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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FLIR Systems Inc | NASDAQ:FLIR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.34 | 57.35 | 57.34 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
Oregon
|
|
93-0708501
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
27700 SW Parkway Avenue,
Wilsonville, Oregon
|
|
97070
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
Item 1.
|
|
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|
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||
|
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||
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||
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|
Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
|
||
Item 1.
|
||
|
|
|
Item 1A.
|
||
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|
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Item 2.
|
||
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|
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Item 3.
|
||
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Item 4.
|
||
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Item 5.
|
||
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Item 6.
|
||
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|
|
Item 1.
|
Financial Statements
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
405,228
|
|
|
$
|
381,928
|
|
|
$
|
1,187,429
|
|
|
$
|
1,119,420
|
|
Cost of goods sold
|
213,852
|
|
|
201,189
|
|
|
635,041
|
|
|
573,169
|
|
||||
Gross profit
|
191,376
|
|
|
180,739
|
|
|
552,388
|
|
|
546,251
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
32,664
|
|
|
31,200
|
|
|
106,020
|
|
|
101,100
|
|
||||
Selling, general and administrative
|
77,863
|
|
|
73,557
|
|
|
242,930
|
|
|
232,884
|
|
||||
Total operating expenses
|
110,527
|
|
|
104,757
|
|
|
348,950
|
|
|
333,984
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings from operations
|
80,849
|
|
|
75,982
|
|
|
203,438
|
|
|
212,267
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
5,736
|
|
|
3,670
|
|
|
13,543
|
|
|
10,689
|
|
||||
Interest income
|
(336
|
)
|
|
(319
|
)
|
|
(924
|
)
|
|
(861
|
)
|
||||
Other expense, net
|
241
|
|
|
1,455
|
|
|
138
|
|
|
1,775
|
|
||||
Earnings before income taxes
|
75,208
|
|
|
71,176
|
|
|
190,681
|
|
|
200,664
|
|
||||
Income tax provision (benefit)
|
16,575
|
|
|
(1,896
|
)
|
|
85,555
|
|
|
29,182
|
|
||||
Net earnings
|
$
|
58,633
|
|
|
$
|
73,072
|
|
|
$
|
105,126
|
|
|
$
|
171,482
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.43
|
|
|
$
|
0.52
|
|
|
$
|
0.76
|
|
|
$
|
1.23
|
|
Diluted
|
$
|
0.43
|
|
|
$
|
0.52
|
|
|
$
|
0.76
|
|
|
$
|
1.21
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
136,963
|
|
|
139,596
|
|
|
137,438
|
|
|
139,808
|
|
||||
Diluted
|
137,938
|
|
|
140,525
|
|
|
138,594
|
|
|
141,262
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
58,633
|
|
|
$
|
73,072
|
|
|
$
|
105,126
|
|
|
$
|
171,482
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges
|
292
|
|
|
(599
|
)
|
|
(573
|
)
|
|
(1,009
|
)
|
||||
Foreign currency translation adjustments
|
(7,724
|
)
|
|
(16,672
|
)
|
|
(9,250
|
)
|
|
(52,138
|
)
|
||||
Total other comprehensive loss
|
(7,432
|
)
|
|
(17,271
|
)
|
|
(9,823
|
)
|
|
(53,147
|
)
|
||||
Comprehensive income
|
$
|
51,201
|
|
|
$
|
55,801
|
|
|
$
|
95,303
|
|
|
$
|
118,335
|
|
|
September 30,
2016 |
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
677,688
|
|
|
$
|
472,785
|
|
Accounts receivable, net
|
309,602
|
|
|
326,098
|
|
||
Inventories
|
380,225
|
|
|
393,092
|
|
||
Prepaid expenses and other current assets
|
88,625
|
|
|
95,539
|
|
||
Total current assets
|
1,456,140
|
|
|
1,287,514
|
|
||
Property and equipment, net
|
267,149
|
|
|
272,629
|
|
||
Deferred income taxes, net
|
55,194
|
|
|
55,429
|
|
||
Goodwill
|
626,243
|
|
|
596,316
|
|
||
Intangible assets, net
|
135,878
|
|
|
141,302
|
|
||
Other assets
|
47,290
|
|
|
53,210
|
|
||
Total assets
|
$
|
2,587,894
|
|
|
$
|
2,406,400
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
109,663
|
|
|
$
|
139,540
|
|
Deferred revenue
|
36,553
|
|
|
31,933
|
|
||
Accrued payroll and related liabilities
|
54,277
|
|
|
54,806
|
|
||
Accrued product warranties
|
16,759
|
|
|
13,406
|
|
||
Advance payments from customers
|
28,680
|
|
|
33,848
|
|
||
Accrued expenses
|
35,449
|
|
|
40,930
|
|
||
Accrued income taxes
|
6,133
|
|
|
201
|
|
||
Other current liabilities
|
8,134
|
|
|
5,987
|
|
||
Current portion, long term debt
|
15,000
|
|
|
264,694
|
|
||
Total current liabilities
|
310,648
|
|
|
585,345
|
|
||
Long-term debt
|
501,606
|
|
|
93,750
|
|
||
Deferred income taxes
|
3,711
|
|
|
3,623
|
|
||
Accrued income taxes
|
53,397
|
|
|
10,457
|
|
||
Other long-term liabilities
|
65,126
|
|
|
63,710
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 10,000 shares authorized; no shares issued at September 30, 2016, and December 31, 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 500,000 shares authorized, 136,127 and 137,350 shares issued at September 30, 2016, and December 31, 2015, respectively, and additional paid-in capital
|
1,361
|
|
|
1,374
|
|
||
Retained earnings
|
1,786,994
|
|
|
1,773,267
|
|
||
Accumulated other comprehensive loss
|
(134,949
|
)
|
|
(125,126
|
)
|
||
Total shareholders’ equity
|
1,653,406
|
|
|
1,649,515
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,587,894
|
|
|
$
|
2,406,400
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net earnings
|
$
|
105,126
|
|
|
$
|
171,482
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
41,857
|
|
|
36,465
|
|
||
Deferred income taxes
|
(200
|
)
|
|
(17,238
|
)
|
||
Stock-based compensation arrangements
|
21,253
|
|
|
19,449
|
|
||
Other, net
|
19,830
|
|
|
4,346
|
|
||
Increase (decrease) in cash, net of acquisitions, resulting from changes in:
|
|
|
|
||||
Accounts receivable
|
19,951
|
|
|
43,295
|
|
||
Inventories
|
20,211
|
|
|
(72,531
|
)
|
||
Prepaid expenses
|
(3,129
|
)
|
|
1,784
|
|
||
Other assets
|
(18,861
|
)
|
|
(1,775
|
)
|
||
Accounts payable
|
(35,507
|
)
|
|
29,011
|
|
||
Deferred revenue
|
4,859
|
|
|
(106
|
)
|
||
Accrued payroll and other liabilities
|
(13,614
|
)
|
|
(21,055
|
)
|
||
Accrued income taxes
|
51,856
|
|
|
(957
|
)
|
||
Pension & other long term liabilities
|
1,595
|
|
|
5,309
|
|
||
Net cash provided by operating activities
|
215,227
|
|
|
197,479
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Additions to property and equipment
|
(27,682
|
)
|
|
(50,146
|
)
|
||
Proceeds on sale of property and equipment
|
6,986
|
|
|
30
|
|
||
Business acquisitions, net of cash acquired
|
(42,445
|
)
|
|
—
|
|
||
Net cash used by investing activities
|
(63,141
|
)
|
|
(50,116
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Net proceeds from credit agreement and long-term debt
|
524,826
|
|
|
—
|
|
||
Repayments of credit agreements and long-term debt
|
(367,435
|
)
|
|
(11,250
|
)
|
||
Common stock repurchased
|
(66,057
|
)
|
|
(93,381
|
)
|
||
Dividends paid
|
(49,564
|
)
|
|
(46,193
|
)
|
||
Proceeds from employee stock based compensation plans
|
7,347
|
|
|
21,188
|
|
||
Excess tax benefits from share-based payment arrangements
|
1,605
|
|
|
4,216
|
|
||
Other financing activities
|
10
|
|
|
(10
|
)
|
||
Net cash provided (used) by financing activities
|
50,732
|
|
|
(125,430
|
)
|
||
Effect of exchange rates on cash and cash equivalents
|
2,085
|
|
|
(27,931
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
204,903
|
|
|
(5,998
|
)
|
||
Cash and cash equivalents, beginning of period
|
472,785
|
|
|
531,374
|
|
||
Cash and cash equivalents, end of period
|
$
|
677,688
|
|
|
$
|
525,376
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
Stock-based Compensation
|
Note 2.
|
Stock-based Compensation - (Continued)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of goods sold
|
$
|
881
|
|
|
$
|
799
|
|
|
$
|
2,351
|
|
|
$
|
2,283
|
|
Research and development
|
1,225
|
|
|
1,259
|
|
|
3,639
|
|
|
3,584
|
|
||||
Selling, general and administrative
|
4,766
|
|
|
4,454
|
|
|
15,263
|
|
|
13,582
|
|
||||
Stock-based compensation expense
|
$
|
6,872
|
|
|
$
|
6,512
|
|
|
$
|
21,253
|
|
|
$
|
19,449
|
|
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
Capitalized in inventory
|
$
|
585
|
|
|
$
|
667
|
|
Note 3.
|
Net Earnings Per Share
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator for earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings for basic and diluted earnings per share
|
$
|
58,633
|
|
|
$
|
73,072
|
|
|
$
|
105,126
|
|
|
$
|
171,482
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator for earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding
|
136,963
|
|
|
139,596
|
|
|
137,438
|
|
|
139,808
|
|
||||
Assumed exercises of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method
|
975
|
|
|
929
|
|
|
1,156
|
|
|
1,454
|
|
||||
Weighted average diluted shares outstanding
|
137,938
|
|
|
140,525
|
|
|
138,594
|
|
|
141,262
|
|
Note 4.
|
Fair Value of Financial Instruments
|
Level 1 – quoted prices in active markets for identical securities as of the reporting date;
|
Level 2 – other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; and
|
Level 3 – significant inputs that are generally less observable than objective sources, including our own assumptions in determining fair value.
|
Note 5.
|
Derivative Financial Instruments
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Swedish kronor
|
$
|
89,433
|
|
|
$
|
59,198
|
|
Euro
|
52,277
|
|
|
281
|
|
||
Canadian dollar
|
12,978
|
|
|
10,799
|
|
||
British pound sterling
|
7,484
|
|
|
10,203
|
|
||
Brazilian real
|
7,478
|
|
|
6,440
|
|
||
Australian dollar
|
4,967
|
|
|
2,342
|
|
||
Japanese yen
|
1,011
|
|
|
2,124
|
|
||
Other
|
—
|
|
|
526
|
|
||
|
$
|
175,628
|
|
|
$
|
91,913
|
|
Note 5.
|
Derivative Financial Instruments - (Continued)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Other current assets
|
|
Other current liabilities
|
|
Other current assets
|
|
Other current liabilities
|
||||||||
Foreign currency forward contracts
|
$
|
61
|
|
|
$
|
1,811
|
|
|
$
|
767
|
|
|
$
|
1,314
|
|
Contract Date
|
|
Notional Amount
(in millions)
|
|
Fixed Rate
|
|
Effective Date
|
|
Maturity Date
|
|||
March 15, 2013
|
|
$
|
48.8
|
|
|
1.02
|
%
|
|
April 5, 2013
|
|
March 31, 2019
|
March 29, 2013
|
|
$
|
48.8
|
|
|
0.97
|
%
|
|
April 5, 2013
|
|
March 31, 2019
|
Note 6.
|
Accounts Receivable
|
Note 7.
|
Inventories
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Raw material and subassemblies
|
$
|
192,057
|
|
|
$
|
216,107
|
|
Work-in-progress
|
55,007
|
|
|
38,639
|
|
||
Finished goods
|
133,161
|
|
|
138,346
|
|
||
|
$
|
380,225
|
|
|
$
|
393,092
|
|
Note 8.
|
Property and Equipment
|
Note 9.
|
Goodwill
|
Balance, December 31, 2015
|
|
$
|
596,316
|
|
Goodwill from acquisitions
|
|
35,203
|
|
|
Currency translation adjustments and other
|
|
(5,276
|
)
|
|
Balance, September 30, 2016
|
|
$
|
626,243
|
|
Note 10.
|
Intangible Assets
|
Note 11.
|
Credit Agreement
|
Note 12.
|
Accrued Product Warranties
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Accrued product warranties, beginning of period
|
$
|
17,492
|
|
|
$
|
16,023
|
|
|
$
|
16,514
|
|
|
$
|
16,175
|
|
Amounts paid for warranty services
|
(3,624
|
)
|
|
(3,731
|
)
|
|
(13,221
|
)
|
|
(10,701
|
)
|
||||
Warranty provisions for products sold
|
5,099
|
|
|
3,567
|
|
|
15,658
|
|
|
10,551
|
|
||||
Currency translation and acquisition adjustments
|
1,025
|
|
|
(23
|
)
|
|
1,041
|
|
|
(189
|
)
|
||||
Accrued product warranties, end of period
|
$
|
19,992
|
|
|
$
|
15,836
|
|
|
$
|
19,992
|
|
|
$
|
15,836
|
|
Current accrued product warranties, end of period
|
|
|
|
|
$
|
16,759
|
|
|
$
|
13,213
|
|
||||
Long-term accrued product warranties, end of period
|
|
|
|
|
$
|
3,233
|
|
|
$
|
2,623
|
|
Note 13.
|
Long-Term Debt
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Unsecured notes
|
$
|
425,000
|
|
|
$
|
250,000
|
|
Term loan
|
—
|
|
|
108,750
|
|
||
Credit Agreement
|
97,500
|
|
|
—
|
|
||
Unamortized discounts and issuance costs
|
(5,894
|
)
|
|
(306
|
)
|
||
|
$
|
516,606
|
|
|
$
|
358,444
|
|
Current portion, long-term debt
|
$
|
15,000
|
|
|
$
|
264,694
|
|
Long-term debt
|
$
|
501,606
|
|
|
$
|
93,750
|
|
Note 14.
|
Shareholders’ Equity
|
Common stock and additional paid-in capital, December 31, 2015
|
$
|
1,374
|
|
Income tax benefit of common stock options exercised
|
1,477
|
|
|
Common stock issued pursuant to stock-based compensation plans, net
|
1,585
|
|
|
Stock-based compensation expense
|
21,147
|
|
|
Repurchase of common stock
|
(24,222
|
)
|
|
Common stock and additional paid-in capital, September 30, 2016
|
$
|
1,361
|
|
Note 14.
|
Shareholders’ Equity - (Continued)
|
Note 15.
|
Contingencies
|
Note 15.
|
Contingencies - (Continued)
|
Note 16.
|
Income Taxes
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income tax provision (benefit)
|
$
|
16,575
|
|
|
$
|
(1,896
|
)
|
|
$
|
85,555
|
|
|
$
|
29,182
|
|
Effective tax rate
|
22.0
|
%
|
|
(2.7
|
)%
|
|
44.9
|
%
|
|
14.5
|
%
|
Note 16.
|
Income Taxes - (Continued)
|
|
Tax Years:
|
US Federal
|
2013 – 2015
|
State of Oregon
|
2012 – 2014
|
State of Massachusetts
|
2011 – 2014
|
State of California
|
2012 – 2014
|
Sweden
|
2011 – 2014
|
United Kingdom
|
2011 – 2014
|
Belgium
|
2011 - 2014
|
Note 17.
|
Operating Segments and Related Information
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue – External Customers:
|
|
|
|
|
|
|
|
||||||||
Surveillance
|
$
|
136,402
|
|
|
$
|
131,598
|
|
|
$
|
373,993
|
|
|
$
|
352,312
|
|
Instruments
|
82,673
|
|
|
74,796
|
|
|
240,160
|
|
|
248,877
|
|
||||
Security
|
56,431
|
|
|
59,331
|
|
|
166,872
|
|
|
158,185
|
|
||||
OEM & Emerging Markets
|
62,719
|
|
|
51,448
|
|
|
167,544
|
|
|
137,568
|
|
||||
Maritime
|
40,586
|
|
|
38,920
|
|
|
147,469
|
|
|
141,922
|
|
||||
Detection
|
26,417
|
|
|
25,835
|
|
|
91,391
|
|
|
80,556
|
|
||||
|
$
|
405,228
|
|
|
$
|
381,928
|
|
|
$
|
1,187,429
|
|
|
$
|
1,119,420
|
|
Revenue – Intersegments:
|
|
|
|
|
|
|
|
||||||||
Surveillance
|
$
|
5,001
|
|
|
$
|
2,653
|
|
|
$
|
13,980
|
|
|
$
|
8,400
|
|
Instruments
|
709
|
|
|
777
|
|
|
3,498
|
|
|
2,687
|
|
||||
Security
|
4,267
|
|
|
2,386
|
|
|
10,575
|
|
|
10,393
|
|
||||
OEM & Emerging Markets
|
7,518
|
|
|
8,020
|
|
|
24,528
|
|
|
25,778
|
|
||||
Maritime
|
656
|
|
|
85
|
|
|
2,728
|
|
|
1,667
|
|
||||
Detection
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
||||
Elimination
|
(18,151
|
)
|
|
(13,921
|
)
|
|
(55,340
|
)
|
|
(48,925
|
)
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Earnings (loss) from operations:
|
|
|
|
|
|
|
|
||||||||
Surveillance
|
$
|
38,427
|
|
|
$
|
39,918
|
|
|
$
|
99,801
|
|
|
$
|
96,464
|
|
Instruments
|
27,010
|
|
|
21,555
|
|
|
65,640
|
|
|
77,959
|
|
||||
Security
|
2,958
|
|
|
7,222
|
|
|
2,527
|
|
|
18,911
|
|
||||
OEM & Emerging Markets
|
19,936
|
|
|
14,233
|
|
|
46,063
|
|
|
33,507
|
|
||||
Maritime
|
2,391
|
|
|
1,848
|
|
|
14,110
|
|
|
13,058
|
|
||||
Detection
|
6,641
|
|
|
5,290
|
|
|
24,484
|
|
|
17,349
|
|
||||
Other
|
(16,514
|
)
|
|
(14,084
|
)
|
|
(49,187
|
)
|
|
(44,981
|
)
|
||||
|
$
|
80,849
|
|
|
$
|
75,982
|
|
|
$
|
203,438
|
|
|
$
|
212,267
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Segment assets (accounts receivable, net and inventories):
|
|
|
|
||||
Surveillance
|
$
|
275,705
|
|
|
$
|
285,602
|
|
Instruments
|
110,048
|
|
|
130,363
|
|
||
Security
|
93,646
|
|
|
105,737
|
|
||
OEM & Emerging Markets
|
118,408
|
|
|
93,925
|
|
||
Maritime
|
62,290
|
|
|
73,506
|
|
||
Detection
|
29,730
|
|
|
30,057
|
|
||
|
$
|
689,827
|
|
|
$
|
719,190
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Segment goodwill:
|
|
|
|
||||
Surveillance
|
$
|
151,123
|
|
|
$
|
120,145
|
|
Instruments
|
150,638
|
|
|
149,582
|
|
||
Security
|
105,630
|
|
|
101,955
|
|
||
OEM & Emerging Markets
|
70,380
|
|
|
69,973
|
|
||
Maritime
|
100,489
|
|
|
106,549
|
|
||
Detection
|
47,983
|
|
|
48,112
|
|
||
|
$
|
626,243
|
|
|
$
|
596,316
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
United States
|
229,350
|
|
|
216,237
|
|
|
647,938
|
|
|
587,637
|
|
||||
Canada/Latin America
|
19,401
|
|
|
23,825
|
|
|
66,727
|
|
|
60,224
|
|
||||
Europe
|
71,949
|
|
|
66,207
|
|
|
240,656
|
|
|
255,331
|
|
||||
Middle East/Africa
|
41,889
|
|
|
37,253
|
|
|
98,231
|
|
|
89,830
|
|
||||
Asia
|
42,639
|
|
|
38,406
|
|
|
133,877
|
|
|
126,398
|
|
||||
|
$
|
405,228
|
|
|
$
|
381,928
|
|
|
$
|
1,187,429
|
|
|
$
|
1,119,420
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
United States
|
$
|
692,391
|
|
|
$
|
666,759
|
|
Europe
|
369,906
|
|
|
383,501
|
|
||
Other international
|
14,263
|
|
|
13,197
|
|
||
|
$
|
1,076,560
|
|
|
$
|
1,063,457
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
US Government
|
$
|
112,737
|
|
|
$
|
79,297
|
|
|
$
|
298,479
|
|
|
$
|
208,742
|
|
Note 18.
|
Business Acquisitions
|
Cash acquired
|
$
|
5,015
|
|
Other tangible assets and liabilities, net
|
4,024
|
|
|
Net deferred taxes
|
582
|
|
|
Identifiable intangible assets
|
27,380
|
|
|
Goodwill
|
60,491
|
|
|
Total purchase price
|
$
|
97,492
|
|
Cash acquired
|
$
|
2,804
|
|
Other tangible assets and liabilities, net
|
1,979
|
|
|
Identifiable intangible assets
|
7,600
|
|
|
Goodwill
|
31,085
|
|
|
Total purchase price
|
$
|
43,468
|
|
Note 18.
|
Business Acquisitions - (Continued)
|
Note 19.
|
Subsequent Events
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
136.4
|
|
|
$
|
131.6
|
|
|
$
|
374.0
|
|
|
$
|
352.3
|
|
Earnings from operations
|
38.4
|
|
|
39.9
|
|
|
99.8
|
|
|
96.5
|
|
||||
Operating margin
|
28.2
|
%
|
|
30.3
|
%
|
|
26.7
|
%
|
|
27.4
|
%
|
||||
Backlog, end of period
|
|
|
|
|
363
|
|
|
314
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
82.7
|
|
|
$
|
74.8
|
|
|
$
|
240.2
|
|
|
$
|
248.9
|
|
Earnings from operations
|
27.0
|
|
|
21.6
|
|
|
65.6
|
|
|
78.0
|
|
||||
Operating margin
|
32.7
|
%
|
|
28.8
|
%
|
|
27.3
|
%
|
|
31.3
|
%
|
||||
Backlog, end of period
|
|
|
|
|
27
|
|
|
29
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
56.4
|
|
|
$
|
59.3
|
|
|
$
|
166.9
|
|
|
$
|
158.2
|
|
Earnings from operations
|
3.0
|
|
|
7.2
|
|
|
2.5
|
|
|
18.9
|
|
||||
Operating margin
|
5.2
|
%
|
|
12.2
|
%
|
|
1.5
|
%
|
|
12.0
|
%
|
||||
Backlog, end of period
|
|
|
|
|
23
|
|
|
16
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
62.7
|
|
|
$
|
51.4
|
|
|
$
|
167.5
|
|
|
$
|
137.6
|
|
Earnings from operations
|
19.9
|
|
|
14.2
|
|
|
46.1
|
|
|
33.5
|
|
||||
Operating margin
|
31.8
|
%
|
|
27.7
|
%
|
|
27.5
|
%
|
|
24.4
|
%
|
||||
Backlog, end of period
|
|
|
|
|
139
|
|
|
115
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
40.6
|
|
|
$
|
38.9
|
|
|
$
|
147.5
|
|
|
$
|
141.9
|
|
Earnings from operations
|
2.4
|
|
|
1.8
|
|
|
14.1
|
|
|
13.1
|
|
||||
Operating margin
|
5.9
|
%
|
|
4.7
|
%
|
|
9.6
|
%
|
|
9.2
|
%
|
||||
Backlog, end of period
|
|
|
|
|
24
|
|
|
22
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
26.4
|
|
|
$
|
25.8
|
|
|
$
|
91.4
|
|
|
$
|
80.6
|
|
Earnings from operations
|
6.6
|
|
|
5.3
|
|
|
24.5
|
|
|
17.3
|
|
||||
Operating margin
|
25.1
|
%
|
|
20.5
|
%
|
|
26.8
|
%
|
|
21.5
|
%
|
||||
Backlog, end of period
|
|
|
|
|
|
|
68
|
|
|
72
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
Total Number
of Shares
Purchased
(1)
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
|
Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
(2)
|
|||||
|
|
|
|
|
|
|
|
|||||
August 1 to August 31, 2016
|
598,900
|
|
|
$
|
30.63
|
|
|
598,900
|
|
|
|
|
September 1 to September 30, 2016
|
582,770
|
|
|
30.83
|
|
|
582,770
|
|
|
|
||
Total
|
1,181,670
|
|
|
$
|
30.73
|
|
|
1,181,670
|
|
|
8,699,461
|
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Number
|
|
Description
|
3.1
|
|
Fourth Restated Bylaws of FLIR Systems, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on October 24, 2016).
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10.1
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Asset Purchase Agreement by and among FLIR Integrated Imaging Solutions, Inc., Point Grey Research Inc., FLIR Systems, Inc. and certain shareholders of Point Grey Research Inc., dated as of October 1, 2016 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K on October 6, 2016).
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31.1
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Principal Executive Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 302.
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31.2
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Principal Financial Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 302.
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32.1
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Principal Executive Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 906.
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32.2
|
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Principal Financial Officer Certification Pursuant to Sarbanes-Oxley Act of 2002, Section 906.
|
101.INS
|
|
XBRL Instance Document
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101.SCH
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|
XBRL Taxonomy Extension Schema Document
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101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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|
XBRL Taxonomy Extension Presentation Linkbase Document
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|
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FLIR SYSTEMS, INC.
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|
|
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Date November 4, 2016
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/s/ AMIT SINGHI
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|
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Amit Singhi
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|
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Sr. Vice President, Finance and Chief Financial Officer
|
|
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(Duly Authorized and Principal Financial Officer)
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1 Year FLIR Systems Chart |
1 Month FLIR Systems Chart |
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