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Balance Sheet Information | 12 Months Ended
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Dec. 31, 2011
Balance Sheet Information |
Balance Sheet Information |
6. Balance Sheet Information Short-term Investments Available-for-sale securities consist of the following (in thousands):
|  | December 31, 2011 |
--- | --- | --- | ---
|  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income |  | Losses in Accumulated Other Comprehensive Income |  | Estimated Fair Value |
Commercial paper |  | $ | 15,889 |  | $ | 6 |  | $ | — |  | $ | 15,895 |
FDIC insured corporate bonds |  |  | 187,336 |  |  | 169 |  |  | — |  |  | 187,505 |
Treasury bills |  |  | 70,147 |  |  | 44 |  |  | — |  |  | 70,191 |
Total available-for-sale securities |  | $ | 273,372 |  | $ | 219 |  | $ | — |  | $ | 273,591 |
During the year ended December 31, 2011, available-for-sale securities were sold for total proceeds of $707.6 million. The gross realized gains on these sales were $0.4 million for the year ended December 31, 2011. For purpose of determining gross realized gains, the cost of securities sold is based on specific identification. The net unrealized holding gain on available-for-sale securities amounted to $0.1 million for the year ended December 31, 2011, and has been included in accumulated other comprehensive income. The tax impact on the unrealized gains, which was excluded from the table above, was $0.1 million.
|  | December 31, 2010 |
--- | --- | --- | ---
|  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income |  | Losses in Accumulated Other Comprehensive Income |  | Estimated Fair Value |
Commercial paper |  | $ | 128,527 |  | $ | 61 |  | $ | — |  | $ | 128,588 |
FDIC insured corporate bonds |  |  | 129,353 |  |  | 24 |  |  | — |  |  | 129,377 |
Treasury bills |  |  | 136,203 |  |  | 12 |  |  | — |  |  | 136,215 |
Total available-for-sale securities |  | $ | 394,083 |  | $ | 97 |  | $ | — |  | $ | 394,180 |
During the year ended December 31, 2010, available-for-sale securities were sold for total proceeds of $246.6 million. The gross realized gains on these sales were minimal for the year ended December 31, 2010. For purpose of determining gross realized gains, the cost of securities sold is based on specific identification. The net unrealized holding gain on available-for-sale securities amounted to $0.1 million for the year ended December 31, 2010, and has been included in accumulated other comprehensive income. Contractual maturities of available-for-sale debt securities at December 31, 2011 are as follows (in thousands):
|  | Estimated Fair Value |
--- | --- | --- | ---
Due in one year or less |  | $ | 37,088 |
Due in 1-2 years |  |  | 236,503 |
Total investments in debt securities |  | $ | 273,591 |
Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Restricted Cash As of December 31, 2011, restricted cash consists of $0.6 million which serves as collateral for bank guarantees that provide financial assurance that the Company will fulfill certain customer obligations. This cash is held in custody by the issuing bank, and is restricted as to withdrawal or use while the related bank guarantees are outstanding. As of December 31, 2010, restricted cash consists of $22.9 million that relates to the proceeds received from the sale of our Metrology segment. This cash was held in escrow and was restricted from use for one year from the closing date of the transaction (see Note 3). Additionally, restricted cash also consisted of $53.2 million which serves as collateral for bank guarantees that provide financial assurance that the Company will fulfill certain customer obligations. This cash is held in custody by the issuing bank, and is restricted as to withdrawal or use while the related bank guarantees are outstanding. Accounts Receivable, net Accounts receivable are shown net of the allowance for doubtful accounts of $0.5 million as of December 31, 2011 and December 31, 2010. Inventories
|  | December 31, 2011 |  | December 31, 2010 |  |
--- | --- | --- | --- | --- | --- | ---
Raw materials |  | $ | 57,169 |  | $ | 49,953 |  |
Work in process |  |  | 20,118 |  |  | 33,181 |  |
Finished goods |  |  | 36,147 |  |  | 25,353 |  |
|  | $ | 113,434 |  | $ | 108,487 |  |
Property, Plant and Equipment
|  | December 31, |  |
--- | --- | --- | --- | ---
|  | Estimated Useful Lives
|  | 2011 |  | 2010
Land |  | $ | 12,535 |  | $ | 7,274 |  |
Buildings and improvements |  |  | 34,589 |  |  | 30,731 |  | 10-40 years
Machinery and equipment |  |  | 102,241 |  |  | 73,173 |  | 3-10 years
Leasehold improvements |  |  | 6,025 |  |  | 2,276 |  | 3-7 years
Gross property, plant, and equipment at cost |  |  | 155,390 |  |  | 113,454 |  |
Less: accumulated depreciation and amortization |  |  | 69,323 |  |  | 71,134 |  |
Net property, plant, and equipment at cost |  | $ | 86,067 |  | $ | 42,320 |  |
For the years ended December 31, 2011, 2010 and 2009, depreciation expense was $8.2 million, $7.1 million and $8.3 million, respectively. Goodwill and Indefinite-Lived Intangible Assets In accordance with the relevant accounting guidance related to goodwill and other intangible assets, we conducted our annual impairment test of goodwill and indefinite-lived intangible assets during the fourth quarters of 2011 and 2010, using October 1st as our measurement date, and utilizing a discounted future cash flow approach as described in Note 1. This was consistent with the approach used in previous years. Based upon the results of such assessments, we determined that no goodwill and indefinite-lived intangible asset impairment existed in any of its reporting units, as of October 1, 2011 and 2010, respectively. Changes in our goodwill are as follows (in thousands):
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Beginning Balance |  | $ | 52,003 |  | $ | 52,003 |
Write-off (see Note 3) |  |  | (10,836 | ) |  | — |
Acquisition (see Note 5) |  |  | 14,661 |  |  | — |
Ending Balance |  | $ | 55,828 |  | $ | 52,003 |
As of December 31, 2011 and 2010, we had $2.9 million of indefinite-lived intangible assets consisting of trademarks and tradenames, which are included in the accompanying Consolidated Balance Sheets in the caption intangible assets, net. Intangible Assets
|  | December 31, 2011 |  | December 31, 2010 |
--- | --- | --- | --- | --- | ---
|  | Purchased technology |  | Other intangible assets |  | Total intangible assets |  | Purchased technology |  | Other intangible assets |  | Total intangible assets |
Gross intangible assets |  | $ | 109,248 |  | $ | 19,635 |  | $ | 128,883 |  | $ | 98,473 |  | $ | 22,734 |  | $ | 121,207 |
Less accumulated amortization |  |  | (89,620 | ) |  | (13,381 | ) |  | (103,001 | ) |  | (86,376 | ) |  | (17,938 | ) |  | (104,314 | )
Intangible assets, net |  | $ | 19,628 |  | $ | 6,254 |  | $ | 25,882 |  | $ | 12,097 |  | $ | 4,796 |  | $ | 16,893 |
The estimated aggregate amortization expense for intangible assets with definite useful lives for each of the next five fiscal years is as follows (in thousands):
2012 |  | $ | 4,538 |
2013 |  |  | 3,286 |
2014 |  |  | 2,961 |
2015 |  |  | 2,859 |
2016 |  |  | 2,671 |
In accordance with the relevant accounting guidance related to the impairment or disposal of long-lived assets, we performed an analysis as of December 31, 2011 and 2010 of our definite-lived intangible and long-lived assets. No impairment existed in any of our reporting units. Accrued Expenses
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Payroll and related benefits |  | $ | 19,017 |  | $ | 27,374 |
Sales, use, income and other taxes |  |  | 6,315 |  |  | 4,914 |
Customer deposits and advanced billings |  |  | 57,075 |  |  | 129,225 |
Warranty |  |  | 9,778 |  |  | 9,238 |
Restructuring liability |  |  | 956 |  |  | 714 |
Other |  |  | 14,515 |  |  | 11,545 |
|  | $ | 107,656 |  | $ | 183,010 |
Accrued Warranty We estimate the costs that may be incurred under the warranty we provide for our products and recognize a liability in the amount of such costs at the time the related revenue is recognized. Factors that affect our warranty liability include product failure rates, material usage and labor costs incurred in correcting product failures during the warranty period. Changes in our warranty liability during the year are as follows:
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Balance as of the beginning of year |  | $ | 9,238 |  | $ | 6,675 |
Warranties issued during the year |  |  | 12,465 |  |  | 9,695 |
Settlements made during the year |  |  | (11,925 | ) |  | (7,132 | )
Balance as of the end of year |  | $ | 9,778 |  | $ | 9,238 |

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