (2,368) | (5,678) | (7,131) | |
Warranty provisions for products sold | 1,745 | 2,254 | 5,529 | 5,546 | |
Currency translation adjustments and other | (25) | (343) | (190) | (615) | |
Accrued product warranties, end of period | 15,836 | 15,532 | 15,836 | 15,532 | |
Current accrued product warranties, end of period | 13,213 | 12,881 | 13,213 | 12,881 | $ 13,538 |
Long-term accrued product warranties, end of period | $ 2,623 | $ 2,651 | $ 2,623 | $ 2,651 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Unsecured notes | $ 250,000 | $ 250,000 |
Term loan | 112,500 | 123,750 |
Unamortized discounts and issuance costs of unsecured notes | (420) | (764) |
Long-term Debt | 362,080 | 372,986 |
Current portion, long term debt | 15,000 | 15,000 |
Long-term debt | $ 347,080 | $ 357,986 |
Long Term Debt (Details textual
Long Term Debt (Details textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2013 | Aug. 31, 2011 | Sep. 30, 2015 | Apr. 05, 2013 | |
Debt Instrument [Line Items] | ||||
Senior unsecured notes, term (in years) | 5 years | |||
Three Point Seven Five Percent Senior Unsecured Notes Due September First, Twenty Sixteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 250,000 | |||
Debt instrument, interest rate, stated percentage | 3.75% | |||
Debt instrument, maturity date | Sep. 1, 2016 | |||
Senior unsecured notes, proceeds | $ 247,700 | |||
Debt instrument, frequency of periodic payment | semiannually | |||
Senior unsecured notes, interest payment dates | March 1 and September 1 | |||
Term loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 150,000 | |||
Debt instrument, maturity date | Apr. 5, 2019 | |||
Debt instrument, frequency of periodic payment | monthly | |||
Debt Instrument, Description of Variable Rate Basis | Interest is accrued at the one-month LIBOR rate plus the scheduled spread | |||
Debt Instrument, Date of First Required Payment | Jun. 30, 2013 | |||
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | $ 3,750 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Stockholders' Equity Note [Abstract] | |
Common stock and additional paid-in capital, beginning of period | $ 1,396 |
Income tax benefit of common stock options exercised | 3,487 |
Common stock issued pursuant to stock-based compensation plans, net | 13,475 |
Stock-based compensation arrangements | 19,362 |
Repurchase of common stock | (36,339) |
Common stock and additional paid-in capital, end of period | $ 1,381 |
Shareholders' Equity (Details t
Shareholders' Equity (Details textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 04, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Feb. 05, 2015 |
Stockholders Equity Note [Line Items] | ||||
Common stock authorized to be repurchased, number of shares (in shares) | 15 | |||
Common stock repurchased, shares | 3.2 | |||
Common stock dividends, paid per share (in dollars per share) | $ 0.11 | |||
Retained Earnings | ||||
Stockholders Equity Note [Line Items] | ||||
Common stock dividends, total cash paid | $ 46.2 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2010 | |
Loss Contingency [Abstract] | ||
Litigation settlement payment | $ (28) | $ (3) |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) provision | $ (1,896) | $ 17,606 | $ 29,182 | $ 39,236 |
Effective tax rate | (2.70%) | 25.00% | 14.50% | 23.50% |
Federal Statutory Income Tax Rate | 35.00% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 17,400 | |||
Unrecognized tax benefits | 11,300 | $ 11,300 | ||
Accrued interest and penalties | $ 1,100 | $ 1,100 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 9 Months Ended |
Sep. 30, 2015 | |
US Federal | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,012 |
US Federal | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
State of Oregon | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,012 |
State of Oregon | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
State of Massachusetts | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,011 |
State of Massachusetts | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
State of California | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,012 |
State of California | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
Sweden | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,011 |
Sweden | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
United Kingdom | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,011 |
United Kingdom | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
Belgium | Minimum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,011 |
Belgium | Maximum | |
Income Tax Examination [Line Items] | |
Tax years open to examination by major taxing jurisdictions | 2,014 |
Operating Segments and Relate62
Operating Segments and Related Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | $ 381,928 | $ 375,366 | $ 1,119,420 | $ 1,096,288 |
Intersegment revenue | 0 | 0 | 0 | 0 |
Earnings (loss) from operations | 75,982 | 70,009 | 212,267 | 171,824 |
Surveillance | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 131,598 | 125,343 | 352,312 | 362,073 |
Intersegment revenue | 2,653 | 2,659 | 8,400 | 6,642 |
Earnings (loss) from operations | 39,918 | 33,393 | 96,464 | 79,293 |
Instruments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 74,796 | 82,561 | 248,877 | 250,583 |
Intersegment revenue | 777 | 74 | 2,687 | 548 |
Earnings (loss) from operations | 21,555 | 23,191 | 77,959 | 64,678 |
OEM & Emerging Markets | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 51,448 | 49,888 | 137,568 | 148,927 |
Intersegment revenue | 8,020 | 4,721 | 25,778 | 15,277 |
Earnings (loss) from operations | 14,233 | 12,798 | 33,507 | 35,518 |
Maritime | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 38,920 | 44,728 | 141,922 | 152,533 |
Intersegment revenue | 85 | 804 | 1,667 | 2,308 |
Earnings (loss) from operations | 1,848 | 4,614 | 13,058 | 23,159 |
Security | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 59,331 | 48,648 | 158,185 | 122,692 |
Intersegment revenue | 2,386 | 2,971 | 10,393 | 7,361 |
Earnings (loss) from operations | 7,222 | 6,988 | 18,911 | 14,560 |
Detection | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue - External Customers | 25,835 | 24,198 | 80,556 | 59,480 |
Intersegment revenue | 0 | 4 | 0 | 64 |
Earnings (loss) from operations | 5,290 | 4,167 | 17,349 | 5,519 |
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Intersegment revenue | (13,921) | (11,233) | (48,925) | (32,200) |
Earnings (loss) from operations | $ (14,084) | $ (15,142) | $ (44,981) | $ (50,903) |
Operating Segments and Relate63
Operating Segments and Related Information (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | $ 691,383 | $ 675,263 |
Surveillance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 284,147 | 309,473 |
Instruments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 121,995 | 119,629 |
OEM & Emerging Markets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 91,582 | 79,053 |
Maritime | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 72,802 | 67,775 |
Security | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | 90,271 | 59,182 |
Detection | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment assets (accounts receivable, net and inventories) | $ 30,586 | $ 40,151 |
Operating Segments and Relate64
Operating Segments and Related Information (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | $ 541,971 | $ 553,335 |
Surveillance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 120,358 | 121,268 |
Instruments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 150,803 | 155,527 |
OEM & Emerging Markets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 70,470 | 72,687 |
Maritime | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 107,883 | 109,980 |
Security | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | 44,322 | 45,710 |
Detection | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Reporting Information Goodwill | $ 48,135 | $ 48,163 |
Operating Segments and Relate65
Operating Segments and Related Information (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 381,928 | $ 375,366 | $ 1,119,420 | $ 1,096,288 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 216,200 | 192,500 | 587,600 | 559,100 |
Canada/Latin_America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 23,825 | 20,870 | 60,224 | 69,349 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 66,207 | 82,253 | 255,331 | 256,908 |
Mid_East/Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 37,253 | 42,287 | 89,830 | 91,506 |
Asia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 38,406 | $ 37,461 | $ 126,398 | $ 119,467 |
Operating Segments and Relate66
Operating Segments and Related Information (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 988,082 | $ 994,881 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 636,965 | 623,522 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 338,670 | 319,661 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 12,447 | $ 51,698 |
Operating Segments and Relate67
Operating Segments and Related Information (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue, Major Customer [Line Items] | ||||
Revenue | $ 381,928 | $ 375,366 | $ 1,119,420 | $ 1,096,288 |
US Government | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue | $ 79,297 | $ 77,496 | $ 208,742 | $ 227,715 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 327 | $ 4,060 | $ 1,095 | $ 15,420 | ||
Cost of Goods Sold | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | 0 | 0 | 590 | ||
Selling General and Administrative Expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 328 | 4,060 | 1,095 | 15,420 | ||
Total COGS and SGA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 328 | $ 453 | $ 314 | 4,060 | 1,095 | 16,010 |
Surveillance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 148 | 358 | 225 | 5,082 | ||
Instruments | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 223 | 3,674 | 907 | 9,868 | ||
OEM & Emerging Markets | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | (24) | 0 | (22) | 278 | ||
Maritime | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | 28 | 0 | (97) | ||
Detection | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | (19) | 0 | (15) | 759 | ||
Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 0 | $ 0 | $ 0 | $ 120 |
Restructuring Costs (Details 2)
Restructuring Costs (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 327 | $ 4,060 | $ 1,095 | $ 15,420 | ||
Cost of Goods Sold | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | 0 | 0 | 590 | ||
Selling, general and administrative | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 328 | 4,060 | 1,095 | 15,420 | ||
Total COGS and SGA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 328 | $ 453 | $ 314 | $ 4,060 | $ 1,095 | $ 16,010 |
Restructuring Costs (Details 3)
Restructuring Costs (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 327 | $ 4,060 | $ 1,095 | $ 15,420 | ||
Total COGS and SGA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, beginning balance | 5,864 | $ 8,176 | $ 12,426 | 12,426 | ||
Restructuring expenses | 328 | 453 | 314 | $ 4,060 | 1,095 | $ 16,010 |
Restructuring and Related Cost, Incurred Cost | (1,741) | (2,765) | (4,564) | |||
Restructuring Reserve, ending balance | 4,451 | 5,864 | 8,176 | 4,451 | ||
Total COGS and SGA | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, beginning balance | 5,382 | 7,694 | 10,941 | 10,941 | ||
Restructuring expenses | 269 | 82 | 277 | |||
Restructuring and Related Cost, Incurred Cost | (1,593) | (2,394) | (3,524) | |||
Restructuring Reserve, ending balance | 4,058 | 5,382 | 7,694 | 4,058 | ||
Total COGS and SGA | Facility Exit [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, beginning balance | 482 | 482 | 1,485 | 1,485 | ||
Restructuring expenses | 59 | 371 | 37 | |||
Restructuring and Related Cost, Incurred Cost | (148) | (371) | (1,040) | |||
Restructuring Reserve, ending balance | $ 393 | $ 482 | $ 482 | $ 393 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 04, 2015 | Nov. 20, 2015 | Oct. 22, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | $ 20,200 | $ 0 | $ 4,129 | |||
Dividend declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend, date declared | Oct. 22, 2015 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 | |||||
Quarterly dividend, date to be paid | Dec. 4, 2015 | |||||
Quarterly dividend, date of record | Nov. 20, 2015 | |||||
Quarterly dividend, amount declared | $ 15,200 |