Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 25, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'BENCHMARK ELECTRONICS INC | ' | ' |
Entity Central Index Key | '0000863436 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 53,700,109 | 54,399,771 |
Entity Public Float | ' | ' | $1,100,000,000 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $345,555 | $384,579 |
Accounts receivable, net of allowance for doubtful accounts of $338 and $1,442, respectively | 559,763 | 459,081 |
Inventories, net | 396,699 | 324,041 |
Prepaid expenses and other assets | 26,283 | 29,539 |
Income taxes receivable | 3,231 | 8,062 |
Deferred income taxes | 11,302 | 8,889 |
Total current assets | 1,342,833 | 1,214,191 |
Long-term investments | 9,921 | 10,324 |
Property, plant and equipment, net | 185,319 | 176,104 |
Goodwill, net | 44,691 | 37,912 |
Deferred income taxes | 33,856 | 29,535 |
Other, net | 40,751 | 33,411 |
Total assets | 1,657,371 | 1,501,477 |
Current liabilities: | ' | ' |
Current installments of capital lease obligations | 582 | 497 |
Accounts payable | 320,953 | 260,622 |
Income taxes payable | 9,570 | 3,828 |
Accrued liabilities | 67,272 | 65,568 |
Total current liabilities | 398,377 | 330,515 |
Capital lease obligations, less current installments | 9,521 | 10,103 |
Other long-term liabilities | 20,369 | 19,578 |
Deferred income taxes | 2,071 | 1,756 |
Shareholders' equity: | ' | ' |
Preferred shares, $0.10 par value; 5,000 shares authorized, none issued | ' | ' |
Common shares, $0.10 par value; 145,000 shares authorized; issued - 53,936 and 55,297, respectively; outstanding - 53,825 and 55,186, respectively | 5,383 | 5,519 |
Additional paid-in capital | 644,594 | 651,148 |
Retained earnings | 586,422 | 493,666 |
Accumulated other comprehensive loss | -9,094 | -10,536 |
Less treasury shares, at cost; 111 shares | -272 | -272 |
Total shareholders' equity | 1,227,033 | 1,139,525 |
Commitments and contingencies | ' | ' |
Total liabilities and shareholders' equity | $1,657,371 | $1,501,477 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for doubtful accounts, accounts receivable | $338 | $1,442 |
Preferred shares, par value | $0.10 | $0.10 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | ' | ' |
Common shares, par value | $0.10 | $0.10 |
Common shares, shares authorized | 145,000 | 145,000 |
Common shares, issued | 53,936 | 55,297 |
Common shares, outstanding | 53,825 | 55,186 |
Treasury shares, shares | 111 | 111 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Income [Abstract] | ' | ' | ' |
Sales | $2,506,467 | $2,468,150 | $2,253,030 |
Cost of sales | 2,319,983 | 2,291,412 | 2,114,195 |
Gross profit | 186,484 | 176,738 | 138,835 |
Selling, general and administrative expenses | 99,331 | 89,951 | 89,665 |
Restructuring charges and integration and acquisition-related costs | 9,348 | 2,200 | 4,515 |
Thailand flood related items, net of insurance | -41,325 | 9,028 | 3,362 |
Asset impairment charge and other | 2,606 | ' | ' |
Income from operations | 116,524 | 75,559 | 41,293 |
Interest expense | -1,934 | -1,580 | -1,327 |
Interest income | 1,688 | 1,306 | 1,768 |
Other income (expense) | -101 | 154 | -602 |
Income before income taxes | 116,177 | 75,439 | 41,132 |
Income tax expense (benefit) | 5,018 | 18,832 | -10,827 |
Net income | $111,159 | $56,607 | $51,959 |
Earnings per share: | ' | ' | ' |
Basic | $2.05 | $1.01 | $0.88 |
Diluted | $2.03 | $1 | $0.87 |
Weighted-average number of shares outstanding: | ' | ' | ' |
Basic | 54,213 | 56,320 | 59,284 |
Diluted | 54,779 | 56,634 | 59,773 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $111,159 | $56,607 | $51,959 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | 591 | 993 | -6,903 |
Unrealized gain on investments, net of tax | 418 | 1,476 | 526 |
Other | 433 | 445 | -111 |
Other comprehensive income (loss) | 1,442 | 2,914 | -6,488 |
Comprehensive income | $112,601 | $59,521 | $45,471 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balances, value at Dec. 31, 2010 | $1,119,225 | $6,109 | $707,138 | $413,212 | ($6,962) | ($272) |
Balances, shares at Dec. 31, 2010 | 61,085 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 5,097 | ' | 5,097 | ' | ' | ' |
Shares repurchased and retired, shares | -3,715 | ' | ' | ' | ' | ' |
Shares repurchased and retired, value | -56,281 | -372 | -39,931 | -15,978 | ' | ' |
Stock options exercised, shares | 257 | ' | ' | ' | ' | ' |
Stock options exercised, value | 2,571 | 26 | 2,545 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, shares | 164 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, value | ' | 16 | -16 | ' | ' | ' |
Excess tax benefit of stock-based compensation | -335 | ' | -335 | ' | ' | ' |
Comprehensive income | 45,471 | ' | ' | 51,959 | -6,488 | ' |
Balances, value at Dec. 31, 2011 | 1,115,748 | 5,779 | 674,498 | 449,193 | -13,450 | -272 |
Balances, shares at Dec. 31, 2011 | 57,791 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 6,270 | ' | 6,270 | ' | ' | ' |
Shares repurchased and retired, shares | -3,224 | ' | ' | ' | ' | ' |
Shares repurchased and retired, value | -47,106 | -322 | -34,650 | -12,134 | ' | ' |
Stock options exercised, shares | 375 | ' | ' | ' | ' | ' |
Stock options exercised, value | 4,657 | 38 | 4,619 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, shares | 244 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, value | ' | 24 | -24 | ' | ' | ' |
Excess tax benefit of stock-based compensation | 435 | ' | 435 | ' | ' | ' |
Comprehensive income | 59,521 | ' | ' | 56,607 | 2,914 | ' |
Balances, value at Dec. 31, 2012 | 1,139,525 | 5,519 | 651,148 | 493,666 | -10,536 | -272 |
Balances, shares at Dec. 31, 2012 | 55,186 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 6,267 | ' | 6,267 | ' | ' | ' |
Shares repurchased and retired, shares | -2,093 | ' | ' | ' | ' | ' |
Shares repurchased and retired, value | -41,168 | -209 | -22,556 | -18,403 | ' | ' |
Stock options exercised, shares | 713 | ' | ' | ' | ' | ' |
Stock options exercised, value | 11,203 | 71 | 11,132 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, shares | 27 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, value | ' | 3 | -3 | ' | ' | ' |
Restricted shares withheld for taxes, shares | -8 | ' | ' | ' | ' | ' |
Restricted shares withheld for taxes | -142 | -1 | -141 | ' | ' | ' |
Excess tax benefit of stock-based compensation | -1,253 | ' | -1,253 | ' | ' | ' |
Comprehensive income | 112,601 | ' | ' | 111,159 | 1,442 | ' |
Balances, value at Dec. 31, 2013 | $1,227,033 | $5,383 | $644,594 | $586,422 | ($9,094) | ($272) |
Balances, shares at Dec. 31, 2013 | 53,825 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $111,159 | $56,607 | $51,959 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 36,179 | 31,757 | 29,503 |
Amortization | 4,763 | 3,956 | 5,981 |
Deferred income taxes | -5,786 | 9,064 | -17,991 |
Asset impairment | 5,504 | ' | 46,530 |
Thailand flood insurance recovery | -10,748 | ' | -56,152 |
Gain on the sale of property, plant and equipment | -1,161 | -229 | -190 |
Stock-based compensation expense | 7,053 | 6,270 | 5,097 |
Excess tax shortfall (benefits) from stock-based compensation | -354 | -76 | 14 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -56,633 | -34,359 | 27,703 |
Inventories | -17,832 | 66,089 | -72,666 |
Prepaid expenses and other assets | 6,335 | 32,375 | 12,087 |
Accounts payable | 19,725 | -21,081 | 28,391 |
Accrued liabilities | -9,305 | 3,176 | 2,655 |
Income taxes | 10,178 | -2,402 | -8,137 |
Net cash provided by operations | 99,077 | 151,147 | 54,784 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and redemptions of investments | 821 | 15,825 | 11,150 |
Additions to property, plant and equipment | -26,829 | -47,911 | -71,396 |
Proceeds from the sale of property, plant and equipment | 1,908 | 346 | 369 |
Additions to purchased software | -1,908 | -1,124 | -601 |
Business acquisition, net of cash acquired | 94,271 | ' | ' |
Thailand flood property insurance proceeds | 10,748 | 23,372 | ' |
Other | 814 | ' | ' |
Net cash used in investing activities | -108,717 | -9,492 | -60,478 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from stock options exercised | 11,203 | 4,657 | 2,571 |
Excess tax (shortfall) benefits from stock-based compensation | 354 | 76 | -14 |
Principal payments on capital lease obligations | -497 | -419 | -363 |
Share repurchases | -41,168 | -47,106 | -56,281 |
Debt issuance costs | ' | -931 | ' |
Net cash used in financing activities | -30,108 | -43,723 | -54,087 |
Effect of exchange rate changes | 724 | 2,727 | -2,644 |
Net increase (decrease) in cash and cash equivalents | -39,024 | 100,659 | -62,425 |
Cash and cash equivalents at beginning of year | 384,579 | 283,920 | 346,345 |
Cash and cash equivalents at end of year | $345,555 | $384,579 | $283,920 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Summary Of Significant Accounting Policies | ' | ||||||||
Note 1—Summary of Significant Accounting Policies | |||||||||
(a) Business | |||||||||
Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides worldwide integrated electronic manufacturing services. The Company provides services to original equipment manufacturers (OEMs) of computers and related products for business enterprises, medical devices, industrial control equipment (which includes equipment for the aerospace and defense industry), testing and instrumentation products and telecommunication equipment. The Company has manufacturing operations located in the Americas, Asia and Europe. | |||||||||
(b) Principles of Consolidation | |||||||||
The consolidated financial statements include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||
(c) Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $247.0 million and $286.1 million at December 31, 2013 and 2012, respectively, consist primarily of money-market funds and time deposits with an initial term of less than three months. | |||||||||
(d) Allowance for Doubtful Accounts | |||||||||
Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer's financial condition, payment history, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged off against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. | |||||||||
(e) Investments | |||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. | |||||||||
As of December 31, 2013, $11.4 million (par value) of long-term investments were recorded at fair value. The long-term investments consist of auction rate securities, primarily secured by guaranteed student loans backed by a U.S. government agency, and are classified as available-for-sale. Auction rate securities are adjustable rate debt instruments whose interest rates were intended to reset every 7 to 35 days through an auction process. Overall changes in the global credit and capital markets led to failed auctions for these securities beginning in early 2008. These failed auctions, in addition to overall global economic conditions, impacted the liquidity of these investments and resulted in the Company continuing to hold these securities beyond their typical auction reset dates. The market for these types of securities remains illiquid as of December 31, 2013. These securities are classified as long-term investments and the contractual maturity of these securities is over ten years. | |||||||||
These long-term investments were valued using Level 3 inputs as of December 31, 2013, as the assets were subject to valuation using significant unobservable inputs. The Company estimated the fair value of each security with the assistance of an independent valuation firm using a discounted cash flow model to calculate the present value of projected cash flows based on a number of inputs and assumptions including the security structure and terms, the current market conditions and the related impact on the expected weighted-average life, interest rate estimates and default risk of the securities. | |||||||||
As of December 31, 2013, the Company has recorded an unrealized loss of $1.4 million on the long-term investments based upon this valuation. This unrealized loss reduced the fair value of the Company's auction rate securities as of December 31, 2013 to $9.9 million. These investments have been in an unrealized loss position for greater than 12 months. During 2013, 2012 and 2011, the Company recorded unrealized gains of $0.4 million, $1.5 million and $0.5 million, respectively, on its long-term investments. | |||||||||
The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized loss. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Due to the unrealized losses on the auction rate securities held, the Company has assessed whether the calculated impairment is other-than-temporary. In performing this assessment, even though the Company has no intention to sell the securities before the amortized cost basis is recovered and believes it is more-likely-than-not that it will not be required to sell the securities prior to recovery, the Company has performed additional analyses to determine if a portion of the unrealized loss is considered a credit loss. A credit loss would be identified as the amount of the principal cash flows not expected to be received over the remaining term of the security as projected using the Company's best estimates. The Company has assessed each security for credit impairment, taking into account factors such as (i) the length of time and the extent to which fair value has been below cost; (ii) activity in the market of the issuer which may indicate adverse credit conditions; (iii) the payment structure of the security; and (iv) the failure of the issuer of the security to make scheduled payments. The Company used an independent valuation firm to assist in making these assessments. | |||||||||
Based on these assessments, the Company has determined that there is no credit loss associated with its auction rate securities as of December 31, 2013, as shown by the cash flows expected to be received over the remaining life of the securities. | |||||||||
The following table provides a reconciliation of the beginning and ending balance of the Company's auction rate securities classified as long-term investments measured at fair value using significant unobservable inputs (Level 3 inputs): | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Balance as of January 1 | $ | 10,324 | $ | 24,673 | |||||
Net unrealized gains included in other comprehensive income | 418 | 1,476 | |||||||
Sales of investments at par value | -821 | -15,825 | |||||||
Balance as of December 31 | $ | 9,921 | $ | 10,324 | |||||
Unrealized losses still held | $ | 1,433 | $ | 1,851 | |||||
The cumulative unrealized loss is included as a component of accumulated other comprehensive loss within shareholders' equity in the accompanying consolidated balance sheet. As of December 31, 2013, there were no long-term investments measured at fair value using Level 1 or Level 2 inputs. All income generated from these investments is recorded as interest income. | |||||||||
(f) Inventories | |||||||||
Inventories include material, labor and overhead and are stated at the lower of cost (principally first-in, first-out method) or market. | |||||||||
(g) Property, Plant and Equipment | |||||||||
Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings and building improvements, 2 to 10 years for machinery and equipment, 2 to 10 years for furniture and fixtures and 2 to 5 years for vehicles. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. | |||||||||
(h) Goodwill and Other Intangible Assets | |||||||||
Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. | |||||||||
(i) Impairment of Long-Lived Assets and Goodwill | |||||||||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of would be separately disclosed and reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be disclosed separately in the appropriate asset and liability sections of the balance sheet. | |||||||||
In September 2011, the Financial Accounts Standards Board (FASB) issued an accounting standards update that gives an entity the option to perform a qualitative assessment to determine whether or not it is required to calculate the fair value of a reporting unit. Based on this qualitative assessment, if the entity determines that it is not more likely than not that the reporting unit's fair value is less than its carrying value, then the entity is not required to perform the two-step goodwill impairment test. Effective January 1, 2012, the Company adopted the provisions of this update and, in connection with its annual goodwill impairment assessment as of December 31, 2013 and 2012, concluded that goodwill was not impaired. The Company will continue to perform this qualitative assessment for goodwill impairment on an annual basis, at a minimum, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. | |||||||||
The Company completed the annual two-step goodwill impairment test as of December 31, 2011 and determined that goodwill was not impaired. | |||||||||
(j) Earnings Per Share | |||||||||
Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents during the years ended December 31, 2013, 2012 and 2011. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in-capital, if any, when the share is exercised are assumed to be used to repurchase shares in the current period. | |||||||||
The following table sets forth the calculation of basic and diluted earnings per share. | |||||||||
Year Ended December 31, | |||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||
Net income | $ | 111,159 | $ | 56,607 | $ | 51,959 | |||
Denominator for basic earnings per share – weighted- | |||||||||
average number of common shares outstanding | |||||||||
during the period | 54,213 | 56,320 | 59,284 | ||||||
Incremental common shares attributable to outstanding | |||||||||
dilutive options | 324 | 150 | 270 | ||||||
Incremental common shares attributable to outstanding | |||||||||
restricted shares, restricted stock units and phantom stock | 242 | 164 | 219 | ||||||
Denominator for diluted earnings per share | 54,779 | 56,634 | 59,773 | ||||||
Basic earnings per share | $ | 2.05 | $ | 1.01 | $ | 0.88 | |||
Diluted earnings per share | $ | 2.03 | $ | 1 | $ | 0.87 | |||
Options to purchase 1.2 million, 3.7 million and 3.4 million common shares in 2013, 2012 and 2011, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. | |||||||||
(k) Revenue Recognition | |||||||||
Revenue from the sale of manufactured products built to customer specifications and excess inventory is recognized when title and risk of ownership have passed, the price to the buyer is fixed or determinable and recoverability is reasonably assured, which generally is when the goods are shipped. To a lesser extent, the Company also derives revenue from non-manufacturing services, such as product design, circuit board layout and test development. Revenue from design, development and engineering services is recognized when the services are performed and collectibility is reasonably certain. Such services provided under fixed price contracts are accounted for using the percentage of completion method. The Company assumes no significant obligations after shipment as the Company typically warrants workmanship only. Based on historical experience, the warranty provision is immaterial. | |||||||||
(l) Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that is more likely than not to be realized. The Company has considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. | |||||||||
(m) Stock-Based Compensation | |||||||||
All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their fair values. The total compensation cost recognized for stock-based awards was $7.1 million, $6.3 million and $5.1 million for 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the income statement for stock-based awards was $2.6 million, $2.1 million and $1.7 million for 2013, 2012 and 2011, respectively. The compensation expense for stock-based awards includes an estimate for forfeitures and is recognized over the vesting period of the awards using the straight-line method. Cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock-based awards (excess tax benefits) are classified as cash flows from financing activities. Awards of restricted shares, restricted stock units, performance restricted stock units and phantom stock are valued at the closing market price of the Company's common shares on the date of grant. For restricted stock unit awards with performance conditions, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. If it becomes probable, based on the Company's expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense will be recognized as a change in accounting estimate. | |||||||||
As of December 31, 2013, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards are as follows: | |||||||||
Phantom | Performance | ||||||||
Stock and | Based | ||||||||
Restricted | Restricted | ||||||||
Stock | Restricted | Stock | Stock | ||||||
(in thousands) | Options | Shares | Units | Units(1) | |||||
Unrecognized compensation cost | $ | 3,839 | $ | 2,166 | $ | 4,081 | $ | 1,565 | |
Remaining weighted-average | |||||||||
amortization period | 2.2 years | 1.8 years | 2.8 years | 2.2 years | |||||
(1) Based on the probable achievement of the performance goals identified in each award. | |||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company issued 0.3 million, 0.4 million and 0.4 million options, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to value the option grants during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Stock Options | |||||||||
Expected term of options | 7.4 years | 6.3 years | 6.2 years | ||||||
Expected volatility | 42% | 42% | 41% | ||||||
Risk-free interest rate | 1.40% | 1.31% | 2.67% | ||||||
Dividend yield | zero | zero | zero | ||||||
The expected term of the options represents the estimated period of time until exercise and is based on historical experience, giving consideration to the contractual terms, vesting schedules and expectations of future plan participant behavior. Separate groups of plan participants that have similar historical exercise behavior are considered separately for valuation purposes. Expected stock price volatility is based on the historical volatility of the Company's common shares. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates in effect at the time of grant with an equivalent remaining term. The dividend yield reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future. | |||||||||
The weighted-average fair value per option granted during the years ended December 31, 2013, 2012 and 2011 was $7.87, $6.83 and $8.14, respectively. The total cash received as a result of stock option exercises for the years ended December 31, 2013, 2012 and 2011 was approximately $11.2 million, $4.7 million and $2.6 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2013, 2012 and 2011 was $2.2 million, $1.3 million and $0.9 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the total intrinsic value of stock options exercised was $3.2 million, $1.4 million and $1.4 million, respectively. | |||||||||
The Company issued performance based restricted stock unit awards to employees during 2013, 2012 and 2011. The number of performance based restricted stock unit awards that will ultimately be earned will not be determined until the end of the performance periods, which are December 31, 2014, 2015 and 2016, and may vary from as low as zero to as high as three times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the audited financial results of the Company for the last full calendar year within the performance period (the years ending December 31, 2014, 2015 and 2016). The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating income margin expansion, and return on invested capital. If the performance goals are not met based on the Company's financial results, the applicable performance based restricted stock unit awards will not vest and will be forfeited. | |||||||||
(n) Use of Estimates | |||||||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with generally accepted accounting principles. Actual results could differ from those estimates. | |||||||||
(o) Fair Values of Financial Instruments | |||||||||
The Company's financial instruments consist of cash equivalents, accounts receivable, accrued liabilities, accounts payable and capital lease obligations. The Company believes that the carrying value of these instruments approximate their fair value. As of December 31, 2013, the Company's long-term investments are recorded at fair value. See Note 11. | |||||||||
(p) Foreign Currency | |||||||||
For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $0.9 million, $1.2 million and $1.5 million in 2013, 2012, and 2011, respectively. | |||||||||
(q) Recently Enacted Accounting Principles | |||||||||
In December 2011, the FASB issued an amendment to disclosures about offsetting assets and liabilities. The amended standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The Company adopted the provisions of this update January 1, 2013. The adoption of this standard had no impact on the Company's consolidated financial statements or footnote disclosures. | |||||||||
In March 2013, the FASB issued a new accounting standard on foreign currency matters that clarifies the guidance of a parent company's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. Under this new standard, a parent company that ceases to have a controlling financial interest in a foreign subsidiary or group of assets within a foreign entity shall release any related cumulative translation adjustment into net income only if a sale or transfer results in complete or substantially complete liquidation of the foreign entity. This standard is effective for fiscal years beginning after December 15, 2013. The Company will apply the guidance prospectively to derecognition events occurring after January 1, 2014. | |||||||||
The Company has determined that all other recently issued accounting standards will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Business Combination Disclosure Text Block | ' | ||||||
Note 2—Acquisitions | |||||||
On June 3, 2013, the Company acquired all of the outstanding common stock of Suntron Corporation (Suntron), an electronics manufacturing services (EMS) company headquartered in Phoenix, Arizona (the Suntron Acquisition) for $19.3 million in cash, subject to a final purchase price adjustment in accordance with the acquisition agreement. The Suntron Acquisition added two manufacturing facilities: Tijuana, Mexico and Phoenix, Arizona. The Suntron Acquisition strengthened the Company's capabilities and global reach to better serve customers in the aerospace and defense industries. | |||||||
The preliminary allocation of the Suntron Acquisition's net purchase price resulted in no goodwill. The final allocation of the purchase price, which the Company expects to complete as soon as practical but no later than one year from the acquisition date, may differ from the amounts included in these financial statements. Management does not expect the adjustments resulting from the purchase price allocation, if any, to have a material effect on the Company's financial position or results of operations. | |||||||
The following is an estimate of the purchase price for Suntron and the preliminary purchase price allocation (in thousands): | |||||||
Purchase price paid | $ | 19,332 | |||||
Cash acquired | -62 | ||||||
Purchase price, net of cash received | $ | 19,270 | |||||
Acquisition-related costs (included in restructuring charges and integration | |||||||
and acquisition-related costs for the year ended December 31, 2013) | $ | 328 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 62 | |||||
Accounts receivable | 11,561 | ||||||
Inventories | 14,686 | ||||||
Other current assets | 1,072 | ||||||
Property, plant and equipment | 1,869 | ||||||
Other assets | 255 | ||||||
Deferred income taxes | 3,893 | ||||||
Current liabilities | -13,785 | ||||||
Other long-term liabilities | -281 | ||||||
Total identifiable net assets | $ | 19,332 | |||||
Suntron's results of operations were included in the Company's consolidated statement of income beginning on June 3, 2013 which amounted to approximately $45.2 million in revenue for the year ended December 31, 2013. Suntron's net income during the year ended December 31, 2013 was not significant to the consolidated operating results of the Company. | |||||||
On October 2, 2013, the Company acquired all of the outstanding common stock of CTS Electronics Manufacturing Solutions, Inc. and CTS Electronics Corporation (Thailand) Ltd., the full-service EMS segment of CTS Corporation (CTS), for $75 million (the CTS Acquisition). The acquired business has five locations (4 in North America and 1 in Asia) and approximately 1,000 employees. The CTS acquisition expands the Company's portfolio of customers in non-traditional and highly regulated markets and strengthens the depth and scope of the Company's new product express capabilities on the West Coast. | |||||||
The preliminary allocation of the CTS Acquisition's net purchase price resulted in $6.8 million of goodwill. The final allocation of the purchase price, which the Company expects to complete as soon as practical but no later than one year from the acquisition date, may differ from the amounts included in these financial statements. Management does not expect the adjustments resulting from the purchase price allocation, if any, to have a material effect on the Company's financial position or results of operations. | |||||||
The following is an estimate of the purchase price for CTS and the preliminary purchase price allocation (in thousands): | |||||||
Purchase price paid | $ | 75,982 | |||||
Cash acquired | -981 | ||||||
Purchase price, net of cash received | $ | 75,001 | |||||
Acquisition-related costs (included in restructuring charges and integration | |||||||
and acquisition-related costs for the year ended December 31, 2013) | $ | 1,936 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 981 | |||||
Accounts receivable | 32,408 | ||||||
Inventories | 40,494 | ||||||
Other current assets | 1,472 | ||||||
Property, plant and equipment | 17,000 | ||||||
Goodwill | 6,779 | ||||||
Customer relationships intangible | 15,500 | ||||||
Other assets | 129 | ||||||
Deferred income taxes | -2,094 | ||||||
Current liabilities | -36,687 | ||||||
Total identifiable net assets | $ | 75,982 | |||||
CTS's results of operations were included in the Company's condensed consolidated statement of income beginning on October 2, 2013 which amounted to approximately $53.8 million in revenue for the year ended December 31, 2013. CTS's net income during the year ended December 31, 2013 was not significant to the consolidated operating results of the Company. | |||||||
The following summary pro forma condensed consolidated financial information reflects the Suntron and CTS Acquisitions as if they had occurred on January 1, 2012 for purposes of the statements of income. This summary pro forma information is not necessarily representative of what the Company's results of operations would have been had these acquisitions in fact occurred on January 1, 2012 and is not intended to project the Company's results of operations for any future period. | |||||||
Pro forma condensed consolidated financial information for the years ended December 31, 2013 and 2012 (unaudited): | |||||||
Year Ended December 31, | |||||||
(in thousands) | 2013 | 2012 | |||||
Net sales | $ | 2,693,145 | $ | 2,804,757 | |||
Net income | $ | 45,485 | $ | 51,563 |
Inventories
Inventories | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
Note 3—Inventories | |||||
Inventory costs are summarized as follows: | |||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Raw materials | $ | 245,455 | $ | 213,027 | |
Work in process | 84,710 | 67,221 | |||
Finished goods | 66,534 | 43,793 | |||
$ | 396,699 | $ | 324,041 |
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Property, Plant And Equipment [Abstract] | ' | ||||
Property, Plant And Equipment | ' | ||||
Note 4—Property, Plant and Equipment | |||||
Property, plant and equipment consists of the following: | |||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Land | $ | 6,359 | $ | 6,172 | |
Buildings and building improvements | 92,267 | 85,668 | |||
Machinery and equipment | 410,183 | 390,237 | |||
Furniture and fixtures | 7,934 | 6,799 | |||
Vehicles | 174 | 893 | |||
Leasehold improvements | 14,767 | 14,200 | |||
Construction in progress | 135 | 2,147 | |||
531,819 | 506,116 | ||||
Less accumulated depreciation | -346,500 | -330,012 | |||
$ | 185,319 | $ | 176,104 |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Goodwill And Other Intangible Assets | ' | ||||||
Note 5—Goodwill and Other Intangible Assets | |||||||
The changes each year in goodwill allocated to the Company's reportable segments were as follows: | |||||||
(in thousands) | Americas | Asia | Total | ||||
Goodwill at December 31, 2010 | $ | — | $ | 37,912 | $ | 37,912 | |
Acquisitions | — | — | — | ||||
Goodwill at December 31, 2011 | — | 37,912 | 37,912 | ||||
Acquisitions | — | — | — | ||||
Goodwill at December 31, 2012 | — | 37,912 | 37,912 | ||||
Acquisitions | 6,641 | 138 | 6,779 | ||||
Goodwill at December 31, 2013 | $ | 6,641 | $ | 38,050 | $ | 44,691 | |
Other assets consist primarily of acquired identifiable intangible assets, capitalized purchased software costs and assets held for sale. Other intangible assets as of December 31, 2013 and 2012 were as follows: | |||||||
Gross | Net | ||||||
Carrying | Accumulated | Carrying | |||||
(in thousands) | Amount | Amortization | Amount | ||||
Customer relationships | $ | 33,348 | $ | -12,900 | $ | 20,448 | |
Technology licenses | 11,300 | -8,999 | 2,301 | ||||
Other | 868 | -166 | 702 | ||||
Other intangible assets, December 31, 2013 | $ | 45,516 | $ | -22,065 | $ | 23,451 | |
Gross | Net | ||||||
Carrying | Accumulated | Carrying | |||||
(in thousands) | Amount | Amortization | Amount | ||||
Customer relationships | $ | 17,793 | $ | -10,702 | $ | 7,091 | |
Technology licenses | 11,300 | -7,880 | 3,420 | ||||
Other | 868 | -142 | 726 | ||||
Other intangible assets, December 31, 2012 | $ | 29,961 | $ | -18,724 | $ | 11,237 | |
Customer relationships are being amortized on a straight-line basis over a period of ten years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. Amortization of other intangible assets for the years ended December 31, 2013, 2012 and 2011 was $3.3 million, $2.7 million and $4.6 million, respectively. | |||||||
The estimated future amortization expense of other intangible assets for each of the next five years is as follows (in thousands): | |||||||
Year ending December 31, | Amount | ||||||
2014 | $ | 4,123 | |||||
2015 | 4,123 | ||||||
2016 | 4,112 | ||||||
2017 | 1,574 | ||||||
2018 | 1,574 | ||||||
During 2013, 2012 and 2011, $1.9 million, $1.1 million and $0.6 million, respectively, of purchased software costs were capitalized. As of December 31, 2013 and 2012, purchased software, net of accumulated amortization totaled $2.5 million and $1.9 million, respectively. The accumulated amortization of purchased software costs at December 31, 2013 and 2012 was $25.0 million and $24.1 million, respectively. Capitalized purchased software costs are amortized straight-line over the estimated useful life of the related software, which ranges from 3 to 7 years. | |||||||
As of December 31, 2013 and 2012, the Company had an asset held for sale in other assets with a net book value of $5.4 million and $8.9 million, respectively. During the year ended December 31, 2013, the Company recognized a non-cash asset impairment charge of $3.8 million related to its manufacturing facility in Tianjin, China based on recent market activity. During 2008, the Company committed to a plan to divest its Tianjin facility and it is available for immediate sale. |
Borrowing_Facilities
Borrowing Facilities | 12 Months Ended |
Dec. 31, 2013 | |
Borrowing Facilities [Abstract] | ' |
Borrowing Facilities | ' |
Note 6—Borrowing Facilities | |
Under the terms of a credit agreement (the U.S. Credit Agreement), the Company has a $200 million five-year revolving credit facility for general corporate purposes with a maturity date of July 30, 2017. The U.S. Credit Agreement includes an accordion feature under which total commitments under the facility may be increased by an additional $100 million, subject to satisfaction of certain conditions and lender approval. | |
Interest on outstanding borrowings under the U.S. Credit Agreement is payable quarterly, at the Company's option, at either LIBOR plus 1.75% to 2.75% or a prime rate plus 0.75% to 1.75%, based upon the Company's leverage ratio as specified in the U.S. Credit Agreement. A commitment fee of 0.30% to 0.40% per annum (based upon the Company's liquidity ratio as specified in the U.S. Credit Agreement) on the unused portion of the revolving credit line is payable quarterly in arrears. As of December 31, 2013, the Company had no borrowings outstanding under the U.S. Credit Agreement, $0.8 million in outstanding letters of credit and $199.2 million was available for future borrowings. As of December 31, 2012, the Company had no borrowings outstanding under the U.S. Credit Agreement and $200 million was available for future borrowings. | |
The U.S. Credit Agreement is secured by the Company's domestic inventory and accounts receivable, 100% of the stock of the Company's domestic subsidiaries and 65% of the voting capital stock of each direct foreign subsidiary and substantially all of the other tangible and intangible assets of the Company and its domestic subsidiaries. The U.S. Credit Agreement contains customary financial covenants as to debt leverage and fixed charges, and restricts our ability to incur additional debt, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. As of both December 31, 2013 and 2012, the Company was in compliance with all such covenants and restrictions. | |
The Company's Thailand subsidiary has a multi-purpose credit facility with Kasikornbank Public Company Limited (the Thai Credit Facility) that provides for approximately $10.6 million (350 million Thai baht) in working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2014. As of both December 31, 2013 and 2012, the Company's Thailand subsidiary had no working capital borrowings outstanding. | |
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments [Abstract] | ' | ||||
Commitments | ' | ||||
Note 7—Commitments | |||||
The Company leases certain manufacturing equipment, office equipment, vehicles and office, warehouse and manufacturing facilities under operating leases. Some of the leases provide for escalation of the lease payments as maintenance costs and taxes increase. The leases expire at various times through 2021. Leases for office space and manufacturing facilities generally contain renewal options. Rental expense for the years ended December 31, 2013, 2012 and 2011 was $11.2 million, $9.1 million and $10.3 million, respectively. | |||||
The Company is obligated under a capital lease that expires in 2023. As of December 31, 2013, property, plant and equipment include the following amounts under capital leases (in thousands): | |||||
Buildings and building improvements | $ | 12,207 | |||
Less accumulated depreciation | -5,259 | ||||
$ | 6,948 | ||||
Capital lease obligations outstanding consist of the following: | |||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Capital lease obligations | $ | 10,103 | $ | 10,600 | |
Less current installments | 582 | 497 | |||
Capital lease obligations, less current installments | $ | 9,521 | $ | 10,103 | |
Future minimum lease payments under noncancelable operating leases and future minimum capital lease payments are as follows (in thousands): | |||||
Capital | Operating | ||||
Year ending December 31, | Leases | Leases | |||
2014 | $ | 1,581 | $ | 9,452 | |
2015 | 1,613 | 8,309 | |||
2016 | 1,645 | 5,375 | |||
2017 | 1,678 | 2,756 | |||
2018 | 1,712 | 2,684 | |||
Thereafter | 7,661 | 4,666 | |||
Total minimum lease payments | $ | 15,890 | $ | 33,242 | |
Less: amount representing interest | 5,787 | ||||
Present value of minimum lease payments | 10,103 | ||||
Less: current installments | 582 | ||||
Capital lease obligations, less current installments | $ | 9,521 | |||
The Company enters into contractual commitments to deliver products and services in the ordinary course of business. The Company believes that all such contractual commitments will be performed or renegotiated such that no material adverse financial impact on the Company's financial position, results of operations or liquidity will result from these commitments. |
Common_Shares_And_StockBased_A
Common Shares And Stock-Based Awards Plans | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Common Shares And Stock-Based Awards Plans [Abstract] | ' | ||||||||||
Common Shares And Stock-Based Awards Plans | ' | ||||||||||
Note 8—Common Shares and Stock-Based Awards Plans | |||||||||||
On June 13, 2012, the Board of Directors approved the repurchase of up to $100 million of the Company's outstanding common shares (the 2012 Repurchase Program). As of December 31, 2013, the Company has $46.9 million remaining under the 2012 Repurchase Program to repurchase additional shares. | |||||||||||
Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company's management and as market conditions warrant. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program will be retired. During 2013, the Company repurchased a total of 2.1 million common shares for $41.2 million at an average price of $19.65 per share. During 2012, the Company repurchased a total of 3.2 million common shares for $47.1 million at an average price of $14.59 per share. During 2011, the Company repurchased a total of 3.7 million common shares for $56.3 million at an average price of $15.13 per share. | |||||||||||
The Benchmark Electronics, Inc. 2000 Stock Awards Plan (the 2000 Plan) and the Benchmark Electronics, Inc. 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorize the Company, upon recommendation of the compensation committee of the Board of Directors, to grant a variety of types of awards, including stock options, restricted shares, restricted stock units, stock appreciation rights, performance compensation awards, phantom stock awards and deferred share units, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options are granted to employees with an exercise price equal to the market price of the Company's common shares on the date of grant, generally vest over a four-year period from the date of grant and have a term of ten years. Restricted shares, restricted stock units and phantom stock awards granted to employees generally vest over a four-year period from the date of grant, subject to the continued employment of the employee by the Company. The 2000 Plan expired on February 16, 2010 and no additional grants can be made under that plan. The 2010 Plan was approved by the Company's shareholders on May 18, 2010. Members of the Board of Directors who are not employees of the Company hold awards under the Benchmark Electronics, Inc. 2002 Stock Option Plan for Non-Employee Directors (the 2002 Plan). Stock options were granted pursuant to the 2002 Plan upon the occurrence of the non-employee director's election or re-election to the Board of Directors. All awards under the 2002 Plan were fully vested upon the date of grant and have a term of ten years. The 2002 Plan was approved by the Company's shareholders on May 14, 2002 and expired February 26, 2012. No additional grants may be made under the 2002 Plan. Non-employee directors are currently eligible to receive equity awards under the 2010 Plan. Beginning in 2011, awards under the 2010 Plan to non-employee directors were in the form of restricted stock units, which vest in equal quarterly installments over a one-year period, starting from the grant date. As of December 31, 2013, 2.2 million additional common shares are available for issuance under the Company's existing plans. | |||||||||||
The following table summarizes the activities relating to the Company’s stock options: | |||||||||||
Weighted- | |||||||||||
Weighted- | Average | ||||||||||
Average | Remaining | Aggregate | |||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||
(in thousands, except per share data) | Options | Price | Term (Years) | Value | |||||||
Outstanding at December 31, 2010 | 4,825 | $ | 19.18 | ||||||||
Granted | 399 | 18.56 | |||||||||
Exercised | -257 | 9.98 | |||||||||
Forfeited or expired | -442 | 18.74 | |||||||||
Outstanding at December 31, 2011 | 4,525 | 19.69 | |||||||||
Granted | 432 | 15.77 | |||||||||
Exercised | -375 | 12.42 | |||||||||
Forfeited or expired | -342 | 20.42 | |||||||||
Outstanding at December 31, 2012 | 4,240 | 19.88 | |||||||||
Granted | 348 | 17.37 | |||||||||
Exercised | -713 | 15.72 | |||||||||
Forfeited or expired | -791 | 22.88 | |||||||||
Outstanding at December 31, 2013 | 3,084 | $ | 19.79 | 4.78 | $ | 11,875 | |||||
Exercisable at December 31, 2013 | 2,360 | $ | 20.63 | 3.67 | $ | 7,494 | |||||
The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company's closing stock price as of the last business day of the year ended December 31, 2013 for options that had exercise prices that were below the closing price. | |||||||||||
At December 31, 2013, 2012 and 2011, the number of options exercisable was 2.4 million, 3.5 million and 3.7 million, respectively, and the weighted-average exercise price of those options was $20.63, $20.46 and $20.32, respectively. | |||||||||||
The following table summarizes the activities relating to the Company’s restricted shares: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | 178 | $ | 17.17 | ||||||||
Granted | 195 | 18.57 | |||||||||
Vested | -66 | 16.66 | |||||||||
Forfeited | -63 | 17.92 | |||||||||
Outstanding at December 31, 2011 | 244 | 18.23 | |||||||||
Granted | 209 | 15.56 | |||||||||
Vested | -87 | 17.57 | |||||||||
Forfeited | -26 | 17.49 | |||||||||
Outstanding at December 31, 2012 | 340 | 16.81 | |||||||||
Vested | -106 | 17.42 | |||||||||
Forfeited | -40 | 16.4 | |||||||||
Outstanding at December 31, 2013 | 194 | $ | 16.56 | ||||||||
The following table summarizes the activities relating to the Company’s time based restricted | |||||||||||
stock units and phantom stock awards: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | 47 | $ | 17.05 | ||||||||
Granted | 86 | 17.77 | |||||||||
Vested | -32 | 16.66 | |||||||||
Forfeited | -18 | 17.37 | |||||||||
Outstanding at December 31, 2011 | 83 | 17.88 | |||||||||
Granted | 95 | 15.5 | |||||||||
Vested | -61 | 16.35 | |||||||||
Forfeited | -14 | 17.07 | |||||||||
Outstanding at December 31, 2012 | 103 | 16.7 | |||||||||
Granted | 277 | 17.66 | |||||||||
Vested | -67 | 17.06 | |||||||||
Forfeited | -10 | 17.36 | |||||||||
Outstanding at December 31, 2013 | 303 | $ | 17.48 | ||||||||
The following table summarizes the activities related to the Company’s performance based | |||||||||||
restricted stock unit awards: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | — | $ | — | ||||||||
Granted(1) | 93 | 18.57 | |||||||||
Forfeited | -25 | 18.57 | |||||||||
Outstanding at December 31, 2011 | 68 | 18.57 | |||||||||
Granted(1) | 103 | 15.11 | |||||||||
Forfeited | -7 | 18.57 | |||||||||
Outstanding at December 31, 2012 | 164 | 16.39 | |||||||||
Granted(1) | 76 | 17.37 | |||||||||
Forfeited | -25 | 16.03 | |||||||||
Outstanding at December 31, 2013 | 215 | $ | 16.78 | ||||||||
(1) Represents target number of shares that can vest based on the achievement of certain | |||||||||||
performance criteria |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Note 9—Income Taxes | ||||||||
Income tax expense (benefit) based on income before income taxes consists of: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Current: | ||||||||
U.S. Federal | $ | -358 | $ | 776 | $ | 75 | ||
State and local | 152 | 640 | 86 | |||||
Foreign | 11,010 | 8,352 | 7,003 | |||||
10,804 | 9,768 | 7,164 | ||||||
Deferred: | ||||||||
U.S. Federal | -11,069 | 9,914 | -16,963 | |||||
State and local | 1,437 | 1,560 | 442 | |||||
Foreign | 3,846 | -2,410 | -1,470 | |||||
-5,786 | 9,064 | -17,991 | ||||||
$ | 5,018 | $ | 18,832 | $ | -10,827 | |||
Worldwide income before income taxes consisted of the following: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
United States | $ | 19,093 | $ | 27,538 | $ | 5,405 | ||
Foreign | 97,084 | 47,901 | 35,727 | |||||
$ | 116,177 | $ | 75,439 | $ | 41,132 | |||
Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Tax at statutory rate | $ | 40,662 | $ | 26,404 | $ | 14,396 | ||
State taxes, net of federal tax effect | 1,033 | 2,012 | 343 | |||||
Effect of foreign operations and tax incentives | -19,138 | -11,710 | -12,442 | |||||
Change in valuation allowance | -17,880 | -44 | -23,674 | |||||
Thailand reserve for uncertain tax benefits | — | — | 7,056 | |||||
Settlement of foreign tax audits | — | — | -2,710 | |||||
Intercompany transactions | — | — | 2,801 | |||||
Losses in foreign jurisdictions for which no | ||||||||
benefit has been provided | 1,013 | 927 | 3,068 | |||||
American Taxpayer Relief Act of 2012 | -844 | — | — | |||||
Other | 172 | 1,243 | 335 | |||||
Total income tax expense (benefit) | $ | 5,018 | $ | 18,832 | $ | -10,827 | ||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Deferred tax assets: | ||||||||
Carrying value of inventories | $ | 5,882 | $ | 2,786 | ||||
Accrued liabilities and allowances deductible for tax purposes | ||||||||
on a cash basis | 5,742 | 8,956 | ||||||
Goodwill | 13,346 | 10,526 | ||||||
Stock-based compensation | 7,169 | 8,251 | ||||||
Net operating loss carryforwards | 40,915 | 39,670 | ||||||
Tax credit carryforwards | 5,970 | 5,848 | ||||||
Other | 7,394 | 7,564 | ||||||
86,418 | 83,601 | |||||||
Less: valuation allowance | -30,312 | -41,858 | ||||||
Net deferred tax assets | 56,106 | 41,743 | ||||||
Deferred tax liabilities: | ||||||||
Plant and equipment, due to differences in depreciation | -5,063 | -3,887 | ||||||
Other | -7,956 | -1,188 | ||||||
Gross deferred tax liability | -13,019 | -5,075 | ||||||
Net deferred tax asset | $ | 43,087 | $ | 36,668 | ||||
Recorded as: | ||||||||
Current deferred tax assets | $ | 11,302 | $ | 8,889 | ||||
Non-current deferred tax assets | 33,856 | 29,535 | ||||||
Non-current deferred tax liabilities | -2,071 | -1,756 | ||||||
Net deferred tax asset | $ | 43,087 | $ | 36,668 | ||||
The net change in the total valuation allowance for the years ended December 31, 2013, 2012 and 2011 was a decrease of $11.5 million, $0.7 million and $19.3 million, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances as of December 31, 2013. During 2013 and 2011, the Company evaluated the recoverability of its deferred tax assets using the criteria described above and concluded that the Company's projected future taxable income in the U.S. is sufficient to utilize additional net operating loss carryforwards and other deferred tax assets. As a result, during 2013 and 2011, the Company reduced its valuation allowance by $17.5 million and $19.1 million, respectively. In addition, the Company established valuation allowances totaling $4.6 million for acquired deferred tax assets during 2013. | ||||||||
As of December 31, 2013, the Company had $79.3 million in U.S. Federal operating loss carryforwards which will expire from 2022 to 2031, state operating loss carryforwards of approximately $93.0 million which will expire from 2017 to 2031, foreign operating loss carryforwards of approximately $34.8 million with indefinite carryforward periods, and foreign operating loss carryforwards of approximately $7.2 million which will expire at varying dates through 2022. The utilization of these net operating loss carryforwards is limited to the future operations of the Company in the tax jurisdictions in which such carryforwards arose. The Company has U.S. federal tax credit carryforwards of $4.3 million which will expire at varying dates through 2031. The Company has state tax credit carryforwards of $1.6 million which will expire at varying dates through 2027. | ||||||||
Cumulative undistributed earnings of certain foreign subsidiaries amounted to approximately $631 million as of December 31, 2013. The Company considers earnings from foreign subsidiaries to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes has been made for these earnings. Upon distribution of foreign subsidiary earnings in the form of dividends or otherwise, such distributed earnings would be reportable for U.S. income tax purposes (subject to adjustment for foreign tax credits). Determination of the amount of any unrecognized deferred tax liability on these undistributed earnings is not practicable. | ||||||||
The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2015 and 2026, respectively, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the years ended December 31, 2013, 2012, and 2011 by approximately $8.8 million (approximately $0.16 per diluted share), $8.0 million (approximately $0.14 per diluted share) and $10.5 million (approximately $0.18 per diluted share), respectively, as follows: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
China | $ | — | $ | 2,449 | $ | 1,474 | ||
Malaysia | 1,559 | 992 | — | |||||
Thailand | 7,283 | 4,594 | 9,036 | |||||
$ | 8,842 | $ | 8,035 | $ | 10,510 | |||
The Company's Chinese subsidiary had a tax incentive that expired in 2012 and filed for a new tax incentive in 2013. | ||||||||
The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. As of December 31, 2013, the total amount of the reserve for uncertain tax benefits including interest and penalties is $21.4 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Balance as of January 1 | $ | 18,070 | $ | 18,091 | $ | 14,759 | ||
Additions related to prior year tax positions | 104 | 141 | 7,056 | |||||
Decreases related to prior year tax positions | — | -162 | -3,724 | |||||
Balance as of December 31 | $ | 18,174 | $ | 18,070 | $ | 18,091 | ||
The increase in the total amount of unrecognized tax benefits reserve during 2011 is primarily the result of recording an income tax reserve against an income tax receivable that the Company had previously recorded for a subsidiary in Thailand offset by a decrease in the unrecognized tax benefits reserve for a settlement of income tax audits outside the United States. | ||||||||
The reserve is classified as a current or long-term liability in the consolidated balance sheet based on the Company's expectation of when the items will be settled. The Company records interest expense and penalties accrued in relation to uncertain income tax benefits as a component of current income tax expense. The Company did not incur any interest and penalties during the years ended December 31, 2013 and 2012. The total amount of interest and penalties included in income tax expense during the year ended December 31, 2011 was $(0.2) million. The amount of accrued potential interest and penalties on unrecognized tax benefits included in the reserve as of December 31, 2013 is $1.6 million and $1.6 million, respectively. A subsidiary of the Company in Thailand has filed for a refund of $8.4 million of previously paid income taxes applicable to the years 2004 and 2005, which is included in other assets. The Thailand tax authorities have conducted an initial examination of the applicable refund filings. During 2011, the Company recorded a reserve for uncertain benefits of $7.1 million against this refund claim. During the fourth quarter of 2012, the Company received official notification that the tax authorities have rejected its refund claim. The Company has filed an appeal of the rejected refund claim with the tax authorities and is presently awaiting their decision. | ||||||||
The Company and its subsidiaries in Brazil, China, Ireland, Luxembourg, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2004 to 2013. | ||||||||
The Company is subject to examination by tax authorities for varying periods in various U.S. and foreign tax jurisdictions. During the course of such examinations disputes occur as to matters of fact and/or law. Also, in most tax jurisdictions the passage of time without examination will result in the expiration of applicable statutes of limitations thereby precluding the taxing authority from conducting an examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately provided for its tax liabilities. | ||||||||
Major_Customers
Major Customers | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Major Customers [Abstract] | ' | |||||||
Major Customers [Text Block] | ' | |||||||
Note 10—Major Customers | ||||||||
The Company's customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company's customers or their products could impact the Company's overall credit risk. | ||||||||
The Company extends credit based on evaluation of its customers' financial condition and generally does not require collateral or other security from its customers and would incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement. | ||||||||
Sales to the ten largest customers represented 53%, 56% and 53% of total sales for 2013, 2012 and 2011, respectively. Sales to our largest customer were as follows for the indicated periods: | ||||||||
Year ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
International Business Machines Corporation | $ | 430,205 | $ | 506,126 | $ | 319,411 |
Financial_Instruments_And_Conc
Financial Instruments And Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments And Concentration Of Credit Risk [Abstract] | ' |
Financial Instruments And Concentration Of Credit Risk [Text Block] | ' |
Note 11—Financial Instruments and Concentration of Credit Risk | |
The carrying amounts of cash equivalents, accounts receivable, accrued liabilities, accounts payable and capital lease obligations approximate fair value. As of December 31, 2013, the Company's investments are recorded at fair value. See Note 1(e). As of December 31, 2013, the Company had no significant off-balance sheet concentrations of credit risk such as foreign currency exchange contracts or other hedging arrangements. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, investments and trade accounts receivable. Management maintains the majority of the Company's cash and cash equivalents with financial institutions. One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoing credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing our allowance for doubtful accounts and believes these allowances are adequate. The Company's largest customer represented approximately 22% and 23% of its gross accounts receivable as of December 31, 2013 and 2012, respectively. | |
Concentrations_Of_Business_Ris
Concentrations Of Business Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Of Business Risk [Abstract] | ' |
Concentrations Of Business Risk | ' |
Note 12—Concentrations of Business Risk | |
Substantially all of the Company's sales are derived from manufacturing services in which the Company purchases components specified by its customers. The Company uses numerous suppliers of electronic components and other materials for its operations. Some components used by the Company have been subject to industry-wide shortages, and suppliers have been forced to allocate available quantities among their customers. The Company's inability to obtain any needed components during periods of allocation could cause delays in manufacturing and could adversely affect results of operations. | |
Segment_And_Geographic_Informa
Segment And Geographic Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment And Geographic Information [Abstract] | ' | |||||||
Segment And Geographic Information | ' | |||||||
Note 13—Segment and Geographic Information | ||||||||
The Company has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company's resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm's length transactions. Operating segments' measure of profitability is based on income from operations. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: the Americas, Asia, and Europe. Information about operating segments was as follows: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Net sales: | ||||||||
Americas | $ | 1,490,954 | $ | 1,440,298 | $ | 1,360,943 | ||
Asia | 957,162 | 978,093 | 867,008 | |||||
Europe | 142,508 | 139,684 | 166,730 | |||||
Elimination of intersegment sales | -84,157 | -89,925 | -141,651 | |||||
$ | 2,506,467 | $ | 2,468,150 | $ | 2,253,030 | |||
Depreciation and amortization: | ||||||||
Americas | $ | 17,142 | $ | 14,755 | $ | 16,670 | ||
Asia | 17,270 | 15,180 | 12,859 | |||||
Europe | 2,732 | 2,544 | 2,664 | |||||
Corporate | 3,798 | 3,234 | 3,291 | |||||
$ | 40,942 | $ | 35,713 | $ | 35,484 | |||
Income from operations: | ||||||||
Americas | $ | 55,147 | $ | 60,320 | $ | 46,170 | ||
Asia | 93,463 | 51,978 | 30,804 | |||||
Europe | 8,517 | 1,117 | 7 | |||||
Corporate and intersegment eliminations | -40,603 | -37,856 | -35,688 | |||||
$ | 116,524 | $ | 75,559 | $ | 41,293 | |||
Capital expenditures: | ||||||||
Americas | $ | 19,256 | $ | 19,437 | $ | 18,008 | ||
Asia | 5,110 | 25,636 | 47,413 | |||||
Europe | 2,316 | 2,274 | 4,592 | |||||
Corporate | 2,055 | 1,688 | 1,984 | |||||
$ | 28,737 | $ | 49,035 | $ | 71,997 | |||
Total assets: | ||||||||
Americas | $ | 702,378 | $ | 569,212 | $ | 650,998 | ||
Asia | 658,668 | 636,481 | 610,596 | |||||
Europe | 255,644 | 200,563 | 197,132 | |||||
Corporate and other | 40,681 | 95,221 | 41,272 | |||||
$ | 1,657,371 | $ | 1,501,477 | $ | 1,499,998 | |||
Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset. | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Geographic net sales: | ||||||||
United States | $ | 1,643,378 | $ | 1,739,794 | $ | 1,518,940 | ||
Asia | 584,983 | 398,890 | 346,267 | |||||
Europe | 212,751 | 273,560 | 333,781 | |||||
Other | 65,355 | 55,906 | 54,042 | |||||
$ | 2,506,467 | $ | 2,468,150 | $ | 2,253,030 | |||
Long-lived assets: | ||||||||
United States | $ | 96,287 | $ | 76,216 | $ | 70,756 | ||
Asia | 98,816 | 107,151 | 98,675 | |||||
Europe | 10,333 | 10,948 | 11,817 | |||||
Other | 20,634 | 15,200 | 17,744 | |||||
$ | 226,070 | $ | 209,515 | $ | 198,992 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | ' |
Employee Benefit Plans | ' |
Note 14—Employee Benefit Plans | |
The Company has defined contribution plans qualified under Section 401(k) of the Internal Revenue Code for the benefit of all its U.S. employees. The Company's contributions to the plans are based on employee contributions and compensation. During 2013, 2012 and 2011, the Company made contributions to the plans of approximately $4.1 million, $3.5 million and $3.5 million, respectively. The Company also has defined contribution benefit plans for certain of its international employees primarily dictated by the custom of the regions in which it operates. During 2013, 2012 and 2011, the Company made contributions to the international plans of approximately $0.2 million, $0.1 million and $0.3 million, respectively. | |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 15—Contingencies | |
The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these other matters will not have a material adverse effect on the Company's consolidated financial position or results of operations. | |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||
Restructuring Charges | ' | |||||||||||||
Note 16—Restructuring Charges | ||||||||||||||
The Company has undertaken initiatives to restructure its business operations with the intention of improving utilization and realizing cost savings in the future. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails, among other activities, moving production between facilities, reducing staff levels, realigning our business processes and reorganizing our management. | ||||||||||||||
The Company recognized restructuring charges during 2013, 2012 and 2011 primarily related to the closure of our Brazil and Singapore facilities, capacity reduction and reductions in workforce in certain facilities worldwide. These charges were recorded pursuant to plans developed and approved by management. | ||||||||||||||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Non-Cash | Exchange | December 31, | |||||||||
(in thousands) | 2012 | Charges | Payment | Activity | Adjustments | 2013 | ||||||||
2013 Restructuring: | ||||||||||||||
Severance | $ | — | $ | 2,202 | $ | -2,003 | $ | — | -79 | $ | 120 | |||
Lease facility costs | — | 142 | -139 | — | -3 | — | ||||||||
Other exit costs | — | 3,246 | -1,245 | -1,224 | 56 | 833 | ||||||||
— | 5,590 | -3,387 | -1,224 | -26 | 953 | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | 538 | 660 | -1,262 | — | 98 | 34 | ||||||||
Lease facility costs | — | 798 | -328 | -466 | -4 | — | ||||||||
Other exit costs | 166 | 138 | -107 | — | -93 | 104 | ||||||||
704 | 1,596 | -1,697 | -466 | 1 | 138 | |||||||||
2011 Restructuring: | ||||||||||||||
Lease facility costs | 13 | -102 | 87 | — | 2 | — | ||||||||
13 | -102 | 87 | — | 2 | — | |||||||||
Total | $ | 717 | $ | 7,084 | $ | -4,997 | $ | -1,690 | -23 | $ | 1,091 | |||
The components of the restructuring charges initiated during 2013 were as follows: | ||||||||||||||
(in thousands) | Americas | Asia | Total | |||||||||||
Severance costs | $ | 2,202 | $ | — | $ | 2,202 | ||||||||
Facility lease costs | 142 | — | 142 | |||||||||||
Other exit costs | 2,118 | 1,128 | 3,246 | |||||||||||
$ | 4,462 | $ | 1,128 | $ | 5,590 | |||||||||
During 2013, the Company recognized $2.2 million of employee termination costs associated with the involuntary terminations of 144 employees in connection with reductions in workforce of certain facilities in the Americas. The identified involuntary employee terminations were primarily in connection with the closure of the Campinas, Brazil facility. The Company also reported approximately $3.2 million for other exit costs, including $1.2 million of asset impairments, associated with the closure of the Campinas facility, and $0.1 million for facility lease obligations. | ||||||||||||||
The following table summarizes the 2012 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to December 31, 2012: | ||||||||||||||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Exchange | December 31, | ||||||||||
(in thousands) | 2011 | Charges | Payment | Adjustments | 2012 | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | $ | — | $ | 1,529 | $ | -998 | $ | 7 | $ | 538 | ||||
Lease facility costs | — | 55 | -54 | -1 | - | |||||||||
Other exit costs | — | 209 | -45 | 2 | 166 | |||||||||
— | 1,793 | -1,097 | 8 | 704 | ||||||||||
2011 Restructuring: | ||||||||||||||
Severance | 189 | 408 | -611 | 14 | — | |||||||||
Lease facility costs | 1,664 | -153 | -1,474 | -24 | 13 | |||||||||
Other exit costs | — | 17 | -17 | — | — | |||||||||
1,853 | 272 | -2,102 | -10 | 13 | ||||||||||
2010 Restructuring: | ||||||||||||||
Severance | 34 | -4 | -30 | — | — | |||||||||
Other exit costs | 20 | 52 | -72 | — | — | |||||||||
54 | 48 | -102 | — | — | ||||||||||
2009 Restructuring: | ||||||||||||||
Lease facility costs | 402 | 87 | -489 | — | — | |||||||||
402 | 87 | -489 | — | — | ||||||||||
Total | $ | 2,309 | $ | 2,200 | $ | -3,790 | $ | -2 | $ | 717 | ||||
The components of the restructuring charges initiated during 2012 were as follows: | ||||||||||||||
(in thousands) | Americas | Europe | Asia | Total | ||||||||||
Severance costs | $ | 494 | $ | 531 | $ | 504 | $ | 1,529 | ||||||
Facility lease costs | — | — | 55 | 55 | ||||||||||
Other exit costs | — | 176 | 33 | 209 | ||||||||||
$ | 494 | $ | 707 | $ | 592 | $ | 1,793 | |||||||
During 2012, the Company recognized $1.5 million of employee termination costs associated with the involuntary terminations of 139 employees in connection with reductions in workforce of certain facilities worldwide. The identified involuntary employee terminations by reportable geographic region amounted to approximately 68, 61 and 10 for the Americas, Asia and Europe, respectively. | ||||||||||||||
The components of the restructuring charges initiated during 2011 were as follows: | ||||||||||||||
(in thousands) | Americas | Europe | Asia | Total | ||||||||||
Severance costs | $ | 421 | $ | 1,829 | $ | 136 | $ | 2,386 | ||||||
Facility lease costs | — | 1,335 | 623 | 1,958 | ||||||||||
Other exit costs | 22 | 203 | 289 | 514 | ||||||||||
$ | 443 | $ | 3,367 | $ | 1,048 | $ | 4,858 | |||||||
During 2011, the Company recognized $2.4 million of employee termination costs associated with the involuntary terminations of 196 employees in connection with reductions in workforce of certain facilities worldwide. In Europe, these involuntary terminations were in connection with the closure of the Dublin, Ireland facility. The identified involuntary employee terminations by reportable geographic region amounted to approximately 107, 38 and 51 for the Americas, Asia and Europe, respectively. The Company also recorded approximately $2.0 million for facility lease obligations and approximately $0.5 million for other exit costs, including $0.4 million of asset impairments associated with the closure of certain leased facilities. | ||||||||||||||
Thailand_Flood_Related_Charges
Thailand Flood Related Charges | 3 Months Ended |
Dec. 31, 2013 | |
Thailand Flood Related Charges [Abstract] | ' |
Thailand Flood Related Charges | ' |
Note 17—Thailand Flood Related Items, Net of Insurance | |
The Company's facilities in Ayudhaya, Thailand were flooded and remained closed from October 13, 2011 to December 20, 2011. As a result of the flooding and temporary closing of these facilities, the Company incurred property losses and flood related costs during 2012 and 2011 which were partially offset by insurance recoveries. During 2013, Thailand flood related items resulted in a gain of $41.3 million including $41.2 million of insurance proceeds. The Company will record additional insurance recoveries when the appropriate recognition criteria have been met. The recovery process with the Company's insurance carriers is largely complete and management expects final resolution in the first quarter of 2014. | |
As a result of the flooding, the Company has been unable to renew or otherwise obtain adequate cost-effective flood insurance to cover assets at its facilities in Thailand. The Company continues to investigate all flood risk-mitigation alternatives in Thailand. In the event the Company was to experience a significant uninsured loss in Thailand or elsewhere, it could have a material adverse effect on its business, financial condition and results of operations. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||
Quarterly Financial Data | ' | |||||||||
Note 18—Quarterly Financial Data (Unaudited) | ||||||||||
The following table sets forth certain unaudited quarterly information with respect to the Company's results of operations for the years 2013, 2012 and 2011. Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year. | ||||||||||
2013 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 542,444 | $ | 607,522 | $ | 599,658 | $ | 756,843 | ||
Gross profit | 36,834 | 44,367 | 45,440 | 59,843 | ||||||
Net income | 11,487 | 8,457 | 23,726 | 67,489 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.21 | 0.16 | 0.44 | 1.26 | ||||||
Diluted | 0.21 | 0.16 | 0.43 | 1.24 | ||||||
2012 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 593,417 | $ | 630,031 | $ | 610,769 | $ | 633,933 | ||
Gross profit | 40,508 | 45,991 | 44,780 | 45,459 | ||||||
Net income | 5,598 | 13,580 | 19,314 | 18,115 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.1 | 0.24 | 0.35 | 0.33 | ||||||
Diluted | 0.1 | 0.24 | 0.34 | 0.33 | ||||||
2011 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 538,312 | $ | 585,549 | $ | 570,083 | $ | 559,086 | ||
Gross profit | 37,624 | 37,751 | 34,635 | 28,825 | ||||||
Net income | 14,513 | 14,701 | 19,867 | 2,878 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.24 | 0.24 | 0.34 | 0.05 | ||||||
Diluted | 0.24 | 0.24 | 0.34 | 0.05 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Comprehensive Income Net Of Tax [Abstract] | ' | |||||||||||||
Comprehensive Income Note [Text Block] | ' | |||||||||||||
Note 19—Accumulated Other Comprehensive Loss | ||||||||||||||
The changes in accumulated other comprehensive loss by component are as follows: | ||||||||||||||
Foreign | Unrealized | |||||||||||||
currency | loss on | |||||||||||||
translation | investments, | |||||||||||||
(in thousands) | adjustments | net of tax | Other | Total | ||||||||||
Balances, December 31, 2010 | $ | -2,771 | $ | -3,853 | $ | -338 | $ | -6,962 | ||||||
Other comprehensive income (loss) before | ||||||||||||||
reclassifications | -6,903 | 526 | -176 | -6,553 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | — | — | 65 | 65 | ||||||||||
Net current period other comprehensive income (loss) | -6,903 | 526 | -111 | -6,488 | ||||||||||
Balances, December 31, 2011 | -9,674 | -3,327 | -449 | -13,450 | ||||||||||
Other comprehensive income before | ||||||||||||||
reclassifications | 993 | 1,476 | -87 | 2,382 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | — | — | 532 | 532 | ||||||||||
Net current period other comprehensive income | 993 | 1,476 | 445 | 2,914 | ||||||||||
Balances, December 31, 2012 | -8,681 | -1,851 | -4 | -10,536 | ||||||||||
Other comprehensive income before | ||||||||||||||
reclassifications | 591 | 418 | 433 | 1,442 | ||||||||||
Net current period other comprehensive income | 591 | 418 | 433 | 1,442 | ||||||||||
Balances, December 31, 2013 | $ | -8,090 | $ | -1,433 | $ | 429 | $ | -9,094 | ||||||
Amounts reclassified from accumulated other comprehensive loss during the year ended December 31, 2012 and 2011 affected selling, general and administrative expenses. There were no amounts reclassified from accumulated other comprehensive loss during the year ended December 31, 2013. |
Supplemental_Cash_Flow_And_Non
Supplemental Cash Flow And Non-Cash Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow And Non-Cash Information [Abstract] | ' | |||||||
Supplemental Cash Flow And Non-Cash Information | ' | |||||||
Note 20—Supplemental Cash Flow and Non-Cash Information | ||||||||
The following is additional information concerning supplemental disclosures of cash payments. | ||||||||
Year ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Income taxes paid, net | $ | 62 | $ | 11,975 | $ | 7,759 | ||
Interest paid | $ | 1,757 | $ | 1,353 | $ | 1,290 | ||
Non-cash investing activity: | ||||||||
Additions to property, plant and equipment in accounts payable | $ | 3,170 | $ | 2,020 | $ | — |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||
(a) (1) Financial statements of the Company filed as part of this report: | |||||||||||||
See Item 8 - Financial Statements and Supplementary Data. | |||||||||||||
(2) Financial statement schedule filed as part of this report: | |||||||||||||
Schedule II - Valuation Accounts | |||||||||||||
Additions | |||||||||||||
Balance at | Balance at | ||||||||||||
Beginning | Charges to | End of | |||||||||||
(in thousands) | of Period | Operations | Other | Deductions | Period | ||||||||
Year ended December 31, 2013: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 1,442 | 67 | — | 1,171 | 338 | |||||||
Year ended December 31, 2012: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 1,094 | 407 | 13 | 72 | 1,442 | |||||||
Year ended December 31, 2011: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 586 | 546 | -23 | 15 | 1,094 | |||||||
-1 | Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be | ||||||||||||
uncollectible. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Principles Of Consolidation | ' | ||||||||
(b) Principles of Consolidation | |||||||||
The consolidated financial statements include the financial statements of Benchmark Electronics, Inc. and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||
Cash And Cash Equivalents | ' | ||||||||
(c) Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid debt instruments with an original maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents of $247.0 million and $286.1 million at December 31, 2013 and 2012, respectively, consist primarily of money-market funds and time deposits with an initial term of less than three months. | |||||||||
Allowance For Doubtful Accounts | ' | ||||||||
(d) Allowance for Doubtful Accounts | |||||||||
Accounts receivable are recorded net of allowances for amounts not expected to be collected. In estimating the allowance, management considers a specific customer's financial condition, payment history, and various information or disclosures by the customer or other publicly available information. Accounts receivable are charged off against the allowance after all reasonable efforts to collect the full amount (including litigation, where appropriate) have been exhausted. | |||||||||
Investments | ' | ||||||||
(e) Investments | |||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-tier fair value hierarchy of inputs is employed to determine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. | |||||||||
As of December 31, 2013, $11.4 million (par value) of long-term investments were recorded at fair value. The long-term investments consist of auction rate securities, primarily secured by guaranteed student loans backed by a U.S. government agency, and are classified as available-for-sale. Auction rate securities are adjustable rate debt instruments whose interest rates were intended to reset every 7 to 35 days through an auction process. Overall changes in the global credit and capital markets led to failed auctions for these securities beginning in early 2008. These failed auctions, in addition to overall global economic conditions, impacted the liquidity of these investments and resulted in the Company continuing to hold these securities beyond their typical auction reset dates. The market for these types of securities remains illiquid as of December 31, 2013. These securities are classified as long-term investments and the contractual maturity of these securities is over ten years. | |||||||||
These long-term investments were valued using Level 3 inputs as of December 31, 2013, as the assets were subject to valuation using significant unobservable inputs. The Company estimated the fair value of each security with the assistance of an independent valuation firm using a discounted cash flow model to calculate the present value of projected cash flows based on a number of inputs and assumptions including the security structure and terms, the current market conditions and the related impact on the expected weighted-average life, interest rate estimates and default risk of the securities. | |||||||||
As of December 31, 2013, the Company has recorded an unrealized loss of $1.4 million on the long-term investments based upon this valuation. This unrealized loss reduced the fair value of the Company's auction rate securities as of December 31, 2013 to $9.9 million. These investments have been in an unrealized loss position for greater than 12 months. During 2013, 2012 and 2011, the Company recorded unrealized gains of $0.4 million, $1.5 million and $0.5 million, respectively, on its long-term investments. | |||||||||
The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized loss. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Due to the unrealized losses on the auction rate securities held, the Company has assessed whether the calculated impairment is other-than-temporary. In performing this assessment, even though the Company has no intention to sell the securities before the amortized cost basis is recovered and believes it is more-likely-than-not that it will not be required to sell the securities prior to recovery, the Company has performed additional analyses to determine if a portion of the unrealized loss is considered a credit loss. A credit loss would be identified as the amount of the principal cash flows not expected to be received over the remaining term of the security as projected using the Company's best estimates. The Company has assessed each security for credit impairment, taking into account factors such as (i) the length of time and the extent to which fair value has been below cost; (ii) activity in the market of the issuer which may indicate adverse credit conditions; (iii) the payment structure of the security; and (iv) the failure of the issuer of the security to make scheduled payments. The Company used an independent valuation firm to assist in making these assessments. | |||||||||
Based on these assessments, the Company has determined that there is no credit loss associated with its auction rate securities as of December 31, 2013, as shown by the cash flows expected to be received over the remaining life of the securities. | |||||||||
The following table provides a reconciliation of the beginning and ending balance of the Company's auction rate securities classified as long-term investments measured at fair value using significant unobservable inputs (Level 3 inputs): | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Balance as of January 1 | $ | 10,324 | $ | 24,673 | |||||
Net unrealized gains included in other comprehensive income | 418 | 1,476 | |||||||
Sales of investments at par value | -821 | -15,825 | |||||||
Balance as of December 31 | $ | 9,921 | $ | 10,324 | |||||
Unrealized losses still held | $ | 1,433 | $ | 1,851 | |||||
Inventories | ' | ||||||||
(f) Inventories | |||||||||
Inventories include material, labor and overhead and are stated at the lower of cost (principally first-in, first-out method) or market. | |||||||||
Property, Plant And Equipment | ' | ||||||||
(g) Property, Plant and Equipment | |||||||||
Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the useful lives of the assets – 5 to 40 years for buildings and building improvements, 2 to 10 years for machinery and equipment, 2 to 10 years for furniture and fixtures and 2 to 5 years for vehicles. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the remainder of the lease term. | |||||||||
Goodwill And Other Intangible Assets | ' | ||||||||
(h) Goodwill and Other Intangible Assets | |||||||||
Goodwill represents the excess of purchase price over fair value of net assets acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead assessed for impairment at least annually. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values. | |||||||||
Impairment Of Long-Lived Assets And Goodwill | ' | ||||||||
(i) Impairment of Long-Lived Assets and Goodwill | |||||||||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Assets to be disposed of would be separately disclosed and reported at the lower of the carrying amount or estimated fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be disclosed separately in the appropriate asset and liability sections of the balance sheet. | |||||||||
In September 2011, the Financial Accounts Standards Board (FASB) issued an accounting standards update that gives an entity the option to perform a qualitative assessment to determine whether or not it is required to calculate the fair value of a reporting unit. Based on this qualitative assessment, if the entity determines that it is not more likely than not that the reporting unit's fair value is less than its carrying value, then the entity is not required to perform the two-step goodwill impairment test. Effective January 1, 2012, the Company adopted the provisions of this update and, in connection with its annual goodwill impairment assessment as of December 31, 2013 and 2012, concluded that goodwill was not impaired. The Company will continue to perform this qualitative assessment for goodwill impairment on an annual basis, at a minimum, and whenever events and changes in circumstances suggest that the carrying amount may be impaired. Circumstances that may lead to the impairment of goodwill include unforeseen decreases in future performance or industry demand or the restructuring of our operations as a result of a change in our business strategy. | |||||||||
The Company completed the annual two-step goodwill impairment test as of December 31, 2011 and determined that goodwill was not impaired. | |||||||||
Earnings Per Share | ' | ||||||||
(j) Earnings Per Share | |||||||||
Basic earnings per share is computed using the weighted-average number of shares outstanding. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents during the years ended December 31, 2013, 2012 and 2011. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments, and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in-capital, if any, when the share is exercised are assumed to be used to repurchase shares in the current period. | |||||||||
The following table sets forth the calculation of basic and diluted earnings per share. | |||||||||
Year Ended December 31, | |||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||
Net income | $ | 111,159 | $ | 56,607 | $ | 51,959 | |||
Denominator for basic earnings per share – weighted- | |||||||||
average number of common shares outstanding | |||||||||
during the period | 54,213 | 56,320 | 59,284 | ||||||
Incremental common shares attributable to outstanding | |||||||||
dilutive options | 324 | 150 | 270 | ||||||
Incremental common shares attributable to outstanding | |||||||||
restricted shares, restricted stock units and phantom stock | 242 | 164 | 219 | ||||||
Denominator for diluted earnings per share | 54,779 | 56,634 | 59,773 | ||||||
Basic earnings per share | $ | 2.05 | $ | 1.01 | $ | 0.88 | |||
Diluted earnings per share | $ | 2.03 | $ | 1 | $ | 0.87 | |||
Revenue Recognition | ' | ||||||||
(k) Revenue Recognition | |||||||||
Revenue from the sale of manufactured products built to customer specifications and excess inventory is recognized when title and risk of ownership have passed, the price to the buyer is fixed or determinable and recoverability is reasonably assured, which generally is when the goods are shipped. To a lesser extent, the Company also derives revenue from non-manufacturing services, such as product design, circuit board layout and test development. Revenue from design, development and engineering services is recognized when the services are performed and collectibility is reasonably certain. Such services provided under fixed price contracts are accounted for using the percentage of completion method. The Company assumes no significant obligations after shipment as the Company typically warrants workmanship only. Based on historical experience, the warranty provision is immaterial. | |||||||||
Income Taxes | ' | ||||||||
(l) Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amounts that is more likely than not to be realized. The Company has considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in assessing the need for the valuation allowance. | |||||||||
Stock-Based Compensation | ' | ||||||||
(m) Stock-Based Compensation | |||||||||
All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their fair values. The total compensation cost recognized for stock-based awards was $7.1 million, $6.3 million and $5.1 million for 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the income statement for stock-based awards was $2.6 million, $2.1 million and $1.7 million for 2013, 2012 and 2011, respectively. The compensation expense for stock-based awards includes an estimate for forfeitures and is recognized over the vesting period of the awards using the straight-line method. Cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock-based awards (excess tax benefits) are classified as cash flows from financing activities. Awards of restricted shares, restricted stock units, performance restricted stock units and phantom stock are valued at the closing market price of the Company's common shares on the date of grant. For restricted stock unit awards with performance conditions, compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. If it becomes probable, based on the Company's expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense will be recognized as a change in accounting estimate. | |||||||||
As of December 31, 2013, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards are as follows: | |||||||||
Phantom | Performance | ||||||||
Stock and | Based | ||||||||
Restricted | Restricted | ||||||||
Stock | Restricted | Stock | Stock | ||||||
(in thousands) | Options | Shares | Units | Units(1) | |||||
Unrecognized compensation cost | $ | 3,839 | $ | 2,166 | $ | 4,081 | $ | 1,565 | |
Remaining weighted-average | |||||||||
amortization period | 2.2 years | 1.8 years | 2.8 years | 2.2 years | |||||
(1) Based on the probable achievement of the performance goals identified in each award. | |||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company issued 0.3 million, 0.4 million and 0.4 million options, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used to value the option grants during the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Stock Options | |||||||||
Expected term of options | 7.4 years | 6.3 years | 6.2 years | ||||||
Expected volatility | 42% | 42% | 41% | ||||||
Risk-free interest rate | 1.40% | 1.31% | 2.67% | ||||||
Dividend yield | zero | zero | zero | ||||||
The expected term of the options represents the estimated period of time until exercise and is based on historical experience, giving consideration to the contractual terms, vesting schedules and expectations of future plan participant behavior. Separate groups of plan participants that have similar historical exercise behavior are considered separately for valuation purposes. Expected stock price volatility is based on the historical volatility of the Company's common shares. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates in effect at the time of grant with an equivalent remaining term. The dividend yield reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future. | |||||||||
The weighted-average fair value per option granted during the years ended December 31, 2013, 2012 and 2011 was $7.87, $6.83 and $8.14, respectively. The total cash received as a result of stock option exercises for the years ended December 31, 2013, 2012 and 2011 was approximately $11.2 million, $4.7 million and $2.6 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during 2013, 2012 and 2011 was $2.2 million, $1.3 million and $0.9 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the total intrinsic value of stock options exercised was $3.2 million, $1.4 million and $1.4 million, respectively. | |||||||||
The Company issued performance based restricted stock unit awards to employees during 2013, 2012 and 2011. The number of performance based restricted stock unit awards that will ultimately be earned will not be determined until the end of the performance periods, which are December 31, 2014, 2015 and 2016, and may vary from as low as zero to as high as three times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the audited financial results of the Company for the last full calendar year within the performance period (the years ending December 31, 2014, 2015 and 2016). The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating income margin expansion, and return on invested capital. If the performance goals are not met based on the Company's financial results, the applicable performance based restricted stock unit awards will not vest and will be forfeited. | |||||||||
Use Of Estimates | ' | ||||||||
(n) Use of Estimates | |||||||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with generally accepted accounting principles. Actual results could differ from those estimates. | |||||||||
Fair Values Of Financial Instruments | ' | ||||||||
(o) Fair Values of Financial Instruments | |||||||||
The Company's financial instruments consist of cash equivalents, accounts receivable, accrued liabilities, accounts payable and capital lease obligations. The Company believes that the carrying value of these instruments approximate their fair value. As of December 31, 2013, the Company's long-term investments are recorded at fair value. See Note 11. | |||||||||
Foreign Currency | ' | ||||||||
(p) Foreign Currency | |||||||||
For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in other comprehensive income. Exchange losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in other expense and totaled approximately $0.9 million, $1.2 million and $1.5 million in 2013, 2012, and 2011, respectively. | |||||||||
Recently Enacted Accounting Principles | ' | ||||||||
(q) Recently Enacted Accounting Principles | |||||||||
In December 2011, the FASB issued an amendment to disclosures about offsetting assets and liabilities. The amended standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The Company adopted the provisions of this update January 1, 2013. The adoption of this standard had no impact on the Company's consolidated financial statements or footnote disclosures. | |||||||||
In March 2013, the FASB issued a new accounting standard on foreign currency matters that clarifies the guidance of a parent company's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. Under this new standard, a parent company that ceases to have a controlling financial interest in a foreign subsidiary or group of assets within a foreign entity shall release any related cumulative translation adjustment into net income only if a sale or transfer results in complete or substantially complete liquidation of the foreign entity. This standard is effective for fiscal years beginning after December 15, 2013. The Company will apply the guidance prospectively to derecognition events occurring after January 1, 2014. | |||||||||
The Company has determined that all other recently issued accounting standards will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Schedule Of Long-Term Investments Measured At Fair Value Using Significant Unobservable Inputs (Level 3 Inputs) | ' | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Balance as of January 1 | $ | 10,324 | $ | 24,673 | |||||
Net unrealized gains included in other comprehensive income | 418 | 1,476 | |||||||
Sales of investments at par value | -821 | -15,825 | |||||||
Balance as of December 31 | $ | 9,921 | $ | 10,324 | |||||
Unrealized losses still held | $ | 1,433 | $ | 1,851 | |||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | ' | ||||||||
Year Ended December 31, | |||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||
Net income | $ | 111,159 | $ | 56,607 | $ | 51,959 | |||
Denominator for basic earnings per share – weighted- | |||||||||
average number of common shares outstanding | |||||||||
during the period | 54,213 | 56,320 | 59,284 | ||||||
Incremental common shares attributable to outstanding | |||||||||
dilutive options | 324 | 150 | 270 | ||||||
Incremental common shares attributable to outstanding | |||||||||
restricted shares, restricted stock units and phantom stock | 242 | 164 | 219 | ||||||
Denominator for diluted earnings per share | 54,779 | 56,634 | 59,773 | ||||||
Basic earnings per share | $ | 2.05 | $ | 1.01 | $ | 0.88 | |||
Diluted earnings per share | $ | 2.03 | $ | 1 | $ | 0.87 | |||
Schedule Of Unrecognized Compensation Cost Nonvested Awards | ' | ||||||||
Phantom | Performance | ||||||||
Stock and | Based | ||||||||
Restricted | Restricted | ||||||||
Stock | Restricted | Stock | Stock | ||||||
(in thousands) | Options | Shares | Units | Units(1) | |||||
Unrecognized compensation cost | $ | 3,839 | $ | 2,166 | $ | 4,081 | $ | 1,565 | |
Remaining weighted-average | |||||||||
amortization period | 2.2 years | 1.8 years | 2.8 years | 2.2 years | |||||
(1) Based on the probable achievement of the performance goals identified in each award. | |||||||||
Summary Of Weighted-Average Assumptions Used To Value Option Grants | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Stock Options | |||||||||
Expected term of options | 7.4 years | 6.3 years | 6.2 years | ||||||
Expected volatility | 42% | 42% | 41% | ||||||
Risk-free interest rate | 1.40% | 1.31% | 2.67% | ||||||
Dividend yield | zero | zero | zero |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule Of Purchase Price Allocation | ' | ||||||
Purchase price paid | $ | 19,332 | |||||
Cash acquired | -62 | ||||||
Purchase price, net of cash received | $ | 19,270 | |||||
Acquisition-related costs (included in restructuring charges and integration | |||||||
and acquisition-related costs for the year ended December 31, 2013) | $ | 328 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 62 | |||||
Accounts receivable | 11,561 | ||||||
Inventories | 14,686 | ||||||
Other current assets | 1,072 | ||||||
Property, plant and equipment | 1,869 | ||||||
Other assets | 255 | ||||||
Deferred income taxes | 3,893 | ||||||
Current liabilities | -13,785 | ||||||
Other long-term liabilities | -281 | ||||||
Total identifiable net assets | $ | 19,332 | |||||
Purchase price paid | $ | 75,982 | |||||
Cash acquired | -981 | ||||||
Purchase price, net of cash received | $ | 75,001 | |||||
Acquisition-related costs (included in restructuring charges and integration | |||||||
and acquisition-related costs for the year ended December 31, 2013) | $ | 1,936 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 981 | |||||
Accounts receivable | 32,408 | ||||||
Inventories | 40,494 | ||||||
Other current assets | 1,472 | ||||||
Property, plant and equipment | 17,000 | ||||||
Goodwill | 6,779 | ||||||
Customer relationships intangible | 15,500 | ||||||
Other assets | 129 | ||||||
Deferred income taxes | -2,094 | ||||||
Current liabilities | -36,687 | ||||||
Total identifiable net assets | $ | 75,982 | |||||
Schedule of Pro Forma Information | ' | ||||||
Year Ended December 31, | |||||||
(in thousands) | 2013 | 2012 | |||||
Net sales | $ | 2,693,145 | $ | 2,804,757 | |||
Net income | $ | 45,485 | $ | 51,563 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Schedule Of Inventory Costs | ' | ||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Raw materials | $ | 245,455 | $ | 213,027 | |
Work in process | 84,710 | 67,221 | |||
Finished goods | 66,534 | 43,793 | |||
$ | 396,699 | $ | 324,041 |
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Property, Plant And Equipment [Abstract] | ' | ||||
Schedule Of Property, Plant And Equipment | ' | ||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Land | $ | 6,359 | $ | 6,172 | |
Buildings and building improvements | 92,267 | 85,668 | |||
Machinery and equipment | 410,183 | 390,237 | |||
Furniture and fixtures | 7,934 | 6,799 | |||
Vehicles | 174 | 893 | |||
Leasehold improvements | 14,767 | 14,200 | |||
Construction in progress | 135 | 2,147 | |||
531,819 | 506,116 | ||||
Less accumulated depreciation | -346,500 | -330,012 | |||
$ | 185,319 | $ | 176,104 |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Goodwill Roll Forward | ' | ||||||
(in thousands) | Americas | Asia | Total | ||||
Goodwill at December 31, 2010 | $ | — | $ | 37,912 | $ | 37,912 | |
Acquisitions | — | — | — | ||||
Goodwill at December 31, 2011 | — | 37,912 | 37,912 | ||||
Acquisitions | — | — | — | ||||
Goodwill at December 31, 2012 | — | 37,912 | 37,912 | ||||
Acquisitions | 6,641 | 138 | 6,779 | ||||
Goodwill at December 31, 2013 | $ | 6,641 | $ | 38,050 | $ | 44,691 | |
Schedule Of Other Intangible Assets | ' | ||||||
Gross | Net | ||||||
Carrying | Accumulated | Carrying | |||||
(in thousands) | Amount | Amortization | Amount | ||||
Customer relationships | $ | 33,348 | $ | -12,900 | $ | 20,448 | |
Technology licenses | 11,300 | -8,999 | 2,301 | ||||
Other | 868 | -166 | 702 | ||||
Other intangible assets, December 31, 2013 | $ | 45,516 | $ | -22,065 | $ | 23,451 | |
Gross | Net | ||||||
Carrying | Accumulated | Carrying | |||||
(in thousands) | Amount | Amortization | Amount | ||||
Customer relationships | $ | 17,793 | $ | -10,702 | $ | 7,091 | |
Technology licenses | 11,300 | -7,880 | 3,420 | ||||
Other | 868 | -142 | 726 | ||||
Other intangible assets, December 31, 2012 | $ | 29,961 | $ | -18,724 | $ | 11,237 | |
Schedule Of Estimated Future Amortization Expense | ' | ||||||
Year ending December 31, | Amount | ||||||
2014 | $ | 4,123 | |||||
2015 | 4,123 | ||||||
2016 | 4,112 | ||||||
2017 | 1,574 | ||||||
2018 | 1,574 |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments [Abstract] | ' | ||||
Schedule Of Property, Plant And Equipment Under Capital Leases | ' | ||||
Buildings and building improvements | $ | 12,207 | |||
Less accumulated depreciation | -5,259 | ||||
$ | 6,948 | ||||
Schedule Of Capital Lease Obligations Outstanding | ' | ||||
Capital lease obligations outstanding consist of the following: | |||||
December 31, | |||||
(in thousands) | 2013 | 2012 | |||
Capital lease obligations | $ | 10,103 | $ | 10,600 | |
Less current installments | 582 | 497 | |||
Capital lease obligations, less current installments | $ | 9,521 | $ | 10,103 | |
Schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases And Future Minimum Capital Lease Payments | ' | ||||
Capital | Operating | ||||
Year ending December 31, | Leases | Leases | |||
2014 | $ | 1,581 | $ | 9,452 | |
2015 | 1,613 | 8,309 | |||
2016 | 1,645 | 5,375 | |||
2017 | 1,678 | 2,756 | |||
2018 | 1,712 | 2,684 | |||
Thereafter | 7,661 | 4,666 | |||
Total minimum lease payments | $ | 15,890 | $ | 33,242 | |
Less: amount representing interest | 5,787 | ||||
Present value of minimum lease payments | 10,103 | ||||
Less: current installments | 582 | ||||
Capital lease obligations, less current installments | $ | 9,521 |
Common_Shares_And_StockBased_A1
Common Shares And Stock-Based Awards Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||
Summary Of Stock Options | ' | ||||||||||
The following table summarizes the activities relating to the Company’s stock options: | |||||||||||
Weighted- | |||||||||||
Weighted- | Average | ||||||||||
Average | Remaining | Aggregate | |||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||
(in thousands, except per share data) | Options | Price | Term (Years) | Value | |||||||
Outstanding at December 31, 2010 | 4,825 | $ | 19.18 | ||||||||
Granted | 399 | 18.56 | |||||||||
Exercised | -257 | 9.98 | |||||||||
Forfeited or expired | -442 | 18.74 | |||||||||
Outstanding at December 31, 2011 | 4,525 | 19.69 | |||||||||
Granted | 432 | 15.77 | |||||||||
Exercised | -375 | 12.42 | |||||||||
Forfeited or expired | -342 | 20.42 | |||||||||
Outstanding at December 31, 2012 | 4,240 | 19.88 | |||||||||
Granted | 348 | 17.37 | |||||||||
Exercised | -713 | 15.72 | |||||||||
Forfeited or expired | -791 | 22.88 | |||||||||
Outstanding at December 31, 2013 | 3,084 | $ | 19.79 | 4.78 | $ | 11,875 | |||||
Exercisable at December 31, 2013 | 2,360 | $ | 20.63 | 3.67 | $ | 7,494 | |||||
Summary Of Stock-Based Awards | ' | ||||||||||
The following table summarizes the activities relating to the Company’s restricted shares: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | 178 | $ | 17.17 | ||||||||
Granted | 195 | 18.57 | |||||||||
Vested | -66 | 16.66 | |||||||||
Forfeited | -63 | 17.92 | |||||||||
Outstanding at December 31, 2011 | 244 | 18.23 | |||||||||
Granted | 209 | 15.56 | |||||||||
Vested | -87 | 17.57 | |||||||||
Forfeited | -26 | 17.49 | |||||||||
Outstanding at December 31, 2012 | 340 | 16.81 | |||||||||
Vested | -106 | 17.42 | |||||||||
Forfeited | -40 | 16.4 | |||||||||
Outstanding at December 31, 2013 | 194 | $ | 16.56 | ||||||||
The following table summarizes the activities relating to the Company’s time based restricted | |||||||||||
stock units and phantom stock awards: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | 47 | $ | 17.05 | ||||||||
Granted | 86 | 17.77 | |||||||||
Vested | -32 | 16.66 | |||||||||
Forfeited | -18 | 17.37 | |||||||||
Outstanding at December 31, 2011 | 83 | 17.88 | |||||||||
Granted | 95 | 15.5 | |||||||||
Vested | -61 | 16.35 | |||||||||
Forfeited | -14 | 17.07 | |||||||||
Outstanding at December 31, 2012 | 103 | 16.7 | |||||||||
Granted | 277 | 17.66 | |||||||||
Vested | -67 | 17.06 | |||||||||
Forfeited | -10 | 17.36 | |||||||||
Outstanding at December 31, 2013 | 303 | $ | 17.48 | ||||||||
The following table summarizes the activities related to the Company’s performance based | |||||||||||
restricted stock unit awards: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | |||||||||
Outstanding at December 31, 2010 | — | $ | — | ||||||||
Granted(1) | 93 | 18.57 | |||||||||
Forfeited | -25 | 18.57 | |||||||||
Outstanding at December 31, 2011 | 68 | 18.57 | |||||||||
Granted(1) | 103 | 15.11 | |||||||||
Forfeited | -7 | 18.57 | |||||||||
Outstanding at December 31, 2012 | 164 | 16.39 | |||||||||
Granted(1) | 76 | 17.37 | |||||||||
Forfeited | -25 | 16.03 | |||||||||
Outstanding at December 31, 2013 | 215 | $ | 16.78 | ||||||||
(1) Represents target number of shares that can vest based on the achievement of certain | |||||||||||
performance criteria |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Schedule Of Income Tax Expense | ' | |||||||
Note 9—Income Taxes | ||||||||
Income tax expense (benefit) based on income before income taxes consists of: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Current: | ||||||||
U.S. Federal | $ | -358 | $ | 776 | $ | 75 | ||
State and local | 152 | 640 | 86 | |||||
Foreign | 11,010 | 8,352 | 7,003 | |||||
10,804 | 9,768 | 7,164 | ||||||
Deferred: | ||||||||
U.S. Federal | -11,069 | 9,914 | -16,963 | |||||
State and local | 1,437 | 1,560 | 442 | |||||
Foreign | 3,846 | -2,410 | -1,470 | |||||
-5,786 | 9,064 | -17,991 | ||||||
$ | 5,018 | $ | 18,832 | $ | -10,827 | |||
Schedule Of Income Before Income Taxes | ' | |||||||
Worldwide income before income taxes consisted of the following: | ||||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
United States | $ | 19,093 | $ | 27,538 | $ | 5,405 | ||
Foreign | 97,084 | 47,901 | 35,727 | |||||
$ | 116,177 | $ | 75,439 | $ | 41,132 | |||
Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax | ' | |||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Tax at statutory rate | $ | 40,662 | $ | 26,404 | $ | 14,396 | ||
State taxes, net of federal tax effect | 1,033 | 2,012 | 343 | |||||
Effect of foreign operations and tax incentives | -19,138 | -11,710 | -12,442 | |||||
Change in valuation allowance | -17,880 | -44 | -23,674 | |||||
Thailand reserve for uncertain tax benefits | — | — | 7,056 | |||||
Settlement of foreign tax audits | — | — | -2,710 | |||||
Intercompany transactions | — | — | 2,801 | |||||
Losses in foreign jurisdictions for which no | ||||||||
benefit has been provided | 1,013 | 927 | 3,068 | |||||
American Taxpayer Relief Act of 2012 | -844 | — | — | |||||
Other | 172 | 1,243 | 335 | |||||
Total income tax expense (benefit) | $ | 5,018 | $ | 18,832 | $ | -10,827 | ||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Deferred tax assets: | ||||||||
Carrying value of inventories | $ | 5,882 | $ | 2,786 | ||||
Accrued liabilities and allowances deductible for tax purposes | ||||||||
on a cash basis | 5,742 | 8,956 | ||||||
Goodwill | 13,346 | 10,526 | ||||||
Stock-based compensation | 7,169 | 8,251 | ||||||
Net operating loss carryforwards | 40,915 | 39,670 | ||||||
Tax credit carryforwards | 5,970 | 5,848 | ||||||
Other | 7,394 | 7,564 | ||||||
86,418 | 83,601 | |||||||
Less: valuation allowance | -30,312 | -41,858 | ||||||
Net deferred tax assets | 56,106 | 41,743 | ||||||
Deferred tax liabilities: | ||||||||
Plant and equipment, due to differences in depreciation | -5,063 | -3,887 | ||||||
Other | -7,956 | -1,188 | ||||||
Gross deferred tax liability | -13,019 | -5,075 | ||||||
Net deferred tax asset | $ | 43,087 | $ | 36,668 | ||||
Recorded as: | ||||||||
Current deferred tax assets | $ | 11,302 | $ | 8,889 | ||||
Non-current deferred tax assets | 33,856 | 29,535 | ||||||
Non-current deferred tax liabilities | -2,071 | -1,756 | ||||||
Net deferred tax asset | $ | 43,087 | $ | 36,668 | ||||
Schedule Of Tax Incentives | ' | |||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
China | $ | — | $ | 2,449 | $ | 1,474 | ||
Malaysia | 1,559 | 992 | — | |||||
Thailand | 7,283 | 4,594 | 9,036 | |||||
$ | 8,842 | $ | 8,035 | $ | 10,510 | |||
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | ' | |||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Balance as of January 1 | $ | 18,070 | $ | 18,091 | $ | 14,759 | ||
Additions related to prior year tax positions | 104 | 141 | 7,056 | |||||
Decreases related to prior year tax positions | — | -162 | -3,724 | |||||
Balance as of December 31 | $ | 18,174 | $ | 18,070 | $ | 18,091 |
Major_Customers_Tables
Major Customers (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Major Customers [Abstract] | ' | |||||||
Schedule Of Sales To Largest Customers | ' | |||||||
Year ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
International Business Machines Corporation | $ | 430,205 | $ | 506,126 | $ | 319,411 |
Segment_And_Geographic_Informa1
Segment And Geographic Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment And Geographic Information [Abstract] | ' | |||||||
Schedule Of Operating Segments | ' | |||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Net sales: | ||||||||
Americas | $ | 1,490,954 | $ | 1,440,298 | $ | 1,360,943 | ||
Asia | 957,162 | 978,093 | 867,008 | |||||
Europe | 142,508 | 139,684 | 166,730 | |||||
Elimination of intersegment sales | -84,157 | -89,925 | -141,651 | |||||
$ | 2,506,467 | $ | 2,468,150 | $ | 2,253,030 | |||
Depreciation and amortization: | ||||||||
Americas | $ | 17,142 | $ | 14,755 | $ | 16,670 | ||
Asia | 17,270 | 15,180 | 12,859 | |||||
Europe | 2,732 | 2,544 | 2,664 | |||||
Corporate | 3,798 | 3,234 | 3,291 | |||||
$ | 40,942 | $ | 35,713 | $ | 35,484 | |||
Income from operations: | ||||||||
Americas | $ | 55,147 | $ | 60,320 | $ | 46,170 | ||
Asia | 93,463 | 51,978 | 30,804 | |||||
Europe | 8,517 | 1,117 | 7 | |||||
Corporate and intersegment eliminations | -40,603 | -37,856 | -35,688 | |||||
$ | 116,524 | $ | 75,559 | $ | 41,293 | |||
Capital expenditures: | ||||||||
Americas | $ | 19,256 | $ | 19,437 | $ | 18,008 | ||
Asia | 5,110 | 25,636 | 47,413 | |||||
Europe | 2,316 | 2,274 | 4,592 | |||||
Corporate | 2,055 | 1,688 | 1,984 | |||||
$ | 28,737 | $ | 49,035 | $ | 71,997 | |||
Total assets: | ||||||||
Americas | $ | 702,378 | $ | 569,212 | $ | 650,998 | ||
Asia | 658,668 | 636,481 | 610,596 | |||||
Europe | 255,644 | 200,563 | 197,132 | |||||
Corporate and other | 40,681 | 95,221 | 41,272 | |||||
$ | 1,657,371 | $ | 1,501,477 | $ | 1,499,998 | |||
Schedule Of Geographic Net Sales And Long-Lived Assets | ' | |||||||
Year Ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Geographic net sales: | ||||||||
United States | $ | 1,643,378 | $ | 1,739,794 | $ | 1,518,940 | ||
Asia | 584,983 | 398,890 | 346,267 | |||||
Europe | 212,751 | 273,560 | 333,781 | |||||
Other | 65,355 | 55,906 | 54,042 | |||||
$ | 2,506,467 | $ | 2,468,150 | $ | 2,253,030 | |||
Long-lived assets: | ||||||||
United States | $ | 96,287 | $ | 76,216 | $ | 70,756 | ||
Asia | 98,816 | 107,151 | 98,675 | |||||
Europe | 10,333 | 10,948 | 11,817 | |||||
Other | 20,634 | 15,200 | 17,744 | |||||
$ | 226,070 | $ | 209,515 | $ | 198,992 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||
Schedule Of Accrued Restructuring Balances | ' | |||||||||||||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Non-Cash | Exchange | December 31, | |||||||||
(in thousands) | 2012 | Charges | Payment | Activity | Adjustments | 2013 | ||||||||
2013 Restructuring: | ||||||||||||||
Severance | $ | — | $ | 2,202 | $ | -2,003 | $ | — | -79 | $ | 120 | |||
Lease facility costs | — | 142 | -139 | — | -3 | — | ||||||||
Other exit costs | — | 3,246 | -1,245 | -1,224 | 56 | 833 | ||||||||
— | 5,590 | -3,387 | -1,224 | -26 | 953 | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | 538 | 660 | -1,262 | — | 98 | 34 | ||||||||
Lease facility costs | — | 798 | -328 | -466 | -4 | — | ||||||||
Other exit costs | 166 | 138 | -107 | — | -93 | 104 | ||||||||
704 | 1,596 | -1,697 | -466 | 1 | 138 | |||||||||
2011 Restructuring: | ||||||||||||||
Lease facility costs | 13 | -102 | 87 | — | 2 | — | ||||||||
13 | -102 | 87 | — | 2 | — | |||||||||
Total | $ | 717 | $ | 7,084 | $ | -4,997 | $ | -1,690 | -23 | $ | 1,091 | |||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Exchange | December 31, | ||||||||||
(in thousands) | 2011 | Charges | Payment | Adjustments | 2012 | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | $ | — | $ | 1,529 | $ | -998 | $ | 7 | $ | 538 | ||||
Lease facility costs | — | 55 | -54 | -1 | - | |||||||||
Other exit costs | — | 209 | -45 | 2 | 166 | |||||||||
— | 1,793 | -1,097 | 8 | 704 | ||||||||||
2011 Restructuring: | ||||||||||||||
Severance | 189 | 408 | -611 | 14 | — | |||||||||
Lease facility costs | 1,664 | -153 | -1,474 | -24 | 13 | |||||||||
Other exit costs | — | 17 | -17 | — | — | |||||||||
1,853 | 272 | -2,102 | -10 | 13 | ||||||||||
2010 Restructuring: | ||||||||||||||
Severance | 34 | -4 | -30 | — | — | |||||||||
Other exit costs | 20 | 52 | -72 | — | — | |||||||||
54 | 48 | -102 | — | — | ||||||||||
2009 Restructuring: | ||||||||||||||
Lease facility costs | 402 | 87 | -489 | — | — | |||||||||
402 | 87 | -489 | — | — | ||||||||||
Total | $ | 2,309 | $ | 2,200 | $ | -3,790 | $ | -2 | $ | 717 | ||||
Schedule Of Components Of Restructuring Charges | ' | |||||||||||||
The components of the restructuring charges initiated during 2013 were as follows: | ||||||||||||||
(in thousands) | Americas | Asia | Total | |||||||||||
Severance costs | $ | 2,202 | $ | — | $ | 2,202 | ||||||||
Facility lease costs | 142 | — | 142 | |||||||||||
Other exit costs | 2,118 | 1,128 | 3,246 | |||||||||||
$ | 4,462 | $ | 1,128 | $ | 5,590 | |||||||||
The components of the restructuring charges initiated during 2012 were as follows: | ||||||||||||||
(in thousands) | Americas | Europe | Asia | Total | ||||||||||
Severance costs | $ | 494 | $ | 531 | $ | 504 | $ | 1,529 | ||||||
Facility lease costs | — | — | 55 | 55 | ||||||||||
Other exit costs | — | 176 | 33 | 209 | ||||||||||
$ | 494 | $ | 707 | $ | 592 | $ | 1,793 | |||||||
The components of the restructuring charges initiated during 2011 were as follows: | ||||||||||||||
(in thousands) | Americas | Europe | Asia | Total | ||||||||||
Severance costs | $ | 421 | $ | 1,829 | $ | 136 | $ | 2,386 | ||||||
Facility lease costs | — | 1,335 | 623 | 1,958 | ||||||||||
Other exit costs | 22 | 203 | 289 | 514 | ||||||||||
$ | 443 | $ | 3,367 | $ | 1,048 | $ | 4,858 |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||
2013 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 542,444 | $ | 607,522 | $ | 599,658 | $ | 756,843 | ||
Gross profit | 36,834 | 44,367 | 45,440 | 59,843 | ||||||
Net income | 11,487 | 8,457 | 23,726 | 67,489 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.21 | 0.16 | 0.44 | 1.26 | ||||||
Diluted | 0.21 | 0.16 | 0.43 | 1.24 | ||||||
2012 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 593,417 | $ | 630,031 | $ | 610,769 | $ | 633,933 | ||
Gross profit | 40,508 | 45,991 | 44,780 | 45,459 | ||||||
Net income | 5,598 | 13,580 | 19,314 | 18,115 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.1 | 0.24 | 0.35 | 0.33 | ||||||
Diluted | 0.1 | 0.24 | 0.34 | 0.33 | ||||||
2011 Quarter | ||||||||||
(in thousands, except per share data) | 1st | 2nd | 3rd | 4th | ||||||
Sales | $ | 538,312 | $ | 585,549 | $ | 570,083 | $ | 559,086 | ||
Gross profit | 37,624 | 37,751 | 34,635 | 28,825 | ||||||
Net income | 14,513 | 14,701 | 19,867 | 2,878 | ||||||
Earnings per common share: | ||||||||||
Basic | 0.24 | 0.24 | 0.34 | 0.05 | ||||||
Diluted | 0.24 | 0.24 | 0.34 | 0.05 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Comprehensive Income Net Of Tax [Abstract] | ' | |||||||||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | |||||||||||||
Foreign | Unrealized | |||||||||||||
currency | loss on | |||||||||||||
translation | investments, | |||||||||||||
(in thousands) | adjustments | net of tax | Other | Total | ||||||||||
Balances, December 31, 2010 | $ | -2,771 | $ | -3,853 | $ | -338 | $ | -6,962 | ||||||
Other comprehensive income (loss) before | ||||||||||||||
reclassifications | -6,903 | 526 | -176 | -6,553 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | — | — | 65 | 65 | ||||||||||
Net current period other comprehensive income (loss) | -6,903 | 526 | -111 | -6,488 | ||||||||||
Balances, December 31, 2011 | -9,674 | -3,327 | -449 | -13,450 | ||||||||||
Other comprehensive income before | ||||||||||||||
reclassifications | 993 | 1,476 | -87 | 2,382 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | — | — | 532 | 532 | ||||||||||
Net current period other comprehensive income | 993 | 1,476 | 445 | 2,914 | ||||||||||
Balances, December 31, 2012 | -8,681 | -1,851 | -4 | -10,536 | ||||||||||
Other comprehensive income before | ||||||||||||||
reclassifications | 591 | 418 | 433 | 1,442 | ||||||||||
Net current period other comprehensive income | 591 | 418 | 433 | 1,442 | ||||||||||
Balances, December 31, 2013 | $ | -8,090 | $ | -1,433 | $ | 429 | $ | -9,094 |
Supplemental_Cash_Flow_And_Non1
Supplemental Cash Flow And Non-Cash Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow And Non-Cash Information [Abstract] | ' | |||||||
Schedule Of Supplemental Cash Flow And Non-Cash Information | ' | |||||||
Note 20—Supplemental Cash Flow and Non-Cash Information | ||||||||
The following is additional information concerning supplemental disclosures of cash payments. | ||||||||
Year ended December 31, | ||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||
Income taxes paid, net | $ | 62 | $ | 11,975 | $ | 7,759 | ||
Interest paid | $ | 1,757 | $ | 1,353 | $ | 1,290 | ||
Non-cash investing activity: | ||||||||
Additions to property, plant and equipment in accounts payable | $ | 3,170 | $ | 2,020 | $ | — |
Schedule_of_Valuation_and_Qual1
Schedule of Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||
chedule Of Valuation And Qualifying Accounts [Table Text Block] | ' | ||||||||||||
(a) (1) Financial statements of the Company filed as part of this report: | |||||||||||||
See Item 8 - Financial Statements and Supplementary Data. | |||||||||||||
(2) Financial statement schedule filed as part of this report: | |||||||||||||
Schedule II - Valuation Accounts | |||||||||||||
Additions | |||||||||||||
Balance at | Balance at | ||||||||||||
Beginning | Charges to | End of | |||||||||||
(in thousands) | of Period | Operations | Other | Deductions | Period | ||||||||
Year ended December 31, 2013: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 1,442 | 67 | — | 1,171 | 338 | |||||||
Year ended December 31, 2012: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 1,094 | 407 | 13 | 72 | 1,442 | |||||||
Year ended December 31, 2011: | |||||||||||||
Allowance for doubtful accounts(1) | $ | 586 | 546 | -23 | 15 | 1,094 | |||||||
-1 | Deductions in the allowance for doubtful accounts represent write-offs, net of recoveries, of amounts determined to be | ||||||||||||
uncollectible. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash equivalents | $247,000,000 | $286,100,000 | ' |
Long-term investments | 11,400,000 | ' | ' |
Unrealized losses still held | 1,433,000 | 1,851,000 | ' |
Fair value of auction rate securities | 9,900,000 | ' | ' |
Unrealized gains on long-term Investments | 400,000 | 1,500,000 | 500,000 |
Options to purchase of common shares | 1.2 | 3.7 | 3.4 |
Compensation cost recognized for stock-based awards | 7,100,000 | 6,300,000 | 5,100,000 |
Income tax benefit recognized in the income statement for stock-based awards | 2,600,000 | 2,100,000 | 1,700,000 |
Stock options issued | 0.3 | 0.4 | 0.4 |
Total cash received as a result of stock option exercises | 11,203,000 | 4,657,000 | 2,571,000 |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2,200,000 | 1,300,000 | 900,000 |
Total intrinsic value of stock options exercised | 3,200,000 | 1,400,000 | 1,400,000 |
Expenses related to foreign currency translation | 900,000 | 1,200,000 | 1,500,000 |
Stock Options [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 3,839,000 | ' | ' |
Remaining weighted-average amortization period | '2 years 2 months 12 days | ' | ' |
Weighted-average fair value per option granted | $7.87 | $6.83 | $8.14 |
Restricted Shares [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 2,166,000 | ' | ' |
Remaining weighted-average amortization period | '1 year 9 months 18 days | ' | ' |
Restricted Stock Units And Phantom Stock Awards [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 4,081,000 | ' | ' |
Remaining weighted-average amortization period | '2 years 9 months 18 days | ' | ' |
Performance Based Restricted Stock Units [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | $1,565,000 | ' | ' |
Remaining weighted-average amortization period | '2 years 2 months 12 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest rate reset period | '7 days | ' | ' |
Maturity term | '10 years | ' | ' |
Minimum [Member] | Buildings And Building Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '5 years | ' | ' |
Minimum [Member] | Machinery And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '2 years | ' | ' |
Minimum [Member] | Furniture And Fixtures [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '2 years | ' | ' |
Minimum [Member] | Vehicles [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest rate reset period | '35 days | ' | ' |
Maximum [Member] | Buildings And Building Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '40 years | ' | ' |
Maximum [Member] | Machinery And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '10 years | ' | ' |
Maximum [Member] | Furniture And Fixtures [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '10 years | ' | ' |
Maximum [Member] | Vehicles [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Useful lives of the assets | '5 years | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Long-Term Investments Measured At Fair Value Using Significant Unobservable Inputs (Level 3 Inputs)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Balance as of January 1 | $10,324 | $24,673 |
Net unrealized gains included in other comprehensive income | 418 | 1,476 |
Sales of investments at par value | -821 | -15,825 |
Balance as of December 31 | 9,921 | 10,324 |
Unrealized losses still held | $1,433 | $1,851 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $67,489 | $23,726 | $8,457 | $11,487 | $18,115 | $19,314 | $13,580 | $5,598 | $2,878 | $19,867 | $14,701 | $14,513 | $111,159 | $56,607 | $51,959 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,213 | 56,320 | 59,284 |
Incremental common shares attributable to outstanding dilutive options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324 | 150 | 270 |
Incremental common shares attributable to outstanding restricted shares, restricted stock units and phantom stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242 | 164 | 219 |
Denominator for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,779 | 56,634 | 59,773 |
Basic earnings per share | $1.26 | $0.44 | $0.16 | $0.21 | $0.33 | $0.35 | $0.24 | $0.10 | $0.05 | $0.34 | $0.24 | $0.24 | $2.05 | $1.01 | $0.88 |
Diluted earnings per share | $1.24 | $0.43 | $0.16 | $0.21 | $0.33 | $0.34 | $0.24 | $0.10 | $0.05 | $0.34 | $0.24 | $0.24 | $2.03 | $1 | $0.87 |
Schedule_Of_Unrecognized_Compe
Schedule Of Unrecognized Compensation Cost Nonvested Awards (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $3,839 |
Remaining weighted-average amortization period | '2 years 2 months 12 days |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | 2,166 |
Remaining weighted-average amortization period | '1 year 9 months 18 days |
Restricted Stock Units And Phantom Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | 4,081 |
Remaining weighted-average amortization period | '2 years 9 months 18 days |
Performance Based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $1,565 |
Remaining weighted-average amortization period | '2 years 2 months 12 days |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Summary Of Weighted-Average Assumptions Used To Value Option Grants) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Expected term of options | '7 years 4 months 24 days | '6 years 3 months 18 days | '6 years 2 months 12 days |
Expected volatility | 42.00% | 42.00% | 41.00% |
Risk-free interest rate | 1.40% | 1.31% | 2.67% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Line Items] | ' |
Goodwill Acquired During Period | $6,779,000 |
Asia [Member] | ' |
Business Combinations [Line Items] | ' |
Goodwill Acquired During Period | 138,000 |
Suntron [Member] | ' |
Business Combinations [Line Items] | ' |
Acquisition Date | 3-Jun-13 |
Name of acquired entity | 'Suntron Corporation |
Purchase price paid | 19,332,000 |
Acquired Locations | 2 |
Revenue since acquisition date | 45,200,000 |
CTS [Member] | ' |
Business Combinations [Line Items] | ' |
Acquisition Date | 2-Oct-13 |
Name of acquired entity | 'CTS Electronics Manufacturing Solutions, Inc. CTS Electronics Corporation (Thailand) Ltd., |
Purchase price paid | 75,982,000 |
Acquired Locations | 5 |
Number of employees | 1,000 |
Goodwill Acquired During Period | 6,779,000 |
Revenue since acquisition date | $53,800,000 |
CTS [Member] | North America [Member] | ' |
Business Combinations [Line Items] | ' |
Acquired Locations | 4 |
CTS [Member] | Asia [Member] | ' |
Business Combinations [Line Items] | ' |
Acquired Locations | 1 |
Acquisitions_Schedule_of_Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Line Items] | ' | ' |
Purchase price, net of cash acquired | $94,271 | ' |
Goodwill | 6,779 | ' |
Business Acquisition Pro Forma Information [Abstract] | ' | ' |
Net sales | 2,693,145 | 2,804,757 |
Net income | 45,485 | 51,563 |
Suntron [Member] | ' | ' |
Business Combinations [Line Items] | ' | ' |
Purchase price paid | 19,332 | ' |
Cash acquired | -62 | ' |
Purchase price, net of cash acquired | 19,270 | ' |
Acquisition-related costs | 328 | ' |
Cash | 62 | ' |
Accounts receivable | 11,561 | ' |
Inventories | 14,686 | ' |
Other current assets | 1,072 | ' |
Property, plant and equipment | 1,869 | ' |
Other assets | 255 | ' |
Deferred income taxes | 3,893 | ' |
Current liabilities | -13,785 | ' |
Other long-term liabilities | -281 | ' |
Total identifiable net assets | 19,332 | ' |
CTS [Member] | ' | ' |
Business Combinations [Line Items] | ' | ' |
Purchase price paid | 75,982 | ' |
Cash acquired | -981 | ' |
Purchase price, net of cash acquired | 75,001 | ' |
Acquisition-related costs | 1,936 | ' |
Cash | 981 | ' |
Accounts receivable | 32,408 | ' |
Inventories | 40,494 | ' |
Other current assets | 1,472 | ' |
Property, plant and equipment | 17,000 | ' |
Goodwill | 6,779 | ' |
Customer relationships intangible | 15,500 | ' |
Other assets | 129 | ' |
Deferred income taxes | -2,094 | ' |
Current liabilities | -36,687 | ' |
Total identifiable net assets | $75,982 | ' |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $245,455 | $213,027 |
Work in process | 84,710 | 67,221 |
Finished goods | 66,534 | 43,793 |
Inventories, net | $396,699 | $324,041 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment, Gross | $531,819 | $506,116 |
Less accumulated depreciation | 346,500 | 330,012 |
Property, plant and equipment, Net | 185,319 | 176,104 |
Land [Member] | ' | ' |
Property, plant and equipment, Gross | 6,359 | 6,172 |
Buildings And Building Improvements [Member] | ' | ' |
Property, plant and equipment, Gross | 92,267 | 85,668 |
Machinery And Equipment [Member] | ' | ' |
Property, plant and equipment, Gross | 410,183 | 390,237 |
Furniture And Fixtures [Member] | ' | ' |
Property, plant and equipment, Gross | 7,934 | 6,799 |
Vehicles [Member] | ' | ' |
Property, plant and equipment, Gross | 174 | 893 |
Leasehold Improvements [Member] | ' | ' |
Property, plant and equipment, Gross | 14,767 | 14,200 |
Construction in Progress [Member] | ' | ' |
Property, plant and equipment, Gross | $135 | $2,147 |
Recovered_Sheet1
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | $37,912 | $37,912 | $37,912 |
Acquisitions | 6,779 | ' | ' |
Goodwill, Ending Balance | 44,691 | 37,912 | 37,912 |
Americas [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Acquisitions | 6,641 | ' | ' |
Goodwill, Ending Balance | 6,641 | ' | ' |
Asia [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | 37,912 | 37,912 | 37,912 |
Acquisitions | 138 | ' | ' |
Goodwill, Ending Balance | $38,050 | $37,912 | $37,912 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Amortization of other intangible assets | $3,300,000 | $2,700,000 | $4,600,000 |
Purchased software costs, capitalized | 1,908,000 | 1,124,000 | 601,000 |
Purchase software, net of accumulated amortization | 2,500,000 | 1,900,000 | ' |
Accumulated amortization of purchased software costs | 25,000,000 | 24,100,000 | ' |
Book value of other assets held for sale | 5,400,000 | 8,900,000 | ' |
Non-cash asset impairment charge | $3,800,000 | ' | ' |
Minimum [Member] | Capitalized Purchased Software Costs [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Maximum [Member] | Capitalized Purchased Software Costs [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $45,516 | $29,961 |
Accumulated Amortization | 22,065 | 18,724 |
Net Carrying Amount | 23,451 | 11,237 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 33,348 | 17,793 |
Accumulated Amortization | 12,900 | 10,702 |
Net Carrying Amount | 20,448 | 7,091 |
Technology Licenses [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | 8,999 | 7,880 |
Net Carrying Amount | 2,301 | 3,420 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 868 | 868 |
Accumulated Amortization | 166 | 142 |
Net Carrying Amount | $702 | $726 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | ' |
2014 | $4,123 |
2015 | 4,123 |
2016 | 4,112 |
2017 | 1,574 |
2018 | $1,574 |
Borrowing_Facilities_Details
Borrowing Facilities (Details) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
U.S. Credit Agreement [Member] | Thailand Subsidiary [Member] | Thailand Subsidiary [Member] | Minimum [Member] | Maximum [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Prime Rate Plus [Member] | Prime Rate Plus [Member] | |
USD ($) | USD ($) | THB | U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |
U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | $200 | $10.60 | 350 | ' | ' | ' | ' | ' | ' |
Revolving credit facility, term period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. revolving credit facility, maturity date | 30-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Possible increase to the borrowing capacity of U.S. credit agreement | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 1.75% | 2.75% | 0.75% | 1.75% |
U.S. Credit facility, commitment fee | ' | ' | ' | 0.30% | 0.40% | ' | ' | ' | ' |
U.S. Credit facility, available for future borrowings | 199.2 | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments [Abstract] | ' | ' | ' |
Rental expense | $11.20 | $9.10 | $10.30 |
Operating lease expiration year | '2021 | ' | ' |
Capital lease expiration year | '2023 | ' | ' |
Commitments_Schedule_Of_Proper
Commitments (Schedule Of Property, Plant And Equipment Under Capital Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments [Abstract] | ' |
Buildings and building improvements | $12,207 |
Less accumulated depreciation | -5,259 |
Property, plant and equipment include under capital leases | $6,948 |
Commitments_Schedule_Of_Capita
Commitments (Schedule Of Capital Lease Obligations Outstanding) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments [Abstract] | ' | ' |
Capital lease obligations | $10,103 | $10,600 |
Less current installments | 582 | 497 |
Capital lease obligations, less current installments | $9,521 | $10,103 |
Commitments_Schedule_Of_Future
Commitments (Schedule Of Future Minimum Lease Payments Under Noncancelable Operating Leases And Future Minimum Capital Lease Payments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments [Abstract] | ' | ' |
Capital Leases, 2014 | $1,581 | ' |
Capital Leases, 2015 | 1,613 | ' |
Capital Leases, 2016 | 1,645 | ' |
Capital Leases, 2017 | 1,678 | ' |
Capital Leases, 2018 | 1,712 | ' |
Capital Leases, Thereafter | 7,661 | ' |
Capital Leases, Total minimum lease payments | 15,890 | ' |
Less: amount representing interest | 5,787 | ' |
Present value of minimum lease payments | 10,103 | ' |
Less: current installments | 582 | 497 |
Capital lease obligations, less current installments | 9,521 | 10,103 |
Operating Leases, 2014 | 9,452 | ' |
Operating Leases, 2015 | 8,309 | ' |
Operating Leases, 2016 | 5,375 | ' |
Operating Leases, 2017 | 2,756 | ' |
Operating Leases, 2018 | 2,684 | ' |
Operating Leases, Thereafter | 4,666 | ' |
Operating Leases, Total minimum lease payments | $33,242 | ' |
Common_Shares_And_StockBased_A2
Common Shares And Stock-Based Awards Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Repurchase of common shares | 2,100,000 | 3,200,000 | 3,700,000 |
Repurchase of common shares, value | $41.20 | $47.10 | $56.30 |
Repurchase of common shares, average price per share | $19.65 | $14.59 | $15.13 |
Additional shares available for issuance | 2,200,000 | ' | ' |
Number of options, exercisable | 2,360,000 | ' | ' |
Weighted-average exercise price of options exercisable | $20.63 | ' | ' |
2012 Repurchase Program [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Repurchase of common shares, authorized amount | ' | 100 | ' |
Repurchase of common shares, remaining authorized amount | $46.90 | ' | ' |
Employee Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Contractual life of options | '10 years | ' | ' |
Non-Employee Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of options, exercisable | 2,400,000 | 3,500,000 | 3,700,000 |
Weighted-average exercise price of options exercisable | $20.63 | $20.46 | $20.32 |
Common_Shares_And_StockBased_A3
Common Shares And Stock-Based Awards Plans (Summary Of Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Shares And Stock-Based Awards Plans [Abstract] | ' | ' | ' |
Number of Options, Outstanding, Beginning balance | 4,240 | 4,525 | 4,825 |
Number of Options, Granted | 348 | 432 | 399 |
Number of Options, Exercised | -713 | -375 | -257 |
Number of Options, Forfeited or expired | 791 | 342 | 442 |
Number of Options, Outstanding, Ending balance | 3,084 | 4,240 | 4,525 |
Number of Options, Exercisable at December 31, 2013 | 2,360 | ' | ' |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $19.88 | $19.69 | $19.18 |
Weighted-Average Exercise Price, Granted | $17.37 | $15.77 | $18.56 |
Weighted-Average Exercise Price, Exercised | ($15.72) | ($12.42) | ($9.98) |
Weighted-Average Exercise Price, Forfeited or expired | $22.88 | $20.42 | $18.74 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $19.79 | $19.88 | $19.69 |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $20.63 | ' | ' |
Weighted-Average Remaining Contractual Term (Years), Outstanding | '4 years 9 months 11 days | ' | ' |
Weighted-Average Remaining Contractual Term (Years), Exercisable at December 31, 2012 | '3 years 8 months 1 day | ' | ' |
Aggregate Intrinsic Value, Outstanding at December 31, 2013 | $11,875 | ' | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | $7,494 | ' | ' |
Common_Shares_And_StockBased_A4
Common Shares And Stock-Based Awards Plans (Summary Of Stock-Based Awards) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding, Shares, Beginning balance | 340 | 244 | 178 |
Granted, Shares | ' | 209 | 195 |
Vested, Shares | 106 | 87 | 66 |
Forfeited, Shares | 40 | 26 | 63 |
Outstanding, Shares, Ending balance | 194 | 340 | 244 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $16.81 | $18.23 | $17.17 |
Granted, Weighted-Average Grant Date Fair Value | ' | $15.56 | $18.57 |
Vested, Weighted-Average Grant Date Fair Value | $17.42 | $17.57 | $16.66 |
Forfeited, Weighted-Average Grant Date Fair Value | $16.40 | $17.49 | $17.92 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $16.56 | $16.81 | $18.23 |
Restricted Stock Units And Phantom Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding, Shares, Beginning balance | 103 | 83 | 47 |
Granted, Shares | 277 | 95 | 86 |
Vested, Shares | 67 | 61 | 32 |
Forfeited, Shares | 10 | 14 | 18 |
Outstanding, Shares, Ending balance | 303 | 103 | 83 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $16.70 | $17.88 | $17.05 |
Granted, Weighted-Average Grant Date Fair Value | $17.66 | $15.50 | $17.77 |
Vested, Weighted-Average Grant Date Fair Value | $17.06 | $16.35 | $16.66 |
Forfeited, Weighted-Average Grant Date Fair Value | $17.36 | $17.07 | $17.37 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $17.48 | $16.70 | $17.88 |
Performance Based Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding, Shares, Beginning balance | 164 | 68 | ' |
Granted, Shares | 76 | 103 | 93 |
Forfeited, Shares | 25 | 7 | 25 |
Outstanding, Shares, Ending balance | 215 | 164 | 68 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $16.39 | $18.57 | ' |
Granted, Weighted-Average Grant Date Fair Value | $17.37 | $15.11 | $18.57 |
Forfeited, Weighted-Average Grant Date Fair Value | $16.03 | $18.57 | $18.57 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $16.78 | $16.39 | $18.57 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Net changes in the total valuation allowance | $11,500,000 | $700,000 | $19,300,000 |
Established valuation allowance for acquired deferred tax assets | 4,600,000 | ' | ' |
Income tax incentives | 8,842,000 | 8,035,000 | 10,510,000 |
Net impact of holiday tax incentives, per diluted share | $0.16 | $0.14 | $0.18 |
Interest on unrecognized tax | 1,600,000 | ' | ' |
Penalty on unrecognized tax | 1,600,000 | ' | ' |
Tax refund | 8,400,000 | ' | ' |
Additional reserve for uncertain tax benefits | 104,000 | 141,000 | 7,056,000 |
Interest and penalties included in income tax expense | ' | ' | -200,000 |
U.S. [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net changes in the total valuation allowance | 17,500,000 | ' | 19,100,000 |
Operating loss carryforwards | 79,300,000 | ' | ' |
Tax credit carryforwards | 4,300,000 | ' | ' |
Tax credit carryforwards expiration dates | '2031 | ' | ' |
Foreign Jurisdictions [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards | 7,200,000 | ' | ' |
Indefinite carryforward | 34,800,000 | ' | ' |
Operating loss carryforwards expiration dates | '2022 | ' | ' |
Cumulative undistributed earnings | 631,000,000 | ' | ' |
State And Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards | 93,000,000 | ' | ' |
Tax credit carryforwards | 1,600,000 | ' | ' |
Tax credit carryforwards expiration dates | '2027 | ' | ' |
Minimum [Member] | U.S. [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration dates | '2022 | ' | ' |
Minimum [Member] | State And Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration dates | '2017 | ' | ' |
Minimum [Member] | Thailand Tax Authorities [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax reconciliation tax holidays expiration date | '2015 | ' | ' |
Maximum [Member] | U.S. [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration dates | '2031 | ' | ' |
Maximum [Member] | State And Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration dates | '2031 | ' | ' |
Maximum [Member] | Thailand Tax Authorities [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax reconciliation tax holidays expiration date | '2026 | ' | ' |
CHINA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | ' | 2,449,000 | 1,474,000 |
MALAYSIA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | 1,559,000 | 992,000 | ' |
THAILAND | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | $7,283,000 | $4,594,000 | $9,036,000 |
Income_Taxes_Schedule_Of_Incom
Income Taxes Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
U.S. Federal, current | ($358) | $776 | $75 |
State and local, current | 152 | 640 | 86 |
Foreign, current | 11,010 | 8,352 | 7,003 |
Current income tax expense (benefit), total | 10,804 | 9,768 | 7,164 |
U.S. Federal, deferred | -11,069 | 9,914 | -16,963 |
State and local, deferred | 1,437 | 1,560 | 442 |
Foreign, deferred | 3,846 | -2,410 | -1,470 |
Deferred income tax expense (benefit), total | -5,786 | 9,064 | -17,991 |
Total income tax expense | $5,018 | $18,832 | ($10,827) |
Income_Taxes_Schedule_Of_Incom1
Income Taxes (Schedule Of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
United States | $19,093 | $27,538 | $5,405 |
Foreign | 97,084 | 47,901 | 35,727 |
Income before income taxes | $116,177 | $75,439 | $41,132 |
Income_Taxes_Schedule_Of_Feder
Income Taxes (Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Tax at statutory rate | $40,662 | $26,404 | $14,396 |
State taxes, net of federal tax effect | 1,033 | 2,012 | 343 |
Effect of foreign operations and tax incentives | -19,138 | -11,710 | -12,442 |
Change in valuation allowance | -17,880 | -44 | -23,674 |
Thailand reserve for uncertain tax benefits | ' | ' | 7,056 |
Settlement of foreign tax audits | ' | ' | -2,710 |
Intercompany transactions | ' | ' | 2,801 |
Losses in foreign jurisdictions for which no benefit has been provided | 1,013 | 927 | 3,068 |
American Taxpayer Relief Act of 2012 | -844 | 0 | 0 |
Other | 172 | 1,243 | 335 |
Total income tax expense | $5,018 | $18,832 | ($10,827) |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Carrying value of inventories | $5,882 | $2,786 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis | 5,742 | 8,956 |
Goodwill | 13,346 | 10,526 |
Stock-based compensation | 7,169 | 8,251 |
Net operating loss carryforwards | 40,915 | 39,670 |
Tax credit carryforwards | 5,970 | 5,848 |
Other | 7,394 | 7,564 |
Gross deferred tax assets | 86,418 | 83,601 |
Less: valuation allowance | -30,312 | -41,858 |
Net deferred tax assets | 56,106 | 41,743 |
Plant and equipment, due to differences in depreciation | -5,063 | -3,887 |
Other | -7,956 | -1,188 |
Gross deferred tax liability | -13,019 | -5,075 |
Net deferred tax assets | 43,087 | 36,668 |
Current deferred tax assets | 11,302 | 8,889 |
Non-current deferred tax assets | 33,856 | 29,535 |
Non-current deferred tax liabilities | ($2,071) | ($1,756) |
Income_Taxes_Schedule_Of_Tax_I
Income Taxes (Schedule Of Tax Incentives) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax incentives | $8,842 | $8,035 | $10,510 |
CHINA | ' | ' | ' |
Income tax incentives | ' | 2,449 | 1,474 |
THAILAND | ' | ' | ' |
Income tax incentives | 7,283 | 4,594 | 9,036 |
MALAYSIA | ' | ' | ' |
Income tax incentives | $1,559 | $992 | ' |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balances as of January 1 | $18,070 | $18,091 | $14,759 |
Additions related to prior year tax positions | 104 | 141 | 7,056 |
Decreases related to prior year tax positions | ' | 162 | 3,724 |
Balance as of December 31 | $18,174 | $18,070 | $18,091 |
Major_Customers_Narrative_Deta
Major Customers (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
number_of_largest_customers | number_of_largest_customers | number_of_largest_customers | |
Major Customers [Abstract] | ' | ' | ' |
Sales to largest customers (Percentage) | 53.00% | 56.00% | 53.00% |
Number of customers | 10 | 10 | 10 |
Major_Customers_Schedule_Of_Sa
Major Customers (Schedule Of Sales To Largest Customers) (Details) (International Business Machines Corporation [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
International Business Machines Corporation [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales to our largest customers | $430,205 | $506,126 | $319,411 |
Segment_And_Geographic_Informa2
Segment And Geographic Information (Operating Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $756,843 | $599,658 | $607,522 | $542,444 | $633,933 | $610,769 | $630,031 | $593,417 | $559,086 | $570,083 | $585,549 | $538,312 | $2,506,467 | $2,468,150 | $2,253,030 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,942 | 35,713 | 35,484 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,524 | 75,559 | 41,293 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,737 | 49,035 | 71,997 |
Total assets | 1,657,371 | ' | ' | ' | 1,501,477 | ' | ' | ' | 1,499,998 | ' | ' | ' | 1,657,371 | 1,501,477 | 1,499,998 |
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,490,954 | 1,440,298 | 1,360,943 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,142 | 14,755 | 16,670 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,147 | 60,320 | 46,170 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,256 | 19,437 | 18,008 |
Total assets | 702,378 | ' | ' | ' | 569,212 | ' | ' | ' | 650,998 | ' | ' | ' | 702,378 | 569,212 | 650,998 |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 957,162 | 978,093 | 867,008 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,270 | 15,180 | 12,859 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,463 | 51,978 | 30,804 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,110 | 25,636 | 47,413 |
Total assets | 658,668 | ' | ' | ' | 636,481 | ' | ' | ' | 610,596 | ' | ' | ' | 658,668 | 636,481 | 610,596 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,508 | 139,684 | 166,730 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,732 | 2,544 | 2,664 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,517 | 1,117 | 7 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,316 | 2,274 | 4,592 |
Total assets | 255,644 | ' | ' | ' | 200,563 | ' | ' | ' | 197,132 | ' | ' | ' | 255,644 | 200,563 | 197,132 |
Corporate And Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 40,681 | ' | ' | ' | 95,221 | ' | ' | ' | 41,272 | ' | ' | ' | 40,681 | 95,221 | 41,272 |
Elimination Of Intersegment Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -84,157 | -89,925 | -141,651 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,798 | 3,234 | 3,291 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,055 | 1,688 | 1,984 |
Corporate And Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($40,603) | ($37,856) | ($35,688) |
Segment_And_Geographic_Informa3
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic net sales | $756,843 | $599,658 | $607,522 | $542,444 | $633,933 | $610,769 | $630,031 | $593,417 | $559,086 | $570,083 | $585,549 | $538,312 | $2,506,467 | $2,468,150 | $2,253,030 |
Long-lived assets | 226,070 | ' | ' | ' | 209,515 | ' | ' | ' | 198,992 | ' | ' | ' | 226,070 | 209,515 | 198,992 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,643,378 | 1,739,794 | 1,518,940 |
Long-lived assets | 96,287 | ' | ' | ' | 76,216 | ' | ' | ' | 70,756 | ' | ' | ' | 96,287 | 76,216 | 70,756 |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584,983 | 398,890 | 346,267 |
Long-lived assets | 98,816 | ' | ' | ' | 107,151 | ' | ' | ' | 98,675 | ' | ' | ' | 98,816 | 107,151 | 98,675 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,751 | 273,560 | 333,781 |
Long-lived assets | 10,333 | ' | ' | ' | 10,948 | ' | ' | ' | 11,817 | ' | ' | ' | 10,333 | 10,948 | 11,817 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,355 | 55,906 | 54,042 |
Long-lived assets | $20,634 | ' | ' | ' | $15,200 | ' | ' | ' | $17,744 | ' | ' | ' | $20,634 | $15,200 | $17,744 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Employees, Defined Contribution [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Defined contribution benefit plans | $4.10 | $3.50 | $3.50 |
International Employees, Defined Contribution [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Defined contribution benefit plans | $0.20 | $0.10 | $0.30 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
number_of_employees | number_of_employees | number_of_employees | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Number of employees reduced in connection with workforce of certain facilities | ' | 139 | 196 |
Americas [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Employee termination costs | ' | $494 | ' |
Number of employees reduced in connection with workforce of certain facilities | 144 | 68 | 107 |
Asia [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Employee termination costs | ' | 504 | ' |
Number of employees reduced in connection with workforce of certain facilities | ' | 61 | 38 |
Facility lease obligations | ' | 55 | ' |
Other exit costs | 1,128 | 33 | ' |
Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Employee termination costs | ' | 531 | 1,829 |
Number of employees reduced in connection with workforce of certain facilities | ' | 10 | 51 |
Other exit costs | ' | $176 | 203 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Accrued Restructuring Balances) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | $717 | $2,309 | ' |
Restructuring charges | 7,084 | 2,200 | ' |
Cash Payment | -4,997 | -3,790 | ' |
Non-Cash Activity | -1,690 | ' | ' |
Foreign Exchange Adjustments | -23 | -2 | ' |
Ending Balance | 1,091 | 717 | ' |
2013 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 5,590 | ' | ' |
Cash Payment | -3,387 | ' | ' |
Non-Cash Activity | -1,224 | ' | ' |
Foreign Exchange Adjustments | -26 | ' | ' |
Ending Balance | 953 | ' | ' |
2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 704 | ' | ' |
Restructuring charges | 1,596 | 1,793 | ' |
Cash Payment | -1,697 | -1,097 | ' |
Non-Cash Activity | -466 | ' | ' |
Foreign Exchange Adjustments | 1 | 8 | ' |
Ending Balance | 138 | 704 | ' |
2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 13 | 1,853 | ' |
Restructuring charges | -102 | 272 | 4,858 |
Cash Payment | 87 | -2,102 | ' |
Foreign Exchange Adjustments | 2 | -10 | ' |
Ending Balance | ' | 13 | 1,853 |
2010 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 54 | ' |
Restructuring charges | ' | 48 | ' |
Cash Payment | ' | -102 | ' |
2009 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 402 | ' |
Restructuring charges | ' | 87 | ' |
Cash Payment | ' | -489 | ' |
Severance [Member] | 2013 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 2,202 | ' | ' |
Cash Payment | -2,003 | ' | ' |
Foreign Exchange Adjustments | -79 | ' | ' |
Ending Balance | 120 | ' | ' |
Severance [Member] | 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 538 | ' | ' |
Restructuring charges | 660 | 1,529 | ' |
Cash Payment | -1,262 | -998 | ' |
Foreign Exchange Adjustments | 98 | 7 | ' |
Ending Balance | 34 | 538 | ' |
Severance [Member] | 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 189 | ' |
Restructuring charges | ' | 408 | ' |
Cash Payment | ' | -611 | ' |
Foreign Exchange Adjustments | ' | 14 | ' |
Severance [Member] | 2010 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 34 | ' |
Restructuring charges | ' | -4 | ' |
Cash Payment | ' | -30 | ' |
Lease Facility Costs [Member] | 2013 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 142 | ' | ' |
Cash Payment | -139 | ' | ' |
Foreign Exchange Adjustments | -3 | ' | ' |
Lease Facility Costs [Member] | 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 798 | 55 | ' |
Cash Payment | -328 | -54 | ' |
Non-Cash Activity | -466 | ' | ' |
Foreign Exchange Adjustments | -4 | -1 | ' |
Lease Facility Costs [Member] | 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 13 | 1,664 | ' |
Restructuring charges | -102 | -153 | ' |
Cash Payment | 87 | -1,474 | ' |
Foreign Exchange Adjustments | 2 | -24 | ' |
Ending Balance | ' | 13 | ' |
Lease Facility Costs [Member] | 2009 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 402 | ' |
Restructuring charges | ' | 87 | ' |
Cash Payment | ' | -489 | ' |
Other Exit Costs [Member] | 2013 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 3,246 | ' | ' |
Cash Payment | -1,245 | ' | ' |
Non-Cash Activity | -1,224 | ' | ' |
Foreign Exchange Adjustments | 56 | ' | ' |
Ending Balance | 833 | ' | ' |
Other Exit Costs [Member] | 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 166 | ' | ' |
Restructuring charges | 138 | 209 | ' |
Cash Payment | -107 | -45 | ' |
Foreign Exchange Adjustments | -93 | 2 | ' |
Ending Balance | 104 | 166 | ' |
Other Exit Costs [Member] | 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | 17 | ' |
Cash Payment | ' | -17 | ' |
Other Exit Costs [Member] | 2010 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | 20 | ' |
Restructuring charges | ' | 52 | ' |
Cash Payment | ' | ($72) | ' |
Restructuring_Charges_Schedule1
Restructuring Charges (Schedule Of Components Of Restructuring Charges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total restructuring charges | $7,084 | $2,200 | ' |
Americas [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | 494 | ' |
Total restructuring charges | ' | 494 | ' |
Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | 531 | 1,829 |
Other exit costs | ' | 176 | 203 |
Total restructuring charges | ' | 707 | ' |
Asia [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | 504 | ' |
Facility lease costs | ' | 55 | ' |
Other exit costs | 1,128 | 33 | ' |
Total restructuring charges | ' | 592 | ' |
2013 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | 2,202 | ' | ' |
Facility lease costs | 142 | ' | ' |
Other exit costs | 3,246 | ' | ' |
Total restructuring charges | 5,590 | ' | ' |
2013 [Member] | Americas [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | 2,202 | ' | ' |
Facility lease costs | 142 | ' | ' |
Other exit costs | 2,118 | ' | ' |
Total restructuring charges | 4,462 | ' | ' |
2013 [Member] | Asia [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total restructuring charges | 1,128 | ' | ' |
2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | 1,529 | ' |
Facility lease costs | ' | 55 | ' |
Other exit costs | ' | 209 | ' |
Total restructuring charges | ' | 1,793 | ' |
2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | ' | 2,386 |
Facility lease costs | ' | ' | 1,958 |
Other exit costs | ' | ' | 514 |
Total restructuring charges | -102 | 272 | 4,858 |
2011 [Member] | Americas [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | ' | 421 |
Other exit costs | ' | ' | 22 |
Total restructuring charges | ' | ' | 443 |
2011 [Member] | Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Facility lease costs | ' | ' | 1,335 |
Total restructuring charges | ' | ' | 3,367 |
2011 [Member] | Asia [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | ' | ' | 136 |
Facility lease costs | ' | ' | 623 |
Other exit costs | ' | ' | 289 |
Total restructuring charges | ' | ' | 1,048 |
2010 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total restructuring charges | ' | $48 | ' |
Thailand_Flood_Related_Charges1
Thailand Flood Related Charges (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Thailand flood related items, net of insurance | ($41,325,000) | $9,028,000 | $3,362,000 |
Proceeds of insurance | $41,200,000 | ' | ' |
Quarterly_Financial_Data_Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $756,843 | $599,658 | $607,522 | $542,444 | $633,933 | $610,769 | $630,031 | $593,417 | $559,086 | $570,083 | $585,549 | $538,312 | $2,506,467 | $2,468,150 | $2,253,030 |
Gross profit | 59,843 | 45,440 | 44,367 | 36,834 | 45,459 | 44,780 | 45,991 | 40,508 | 28,825 | 34,635 | 37,751 | 37,624 | 186,484 | 176,738 | 138,835 |
Net income | $67,489 | $23,726 | $8,457 | $11,487 | $18,115 | $19,314 | $13,580 | $5,598 | $2,878 | $19,867 | $14,701 | $14,513 | $111,159 | $56,607 | $51,959 |
Earnings per common share, Basic | $1.26 | $0.44 | $0.16 | $0.21 | $0.33 | $0.35 | $0.24 | $0.10 | $0.05 | $0.34 | $0.24 | $0.24 | $2.05 | $1.01 | $0.88 |
Earnings per common share, Diluted | $1.24 | $0.43 | $0.16 | $0.21 | $0.33 | $0.34 | $0.24 | $0.10 | $0.05 | $0.34 | $0.24 | $0.24 | $2.03 | $1 | $0.87 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ($10,536) | ($13,450) | ($6,962) |
Other comprehensive income (ioss) before reclassifications | 1,442 | 2,382 | -6,553 |
Amounts reclassified from accumulated other comprehensive loss | ' | 532 | 65 |
Net current period other comprehensive income (loss) | 1,442 | 2,914 | -6,488 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -9,094 | -10,536 | -13,450 |
Foreign currency translaction adjustments [Member] | ' | ' | ' |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -8,681 | -9,674 | -2,771 |
Other comprehensive income (ioss) before reclassifications | 591 | 993 | -6,903 |
Net current period other comprehensive income (loss) | 591 | 993 | -6,903 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -8,090 | -8,681 | -9,674 |
Unrealized loss on investments, net of tax [Member] | ' | ' | ' |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -1,851 | -3,327 | -3,853 |
Other comprehensive income (ioss) before reclassifications | 418 | 1,476 | 526 |
Net current period other comprehensive income (loss) | 418 | 1,476 | 526 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | -1,433 | -1,851 | -3,327 |
Other [Member] | ' | ' | ' |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | -4 | -449 | -338 |
Other comprehensive income (ioss) before reclassifications | 433 | -87 | -176 |
Amounts reclassified from accumulated other comprehensive loss | ' | 532 | 65 |
Net current period other comprehensive income (loss) | 433 | 445 | -111 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $429 | ($4) | ($449) |
Supplemental_Cash_Flow_And_Non2
Supplemental Cash Flow And Non-Cash Information (Schedule Of Supplemental Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow And Non-Cash Information [Abstract] | ' | ' | ' |
Income taxes paid, net | $62 | $11,975 | $7,759 |
Interest paid | 1,757 | 1,353 | 1,290 |
Non-cash investing activity: | ' | ' | ' |
Additions to property, plant and equipment in accounts payable | $3,170 | $2,020 | ' |
Schedule_of_Valuation_and_Qual2
Schedule of Valuation and Qualifying Accounts (Tables) (Details) (Allowance for doubtful accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period | $1,442 | $1,094 | $586 |
Charges to Operatons | 67 | 407 | 546 |
Other additions | ' | 13 | -23 |
Deductions | 1,171 | 72 | 15 |
Balance at end of period | $338 | $1,442 | $1,094 |