CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Cash flows from operating activities: | |||
Net income | $ 121,485us-gaap_NetIncomeLoss | $ 73,573us-gaap_NetIncomeLoss | $ 68,098us-gaap_NetIncomeLoss |
Adjustments to reconcile net income to net cash provided by operations: | |||
Stock-based compensation expense | 15,158us-gaap_StockOptionPlanExpense | 10,620us-gaap_StockOptionPlanExpense | 8,520us-gaap_StockOptionPlanExpense |
Depreciation of property, plant, and equipment | 8,443us-gaap_Depreciation | 7,305us-gaap_Depreciation | 6,721us-gaap_Depreciation |
Amortization of intangible assets | 4,024us-gaap_AmortizationOfIntangibleAssets | 3,797us-gaap_AmortizationOfIntangibleAssets | 4,137us-gaap_AmortizationOfIntangibleAssets |
Amortization of discounts or premiums on investments | 1,823us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments | 2,519us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments | 5,735us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments |
Realized (gain) loss on sale of investments | (673)us-gaap_GainLossOnSaleOfInvestments | 403us-gaap_GainLossOnSaleOfInvestments | (1,625)us-gaap_GainLossOnSaleOfInvestments |
Change in deferred income taxes | (2,364)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | 2,234us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | 429us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
Tax effect of stock option exercises | (7,871)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (7,658)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (3,594)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities |
Accounts receivable | (915)us-gaap_IncreaseDecreaseInAccountsReceivable | (11,311)us-gaap_IncreaseDecreaseInAccountsReceivable | 5,035us-gaap_IncreaseDecreaseInAccountsReceivable |
Inventories | (11,750)us-gaap_IncreaseDecreaseInInventories | 666us-gaap_IncreaseDecreaseInInventories | 1,872us-gaap_IncreaseDecreaseInInventories |
Accounts payable | 10,896us-gaap_IncreaseDecreaseInAccountsPayable | 2,644us-gaap_IncreaseDecreaseInAccountsPayable | (246)us-gaap_IncreaseDecreaseInAccountsPayable |
Accrued expenses | 7,812us-gaap_IncreaseDecreaseInAccruedLiabilities | 5,593us-gaap_IncreaseDecreaseInAccruedLiabilities | (1,974)us-gaap_IncreaseDecreaseInAccruedLiabilities |
Accrued income taxes | 7,700us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable | 7,968us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable | 3,363us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
Deferred revenue and customer deposits | 5,893us-gaap_IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits | 3,228us-gaap_IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits | (761)us-gaap_IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits |
Other | (3,691)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | (6,126)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet | 5,421us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet |
Net cash provided by operating activities | 155,970us-gaap_NetCashProvidedByUsedInOperatingActivities | 95,455us-gaap_NetCashProvidedByUsedInOperatingActivities | 101,131us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash flows from investing activities: | |||
Purchases of investments | (422,633)us-gaap_PaymentsToAcquireInvestments | (370,781)us-gaap_PaymentsToAcquireInvestments | (460,486)us-gaap_PaymentsToAcquireInvestments |
Maturities and sales of investments | 339,470us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments | 296,091us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments | 431,510us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments |
Purchases of property, plant, and equipment | (20,934)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (9,630)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (9,878)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Cash paid for purchased technology | (3,750)us-gaap_PaymentsToAcquireIntangibleAssets | 0us-gaap_PaymentsToAcquireIntangibleAssets | |
Net cash used in investing activities | (104,097)us-gaap_NetCashProvidedByUsedInInvestingActivities | (88,070)us-gaap_NetCashProvidedByUsedInInvestingActivities | (38,854)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash flows from financing activities: | |||
Issuance of common stock under stock option plans | 16,930us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions | 27,792us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions | 17,468us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions |
Payment of dividends | 0us-gaap_PaymentsOfDividendsCommonStock | 0us-gaap_PaymentsOfDividendsCommonStock | (66,213)us-gaap_PaymentsOfDividendsCommonStock |
Repurchase of common stock | (59,673)us-gaap_PaymentsForRepurchaseOfCommonStock | (47,908)us-gaap_PaymentsForRepurchaseOfCommonStock | 0us-gaap_PaymentsForRepurchaseOfCommonStock |
Tax effect of stock option exercises | 7,871us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 7,658us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 3,594us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Net cash used in financing activities | (34,872)us-gaap_NetCashProvidedByUsedInFinancingActivities | (12,458)us-gaap_NetCashProvidedByUsedInFinancingActivities | (45,151)us-gaap_NetCashProvidedByUsedInFinancingActivities |
Effect of foreign exchange rate changes on cash and cash equivalents | (1,951)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents | 557us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents | (10,069)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Net change in cash and cash equivalents | 15,050us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (4,516)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 7,057us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents at beginning of year | 40,644us-gaap_CashAndCashEquivalentsAtCarryingValue | 45,160us-gaap_CashAndCashEquivalentsAtCarryingValue | 38,103us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents at end of year | $ 55,694us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 40,644us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 45,160us-gaap_CashAndCashEquivalentsAtCarryingValue |
X | ||||||||||
- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amount of (a) prepayments by customers for goods or services to be provided at a later date, (b) the amount of customer money held in customer accounts, including security deposits, collateral for current or future transactions, initial payment of the cost of an acquisition or for the right to enter into a contract or agreement, (c) the increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable, or (d) some combination of (a), (b), and (c). No definition available.
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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