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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net revenues:        
Net revenues $ 573,140 $ 480,757 $ 1,127,415 $ 917,910
Cost of revenues        
Cost of revenues 298,263 261,174 589,683 492,780
Gross profit 274,877 219,583 537,732 425,130
Research and development 36,504 33,680 71,361 66,962
Selling, general and administrative 76,559 71,979 159,508 146,199
Acquisition and integration costs (1,168) 790 (1,168) 2,232
Restructuring 790 2,064 2,010 2,586
Environmental costs     1,000  
Asset impairment   6,719   6,719
Amortization of intangible assets 10,901 11,468 22,091 23,969
Income from operations 151,291 92,883 282,930 176,463
Interest income 1,456 507 2,561 1,023
Interest expense 3,922 6,997 9,352 15,829
Gain on sale of business   74,856   74,856
Other expense, net 281 3,277 853 1,256
Income before income taxes 148,544 157,972 275,286 235,257
Provision for income taxes 25,682 37,532 47,303 49,757
Net income 122,862 120,440 227,983 185,500
Other comprehensive income:        
Changes in value of financial instruments designated as cash flow hedges, net of tax expense (benefit) [1] 7,712 23 7,890 (2,429)
Foreign currency translation adjustments, net of tax of $0 (18,508) 17,729 (7,737) 22,264
Unrecognized pension gain, net of tax expense (benefit) [2] 48 123 (37) 205
Unrealized loss on investments, net of tax benefit [3] (266) (168) (325) (249)
Total comprehensive income $ 111,848 $ 138,147 $ 227,774 $ 205,291
Net income per share:        
Basic $ 2.25 $ 2.22 $ 4.18 $ 3.44
Diluted 2.22 2.19 4.12 3.37
Cash dividends per common share $ 0.20 $ 0.18 $ 0.38 $ 0.35
Weighted average common shares outstanding:        
Basic 54,719 54,178 54,571 53,973
Diluted 55,274 55,001 55,280 54,979
Products [Member]        
Net revenues:        
Net revenues $ 509,999 $ 426,317 $ 1,006,676 $ 814,255
Cost of revenues        
Cost of revenues 266,890 230,706 528,211 436,540
Services [Member]        
Net revenues:        
Net revenues 63,141 54,440 120,739 103,655
Cost of revenues        
Cost of revenues $ 31,373 $ 30,468 $ 61,472 $ 56,240
[1] Tax expense was $2,367 and $6 for the three months ended June 30, 2018 and 2017, respectively. Tax expense (benefit) was $2,255 and $(1,813) for the six months ended June 30, 2018 and 2017, respectively.
[2] Tax expense was $12 and $34 for the three months ended June 30, 2018 and 2017, respectively. Tax (benefit) expense was $(24) and $153 for the six months ended June 30, 2018 and 2017, respectively.
[3] Tax benefit was $22 and $46 for the three months ended June 30, 2018 and 2017, respectively. Tax benefit was $39 and $185 for the six months ended June 30, 2018 and 2017, respectively.