NATI National Instruments Corporation

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The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 21, 2023 (the "Form 10-K"). In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to state fairly our financial position at June 30, 2023 and December 31, 2022, the results of our operations and comprehensive income for the three and six months ended June 30, 2023 and 2022, our cash flows for the six months ended June 30, 2023 and 2022 and our statement of stockholders' equity for the three and six months ended June 30, 2023 and 2022. Our operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

Summary of Significant Accounting Policies

There were no material changes to our significant accounting policies during the three and six months ended June 30, 2023 compared to the significant accounting policies described in our 2022 Form 10-K.

Other (Expense) Income

Other (expense) income, net consisted of the following amounts:

			Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)			(Unaudited)						(Unaudited)
			2023			2022			2023			2022
Interest income			$	426		$	58		$	751		$	104
Interest expense			(9,741)			(2,500)			(18,088)			(3,792)
Gain (loss) from equity-method investments			819			(471)			5,597			131
Net foreign exchange gain (loss)			721			(769)			420			(1,935)
Other			(725)			177			(199)			2,019
Other expense, net			$	(8,500)		$	(3,505)		$	(11,519)		$	(3,473)

Accrued Expenses and Other Current Liabilities

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Accrued expenses and other current liabilities on our condensed consolidated balance sheet includes the following amounts (in thousands):

			As of June 30, 2023			As of December 31,
			(unaudited)			2022
Income taxes payable - current			$	—		$	87,186
Hedge payable - current			6,242			18,117
Accrued liabilities			31,779			26,851
Other			20,812			21,003
Total			$	58,833		$	153,157

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Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PRSUs"), is computed using the treasury stock method. 

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):

			Three Months Ended June 30,						Six Months Ended June 30,
			(Unaudited)						(Unaudited)
			2023			2022			2023			2022
Weighted average shares outstanding-basic			132,369			131,973			131,850			132,039
Plus: Common share equivalents
RSUs & PRSUs			1,802			735			1,843			909
Weighted average shares outstanding-diluted			134,171			132,708			133,693			132,948

Shares issuable upon vesting of RSU awards of 70,300 shares and 2,026,000 shares for the three months ended June 30, 2023 and 2022, respectively, and 68,600 shares and 1,324,000 shares for the six months ended June 30, 2023 and 2022, respectively, were excluded in the computations of diluted EPS because the effect of including the shares issuable upon vesting of RSU awards would have been anti-dilutive.

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 primarily on the billing location of the customer and customer industry grouping.

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

									Three Months Ended June 30,
									(Unaudited)
						2023												2022
(In thousands)
Net sales:						Point-in-Time(1)			Over Time			Total						Point-in-Time(1)			Over Time			Total
Americas						$	160,298		$	27,210		$	187,508					$	134,337		$	26,080		$	160,417
EMEA						93,221			18,731			111,952						76,092			20,591			96,683
APAC						105,833			11,511			117,344						127,858			10,557			138,415
Total net sales(1)						$	359,352		$	57,452		$	416,804					$	338,287		$	57,228		$	395,515
(1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations.

									Six Months Ended June 30,
									(Unaudited)
						2023												2022
(In thousands)
Net sales:						Point-in-Time(1)			Over Time			Total						Point-in-Time(1)			Over Time			Total
Americas						$	312,640		$	52,854		$	365,494					$	267,326		$	52,302		$	319,628
EMEA						187,918			36,215			224,133						155,331			41,720			197,051
APAC						241,481			22,521			264,002						242,853			21,238			264,091
Total net sales(1)						$	742,039		$	111,590		$	853,629					$	665,510		$	115,260		$	780,770
(1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed 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. We periodically review and update the groupings of customers assigned to a particular industry grouping to ensure that our revenue disaggregation aligns with the way we currently manage our business. As part of this process, we reclassified certain customer accounts between industry groups during the first quarter of 2023. The prior period presented below has been recast to conform to the current period presentation.

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						(Unaudited)
Industry Grouping						2023						2022						2023						2022
Portfolio						$	134,706					$	116,216					$	270,615					$	240,919
Semiconductor & Electronics						91,584						116,370						205,341						220,395
Aerospace, Defense & Government						111,895						99,521						225,010						194,024
Transportation						78,619						63,408						152,663						125,432
Total net sales						$	416,804					$	395,515					$	853,629					$	780,770

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Information about Contract Balances

Amounts billed 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 or to provide customers with financing.

Changes in deferred revenue, current and non-current, during the six months ended June 30, 2023 were as follows:

(In thousands)			Amount
Balance as of December 31, 2022			$	200,274
Deferral of revenue billed in current period, net of recognition			88,220
Recognition of revenue deferred in prior periods			(72,909)
Acquisitions/Divestitures			2,414
Foreign currency translation impact			342
Balance as of June 30, 2023 (unaudited)			$	218,341

For the six months ended June 30, 2023, 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 condensed 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 six months ended June 30, 2023 and December 31, 2022, the amounts recorded that were 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 $111 million as of June 30, 2023. 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 June 30, 2023, we expect to recognize approximately 25% of the revenue related to these unsatisfied performance obligations during the remainder of 2023, 43% during 2024, and 32% thereafter.

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

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Equity-Method Investments

The carrying value of our equity method investments was $29 million and $29 million as of June 30, 2023 and December 31, 2022, respectively. During the three months ended June 30, 2023 and 2022, net sales to our equity-method investees were approximately $0.3 million and $1.3 million, respectively. During the six months ended June 30, 2023 and 2022, net sales to our equity-method investees were approximately $0.8 million and $2.8 million, respectively. During the three and six months ended June 30, 2023 and 2022, purchases from our equity-method investees were not material.

Our proportionate share of the income/(loss) from equity-method investments is included within "Other expense." Refer to Note 17 - Acquisitions of Notes to Condensed Consolidated Financial Statements for additional discussion on a step acquisition of one of our existing equity-method investments, SET GmbH ("SET"), during the first quarter of 2023.

We define fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market that market participants may use when pricing the asset or liability.   

We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value measurement is determined based on the lowest level input that is significant to the fair value measurement. The three values of the fair value hierarchy are the following:   

Level 1 – Quoted prices in active markets for identical assets or liabilities   

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly   

Level 3 – Inputs that are not based on observable market data   

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

						Fair Value Measurements at Reporting Date Using
(In thousands)						(Unaudited)
Description						June 30, 2023						Level 1						Level 2						Level 3
Assets
Derivatives (interest rate swaps)						4,467						—						4,467						—
Derivatives (foreign exchange contracts)						13,410						—						13,410						—
Total Assets						$	17,877					$	—					$	17,877					$	—
Liabilities
Derivatives (foreign exchange contracts)						$	(6,267)					$	—					$	(6,267)					$	—
Total Liabilities						$	(6,267)					$	—					$	(6,267)					$	—

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(In thousands)						Fair Value Measurements at Reporting Date Using
Description						December 31, 2022						Level 1						Level 2						Level 3
Assets
Derivatives (interest rate swaps)						2,299												2,299
Derivatives (foreign exchange contracts)						10,025						—						10,025						—
Total Assets						$	12,324					$	—					$	12,324					$	—
Liabilities
Derivatives (interest rate swaps)						$	(1,013)					$	—					$	(1,013)					$	—
Derivatives (foreign exchange contracts)						$	(18,313)					$	—					$	(18,313)					$	—
Total Liabilities						$	(19,326)					$	—					$	(19,326)					$	—

The valuation techniques used to measure the fair value of our financial instruments having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models, such as discounted cash flow techniques.

  

Derivatives include foreign currency forward and interest rate swap contracts. Our derivatives are valued using an income approach (Level 2) based on the spot rate less the contract rate multiplied by the notional amount. We consider counterparty credit risk in the valuation of our derivatives. However, counterparty credit risk did not impact the valuation of our derivatives during the six months ended June 30, 2023. There were no transfers in or out of Level 1 or Level 2 during the six months ended June 30, 2023.

Non-financial assets such as equity-method investments, goodwill, intangible assets, and property, plant and equipment are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment is recognized. The amounts related to all assets and liabilities required to be measured at fair value on a nonrecurring basis were not material at June 30, 2023 and December 31, 2022.

  

We did not have any items that were measured at fair value on a nonrecurring basis at June 30, 2023 and December 31, 2022. The carrying value of net accounts receivable, accounts payable, and long-term debt contained in the condensed consolidated balance sheets approximates fair value.

  

We recognize all of our derivative instruments as either assets or liabilities in our statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation.

We have direct operations in approximately 40 countries. Sales outside of the Americas accounted for approximately 55% and 59% of our net sales during the three months ended June 30, 2023 and 2022, respectively, and approximately 57% and 59% during the six months ended June 30, 2023 and 2022, respectively. Our activities expose us to a variety of market risks, including the effects of changes in foreign currency exchange rates. These financial risks are monitored and managed by us as an integral part of our overall risk management program.   

  

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The vast majority of our foreign sales are denominated in the customers' local currency. Movements in foreign currency exchange rates pose a risk to our operations and competitive position, in that exchange rate changes may affect our profitability and cash flow, and the business or pricing strategies of our non-U.S. based competitors. We use foreign currency forward contracts as hedges of forecasted sales and expenses that are denominated in foreign currencies and as hedges of foreign currency denominated financial assets or liabilities. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash inflows or outflows resulting from these transactions will be adversely affected by changes in exchange rates. We designate foreign currency forward contracts as cash flow hedges of forecasted net sales or forecasted expenses. In addition, we hedge our foreign currency denominated balance sheet exposures using foreign currency forward contracts that are not designated as hedging instruments. None of our derivative instruments contain a credit-risk-related contingent feature.

 

 Cash flow hedges  

To help minimize the financial impact of fluctuations in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one to three years, we have instituted a foreign currency cash flow hedging program. We hedge portions of our forecasted net sales and forecasted expenses denominated in foreign currencies with forward contracts. For forward contracts, when the value of the dollar changes significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the forward contracts designated as hedges. We use foreign currency forward contracts for up to 100% of our forecasted exposures in selected currencies (primarily in Euro, Japanese yen, Hungarian forint, British pound, Malaysian ringgit, Korean won and Chinese yuan) and limit the duration of these contracts to 40 months or less.  

For foreign currency derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated other comprehensive income ("OCI") and reclassified into earnings in the same line item (net sales, operating expenses, or cost of sales) associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the hedged or economically hedged item, primarily in operating activities. Hedge effectiveness of foreign currency forwards designated as cash flow hedges is measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the forecasted transaction’s terminal value.

We held forward contracts designated as cash flow hedges with the following notional amounts:

(In thousands)						US Dollar Equivalent
						As of June 30, 2023						As of December 31,
						(Unaudited)						2022
British pound						$	16,688					$	13,929
Chinese yuan						94,463						73,419
Euro						130,162						109,091
Hungarian forint						8,813						19,529
Japanese yen						28,647						21,285
Korean won						20,298						14,048
Malaysian ringgit						2,941						8,856
Total forward contracts notional amount						$	302,012					$	260,157

  

The contracts in the foregoing table had contractual maturities of 18 months or less at June 30, 2023 and 12 months or less at December 31, 2022.  

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At June 30, 2023, we expected to reclassify $5.0 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $0.6 million of losses on derivative instruments from accumulated OCI to cost of sales during the next twelve months when the hedged cost of sales are incurred and $0.5 million of losses on derivative instruments from accumulated OCI to operating expenses during the next twelve months when the hedged operating expenses occur. Expected amounts are based on derivative valuations at June 30, 2023. Actual results may vary materially as a result of changes in the corresponding exchange rates subsequent to this date.

In 2022, we entered into interest rate swap agreements with an aggregate notional value of $300 million and a term of three years. The economic effect of the swap agreements is to mitigate the uncertainty of the cash flows associated with floating-rate interest payments due under our term loan and revolving credit facility (“Credit Facility") by fixing the underlying annual interest rate for a portion of our outstanding debt under the Credit Facility at 3.9%, plus a margin. We have designated these interest rate swap agreements as qualifying hedging instruments and are accounting for these as cash flow hedges pursuant to ASC 815, Derivatives and Hedging.

The fair values of these interest rate swap agreements are included in prepaid expenses and other current assets and other long-term liabilities in our condensed consolidated balance sheets at June 30, 2023 and December 31, 2022. Changes in the fair values of these interest rate swap agreements are reported in accumulated other comprehensive loss in our condensed consolidated balance sheets and an amount is reclassified out of accumulated other comprehensive loss into Other (expense) income in the same period that the corresponding interest expense is recognized.

We do not use any interest rate swap agreements for trading purposes.

  

Other Derivatives  

Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge our foreign denominated monetary assets and liabilities to help protect against the change in value caused by a fluctuation in foreign currency exchange rates. We typically attempt to hedge up to 90% of our outstanding foreign denominated net receivables or net payables and typically limit the duration of these foreign currency forward contracts to approximately 90 days or less. The gain or loss on the derivatives as well as the offsetting gain or loss on the hedge item attributable to the hedged risk is recognized in current earnings under the line item “Other expense.” As of June 30, 2023 and December 31, 2022, we held foreign currency forward contracts that were not designated as hedging instruments with a notional amount of $341 million and $282 million, respectively.   

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The following tables present the fair value of derivative instruments on our Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022, respectively.

						Asset Derivatives
												June 30, 2023						December 31, 2022
(In thousands)												(Unaudited)
						Balance Sheet Location						Fair Value						Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards						Prepaid expenses and other current assets						$	8,074					$	8,968
Interest rate contracts - ST forwards						Prepaid expenses and other current assets						3,411						2,299
Interest rate contracts - LT forwards						Other long-term assets						1,056						—
Foreign exchange contracts - LT forwards						Other long-term assets						893						—
Total derivatives designated as hedging instruments												$	13,434					$	11,267
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards						Prepaid expenses and other current assets						$	4,443					$	1,057
Total derivatives not designated as hedging instruments												$	4,443					$	1,057
Total derivatives												$	17,877					$	12,324

   

						Liability Derivatives
												June 30, 2023						December 31, 2022
(In thousands)												(Unaudited)
						Balance Sheet Location						Fair Value						Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards						Accrued expenses and other current liabilities						$	(4,202)					$	(9,940)
Foreign exchange contracts - LT forwards						Other long-term liabilities						(25)						(196)
Interest rate contracts - LT forwards						Other long-term liabilities						—						(1,013)
Total derivatives designated as hedging instruments												$	(4,227)					$	(11,149)
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards						Accrued expenses and other current liabilities						$	(2,040)					$	(8,177)
Total derivatives not designated as hedging instruments												$	(2,040)					$	(8,177)
Total derivatives												$	(6,267)					$	(19,326)

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The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the three months ended June 30, 2023 and 2022, respectively:

June 30, 2023
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship						Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards						$	4,682					Net sales						$	3,646
Foreign exchange contracts - forwards						557						Cost of sales						(412)
Foreign exchange contracts - forwards						458						Operating expenses						(302)
Interest rate swap contracts - forwards						5,146						Other (expense) income						802
Total						$	10,843											$	3,734

June 30, 2022
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship						Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards						$	10,252					Net sales						$	5,055
Foreign exchange contracts - forwards						(2,446)						Cost of sales						(860)
Foreign exchange contracts - forwards						(1,645)						Operating expenses						(691)
Total						$	6,161											$	3,504

(In thousands)

Derivatives not Designated as Hedging Instruments

Location of Gain (Loss) Recognized in Income

Amount of Gain (Loss) Recognized in Income

Amount of Gain (Loss) Recognized in Income

June 30, 2023

June 30, 2022

(Unaudited)

(Unaudited)

Foreign exchange contracts - forwards

Other (expense) income

$

4,176

3,590

Total

$

4,176

$

3,590

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The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the six months ended June 30, 2023 and 2022, respectively:

June 30, 2023
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship						Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards						$	2,953					Net sales						$	5,890
Foreign exchange contracts - forwards						1,700						Cost of sales						(972)
Foreign exchange contracts - forwards						1,334						Operating expenses						(630)
Interest rate swap contracts - forwards						3,180						Other (expense) income						1,329
Total						$	9,167											$	5,617

June 30, 2022
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship						Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income						Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards						$	12,136					Net sales						$	6,794
Foreign exchange contracts - forwards						(2,467)						Cost of sales						(1,187)
Foreign exchange contracts - forwards						(1,642)						Operating expenses						(931)
Total						$	8,027											$	4,676

(In thousands)
Derivatives not Designated as Hedging Instruments						Location of Gain (Loss) Recognized in Income						Amount of Gain (Loss) Recognized in Income						Amount of Gain (Loss) Recognized in Income
												June 30, 2023						June 30, 2022
												(Unaudited)						(Unaudited)
Foreign exchange contracts - forwards						Other (expense) income						$	3,319					$	2,787
Total												$	3,319					$	2,787

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Inventories, net consist of the following: 

						June 30, 2023						December 31,
(In thousands)						(Unaudited)						2022
Raw materials						$	278,308					$	273,311
Work-in-process						10,670						14,968
Finished goods						137,661						119,302
Total						$	426,639					$	407,581
Less: Inventory reserve						$	(25,013)					$	(19,417)
Total						$	401,626					$	388,164

  

Intangible assets at June 30, 2023 and December 31, 2022 are as follows:

						June 30, 2023
(In thousands)						(Unaudited)																		December 31, 2022
						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Capitalized software development costs						$	11,399					$	(8,477)					$	2,922					$	18,810					$	(15,321)					$	3,489
Acquired technology						179,519						(68,372)						111,147						167,686						(54,351)						113,335
Customer relationships						92,778						(32,904)						59,874						98,827						(33,514)						65,313
Patents						37,627						(32,080)						5,547						37,240						(31,368)						5,872
Other						25,556						(12,142)						13,414						34,078						(21,237)						12,841
Total						$	346,879					$	(153,975)					$	192,904					$	356,641					$	(155,791)					$	200,850

 

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 generally range from five to ten years. Patents are amortized using the straight-line method over their estimated period of benefit, which generally range from ten to seventeen years. Total intangible assets amortization expenses were $13.7 million and $14.8 million for the three months ended June 30, 2023 and 2022, respectively, and $26.4 million and $27.2 million for the six months ended June 30, 2023 and 2022, respectively.

Goodwill

  

The carrying amount of goodwill as of June 30, 2023 was as follows:

(In thousands)			Amount
Balance as of December 31, 2022			$	615,734
Acquisitions			18,651
Foreign currency translation impact			4,074
Balance as of June 30, 2023 (unaudited)			$	638,459

Refer to Note 17 - Acquisitions of Notes to Condensed Consolidated Financial Statements for additional details on the acquisition-related amounts recorded to goodwill during the six months ended June 30, 2023.

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We have operating leases for corporate offices, automobiles, and certain equipment. Our leases have remaining terms of 1 year to 91 years, some of which may include options to extend the leases for up to 9 years, and some of which may include options to terminate the leases within 1 year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term.

Amounts related to finance lease activities and income from leasing activities were not material for the periods presented.

The components of operating lease expense were as follows (unaudited):

			Three Months Ended						Six Months Ended
(In thousands)			June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Operating Lease Cost (1)			$	7,355		$	5,478		$	13,669		$	10,895
(1) Includes variable and short-term lease costs

Maturities of lease liabilities as of June 30, 2023 were as follows (unaudited):

(In thousands)
Years ending December 31,			Operating Leases
2023 (Excluding the six months ended June 30, 2023)			$	10,045
2024			15,704
2025			11,889
2026			9,808
2027			5,214
Thereafter			7,958
Total future minimum lease payments			60,618
Less imputed interest			(7,524)
Total lease liabilities			$	53,094

As of June 30, 2023, we have additional operating leases that have not commenced, which were not material.

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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 $75 million and $74 million at June 30, 2023 and December 31, 2022, respectively. A majority of the valuation allowance is related to the deferred tax assets of National Instruments Hungary Kft.

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 $18.3 million and $12.6 million of gross unrecognized tax benefits at June 30, 2023 and December 31, 2022, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $2.3 million for the three months ended June 30, 2023, as a result of the tax positions taken during the current period. As of June 30, 2023, it is reasonably possible that we will recognize gross tax benefits in the amount of $0.8 million in the next twelve months due to the closing of open tax years. The nature of the uncertainty is related to deductions 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 June 30, 2023, we recognized interest expense related to uncertain tax positions of approximately $0.1 million. As of June 30, 2023, we had approximately $0.4 million accrued for interest related to uncertain tax positions. The tax years 2016 through 2023 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 6% and 28% for the three months ended June 30, 2023 and 2022, respectively, and 10% and 21% for the six months ended June 30, 2023 and 2022, respectively. For the three and six months ended June 30, 2023, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of excess tax benefit from share-based compensation and foreign taxes less than the statutory rate, offset by the change in unrecognized tax benefits. For the three months ended June 30, 2022, our effective tax rate was higher than the U.S. federal statutory rate of 21% primarily as a result of excess tax expense from share-based compensation, offset by the deduction for foreign-derived intangible income. For the six months ended June 30, 2022, our effective tax rate was equal to the U.S. federal statutory rate of 21% primarily as a result of excess tax expense from share-based compensation, offset by the deduction for foreign-derived intangible income.

Our earnings from our operations 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 $4.3 million and $10.4 million for the three and six months ended June 30, 2023, respectively, and income tax benefits of $0.9 million and $2.9 million for the three and six months ended June 30, 2022, 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 and six months ended June 30, 2023 were approximately $1.9 million and $3.2 million, respectively. The income tax benefits of the tax holiday for the three and six months ended June 30, 2022 were approximately $0.5 million and $1.1 million, respectively.  The impact of the tax holiday on a per share basis for the three and six months ended June 30, 2023 was approximately $0.01 per share and $0.02 per share, respectively. The impact of the tax holiday on a per share basis for each of the three and six months ended June 30, 2022, was approximately $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.

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						June 30, 2023
						(Unaudited)
(In thousands)						Currency translation adjustment												Derivative instruments						Accumulated other comprehensive income/(loss)
Balance as of December 31, 2022						$	(38,250)											385						$	(37,865)
Current-period other comprehensive income						6,116												14,784						20,900
Reclassified from accumulated OCI into income						—												(5,617)						(5,617)
Income tax expense						—												(1,902)						(1,902)
Balance as of June 30, 2023						$	(32,134)											$	7,650					$	(24,484)

						June 30, 2022
						(Unaudited)
(In thousands)						Currency translation adjustment												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						(13,446)												12,703						(743)
Reclassified from accumulated OCI into income						—												(4,676)						(4,676)
Income tax expense						—												(1,930)						(1,930)
Balance as of June 30, 2022						$	(36,625)											$	9,145					$	(27,480)

  

Authorized shares of common and preferred stock

The total number of shares which we are authorized to issue is 365,000,000 shares, consisting of (i) 5,000,000 shares of preferred stock, par value $0.01 per share, and (ii) 360,000,000 shares of common stock, par value $0.01 per share.

Stock-Based Compensation Plan  

Our stockholders approved our 2010 Incentive Plan (the “2010 Plan”) on May 11, 2010. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under the 2010 Plan, as well as the 3,362,304 shares of common stock that were reserved but not issued under our 1994 Incentive Stock Options Plan (the "1994 Plan") and the 2005 Incentive Plan (the "2005 Plan") as of May 11, 2010, and any shares that are returned to the 1994 Plan and the 2005 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2010 Plan provided for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten-year awards may accelerate based on our previous year’s earnings and growth but ten-year awards cannot accelerate to vest over a period of less than five years. The 2010 Plan terminated on May 12, 2015, except with respect to the outstanding awards previously granted thereunder. There were 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015.

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Our stockholders approved our 2015 Equity Incentive Plan (the “2015 Plan”) on May 12, 2015. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under the 2015 Plan, as well as the 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015, and any shares that were returned to the 1994 Plan, 2005 Plan, and 2010 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2015 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company and such awards may be subject to performance-based vesting conditions. Awards generally vest over a three, four, five or ten-year period, beginning on the date of grant. Vesting of ten-year awards may accelerate based on our previous year’s earnings and growth but ten-year awards cannot accelerate to vest over a period of less than five years. The 2015 Plan terminated on May 5, 2020, except with respect to the outstanding awards previously granted thereunder. There were 567,142 shares of common stock that were reserved but not issued under the 2015 Plan as of May 5, 2020.   

Our stockholders approved our 2020 Equity Incentive Plan (the “2020 Plan”) on May 5, 2020. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2020 Plan, as well as the 567,142 shares of common stock that were reserved but not issued under the 2015 Plan as of May 5, 2020, and any shares that were returned to the 2005 Plan, 2010 Plan, and 2015 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2020 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards generally vest over a one, two, three or four-year period, beginning on the date of the grant and awards may be subject to performance-based vesting conditions. There were 1,568,571 shares of common stock that were reserved but not issued under the 2020 Plan as of May 10, 2022.

Our stockholders approved our 2022 Equity Incentive Plan (the “2022 Plan”) on May 10, 2022. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2022 Plan, as well as the 1,568,571 shares of common stock that were reserved but not issued under the 2020 Plan as of May 10, 2022, and any shares that were returned to the 2005 Plan, 2010 Plan, 2015 Plan and 2020 Plan as a result of the forfeiture, repurchase or termination of unissued shares subject to options or RSUs issued under those plans. The 2022 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards generally vest over a one, two, three or four-year period, beginning on the date of the grant and awards may be subject to performance-based vesting conditions. There were 5,340,243 shares available for grant under the 2022 Plan at June 30, 2023.

Performance-based stock units

During the six months ended June 30, 2023 and 2022, we granted 70,224 and 164,843 performance-based restricted stock units (“PRSUs”), respectively, to executive officers pursuant to the 2022 Plan and 2020 Plan. The PRSUs may be earned based on our total shareholder return (“TSR”) compared to the TSR of the Russell 2000 Index or, for awards granted on or after March 3, 2023, the NASDAQ Composite Index (the “Index”), in each case, over a three-year performance period. For the PRSUs granted during the six months ended June 30, 2023, the three-year performance period commenced on January 1, 2023 and will end on December 31, 2025, and for the PRSUs granted during the six months ended June 30, 2022, the three year performance commenced on January 1, 2022 and will end on December 31, 2024, in each case, using the average daily closing price over a 30-day lookback. The number of awards earned could range from 0% to 200% times the target number of units granted. Additionally, for awards granted on or after March 3, 2023, the number of PRSUs that may vest pursuant to an award agreement shall not exceed 100% of the target number of PRSUs subject to such award if our absolute total shareholder return is negative during the performance period for such award.

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The fair values of PRSUs are estimated using a Monte Carlo simulation. The determination of fair value of the PRSUs is based on our stock price and a number of assumptions including the expected volatility, expected dividend yield and the risk-free interest rate. The expected volatility at the date of grant was based on the historical volatilities of our stock and the companies included in the Index over the performance period. The Monte Carlo model is based on random projections of stock-price paths and must be repeated numerous times to achieve a probabilistic assessment. The key assumptions used in valuing these market-based awards are as follows:

			Six Months Ended
			(unaudited)
			June 30, 2023			June 30, 2022
Number of simulations			100,000			100,000
Expected volatility			32.27%			37.81%
Expected life in years			2.84 years			2.95 years
Risk-free interest rate			4.45%			1.33%
Dividend yield			2.45%			2.52%

The weighted average grant date fair value of the market-based awards, as determined by the Monte Carlo valuation model, was $84.45 per share and $59.65 per share in 2023 and 2022, respectively.

Employee stock purchase plan  

Our employee stock purchase plan (“ESPP”) permits substantially all domestic employees and employees of designated subsidiaries to acquire our common stock at a purchase price of 85% of the lower of the market price at the beginning or the end of the purchase period. The plan has quarterly purchase periods generally beginning on February 1, May 1, August 1 and November 1 of each year. Employees may designate up to 15% of their compensation for the purchase of common stock under the ESPP. Pursuant to the terms of our merger agreement (the “Merger Agreement”) with Emerson Electric Co. ("Emerson") and Emersub CXIV, Inc. ("Merger Sub"), our ESPP program was suspended indefinitely after the May 1, 2023 purchase.

On May 10, 2022, our stockholders approved an additional 3,000,000 shares for issuance under our ESPP. At June 30, 2023, we had 3,613,670 shares of common stock reserved for future issuance under the ESPP. We issued 459,420 shares under this plan in the six months ended June 30, 2023 and the weighted average purchase price was $37.82 per share. During the six months ended June 30, 2023, we did not make any changes in accounting principles or methods of estimates with respect to our ESPP.  

Authorized shares of common and preferred stock

We have 5,000,000 authorized shares of preferred stock.

On January 21, 2004, our Board of Directors designated 750,000 of these shares as Series A Participating Preferred Stock in conjunction with the adoption of a Preferred Stock Rights Agreement which expired on May 10, 2014. There were no shares of Series A Preferred Stock issued and outstanding at June 30, 2023.

On January 13, 2023, our Board of Directors designated 2,000,000 of these shares as Series B Participating Preferred Stock (“Series B Preferred Stock”) in conjunction with its adoption of a stockholder rights plan (the "Rights Agreement"), as previously disclosed in our Current Report on Form 8-K filed on January 13, 2023. On April 12, 2023, in connection with entering into the Merger Agreement, the stockholder rights plan was modified so that the rights thereunder will not be exercisable by virtue of the Merger Agreement or any agreement or transactions contemplated thereby, as previously disclosed in our Current Report on Form 8-K filed on April 12, 2023.

Stock repurchases and retirements 

 

On April 21, 2010, our Board of Directors authorized a program to repurchase shares of our common stock from time to time, depending on market conditions and other factors (the “2019 Program”). Our Board of Directors has amended the 2019 Program several times over the years to increase the number of shares that may be purchased under the program. On October 23, 2019, our Board of Directors amended the 2019 Program to increase the number of shares that may be repurchased by 3,000,000 shares.

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We operate as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and the notes thereto.

  

We sell our products in three geographic regions which consist of the Americas region, the Europe, Middle East and Africa region ("EMEA"), and the Asia-Pacific region ("APAC"). Our sales to these regions share similar economic characteristics including the nature of products and services we sell, the type and class of customers, and the methods used to distribute our products and services. Revenue from the sale of our products, which are similar in nature, and software maintenance is reflected as total net sales in our Condensed Consolidated Statements of Income. (Refer to Note 2 - Revenue of Notes to Condensed Consolidated Financial Statements for total net sales by the major geographic region in which we operate).    

The following table presents summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's billing location. Net sales attributable to each individual foreign country outside the U.S. and China were not material.

(in millions)			United States			China(1)			Rest of the World			Total
Net sales:
Three months ended June 30, 2023			$	183		$	59		$	175		$	417
Three months ended June 30, 2022			$	153		$	66		$	177		$	396
Six months ended June 30, 2023			$	355		$	141		$	358		$	854
Six months ended June 30, 2022			$	306		$	121		$	354		$	781
(1): Includes Mainland China and the Hong Kong Special Administrative Region

The following table presents summarized information for long-lived assets by country. Long-lived assets attributable to each individual country outside the U.S., Hungary and Malaysia were not material. Long-lived assets consist of property, plant, and equipment and operating lease right-of-use assets excluding intangible assets.

(in millions)			United States			Hungary			Malaysia			Rest of the World			Total
Long-lived Assets:
June 30, 2023			$	151		$	59		$	80		$	62		$	352
December 31, 2022			$	124		$	58		$	82		$	61		$	325

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The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of June 30, 2023 (unaudited) and December 31, 2022, respectively (in thousands):

			June 30,			December 31,
(in thousands)			2023			2022
Secured
Term Loan			$	481,250		$	493,750
Revolving line of credit			110,000			50,000
Total Debt			591,250			543,750
Less: Unamortized debt issuance costs			(1,877)			(2,113)
Less: Current portion of total debt			(25,000)			(25,000)
Total Debt, non-current			$	564,373		$	516,637

The effective interest rate for the term loan and the revolving line of credit, both drawn under our Credit Facility, was 6.7% as of June 30, 2023. The effective interest rates for the term loan and revolving line of credit as of December 31, 2022 were 5.6% and 5.7%, respectively.

Debt Issuance Costs

Debt issuance costs of approximately $1.8 million attributable to our revolving line of credit are presented within "Other long-term assets" in our Condensed Consolidated Balance Sheet and debt issuance costs of approximately $1.9 million attributable to the term loan are presented within "Debt, non-current" as of June 30, 2023. Debt issuance costs of approximately $2.1 million attributable to our revolving line of credit are presented within "Other long-term assets" in our Condensed Consolidated Balance Sheet and debt issuance costs of approximately $2.1 million attributable to the term loan are presented within "Debt, non-current" as of December 31, 2022. These amounts are amortized to interest expense ratably over the life of the revolving line of credit and the term loan, respectively.

Credit Facility

On August 24, 2022, we amended the terms of our Credit Facility by entering into a Third 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, BofA Securities, Inc. and Citibank, N.A., as joint lead arrangers and joint bookrunners, BofA Securities, Inc. and Citibank, N.A., as syndication agents, and the lenders party thereto. The Credit Agreement amends and restates and refinances our Second Amended and Restated Credit Agreement, dated as of June 18, 2021, by and among us, the lenders from time-to-time party thereto and Wells Fargo Bank, National Association, as the administrative agent (the "Prior Credit Agreement"). All outstanding loans under the Prior Credit Agreement were repaid in full in connection with the entry into the Credit Agreement. The replacement of the Prior Credit Agreement with the Credit Agreement was treated as a debt modification and the remaining balance of unamortized debt issuance costs were allocated to the new loan facilities.

The Credit Agreement provides for a $1 billion Credit Facility consisting of (a) a secured revolving loan facility in an aggregate principal amount of up to $500 million at any time outstanding, with a sublimit of $25 million for the issuance of letters of credit and (b) a secured term loan facility in an aggregate principal amount of $500 million. Subject to the terms of the Credit Agreement, including obtaining commitments from existing lenders or new lenders, we may request additional term loans and/or additional revolving loan commitments. The Credit Facility terminates, and all revolving loans outstanding and/or outstanding term loan amounts (together with accrued interest and fees) are payable in full, on August 24, 2027, unless terminated earlier pursuant to the terms of the Credit Agreement. The term loans amortize in quarterly payments equal to 1.25% of the original principal amount of the term loans, with the remaining outstanding balance due at maturity.

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The term loans and revolving 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) an adjusted term SOFR for an interest period of one month plus 1.00%, plus a margin of 0.25% to 0.75%; or (ii) an adjusted term SOFR (for an interest period of one, three or six months) 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 consolidated total net 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 consolidated 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 portion 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 our obligations under the Credit Agreement, among other things. As of June 30, 2023, there were no Subsidiary Guarantors, and no Guaranty had been executed. In connection with the Credit Agreement, we entered into a Second Amended and Restated Collateral Agreement (the "Collateral Agreement") pursuant to which we granted a continuing security interest on substantially all of our assets, in favor of the Administrative Agent (for the benefit of the lenders of the Credit Facility), to secure our obligations under the Credit Agreement, Subsidiary Guarantors are required to join the Collateral Agreement and make similar grants of security interests.

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 interest rate equal to 2.00% above the otherwise applicable interest rate.

The proceeds of the term loans made on August 24, 2022 were used to prepay in full the revolving loans outstanding under the Prior Credit Agreement. Remaining proceeds of the term loans made on August 24, 2022 were used to pay associated costs, fees and other expenses and for other working capital and general corporate purposes. Proceeds of current and additional revolving loans under the Credit Agreement may be used for working capital and other general corporate purposes including acquisitions, share repurchases and dividend payouts. We may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty.

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We offer a standard warranty on most hardware products which is included in the terms of sale of such products. During 2022, we enhanced the service entitlements included with our standard warranty to include technical support and dependable repair and replacement coverage. Standard warranties sold with these additional entitlements are now accounted for as service-type warranties and the revenue allocated to these performance obligations is now recognized over the service duration of one or three years, and the related warranty costs are recognized as incurred. We also offer additional extensions or enhancements to the service-type warranties described above, for which the related revenue is also recognized ratably over the warranty period. The included service period for the enhanced service entitlements was three years for the vast majority of orders placed during 2022. In late 2022, we shortened the default service period for our service-type warranty entitlements to one year, with the ability to add optional, separately-priced extensions for subsequent years. Consequently, revenue deferrals related to service-type warranties are expected to decrease on a year over year basis during the remainder of 2023.

For hardware previously sold with only an assurance-type warranty, a provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred. Our estimate is based on historical experience and product sales during the period. The warranty reserve as of June 30, 2023 and December 31, 2022 was $1.8 million and $1.5 million, respectively.

  

In the ordinary course of business, we enter into purchase orders with suppliers for the purchase of goods and services, including non-cancelable agreements for certain inventory components ("unconditional purchase obligations"). Our unconditional purchase obligations primarily consist of commitments to various suppliers for inventory components and the majority relate to amounts due within the next 12 months. As of June 30, 2023, and December 31, 2022 our future payments under unconditional purchase obligations with a remaining term in excess of one year were approximately $10.2 million and $19.4 million, respectively. As of June 30, 2023, our outstanding guarantees for payment of customs and foreign grants were not material.

2023 Restructuring

During the first quarter of 2023, we announced a workforce reduction plan (the "2023 Plan") intended to realign our investments to accelerate our growth strategy and further optimize our operations and cost structure. The 2023 Plan will result in reductions to our worldwide headcount of approximately 4% during 2023. In connection with the Plan, we incurred approximately $17.1 million of charges consisting primarily of cash termination benefits and other employee-related costs during the first half of 2023.

We expect to incur an additional $0.5 million of additional costs related to our restructuring plans during the remainder of 2023.

2022 and 2021 Restructuring

During the three and six months ended June 30, 2023, we recognized approximately $0.1 million and $0.6 million in severance-related charges for restructuring activities that were initiated in prior years, respectively. The charges related to the prior workforce reduction plans in 2021 and 2022 had been fully recognized as of June 30, 2023.

A summary of the charges in our consolidated statement of operations resulting from our restructuring activities is shown below:

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						(Unaudited)												(Unaudited)
						2023						2022						2023						2022
Cost of sales						$	260					$	—					$	1,779					$	—
Research and development						97						292						3,174						692
Sales and marketing						26						—						5,993						—
General and administrative						1,268						—						6,526						—
Total restructuring and other related costs						$	1,651					$	292					$	17,472					$	692

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A summary of balance sheet activity during 2023 related to our restructuring activity is shown below:

(in thousands)			Restructuring Liability
Balance as of December 31, 2022			$	10,009
Income statement expense			17,472
Cash payments			(21,710)
Balance as of June 30, 2023			$	5,771

The restructuring liability of $5.8 million at June 30, 2023 related primarily to future severance payments is recorded  in the “Accrued compensation” line item of the condensed consolidated balance sheet.

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SET Acquisition

On March 6, 2023, we acquired the remaining 75.1% ownership interest in one of our equity-method investments, SET, for approximately $24 million in total cash consideration, subject to certain post-closing adjustments. Of the total cash consideration, approximately $2.7 million will be held back as security for certain representations, warranties, and obligations of the sellers, payable in the first quarter of 2024. SET is a Germany-based expert in aerospace and defense test system development and an innovator in power semiconductor reliability test. This transaction was accounted for as a business combination using the acquisition method of accounting.

We recognized a gain of approximately $3 million on the remeasurement of our existing 24.9% equity-method investment to fair value on the acquisition date during the first quarter of 2023. The carrying value of the investment immediately prior to the acquisition date was approximately $3 million. The gain is presented in "Other (expense) income."

All of the acquired assets and liabilities of SET have been recorded at their respective fair values as of the acquisition date. We recognized approximately $18.7 million of goodwill and $13.5 million of other intangible assets as part of our preliminary purchase price allocation as of March 31, 2023. 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 June 30, 2023, and is based upon a preliminary valuation which is subject to change as we obtain additional information with respect to certain intangible assets, inventory and income taxes. During the second quarter of 2023, we identified and recorded several measurement period adjustments related to the provisional amounts recorded as of March 31, 2023. The measurement period adjustments resulted in an increase in the preliminary amount of goodwill of $6.6 million and a corresponding decrease to acquired intangibles and inventory. The adjustments did not have a material impact on our net income or earnings per share.

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.

Kratzer Acquisition

On May 2, 2022, we completed the acquisition of certain assets of, and assumed certain liabilities of, the test systems business ("TS Business") of Germany-based Kratzer Automation AG (“Kratzer”). As part of this integrated transaction, we also purchased 100% of the shares in certain subsidiaries of Kratzer: Kratzer Automation S.a.r.l. ("Kratzer France"), Kratzer Automation Inc. ("Kratzer US") and Kratzer Automation (Shanghai) Co., Ltd. ("Kratzer China"). The acquisitions of Kratzer France, Kratzer US, and Kratzer China were completed on June 1, 2022, June 2, 2022, and August 26, 2022, respectively. This transaction was accounted for as a business combination using the acquisition method of accounting. Total cash consideration for the transaction was $56.3 million inclusive of $0.7 million in cash acquired. All of the acquired assets and liabilities of the TS Business have been recorded at their respective fair values as of the acquisition date. The acquisition was funded by cash on hand.

Transaction costs have been expensed as incurred. We expensed $2.2 million of transaction costs during 2022 related to the acquisition of the TS Business, which are included in selling, general and administrative expenses.

The excess of the purchase price over the net assets acquired was recorded as goodwill. The goodwill generated from the acquisition is primarily attributed to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification test systems and other related applications. The goodwill is deductible locally and in the U.S. over 15 years for federal income tax purposes.

During the fourth quarter of 2022, we recorded measurement period adjustments to our preliminary estimate of the fair value of intangible assets acquired as a result of new information obtained on acquired customer contracts. The net decrease to the fair value of total intangible assets acquired was $10 million, with a corresponding increase to goodwill. This change to the provisional amount did not have a material impact to the income statements in the current or previous reporting periods.

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Fair value of net assets acquired and liabilities assumed

The information below represents the purchase price allocation of the TS Business (in thousands):

						May 2, 2022
Consideration Transferred			$			56,324
Cash and cash equivalents						672
Accounts receivable						2,616
Inventories						5,130
Prepaid expenses and other current assets						1,900
Property and equipment						1,145
Goodwill						29,223
Intangible assets						25,010
Operating lease right-of-use assets						4,820
Other long-term assets						108
Accounts payable and accrued expenses						(966)
Accrued compensation						(463)
Operating lease liabilities - current						(1,050)
Other current liabilities						(8,233)
Operating lease liabilities - non-current						(3,588)
Net Assets Acquired			$			56,324

The purchase price allocation related to the acquisition was finalized as of June 30, 2023.

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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.

			Estimated Fair Value (in thousands)			Estimated Useful Lives (in years)
Customer relationships			$	2,470		10
Developed software			20,830			5
Trade name contractual rights			1,710			2
Total			25,010

Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. The economic useful life was determined by examining the period of time over which the customer attrition curve falls below a target threshold.

Developed software represents the fair value of automation systems for performing test bench tasks and management systems for all resources and accruing data in the test field. The economic life of this software is estimated to be 5 years based on the expected future utilization of the software in its current form.

Results of operations of the business acquired have been included in our condensed consolidated financial statements subsequent to the dates of acquisition. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material.

Heinzinger Acquisition

On February 28, 2022, we completed the acquisition of the systems business of Heinzinger Electronic GmbH (“Heinzinger”) for $22.5 million in total cash consideration, including a holdback amount of approximately $3.1 million that was released to Heinzinger during the first quarter of 2023. 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 $13.5 million of goodwill and $7.2 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. The acquisition was funded by cash on hand.

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.

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Dividends

On July 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on August 29, 2023, to stockholders of record on August 8, 2023.

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v3.23.2

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-25426
Entity Registrant Name	NATIONAL INSTRUMENTS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1871327
Entity Address, Address Line One	11500 North MoPac Expressway
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	512
Local Phone Number	683-0100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		132,797,497
Entity Central Index Key	0000935494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NATI
Security Exchange Name	NASDAQ
Preferred Stock, Purchase Right
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 139,243	$ 139,799
Accounts receivable, net	389,926	445,279
Inventories, net	401,626	388,164
Prepaid expenses and other current assets	123,949	115,677
Total current assets	1,054,744	1,088,919
Property and equipment, net	283,907	265,380
Goodwill	638,459	615,734
Intangible assets, net	192,904	200,850
Operating lease right-of-use assets	68,062	59,176
Other long-term assets	124,918	128,479
Total assets	2,362,994	2,358,538
Liabilities and stockholders' equity
Accounts payable	60,514	54,639
Accrued compensation	49,575	71,422
Deferred revenue - current	158,247	137,208
Operating lease liabilities - current	16,608	13,834
Other taxes payable	55,622	67,615
Debt, current	25,000	25,000
Accrued expenses and other current liabilities	58,833	153,157
Total current liabilities	424,399	522,875
Deferred income taxes	5,983	1,676
Income tax payable - non-current	22,581	40,646
Deferred revenue - non-current	60,094	63,066
Operating lease liabilities - non-current	36,486	30,588
Debt, non-current	564,373	516,637
Other long-term liabilities	31,558	26,926
Total liabilities	1,145,474	1,202,414
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; 132,797,497 shares and 131,004,965 shares issued and outstanding, respectively	1,328	1,310
Additional paid-in capital	1,251,971	1,207,420
Retained deficit	(11,295)	(14,741)
Accumulated other comprehensive loss	(24,484)	(37,865)
Total stockholders’ equity	1,217,520	1,156,124
Total liabilities and stockholders’ equity	$ 2,362,994	$ 2,358,538

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	132,797,497	131,004,965
Common stock, outstanding (in shares)	132,797,497	131,004,965

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales:
Total net sales	$ 416,804	$ 395,515	$ 853,629	$ 780,770
Cost of sales:
Total cost of sales	118,487	127,474	251,193	246,702
Gross profit	298,317	268,041	602,436	534,068
Operating expenses:
Sales and marketing	123,101	124,908	240,443	245,064
Research and development	83,801	85,589	170,438	167,750
General and administrative	50,504	36,772	93,719	69,949
Total operating expenses	257,406	247,269	504,600	482,763
Operating income	40,911	20,772	97,836	51,305
Other expense	(8,500)	(3,505)	(11,519)	(3,473)
Income before income taxes	32,411	17,267	86,317	47,832
Provision for income taxes	1,919	4,833	8,896	10,162
Net income	$ 30,492	$ 12,434	$ 77,421	$ 37,670
Basic earnings per share (in usd per share)	$ 0.23	$ 0.09	$ 0.59	$ 0.29
Weighted average shares outstanding - basic (in shares)	132,369	131,973	131,850	132,039
Diluted earnings per share (in usd per share)	$ 0.23	$ 0.09	$ 0.58	$ 0.28
Weighted average shares outstanding - diluted (in shares)	134,171	132,708	133,693	132,948
Dividends declared per share (in usd per share)	$ 0.28	$ 0.28	$ 0.56	$ 0.56
Product
Net sales:
Total net sales	$ 379,436	$ 354,805	$ 779,835	$ 698,489
Cost of sales:
Total cost of sales	113,625	123,307	241,181	238,332
Software maintenance
Net sales:
Total net sales	37,368	40,710	73,794	82,281
Cost of sales:
Total cost of sales	$ 4,862	$ 4,167	$ 10,012	$ 8,370

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 30,492	$ 12,434	$ 77,421	$ 37,670
Other comprehensive income (loss), before tax and net of reclassification adjustments:
Foreign currency translation adjustment	1,227	(9,640)	6,116	8,027
Unrealized gain on derivative instruments	10,843	6,161	9,167	(13,446)
Other comprehensive income (loss), before tax	12,070	(3,479)	15,283	(5,419)
Tax expense related to items of other comprehensive income	2,286	1,507	1,902	1,930
Other comprehensive income (loss), net of tax	9,784	(4,986)	13,381	(7,349)
Comprehensive income	$ 40,276	$ 7,448	$ 90,802	$ 30,321

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net income	$ 77,421	$ 37,670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,541	45,742
Stock-based compensation	30,388	40,804
Gain from equity-method investees	(5,597)	(131)
Deferred income taxes	2,488	943
Changes in operating assets and liabilities	(75,368)	(169,930)
Net cash provided by (used in) operating activities	74,873	(44,902)
Cash flow from investing activities:
Acquisitions, net of cash received	(23,024)	(72,802)
Capital expenditures	(35,477)	(24,509)
Capitalization of internally developed software	(925)	(187)
Additions to other intangibles	(3,811)	(2,478)
Net cash used in investing activities	(63,237)	(99,976)
Cash flow from financing activities:
Proceeds from revolving line of credit	120,000	175,000
Payments on revolving line of credit	(60,000)	0
Payments on term loan	(12,500)	0
Proceeds from issuance of common stock	17,377	17,859
Repurchase of common stock	0	(70,000)
Dividends paid	(73,975)	(74,034)
Payments for taxes related to net share settlement of equity awards	(3,076)	0
Net cash (used in) provided by financing activities	(12,174)	48,825
Effect of exchange rate changes on cash	(18)	(4,180)
Net change in cash and cash equivalents	(556)	(100,233)
Cash and cash equivalents at beginning of period	139,799	211,106
Cash and cash equivalents at end of period	$ 139,243	$ 110,873

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional-Paid in Capital	Retained Deficit	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2021			132,293,898
Beginning balance at Dec. 31, 2021		$ 1,223,697	$ 1,323	$ 1,129,647	$ 112,858	$ (20,131)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		37,670			37,670
Other comprehensive (loss) gain, net of tax		(7,349)				(7,349)
Issuance of common stock under employee plans (in shares)			1,781,374
Issuance of common stock under employee plans		17,859	$ 18	17,841
Stock-based compensation		40,664		40,664
Repurchase of common stock (in shares)			(1,758,928)
Repurchase of common stock		(70,000)	$ (18)	(15,021)	(54,961)
Dividends paid	[1]	(74,034)			(74,034)
Ending Balance (in shares) at Jun. 30, 2022			132,316,344
Ending balance at Jun. 30, 2022		1,168,507	$ 1,323	1,173,131	21,533	(27,480)
Beginning Balance (in shares) at Mar. 31, 2022			131,876,464
Beginning balance at Mar. 31, 2022		1,207,438	$ 1,319	1,152,349	76,264	(22,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		12,434			12,434
Other comprehensive (loss) gain, net of tax		(4,986)				(4,986)
Issuance of common stock under employee plans (in shares)			1,426,756
Issuance of common stock under employee plans		8,615	$ 14	8,601
Stock-based compensation		20,609		20,609
Repurchase of common stock (in shares)			(986,876)
Repurchase of common stock		(38,545)	$ (10)	(8,428)	(30,107)
Dividends paid	[1]	(37,058)			(37,058)
Ending Balance (in shares) at Jun. 30, 2022			132,316,344
Ending balance at Jun. 30, 2022		$ 1,168,507	$ 1,323	1,173,131	21,533	(27,480)
Beginning Balance (in shares) at Dec. 31, 2022		131,004,965	131,004,965
Beginning balance at Dec. 31, 2022		$ 1,156,124	$ 1,310	1,207,420	(14,741)	(37,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		77,421			77,421
Other comprehensive (loss) gain, net of tax		13,381				13,381
Issuance of common stock under employee plans (in shares)			1,845,299
Issuance of common stock under employee plans		17,377	$ 19	17,358
Payments for taxes related to net share settlement of equity awards (in shares)			(52,767)
Payments for taxes related to net share settlement of equity awards		(3,076)	$ (1)	(3,075)
Stock-based compensation		30,268		30,268
Dividends paid	[2]	$ (73,975)			(73,975)
Ending Balance (in shares) at Jun. 30, 2023		132,797,497	132,797,497
Ending balance at Jun. 30, 2023		$ 1,217,520	$ 1,328	1,251,971	(11,295)	(24,484)
Beginning Balance (in shares) at Mar. 31, 2023			131,498,380
Beginning balance at Mar. 31, 2023		1,194,314	$ 1,315	1,231,894	(4,627)	(34,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		30,492			30,492
Other comprehensive (loss) gain, net of tax		9,784				9,784
Issuance of common stock under employee plans (in shares)			1,351,884
Issuance of common stock under employee plans		8,421	$ 14	8,407
Payments for taxes related to net share settlement of equity awards (in shares)			(52,767)
Payments for taxes related to net share settlement of equity awards		(3,076)	$ (1)	(3,075)
Stock-based compensation		14,745		14,745
Dividends paid	[2]	$ (37,160)			(37,160)
Ending Balance (in shares) at Jun. 30, 2023		132,797,497	132,797,497
Ending balance at Jun. 30, 2023		$ 1,217,520	$ 1,328	$ 1,251,971	$ (11,295)	$ (24,484)
[1] Cash dividends declared per share of common stock were $0.28 for the three months ended June 30, 2022, and $0.56 for the six months ended June 30, 2022. [2] Cash dividends declared per share of common stock were $0.28 for the three months ended June 30, 2023, and $0.56 for the six months ended June 30, 2023.

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in usd per share)	$ 0.28	$ 0.28	$ 0.56	$ 0.56

v3.23.2

Basis of presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation      The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 21, 2023 (the "Form 10-K"). In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to state fairly our financial position at June 30, 2023 and December 31, 2022, the results of our operations and comprehensive income for the three and six months ended June 30, 2023 and 2022, our cash flows for the six months ended June 30, 2023 and 2022 and our statement of stockholders' equity for the three and six months ended June 30, 2023 and 2022. Our operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Summary of Significant Accounting Policies There were no material changes to our significant accounting policies during the three and six months ended June 30, 2023 compared to the significant accounting policies described in our 2022 Form 10-K. Other (Expense) Income Other (expense) income, net consisted of the following amounts: Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) (Unaudited) 2023 2022 2023 2022 Interest income $ 426  $ 58  $ 751  $ 104  Interest expense (9,741) (2,500) (18,088) (3,792) Gain (loss) from equity-method investments 819  (471) 5,597  131  Net foreign exchange gain (loss) 721  (769) 420  (1,935) Other (725) 177  (199) 2,019  Other expense, net $ (8,500) $ (3,505) $ (11,519) $ (3,473) Accrued Expenses and Other Current Liabilities h Accrued expenses and other current liabilities on our condensed consolidated balance sheet includes the following amounts (in thousands): As of June 30, 2023 As of December 31, (unaudited) 2022 Income taxes payable - current $ —  $ 87,186  Hedge payable - current 6,242  18,117  Accrued liabilities 31,779  26,851  Other 20,812  21,003  Total $ 58,833  $ 153,157  Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PRSUs"), is computed using the treasury stock method.  The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2023 2022 2023 2022 Weighted average shares outstanding-basic 132,369  131,973  131,850  132,039  Plus: Common share equivalents         RSUs & PRSUs 1,802  735  1,843  909  Weighted average shares outstanding-diluted 134,171  132,708  133,693  132,948  Shares issuable upon vesting of RSU awards of 70,300 shares and 2,026,000 shares for the three months ended June 30, 2023 and 2022, respectively, and 68,600 shares and 1,324,000 shares for the six months ended June 30, 2023 and 2022, respectively, were excluded in the computations of diluted EPS because the effect of including the shares issuable upon vesting of RSU awards would have been anti-dilutive.

v3.23.2

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	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 primarily 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 June 30, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time(1) Over Time Total Point-in-Time(1) Over Time Total Americas $ 160,298  $ 27,210  $ 187,508  $ 134,337  $ 26,080  $ 160,417  EMEA 93,221  18,731  111,952  76,092  20,591  96,683  APAC 105,833  11,511  117,344  127,858  10,557  138,415  Total net sales(1) $ 359,352  $ 57,452  $ 416,804  $ 338,287  $ 57,228  $ 395,515  (1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations. Six Months Ended June 30, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time(1) Over Time Total Point-in-Time(1) Over Time Total Americas $ 312,640  $ 52,854  $ 365,494  $ 267,326  $ 52,302  $ 319,628  EMEA 187,918  36,215  224,133  155,331  41,720  197,051  APAC 241,481  22,521  264,002  242,853  21,238  264,091  Total net sales(1) $ 742,039  $ 111,590  $ 853,629  $ 665,510  $ 115,260  $ 780,770  (1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed 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. We periodically review and update the groupings of customers assigned to a particular industry grouping to ensure that our revenue disaggregation aligns with the way we currently manage our business. As part of this process, we reclassified certain customer accounts between industry groups during the first quarter of 2023. The prior period presented below has been recast to conform to the current period presentation. Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) Industry Grouping 2023 2022 2023 2022 Portfolio $ 134,706  $ 116,216  $ 270,615  $ 240,919  Semiconductor & Electronics 91,584  116,370  205,341  220,395  Aerospace, Defense & Government 111,895  99,521  225,010  194,024  Transportation 78,619  63,408  152,663  125,432  Total net sales $ 416,804  $ 395,515  $ 853,629  $ 780,770  Information about Contract Balances Amounts billed 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 or to provide customers with financing. Changes in deferred revenue, current and non-current, during the six months ended June 30, 2023 were as follows: (In thousands) Amount Balance as of December 31, 2022 $ 200,274  Deferral of revenue billed in current period, net of recognition 88,220  Recognition of revenue deferred in prior periods (72,909) Acquisitions/Divestitures 2,414  Foreign currency translation impact 342  Balance as of June 30, 2023 (unaudited) $ 218,341  For the six months ended June 30, 2023, 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 condensed 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 six months ended June 30, 2023 and December 31, 2022, the amounts recorded that were 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 $111 million as of June 30, 2023. 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 June 30, 2023, we expect to recognize approximately 25% of the revenue related to these unsatisfied performance obligations during the remainder of 2023, 43% during 2024, and 32% 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 condensed consolidated balance sheets.

v3.23.2

Investments	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Investments	Investments Equity-Method Investments The carrying value of our equity method investments was $29 million and $29 million as of June 30, 2023 and December 31, 2022, respectively. During the three months ended June 30, 2023 and 2022, net sales to our equity-method investees were approximately $0.3 million and $1.3 million, respectively. During the six months ended June 30, 2023 and 2022, net sales to our equity-method investees were approximately $0.8 million and $2.8 million, respectively. During the three and six months ended June 30, 2023 and 2022, purchases from our equity-method investees were not material. Our proportionate share of the income/(loss) from equity-method investments is included within "Other expense." Refer to Note 17 - Acquisitions of Notes to Condensed Consolidated Financial Statements for additional discussion on a step acquisition of one of our existing equity-method investments, SET GmbH ("SET"), during the first quarter of 2023.

v3.23.2

Fair value measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements  We define fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market that market participants may use when pricing the asset or liability.    We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value measurement is determined based on the lowest level input that is significant to the fair value measurement. The three values of the fair value hierarchy are the following:    Level 1 – Quoted prices in active markets for identical assets or liabilities    Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly    Level 3 – Inputs that are not based on observable market data    Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Reporting Date Using (In thousands) (Unaudited) Description June 30, 2023 Level 1 Level 2 Level 3 Assets         Derivatives (interest rate swaps) 4,467  —  4,467  —  Derivatives (foreign exchange contracts) 13,410  —  13,410  —  Total Assets  $ 17,877  $ —  $ 17,877  $ —          Liabilities         Derivatives (foreign exchange contracts) $ (6,267) $ —  $ (6,267) $ —  Total Liabilities  $ (6,267) $ —  $ (6,267) $ —  (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2022 Level 1 Level 2 Level 3 Assets         Derivatives (interest rate swaps) 2,299  2,299  Derivatives (foreign exchange contracts) 10,025  —  10,025  —  Total Assets  $ 12,324  $ —  $ 12,324  $ —          Liabilities         Derivatives (interest rate swaps) $ (1,013) $ —  $ (1,013) $ —  Derivatives (foreign exchange contracts) $ (18,313) $ —  $ (18,313) $ —  Total Liabilities  $ (19,326) $ —  $ (19,326) $ —  The valuation techniques used to measure the fair value of our financial instruments having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models, such as discounted cash flow techniques.    Derivatives include foreign currency forward and interest rate swap contracts. Our derivatives are valued using an income approach (Level 2) based on the spot rate less the contract rate multiplied by the notional amount. We consider counterparty credit risk in the valuation of our derivatives. However, counterparty credit risk did not impact the valuation of our derivatives during the six months ended June 30, 2023. There were no transfers in or out of Level 1 or Level 2 during the six months ended June 30, 2023. Non-financial assets such as equity-method investments, goodwill, intangible assets, and property, plant and equipment are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment is recognized. The amounts related to all assets and liabilities required to be measured at fair value on a nonrecurring basis were not material at June 30, 2023 and December 31, 2022.    We did not have any items that were measured at fair value on a nonrecurring basis at June 30, 2023 and December 31, 2022. The carrying value of net accounts receivable, accounts payable, and long-term debt contained in the condensed consolidated balance sheets approximates fair value.

v3.23.2

Derivative instruments and hedging activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments and hedging activities	Derivative instruments and hedging activities      We recognize all of our derivative instruments as either assets or liabilities in our statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. We have direct operations in approximately 40 countries. Sales outside of the Americas accounted for approximately 55% and 59% of our net sales during the three months ended June 30, 2023 and 2022, respectively, and approximately 57% and 59% during the six months ended June 30, 2023 and 2022, respectively. Our activities expose us to a variety of market risks, including the effects of changes in foreign currency exchange rates. These financial risks are monitored and managed by us as an integral part of our overall risk management program.       The vast majority of our foreign sales are denominated in the customers' local currency. Movements in foreign currency exchange rates pose a risk to our operations and competitive position, in that exchange rate changes may affect our profitability and cash flow, and the business or pricing strategies of our non-U.S. based competitors. We use foreign currency forward contracts as hedges of forecasted sales and expenses that are denominated in foreign currencies and as hedges of foreign currency denominated financial assets or liabilities. These contracts are entered into to help protect against the risk that the eventual dollar-net-cash inflows or outflows resulting from these transactions will be adversely affected by changes in exchange rates. We designate foreign currency forward contracts as cash flow hedges of forecasted net sales or forecasted expenses. In addition, we hedge our foreign currency denominated balance sheet exposures using foreign currency forward contracts that are not designated as hedging instruments. None of our derivative instruments contain a credit-risk-related contingent feature.    Cash flow hedges   To help minimize the financial impact of fluctuations in foreign currency exchange rates of forecasted foreign currency cash flows resulting from international sales over the next one to three years, we have instituted a foreign currency cash flow hedging program. We hedge portions of our forecasted net sales and forecasted expenses denominated in foreign currencies with forward contracts. For forward contracts, when the value of the dollar changes significantly against the foreign currencies, the change in the present value of future foreign currency cash flows may be offset by the change in the fair value of the forward contracts designated as hedges. We use foreign currency forward contracts for up to 100% of our forecasted exposures in selected currencies (primarily in Euro, Japanese yen, Hungarian forint, British pound, Malaysian ringgit, Korean won and Chinese yuan) and limit the duration of these contracts to 40 months or less.   For foreign currency derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of accumulated other comprehensive income ("OCI") and reclassified into earnings in the same line item (net sales, operating expenses, or cost of sales) associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the hedged or economically hedged item, primarily in operating activities. Hedge effectiveness of foreign currency forwards designated as cash flow hedges is measured by comparing the hedging instrument’s cumulative change in fair value from inception to maturity to the forecasted transaction’s terminal value. We held forward contracts designated as cash flow hedges with the following notional amounts: (In thousands) US Dollar Equivalent As of June 30, 2023 As of December 31, (Unaudited) 2022 British pound $ 16,688  $ 13,929  Chinese yuan 94,463  73,419  Euro 130,162  109,091  Hungarian forint 8,813  19,529  Japanese yen 28,647  21,285  Korean won 20,298  14,048  Malaysian ringgit 2,941  8,856  Total forward contracts notional amount $ 302,012  $ 260,157     The contracts in the foregoing table had contractual maturities of 18 months or less at June 30, 2023 and 12 months or less at December 31, 2022.   At June 30, 2023, we expected to reclassify $5.0 million of gains on derivative instruments from accumulated OCI to net sales during the next twelve months when the hedged international sales occur, $0.6 million of losses on derivative instruments from accumulated OCI to cost of sales during the next twelve months when the hedged cost of sales are incurred and $0.5 million of losses on derivative instruments from accumulated OCI to operating expenses during the next twelve months when the hedged operating expenses occur. Expected amounts are based on derivative valuations at June 30, 2023. Actual results may vary materially as a result of changes in the corresponding exchange rates subsequent to this date. In 2022, we entered into interest rate swap agreements with an aggregate notional value of $300 million and a term of three years. The economic effect of the swap agreements is to mitigate the uncertainty of the cash flows associated with floating-rate interest payments due under our term loan and revolving credit facility (“Credit Facility") by fixing the underlying annual interest rate for a portion of our outstanding debt under the Credit Facility at 3.9%, plus a margin. We have designated these interest rate swap agreements as qualifying hedging instruments and are accounting for these as cash flow hedges pursuant to ASC 815, Derivatives and Hedging. The fair values of these interest rate swap agreements are included in prepaid expenses and other current assets and other long-term liabilities in our condensed consolidated balance sheets at June 30, 2023 and December 31, 2022. Changes in the fair values of these interest rate swap agreements are reported in accumulated other comprehensive loss in our condensed consolidated balance sheets and an amount is reclassified out of accumulated other comprehensive loss into Other (expense) income in the same period that the corresponding interest expense is recognized. We do not use any interest rate swap agreements for trading purposes.    Other Derivatives   Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge our foreign denominated monetary assets and liabilities to help protect against the change in value caused by a fluctuation in foreign currency exchange rates. We typically attempt to hedge up to 90% of our outstanding foreign denominated net receivables or net payables and typically limit the duration of these foreign currency forward contracts to approximately 90 days or less. The gain or loss on the derivatives as well as the offsetting gain or loss on the hedge item attributable to the hedged risk is recognized in current earnings under the line item “Other expense.” As of June 30, 2023 and December 31, 2022, we held foreign currency forward contracts that were not designated as hedging instruments with a notional amount of $341 million and $282 million, respectively.    The following tables present the fair value of derivative instruments on our Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022, respectively. Asset Derivatives June 30, 2023 December 31, 2022 (In thousands) (Unaudited) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments       Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 8,074  $ 8,968  Interest rate contracts - ST forwards Prepaid expenses and other current assets 3,411  2,299  Interest rate contracts - LT forwards Other long-term assets 1,056  —  Foreign exchange contracts - LT forwards Other long-term assets 893  —  Total derivatives designated as hedging instruments   $ 13,434  $ 11,267  Derivatives not designated as hedging instruments       Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 4,443  $ 1,057  Total derivatives not designated as hedging instruments   $ 4,443  $ 1,057  Total derivatives   $ 17,877  $ 12,324      Liability Derivatives June 30, 2023 December 31, 2022 (In thousands) (Unaudited) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments       Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (4,202) $ (9,940) Foreign exchange contracts - LT forwards Other long-term liabilities (25) (196) Interest rate contracts - LT forwards Other long-term liabilities —  (1,013) Total derivatives designated as hedging instruments   $ (4,227) $ (11,149)       Derivatives not designated as hedging instruments       Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (2,040) $ (8,177) Total derivatives not designated as hedging instruments   $ (2,040) $ (8,177)       Total derivatives   $ (6,267) $ (19,326) The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the three months ended June 30, 2023 and 2022, respectively: June 30, 2023 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 4,682  Net sales $ 3,646        Foreign exchange contracts - forwards 557  Cost of sales (412)       Foreign exchange contracts - forwards 458  Operating expenses (302) Interest rate swap contracts - forwards 5,146  Other (expense) income 802  Total $ 10,843    $ 3,734  June 30, 2022 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 10,252  Net sales $ 5,055        Foreign exchange contracts - forwards (2,446) Cost of sales (860)       Foreign exchange contracts - forwards (1,645) Operating expenses (691) Total $ 6,161    $ 3,504  (In thousands)       Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income   June 30, 2023 June 30, 2022   (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ 4,176  3,590        Total   $ 4,176  $ 3,590  The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the six months ended June 30, 2023 and 2022, respectively: June 30, 2023 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 2,953  Net sales $ 5,890        Foreign exchange contracts - forwards 1,700  Cost of sales (972)       Foreign exchange contracts - forwards 1,334  Operating expenses (630) Interest rate swap contracts - forwards 3,180  Other (expense) income 1,329  Total $ 9,167    $ 5,617  June 30, 2022 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 12,136  Net sales $ 6,794        Foreign exchange contracts - forwards (2,467) Cost of sales (1,187)       Foreign exchange contracts - forwards (1,642) Operating expenses (931) Total $ 8,027    $ 4,676  (In thousands)       Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income   June 30, 2023 June 30, 2022   (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ 3,319  $ 2,787  Total   $ 3,319  $ 2,787

v3.23.2

Inventories, net	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net     Inventories, net consist of the following:  June 30, 2023 December 31, (In thousands) (Unaudited) 2022     Raw materials   $ 278,308  $ 273,311  Work-in-process 10,670  14,968  Finished goods 137,661  119,302  Total $ 426,639  $ 407,581  Less: Inventory reserve $ (25,013) $ (19,417) Total $ 401,626  $ 388,164

v3.23.2

Intangible assets, net and goodwill	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net and goodwill	Intangible assets, net and goodwill     Intangible assets at June 30, 2023 and December 31, 2022 are as follows: June 30, 2023   (In thousands) (Unaudited) December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 11,399  $ (8,477) $ 2,922  $ 18,810  $ (15,321) $ 3,489  Acquired technology 179,519  (68,372) 111,147  167,686  (54,351) 113,335  Customer relationships 92,778  (32,904) 59,874  98,827  (33,514) 65,313  Patents 37,627  (32,080) 5,547  37,240  (31,368) 5,872  Other 25,556  (12,142) 13,414  34,078  (21,237) 12,841  Total $ 346,879  $ (153,975) $ 192,904  $ 356,641  $ (155,791) $ 200,850    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 generally range from five to ten years. Patents are amortized using the straight-line method over their estimated period of benefit, which generally range from ten to seventeen years. Total intangible assets amortization expenses were $13.7 million and $14.8 million for the three months ended June 30, 2023 and 2022, respectively, and $26.4 million and $27.2 million for the six months ended June 30, 2023 and 2022, respectively. Goodwill    The carrying amount of goodwill as of June 30, 2023 was as follows: (In thousands) Amount Balance as of December 31, 2022 $ 615,734  Acquisitions 18,651  Foreign currency translation impact 4,074  Balance as of June 30, 2023 (unaudited) $ 638,459  Refer to Note 17 - Acquisitions of Notes to Condensed Consolidated Financial Statements for additional details on the acquisition-related amounts recorded to goodwill during the six months ended June 30, 2023. 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 six months ended June 30, 2023 or the twelve months ended December 31, 2022.

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases We have operating leases for corporate offices, automobiles, and certain equipment. Our leases have remaining terms of 1 year to 91 years, some of which may include options to extend the leases for up to 9 years, and some of which may include options to terminate the leases within 1 year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Amounts related to finance lease activities and income from leasing activities were not material for the periods presented. The components of operating lease expense were as follows (unaudited): Three Months Ended Six Months Ended (In thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Lease Cost (1) $ 7,355  $ 5,478  $ 13,669  $ 10,895  (1) Includes variable and short-term lease costs Maturities of lease liabilities as of June 30, 2023 were as follows (unaudited): (In thousands) Years ending December 31, Operating Leases 2023 (Excluding the six months ended June 30, 2023) $ 10,045  2024 15,704  2025 11,889  2026 9,808  2027 5,214  Thereafter 7,958  Total future minimum lease payments 60,618  Less imputed interest (7,524)     Total lease liabilities $ 53,094  As of June 30, 2023, we have additional operating leases that have not commenced, which were not material.

v3.23.2

Income taxes	6 Months Ended
	Jun. 30, 2023
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 $75 million and $74 million at June 30, 2023 and December 31, 2022, respectively. A majority of the valuation allowance is related to the deferred tax assets of National Instruments Hungary Kft. 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 $18.3 million and $12.6 million of gross unrecognized tax benefits at June 30, 2023 and December 31, 2022, respectively, all of which would affect our effective income tax rate if recognized. We recorded a gross increase in unrecognized tax benefits of $2.3 million for the three months ended June 30, 2023, as a result of the tax positions taken during the current period. As of June 30, 2023, it is reasonably possible that we will recognize gross tax benefits in the amount of $0.8 million in the next twelve months due to the closing of open tax years. The nature of the uncertainty is related to deductions 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 June 30, 2023, we recognized interest expense related to uncertain tax positions of approximately $0.1 million. As of June 30, 2023, we had approximately $0.4 million accrued for interest related to uncertain tax positions. The tax years 2016 through 2023 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 6% and 28% for the three months ended June 30, 2023 and 2022, respectively, and 10% and 21% for the six months ended June 30, 2023 and 2022, respectively. For the three and six months ended June 30, 2023, our effective tax rate was lower than the U.S. federal statutory rate of 21% primarily as a result of excess tax benefit from share-based compensation and foreign taxes less than the statutory rate, offset by the change in unrecognized tax benefits. For the three months ended June 30, 2022, our effective tax rate was higher than the U.S. federal statutory rate of 21% primarily as a result of excess tax expense from share-based compensation, offset by the deduction for foreign-derived intangible income. For the six months ended June 30, 2022, our effective tax rate was equal to the U.S. federal statutory rate of 21% primarily as a result of excess tax expense from share-based compensation, offset by the deduction for foreign-derived intangible income. Our earnings from our operations 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 $4.3 million and $10.4 million for the three and six months ended June 30, 2023, respectively, and income tax benefits of $0.9 million and $2.9 million for the three and six months ended June 30, 2022, 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 and six months ended June 30, 2023 were approximately $1.9 million and $3.2 million, respectively. The income tax benefits of the tax holiday for the three and six months ended June 30, 2022 were approximately $0.5 million and $1.1 million, respectively.  The impact of the tax holiday on a per share basis for the three and six months ended June 30, 2023 was approximately $0.01 per share and $0.02 per share, respectively. The impact of the tax holiday on a per share basis for each of the three and six months ended June 30, 2022, was approximately $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.

v3.23.2

Comprehensive income	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive income	Comprehensive income    Our OCI is comprised of net income, foreign currency translation adjustments, and unrealized gains and losses on forward contracts. The accumulated OCI, net of tax, for the six months ended June 30, 2023 and 2022, consisted of the following:   June 30, 2023 (Unaudited) (In thousands) Currency translation adjustment Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2022 $ (38,250) 385  $ (37,865) Current-period other comprehensive income 6,116  14,784  20,900  Reclassified from accumulated OCI into income —  (5,617) (5,617) Income tax expense —  (1,902) (1,902) Balance as of June 30, 2023 $ (32,134) $ 7,650  $ (24,484) June 30, 2022 (Unaudited) (In thousands) Currency translation adjustment 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 (13,446) 12,703  (743) Reclassified from accumulated OCI into income —  (4,676) (4,676) Income tax expense —  (1,930) (1,930) Balance as of June 30, 2022 $ (36,625) $ 9,145  $ (27,480)

v3.23.2

Authorized shares of common and preferred stock and stock-based compensation plans	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Authorized shares of common and preferred stock and stock-based compensation plans	Authorized shares of common and preferred stock and stock-based compensation plans    Authorized shares of common and preferred stock The total number of shares which we are authorized to issue is 365,000,000 shares, consisting of (i) 5,000,000 shares of preferred stock, par value $0.01 per share, and (ii) 360,000,000 shares of common stock, par value $0.01 per share. Stock-Based Compensation Plan   Our stockholders approved our 2010 Incentive Plan (the “2010 Plan”) on May 11, 2010. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under the 2010 Plan, as well as the 3,362,304 shares of common stock that were reserved but not issued under our 1994 Incentive Stock Options Plan (the "1994 Plan") and the 2005 Incentive Plan (the "2005 Plan") as of May 11, 2010, and any shares that are returned to the 1994 Plan and the 2005 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2010 Plan provided for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards vest over a three, five or ten-year period, beginning on the date of grant. Vesting of ten-year awards may accelerate based on our previous year’s earnings and growth but ten-year awards cannot accelerate to vest over a period of less than five years. The 2010 Plan terminated on May 12, 2015, except with respect to the outstanding awards previously granted thereunder. There were 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015. Our stockholders approved our 2015 Equity Incentive Plan (the “2015 Plan”) on May 12, 2015. At the time of approval, 3,000,000 shares of our common stock were reserved for issuance under the 2015 Plan, as well as the 2,518,416 shares of common stock that were reserved but not issued under the 2010 Plan as of May 12, 2015, and any shares that were returned to the 1994 Plan, 2005 Plan, and 2010 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2015 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company and such awards may be subject to performance-based vesting conditions. Awards generally vest over a three, four, five or ten-year period, beginning on the date of grant. Vesting of ten-year awards may accelerate based on our previous year’s earnings and growth but ten-year awards cannot accelerate to vest over a period of less than five years. The 2015 Plan terminated on May 5, 2020, except with respect to the outstanding awards previously granted thereunder. There were 567,142 shares of common stock that were reserved but not issued under the 2015 Plan as of May 5, 2020.    Our stockholders approved our 2020 Equity Incentive Plan (the “2020 Plan”) on May 5, 2020. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2020 Plan, as well as the 567,142 shares of common stock that were reserved but not issued under the 2015 Plan as of May 5, 2020, and any shares that were returned to the 2005 Plan, 2010 Plan, and 2015 Plan as a result of the forfeiture or termination of options or RSUs or repurchase of shares issued under those plans. The 2020 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards generally vest over a one, two, three or four-year period, beginning on the date of the grant and awards may be subject to performance-based vesting conditions. There were 1,568,571 shares of common stock that were reserved but not issued under the 2020 Plan as of May 10, 2022. Our stockholders approved our 2022 Equity Incentive Plan (the “2022 Plan”) on May 10, 2022. At the time of approval, 4,500,000 shares of our common stock were reserved for issuance under the 2022 Plan, as well as the 1,568,571 shares of common stock that were reserved but not issued under the 2020 Plan as of May 10, 2022, and any shares that were returned to the 2005 Plan, 2010 Plan, 2015 Plan and 2020 Plan as a result of the forfeiture, repurchase or termination of unissued shares subject to options or RSUs issued under those plans. The 2022 Plan provides for the granting of incentive awards in the form of restricted stock and RSUs to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Awards generally vest over a one, two, three or four-year period, beginning on the date of the grant and awards may be subject to performance-based vesting conditions. There were 5,340,243 shares available for grant under the 2022 Plan at June 30, 2023. Performance-based stock units During the six months ended June 30, 2023 and 2022, we granted 70,224 and 164,843 performance-based restricted stock units (“PRSUs”), respectively, to executive officers pursuant to the 2022 Plan and 2020 Plan. The PRSUs may be earned based on our total shareholder return (“TSR”) compared to the TSR of the Russell 2000 Index or, for awards granted on or after March 3, 2023, the NASDAQ Composite Index (the “Index”), in each case, over a three-year performance period. For the PRSUs granted during the six months ended June 30, 2023, the three-year performance period commenced on January 1, 2023 and will end on December 31, 2025, and for the PRSUs granted during the six months ended June 30, 2022, the three year performance commenced on January 1, 2022 and will end on December 31, 2024, in each case, using the average daily closing price over a 30-day lookback. The number of awards earned could range from 0% to 200% times the target number of units granted. Additionally, for awards granted on or after March 3, 2023, the number of PRSUs that may vest pursuant to an award agreement shall not exceed 100% of the target number of PRSUs subject to such award if our absolute total shareholder return is negative during the performance period for such award. The fair values of PRSUs are estimated using a Monte Carlo simulation. The determination of fair value of the PRSUs is based on our stock price and a number of assumptions including the expected volatility, expected dividend yield and the risk-free interest rate. The expected volatility at the date of grant was based on the historical volatilities of our stock and the companies included in the Index over the performance period. The Monte Carlo model is based on random projections of stock-price paths and must be repeated numerous times to achieve a probabilistic assessment. The key assumptions used in valuing these market-based awards are as follows: Six Months Ended (unaudited) June 30, 2023 June 30, 2022 Number of simulations 100,000 100,000 Expected volatility 32.27% 37.81% Expected life in years 2.84 years 2.95 years Risk-free interest rate 4.45% 1.33% Dividend yield 2.45% 2.52% The weighted average grant date fair value of the market-based awards, as determined by the Monte Carlo valuation model, was $84.45 per share and $59.65 per share in 2023 and 2022, respectively. Employee stock purchase plan   Our employee stock purchase plan (“ESPP”) permits substantially all domestic employees and employees of designated subsidiaries to acquire our common stock at a purchase price of 85% of the lower of the market price at the beginning or the end of the purchase period. The plan has quarterly purchase periods generally beginning on February 1, May 1, August 1 and November 1 of each year. Employees may designate up to 15% of their compensation for the purchase of common stock under the ESPP. Pursuant to the terms of our merger agreement (the “Merger Agreement”) with Emerson Electric Co. ("Emerson") and Emersub CXIV, Inc. ("Merger Sub"), our ESPP program was suspended indefinitely after the May 1, 2023 purchase. On May 10, 2022, our stockholders approved an additional 3,000,000 shares for issuance under our ESPP. At June 30, 2023, we had 3,613,670 shares of common stock reserved for future issuance under the ESPP. We issued 459,420 shares under this plan in the six months ended June 30, 2023 and the weighted average purchase price was $37.82 per share. During the six months ended June 30, 2023, we did not make any changes in accounting principles or methods of estimates with respect to our ESPP.   Authorized shares of common and preferred stock We have 5,000,000 authorized shares of preferred stock. On January 21, 2004, our Board of Directors designated 750,000 of these shares as Series A Participating Preferred Stock in conjunction with the adoption of a Preferred Stock Rights Agreement which expired on May 10, 2014. There were no shares of Series A Preferred Stock issued and outstanding at June 30, 2023. On January 13, 2023, our Board of Directors designated 2,000,000 of these shares as Series B Participating Preferred Stock (“Series B Preferred Stock”) in conjunction with its adoption of a stockholder rights plan (the "Rights Agreement"), as previously disclosed in our Current Report on Form 8-K filed on January 13, 2023. On April 12, 2023, in connection with entering into the Merger Agreement, the stockholder rights plan was modified so that the rights thereunder will not be exercisable by virtue of the Merger Agreement or any agreement or transactions contemplated thereby, as previously disclosed in our Current Report on Form 8-K filed on April 12, 2023. Stock repurchases and retirements    On April 21, 2010, our Board of Directors authorized a program to repurchase shares of our common stock from time to time, depending on market conditions and other factors (the “2019 Program”). Our Board of Directors has amended the 2019 Program several times over the years to increase the number of shares that may be purchased under the program. On October 23, 2019, our Board of Directors amended the 2019 Program to increase the number of shares that may be repurchased by 3,000,000 shares. On January 19, 2022, our Board of Directors approved a new stock repurchase plan for up to $250 million of our common stock, effective immediately (the "2022 Program"). This new repurchase program is in addition to the existing 2019 Program. Under the 2022 Program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the other terms of the repurchase will depend on a variety of factors, including legal requirements, economic and market conditions, and other investment opportunities. The 2022 Program may be changed, suspended or discontinued at any time and does not have a specified expiration date.As of June 30, 2023 and 2022, there were no shares remaining available for repurchase under the 2019 Program. As of June 30, 2023, there was $109 million available for repurchase under the 2022 Program. As of June 30, 2022, there was $191 million available for repurchase under the 2022 Program. We did not repurchase any shares of our common stock during the three and six months ended June 30, 2023 under the 2019 Program and 2022 Program. Pursuant to the Merger Agreement, we are restricted from making additional repurchases of our common stock. During the three months ended June 30, 2022, we repurchased 986,876 shares of our common stock at a weighted average price per share of $39.06 under the 2022 Program. During the six months ended June 30, 2022, we repurchased 1,758,928 shares of our common stock at a weighted average price of $39.80 under the 2019 Program and 2022 Program.

v3.23.2

Segment and geographic information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment and geographic information	Segment and geographic information     We operate as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis. Since we operate as one operating segment, all required financial segment information can be found in the condensed consolidated financial statements and the notes thereto.    We sell our products in three geographic regions which consist of the Americas region, the Europe, Middle East and Africa region ("EMEA"), and the Asia-Pacific region ("APAC"). Our sales to these regions share similar economic characteristics including the nature of products and services we sell, the type and class of customers, and the methods used to distribute our products and services. Revenue from the sale of our products, which are similar in nature, and software maintenance is reflected as total net sales in our Condensed Consolidated Statements of Income. (Refer to Note 2 - Revenue of Notes to Condensed Consolidated Financial Statements for total net sales by the major geographic region in which we operate).     The following table presents summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's billing location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. (in millions) United States China(1) Rest of the World Total Net sales: Three months ended June 30, 2023 $ 183  $ 59  $ 175  $ 417  Three months ended June 30, 2022 $ 153  $ 66  $ 177  $ 396  Six months ended June 30, 2023 $ 355  $ 141  $ 358  $ 854  Six months ended June 30, 2022 $ 306  $ 121  $ 354  $ 781  (1): Includes Mainland China and the Hong Kong Special Administrative Region The following table presents summarized information for long-lived assets by country. Long-lived assets attributable to each individual country outside the U.S., Hungary and Malaysia were not material. Long-lived assets consist of property, plant, and equipment and operating lease right-of-use assets excluding intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: June 30, 2023 $ 151  $ 59  $ 80  $ 62  $ 352  December 31, 2022 $ 124  $ 58  $ 82  $ 61  $ 325

v3.23.2

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of June 30, 2023 (unaudited) and December 31, 2022, respectively (in thousands): June 30, December 31, (in thousands) 2023 2022 Secured Term Loan $ 481,250  $ 493,750  Revolving line of credit 110,000  50,000  Total Debt 591,250  543,750  Less: Unamortized debt issuance costs (1,877) (2,113) Less: Current portion of total debt (25,000) (25,000) Total Debt, non-current $ 564,373  $ 516,637  The effective interest rate for the term loan and the revolving line of credit, both drawn under our Credit Facility, was 6.7% as of June 30, 2023. The effective interest rates for the term loan and revolving line of credit as of December 31, 2022 were 5.6% and 5.7%, respectively. Debt Issuance Costs Debt issuance costs of approximately $1.8 million attributable to our revolving line of credit are presented within "Other long-term assets" in our Condensed Consolidated Balance Sheet and debt issuance costs of approximately $1.9 million attributable to the term loan are presented within "Debt, non-current" as of June 30, 2023. Debt issuance costs of approximately $2.1 million attributable to our revolving line of credit are presented within "Other long-term assets" in our Condensed Consolidated Balance Sheet and debt issuance costs of approximately $2.1 million attributable to the term loan are presented within "Debt, non-current" as of December 31, 2022. These amounts are amortized to interest expense ratably over the life of the revolving line of credit and the term loan, respectively. Credit Facility On August 24, 2022, we amended the terms of our Credit Facility by entering into a Third 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, BofA Securities, Inc. and Citibank, N.A., as joint lead arrangers and joint bookrunners, BofA Securities, Inc. and Citibank, N.A., as syndication agents, and the lenders party thereto. The Credit Agreement amends and restates and refinances our Second Amended and Restated Credit Agreement, dated as of June 18, 2021, by and among us, the lenders from time-to-time party thereto and Wells Fargo Bank, National Association, as the administrative agent (the "Prior Credit Agreement"). All outstanding loans under the Prior Credit Agreement were repaid in full in connection with the entry into the Credit Agreement. The replacement of the Prior Credit Agreement with the Credit Agreement was treated as a debt modification and the remaining balance of unamortized debt issuance costs were allocated to the new loan facilities. The Credit Agreement provides for a $1 billion Credit Facility consisting of (a) a secured revolving loan facility in an aggregate principal amount of up to $500 million at any time outstanding, with a sublimit of $25 million for the issuance of letters of credit and (b) a secured term loan facility in an aggregate principal amount of $500 million. Subject to the terms of the Credit Agreement, including obtaining commitments from existing lenders or new lenders, we may request additional term loans and/or additional revolving loan commitments. The Credit Facility terminates, and all revolving loans outstanding and/or outstanding term loan amounts (together with accrued interest and fees) are payable in full, on August 24, 2027, unless terminated earlier pursuant to the terms of the Credit Agreement. The term loans amortize in quarterly payments equal to 1.25% of the original principal amount of the term loans, with the remaining outstanding balance due at maturity. The term loans and revolving 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) an adjusted term SOFR for an interest period of one month plus 1.00%, plus a margin of 0.25% to 0.75%; or (ii) an adjusted term SOFR (for an interest period of one, three or six months) 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 consolidated total net 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 consolidated 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 portion 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 our obligations under the Credit Agreement, among other things. As of June 30, 2023, there were no Subsidiary Guarantors, and no Guaranty had been executed. In connection with the Credit Agreement, we entered into a Second Amended and Restated Collateral Agreement (the "Collateral Agreement") pursuant to which we granted a continuing security interest on substantially all of our assets, in favor of the Administrative Agent (for the benefit of the lenders of the Credit Facility), to secure our obligations under the Credit Agreement, Subsidiary Guarantors are required to join the Collateral Agreement and make similar grants of security interests. 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 interest rate equal to 2.00% above the otherwise applicable interest rate. The proceeds of the term loans made on August 24, 2022 were used to prepay in full the revolving loans outstanding under the Prior Credit Agreement. Remaining proceeds of the term loans made on August 24, 2022 were used to pay associated costs, fees and other expenses and for other working capital and general corporate purposes. Proceeds of current and additional revolving loans under the Credit Agreement may be used for working capital and other general corporate purposes including acquisitions, share repurchases and dividend payouts. We may prepay the loans under the Credit Agreement in whole or in part at any time without premium or penalty.

v3.23.2

Commitments and contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies      We offer a standard warranty on most hardware products which is included in the terms of sale of such products. During 2022, we enhanced the service entitlements included with our standard warranty to include technical support and dependable repair and replacement coverage. Standard warranties sold with these additional entitlements are now accounted for as service-type warranties and the revenue allocated to these performance obligations is now recognized over the service duration of one or three years, and the related warranty costs are recognized as incurred. We also offer additional extensions or enhancements to the service-type warranties described above, for which the related revenue is also recognized ratably over the warranty period. The included service period for the enhanced service entitlements was three years for the vast majority of orders placed during 2022. In late 2022, we shortened the default service period for our service-type warranty entitlements to one year, with the ability to add optional, separately-priced extensions for subsequent years. Consequently, revenue deferrals related to service-type warranties are expected to decrease on a year over year basis during the remainder of 2023. For hardware previously sold with only an assurance-type warranty, a provision is made for estimated future warranty costs at the time of the sale for the estimated costs that may be incurred. Our estimate is based on historical experience and product sales during the period. The warranty reserve as of June 30, 2023 and December 31, 2022 was $1.8 million and $1.5 million, respectively.    In the ordinary course of business, we enter into purchase orders with suppliers for the purchase of goods and services, including non-cancelable agreements for certain inventory components ("unconditional purchase obligations"). Our unconditional purchase obligations primarily consist of commitments to various suppliers for inventory components and the majority relate to amounts due within the next 12 months. As of June 30, 2023, and December 31, 2022 our future payments under unconditional purchase obligations with a remaining term in excess of one year were approximately $10.2 million and $19.4 million, respectively. As of June 30, 2023, our outstanding guarantees for payment of customs and foreign grants were not material.

v3.23.2

Restructuring	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring 2023 Restructuring During the first quarter of 2023, we announced a workforce reduction plan (the "2023 Plan") intended to realign our investments to accelerate our growth strategy and further optimize our operations and cost structure. The 2023 Plan will result in reductions to our worldwide headcount of approximately 4% during 2023. In connection with the Plan, we incurred approximately $17.1 million of charges consisting primarily of cash termination benefits and other employee-related costs during the first half of 2023. We expect to incur an additional $0.5 million of additional costs related to our restructuring plans during the remainder of 2023. 2022 and 2021 Restructuring During the three and six months ended June 30, 2023, we recognized approximately $0.1 million and $0.6 million in severance-related charges for restructuring activities that were initiated in prior years, respectively. The charges related to the prior workforce reduction plans in 2021 and 2022 had been fully recognized as of June 30, 2023. A summary of the charges in our consolidated statement of operations resulting from our restructuring activities is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) (Unaudited) 2023 2022 2023 2022 Cost of sales $ 260  $ —  $ 1,779  $ —  Research and development 97  292  3,174  692  Sales and marketing 26  —  5,993  —  General and administrative 1,268  —  6,526  —  Total restructuring and other related costs $ 1,651  $ 292  $ 17,472  $ 692  A summary of balance sheet activity during 2023 related to our restructuring activity is shown below: (in thousands) Restructuring Liability Balance as of December 31, 2022 $ 10,009  Income statement expense 17,472  Cash payments (21,710) Balance as of June 30, 2023 $ 5,771  The restructuring liability of $5.8 million at June 30, 2023 related primarily to future severance payments is recorded  in the “Accrued compensation” line item of the condensed consolidated balance sheet.

v3.23.2

Litigation	6 Months Ended
	Jun. 30, 2023
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.

v3.23.2

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions SET Acquisition On March 6, 2023, we acquired the remaining 75.1% ownership interest in one of our equity-method investments, SET, for approximately $24 million in total cash consideration, subject to certain post-closing adjustments. Of the total cash consideration, approximately $2.7 million will be held back as security for certain representations, warranties, and obligations of the sellers, payable in the first quarter of 2024. SET is a Germany-based expert in aerospace and defense test system development and an innovator in power semiconductor reliability test. This transaction was accounted for as a business combination using the acquisition method of accounting. We recognized a gain of approximately $3 million on the remeasurement of our existing 24.9% equity-method investment to fair value on the acquisition date during the first quarter of 2023. The carrying value of the investment immediately prior to the acquisition date was approximately $3 million. The gain is presented in "Other (expense) income." All of the acquired assets and liabilities of SET have been recorded at their respective fair values as of the acquisition date. We recognized approximately $18.7 million of goodwill and $13.5 million of other intangible assets as part of our preliminary purchase price allocation as of March 31, 2023. 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 June 30, 2023, and is based upon a preliminary valuation which is subject to change as we obtain additional information with respect to certain intangible assets, inventory and income taxes. During the second quarter of 2023, we identified and recorded several measurement period adjustments related to the provisional amounts recorded as of March 31, 2023. The measurement period adjustments resulted in an increase in the preliminary amount of goodwill of $6.6 million and a corresponding decrease to acquired intangibles and inventory. The adjustments did not have a material impact on our net income or earnings per share. 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. Kratzer Acquisition On May 2, 2022, we completed the acquisition of certain assets of, and assumed certain liabilities of, the test systems business ("TS Business") of Germany-based Kratzer Automation AG (“Kratzer”). As part of this integrated transaction, we also purchased 100% of the shares in certain subsidiaries of Kratzer: Kratzer Automation S.a.r.l. ("Kratzer France"), Kratzer Automation Inc. ("Kratzer US") and Kratzer Automation (Shanghai) Co., Ltd. ("Kratzer China"). The acquisitions of Kratzer France, Kratzer US, and Kratzer China were completed on June 1, 2022, June 2, 2022, and August 26, 2022, respectively. This transaction was accounted for as a business combination using the acquisition method of accounting. Total cash consideration for the transaction was $56.3 million inclusive of $0.7 million in cash acquired. All of the acquired assets and liabilities of the TS Business have been recorded at their respective fair values as of the acquisition date. The acquisition was funded by cash on hand. Transaction costs have been expensed as incurred. We expensed $2.2 million of transaction costs during 2022 related to the acquisition of the TS Business, which are included in selling, general and administrative expenses. The excess of the purchase price over the net assets acquired was recorded as goodwill. The goodwill generated from the acquisition is primarily attributed to expected growth in the scope of and market opportunities for our existing offerings related to vehicle electrification test systems and other related applications. The goodwill is deductible locally and in the U.S. over 15 years for federal income tax purposes. During the fourth quarter of 2022, we recorded measurement period adjustments to our preliminary estimate of the fair value of intangible assets acquired as a result of new information obtained on acquired customer contracts. The net decrease to the fair value of total intangible assets acquired was $10 million, with a corresponding increase to goodwill. This change to the provisional amount did not have a material impact to the income statements in the current or previous reporting periods. Fair value of net assets acquired and liabilities assumed The information below represents the purchase price allocation of the TS Business (in thousands): May 2, 2022 Consideration Transferred $ 56,324  Cash and cash equivalents 672  Accounts receivable 2,616  Inventories 5,130  Prepaid expenses and other current assets 1,900  Property and equipment 1,145  Goodwill 29,223  Intangible assets 25,010  Operating lease right-of-use assets 4,820  Other long-term assets 108  Accounts payable and accrued expenses (966) Accrued compensation (463) Operating lease liabilities - current (1,050) Other current liabilities (8,233) Operating lease liabilities - non-current (3,588) Net Assets Acquired $ 56,324  The purchase price allocation related to the acquisition was finalized as of June 30, 2023. 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. Estimated Fair Value (in thousands) Estimated Useful Lives (in years) Customer relationships $ 2,470  10 Developed software 20,830  5 Trade name contractual rights 1,710  2 Total 25,010  Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers. The economic useful life was determined by examining the period of time over which the customer attrition curve falls below a target threshold. Developed software represents the fair value of automation systems for performing test bench tasks and management systems for all resources and accruing data in the test field. The economic life of this software is estimated to be 5 years based on the expected future utilization of the software in its current form. Results of operations of the business acquired have been included in our condensed consolidated financial statements subsequent to the dates of acquisition. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material. Heinzinger Acquisition On February 28, 2022, we completed the acquisition of the systems business of Heinzinger Electronic GmbH (“Heinzinger”) for $22.5 million in total cash consideration, including a holdback amount of approximately $3.1 million that was released to Heinzinger during the first quarter of 2023. 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 $13.5 million of goodwill and $7.2 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. The acquisition was funded by cash on hand. 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. The purchase price allocation related to the acquisition was finalized as of February 28, 2023. Pro-forma results of operations have not been presented as the impact of the acquired operations was not material

v3.23.2

Subsequent events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events      Dividends On July 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on August 29, 2023, to stockholders of record on August 8, 2023.

v3.23.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 30,492	$ 12,434	$ 77,421	$ 37,670

v3.23.2

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric Starkloff [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended June 30, 2023, Eric Starkloff, our President and Chief Executive Officer, had an equity trading plan in place in accordance with Rule 10b5-1(c)(1) under the Exchange Act (“Starkloff 10b5-1 Plan”). An equity trading plan is a written document that pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future sales of the Company’s stock. The Starkloff 10b5-1 Plan was originally adopted on May 2, 2022 and expired in accordance with its terms effective April 28, 2023. The maximum number of securities to be sold under the Starkloff 10b5-1 Plan was 20,000 shares (of which 11,700 shares were sold).
Name	Eric Starkloff
Title	President and Chief Executive Officer
Adoption Date	May 2, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	April 28, 2023
Arrangement Duration	361 days
Aggregate Available	20,000	20,000

v3.23.2

Basis of presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation      The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 21, 2023 (the "Form 10-K"). In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to state fairly our financial position at June 30, 2023 and December 31, 2022, the results of our operations and comprehensive income for the three and six months ended June 30, 2023 and 2022, our cash flows for the six months ended June 30, 2023 and 2022 and our statement of stockholders' equity for the three and six months ended June 30, 2023 and 2022. Our operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There were no material changes to our significant accounting policies during the three and six months ended June 30, 2023 compared to the significant accounting policies described in our 2022 Form 10-K.
Earnings Per Share	Earnings Per ShareBasic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes time-based restricted stock units ("RSUs") and performance-based restricted stock units ("PRSUs"), is computed using the treasury stock method.

v3.23.2

Basis of presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other (Expense) Income, net	Other (expense) income, net consisted of the following amounts: Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) (Unaudited) 2023 2022 2023 2022 Interest income $ 426  $ 58  $ 751  $ 104  Interest expense (9,741) (2,500) (18,088) (3,792) Gain (loss) from equity-method investments 819  (471) 5,597  131  Net foreign exchange gain (loss) 721  (769) 420  (1,935) Other (725) 177  (199) 2,019  Other expense, net $ (8,500) $ (3,505) $ (11,519) $ (3,473)
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities on our condensed consolidated balance sheet includes the following amounts (in thousands): As of June 30, 2023 As of December 31, (unaudited) 2022 Income taxes payable - current $ —  $ 87,186  Hedge payable - current 6,242  18,117  Accrued liabilities 31,779  26,851  Other 20,812  21,003  Total $ 58,833  $ 153,157
Schedule of Reconciliation of the Denominators used to Calculate Basic and Diluted EPS	The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2023 2022 2023 2022 Weighted average shares outstanding-basic 132,369  131,973  131,850  132,039  Plus: Common share equivalents         RSUs & PRSUs 1,802  735  1,843  909  Weighted average shares outstanding-diluted 134,171  132,708  133,693  132,948

v3.23.2

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time(1) Over Time Total Point-in-Time(1) Over Time Total Americas $ 160,298  $ 27,210  $ 187,508  $ 134,337  $ 26,080  $ 160,417  EMEA 93,221  18,731  111,952  76,092  20,591  96,683  APAC 105,833  11,511  117,344  127,858  10,557  138,415  Total net sales(1) $ 359,352  $ 57,452  $ 416,804  $ 338,287  $ 57,228  $ 395,515  (1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations. Six Months Ended June 30, (Unaudited) 2023 2022 (In thousands) Net sales: Point-in-Time(1) Over Time Total Point-in-Time(1) Over Time Total Americas $ 312,640  $ 52,854  $ 365,494  $ 267,326  $ 52,302  $ 319,628  EMEA 187,918  36,215  224,133  155,331  41,720  197,051  APAC 241,481  22,521  264,002  242,853  21,238  264,091  Total net sales(1) $ 742,039  $ 111,590  $ 853,629  $ 665,510  $ 115,260  $ 780,770  (1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. Refer to Note 5 - Derivative instruments and hedging activities of Notes to Condensed Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations. The prior period presented below has been recast to conform to the current period presentation. Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) Industry Grouping 2023 2022 2023 2022 Portfolio $ 134,706  $ 116,216  $ 270,615  $ 240,919  Semiconductor & Electronics 91,584  116,370  205,341  220,395  Aerospace, Defense & Government 111,895  99,521  225,010  194,024  Transportation 78,619  63,408  152,663  125,432  Total net sales $ 416,804  $ 395,515  $ 853,629  $ 780,770
Schedule of Changes in Unearned Revenue	Changes in deferred revenue, current and non-current, during the six months ended June 30, 2023 were as follows: (In thousands) Amount Balance as of December 31, 2022 $ 200,274  Deferral of revenue billed in current period, net of recognition 88,220  Recognition of revenue deferred in prior periods (72,909) Acquisitions/Divestitures 2,414  Foreign currency translation impact 342  Balance as of June 30, 2023 (unaudited) $ 218,341

v3.23.2

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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) (Unaudited) Description June 30, 2023 Level 1 Level 2 Level 3 Assets         Derivatives (interest rate swaps) 4,467  —  4,467  —  Derivatives (foreign exchange contracts) 13,410  —  13,410  —  Total Assets  $ 17,877  $ —  $ 17,877  $ —          Liabilities         Derivatives (foreign exchange contracts) $ (6,267) $ —  $ (6,267) $ —  Total Liabilities  $ (6,267) $ —  $ (6,267) $ —  (In thousands) Fair Value Measurements at Reporting Date Using Description December 31, 2022 Level 1 Level 2 Level 3 Assets         Derivatives (interest rate swaps) 2,299  2,299  Derivatives (foreign exchange contracts) 10,025  —  10,025  —  Total Assets  $ 12,324  $ —  $ 12,324  $ —          Liabilities         Derivatives (interest rate swaps) $ (1,013) $ —  $ (1,013) $ —  Derivatives (foreign exchange contracts) $ (18,313) $ —  $ (18,313) $ —  Total Liabilities  $ (19,326) $ —  $ (19,326) $ —

v3.23.2

Derivative instruments and hedging activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Forward Contracts Notional Amount	We held forward contracts designated as cash flow hedges with the following notional amounts: (In thousands) US Dollar Equivalent As of June 30, 2023 As of December 31, (Unaudited) 2022 British pound $ 16,688  $ 13,929  Chinese yuan 94,463  73,419  Euro 130,162  109,091  Hungarian forint 8,813  19,529  Japanese yen 28,647  21,285  Korean won 20,298  14,048  Malaysian ringgit 2,941  8,856  Total forward contracts notional amount $ 302,012  $ 260,157
Schedule of Fair Value of Derivative Instruments	The following tables present the fair value of derivative instruments on our Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022, respectively. Asset Derivatives June 30, 2023 December 31, 2022 (In thousands) (Unaudited) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments       Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 8,074  $ 8,968  Interest rate contracts - ST forwards Prepaid expenses and other current assets 3,411  2,299  Interest rate contracts - LT forwards Other long-term assets 1,056  —  Foreign exchange contracts - LT forwards Other long-term assets 893  —  Total derivatives designated as hedging instruments   $ 13,434  $ 11,267  Derivatives not designated as hedging instruments       Foreign exchange contracts - ST forwards Prepaid expenses and other current assets $ 4,443  $ 1,057  Total derivatives not designated as hedging instruments   $ 4,443  $ 1,057  Total derivatives   $ 17,877  $ 12,324      Liability Derivatives June 30, 2023 December 31, 2022 (In thousands) (Unaudited) Balance Sheet Location Fair Value Fair Value Derivatives designated as hedging instruments       Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (4,202) $ (9,940) Foreign exchange contracts - LT forwards Other long-term liabilities (25) (196) Interest rate contracts - LT forwards Other long-term liabilities —  (1,013) Total derivatives designated as hedging instruments   $ (4,227) $ (11,149)       Derivatives not designated as hedging instruments       Foreign exchange contracts - ST forwards Accrued expenses and other current liabilities $ (2,040) $ (8,177) Total derivatives not designated as hedging instruments   $ (2,040) $ (8,177)       Total derivatives   $ (6,267) $ (19,326)
Schedule of Effect of Derivative Instruments	The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the three months ended June 30, 2023 and 2022, respectively: June 30, 2023 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 4,682  Net sales $ 3,646        Foreign exchange contracts - forwards 557  Cost of sales (412)       Foreign exchange contracts - forwards 458  Operating expenses (302) Interest rate swap contracts - forwards 5,146  Other (expense) income 802  Total $ 10,843    $ 3,734  June 30, 2022 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 10,252  Net sales $ 5,055        Foreign exchange contracts - forwards (2,446) Cost of sales (860)       Foreign exchange contracts - forwards (1,645) Operating expenses (691) Total $ 6,161    $ 3,504  (In thousands)       Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income   June 30, 2023 June 30, 2022   (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ 4,176  3,590        Total   $ 4,176  $ 3,590  The following tables present the effect of derivative instruments on our Condensed Consolidated Statements of Income for the six months ended June 30, 2023 and 2022, respectively: June 30, 2023 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 2,953  Net sales $ 5,890        Foreign exchange contracts - forwards 1,700  Cost of sales (972)       Foreign exchange contracts - forwards 1,334  Operating expenses (630) Interest rate swap contracts - forwards 3,180  Other (expense) income 1,329  Total $ 9,167    $ 5,617  June 30, 2022 (In thousands) (Unaudited) Derivatives in Cash Flow Hedging Relationship Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Foreign exchange contracts - forwards $ 12,136  Net sales $ 6,794        Foreign exchange contracts - forwards (2,467) Cost of sales (1,187)       Foreign exchange contracts - forwards (1,642) Operating expenses (931) Total $ 8,027    $ 4,676  (In thousands)       Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income   June 30, 2023 June 30, 2022   (Unaudited) (Unaudited) Foreign exchange contracts - forwards Other (expense) income $ 3,319  $ 2,787  Total   $ 3,319  $ 2,787

v3.23.2

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net consist of the following:  June 30, 2023 December 31, (In thousands) (Unaudited) 2022     Raw materials   $ 278,308  $ 273,311  Work-in-process 10,670  14,968  Finished goods 137,661  119,302  Total $ 426,639  $ 407,581  Less: Inventory reserve $ (25,013) $ (19,417) Total $ 401,626  $ 388,164

v3.23.2

Intangible assets, net and goodwill  (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets at June 30, 2023 and December 31, 2022 are as follows: June 30, 2023   (In thousands) (Unaudited) December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Capitalized software development costs $ 11,399  $ (8,477) $ 2,922  $ 18,810  $ (15,321) $ 3,489  Acquired technology 179,519  (68,372) 111,147  167,686  (54,351) 113,335  Customer relationships 92,778  (32,904) 59,874  98,827  (33,514) 65,313  Patents 37,627  (32,080) 5,547  37,240  (31,368) 5,872  Other 25,556  (12,142) 13,414  34,078  (21,237) 12,841  Total $ 346,879  $ (153,975) $ 192,904  $ 356,641  $ (155,791) $ 200,850
Schedule of Goodwill	The carrying amount of goodwill as of June 30, 2023 was as follows: (In thousands) Amount Balance as of December 31, 2022 $ 615,734  Acquisitions 18,651  Foreign currency translation impact 4,074  Balance as of June 30, 2023 (unaudited) $ 638,459

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of operating lease expense were as follows (unaudited): Three Months Ended Six Months Ended (In thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Lease Cost (1) $ 7,355  $ 5,478  $ 13,669  $ 10,895  (1) Includes variable and short-term lease costs
Schedule of Future Minimum Lease Payments	Maturities of lease liabilities as of June 30, 2023 were as follows (unaudited): (In thousands) Years ending December 31, Operating Leases 2023 (Excluding the six months ended June 30, 2023) $ 10,045  2024 15,704  2025 11,889  2026 9,808  2027 5,214  Thereafter 7,958  Total future minimum lease payments 60,618  Less imputed interest (7,524)     Total lease liabilities $ 53,094

v3.23.2

Comprehensive income (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated OCI, Net of Tax	The accumulated OCI, net of tax, for the six months ended June 30, 2023 and 2022, consisted of the following:   June 30, 2023 (Unaudited) (In thousands) Currency translation adjustment Derivative instruments Accumulated other comprehensive income/(loss) Balance as of December 31, 2022 $ (38,250) 385  $ (37,865) Current-period other comprehensive income 6,116  14,784  20,900  Reclassified from accumulated OCI into income —  (5,617) (5,617) Income tax expense —  (1,902) (1,902) Balance as of June 30, 2023 $ (32,134) $ 7,650  $ (24,484) June 30, 2022 (Unaudited) (In thousands) Currency translation adjustment 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 (13,446) 12,703  (743) Reclassified from accumulated OCI into income —  (4,676) (4,676) Income tax expense —  (1,930) (1,930) Balance as of June 30, 2022 $ (36,625) $ 9,145  $ (27,480)

v3.23.2

Authorized shares of common and preferred stock and stock-based compensation plans (Tables)	6 Months Ended
	Jun. 30, 2023
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: Six Months Ended (unaudited) June 30, 2023 June 30, 2022 Number of simulations 100,000 100,000 Expected volatility 32.27% 37.81% Expected life in years 2.84 years 2.95 years Risk-free interest rate 4.45% 1.33% Dividend yield 2.45% 2.52%

v3.23.2

Segment and geographic information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Net Sales by Country	The following table presents summarized information for net sales by country. Revenues from external customers are generally attributed to countries based upon the customer's billing location. Net sales attributable to each individual foreign country outside the U.S. and China were not material. (in millions) United States China(1) Rest of the World Total Net sales: Three months ended June 30, 2023 $ 183  $ 59  $ 175  $ 417  Three months ended June 30, 2022 $ 153  $ 66  $ 177  $ 396  Six months ended June 30, 2023 $ 355  $ 141  $ 358  $ 854  Six months ended June 30, 2022 $ 306  $ 121  $ 354  $ 781  (1): Includes Mainland China and the Hong Kong Special Administrative Region The following table presents summarized information for long-lived assets by country. Long-lived assets attributable to each individual country outside the U.S., Hungary and Malaysia were not material. Long-lived assets consist of property, plant, and equipment and operating lease right-of-use assets excluding intangible assets. (in millions) United States Hungary Malaysia Rest of the World Total Long-lived Assets: June 30, 2023 $ 151  $ 59  $ 80  $ 62  $ 352  December 31, 2022 $ 124  $ 58  $ 82  $ 61  $ 325

v3.23.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Amounts Outstanding Related to Borrowing Arrangements	The following table presents the amounts outstanding related to our borrowing arrangements discussed above as of June 30, 2023 (unaudited) and December 31, 2022, respectively (in thousands): June 30, December 31, (in thousands) 2023 2022 Secured Term Loan $ 481,250  $ 493,750  Revolving line of credit 110,000  50,000  Total Debt 591,250  543,750  Less: Unamortized debt issuance costs (1,877) (2,113) Less: Current portion of total debt (25,000) (25,000) Total Debt, non-current $ 564,373  $ 516,637

v3.23.2

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Charges Resulting From Restructuring Activities	A summary of the charges in our consolidated statement of operations resulting from our restructuring activities is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) (Unaudited) (Unaudited) 2023 2022 2023 2022 Cost of sales $ 260  $ —  $ 1,779  $ —  Research and development 97  292  3,174  692  Sales and marketing 26  —  5,993  —  General and administrative 1,268  —  6,526  —  Total restructuring and other related costs $ 1,651  $ 292  $ 17,472  $ 692
Schedule of Restructuring Reserve by Type of Cost	A summary of balance sheet activity during 2023 related to our restructuring activity is shown below: (in thousands) Restructuring Liability Balance as of December 31, 2022 $ 10,009  Income statement expense 17,472  Cash payments (21,710) Balance as of June 30, 2023 $ 5,771

v3.23.2

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Allocation	The information below represents the purchase price allocation of the TS Business (in thousands): May 2, 2022 Consideration Transferred $ 56,324  Cash and cash equivalents 672  Accounts receivable 2,616  Inventories 5,130  Prepaid expenses and other current assets 1,900  Property and equipment 1,145  Goodwill 29,223  Intangible assets 25,010  Operating lease right-of-use assets 4,820  Other long-term assets 108  Accounts payable and accrued expenses (966) Accrued compensation (463) Operating lease liabilities - current (1,050) Other current liabilities (8,233) Operating lease liabilities - non-current (3,588) Net Assets Acquired $ 56,324
Schedule of Preliminary Purchase Price Allocation and Useful Lives	The following table summarizes the preliminary purchase price allocation and the preliminary average remaining useful lives for identifiable intangible assets acquired. Estimated Fair Value (in thousands) Estimated Useful Lives (in years) Customer relationships $ 2,470  10 Developed software 20,830  5 Trade name contractual rights 1,710  2 Total 25,010

v3.23.2

Basis of presentation - Schedule of Other (Expense) Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 426	$ 58	$ 751	$ 104
Interest expense	(9,741)	(2,500)	(18,088)	(3,792)
Gain (loss) from equity-method investments	819	(471)	5,597	131
Net foreign exchange gain (loss)	721	(769)	420	(1,935)
Other	(725)	177	(199)	2,019
Other expense, net	$ (8,500)	$ (3,505)	$ (11,519)	$ (3,473)

v3.23.2

Basis of presentation - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income taxes payable - current	$ 0	$ 87,186
Hedge payable - current	6,242	18,117
Accrued liabilities	31,779	26,851
Other	20,812	21,003
Total	$ 58,833	$ 153,157

v3.23.2

Basis of presentation - Schedule of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Weighted average shares outstanding - basic (in shares)	132,369,000	131,973,000	131,850,000	132,039,000
Plus: Common share equivalents
RSUs & PRSUs (in shares)	1,802,000	735,000	1,843,000	909,000
Weighted average shares outstanding-diluted (in shares)	134,171,000	132,708,000	133,693,000	132,948,000
RSU
Plus: Common share equivalents
Anti-dilutive securities excluded from the computation of diluted EPS (in shares)	70,300	2,026,000	68,600	1,324,000

v3.23.2

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 416,804	$ 395,515	$ 853,629	$ 780,770
Portfolio
Disaggregation of Revenue [Line Items]
Total net sales	134,706	116,216	270,615	240,919
Semiconductor & Electronics
Disaggregation of Revenue [Line Items]
Total net sales	91,584	116,370	205,341	220,395
Aerospace, Defense & Government
Disaggregation of Revenue [Line Items]
Total net sales	111,895	99,521	225,010	194,024
Transportation
Disaggregation of Revenue [Line Items]
Total net sales	78,619	63,408	152,663	125,432
Americas
Disaggregation of Revenue [Line Items]
Total net sales	187,508	160,417	365,494	319,628
EMEA
Disaggregation of Revenue [Line Items]
Total net sales	111,952	96,683	224,133	197,051
APAC
Disaggregation of Revenue [Line Items]
Total net sales	117,344	138,415	264,002	264,091
Point-in-Time
Disaggregation of Revenue [Line Items]
Total net sales	359,352	338,287	742,039	665,510
Point-in-Time | Americas
Disaggregation of Revenue [Line Items]
Total net sales	160,298	134,337	312,640	267,326
Point-in-Time | EMEA
Disaggregation of Revenue [Line Items]
Total net sales	93,221	76,092	187,918	155,331
Point-in-Time | APAC
Disaggregation of Revenue [Line Items]
Total net sales	105,833	127,858	241,481	242,853
Over Time
Disaggregation of Revenue [Line Items]
Total net sales	57,452	57,228	111,590	115,260
Over Time | Americas
Disaggregation of Revenue [Line Items]
Total net sales	27,210	26,080	52,854	52,302
Over Time | EMEA
Disaggregation of Revenue [Line Items]
Total net sales	18,731	20,591	36,215	41,720
Over Time | APAC
Disaggregation of Revenue [Line Items]
Total net sales	$ 11,511	$ 10,557	$ 22,521	$ 21,238

v3.23.2

Revenue - Change in Unearned Revenue (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning balance	$ 200,274
Deferral of revenue billed in current period, net of recognition	88,220
Recognition of revenue deferred in prior periods	(72,909)
Acquisitions/Divestitures	2,414
Foreign currency translation impact	342
Deferred revenue, ending balance	$ 218,341

v3.23.2

Revenue - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) grouping
Revenue from Contract with Customer [Abstract]
Number of industry specific groupings | grouping	3
Payment terms	Amounts billed 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 | $	$ 111
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	25.00%
Performance obligation, term	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	43.00%
Performance obligation, term	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	32.00%
Performance obligation, term

v3.23.2

Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investments	$ 29,000		$ 29,000		$ 29,000
Total revenue	416,804	$ 395,515	853,629	$ 780,770
Equity-Method Investment
Schedule of Equity Method Investments [Line Items]
Total revenue	$ 300	$ 1,300	$ 800	$ 2,800

v3.23.2

Fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Total Assets	$ 17,877	$ 12,324
Liabilities
Total Liabilities	(6,267)	(19,326)
Level 1
Assets
Total Assets	0	0
Liabilities
Total Liabilities	0	0
Level 2
Assets
Total Assets	17,877	12,324
Liabilities
Total Liabilities	(6,267)	(19,326)
Level 3
Assets
Total Assets	0	0
Liabilities
Total Liabilities	0	0
Interest Rate Swap
Assets
Derivative assets	4,467	2,299
Liabilities
Derivative liabilities		(1,013)
Interest Rate Swap | Level 1
Assets
Derivative assets	0
Liabilities
Derivative liabilities		0
Interest Rate Swap | Level 2
Assets
Derivative assets	4,467	2,299
Liabilities
Derivative liabilities		(1,013)
Interest Rate Swap | Level 3
Assets
Derivative assets	0
Liabilities
Derivative liabilities		0
Foreign Exchange Contract
Assets
Derivative assets	13,410	10,025
Liabilities
Derivative liabilities	(6,267)	(18,313)
Foreign Exchange Contract | Level 1
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Foreign Exchange Contract | Level 2
Assets
Derivative assets	13,410	10,025
Liabilities
Derivative liabilities	(6,267)	(18,313)
Foreign Exchange Contract | Level 3
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	$ 0	$ 0

v3.23.2

Derivative instruments and hedging activities - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) country	Jun. 30, 2022	Jun. 30, 2023 USD ($) country	Jun. 30, 2022	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of countries for which entity has direct operations | country	40		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
Duration of foreign currency forward contracts (or less)			18 months		12 months
Foreign currency forward contracts notional amount	$ 302,012		$ 302,012		$ 260,157
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			$ 5,000
Forward Contracts | Cost of sales
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings			(600)
Forward Contracts | Operating expenses
Derivative [Line Items]
Gains (losses) expected to be reclassified from AOCI to earnings			$ (500)
Forward Contracts | Maximum
Derivative [Line Items]
Percentage of derivative risk hedged	100.00%		100.00%
Interest Rate Swap
Derivative [Line Items]
Duration of foreign currency forward contracts (or less)					3 years
Foreign currency forward contracts notional amount					$ 300,000
Interest rate					3.90%
Other Derivatives
Derivative [Line Items]
Foreign currency forward contracts notional amount	$ 341,000		$ 341,000		$ 282,000
Other Derivatives | Maximum
Derivative [Line Items]
Percentage of derivative risk hedged	90.00%		90.00%
Duration of foreign currency forward contracts (or less)			90 days
Net sales | Geographic Concentration Risk | Non-Americas
Derivative [Line Items]
Concentration risk	55.00%	59.00%	57.00%	59.00%

v3.23.2

Derivative instruments and hedging activities - Schedule Of Notional Amounts Of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total forward contracts notional amount	$ 302,012	$ 260,157
British pound
Derivative [Line Items]
Total forward contracts notional amount	16,688	13,929
Chinese yuan
Derivative [Line Items]
Total forward contracts notional amount	94,463	73,419
Euro
Derivative [Line Items]
Total forward contracts notional amount	130,162	109,091
Hungarian forint
Derivative [Line Items]
Total forward contracts notional amount	8,813	19,529
Japanese yen
Derivative [Line Items]
Total forward contracts notional amount	28,647	21,285
Korean won
Derivative [Line Items]
Total forward contracts notional amount	20,298	14,048
Malaysian ringgit
Derivative [Line Items]
Total forward contracts notional amount	$ 2,941	$ 8,856

v3.23.2

Derivative instruments and hedging activities - Fair Value Of Derivative Instruments On Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 17,877	$ 12,324
Derivative liability	(6,267)	(19,326)
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	13,434	11,267
Derivative liability	(4,227)	(11,149)
Derivatives designated as hedging instruments | Foreign exchange contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	8,074	8,968
Derivative liability	(4,202)	(9,940)
Derivatives designated as hedging instruments | Interest rate contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	3,411	2,299
Derivatives designated as hedging instruments | Interest rate contracts - LT forwards
Derivatives, Fair Value [Line Items]
Derivative assets	1,056	0
Derivatives designated as hedging instruments | Foreign exchange contracts - LT forwards
Derivatives, Fair Value [Line Items]
Derivative assets	893	0
Derivative liability	(25)	(196)
Derivatives designated as hedging instruments | Interest rate contracts - LT forwards
Derivatives, Fair Value [Line Items]
Derivative liability	0	(1,013)
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	4,443	1,057
Derivative liability	(2,040)	(8,177)
Derivatives not designated as hedging instruments | Foreign exchange contracts - ST forwards
Derivatives, Fair Value [Line Items]
Derivative assets	4,443	1,057
Derivative liability	$ (2,040)	$ (8,177)

v3.23.2

Derivative instruments and hedging activities - Effect Of Derivative Instruments On Consolidated Statements Of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	$ 10,843	$ 6,161	$ 9,167	$ 8,027
Gain or (Loss) Reclassified from Accumulated OCI into Income	3,734	3,504	5,617	4,676
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	3,646	5,055	5,890	6,794
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(412)	(860)	(972)	(1,187)
Derivatives designated as hedging instruments | Foreign exchange contracts - forwards | Operating expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Reclassified from Accumulated OCI into Income	(302)	(691)	(630)	(931)
Derivatives designated as hedging instruments | Foreign Exchange Forward A
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	4,682	10,252	2,953	12,136
Derivatives designated as hedging instruments | Foreign Exchange Forward B
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	557	(2,446)	1,700	(2,467)
Derivatives designated as hedging instruments | Foreign Exchange Forward C
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	458	(1,645)	1,334	(1,642)
Derivatives designated as hedging instruments | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in OCI on Derivative	5,146		3,180
Gain or (Loss) Reclassified from Accumulated OCI into Income	802		1,329
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	4,176	3,590	3,319	2,787
Derivatives not designated as hedging instruments | Foreign exchange contracts - forwards | Other (expense) income
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 4,176	$ 3,590	$ 3,319	$ 2,787

v3.23.2

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 278,308	$ 273,311
Work-in-process	10,670	14,968
Finished goods	137,661	119,302
Total	426,639	407,581
Less: Inventory reserve	(25,013)	(19,417)
Inventories, net	$ 401,626	$ 388,164

v3.23.2

Intangible assets, net and goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 346,879	$ 356,641
Accumulated Amortization	(153,975)	(155,791)
Net Carrying Amount	192,904	200,850
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,399	18,810
Accumulated Amortization	(8,477)	(15,321)
Net Carrying Amount	2,922	3,489
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	179,519	167,686
Accumulated Amortization	(68,372)	(54,351)
Net Carrying Amount	111,147	113,335
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	92,778	98,827
Accumulated Amortization	(32,904)	(33,514)
Net Carrying Amount	59,874	65,313
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,627	37,240
Accumulated Amortization	(32,080)	(31,368)
Net Carrying Amount	5,547	5,872
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,556	34,078
Accumulated Amortization	(12,142)	(21,237)
Net Carrying Amount	$ 13,414	$ 12,841

v3.23.2

Intangible assets, net and goodwill - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 13,700,000	$ 14,800,000	$ 26,400,000	$ 27,200,000
Number of operating segments | segment			1
Goodwill impairment			$ 0		$ 0
Capitalized software development costs | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	3 years		3 years
Capitalized software development costs | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	6 years		6 years
Acquired technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years		5 years
Acquired technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years		10 years
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years		5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years		10 years
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	5 years		5 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years		10 years
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	10 years		10 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period (in years)	17 years		17 years

v3.23.2

Intangible assets, net and goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 615,734
Acquisitions	18,651
Foreign currency translation impact	4,074
Balance at end of period	$ 638,459

v3.23.2

Leases - Schedule of Components of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Option to terminate period			1 year
Operating lease cost	$ 7,355	$ 5,478	$ 13,669	$ 10,895
Minimum
Lessee, Lease, Description [Line Items]
Remaining term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining term	91 years		91 years
Option to extend term	9 years		9 years

v3.23.2

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (Excluding the six months ended June 30, 2023)	$ 10,045
2024	15,704
2025	11,889
2026	9,808
2027	5,214
Thereafter	7,958
Total future minimum lease payments	60,618
Less imputed interest	(7,524)
Total lease liabilities	$ 53,094

v3.23.2

Income taxes (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 75.0		$ 75.0		$ 74.0
Unrecognized tax benefits	18.3		18.3		$ 12.6
Gross increase in unrecognized tax benefits, current period	2.3
Reasonable possibility of future tax benefits	0.8		0.8
Interest expense related to uncertain tax positions	0.1
Accrued interest related to uncertain tax positions	$ 0.4		$ 0.4
Effective income tax rate	6.00%	28.00%	10.00%	21.00%
Hungary
Operating Loss Carryforwards [Line Items]
Statutory tax rate			9.00%
Income tax benefit in foreign tax position	$ 4.3	$ 0.9	$ 10.4	$ 2.9
Malaysia
Operating Loss Carryforwards [Line Items]
Income tax benefit of tax holiday, amount	$ 1.9	$ 0.5	$ 3.2	$ 1.1
Income tax benefit of tax holiday (in usd per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.01

v3.23.2

Comprehensive income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,156,124	$ 1,223,697
Current-period other comprehensive (loss) income	20,900	(743)
Reclassified from accumulated OCI into income	(5,617)	(4,676)
Income tax expense	(1,902)	(1,930)
Ending balance	1,217,520	1,168,507
Currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,250)	(23,179)
Current-period other comprehensive (loss) income	6,116	(13,446)
Reclassified from accumulated OCI into income	0	0
Income tax expense	0	0
Ending balance	(32,134)	(36,625)
Derivative instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	385	3,048
Current-period other comprehensive (loss) income	14,784	12,703
Reclassified from accumulated OCI into income	(5,617)	(4,676)
Income tax expense	(1,902)	(1,930)
Ending balance	7,650	9,145
Accumulated other comprehensive income/(loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,865)	(20,131)
Ending balance	$ (24,484)	$ (27,480)

v3.23.2

Authorized shares of common and preferred stock and stock-based compensation plans - Narrative (Details) - USD ($)							3 Months Ended	6 Months Ended
	Jan. 01, 2023	May 10, 2022	Jan. 01, 2022	May 05, 2020	May 12, 2015	May 11, 2010	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 13, 2023	Dec. 31, 2022	Jan. 19, 2022	Oct. 23, 2019	Jan. 21, 2004
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common and preferred stock shares authorized (in shares)								365,000,000
Preferred stock, authorized (in shares)								5,000,000			5,000,000
Preferred 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, par value per share (in usd per share)								$ 0.01			$ 0.01
Preferred stock, outstanding (in shares)								0			0
Preferred stock, issued (in shares)								0			0
Common stock repurchased (in shares)									1,758,928
Common stock repurchased, average cost per share (in usd per share)									$ 39.80
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)														750,000
Series B Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)										2,000,000
2022 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Board of Directors approved stock repurchase (up to)												$ 250,000,000
Authorized common stock available for repurchase Amount							$ 191,000,000	$ 109,000,000	$ 191,000,000
Common stock repurchased (in shares)							986,876
Common stock repurchased, average cost per share (in usd per share)							$ 39.06
2019 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized common stock available for repurchase (in shares)							0	0	0				3,000,000
Minimum | Before March 3, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares granted								0.00%
Maximum | Before March 3, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares granted								200.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based stock units, vested in period (in shares)								70,224	164,843
Performance period	3 years		3 years					3 years
Performance lookback period								30 days
Performance-based stock units, weighted average grant date fair value (in usd per share)							$ 59.65	$ 84.45	$ 59.65
Performance Shares | Maximum | On Or After March 3, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares granted								100.00%
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)						3,000,000
Number of shares reserved for issuance (in shares)					2,518,416
2010 Plan | Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						3 years
2010 Plan | Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						5 years
2010 Plan | Vesting period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						10 years
1994 and 2005 Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)						3,362,304
2015 Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)				567,142	3,000,000
Shares available for grant under stock plan (in shares)				567,142
2015 Plans | Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
2015 Plans | Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					4 years
2015 Plans | Vesting period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					5 years
2015 Plans | Vesting period four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					10 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)				4,500,000
Shares available for grant under stock plan (in shares)		1,568,571
2020 Plan | Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				1 year
2020 Plan | Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				2 years
2020 Plan | Vesting period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
2020 Plan | Vesting period four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)		4,500,000
Shares available for grant under stock plan (in shares)								5,340,243
2022 Plan | Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
2022 Plan | Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
2022 Plan | Vesting period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
2022 Plan | Vesting period four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock plan (in shares)		3,000,000
Percentage of the lower of the market related to purchase of common stock								85.00%
Maximum employee subscription rate								15.00%
Common stock reserved for future issuance under employee stock purchase plan (in shares)								3,613,670
Shares issued under employee stock purchase plan (in shares)								459,420
Weighted average purchase price of employees' purchase rights (in usd per share)								$ 37.82

v3.23.2

Authorized shares of common and preferred stock and stock-based compensation plans - Schedule of Key Assumptions to Value Market-based Awards (Details) - Performance Shares - simulation simulation in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	100	100
Expected volatility	32.27%	37.81%
Expected life in years	2 years 10 months 2 days	2 years 11 months 12 days
Risk-free interest rate	4.45%	1.33%
Dividend yield	2.45%	2.52%

v3.23.2

Segment and geographic information - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment region
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of geographic regions company operates in | region	3

v3.23.2

Segment and geographic information - Schedule of Net Sales by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 416,804	$ 395,515	$ 853,629	$ 780,770
Long-lived assets	352,000		352,000		$ 325,000
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	183,000	153,000	355,000	306,000
Long-lived assets	151,000		151,000		124,000
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	59,000	66,000	141,000	121,000
Hungary
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	59,000		59,000		58,000
Malaysia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	80,000		80,000		82,000
Rest of the World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	175,000	$ 177,000	358,000	$ 354,000
Long-lived assets	$ 62,000		$ 62,000		$ 61,000

v3.23.2

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Current portion of total debt	$ (25,000)	$ (25,000)
Term Loan | Credit Facilitiy
Debt Instrument [Line Items]
Long-term debt	481,250	493,750
Revolving line of credit | Credit Facilitiy
Debt Instrument [Line Items]
Long-term debt	110,000	50,000
Line of Credit | Credit Facilitiy
Debt Instrument [Line Items]
Long-term debt	591,250	543,750
Less: Unamortized debt issuance costs	(1,877)	(2,113)
Less: Current portion of total debt	(25,000)	(25,000)
Total Debt, non-current	$ 564,373	$ 516,637

v3.23.2

Debt - Narrative (Details) - Credit Facilitiy - USD ($)	Aug. 24, 2022	Jun. 30, 2023	Dec. 31, 2022
Line of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 1,000,000,000
Total leverage ratio	3.50
Leverage ratio for material acquisitions	4.00
Minimum consolidated interest coverage ratio	3.00
Default interest rate	2.00%
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.15%
Line of Credit | Maximum
Line of Credit Facility [Line Items]
Quarterly commitment fee	0.25%
Line of Credit | Federal funds rate
Line of Credit Facility [Line Items]
Variable interest rate spread	0.50%
Line of Credit | SOFR
Line of Credit Facility [Line Items]
Variable interest rate spread	1.00%
Line of Credit | SOFR Plus Margin | Maximum
Line of Credit Facility [Line Items]
Variable interest rate spread	0.75%
Line of Credit | SOFR Plus Margin | Minimum
Line of Credit Facility [Line Items]
Variable interest rate spread	1.25%
Line of Credit | SOFR Plus Margin | Maximum
Line of Credit Facility [Line Items]
Variable interest rate spread	1.75%
Revolving line of credit
Line of Credit Facility [Line Items]
Effective interest rate			5.70%
Debt issuance costs		$ 1,800,000	$ 2,100,000
Unsecured revolving line of credit	$ 500,000,000
Revolving line of credit | SOFR Plus Margin | Minimum
Line of Credit Facility [Line Items]
Variable interest rate spread	0.25%
Letter of Credit
Line of Credit Facility [Line Items]
Unsecured revolving line of credit	$ 25,000,000
Term Loan
Line of Credit Facility [Line Items]
Effective interest rate		6.70%	5.60%
Unsecured revolving line of credit	$ 500,000,000
Amortization rate percentage	1.25%
Debt Securities
Line of Credit Facility [Line Items]
Debt issuance costs		$ 1,900,000	$ 2,100,000

v3.23.2

Commitments and contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Warranty obligation duration	We offer a standard warranty on most hardware products which is included in the terms of sale of such products. During 2022, we enhanced the service entitlements included with our standard warranty to include technical support and dependable repair and replacement coverage. Standard warranties sold with these additional entitlements are now accounted for as service-type warranties and the revenue allocated to these performance obligations is now recognized over the service duration of one or three years, and the related warranty costs are recognized as incurred. We also offer additional extensions or enhancements to the service-type warranties described above, for which the related revenue is also recognized ratably over the warranty period. The included service period for the enhanced service entitlements was three years for the vast majority of orders placed during 2022. In late 2022, we shortened the default service period for our service-type warranty entitlements to one year, with the ability to add optional, separately-priced extensions for subsequent years. Consequently, revenue deferrals related to service-type warranties are expected to decrease on a year over year basis during the remainder of 2023.
Warranty reserve	$ 1.8	$ 1.5
Noncancellable unconditional purchase obligations	$ 10.2	$ 19.4

v3.23.2

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	$ 1,651	$ 292	$ 17,472	$ 692
Additional cost	500		500
Restructuring liability	5,800		$ 5,800
2023 Workforce Reduction Plan
Restructuring Cost and Reserve [Line Items]
Expected worldwide headcount reduction			4.00%
Total restructuring and other related costs			$ 17,100
2021 And 2022 Restructuring Initiatives
Restructuring Cost and Reserve [Line Items]
Restructuring related expenses	$ 100		$ 600

v3.23.2

Restructuring - Schedule of Charges in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	$ 1,651	$ 292	$ 17,472	$ 692
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	260	0	1,779	0
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	97	292	3,174	692
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	26	0	5,993	0
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring and other related costs	$ 1,268	$ 0	$ 6,526	$ 0

v3.23.2

Restructuring - Schedule of Balance Sheet Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 10,009
Income statement expense	$ 1,651	$ 292	17,472	$ 692
Cash payments			(21,710)
Restructuring reserve, ending balance	$ 5,771		$ 5,771

v3.23.2

Acquisitions - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended
	Mar. 06, 2023	Mar. 05, 2023	May 02, 2022	Feb. 28, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill					$ 638,459		$ 615,734
SET GmbH
Business Acquisition [Line Items]
Cash consideration	$ 24,000
Total cash consideration	2,700
Gain recognized	$ 3,000
Outstanding shares acquired	24.90%
Carrying value of investment		$ 3,000
Goodwill						$ 18,700
Intangible assets						13,500
Measurement period adjustments					$ 6,600
SET GmbH | SET GmbH
Business Acquisition [Line Items]
Ownership interest	75.10%
Kratzer Automation AG
Business Acquisition [Line Items]
Ownership interest			100.00%
T S Business
Business Acquisition [Line Items]
Cash consideration			$ 56,324
Goodwill			29,223
Intangible assets			25,010
Measurement period adjustments							10,000
Cash acquired from acquisition			$ 700
Transaction costs							2,200
Intangible assets adjustment							$ 10,000
T S Business | Developed Software
Business Acquisition [Line Items]
Economic life			5 years
Electronic GmbH (Heinzinger)
Business Acquisition [Line Items]
Cash consideration				$ 22,500
Goodwill				13,500
Intangible assets				7,200
Holdback released						$ 3,100
Holdback				$ 3,100

v3.23.2

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	May 02, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 638,459	$ 615,734
T S Business
Business Acquisition [Line Items]
Consideration Transferred	$ 56,324
Cash and cash equivalents	672
Accounts receivable	2,616
Inventories	5,130
Prepaid expenses and other current assets	1,900
Property and equipment	1,145
Goodwill	29,223
Intangible assets	25,010
Operating lease right-of-use assets	4,820
Other long-term assets	108
Accounts payable and accrued expenses	(966)
Accrued compensation	(463)
Operating lease liabilities - current	(1,050)
Other current liabilities	(8,233)
Operating lease liabilities - non-current	(3,588)
Net Assets Acquired	$ 56,324

v3.23.2

Acquisitions - Schedule of Preliminary Purchase Price Allocation and Useful Lives (Details) - T S Business $ in Thousands	May 02, 2022 USD ($)
Business Acquisition [Line Items]
Estimated fair value	$ 25,010
Customer relationships
Business Acquisition [Line Items]
Estimated fair value	$ 2,470
Estimated useful lives (in years)	10 years
Developed Software
Business Acquisition [Line Items]
Estimated fair value	$ 20,830
Estimated useful lives (in years)	5 years
Trade name contractual rights
Business Acquisition [Line Items]
Estimated fair value	$ 1,710
Estimated useful lives (in years)	2 years

v3.23.2

Subsequent events (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jul. 26, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)		$ 0.28	$ 0.28	$ 0.56	$ 0.56
Subsequent event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)	$ 0.28

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