View Filing Data

Document And Entity Information - shares	3 Months Ended
Mar. 31, 2015	Apr. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
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		128,151,551

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 239,548	$ 274,030
Short-term investments	203,721	197,163
Accounts receivable, net	190,992	202,329
Inventories, net	177,980	173,052
Prepaid expenses and other current assets	72,575	70,075
Deferred income taxes, net	31,406	31,171
Total current assets	916,222	947,820
Property and equipment, net	263,322	264,086
Goodwill	166,974	144,325
Intangible assets, net	75,421	78,282
Other long-term assets	21,120	20,978
Total assets	1,443,059	1,455,491
Current liabilities:
Accounts payable	57,671	58,603
Accrued compensation	23,656	33,774
Deferred revenue - current	109,300	105,964
Accrued expenses and other liabilities	12,930	14,714
Other taxes payable	31,589	34,602
Total current liabilities	235,146	247,657
Deferred income taxes	46,485	47,406
Liability for uncertain tax positions	10,256	10,127
Deferred revenue- long term	26,136	26,452
Other long-term liabilities	10,088	6,353
Total liabilities	328,111	337,995
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; 128,147,815 shares and 127,849,271 shares issued and outstanding, respectively	1,281	1,278
Additional paid-in capital	680,228	662,889
Retained earnings	455,651	464,993
Accumulated other comprehensive loss	(22,212)	(11,664)
Total stockholders' equity	1,114,948	1,117,496
Total liabilities and stockholders' equity	$ 1,443,059	$ 1,455,491

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
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	360,000,000
Common stock, shares issued	128,147,815	127,849,271
Common stock, shares outstanding	128,147,815	127,849,271

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net sales:
Product	$ 261,574	$ 262,264
Software maintenance	27,939	22,410
Total net sales	289,513	284,674
Cost of sales:
Product	74,881	69,621
Software maintenance	1,455	1,581
Total cost of sales	76,336	71,202
Gross profit	213,177	213,472
Operating expenses:
Sales and marketing	109,553	111,916
Research and development	60,520	55,259
General and administrative	22,971	22,473
Total operating expenses	193,044	189,648
Operating income	20,133	23,824
Other income:
Interest income	353	197
Net foreign exchange (loss) gain	(1,674)	50
Other (loss) income, net	628	88
Income before income taxes	19,440	24,159
(Benefit from) provision for income taxes	4,436	5,436
Net income	$ 15,004	$ 18,723
Basic earnings per share	$ 0.12	$ 0.15
Weighted average shares outstanding - basic	128,040	125,973
Diluted earnings per share	$ 0.12	$ 0.15
Weighted average shares outstanding - diluted	128,676	126,725
Dividends declared per share	$ 0.19	$ 0.15

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 15,004	$ 18,723
Other comprehensive income, before tax and net of reclassification adjustments:
Foreign currency translation adjustment	(14,951)	(1,139)
Unrealized (loss) gain on securities available-for-sale	506	192
Unrealized gain (loss) on derivative instruments	982	(1,873)
Other comprehensive loss, before tax	(13,463)	(2,820)
Tax expense related to items of other comprehensive income	(2,915)	(774)
Other comprehensive loss, net of tax	(10,548)	(2,046)
Comprehensive income	$ 4,456	$ 16,677

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flow from operating activities:
Net income	$ 15,004	$ 18,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,924	16,994
Stock-based compensation	6,391	6,553
Tax benefit from deferred income taxes	(2,238)	(3,198)
Tax benefit from stock option plans	(16)	(70)
Changes in operating assets and liabilities:
Accounts receivable	11,828	(865)
Inventories	(2,797)	1,852
Prepaid expenses and other assets	(8,254)	(2,790)
Accounts payable	(1,700)	6,213
Deferred revenue	2,909	5,910
Taxes, accrued expenses and other liabilities	(12,640)	(3,180)
Net cash provided by operating activities	26,411	46,142
Cash flow from investing activities:
Capital expenditures	(10,263)	(11,959)
Capitalization of internally developed software	(2,222)	(7,602)
Additions to other intangibles	(399)	(1,049)
Acquisition, net of cash received	(24,523)
Purchases of short-term investments	(22,332)	(9,649)
Sales and maturities of short-term investments	15,774	3,389
Net cash used in investing activities	(43,965)	(26,870)
Cash flow from financing activities:
Proceeds from issuance of common stock	7,402	10,000
Dividends paid	(24,346)	(18,904)
Tax benefit from stock option plans	16	70
Net cash used in financing activities	(16,928)	(8,834)
Net change in cash and cash equivalents	(34,482)	10,438
Cash and cash equivalents at beginning of period	274,030	230,263
Cash and cash equivalents at end of period	$ 239,548	$ 240,701

Cash, Cash Equivalents And Short-Term Investments

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
(In thousands)		(Unaudited)
				Gross		Gross		Cumulative
		Adjusted Cost		Unrealized Gain		Unrealized Loss		Translation Adjustment		Fair Value
Cash	$	134,865	$	-	$	-	$	-	$	134,865
Money Market Accounts		104,683		-		-		-		104,683
Corporate bonds		127,690		121		(42)		(7,461)		120,308
U.S. treasuries and agencies		73,992		60		(1)		-		74,051
Foreign government bonds		8,863		-		-		(2,413)		6,450
Time deposits		2,912		-		-		-		2,912
Cash, cash equivalents, and short-term investments	$	453,005	$	181	$	(43)	$	(9,874)	$	443,269



(In thousands)		December 31, 2014
				Gross		Gross		Cumulative
		Adjusted Cost		Unrealized Gain		Unrealized Loss		Translation Adjustment		Fair Value
Cash	$	149,598	$	-	$	-	$	-	$	149,598
Money Market Accounts		124,432		-		-		-		124,432
Corporate bonds		118,242		54		(254)		(4,966)		113,076
U.S. treasuries and agencies		73,919		1		(8)		-		73,912
Foreign government bonds		8,841		8		-		(1,586)		7,263
Time deposits		2,912		-		-		-		2,912
Cash, cash equivalents, and short-term investments	$	477,944	$	63	$	(262)	$	(6,552)	$	471,193

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



		As of March 31, 2015
(In thousands)		(Unaudited)
		Adjusted Cost		Fair Value
Due in less than 1 year	$	59,835	$	57,464
Due in 1 to 5 years		153,622		146,257
Total available-for-sale debt securities	$	213,457	$	203,721

Due in less than 1 year		Adjusted Cost		Fair Value
Corporate bonds	$	43,412	$	43,455
U.S. treasuries and agencies		4,648		4,647
Foreign government bonds		8,863		6,450
Time deposits		2,912		2,912
Total available-for-sale debt securities	$	59,835	$	57,464

Due in 1 to 5 years		Adjusted Cost		Fair Value
Corporate bonds	$	84,278	$	76,853
U.S. treasuries and agencies		69,344		69,404
Total available-for-sale debt securities	$	153,622	$	146,257

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

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		March 31, 2015		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	$	104,683	$	104,683	$	-	$	-
Short-term investments available for sale:
Corporate bonds		120,308		-		120,308		-
U.S. treasuries and agencies		74,051		-		74,051		-
Foreign government bonds		6,450		-		6,450		-
Time deposits		2,912		2,912		-		-
Derivatives		21,087		-		21,087		-
Total Assets	$	329,491	$	107,595	$	221,896	$	-

Liabilities
Derivatives	$	(7,979)	$	-	$	(7,979)	$	-
Total Liabilities	$	(7,979)	$	-	$	(7,979)	$	-


(In thousands)		Fair Value Measurements at Reporting Date Using
Description		December 31, 2014		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	$	124,432	$	124,432	$	-	$	-
Short-term investments available for sale:
Corporate bonds		113,076		-		113,076		-
U.S. treasuries and agencies		73,912		-		73,912		-
Foreign government bonds		7,263		-		7,263		-
Time deposits		2,912		2,912		-		-
Derivatives		16,151		-		16,151		-
Total Assets	$	337,746	$	127,344	$	210,402	$	-

Liabilities
Derivatives	$	(4,253)	$	-	$	(4,253)	$	-
Total Liabilities	$	(4,253)	$	-	$	(4,253)	$	-

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 40 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 three month period ended March 31, 2015. There were no transfers in or out of Level 1 or Level 2 during the three month period ended March 31, 2015.

Our foreign government bonds consist of German government sovereign debt denominated in Euro with maximum remaining maturities of two 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 March 31, 2015 and December 31, 2014.

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

Derivative Instruments And Hedging Activities

3 Months Ended

Mar. 31, 2015

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 59% and 60% of our revenues during the three month periods ended March 31, 2015 and 2014, 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, in that 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, Hungarian forint, British pound, and Malaysian ringgit) 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 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 March 31, 2015		As of December 31,
		(Unaudited)		2014
Euro	$	78,912	$	97,198
Japanese yen		5,296		7,798
Hungarian forint		58,417		61,067
British pound		17,199		22,809
Malaysian ringgit		17,681		10,241
Total forward contracts notional amount	$	177,505	$	199,113

The contracts in the foregoing table had contractual maturities of 36 months or less at March 31, 2015 and December 31, 2014.

At March 31, 2015, we expect to reclassify $12 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $1.9 million of losses on derivative instruments from accumulated OCI to cost of sales during the next twelve months when the cost of sales are incurred and $1.5 million of losses 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 March 31, 2015. 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 months ended March 31, 2015 and 2014.

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 March 31, 2015 and December 31, 2014, we held foreign currency forward contracts with a notional amount of $77 million and $78 million, respectively.

The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at March 31, 2015 and December 31, 2014, respectively.



	Asset Derivatives
	March 31, 2015			December 31, 2014
(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	$	19,695	Prepaid expenses and other current assets	$	14,492

Foreign exchange contracts - LT forwards	Other long-term assets		-	Other long-term assets		-
Total derivatives designated as hedging instruments		$	19,695		$	14,492

Derivatives not designated as hedging instruments

Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	1,392	Prepaid expenses and other current assets	$	1,659
Total derivatives not designated as hedging instruments		$	1,392		$	1,659

Total derivatives		$	21,087		$	16,151




	Liability Derivatives
	March 31, 2015			December 31, 2014
(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	$	(3,398)	Accrued expenses and other liabilities	$	(1,937)

Foreign exchange contracts - LT forwards	Other long-term liabilities		(4,188)	Other long-term liabilities		(1,536)
Total derivatives designated as hedging instruments		$	(7,586)		$	(3,473)

Derivatives not designated as hedging instruments

Foreign exchange contracts - ST forwards	Accrued expenses and other liabilities	$	(393)	Accrued expenses and other liabilities	$	(780)
Total derivatives not designated as hedging instruments		$	(393)		$	(780)

Total derivatives		$	(7,979)		$	(4,253)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for three month periods ended March 31, 2015 and 2014, respectively:



March 31, 2015
(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	$	5,203	Net sales	$	5,081	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		(2,217)	Cost of sales		(333)	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		(2,004)	Operating expenses		(364)	Net foreign exchange gain (loss)		-
Total	$	982		$	4,384		$	-



March 31, 2014
(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	$	(1,035)	Net sales	$	346	Net foreign exchange gain (loss)	$	-

Foreign exchange contracts - forwards and options		(597)	Cost of sales		81	Net foreign exchange gain (loss)		-

Foreign exchange contracts - forwards and options		(241)	Operating expenses		18	Net foreign exchange gain (loss)		-
Total	$	(1,873)		$	445		$	-


(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
			March 31, 2015		March 31, 2014
			(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Net foreign exchange gain/(loss)	$	1,945	$	(68)

Total		$	1,945	$	(68)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ 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=35706170&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 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: 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=35706170&loc=SL5624163-113959

Reference 5: 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=35706170&loc=SL5579240-113959

Reference 6: 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=35706170&loc=SL5624177-113959

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=35736893&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=35706170&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=35706170&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=35706170&loc=SL5624258-113959

Reference 11: 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=35736893&loc=d3e80748-113994

Reference 12: 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=35706170&loc=SL5708775-113959

Reference 13: 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=35706170&loc=SL5708773-113959

Reference 14: 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=35706170&loc=SL5618551-113959

Reference 15: 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=35706170&loc=SL5580258-113959

Reference 16: 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=35706170&loc=SL5624181-113959

Reference 17: 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 18: 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=35706170&loc=d3e41638-113959

Reference 19: 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=26873400&loc=d3e23780-122690

+ Details

Comprehensive Income

3 Months Ended

Mar. 31, 2015

Comprehensive Income [Abstract]

Comprehensive Income

Note 10 – Comprehensive income

Our comprehensive income is comprised of net income, foreign currency translation, unrealized gains and losses on forward and option contracts and securities classified as available-for-sale. The accumulated other comprehensive income, net of tax, for the three month periods ended March 31, 2015 and 2014, consisted of the following:



		March 31, 2015
		(Unaudited)
(In thousands)		Currency translation adjustment		Investments		Derivative instruments		Accumulated other comprehensive income/(loss)
Balance as of December 31, 2014	$	(17,304)	$	(1,399)	$	7,039	$	(11,664)
Current-period other comprehensive (loss) income		(14,951)		506		5,366		(9,079)
Reclassified from accumulated OCI into income		-		-		(4,384)		(4,384)
Income tax (benefit) expense		(3,412)		115		382		(2,915)
Balance as of March 31, 2015	$	(28,843)	$	(1,008)	$	7,639	$	(22,212)


		March 31, 2014
		(Unaudited)
(In thousands)		Currency translation adjustment		Investments		Derivative instruments		Accumulated other comprehensive income/(loss)
Balance as of December 31, 2013	$	1,311	$	(1,066)	$	2,305	$	2,550
Current-period other comprehensive (loss) income		(1,139)		192		(1,428)		(2,375)
Reclassified from accumulated OCI into income		-		-		(445)		(445)
Income tax (benefit) expense		(255)		62		(581)		(774)
Balance as of March 31, 2014	$	427	$	(936)	$	1,013	$	504

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2015
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans [Abstract]
Authorized Shares Of Common And Preferred Stock And Stock-Based Compensation Plans	Note 11 – Authorized shares of common and preferred stock and stock-based compensation plans Authorized shares of common and preferred stock 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. Stock option plans Our stockholders approved the 1994 Incentive Stock Option Plan (the “1994 Plan”) in May 1994. At the time of approval, 13,668,750 shares of our common stock were reserved for issuance under this plan. In 1997, an additional 10,631,250 shares of our common stock were reserved for issuance under this plan, and an additional 1,125,000 shares were reserved for issuance under this plan in 2004. The 1994 Plan terminated in May 2005, except with respect to outstanding awards previously granted thereunder. Awards under the plan were either incentive stock options within the meaning of Section 422 of the Internal Revenue Code or nonqualified options. The right to purchase shares under the options vests over a five to ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and revenue growth but shares cannot accelerate to vest over a period of less than five years. Stock options must be exercised within ten years from date of grant. Stock options were issued with an exercise price which was equal to the market price of our common stock at the grant date. We estimate potential forfeitures of stock grants and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. During three month period ended March 31, 2015, we did not make any changes in accounting principles or methods of estimates related to the 1994 Plan. Restricted stock plan Our stockholders approved our 2005 Incentive Plan (the “2005 Plan”) in May 2005. At the time of approval, 4,050,000 shares of our common stock were reserved for issuance under this plan, as well as the number of shares which had been reserved but not issued under the 1994 Plan (our incentive stock option plan which terminated in May 2005), and any shares that returned to the 1994 Plan as a result of termination of options or repurchase of shares issued under such plan. The 2005 Plan, administered by the Compensation Committee of the Board of Directors, provided for granting of incentive awards in the form of restricted stock and RSUs to directors, executive officers and employees of the Company and its subsidiaries. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and growth but ten year awards cannot accelerate to vest over a period of less than five years. The 2005 Plan terminated on May 11, 2010, except with respect to outstanding awards previously granted thereunder. There were 3,362,304 shares of common stock that were reserved but not issued under the 1994 Plan and the 2005 Plan as of May 11, 2010. Our stockholders approved our 2010 Incentive Plan (the “2010 Plan”) on May 11, 2010. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under this plan, as well as the 3,362,304 shares of common stock that were reserved but not issued under the 1994 Plan and the 2005 Plan as of May 11, 2010, and any shares that are returned to the 1994 Plan and the 2005 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under these plans. The 2010 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten year awards may accelerate based on the Company’s previous year’s earnings and growth but ten year awards cannot accelerate to vest over a period of less than five years. There were 3,205,101 shares available for grant under the 2010 Plan at March 31, 2015. We estimate potential forfeitures of RSUs and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. During the three month period ended March 31, 2015, we did not make any changes in accounting principles or methods of estimates related to the 2010 Plan. Employee stock purchase plan Our employee stock purchase plan permits substantially all domestic employees and employees of designated subsidiaries to acquire our common stock at a purchase price of 85% of the lower of the market price at the beginning or the end of the purchase period. The plan has quarterly purchase periods generally beginning on February 1, May 1, August 1 and November 1 of each year. Employees may designate up to 15% of their compensation for the purchase of common stock under this plan. On May 13, 2014, our stockholders approved an additional 3,000,000 shares for issuance under our employee stock purchase plan. At March 31, 2015, we had 2,982,400 shares of common stock reserved for future issuance under this plan. We issued 276,633 shares under this plan in the three month period ended March 31, 2015. The weighted average purchase price of the employees’ purchase rights was $25.57 per share. During the three month period ended March 31, 2015, we did not make any changes in accounting principles or methods of estimates with respect to such plan. Authorized Preferred Stock and Preferred Stock Purchase Rights Plan We have 5,000,000 authorized shares of preferred stock. On January 21, 2004, our Board of Directors designated 750,000 of these shares as Series A Participating Preferred Stock in conjunction with the adoption of a Preferred Stock Rights Agreement which expired on May 10, 2014. There were no shares of preferred stock issued and outstanding at March 31, 2015. Stock repurchases and retirements From time to time, our Board of Directors has authorized various programs to repurchase shares of our common stock depending on market conditions and other factors. We did not make any purchases under this program during the three month period ended March 31, 2015. At March 31, 2015, there were 3,932,245 shares remaining available for repurchase under this program. This repurchase program does not have an expiration date. During the three month period ended March 31, 2015, we received less proceeds from the exercise of stock options compared to the three month period ended March 31, 2014. The timing and number of stock option exercises and the amount of cash proceeds we receive through those exercises are not within our control. Since 2005, it has been our practice to issue RSUs and not stock options to eligible employees which has reduced the number of stock options available for exercise in the future. Unlike the exercise of stock options, the issuance of shares upon vesting of RSUs does not result in any cash proceeds to us. At March 31, 2015, there were outstanding options to purchase 6,652 shares, and all of such options have contractual expiration dates in 2015. These options have a weighted average exercise price of $14.99 per share. As such, we will generate significantly less proceeds from stock option exercises in 2015 compared to 2014.

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Mar. 31, 2015
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, 2014, 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 March 31, 2015 and December 31, 2014, and the results of our operations, comprehensive income, and cash flows for the three month periods ended March 31, 2015 and March 31, 2014. Our operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 9 – Income taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We account for uncertainty in income taxes recognized in our financial statements using prescribed recognition thresholds and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on our tax returns. We had $11.2 million and $11.1 million of unrecognized tax benefits at March 31, 2015 and December 31, 2014, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $52,000 for the three month period ended March 31, 2015, as a result of tax positions taken during this period. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2015, we had approximately $948,000 accrued for interest related to uncertain tax positions. The tax years 2008 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject. Our provision for income taxes reflected an effective tax rate of 23% for each of the three month periods ended March 31, 2015 and 2014. For the three month periods ended March 31, 2015 and 2014, our effective tax rate was lower than the U.S. federal statutory rate of 35% as a result of an enhanced deduction for certain research and development expenses, profits in foreign jurisdictions with reduced income tax rates, and a tax benefit from disqualifying dispositions of equity awards that do not ordinarily result in a tax benefit. Our earnings in Hungary are subject to a statutory tax rate of 19%. The difference between this rate and the statutory U.S. rate of 35% resulted in income tax benefits of $901,000 and $1.6 million for the three month periods ended March 31, 2015 and 2014, respectively. The tax position of our Hungarian operation continues to benefit from assets created by the restructuring of our operations in Hungary. In addition, our research and development activities in Hungary continue to benefit from a tax law in Hungary that provides for an enhanced deduction for qualified research and development expenses. Partial release of the valuation allowance on assets from the restructuring and the enhanced tax deduction for research expenses resulted in income tax benefits of $1.8 million and $2.5 million for the three month periods ended March 31, 2015 and 2014, respectively. Earnings from our operations in Malaysia are free of tax under a tax holiday effective January 1, 2013. This tax holiday expires in 2027. If we fail to satisfy the conditions of the tax holiday, this tax benefit may be terminated early. The tax holiday resulted in income tax benefits of $447,000 and $306,000 for the three month periods ended March 31, 2015 and 2014, respectively. No other taxing jurisdictions had a significant impact on our effective tax rate. We have not entered into any advanced pricing or other agreements with the IRS with regard to any foreign jurisdictions.