View Filing Data

Document And Entity Information - shares	9 Months Ended
Sep. 30, 2013	Oct. 29, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013
Entity Registrant Name	NATIONAL INSTRUMENTS CORP /DE/
Entity Central Index Key	0000935494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		125,157,757

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 190,208	$ 161,996
Short-term investments	153,906	173,166
Accounts receivable, net	182,723	187,060
Inventories, net	178,904	169,990
Prepaid expenses and other current assets	66,412	48,009
Deferred income taxes, net	26,464	27,479
Total current assets	798,617	767,700
Property and equipment, net	262,966	249,721
Goodwill	147,319	147,258
Intangible assets, net	84,424	93,913
Other long-term assets	28,269	26,177
Total assets	1,321,595	1,284,769
Current liabilities:
Accounts payable	54,582	65,080
Accrued compensation	29,559	29,978
Deferred revenue - current	96,043	90,714
Accrued expenses and other liabilities	20,003	34,373
Other taxes payable	31,021	24,811
Total current liabilities	231,208	244,956
Deferred income taxes	45,046	47,630
Liability for uncertain tax positions	23,399	20,920
Deferred revenue- long term	21,309	20,446
Other long-term liabilities	9,455	11,689
Total liabilities	330,417	345,641
Commitments and contingencies
Stockholders' equity:
Preferred stock: par value $0.01; 5,000,000 shares authorized; none issued and outstanding
Common stock: par value $0.01; 360,000,000 shares authorized; 125,507,034 and 122,878,690 shares issued and outstanding, respectively	1,252	1,229
Additional paid-in capital	586,406	532,845
Retained earnings	400,798	404,210
Accumulated other comprehensive (loss) income	2,722	844
Total stockholders' equity	991,178	939,128
Total liabilities and stockholders' equity	$ 1,321,595	$ 1,284,769

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net sales:
Product	$ 269,582	$ 267,894	$ 810,663	$ 776,208
Software maintenance	19,556	22,080	61,089	65,809
GSA accrual				1,349
Total net sales	289,138	289,974	871,752	843,366
Cost of sales:
Product	73,541	71,796	224,954	201,374
Software maintenance	1,665	1,698	4,307	4,319
Total cost of sales	75,206	73,494	229,261	205,693
Gross profit	213,932	216,480	642,491	637,673
Operating expenses:
Sales and marketing	111,253	109,213	337,884	320,021
Research and development	60,791	56,627	180,520	164,928
General and administrative	21,363	20,714	66,363	63,590
Acquisition related adjustment			(1,316)
Total operating expenses	193,407	186,554	583,451	548,539
Operating income	20,525	29,926	59,040	89,134
Other income:
Interest income	133	133	495	495
Net foreign exchange loss	456	(235)	(2,057)	(2,139)
Other income, net	304	(899)	728	(644)
Income before income taxes	21,418	28,925	58,206	86,846
Provision for income taxes	5,654	4,585	9,421	17,423
Net income	$ 15,764	$ 24,340	$ 48,785	$ 69,423
Basic earnings per share	$ 0.13	$ 0.20	$ 0.39	$ 0.57
Weighted average shares outstanding - basic	125,032	122,402	124,244	121,710
Diluted earnings per share	$ 0.13	$ 0.20	$ 0.39	$ 0.57
Weighted average shares outstanding - diluted	125,608	123,074	125,221	122,726
Dividends declared per share	$ 0.14	$ 0.14	$ 0.42	$ 0.42

Statement Of Consolidated Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement Of Consolidated Comprehensive Income [Abstract]
Net income	$ 15,764	$ 24,340	$ 48,785	$ 69,423
Other comprehensive income, before tax and net of reclassification adjustments:
Foreign currency translation adjustment	6,307	2,708	3,058	1,427
Unrealized gain (loss) on securities available-for-sale	(91)	(724)	(497)	165
Unrealized gain on derivative instruments	(2,371)	(1,646)	1,281	2,985
Other comprehensive income (loss), before tax	3,845	338	3,842	4,577
Tax expense (benefit) related to items of other comprehensive income	611	(337)	1,964	683
Other comprehensive income (loss), net of tax	3,234	675	1,878	3,894
Comprehensive income	$ 18,998	$ 25,015	$ 50,663	$ 73,317

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flow from operating activities:
Net income	$ 48,785	$ 69,423
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,897	41,029
Stock-based compensation	21,996	20,506
Tax (benefit) expense from deferred income taxes	(1,272)	3,626
Tax benefit from stock option plans	(2,185)	(2,353)
Changes in operating assets and liabilities:
Accounts receivable	4,789	(25,549)
Inventories	(8,358)	(23,278)
Prepaid expenses and other assets	(18,320)	(10,296)
Accounts payable	(10,636)	11,100
Deferred revenue	6,192	(2,271)
Taxes, accrued expenses and other liabilities	2,834	8,325
Net cash provided by operating activities	94,722	90,262
Cash flow from investing activities:
Capital expenditures	(40,795)	(52,483)
Capitalization of internally developed software	(10,566)	(11,284)
Additions to other intangibles	(4,146)	(1,426)
Purchases of short-term investments	(16,039)	(48,718)
Sales and maturities of short-term investments	35,299	220,094
Net cash (used in) provided by investing activities	(36,247)	106,183
Cash flow from financing activities:
Proceeds from issuance of common stock	28,809	21,297
AWR earnout payment	(9,016)
Dividends paid	(52,241)	(51,167)
Tax benefit from stock option plans	2,185	2,353
Net cash used in financing activities	(30,263)	(27,517)
Net change in cash and cash equivalents	28,212	168,928
Cash and cash equivalents at beginning of period	161,996	142,608
Cash and cash equivalents at end of period	$ 190,208	$ 311,536

Cash, Cash Equivalents And Short-Term Investments

9 Months Ended

Sep. 30, 2013

Cash, Cash Equivalents And Short-Term Investments [Abstract]

Cash, Cash Equivalents And Short-Term Investments

Note 3 – Cash, cash equivalents and short-term investments

The following tables summarize unrealized gains and losses related to our cash, cash equivalents, and short-term investments designated as available-for-sale:



		As of September 30, 2013
(In thousands)		(Unaudited)
				Gross		Gross		Cumulative
		Adjusted Cost		Unrealized Gain		Unrealized Loss		Translation Adjustment		Fair Value
Cash	$	123,585	$	-	$	-	$	-	$	123,585
Money Market Accounts		66,623		-		-		-		66,623
Municipal bonds		-		-		-		-		-
Corporate bonds		17,913		5		(9)		(1,500)		16,409
U.S. treasuries and agencies		117,678		56		-		-		117,734
Foreign government bonds		18,395		-		(4)		(1,540)		16,851
Time deposits		2,912		-		-		-		2,912
Cash, cash equivalents, and short-term investments	$	347,106	$	61	$	(13)	$	(3,040)	$	344,114



(In thousands)		December 31, 2012
				Gross		Gross		Cumulative
		Adjusted Cost		Unrealized Gain		Unrealized Loss		Translation Adjustment		Fair Value
Cash	$	141,340	$	-	$	-	$	-	$	141,340
Money Market Accounts		20,656		-		-		-		20,656
Municipal bonds		1,465		1		-		-		1,466
Corporate bonds		8,708		-		(20)		(910)		7,778
U.S. treasuries and agencies		135,953		-		(28)		-		135,925
Foreign government bonds		27,947		57		-		(2,919)		25,085
Time deposits		2,912		-		-		-		2,912
Cash, cash equivalents, and short-term investments	$	338,981	$	58	$	(48)	$	(3,829)	$	335,162

The following tables summarize the contractual maturities of our short-term investments designated as available-for-sale:



		As of September 30, 2013
(In thousands)		(Unaudited)
		Adjusted Cost		Fair Value
Due in less than 1 year	$	130,148	$	129,401
Due in 1 to 5 years		26,750		24,505
Total available-for-sale debt securities	$	156,898	$	153,906

Due in less than 1 year		Adjusted Cost		Fair Value
U.S. treasuries and agencies		117,678		117,734
Foreign government bonds		9,558		8,755
Time deposits		2,912		2,912
Total available-for-sale debt securities	$	130,148	$	129,401

Due in 1 to 5 years		Adjusted Cost		Fair Value
Corporate bonds		17,913		16,409
Foreign government bonds		8,837		8,096
Total available-for-sale debt securities	$	26,750	$	24,505

Fair Value Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 4 – Fair value measurements

We define fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market that market participants may use when pricing the asset or liability.

We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value measurement is determined based on the lowest level input that is significant to the fair value measurement. The three values of the fair value hierarchy are the following:

Level 1 – Quoted prices in active markets for identical assets or liabilities

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3 – Inputs that are not based on observable market data

Assets and liabilities measured at fair value on a recurring basis are summarized below:



		Fair Value Measurements at Reporting Date Using
(In thousands)		(Unaudited)
Description		September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents available for sale:
Money Market Funds	$	66,623	$	66,623	$		$	-
U.S. treasuries and agencies		-				-		-
Short-term investments available for sale:
Municipal bonds		-		-		-		-
Corporate bonds		16,409		-		16,409		-
U.S. treasuries and agencies		117,734		-		117,734		-
Foreign government bonds		16,851		-		16,851		-
Time deposits		2,912		2,912		-		-
Derivatives		5,908		-		5,908		-
Total Assets	$	226,437	$	69,535	$	156,902	$	-

Liabilities
Derivatives	$	(3,538)	$	-	$	(3,538)	$	-
Total Liabilities	$	(3,538)	$	-	$	(3,538)	$	-


(In thousands)		Fair Value Measurements at Reporting Date Using
Description		December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents available for sale:
Money Market Funds	$	20,656	$	20,656	$	-	$	-
U.S. Treasuries and Agencies		-		-		-		-
Short-term investments available for sale:
Municipal bonds		1,466		-		1,466		-
Corporate bonds		7,778		-		7,778		-
U.S. treasuries and agencies		135,925		-		135,925		-
Foreign government bonds		25,085		-		25,085		-
Time deposits		2,912		2,912		-		-
Derivatives		4,246		-		4,246		-
Total Assets	$	198,068	$	23,568	$	174,500	$	-

Liabilities
Derivatives	$	(2,804)	$	-	$	(2,804)	$	-
Total Liabilities	$	(2,804)	$	-	$	(2,804)	$	-

We value our available-for-sale short-term investments based on pricing from third party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. We classify all of our fixed income available-for-sale securities as having Level 2 inputs. The valuation techniques used to measure the fair value of our financial instruments having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models, such as discounted cash flow techniques. We believe all of these sources reflect the credit risk associated with each of our available-for-sale short-term investments. Short-term investments available-for-sale consists of debt securities issued by states of the U.S. and political subdivisions of the U.S., corporate debt securities and debt securities issued by U.S. government organizations and agencies as well as debt securities issued by foreign governments. All short-term investments available-for-sale have contractual maturities of less than 24 months.

Derivatives include foreign currency forward and option contracts. Our foreign currency forward contracts are valued using an income approach (Level 2) based on the spot rate less the contract rate multiplied by the notional amount. Our foreign currency option contracts are valued using a market approach based on the quoted market prices which are derived from observable inputs including current and future spot rates, interest rate spreads as well as quoted market prices of similar instruments. We consider counterparty credit risk in the valuation of our derivatives. However, counterparty credit risk did not impact the valuation of our derivatives during the nine month period ended September 30, 2013. There were not any transfers in or out of Level 1 or Level 2 during the nine month period ended September 30, 2013.

Our foreign government bonds consist of German government sovereign debt denominated in Euro with maximum maturities of 24 months. Our short-term investments do not involve sovereign debt from any other country in Europe.

We did not have any items that were measured at fair value on a nonrecurring basis at September 30, 2013 and December 31, 2012.

The carrying value of net accounts receivable and accounts payable contained in the Consolidated Balance Sheets approximates fair value.

- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Derivative Instruments And Hedging Activities

9 Months Ended

Sep. 30, 2013

Derivative Instruments And Hedging Activities [Abstract]

Derivative Instruments And Hedging Activities

Note 5 – Derivative instruments and hedging activities

We recognize all of our derivative instruments as either assets or liabilities in our statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation.

We have operations in over 50 countries. Sales outside of the Americas accounted for approximately 56% and 59% of our revenues during each of the three month periods ended September 30, 2013 and 2012, respectively, and 59% and 60% of our revenues during the nine month periods ended September 30, 2013 and 2012, respectively. Our activities expose us to a variety of market risks, including the effects of changes in foreign currency exchange rates. These financial risks are monitored and managed by us as an integral part of our overall risk management program.

We maintain a foreign currency risk management strategy that uses derivative instruments (foreign currency forward and purchased option contracts) to help protect our earnings and cash flows from fluctuations caused by the volatility in currency exchange rates. Movements in foreign currency exchange rates pose a risk to our operations and competitive position, since exchange rate changes may affect our profitability and cash flow, and the business or pricing strategies of our non-U.S. based competitors.

The vast majority of our foreign sales are denominated in the customers’ local currency. We purchase foreign currency forward and option contracts as hedges of forecasted sales that are denominated in foreign currencies and as hedges of foreign currency denominated receivables. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash inflows resulting from such sales or firm commitments will be adversely affected by changes in exchange rates. We also purchase foreign currency forward contracts as hedges of forecasted expenses that are denominated in foreign currencies. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash outflows resulting from foreign currency operating and cost of revenue expenses will be adversely affected by changes in exchange rates.

We designate foreign currency forward and purchased option contracts as cash flow hedges of forecasted revenues or forecasted expenses. In addition, we hedge our foreign currency denominated balance sheet exposures using foreign currency forward contracts that are not designated as hedging instruments. None of our derivative instruments contain a credit-risk-related contingent feature.

Cash flow hedges

To help protect against the reduction in value caused by a fluctuation in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one to three years, we have instituted a foreign currency cash flow hedging program. We hedge portions of our forecasted revenue and forecasted expenses denominated in foreign currencies with forward and purchased option contracts. For forward contracts, when the dollar strengthens significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the forward contracts designated as hedges. For option contracts, when the dollar strengthens significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the option contracts net of the premium paid designated as hedges. Our foreign currency purchased option contracts are purchased “at-the-money” or “out-of-the-money”. We purchase foreign currency forward and option contracts for up to 100% of our forecasted exposures in selected currencies (primarily in Euro, Japanese yen, and Hungarian forint) and limit the duration of these contracts to 40 months or less.

For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (“OCI”) and reclassified into earnings in the same line item (net sales, operating expenses, or cost of sales) associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings or expenses during the current period and are classified as a component of “net foreign exchange gain (loss)”. Hedge effectiveness of foreign currency forwards and purchased option contracts designated as cash flow hedges are measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the forecasted transaction’s terminal value.

We held forward contracts with the following notional amounts:



(In thousands)		US Dollar Equivalent
		As of September 30, 2013		As of December 31,
		(Unaudited)		2012
Euro	$	66,788	$	84,770
Japanese yen		27,645		42,209
Hungarian forint		22,461		36,005
British pound		9,780		-
Malaysian ringgit		4,426		-
Total forward contracts notional amount	$	131,100	$	162,984

The contracts in the foregoing table had contractual maturities of 36 months or less at September 30, 2013 and December 31, 2012.

At September 30, 2013, we expect to reclassify $1.2 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $334,000 of gains on derivative instruments from accumulated OCI to cost of sales when the cost of sales are incurred and $283,000 of gains on derivative instruments from accumulated OCI to operating expenses during the next twelve months when the hedged operating expenses occur. Expected amounts are based on derivative valuations at September 30, 2013. Actual results may vary as a result of changes in the corresponding exchange rates subsequent to this date.

We did not record any ineffectiveness from our hedges during the three and nine month periods ended September 30, 2013 and 2012.

Other Derivatives

Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge our foreign denominated net receivable or net payable positions to protect against the change in value caused by a fluctuation in foreign currency exchange rates. We typically attempt to hedge up to 90% of our outstanding foreign denominated net receivables or net payables and typically limit the duration of these foreign currency forward contracts to approximately 120 days. The gain or loss on the derivatives as well as the offsetting gain or loss on the hedge item attributable to the hedged risk is recognized in current earnings under the line item “net foreign exchange gain (loss)”. As of September 30, 2013 and December 31, 2012, we held foreign currency forward contracts with a notional amount of $52 million and $69 million, respectively.

The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets and the effect of derivative instruments on our Consolidated Statements of Income.

Fair Values of Derivative Instruments:



	Asset Derivatives
	September 30, 2013			December 31, 2012
(In thousands)	(Unaudited)

	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	3,692	Prepaid expenses and other current assets	$	2,956

Foreign exchange contracts - LT forwards	Other long-term assets		2,017	Other long-term assets		1,046
Total derivatives designated as hedging instruments		$	5,709		$	4,002

Derivatives not designated as hedging instruments

Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	199	Prepaid expenses and other current assets	$	244
Total derivatives not designated as hedging instruments		$	199		$	244

Total derivatives		$	5,908		$	4,246




	Liability Derivatives
	September 30, 2013			December 31, 2012
(In thousands)	(Unaudited)

	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Accrued expenses and other liabilities	$	(1,887)	Accrued expenses and other liabilities	$	(1,292)

Foreign exchange contracts - LT forwards	Other long-term liabilities		(540)	Other long-term liabilities		(798)
Total derivatives designated as hedging instruments		$	(2,427)		$	(2,090)

Derivatives not designated as hedging instruments

Foreign exchange contracts - ST forwards	Accrued expenses and other liabilities	$	(1,111)	Accrued expenses and other liabilities	$	(714)
Total derivatives not designated as hedging instruments		$	(1,111)		$	(714)

Total derivatives		$	(3,538)		$	(2,804)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for three month periods ended September 30, 2013 and 2012, respectively:



September 30, 2013
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship		Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)		Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)
Foreign exchange contracts - forwards and options	$	(3,536)	Net sales	$	751	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		698	Cost of sales		(20)	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		467	Operating expenses		15	Net foreign exchange gain (loss)		-
Total	$	(2,371)		$	746		$	-



September 30, 2012
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship		Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)		Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)
Foreign exchange contracts - forwards and options	$	(2,119)	Net sales	$	857	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		309	Cost of sales		92	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		164	Operating expenses		62	Net foreign exchange gain (loss)		-
Total	$	(1,646)		$	1,011		$	-


(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
			September 30, 2013		September 30, 2012
			(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Net foreign exchange gain/(loss)	$	(1,293)	$	(1,164)

Total		$	(1,293)	$	(1,164)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the nine month periods ended September 30, 2013 and 2012, respectively.



September 30, 2013
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship		Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)		Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)
Foreign exchange contracts - forwards and options	$	459	Net sales	$	2,713	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		432	Cost of sales		54	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		390	Operating expenses		5	Net foreign exchange gain (loss)		-
Total	$	1,281		$	2,772		$	-



September 30, 2012
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship		Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)		Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion)
Foreign exchange contracts - forwards and options	$	(377)	Net sales	$	2,061	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		2,180	Cost of sales		187	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		1,182	Operating expenses		125	Net foreign exchange gain (loss)		-
Total	$	2,985		$	2,373		$	-


(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
			September 30, 2013		September 30, 2012
			(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Net foreign exchange gain/(loss)	$	533	$	(1,400)

Total		$	533	$	(1,400)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	360,000,000	180,000,000
Common stock, shares issued	125,507,034	122,878,690
Common stock, shares outstanding	125,507,034	122,878,690

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2013
Basis Of Presentation [Abstract]
Basis Of Presentation	Note 1 – Basis of presentation The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012, included in our annual report on Form 10-K, filed with the Securities and Exchange Commission. In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at September 30, 2013 and December 31, 2012, the results of our operations and comprehensive income for the three and nine month periods ended September 30, 2013 and 2012, and our cash flows for the nine month periods ended September 30, 2013 and September 30, 2012. Operating results for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Following approval by the Company’s Board of Directors and stockholders, on May 14, 2013, the Company’s certificate of incorporation was amended to increase the authorized shares of common stock by 180,000,000 shares to a total of 360,000,000 shares. As a result of this amendment, the total number of shares which the Company is authorized to issue is 365,000,000 shares, consisting of (i) 5,000,000 shares of preferred stock, par value $.01 per share, and (ii) 360,000,000 shares of common stock, par value $.01 per share.