2016 Q3 Form 10-Q Financial Statement

#000093755616000337 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $172.6M $155.7M
YoY Change 10.86% 8.05%
Cost Of Revenue $57.50M $52.83M
YoY Change 8.85% 10.3%
Gross Profit $115.1M $102.9M
YoY Change 11.89% 6.94%
Gross Profit Margin 66.69% 66.08%
Selling, General & Admin $63.89M $61.67M
YoY Change 3.6% -0.64%
% of Gross Profit 55.49% 59.93%
Research & Development $14.82M $13.39M
YoY Change 10.63% -5.76%
% of Gross Profit 12.87% 13.02%
Depreciation & Amortization $4.000M $3.900M
YoY Change 2.56% 14.71%
% of Gross Profit 3.47% 3.79%
Operating Expenses $78.71M $75.06M
YoY Change 4.86% 1.49%
Operating Profit $36.43M $27.84M
YoY Change 30.85% 25.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $471.0K -$1.125M
YoY Change -141.87% 98.76%
Pretax Income $36.90M $26.72M
YoY Change 38.12% 23.1%
Income Tax $6.877M $8.020M
% Of Pretax Income 18.64% 30.02%
Net Earnings $30.02M $19.35M
YoY Change 55.15% 30.2%
Net Earnings / Revenue 17.39% 12.43%
Basic Earnings Per Share $0.61 $0.38
Diluted Earnings Per Share $0.57 $0.36
COMMON SHARES
Basic Shares Outstanding 49.26M shares 51.30M shares
Diluted Shares Outstanding 52.70M shares 53.68M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.1M $119.4M
YoY Change -2.76% 0.34%
Cash & Equivalents $116.1M $119.4M
Short-Term Investments
Other Short-Term Assets $23.00M $20.46M
YoY Change 12.37% 276.92%
Inventory $62.31M $71.59M
Prepaid Expenses $13.17M $7.912M
Receivables $84.81M $73.87M
Other Receivables $300.0K $7.300M
Total Short-Term Assets $296.0M $309.6M
YoY Change -4.41% 3.34%
LONG-TERM ASSETS
Property, Plant & Equipment $133.0M $122.7M
YoY Change 8.4% 40.07%
Goodwill $20.38M $20.37M
YoY Change 0.08% -6.37%
Intangibles $28.26M $28.04M
YoY Change 0.81% -0.54%
Long-Term Investments
YoY Change
Other Assets $12.26M $12.67M
YoY Change -3.25% 67.74%
Total Long-Term Assets $306.7M $274.0M
YoY Change 11.95% 17.66%
TOTAL ASSETS
Total Short-Term Assets $296.0M $309.6M
Total Long-Term Assets $306.7M $274.0M
Total Assets $602.7M $583.6M
YoY Change 3.27% 9.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.71M $32.47M
YoY Change -5.41% 12.0%
Accrued Expenses $26.78M $28.18M
YoY Change -4.96% -10.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% -99.92%
Total Short-Term Liabilities $120.4M $114.3M
YoY Change 5.38% -52.41%
LONG-TERM LIABILITIES
Long-Term Debt $175.0M $177.6M
YoY Change -1.46% 177500.0%
Other Long-Term Liabilities $30.00K $7.273M
YoY Change -99.59% -3.59%
Total Long-Term Liabilities $30.00K $7.273M
YoY Change -99.59% -3.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $120.4M $114.3M
Total Long-Term Liabilities $30.00K $7.273M
Total Liabilities $307.5M $299.6M
YoY Change 2.67% 20.61%
SHAREHOLDERS EQUITY
Retained Earnings $346.2M $245.1M
YoY Change 41.21% 33.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $404.3M $267.6M
YoY Change 51.07% 44.4%
Treasury Stock Shares 14.26K shares 10.99M shares
Shareholders Equity $295.1M $283.7M
YoY Change
Total Liabilities & Shareholders Equity $602.7M $583.6M
YoY Change 3.27% 9.61%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $30.02M $19.35M
YoY Change 55.15% 30.2%
Depreciation, Depletion And Amortization $4.000M $3.900M
YoY Change 2.56% 14.71%
Cash From Operating Activities $37.90M $9.500M
YoY Change 298.95% -66.07%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$9.400M
YoY Change -36.17% 67.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$5.900M -$9.400M
YoY Change -37.23% 67.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.70M -16.90M
YoY Change 223.67% -2212.5%
NET CHANGE
Cash From Operating Activities 37.90M 9.500M
Cash From Investing Activities -5.900M -9.400M
Cash From Financing Activities -54.70M -16.90M
Net Change In Cash -22.70M -16.80M
YoY Change 35.12% -172.41%
FREE CASH FLOW
Cash From Operating Activities $37.90M $9.500M
Capital Expenditures -$6.000M -$9.400M
Free Cash Flow $43.90M $18.90M
YoY Change 132.28% -43.75%

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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y6M7D
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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5100000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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16336000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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20165000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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10815000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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4099000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2849000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3156000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3554000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3791000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
43892000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
48429000 USD
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FiniteLivedIntangibleAssetsNet
27556000 USD
us-gaap Goodwill And Intangible Asset Impairment
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0 USD
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36900000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
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28264000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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-252000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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-401000 USD
CY2016Q1 us-gaap Goodwill
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20394000 USD
CY2016Q3 us-gaap Goodwill
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20384000 USD
CY2015Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2016Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2015Q3 us-gaap Gross Profit
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102901000 USD
us-gaap Gross Profit
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206006000 USD
CY2016Q3 us-gaap Gross Profit
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115135000 USD
us-gaap Gross Profit
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229348000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26716000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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54246000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
74735000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8020000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15728000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6877000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17135000 USD
us-gaap Income Taxes Paid
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23523000 USD
us-gaap Income Taxes Paid
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19292000 USD
us-gaap Increase Decrease In Accounts Payable
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-7378000 USD
us-gaap Increase Decrease In Accounts Payable
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8084000 USD
us-gaap Increase Decrease In Accounts Payable Related Parties
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0 USD
us-gaap Increase Decrease In Accounts Payable Related Parties
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-1092000 USD
us-gaap Increase Decrease In Accounts Receivable
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3121000 USD
us-gaap Increase Decrease In Accounts Receivable
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3739000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-2147000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-322000 USD
us-gaap Increase Decrease In Accrued Liabilities
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3805000 USD
us-gaap Increase Decrease In Accrued Liabilities
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-12534000 USD
us-gaap Increase Decrease In Deferred Charges
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-1987000 USD
us-gaap Increase Decrease In Deferred Charges
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1566000 USD
us-gaap Increase Decrease In Deferred Revenue
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836000 USD
us-gaap Increase Decrease In Deferred Revenue
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5263000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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-4271000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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-3937000 USD
us-gaap Increase Decrease In Inventories
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2060000 USD
us-gaap Increase Decrease In Inventories
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297000 USD
us-gaap Increase Decrease In Other Operating Assets
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4892000 USD
us-gaap Increase Decrease In Other Operating Assets
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6596000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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-342000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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3875000 USD
us-gaap Increase Decrease In Prepaid Taxes
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5852000 USD
us-gaap Increase Decrease In Prepaid Taxes
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7462000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y8M9D
us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2375000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1915000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3447000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3064000 shares
CY2016Q1 us-gaap Intangible Assets Net Excluding Goodwill
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27556000 USD
CY2016Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
28264000 USD
CY2016Q1 us-gaap Inventory Finished Goods Net Of Reserves
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31920000 USD
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
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26987000 USD
CY2016Q1 us-gaap Inventory Net
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62038000 USD
CY2016Q3 us-gaap Inventory Net
InventoryNet
62312000 USD
CY2016Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
25781000 USD
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
29836000 USD
CY2016Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4337000 USD
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5489000 USD
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2900000 USD
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1200000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2300000 USD
CY2016Q3 us-gaap Letters Of Credit Outstanding Amount
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300000 USD
CY2016Q1 us-gaap Liabilities
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326023000 USD
CY2016Q3 us-gaap Liabilities
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307534000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
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601735000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
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602683000 USD
CY2016Q1 us-gaap Liabilities Current
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132633000 USD
CY2016Q3 us-gaap Liabilities Current
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120448000 USD
CY2014Q4 us-gaap Litigation Settlement Amount
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466800000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations
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185071000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations
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175001000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
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74000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
75000 USD
CY2016Q1 us-gaap Minority Interest
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297000 USD
CY2016Q3 us-gaap Minority Interest
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0 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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-59911000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-27261000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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28623000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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56691000 USD
CY2015Q3 us-gaap Net Income Loss
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19351000 USD
us-gaap Net Income Loss
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39874000 USD
CY2016Q3 us-gaap Net Income Loss
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30023000 USD
us-gaap Net Income Loss
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57600000 USD
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621000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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472000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P4Y26D
us-gaap Stock Issued During Period Shares Stock Options Exercised
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965000 shares
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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77000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2016Q1 us-gaap Noncurrent Assets
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CY2016Q3 us-gaap Noncurrent Assets
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218802000 USD
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us-gaap Nonoperating Income Expense
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CY2016Q3 us-gaap Nonoperating Income Expense
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471000 USD
us-gaap Nonoperating Income Expense
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969000 USD
CY2015Q3 us-gaap Operating Expenses
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75060000 USD
us-gaap Operating Expenses
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150788000 USD
CY2016Q3 us-gaap Operating Expenses
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78706000 USD
us-gaap Operating Expenses
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155582000 USD
CY2015Q3 us-gaap Operating Income Loss
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27841000 USD
us-gaap Operating Income Loss
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55218000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
36429000 USD
us-gaap Operating Income Loss
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73766000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
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24829000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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2119000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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4011000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4885000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5282000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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5811000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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2721000 USD
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4277000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
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4737000 USD
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21423000 USD
CY2016Q3 us-gaap Other Assets Current
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22995000 USD
CY2016Q1 us-gaap Other Assets Miscellaneous Current
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3973000 USD
CY2016Q3 us-gaap Other Assets Miscellaneous Current
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2008000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
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6139000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
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12256000 USD
CY2016Q3 us-gaap Other Commitment
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500000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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584000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-2358000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1209000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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190000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
19280000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36160000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28814000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
57790000 USD
CY2016Q1 us-gaap Other Liabilities And Deferred Revenue Noncurrent
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0 USD
CY2016Q3 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
3215000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
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4000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
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30000 USD
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69000 USD
us-gaap Payments For Repurchase Of Common Stock
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81700000 USD
us-gaap Payments For Repurchase Of Common Stock
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68218000 USD
us-gaap Treasury Stock Shares Acquired
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2376000 shares
us-gaap Payments To Acquire Intangible Assets
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2589000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1349000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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24672000 USD
CY2016Q1 us-gaap Preferred Stock Value Outstanding
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0 USD
us-gaap Payments To Acquire Property Plant And Equipment
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10734000 USD
CY2016Q3 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Prepaid Expense Current
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9930000 USD
CY2016Q3 us-gaap Prepaid Expense Current
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13170000 USD
CY2016Q1 us-gaap Prepaid Taxes
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2404000 USD
CY2016Q3 us-gaap Prepaid Taxes
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9803000 USD
us-gaap Proceeds From Payments To Minority Shareholders
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3000 USD
us-gaap Proceeds From Payments To Minority Shareholders
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0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
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65000000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
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45000000 USD
us-gaap Proceeds From Stock Options Exercised
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15178000 USD
us-gaap Proceeds From Stock Options Exercised
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18997000 USD
CY2015Q1 us-gaap Product Warranty Accrual
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1416000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1377000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1222000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1215000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
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1222000 USD
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
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1215000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
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585000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
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521000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-134000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-40000 USD
us-gaap Product Warranty Expense
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490000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
488000 USD
CY2015Q3 us-gaap Profit Loss
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18696000 USD
us-gaap Profit Loss
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38518000 USD
CY2016Q3 us-gaap Profit Loss
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30023000 USD
us-gaap Profit Loss
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57600000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
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197938000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
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201027000 USD
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132466000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
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133037000 USD
us-gaap Property Plant And Equipment Transfers And Changes
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6200000 USD
us-gaap Provision For Doubtful Accounts
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162000 USD
us-gaap Provision For Doubtful Accounts
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-51000 USD
CY2016Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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56600000 USD
us-gaap Repayments Of Lines Of Credit
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12500000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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288560000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
346159000 USD
us-gaap Repayments Of Lines Of Credit
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55000000 USD
CY2015Q3 us-gaap Research And Development Expense
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13394000 USD
us-gaap Research And Development Expense
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28323000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14818000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
29183000 USD
us-gaap Sales Revenue Goods Net
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294969000 USD
CY2015Q3 us-gaap Revenues
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155726000 USD
us-gaap Revenues
Revenues
310263000 USD
CY2016Q3 us-gaap Revenues
Revenues
172636000 USD
us-gaap Revenues
Revenues
343803000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
294969000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
147612000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
164607000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
327897000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
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61666000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
122465000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63888000 USD
us-gaap Selling General And Administrative Expense
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126399000 USD
us-gaap Share Based Compensation
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5429000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6204000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.374
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.374
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.357
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.357
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.335
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.335
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.346
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.346
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.018
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.013
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.013
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.013
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.013
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4400000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5358000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
25.87
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
20800000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
25300000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
120000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1189000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.64
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.24
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
142500000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9202000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9306000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
25.46
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.64
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
231000000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.83
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
28.61
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
38.33
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M9D
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
5000000.0 shares
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2900000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
275415000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
295149000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
275712000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
295149000 USD
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
5263000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
3618000 USD
CY2016Q3 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
55000000 USD
CY2015Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.56
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.39
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
51.30
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
42.39
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
12759 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
14255 shares
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2126000 shares
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
400000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1496000 shares
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
340873000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
404276000 USD
CY2015Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
73467000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
81628000 USD
CY2016Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
20519000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
63403000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8900000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7600000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53675000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53908000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52703000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52404000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51993000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49256000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49340000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Periods</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company follows a conventional 52/53 week fiscal year. Under a conventional 52/53 week fiscal year, a 52 week fiscal year includes four quarters of 13 fiscal weeks while a 53 week fiscal year includes three 13 fiscal week quarters and one 14 fiscal week quarter. The Company&#8217;s last 53 week fiscal year was fiscal year 2014. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> is a 52 week fiscal year. All references to years in these notes to condensed consolidated financial statements are fiscal years unless otherwise noted.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Description of the Company</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Masimo Corporation (the Company) is a global medical technology company that develops, manufactures and markets a variety of noninvasive patient monitoring technologies. The Company&#8217;s mission is to improve patient outcomes and reduce cost of care by taking noninvasive monitoring to new sites and applications. The Company&#8217;s patient monitoring solutions generally incorporate a monitor or circuit board, proprietary single-patient use, reusable or resposable sensors, software and/or cables. The Company primarily sells its products to hospitals, emergency medical service providers, home care providers, physician offices, veterinarians, long term care facilities and consumers through its direct sales force, distributors and original equipment manufacturer (OEM) partners.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company invented Masimo Signal Extraction Technology</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt"> </sup></font><font style="font-family:inherit;font-size:10pt;">(SET</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">), which provides the capabilities of Measure-through Motion and Low Perfusion</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#8482;</sup></font><font style="font-family:inherit;font-size:10pt;"> pulse oximetry to address the primary limitations of conventional pulse oximetry. Over the years, the Company&#8217;s product offerings have expanded significantly to also include noninvasive optical blood constituent monitoring, optical organ oximetry monitoring, electrical brain function monitoring, acoustic respiration monitoring and optical gas monitoring. The Company also developed the Root</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> patient monitoring and connectivity platform and the Masimo Patient SafetyNet</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#8482;</sup></font><font style="font-family:inherit;font-size:10pt;"> remote patient surveillance monitoring system. These solutions and related products are based upon Masimo SET</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, rainbow</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> and other proprietary algorithms. These software-based technologies are incorporated into a variety of product platforms depending on customers&#8217; specifications. This technology is supported by a substantial intellectual property portfolio that the Company has built through internal development and, to a lesser extent, acquisitions and license agreements.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-align:left;padding-left:18px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:12pt;"> </font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company prepares its financial statements in conformity with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the determination of accounts receivable allowances, inventory reserves, warranty reserves, rebate accruals, valuation of the Company&#8217;s stock options, goodwill valuation, deferred taxes and any associated valuation allowances, distributor channel inventory, royalty revenues, deferred revenue, uncertain income tax positions, litigation costs and related accruals. Actual results could differ from such estimates.</font></div><div style="line-height:120%;padding-top:17px;text-align:left;padding-left:18px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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