ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3444218 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification Number) |
50 Old Webster Road, Oxford, Massachusetts | 01540 |
(Address of principal executive offices) | (Zip code) |
Large Accelerated Filer | ý | Accelerated Filer | ¨ | |
Non-Accelerated Filer | ¨ | Smaller Reporting Company | ¨ |
Page | |
EX-31.1 CERTIFICATION OF CEO PURSUANT TO RULE 13a-14(a) | |
EX-31.2 CERTIFICATION OF CFO PURSUANT TO RULE 13a-14(a) | |
EX-32 CERTIFICATION OF CEO AND CFO PURSUANT TO SECTION 1350 | |
EX-101.INS XBRL INSTANCE DOCUMENT | |
EX-101.SCH XBRL TAXONOMY EXTENSION SCHEMA | |
EX-101.CAL XBRL TAXONOMY EXTENSION CALCULATION LINKBASE | |
EX-101.LAB XBRL TAXONOMY EXTENSION LABEL LINKBASE | |
EX-101.PRE XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE | |
EX-101.DEF XBRL TAXONOMY EXTENSION DEFINITION LINKBASE |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
(In thousands, except share and per share data) | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 613,692 | $ | 582,532 | |||
Short-term investments | 126,273 | 106,584 | |||||
Accounts receivable, net | 146,505 | 150,479 | |||||
Inventories | 226,907 | 203,738 | |||||
Prepaid income taxes | 37,159 | 33,692 | |||||
Prepaid expenses and other current assets | 24,577 | 25,564 | |||||
Deferred income taxes, net | 22,526 | 20,346 | |||||
Total current assets | 1,197,639 | 1,122,935 | |||||
DEFERRED INCOME TAXES, NET | 11,889 | 9,386 | |||||
GOODWILL | 502 | 505 | |||||
INTANGIBLE ASSETS, NET | 11,066 | 11,904 | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | 309,206 | 288,604 | |||||
OTHER ASSETS | 19,798 | 20,095 | |||||
TOTAL | $ | 1,550,100 | $ | 1,453,429 | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Revolving line-of-credit facilities | $ | — | $ | — | |||
Current portion of long-term debt | 2,000 | 2,000 | |||||
Accounts payable | 20,277 | 26,314 | |||||
Accrued expenses and other liabilities | 70,987 | 75,667 | |||||
Deferred income taxes, net | 3,751 | 3,190 | |||||
Income taxes payable | 53,656 | 37,809 | |||||
Total current liabilities | 150,671 | 144,980 | |||||
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES | 35,264 | 30,117 | |||||
LONG-TERM DEBT, NET OF CURRENT PORTION | 17,167 | 17,667 | |||||
Total liabilities | 203,102 | 192,764 | |||||
COMMITMENTS AND CONTINGENCIES (NOTE 12) | |||||||
IPG PHOTONICS CORPORATION EQUITY: | |||||||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 52,966,460 shares issued and outstanding at March 31, 2016; 52,883,902 shares issued and outstanding at December 31, 2015 | 5 | 5 | |||||
Additional paid-in capital | 616,156 | 607,649 | |||||
Retained earnings | 882,682 | 833,356 | |||||
Accumulated other comprehensive loss | (152,987 | ) | (181,482 | ) | |||
Total IPG Photonics Corporation equity | 1,345,856 | 1,259,528 | |||||
NONCONTROLLING INTERESTS | 1,142 | 1,137 | |||||
Total equity | 1,346,998 | 1,260,665 | |||||
TOTAL | $ | 1,550,100 | $ | 1,453,429 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(in thousands, except per share data) | |||||||
NET SALES | $ | 207,248 | $ | 198,960 | |||
COST OF SALES | 92,838 | 91,133 | |||||
GROSS PROFIT | 114,410 | 107,827 | |||||
OPERATING EXPENSES: | |||||||
Sales and marketing | 8,034 | 7,549 | |||||
Research and development | 17,489 | 14,230 | |||||
General and administrative | 13,901 | 12,778 | |||||
Loss (gain) on foreign exchange | 4,967 | (8,752 | ) | ||||
Total operating expenses | 44,391 | 25,805 | |||||
OPERATING INCOME | 70,019 | 82,022 | |||||
OTHER INCOME (EXPENSE), Net: | |||||||
Interest income (expense), net | 192 | (184 | ) | ||||
Other income, net | 7 | 85 | |||||
Total other income (expense) | 199 | (99 | ) | ||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 70,218 | 81,923 | |||||
PROVISION FOR INCOME TAXES | (20,890 | ) | (24,577 | ) | |||
NET INCOME | 49,328 | 57,346 | |||||
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2 | (13 | ) | ||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION | $ | 49,326 | $ | 57,359 | |||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE: | |||||||
Basic | $ | 0.93 | $ | 1.09 | |||
Diluted | $ | 0.92 | $ | 1.08 | |||
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||||||
Basic | 52,898 | 52,486 | |||||
Diluted | 53,621 | 53,267 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Net income | $ | 49,328 | $ | 57,346 | |||
Other comprehensive income, net of tax: | |||||||
Translation adjustments | 28,495 | (38,319 | ) | ||||
Unrealized gain on derivatives | — | 43 | |||||
Total other comprehensive loss | 28,495 | (38,276 | ) | ||||
Comprehensive income | 77,823 | 19,070 | |||||
Comprehensive income (loss) attributable to noncontrolling interest | 5 | (13 | ) | ||||
Comprehensive income attributable to IPG Photonics Corporation | $ | 77,818 | $ | 19,083 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 49,328 | $ | 57,346 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 11,394 | 9,743 | |||||
Deferred income taxes | (2,741 | ) | 5,708 | ||||
Stock-based compensation | 4,959 | 4,127 | |||||
Unrealized losses (gains) on foreign currency transactions | 4,802 | (5,415 | ) | ||||
Other | 175 | 50 | |||||
Provisions for inventory, warranty & bad debt | 8,927 | 8,017 | |||||
Changes in assets and liabilities that (used) provided cash: | |||||||
Accounts receivable | 8,140 | (11,885 | ) | ||||
Inventories | (19,365 | ) | (13,898 | ) | |||
Prepaid expenses and other current assets | (178 | ) | (723 | ) | |||
Accounts payable | (6,749 | ) | (1,231 | ) | |||
Accrued expenses and other liabilities | (8,378 | ) | (2,774 | ) | |||
Income and other taxes payable | 14,583 | 7,716 | |||||
Tax benefit from exercise of employee stock options | (904 | ) | (4,773 | ) | |||
Net cash provided by operating activities | 63,993 | 52,008 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of and deposits on property, plant and equipment | (24,960 | ) | (14,027 | ) | |||
Proceeds from sales of property, plant and equipment | 129 | 131 | |||||
Purchases of short-term investments | (29,899 | ) | — | ||||
Proceeds from short-term investments | 10,000 | — | |||||
Acquisition of businesses, net of cash acquired | — | (4,958 | ) | ||||
Other | 46 | 60 | |||||
Net cash used in investing activities | (44,684 | ) | (18,794 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from line-of-credit facilities | 2,214 | 3,616 | |||||
Payments on line-of-credit facilities | (2,223 | ) | (5,488 | ) | |||
Principal payments on long-term borrowings | (500 | ) | (833 | ) | |||
Exercise of employee stock options and issuances under employee stock purchase plan | 2,644 | 4,409 | |||||
Tax benefit from exercise of employee stock options | 904 | 4,773 | |||||
Net cash provided by financing activities | 3,039 | 6,477 | |||||
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | 8,812 | (20,367 | ) | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 31,160 | 19,324 | |||||
CASH AND CASH EQUIVALENTS — Beginning of period | 582,532 | 522,150 | |||||
CASH AND CASH EQUIVALENTS — End of period | $ | 613,692 | $ | 541,474 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||
Cash paid for interest | $ | 171 | $ | 293 | |||
Cash paid for income taxes | $ | 11,955 | $ | 11,889 | |||
Non-cash transactions: | |||||||
Demonstration units transferred from inventory to other assets | $ | 623 | $ | 634 | |||
Inventory transferred to machinery and equipment | $ | 361 | $ | 284 | |||
Additions to property, plant and equipment included in accounts payable | $ | 326 | $ | 549 |
Three Months Ended March 31, | |||||||||||||
2016 | 2015 | ||||||||||||
(In thousands, except share and per share data) | |||||||||||||
Shares | Amount | Shares | Amount | ||||||||||
COMMON STOCK | |||||||||||||
Balance, beginning of year | 52,883,902 | $ | 5 | 52,369,688 | $ | 5 | |||||||
Exercise of stock options | 82,558 | — | 250,740 | — | |||||||||
Balance, end of period | 52,966,460 | 5 | 52,620,428 | 5 | |||||||||
ADDITIONAL PAID-IN CAPITAL | |||||||||||||
Balance, beginning of year | 607,649 | 567,617 | |||||||||||
Stock-based compensation | 4,959 | 4,127 | |||||||||||
Exercise of stock options and related tax benefit from exercise | 3,548 | 9,182 | |||||||||||
Balance, end of period | 616,156 | 580,926 | |||||||||||
RETAINED EARNINGS | |||||||||||||
Balance, beginning of year | 833,356 | 591,202 | |||||||||||
Net income attributable to IPG Photonics Corporation | 49,326 | 57,359 | |||||||||||
Balance, end of period | 882,682 | 648,561 | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
Balance, beginning of year | (181,482 | ) | (112,263 | ) | |||||||||
Translation adjustments | 28,495 | (38,319 | ) | ||||||||||
Change in unrealized gain on derivatives, net of tax | — | 43 | |||||||||||
Balance, end of period | (152,987 | ) | (150,539 | ) | |||||||||
TOTAL IPG PHOTONICS CORPORATION EQUITY | $ | 1,345,856 | $ | 1,078,953 | |||||||||
NONCONTROLLING INTERESTS | |||||||||||||
Balance, beginning of year | 1,137 | — | |||||||||||
NCI of acquired company | — | 1,579 | |||||||||||
Net income (loss) attributable to NCI | 2 | (13 | ) | ||||||||||
Other comprehensive income (loss) attributable to NCI | 3 | — | |||||||||||
Balance, end of period | 1,142 | 1,566 | |||||||||||
TOTAL EQUITY | $ | 1,346,998 | $ | 1,080,519 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Components and raw materials | $ | 81,922 | $ | 70,394 | |||
Work-in-process | 39,648 | 43,259 | |||||
Finished components and devices | 105,337 | 90,085 | |||||
Total | $ | 226,907 | $ | 203,738 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Accrued compensation | $ | 26,437 | $ | 33,617 | |||
Customer deposits and deferred revenue | 23,427 | 21,525 | |||||
Current portion of accrued warranty | 13,501 | 14,871 | |||||
Other | 7,622 | 5,654 | |||||
Total | $ | 70,987 | $ | 75,667 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Revolving line-of-credit facilities: | |||||||
European overdraft facilities | $ | — | $ | — | |||
Euro line-of-credit | — | — | |||||
U.S. line-of-credit | — | — | |||||
Total | $ | — | $ | — | |||
Term debt: | |||||||
Collateralized long-term note | $ | 19,167 | $ | 19,667 | |||
Less: current portion | (2,000 | ) | (2,000 | ) | |||
Total long-term debt | $ | 17,167 | $ | 17,667 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net income attributable to IPG Photonics Corporation | $ | 49,326 | $ | 57,359 | |||
Weighted average shares | 52,898 | 52,486 | |||||
Dilutive effect of common stock equivalents | 723 | 781 | |||||
Diluted weighted average common shares | 53,621 | 53,267 | |||||
Basic net income attributable to IPG Photonics Corporation per share | $ | 0.93 | $ | 1.09 | |||
Diluted net income attributable to IPG Photonics Corporation per share | $ | 0.92 | $ | 1.08 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Effective portion recognized in other comprehensive loss, pretax: | |||||||
Interest rate swap | $ | — | $ | 133 | |||
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | |||||||
Interest rate swap | $ | — | $ | (67 | ) | ||
Ineffective portion recognized in income: | |||||||
Interest rate swap | $ | — | $ | — |
Fair Value Measurements at March 31, 2016 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 368,725 | $ | 368,725 | $ | — | $ | — | |||||||
Short-term investments | 126,217 | 126,217 | — | — | |||||||||||
Auction rate securities | 1,138 | — | — | 1,138 | |||||||||||
Total assets | $ | 496,080 | $ | 494,942 | $ | — | $ | 1,138 | |||||||
Liabilities | |||||||||||||||
Collateralized long-term note | $ | 19,167 | $ | 19,167 | $ | — | $ | — | |||||||
Contingent purchase consideration | 21 | — | — | 21 | |||||||||||
Total liabilities | $ | 19,188 | $ | 19,167 | $ | — | $ | 21 | |||||||
Fair Value Measurements at December 31, 2015 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Cash equivalents | $ | 214,232 | $ | 214,232 | $ | — | $ | — | |||||||
Short-term investments | 106,375 | 106,375 | — | — | |||||||||||
Auction rate securities | 1,136 | — | — | 1,136 | |||||||||||
Total assets | $ | 321,743 | $ | 320,607 | $ | — | $ | 1,136 | |||||||
Liabilities | |||||||||||||||
Collateralized long-term note | $ | 19,667 | $ | 19,667 | $ | — | $ | — | |||||||
Contingent purchase consideration | 20 | — | — | 20 | |||||||||||
Total liabilities | $ | 19,687 | $ | 19,667 | $ | — | $ | 20 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Auction Rate Securities | |||||||
Balance, beginning of period | $ | 1,136 | $ | 1,128 | |||
Change in fair value and accretion | 2 | 2 | |||||
Balance, end of period | $ | 1,138 | $ | 1,130 | |||
Contingent Purchase Consideration | |||||||
Balance, beginning of period | $ | 20 | $ | 98 | |||
Change in fair value and currency fluctuations | 1 | (15 | ) | ||||
Balance, end of period | $ | 21 | $ | 83 |
March 31, 2016 | December 31, 2015 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted- Average Lives | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted- Average Lives | |||||||||||||
Patents | $ | 6,641 | $ | (4,661 | ) | $ | 1,980 | 6 Years | $ | 6,641 | $ | (4,573 | ) | $ | 2,068 | 6 Years | ||||
Customer relationships | 3,437 | (3,213 | ) | 224 | 5 Years | 3,325 | (3,092 | ) | 233 | 5 Years | ||||||||||
Production know-how | 6,734 | (3,574 | ) | 3,160 | 8 Years | 6,672 | (3,339 | ) | 3,333 | 8 Years | ||||||||||
Technology, trademark and tradename | 7,900 | (2,198 | ) | 5,702 | 8 Years | 8,247 | (1,977 | ) | 6,270 | 8 Years | ||||||||||
$ | 24,712 | $ | (13,646 | ) | $ | 11,066 | $ | 24,885 | $ | (12,981 | ) | $ | 11,904 |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||
$1,837 | $2,195 | $2,130 | $2,025 | $1,324 | $1,555 | $11,066 |
2016 | 2015 | ||||||
Balance at January 1 | $ | 28,210 | $ | 19,272 | |||
Provision for warranty accrual | 4,814 | 4,549 | |||||
Warranty claims | (3,562 | ) | (2,588 | ) | |||
Foreign currency translation | 780 | (1,437 | ) | ||||
Balance at March 31 | $ | 30,242 | $ | 19,796 |
Three Months Ended March 31, | |||||||||||||||||||||
2016 | 2015 | Change | |||||||||||||||||||
% of Total | % of Total | ||||||||||||||||||||
Materials processing | $ | 198,207 | 95.6 | % | $ | 192,003 | 96.5 | % | $ | 6,204 | 3.2 | % | |||||||||
Other applications | 9,041 | 4.4 | % | 6,957 | 3.5 | % | 2,084 | 30.0 | % | ||||||||||||
Total | $ | 207,248 | 100.0 | % | $ | 198,960 | 100.0 | % | $ | 8,288 | 4.2 | % |
Three Months Ended March 31, | |||||||||||||||||||||
2016 | 2015 | Change | |||||||||||||||||||
% of Total | % of Total | ||||||||||||||||||||
High-Power Continuous Wave ("CW") Lasers | $ | 118,220 | 57.0 | % | $ | 114,316 | 57.5 | % | $ | 3,904 | 3.4 | % | |||||||||
Medium-Power CW Lasers | 22,608 | 10.9 | % | 21,941 | 11.0 | % | 667 | 3.0 | % | ||||||||||||
Low-Power CW Lasers | 3,003 | 1.4 | % | 3,484 | 1.8 | % | (481 | ) | (13.8 | )% | |||||||||||
Pulsed Lasers | 28,625 | 13.8 | % | 29,850 | 15.0 | % | (1,225 | ) | (4.1 | )% | |||||||||||
Quasi-Continuous Wave ("QCW") Lasers | 8,600 | 4.1 | % | 10,031 | 5.0 | % | (1,431 | ) | (14.3 | )% | |||||||||||
Other Revenue including Amplifiers, Laser Systems, Service, Parts, Accessories and Change in Deferred Revenue | 26,192 | 12.6 | % | 19,338 | 9.7 | % | 6,854 | 35.4 | % | ||||||||||||
Total | $ | 207,248 | 100.0 | % | $ | 198,960 | 100.0 | % | $ | 8,288 | 4.2 | % |
Description | Total Facility | Interest Rate | Maturity | Security | ||||
U.S. Revolving Line of Credit (1) | Up to $50.0 million | LIBOR plus 0.80% to 1.20%, depending on our performance | April 2020 | Unsecured | ||||
Euro Credit Facilities (Germany) (2) | Euro 30.0 million ($34.1 million) | Euribor plus 1.00% or EONIA 1.25% | July 2017 | Unsecured, guaranteed by parent company and Germany subsidiary | ||||
Euro Overdraft Facilities (3) | Euro 2.0 million ($2.3 million) | 1.0%-6.5% | October 2016 | Common pool of assets of Italian subsidiary |
(1) | This facility is available to certain foreign subsidiaries in their respective local currencies. At March 31, 2016, there were no drawings however, there were $0.1 million of guarantees issued against the facility which reduces the amount of the facility available to draw. |
(2) | This facility is also available to certain foreign subsidiaries in their respective local currencies. At March 31, 2016, there were no drawings upon the facility, however, there were $7.2 million of guarantees issued against the facility which reduces the amount of the facility available to draw. |
(3) | At March 31, 2016, there were no drawings upon the facilities. |
• | A decrease in cash provided by net income after adding back non-cash charges of $2.8 million to $76.8 million in the three months ended March 31, 2016 as compared to $79.6 million in the same period in 2015 mainly resulting from the decrease in net income between the two periods; |
• | A decrease in accounts receivable of $8.1 million in the three months ended March 31, 2016 as compared to an increase of $11.9 million in the same period in 2015; and |
• | An increase in inventory of $19.4 million in the three months ended March 31, 2016 as compared to an increase of $13.9 million in the same period in 2015. |
Date | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||
January 1, 2016 — January 31, 2016 | — | (1 | ) | $ | — | $ | — | $ | — | |||||||||
February 1, 2016 — February 29, 2016 | — | (1 | ) | — | — | — | ||||||||||||
March 1, 2016 — March 31, 2016 | 407 | (1 | ) | 84.09 | — | — | ||||||||||||
Total | 407 | $ | 84.09 | $ | — | $ | — |
(1) | In 2012, our Board of Directors approved "withhold to cover" as a tax payment method for vesting of restricted stock awards for certain employees. Pursuant to the "withhold to cover" method, we withheld from such employees the shares noted in the table above to cover tax withholding related to the vesting of their awards. The average prices listed in the above table are averages of the fair market prices at which we valued shares withheld for purposes of calculating the number of shares to be withheld in 2016. |
Exhibit No. | Description | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
IPG PHOTONICS CORPORATION | |||
Date: May 9, 2016 | By: | /s/ Valentin P. Gapontsev | |
Valentin P. Gapontsev | |||
Chairman and Chief Executive Officer (Principal Executive Officer) | |||
Date: May 9, 2016 | By: | /s/ Timothy P.V. Mammen | |
Timothy P.V. Mammen Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of IPG Photonics Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ Valentin P. Gapontsev | |
Valentin P. Gapontsev | ||
Chairman and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of IPG Photonics Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ Timothy P.V. Mammen | |
Timothy P.V. Mammen | ||
Vice President and Chief Financial Officer (Principal Financial Officer) |
1 | the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
2 | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Valentin P. Gapontsev |
Valentin P. Gapontsev |
Chairman and Chief Executive Officer |
/s/ Timothy P.V. Mammen |
Timothy P.V. Mammen |
Vice President and Chief Financial Officer |
Document And Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
May. 08, 2016 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2016 | |
Entity Registrant Name | IPG PHOTONICS CORP | |
Entity Central Index Key | 0001111928 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,077,947 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 52,966,460 | 52,883,902 |
Common stock, shares outstanding | 52,966,460 | 52,883,902 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 49,328 | $ 57,346 |
Other comprehensive income, net of tax: | ||
Translation adjustments | 28,495 | (38,319) |
Unrealized gain on derivatives | 0 | 43 |
Total other comprehensive loss | 28,495 | (38,276) |
Comprehensive income | 77,823 | 19,070 |
Comprehensive income (loss) attributable to noncontrolling interest | 5 | (13) |
Comprehensive income attributable to IPG Photonics Corporation | $ 77,818 | $ 19,083 |
Basis Of Presentation |
3 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by IPG Photonics Corporation, or "IPG", "its" or the "Company". Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of the Company's management, the unaudited financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company's financial position, results of operations and cash flows. The results reported in these consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC. |
Recent Accounting Pronouncements |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). The standard requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as non-current amounts. The new guidance supersedes ASC 740-10-45-5 which required the valuation allowance for a particular tax jurisdiction be allocated between current and non-current deferred tax assets for that tax jurisdiction on a pro rata basis. The new standard will become effective for the Company's fiscal year beginning January 1, 2017. The Company is currently assessing the impact of this amended guidance and the timing of adoption. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09") "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. As currently issued and amended, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, though early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements and does not expect it to have a material impact on its financial statements upon adoption. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories consist of the following:
The Company recorded inventory provisions totaling $3,953 and $3,326 for the three months ended March 31, 2016 and 2015, respectively. These provisions relate to the recoverability of the value of inventories due to technological changes and excess quantities. These provisions are reported as a reduction to components and raw materials and finished components and devices. |
Accrued Expenses And Other Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses And Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following:
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Financing Arrangements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangements | FINANCING ARRANGEMENTS The Company's borrowings under existing financing arrangements consist of the following:
The U.S. and Euro lines-of-credit are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. At March 31, 2016 and December 31, 2015, there were no amounts drawn on the U.S. line-of-credit, and there were $110 and $2,828, respectively, of guarantees issued against the facility which reduces the amount of the facility to draw. At March 31, 2016 and December 31, 2015, there were no amounts drawn on the Euro line-of-credit, and there were $7,173 and $8,221, respectively, of guarantees issued against the facility which reduces the amount of the facility available to draw. At March 31, 2016, the amount due on the collateralized long-term note was $19,167 of which $2,000 is the current portion. The note is secured by the Company's corporate aircraft. The interest rate on this note is fixed at 2.81% per annum and the note matures in October 2019, at which time the outstanding debt balance would be $12,000. |
Net Income Attributable To IPG Photonics Corporation Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable To IPG Photonics Corporation Per Share | NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per share:
For the three months ended March 31, 2016 and 2015, respectively, the computation of diluted weighted average common shares excludes common stock equivalents of 65,100 shares and 88,000 shares which includes restricted stock units ("RSUs") of 49,600 and 67,500 and performance stock units ("PSUs") of 15,000 and 0, because the effect would be anti-dilutive. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Derivative instruments – The Company's primary market exposures are to interest rates and foreign exchange rates. The Company uses certain derivative financial instruments to help manage these exposures. The Company executes these instruments with financial institutions it judges to be credit-worthy. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes all derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. The Company has no derivatives that are not accounted for as a hedging instrument. Cash flow hedges – The Company previously had a cash flow hedge which was an interest rate swap associated with a U.S. long-term note ("note"). The interest rate swap agreement terminated with the note, which matured in June 2015. The derivative gains and losses in the consolidated statements of income related to the Company's interest rate swap contract was as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company's financial instruments consist of cash equivalents, short-term investments, accounts receivable, auction rate securities, accounts payable, drawings on revolving lines of credit, long-term debt and contingent purchase consideration. The valuation techniques used to measure fair value are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of cash equivalents, short-term investments, accounts receivable, accounts payable, drawings on revolving lines of credit and the collateralized long-term note are considered reasonable estimates of their fair market value, due to the short maturity of these instruments or as a result of the competitive market interest rates, which have been negotiated. The following table presents information about the Company's assets and liabilities measured at fair value:
Short-term investments are measured and recorded at book value as unrealized gains or losses are not adjusted since they are considered held-to-maturity and consist of liquid investments including U.S. government and government agency notes, corporate notes, commercial paper and certificates of deposit with original maturities of greater than three months but less than one year. The fair value of these investments as of March 31, 2016 and December 31, 2015 was $126,217 and $106,375, respectively, which represents an unrealized loss of $56 and $209, respectively, as compared to the $126,273 and $106,584, respectively recorded on the Consolidated Balance Sheets for the same periods. The fair value of the auction rate securities considered prices observed in inactive secondary markets for the securities held by the Company. The fair value of accrued contingent purchase consideration incurred was determined using an income approach at the acquisition date and reporting date. That approach is based on significant inputs that are not observable in the market. Key assumptions include assessing the probability of meeting certain milestones required to earn the contingent purchase consideration.
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Goodwill And Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangibles | GOODWILL AND INTANGIBLES The carrying amount of goodwill was $502 and $505 on March 31, 2016 and December 31, 2015, respectively. Intangible assets, subject to amortization, consisted of the following:
Amortization expense for the three months ended March 31, 2016 and 2015 was $543 and $512, respectively. The estimated future amortization expense for intangibles for the remainder of 2016 and subsequent years is as follows:
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Product Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties | PRODUCT WARRANTIES The Company typically provides one to three-year parts and service warranties on lasers and amplifiers. Most of the Company's sales offices provide support to customers in their respective geographic areas. Warranty reserves have generally been sufficient to cover product warranty repair and replacement costs. The following table summarizes product warranty activity recorded during the three months ended March 31, 2016 and 2015.
Accrued warranty reported in the accompanying consolidated financial statements as of March 31, 2016 and December 31, 2015 consisted of $13,501 and $14,871 in accrued expenses and other liabilities and $16,741 and $13,339 in other long-term liabilities, respectively. |
Income Taxes |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The company had no changes in total unrecognized tax benefits from the years ended December 31, 2015 and 2014, which included balances of $7,579 and $6,494, respectively for the periods ended March 31, 2016 and 2015. Substantially all of the liability for uncertain tax benefits related to various federal, state and foreign income tax matters, would benefit the Company's effective tax rate, if recognized. |
Commitments And Contingencies |
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Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, the Company may be involved in disputes and legal proceedings in the ordinary course of its business. These proceedings may include allegations of infringement of intellectual property, commercial disputes and employment matters. As of March 31, 2016 and through the filing date of these Financial Statements, the Company has no legal proceedings ongoing that management estimates could have a material effect on the Company's Consolidated Financial Statements. The Company has settled the lawsuit filed against it in November 2015 in the United States District Court for the Eastern District of Texas for alleged patent infringement. Subsequent to March 31, 2016, the Company entered into an agreement to purchase Menara Networks, Inc., a producer of enhanced optical transmission modules and systems for optical networks located in Dallas, Texas. The agreement calls for a cash purchase price of $46,750, subject to closing adjustments. The purchase is expected to close during the second quarter of 2016. Also, subsequent to March 31, 2016, the Company entered into an agreement to purchase a building located in Marlborough, MA from a related party. The Company currently occupies a substantial portion of the building. The purchase price of the building, $23,750, is expected to be financed entirely with debt. The purchase is expected to close during the second quarter of 2016. |
Recent Accounting Pronouncements (Policies) |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). The standard requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as non-current amounts. The new guidance supersedes ASC 740-10-45-5 which required the valuation allowance for a particular tax jurisdiction be allocated between current and non-current deferred tax assets for that tax jurisdiction on a pro rata basis. The new standard will become effective for the Company's fiscal year beginning January 1, 2017. The Company is currently assessing the impact of this amended guidance and the timing of adoption. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09") "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. As currently issued and amended, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, though early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements and does not expect it to have a material impact on its financial statements upon adoption. |
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Inventories | Inventories consist of the following:
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Accrued Expenses And Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Accrued Expenses And Other Liabilities | Accrued expenses and other liabilities consist of the following:
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Financing Arrangements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings Under Existing Financing Arrangements | The Company's borrowings under existing financing arrangements consist of the following:
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Net Income Attributable To IPG Photonics Corporation Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Diluted Net Income Per Share | The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per share:
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts | The derivative gains and losses in the consolidated statements of income related to the Company's interest rate swap contract was as follows:
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Fair Value Measurements (Tables) |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value | The following table presents information about the Company's assets and liabilities measured at fair value:
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Fair Value Of Auction Rate Securities |
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Goodwill And Intangibles (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible assets, subject to amortization, consisted of the following:
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Estimated Future Amortization Expense For Intangibles | The estimated future amortization expense for intangibles for the remainder of 2016 and subsequent years is as follows:
|
Product Warranties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Product Warranty Activity | The following table summarizes product warranty activity recorded during the three months ended March 31, 2016 and 2015.
|
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Inventory Disclosure [Abstract] | |||
Components and raw materials | $ 81,922 | $ 70,394 | |
Work-in-process | 39,648 | 43,259 | |
Finished components and devices | 105,337 | 90,085 | |
Total | 226,907 | $ 203,738 | |
Inventory provisions | $ 3,953 | $ 3,326 |
Accrued Expenses And Other Liabilities (Components Of Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 26,437 | $ 33,617 |
Customer deposits and deferred revenue | 23,427 | 21,525 |
Current portion of accrued warranty | 13,501 | 14,871 |
Other | 7,622 | 5,654 |
Total | $ 70,987 | $ 75,667 |
Derivative Financial Instruments (Fair Value Of Cash Flow Hedges) (Details) |
Mar. 31, 2016
USD ($)
|
---|---|
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Notional amount of derivatives | $ 0 |
Derivative Financial Instruments (Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts) (Details) - Interest rate swap - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective portion recognized in other comprehensive loss, pretax: | $ 0 | $ 133 |
Effective portion reclassified from other comprehensive loss to interest expense, pretax: | 0 | (67) |
Ineffective portion recognized in income: | $ 0 | $ 0 |
Fair Value Measurements (Fair Value Of Auction Rate Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Auction Rate Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 1,136 | $ 1,128 |
Change in fair value and accretion | 2 | 2 |
Balance, end of period | 1,138 | 1,130 |
Contingent Purchase Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 20 | 98 |
Change in fair value and currency fluctuations | 1 | (15) |
Balance, end of period | $ 21 | $ 83 |
Goodwill And Intangibles (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Carrying amount of goodwill | $ 502 | $ 505 | |
Amortization expense | $ 543 | $ 512 |
Goodwill And Intangibles (Estimated Future Amortization Expense For Intangibles) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2016 | $ 1,837 | |
2017 | 2,195 | |
2018 | 2,130 | |
2019 | 2,025 | |
2020 | 1,324 | |
Thereafter | 1,555 | |
Net Carrying Amount | $ 11,066 | $ 11,904 |
Product Warranties (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Product Warranty Liability [Line Items] | ||
Accrued warranty reported in accrued expenses and other liabilities | $ 13,501 | $ 14,871 |
Accrued warranty reported in other long-term liabilities | $ 16,741 | $ 13,339 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Service warranties on lasers and amplifiers | 1 year | |
Maximum | ||
Product Warranty Liability [Line Items] | ||
Service warranties on lasers and amplifiers | 3 years |
Product Warranties (Summary Of Product Warranty Activity) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at January 1 | $ 28,210 | $ 19,272 |
Provision for warranty accrual | 4,814 | 4,549 |
Warranty claims | (3,562) | (2,588) |
Foreign currency translation | 780 | (1,437) |
Balance at March 31 | $ 30,242 | $ 19,796 |
Income Taxes (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits, period increase (decrease) | $ 0 | $ 0 | ||
Unrecognized tax benefits | $ 7,579,000 | $ 6,494,000 |
Commitments And Contingencies Commitments And Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Business Acquisition [Line Items] | |||
Payments to acquire property, plant, and equipment | $ 24,960 | $ 14,027 | |
Scenario, Forecast | |||
Business Acquisition [Line Items] | |||
Payments to acquire property, plant, and equipment | $ 23,750 | ||
Menara Networks | Scenario, Forecast | |||
Business Acquisition [Line Items] | |||
Business combination, consideration transferred | $ 46,750 |
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