0000935494-22-000011 | 10-Q | XBRL Viewer | National Instruments Corp

Intangible assets and goodwill, net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets at March 31, 2022 and December 31, 2021 are as follows:


	March 31, 2022
(In thousands)	(Unaudited)						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Capitalized software development costs	$	44,554	$	(37,262)	$	7,292	$	45,671	$	(36,457)	$	9,214
Acquired technology	151,531		(39,788)		111,743		148,155		(34,264)		113,891
Customer relationships	96,966		(21,606)		75,360		93,931		(19,717)		74,214
Patents	36,498		(29,879)		6,619		36,217		(29,316)		6,901
Other	33,986		(18,708)		15,278		32,962		(16,764)		16,198
Total	$	363,535	$	(147,243)	$	216,292	$	356,936	$	(136,518)	$	220,418

Schedule of Goodwill

The carrying amount of goodwill as of March 31, 2022 was as follows:


	Amount
	(In thousands)
Balance as of December 31, 2021	$	575,992
Acquisitions	13,516
Measurement period adjustment	5,085
Foreign currency translation impact	(2,519)

Balance as of March 31, 2022 (unaudited)	$	592,074

Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

Revenue is recognized upon transfer of control of the promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of our products or services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

Disaggregation of Revenues

We disaggregate revenue from contracts with customers based on the timing of transfer of goods or services to customers (point-in-time or over time), geographic region based on the billing location of the customer, and customer industry grouping.

Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows:


			Three Months Ended March 31,
			(Unaudited)
	2022						2021
(In thousands)
Net sales:	Point-in-Time(1)		Over Time		Total		Point-in-Time(1)		Over Time		Total
Americas	$	132,988	$	26,222	$	159,210	$	104,586	$	22,147	$	126,733
EMEA	79,241		21,129		100,370		64,237		21,285		85,522
APAC	114,995		10,681		125,676		112,630		10,297		122,927
Total net sales(1)	$	327,224	$	58,032	$	385,256	$	281,453	$	53,729	$	335,182
(1): Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. See Note 5 - Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations

The industry grouping used to disaggregate net sales is determined at the customer account level. Accounts assigned to one of our three industry-specific groupings are either designated as Semiconductor and Electronics, Transportation, or Aerospace, Defense, and Government ("ADG"). We are able to leverage the investments in these areas to also serve a broad base of diverse customers in the other industries we serve, which are included in our Portfolio grouping.


	Three Months Ended March 31,
(In thousands)	(Unaudited)
Industry Grouping	2022		2021
Portfolio	$	126,582	$	112,352
Semiconductor & Electronics	103,012		98,930
Aerospace, Defense & Government	92,672		76,269
Transportation	62,990		47,631
Total net sales	$	385,256	$	335,182

Information about Contract Balances

Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to extended hardware and software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 90 days of contract inception. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers, such as invoicing at the beginning of a subscription term with a portion of the revenue recognized ratably over the contract period, or to provide customers with financing, such as multi-year on-premises licenses that are invoiced annually with revenue recognized upfront.

Changes in deferred revenue, current and non-current, during the three months ended March 31, 2022 were as follows:


	Amount
	(In thousands)
Deferred Revenue at December 31, 2021	$	170,640
Deferral of revenue billed in current period, net of recognition	52,457
Recognition of revenue deferred in prior periods	(50,515)

Foreign currency translation impact	(2,175)
Balance as of March 31, 2022 (unaudited)	$	170,407

For the three months ended March 31, 2022, revenue recognized from performance obligations satisfied in prior periods (for example, due to changes in transaction price) was not material. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in "other current assets" on the consolidated balance sheet. Based on the nature of our contracts with customers, we do not typically recognize unbilled receivables related to revenues recognized in excess of amounts billed. For the three months ended March 31, 2022 and December 31, 2021, amounts recognized related to unbilled receivables were not material.

Unsatisfied Performance Obligations

Revenue expected to be recognized in any future period related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, and contracts where revenue is recognized as invoiced, was approximately $66.4 million as of March 31, 2022. Because we typically invoice customers at contract inception, this amount is included in our current and non-current deferred revenue balances and primarily relates to multi-year payments for hardware service and software service offerings. As of March 31, 2022, we expect to recognize approximately 38% of the revenue related to these unsatisfied performance obligations during the remainder of 2022, 36% during 2023, and 26% thereafter.

Assets Recognized from the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. Capitalized incremental costs related to initial contracts and renewals are amortized over the same period because the commissions paid on both the initial contract and renewals are commensurate with one another. Total capitalized costs to obtain a contract were not material during the periods presented and are included in other long-term assets on our consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net income	$ 25,236	$ 4,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,566	23,872
Stock-based compensation	20,128	17,189
(Gain) loss from equity-method investees	(602)	4,173
Deferred income taxes	(3,615)	(3,746)
Changes in operating assets and liabilities, net of acquisitions	(66,561)	(16,142)
Net cash (used in) provided by operating activities	(3,848)	29,841
Cash flow from investing activities:
Acquisitions, net of cash received	(17,510)	0
Capital expenditures	(10,182)	(8,488)
Capitalization of internally developed software	(187)	(226)
Additions to other intangibles	(1,274)	(1,018)
Payments to acquire equity-method investments	0	(11,539)
Sales and maturities of short-term investments	0	27,664
Net cash (used in) provided by investing activities	(29,153)	6,393
Cash flow from financing activities:
Proceeds from revolving line of credit	25,000	0
Payments on term loan	0	(1,250)
Proceeds from issuance of common stock	9,244	8,565
Repurchase of common stock	(31,455)	0
Dividends paid	(36,976)	(35,533)
Net cash used in financing activities	(34,187)	(28,218)
Effect of exchange rate changes on cash	(1,035)	(1,536)
Net change in cash and cash equivalents	(68,223)	6,480
Cash and cash equivalents at beginning of period	211,106	260,232
Cash and cash equivalents at end of period	$ 142,883	$ 266,712

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent events	Subsequent events On April 20, 2022, our Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on May 31, 2022, to stockholders of record on May 9, 2022.

Authorized shares of common and preferred stock and stock-based compensation plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Key Assumptions to Value Market-based Awards

The key assumptions used in valuing these market-based awards are as follows:


	Three Months Ended
	(unaudited)
	March 31, 2022	March 31, 2021
Number of simulations	100,000	100,000
Expected volatility	37.81%	40.60%
Expected life in years	2.95 years	2.95 years
Risk-free interest rate	1.33%	0.21%
Dividend yield	2.52%	2.66%

Debt - Narrative (Details) - Secured Revolving Loan Facility	Jun. 18, 2021 USD ($)	Mar. 31, 2022 USD ($)
Credit Agreement
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 500,000,000
Total leverage ratio	3.50
Leverage ratio for material acquisitions	4.00
Liquidity ratio leverage, minimum	3.00
Credit Agreement \| Federal funds rate
Line of Credit Facility [Line Items]
Variable interest rate spread	0.50%
Credit Agreement \| LIBOR
Line of Credit Facility [Line Items]
Variable interest rate spread	1.00%
Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.15%
Credit Agreement \| Minimum \| LIBOR
Line of Credit Facility [Line Items]
Default interest rate	2.00%
Credit Agreement \| Minimum \| LIBOR Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	0.25%
Credit Agreement \| Minimum \| LIBOR Plus Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	1.25%
Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.25%
Credit Agreement \| Maximum \| LIBOR Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	0.75%
Credit Agreement \| Maximum \| LIBOR Plus Margin
Line of Credit Facility [Line Items]
Variable interest rate spread	1.75%
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 25,000,000
Wells Fargo Revolving Credit Loan
Line of Credit Facility [Line Items]
Debt issuance costs		$ 2,400,000

Segment and geographic information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 385,256	$ 335,182
Long-lived assets	315,000		$ 312,000
United States
Segment Reporting Information [Line Items]
Total revenue	152,000	120,000
Long-lived assets	126,000		125,000
China
Segment Reporting Information [Line Items]
Total revenue	55,000	54,000
Hungary
Segment Reporting Information [Line Items]
Long-lived assets	52,000		51,000
Malaysia
Segment Reporting Information [Line Items]
Long-lived assets	77,000		76,000
Rest of the World
Segment Reporting Information [Line Items]
Total revenue	178,000	$ 161,000
Long-lived assets	$ 60,000		$ 60,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.28	$ 0.27

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other assets:
Derivatives	$ 14,852	$ 12,407
Total Assets	16,894	113,697
Derivatives	(10,118)	(9,468)
Total Liabilities	(10,118)	(9,468)
Level 1
Other assets:
Derivatives	0	0
Total Assets	2,042	101,290
Derivatives	0	0
Total Liabilities	0	0
Level 2
Other assets:
Derivatives	14,852	12,407
Total Assets	14,852	12,407
Derivatives	(10,118)	(9,468)
Total Liabilities	(10,118)	(9,468)
Level 3
Other assets:
Derivatives		0
Total Assets	0	0
Derivatives	0	0
Total Liabilities	0	0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents available for sale	2,042	101,290
Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents available for sale	2,042	101,290
Money Market Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents available for sale	0	0
Money Market Funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents available for sale	$ 0	$ 0

Comprehensive income (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Comprehensive Income (Loss)

The accumulated OCI, net of tax, for the three months ended March 31, 2022 and 2021, consisted of the following:


	March 31, 2022
	(Unaudited)
(In thousands)	Currency translation adjustment		Investments		Derivative instruments		Accumulated other comprehensive income/(loss)
Balance as of December 31, 2021	$	(23,179)	$	—	3,048		$	(20,131)
Current-period other comprehensive (loss) income	(3,805)		—		3,040		(765)
Reclassified from accumulated OCI into income	—		—		(1,173)		(1,173)
Income tax (benefit) expense	—		—		425		425
Balance as of March 31, 2022	$	(26,984)	$	—	$	4,490	$	(22,494)


	March 31, 2021
	(Unaudited)
(In thousands)	Currency translation adjustment		Investments		Derivative instruments		Accumulated other comprehensive income/(loss)
Balance as of December 31, 2020	$	(10,066)	$	(426)	(10,334)		$	(20,826)
Current-period other comprehensive (loss) income	(7,195)		(88)		9,925		2,642
Reclassified from accumulated OCI into income	—		—		2,056		2,056
Income tax (benefit) expense	—		(2)		2,762		2,760
Balance as of March 31, 2021	$	(17,261)	$	(512)	$	(1,115)	$	(18,888)

Revenue - Changes in Unearned Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning balance	$ 170,640
Deferral of revenue billed in current period, net of recognition	52,457
Recognition of revenue deferred in prior periods	50,515
Foreign currency translation impact	(2,175)
Deferred revenue, ending balance	$ 170,407

Derivative instruments and hedging activities - Effect Of Derivative Instruments On Consolidated Statements Of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	$ 1,867	$ 11,981
Gain or (Loss) Reclassified from Accumulated OCI into Income	1,173	(2,056)
Derivatives designated as hedging instruments \| Foreign exchange contracts 1
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	1,884	16,286
Derivatives designated as hedging instruments \| Foreign exchange contracts 1 \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	1,739	(2,026)
Derivatives designated as hedging instruments \| Foreign exchange contracts 2
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	(21)	(2,529)
Derivatives designated as hedging instruments \| Foreign exchange contracts 2 \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(327)	(21)
Derivatives designated as hedging instruments \| Foreign exchange contracts 3
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	4	(1,776)
Derivatives designated as hedging instruments \| Foreign exchange contracts 3 \| Operating expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(239)	(9)
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	(803)	(1,601)
Derivatives not designated as hedging instruments \| Foreign exchange contracts - forwards
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (803)	$ (1,601)

Intangible assets and goodwill, net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill, net

Intangible assets at March 31, 2022 and December 31, 2021 are as follows:


	March 31, 2022
(In thousands)	(Unaudited)						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Capitalized software development costs	$	44,554	$	(37,262)	$	7,292	$	45,671	$	(36,457)	$	9,214
Acquired technology	151,531		(39,788)		111,743		148,155		(34,264)		113,891
Customer relationships	96,966		(21,606)		75,360		93,931		(19,717)		74,214
Patents	36,498		(29,879)		6,619		36,217		(29,316)		6,901
Other	33,986		(18,708)		15,278		32,962		(16,764)		16,198
Total	$	363,535	$	(147,243)	$	216,292	$	356,936	$	(136,518)	$	220,418

Software development costs capitalized for the three months ended March 31, 2022 and 2021 were $0.2 million and $0.3 million, respectively, and related amortization expenses for the three months ended March 31, 2022 and 2021 were $2.0 million and $7 million, respectively.

Amortization of capitalized software development costs is computed on an individual product basis for those products available for market and is recognized based on the product’s estimated economic life, which generally range from three to six years. Acquired technology, customer relationships and other intangible assets are amortized over their useful lives, which range from five to ten years. Patents are amortized using the straight-line method over their estimated period of benefit, generally ten to seventeen years. Total intangible assets amortization expenses were $12.4 million and $14.0 million for the three months ended March 31, 2022 and 2021, respectively.

Goodwill

The carrying amount of goodwill as of March 31, 2022 was as follows:


	Amount
	(In thousands)
Balance as of December 31, 2021	$	575,992
Acquisitions	13,516
Measurement period adjustment	5,085
Foreign currency translation impact	(2,519)

Balance as of March 31, 2022 (unaudited)	$	592,074

The excess purchase price over the fair value of assets acquired is recorded as goodwill. As businesses are acquired, we assign assets acquired (including goodwill) and liabilities assumed to either our existing reporting unit or a newly identified reporting unit as of the date of the acquisition. In the event a disposal group meets the definition of a business, goodwill is allocated to the disposal group based on the relative fair value of the disposal group to the related reporting unit. As we have one operating segment comprised of components with similar economic characteristics, we allocate goodwill to one reporting unit for goodwill impairment testing. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist, using a fair-value-based approach based on the market capitalization of the reporting unit. Our annual impairment test is performed in the fourth quarter of each year.

No impairment of goodwill was identified during the three months ended March 31, 2022 or the twelve months ended December 31, 2021

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total Debt, non-current	$ 325,000	$ 300,000
Secured Revolving Loan Facility \| Wells Fargo Revolving Credit Loan
Line of Credit Facility [Line Items]
Effective interest rate	1.40%
Total Debt	$ 325,000	$ 300,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 142,883	$ 211,106
Accounts receivable, net	312,939	341,275
Inventories, net	307,892	289,243
Prepaid expenses and other current assets	109,764	89,925
Total current assets	873,478	931,549
Property and equipment, net	253,976	253,668
Goodwill	592,074	575,992
Intangible assets, net	216,292	220,418
Operating lease right-of-use assets	60,931	58,641
Other long-term assets	74,717	74,717
Total assets	2,071,468	2,114,985
Liabilities and stockholders' equity
Accounts payable and accrued expenses	81,824	83,218
Accrued compensation	51,461	111,261
Deferred revenue - current	134,640	137,818
Operating lease liabilities - current	13,265	13,137
Other taxes payable	57,600	59,109
Other current liabilities	51,154	40,671
Total current liabilities	389,944	445,214
Deferred income taxes	11,583	14,249
Income taxes payable - non-current	54,195	54,195
Deferred revenue - non-current	35,766	32,822
Operating lease liabilities - non-current	32,584	30,468
Debt, non-current	325,000	300,000
Other long-term liabilities	14,958	14,340
Total liabilities	864,030	891,288
Commitments and contingencies
Stockholders' equity:
Preferred stock: par value $0.01; 5,000,000 shares authorized; none issued and outstanding	0	0
Common stock: par value $0.01; 360,000,000 shares authorized; 131,876,464 shares and 132,293,898 shares issued and outstanding, respectively	1,319	1,323
Additional paid-in capital	1,152,349	1,129,647
Retained earnings	76,264	112,858
Accumulated other comprehensive loss	(22,494)	(20,131)
Total stockholders’ equity	1,207,438	1,223,697
Total liabilities and stockholders' equity	$ 2,071,468	$ 2,114,985

Litigation	3 Months Ended
Litigation	Mar. 31, 2022
Litigation Settlement [Abstract]
Litigation	Litigation We are not currently a party to any material litigation. However, in the ordinary course of our business, we have in the past, are currently and may likely become involved in various legal proceedings, claims, and regulatory, tax or government inquiries and investigations, and could incur uninsured liability in any one or more of them. We also periodically receive notifications from various third parties related to alleged infringement of patents or intellectual property rights, commercial disputes or other matters. No assurances can be given with respect to the extent or outcome of any investigation, litigation or dispute.

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows:


			Three Months Ended March 31,
			(Unaudited)
	2022						2021
(In thousands)
Net sales:	Point-in-Time(1)		Over Time		Total		Point-in-Time(1)		Over Time		Total
Americas	$	132,988	$	26,222	$	159,210	$	104,586	$	22,147	$	126,733
EMEA	79,241		21,129		100,370		64,237		21,285		85,522
APAC	114,995		10,681		125,676		112,630		10,297		122,927
Total net sales(1)	$	327,224	$	58,032	$	385,256	$	281,453	$	53,729	$	335,182
(1): Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. See Note 5 - Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations


	Three Months Ended March 31,
(In thousands)	(Unaudited)
Industry Grouping	2022		2021
Portfolio	$	126,582	$	112,352
Semiconductor & Electronics	103,012		98,930
Aerospace, Defense & Government	92,672		76,269
Transportation	62,990		47,631
Total net sales	$	385,256	$	335,182

Schedule of Changes in Unearned Revenue

Changes in deferred revenue, current and non-current, during the three months ended March 31, 2022 were as follows:


	Amount
	(In thousands)
Deferred Revenue at December 31, 2021	$	170,640
Deferral of revenue billed in current period, net of recognition	52,457
Recognition of revenue deferred in prior periods	(50,515)

Foreign currency translation impact	(2,175)
Balance as of March 31, 2022 (unaudited)	$	170,407

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	360,000,000	360,000,000
Common stock, issued (in shares)	131,876,464	132,293,898
Common stock, outstanding (in shares)	131,876,464	132,293,898

Derivative instruments and hedging activities - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) country	Mar. 31, 2021	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Number of countries for which entity has direct operations \| country	40
Period of protection against the reduction in value caused by a fluctuation, minimum (in number of years)	1 year
Period of protection against the reduction in value caused by a fluctuation, maximum (in number of years)	3 years
Foreign currency forward contracts notional amount	$ 348,541		$ 419,235
Forward Contracts
Derivative [Line Items]
Duration of time, foreign currency cash flow hedge	40 months
Forward Contracts \| Net sales
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	$ 8,100
Forward Contracts \| Operating expenses
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	(1,900)
Forward Contracts \| Cost of sales
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings	(1,400)
Other Derivatives
Derivative [Line Items]
Foreign currency forward contracts notional amount	$ 102,000		$ 94,000
Maximum
Derivative [Line Items]
Duration of foreign currency forward contracts	21 months		24 months
Maximum \| Forward Contracts
Derivative [Line Items]
Percentage of derivative risk hedged	100.00%
Maximum \| Other Derivatives
Derivative [Line Items]
Percentage of derivative risk hedged	90.00%
Duration of foreign currency forward contracts	90 days
Net sales \| Geographic Concentration Risk \| Non-Americas
Derivative [Line Items]
Concentration risk, percentage	59.00%	62.00%

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 19, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 592,074	$ 575,992
NHR
Business Acquisition [Line Items]
Consideration Transferred	$ 206,238
Cash	2,935
Accounts receivable, net	3,902
Inventories, net	4,764
Property and equipment, net	287
Other assets and liabilities	(4,621)
Intangible assets	98,510
Goodwill	102,932
Accounts payable and accrued expenses	(2,186)
Deferred revenue	(285)
Net assets acquired	$ 206,238

Commitments and contingencies - Schedule Of Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 3,210	$ 2,872
Accruals for warranties issued during the period	641	681
Accruals related to pre-existing warranties	83	130
Settlements made (in cash or in kind) during the period	(584)	(803)
Balance at the end of the period	$ 3,350	$ 2,880

Intangible assets and goodwill, net - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 575,992
Acquisitions	13,516
Measurement period adjustment	5,085
Foreign currency translation impact	(2,519)
Balance at end of period	$ 592,074

Income taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 84,000		$ 84,000
Unrecognized tax benefits	10,100		$ 9,400
Gross increase in unrecognized tax benefits, current period	779
Reasonable possibility of future tax benefits	1,500
Interest expense related to uncertain tax positions	26
Accrued interest related to uncertain tax positions	$ 300
Effective income tax rate	17.00%	(1.00%)
Malaysia
Operating Loss Carryforwards [Line Items]
Income tax benefit of tax holiday, amount	$ 600	$ 100
Income tax benefit of tax holiday (in usd per share)	$ 0.01	$ 0.01
Hungary
Operating Loss Carryforwards [Line Items]
Foreign statutory tax rate	9.00%
Income tax expense benefit in foreign tax position	$ 2,000	$ 200

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales:
Total net sales	$ 385,256	$ 335,182
Cost of sales:
Total cost of sales	119,227	95,414
Gross profit	266,029	239,768
Operating expenses:
Sales and marketing	120,157	116,783
Research and development	82,161	80,086
General and administrative	33,179	33,358
Total operating expenses	235,497	230,227
Operating income	30,532	9,541
Other income (expense)	33	(5,070)
Income before income taxes	30,565	4,471
Provision (benefit) for income taxes	5,329	(24)
Net income	$ 25,236	$ 4,495
Basic earnings per share (in usd per share)	$ 0.19	$ 0.03
Weighted average shares outstanding - basic (in shares)	132,105	131,483
Diluted earnings per share (in usd per share)	$ 0.19	$ 0.03
Weighted average shares outstanding - diluted (in shares)	133,175	132,717
Dividends declared per share (in usd per share)	$ 0.28	$ 0.27
Product
Net sales:
Total net sales	$ 343,685	$ 295,092
Cost of sales:
Total cost of sales	115,024	91,657
Software maintenance
Net sales:
Total net sales	41,571	40,090
Cost of sales:
Total cost of sales	$ 4,203	$ 3,757

Segment and geographic information- Narrative (Details)	3 Months Ended
Segment and geographic information- Narrative (Details)	Mar. 31, 2022 segment region
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of geographic regions company operates in \| region	3

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

On June 18, 2021, we entered into the Second Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as the administrative agent, swingline lender and issuing lender (the “Administrative Agent”), Wells Fargo Securities, LLC, as sole lead arranger and bookrunner, and the lenders party thereto. The Credit Agreement amended and restated and refinanced our prior Amended and Restated Credit Agreement, dated as of June 12, 2020 (as further amended on October 30, 2020, the "Prior Credit Agreement"), by and among us, the lenders from time-to-time party thereto and Administrative Agent. All outstanding loans under the Prior Credit Agreement were repaid in full in connection with the entry into the Credit Agreement.

The Credit Agreement provides for a secured revolving loan facility in an aggregate principal amount of up to $500 million at any time outstanding with sublimit of $25 million for the issuance of letters of credit. Subject to the terms of the Credit Agreement, including obtaining commitments from existing lenders or new lenders, we may request term loans or additional revolving commitments. Pursuant the Credit Agreement, the revolving line of credit terminates, and all revolving loans under the Credit Agreement will be due and payable, on June 18, 2026.

The revolving loans and term loans accrue interest, at our option, at: (i) a base rate equal to the highest of (a) the prime rate (b) the federal funds rate plus 0.50%, and (c) LIBOR for an interest period of one month plus 1.00%, in each case, plus a margin of 0.25% to 0.75%; or (ii) LIBOR plus a margin of 1.25% to 1.75%, with the margin being determined based upon our consolidated total net leverage ratio. The Credit Agreement contains financial covenants requiring us to maintain a maximum total leverage ratio of less than or equal to 3.50 to 1.00 which increases to 4.00 to 1.00 for a specified period following material acquisitions, and a minimum interest coverage ratio of greater than or equal to 3.00 to 1.00, in each case determined in accordance with the Credit Agreement.

The Credit Agreement provides for a commitment fee of 0.150% to 0.250% per annum, determined based upon our consolidated total net leverage ratio, on the average daily unused amount of the revolving committed amount, payable quarterly in arrears.

Under the circumstances described in the Credit Agreement, certain of our wholly owned domestic subsidiaries (the "Subsidiary Guarantors") are required to enter into a guaranty agreement ("Guaranty") in favor of the Administrative Agent guarantying the obligations of the Company under the Credit Agreement, among other things. As of December 31, 2021, there were no Subsidiary Guarantors, and no Guaranty had been executed in connection with the Credit Agreement. In connection with the Credit Agreement, we have entered (and our future Subsidiary Guarantors will enter into an Amended and Restated Collateral Agreement pursuant to which we and our Subsidiary Guarantors from time-to-time have granted (or will grant) a lien on substantially all of our and their assets to secure our and their obligations under the Credit Agreement and the Guaranty.

The Credit Agreement contains customary affirmative and negative covenants. The affirmative covenants include, among other things, delivery of financial statements, compliance certificates and notices, payment of taxes and other obligations, maintenance of existence, maintenance of properties and insurance, maintenance of books and records, and compliance with applicable laws and regulations. The negative covenants include, among other things, limitations on indebtedness, liens, mergers, consolidations, acquisitions and sales of assets, investments, changes in the nature of the business, affiliate transactions and certain restricted payments. The Credit Agreement contains customary events of default including, among other things, payment defaults, breaches of covenants or representations and warranties, cross-defaults with certain other indebtedness, bankruptcy and insolvency events, judgment defaults and change in control events, subject to grace periods in certain instances. Upon an event of default, the Administrative Agent and the Lenders may declare all or a portion of the outstanding obligations payable by us to be immediately due and payable and exercise other rights and remedies provided for under the Credit Agreement. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the Credit Agreement at a per annum rate of interest equal to 2.00% above the otherwise applicable interest rate.

Proceeds of revolving loans of the Credit Agreement may be used for working capital and other general corporate purposes. We may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty.

The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of March 31, 2022, and December 31, 2021, respectively (in thousands):


	March 31,		December 31,
	2022		2021
Secured

2021 revolving loan facility (effective interest rate of 1.4%)	325,000		300,000




Total Debt, non-current	$	325,000	$	300,000

As of March 31, 2022, debt issuance costs of approximately $2.4 million attributable to our revolving credit facility are presented within "Other long-term assets" in our Consolidated Balance Sheet. These amounts are amortized to interest expense ratably over the life of the revolving line of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Investments (Details) - USD ($) $ in Millions	3 Months Ended
Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Carrying value of equity method investments	$ 32.0		$ 32.0
Impairment loss		$ 3.5
Equity-Method Investment
Debt Securities, Available-for-sale [Line Items]
Net sales	1.5	0.3
Purchase	$ 0.0	$ 0.0

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

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Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Acquisitions - Unaudited Pro Forma Results (Details) - NHR $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Net sales	$ 342,935
Net income	$ 3,884

Basis of presentation - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 46	$ 161
Interest expense	(1,292)	(704)
Gain (loss) from equity-method investments	602	(4,173)
Net foreign exchange loss	(1,166)	(559)
Other	1,843	205
Other (expense) income, net	$ 33	$ (5,070)

Investments	3 Months Ended
Investments	Mar. 31, 2022
Cash, Cash Equivalents, and Short-term Investments [Abstract]
Investments	Investments Equity-Method Investments The carrying value of our equity method investments was $32 million and $32 million as of March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022 and 2021, net sales to our equity-method investees were approximately $1.5 million and $0.3 million, respectively and purchases from our equity-method investees were not material. We recorded a $3.5 million impairment loss related to an equity-method investment during the three months ended March 31, 2021. Our proportionate share of the income/(loss) from equity-method investments and related impairment charges are included within "Other (expense) income". Refer to Note 1 - Basis of Presentation of Notes to Consolidated Financial Statements for additional information on these amounts for the three months ended March 31, 2022 and 2021.

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 196,514	$ 181,676
Work-in-process	16,247	14,573
Finished goods	95,131	92,994
Total	$ 307,892	$ 289,243

Leases - Summary of Components of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease, termination period	1 year
Operating lease cost	$ 5,417	$ 5,330
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	92 years
Operating lease, option to extend, term	9 years

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	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 had a valuation allowance of $84 million at March 31, 2022 and December 31, 2021. A majority of the valuation allowance is related to the deferred tax assets of National Instruments Hungary Kft. (“NI Hungary”). 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 $10.1 million and $9.4 million of gross unrecognized tax benefits at March 31, 2022 and December 31, 2021, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $779,000 for the three months ended March 31, 2022, as a result of the tax positions taken during this period. As of March 31, 2022, it is reasonably possible that we will recognize gross tax benefits in the amount of $1.5 million in the next twelve months due to the closing of open tax years. The nature of the uncertainty is related to positions taken on returns that have not been examined by the applicable tax authority. Our continuing policy is to recognize interest and penalties related to income tax matters in income tax expense. During the three months ended March 31, 2022, we recognized interest expense related to uncertain tax positions of approximately $26,000. As of March 31, 2022, we had approximately $0.3 million accrued for interest related to uncertain tax positions. The tax years 2015 through 2022 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 17% and (1)% for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of deduction for foreign-derived intangible income, an enhanced deduction for certain research and development expenses and the research and development tax credit, offset by the change in unrecognized tax benefits, nondeductible officer compensation, state income taxes net of federal benefit and U.S. tax on global intangible low-taxed income. For the three months ended March 31, 2021, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of excess tax benefits from share-based compensation and other discrete items, an enhanced deduction for certain research and development expenses, the research and development tax credit, and the deduction for foreign-derived intangible income, offset by the U.S. tax on global intangible low-taxed income, state income taxes net of federal benefit and nondeductible officer compensation. Our earnings in Hungary are subject to a statutory tax rate of 9%. In addition, our research and development activities in Hungary benefit from a tax law in Hungary that provides for an enhanced deduction for qualified research and development expenses. The tax position of our Hungarian operations resulted in income tax benefits of $2.0 million and $0.2 million for the three months ended March 31, 2022, and March 31, 2021, respectively. Earnings from our operations in Malaysia are free of tax under a tax holiday effective January 1, 2013. This tax holiday expires in 2037. If we fail to satisfy the conditions of the tax holiday, this tax benefit may be terminated early. The income tax benefits of the tax holiday for the three months ended March 31, 2022, and March 31, 2021 were approximately $0.6 million and $0.1 million, respectively. The impact of the tax holiday on a per share basis for each of the three months ended March 31, 2022 and March 31, 2021 was a benefit of $0.01 per share. 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 Internal Revenue Service ("IRS") with regard to any foreign jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Restructuring - Summary of Balance Sheet Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve	$ 11,520
Income statement expense	400	$ 6,275
Cash payments	(2,107)
Restructuring reserve	$ 9,813

Revenue - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 385,256	$ 335,182
Portfolio
Disaggregation of Revenue [Line Items]
Total net sales	126,582	112,352
Semiconductor & Electronics
Disaggregation of Revenue [Line Items]
Total net sales	103,012	98,930
Aerospace, Defense & Government
Disaggregation of Revenue [Line Items]
Total net sales	92,672	76,269
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	62,990	47,631
Americas
Disaggregation of Revenue [Line Items]
Total net sales	159,210	126,733
EMEA
Disaggregation of Revenue [Line Items]
Total net sales	100,370	85,522
APAC
Disaggregation of Revenue [Line Items]
Total net sales	125,676	122,927
Point-in-Time
Disaggregation of Revenue [Line Items]
Total net sales	327,224	281,453
Point-in-Time \| Americas
Disaggregation of Revenue [Line Items]
Total net sales	132,988	104,586
Point-in-Time \| EMEA
Disaggregation of Revenue [Line Items]
Total net sales	79,241	64,237
Point-in-Time \| APAC
Disaggregation of Revenue [Line Items]
Total net sales	114,995	112,630
Over Time
Disaggregation of Revenue [Line Items]
Total net sales	58,032	53,729
Over Time \| Americas
Disaggregation of Revenue [Line Items]
Total net sales	26,222	22,147
Over Time \| EMEA
Disaggregation of Revenue [Line Items]
Total net sales	21,129	21,285
Over Time \| APAC
Disaggregation of Revenue [Line Items]
Total net sales	$ 10,681	$ 10,297

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventories, net consist of the following:


	March 31, 2022		December 31,
(In thousands)	(Unaudited)		2021

Raw materials	$	196,514	$	181,676
Work-in-process	16,247		14,573
Finished goods	95,131		92,994
Total	$	307,892	$	289,243

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisition of Electronic Vehicle (“EV”) Business From Heinzinger Electronic GmbH ("Heinzinger")

On February 28, 2022, we completed the acquisition of the systems business of Heinzinger for $22.5 million in total cash consideration, subject to certain post-closing adjustments. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of Heinzinger have been recorded at their respective fair values as of the acquisition date. We recognized approximately $14 million of goodwill and $7 million of other intangible assets as part of our preliminary purchase price allocation. Transaction costs have been expensed as incurred and were not material to the periods presented. The acquisition was funded by cash on hand.

The preliminary purchase price allocation related to the acquisition was not finalized as of March 31, 2022, and is based upon a preliminary valuation which is subject to change as we obtain additional information with respect to certain intangible assets and income taxes. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material.

The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification and other related applications. Goodwill is not deductible for tax purposes.

Acquisition of N H Research, LLC ("NHR")

On October 19, 2021, we completed the acquisition of NHR, a manufacturer of test and measurement solutions for high power applications including EV and batteries. As a result of acquiring 100% of the outstanding share capital of NHR, NHR became our wholly owned subsidiary. This transaction is being accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of NHR have been recorded at their respective fair values as of the acquisition date. Transaction costs have been expensed as incurred.

The acquisition was funded primarily by cash on hand in addition to $200 million drawn under our existing credit facility in October 2021. See Note 13 – Debt of Notes to Consolidated Financial Statements for further information on our outstanding borrowings. During the year ended December 31, 2021, we expensed $6 million of transaction costs in connection with the acquisition of NHR, which are included in selling, general and administrative expenses.

At the acquisition date, total consideration transferred was approximately $206 million, inclusive of $3 million in cash acquired. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification and other related applications. As a result of the structure of the transaction, the balance of goodwill is deductible in the U.S. over 15 years for income tax purposes.

During the first quarter of 2022, we recorded a measurement period adjustment to our preliminary estimate of the fair value of liabilities assumed related to amounts owed for certain pre-acquisition activities. The increase to the fair value of acquired liabilities was $5.1 million, with a corresponding increase to goodwill. The change to this provisional amount had no impact to the current period income statement.

Fair value of net assets acquired and liabilities assumed

The information below represents the preliminary purchase price allocation of NHR (in thousands):


	October 19, 2021
Consideration Transferred	$	206,238

Cash	2,935
Accounts receivable, net	3,902
Inventories, net	4,764
Property and equipment, net	287
Other assets and liabilities	(4,621)
Intangible assets	98,510
Goodwill	102,932
Accounts payable and accrued expenses	(2,186)
Deferred revenue	(285)
Net assets acquired	$	206,238

Our preliminary estimates of the fair value of the assets acquired and the liabilities assumed are based on the information currently available, and we are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the date of acquisition. A decrease in the fair value of assets acquired or an increase in the fair value of liabilities assumed in the acquisition would result in a corresponding increase in the amount of goodwill acquired. The primary areas of the purchase price that are not yet finalized relate to income taxes, certain liabilities related to preacquisition activities, and residual goodwill.

Acquired intangible assets will be amortized over their estimated useful lives on a straight-line basis. The following table summarizes the preliminary purchase price allocation, and the preliminary average remaining useful lives, for identifiable intangible assets acquired (dollars in thousands):


	Estimated Fair Value		Estimated Useful Lives (in years)
Customer relationships	$	54,350	7
Developed software	6,010		2-7
Existing product configurations	28,300		9
In-process research and development (IPR&D)	4,030		Indefinite
Trade name	5,820		6
Total	$	98,510

Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. Customer relationships were valued using the multi-period excess earnings method of the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by customer relationships less charges representing the contribution of other assets to those cash flows. The economic useful life was determined by examining the period of time over which a target cumulative present value of discounted cash flows could be achieved.

Existing product configurations represent the existing hardware configurations of products sold by NHR. These products are created from component parts and assembled based on their intended purpose and application. Existing product configurations were valued using the avoided costs / lost profits method. The fair value represents the total costs that would be avoided by having this asset in place. The economic useful life was determined based on the number of years since launch for each product compared to the expected total life of each product.

Unaudited Pro Forma Information

The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the NHR acquisition had occurred on January 1, 2020, with adjustments to give effect to pro forma events that are directly attributable to the acquisition. These pro forma adjustments include additional amortization expense for the identifiable intangible assets and an increase in interest expense related to the additional borrowings entered into in connection with the acquisition, net of tax effects. For the pro forma presentation, given the assumed acquisition date of January 1, 2020, transaction and integration costs that were incurred at or subsequent to the actual acquisition date have been included in the calculation of pro forma net income for the three months ended March 31, 2021, whereas transaction and integration costs that were incurred prior to the acquisition date have been excluded from the calculation of pro forma net income. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what actual results of operations would have been if the acquisition had occurred as the beginning of the period presented, nor are they indicative of future results of operations. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the unaudited pro forma results.


	Three Months Ended March 31,
(in thousands)	2021

Net sales	$	342,935
Net income	$	3,884

Other Acquisitions

During the second quarter of 2021, we also completed the acquisition of MonoDrive, a software company that specializes in signal processing and hi-fi simulation software for validation of autonomous vehicles and advanced driver assistance systems (ADAS), for approximately $20 million in total cash consideration, subject to certain post-closing adjustments. This transaction was accounted for as a business combination using the acquisition method of accounting. All of the acquired assets and liabilities of the software company have been recorded at their respective fair values as of the acquisition date. We recognized approximately $17 million of goodwill and $4 million of other intangible assets as part of our purchase price allocation. Transaction costs have been expensed as incurred and were not material to the periods presented.

Pro-forma results of operations have not been presented because the effects of the acquired operations were not material.

The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill generated from the acquisition is primarily attributable to expected growth in the scope of and market opportunities for our software-defined automated test and measurement platform. Goodwill is not deductible for tax purposes.

Basis of presentation - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Weighted average shares outstanding - basic (in shares)	132,105	131,483
Plus: Common share equivalents
RSUs (in shares)	1,070	1,234
Weighted average shares outstanding-diluted (in shares)	133,175	132,717
RSU
Plus: Common share equivalents
Anti-dilutive securities excluded from the computation of diluted EPS (in shares)	442	567

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Payment terms	Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to extended hardware and software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 90 days of contract inception.
Undelivered performance obligation	$ 66.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	38.00%
Performance obligation, term	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	36.00%
Performance obligation, term	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	26.00%
Performance obligation, term

Derivative instruments and hedging activities - Summary Of Notional Amounts Of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Total forward contracts notional amount	$ 348,541	$ 419,235
Chinese yuan
Derivative [Line Items]
Total forward contracts notional amount	87,871	99,066
Euro
Derivative [Line Items]
Total forward contracts notional amount	121,396	145,351
Japanese yen
Derivative [Line Items]
Total forward contracts notional amount	33,460	43,128
Hungarian forint
Derivative [Line Items]
Total forward contracts notional amount	46,749	54,939
British pound
Derivative [Line Items]
Total forward contracts notional amount	23,981	25,947
Malaysian ringgit
Derivative [Line Items]
Total forward contracts notional amount	24,161	29,624
Korean won
Derivative [Line Items]
Total forward contracts notional amount	$ 10,923	$ 21,180

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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

Fair Value Measurements at Reporting Date Using

(In thousands)