Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 53,122,841 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $420,236 | $345,555 |
Accounts receivable, net of allowance for doubtful accounts of $2,943 and $338, respectively | 534,002 | 559,763 |
Inventories, net | 434,166 | 396,699 |
Prepaid expenses and other assets | 30,901 | 26,283 |
Income taxes receivable | 234 | 3,231 |
Deferred income taxes | 5,247 | 11,302 |
Total current assets | 1,424,786 | 1,342,833 |
Long-term investments | 1,207 | 9,921 |
Property, plant and equipment, net of accumulated depreciation of $360,513 and $346,500 respectively | 190,158 | 185,319 |
Goodwill, net | 45,970 | 44,691 |
Deferred income taxes | 29,623 | 33,856 |
Other, net | 36,247 | 40,751 |
Total assets | 1,727,991 | 1,657,371 |
Current liabilities: | ' | ' |
Current installments of capital lease obligations | 651 | 582 |
Accounts payable | 341,508 | 320,953 |
Income taxes payable | 3,708 | 9,570 |
Accrued liabilities | 73,452 | 67,272 |
Total current liabilities | 419,319 | 398,377 |
Capital lease obligations, less current installments | 9,021 | 9,521 |
Other long-term liabilities | 21,126 | 20,369 |
Deferred income taxes | 2,071 | 2,071 |
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 - 53,465 and 53,936, respectively; outstanding - 53,465 and 53,825, respectively | 5,347 | 5,383 |
Additional paid-in capital | 650,474 | 644,594 |
Retained earnings | 631,353 | 586,422 |
Accumulated other comprehensive loss | -10,720 | -9,094 |
Less treasury shares, at cost; 0 and 111 shares, respectively | 0 | -272 |
Total shareholders' equity | 1,276,454 | 1,227,033 |
Commitments and contingencies | ' | ' |
Total liabilities and shareholders' equity | $1,727,991 | $1,657,371 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for doubtful accounts, accounts receivable | $2,943 | $338 |
Property, plant and equipment, accumulated depreciation | $360,513 | $346,500 |
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 | 53,465 | 53,936 |
Common shares, outstanding | 53,465 | 53,825 |
Treasury shares, shares | 0 | 111 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Income [Abstract] | ' | ' | ' | ' |
Sales | $731,302 | $599,658 | $2,087,514 | $1,749,624 |
Cost of sales | 676,008 | 554,218 | 1,923,346 | 1,622,983 |
Gross profit | 55,294 | 45,440 | 164,168 | 126,641 |
Selling, general and administrative expenses | 31,219 | 24,501 | 88,072 | 70,211 |
Restructuring charges and integration and acquisition-related costs | 2,160 | 1,214 | 6,176 | 7,323 |
Asset impairment charge and other | 0 | 0 | 0 | 2,606 |
Thailand flood related items, net of insurance | 0 | -9,748 | -1,571 | -9,748 |
Income from operations | 21,915 | 29,473 | 71,491 | 56,249 |
Interest expense | -494 | -481 | -1,443 | -1,403 |
Interest income | 535 | 292 | 1,718 | 997 |
Other income (expense) | -1,105 | 745 | -980 | 560 |
Income before income taxes | 20,851 | 30,029 | 70,786 | 56,403 |
Income tax expense | 3,695 | 6,303 | 12,355 | 12,733 |
Net income | $17,156 | $23,726 | $58,431 | $43,670 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.32 | $0.44 | $1.09 | $0.80 |
Diluted | $0.32 | $0.43 | $1.07 | $0.80 |
Weighted-average number of shares outstanding: | ' | ' | ' | ' |
Basic | 53,660 | 54,087 | 53,712 | 54,361 |
Diluted | 54,265 | 54,611 | 54,387 | 54,868 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $17,156 | $23,726 | $58,431 | $43,670 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -2,712 | 1,254 | -2,945 | 245 |
Unrealized gain on investments, net of tax | 1,496 | 42 | 1,342 | 318 |
Other | -8 | -1 | -23 | 0 |
Other comprehensive income (loss) | -1,224 | 1,295 | -1,626 | 563 |
Comprehensive income | $15,932 | $25,021 | $56,805 | $44,233 |
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, 2013 | $1,227,033 | $5,383 | $644,594 | $586,422 | ($9,094) | ($272) |
Balances, shares at Dec. 31, 2013 | 53,825 | 53,825 | ' | ' | ' | ' |
Stock-based compensation expense | 6,163 | ' | 6,163 | ' | ' | ' |
Shares repurchased and retired, shares | ' | -1,054 | ' | ' | ' | ' |
Shares repurchased and retired, value | -25,045 | -105 | -11,440 | -13,500 | ' | ' |
Stock options exercised, shares | 612 | 612 | ' | ' | ' | ' |
Stock options exercised, value | 11,748 | 60 | 11,688 | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, shares | ' | 95 | ' | ' | ' | ' |
Issuance of restricted shares, net of forfeitures, value | 0 | 10 | -10 | ' | ' | ' |
Restricted shares withheld for taxes, shares | ' | -13 | ' | ' | ' | ' |
Restricted shares withheld for taxes | -309 | -1 | -308 | ' | ' | ' |
Excess tax benefit of stock-based compensation | 59 | ' | 59 | ' | ' | ' |
Cancellation of treasury shares | 0 | ' | -272 | ' | ' | 272 |
Comprehensive income | 56,805 | ' | ' | 58,431 | -1,626 | ' |
Balances, value at Sep. 30, 2014 | $1,276,454 | $5,347 | $650,474 | $631,353 | ($10,720) | $0 |
Balances, shares at Sep. 30, 2014 | 53,465 | 53,465 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $58,431 | $43,670 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 30,384 | 26,296 |
Amortization | 3,601 | 3,339 |
Deferred income taxes | 10,649 | 9,001 |
(Gain) loss on the sale of property, plant and equipment | 588 | -1,260 |
Asset impairments | 184 | 4,825 |
Thailand flood insurance recovery | -550 | 0 |
Stock-based compensation expense | 5,626 | 5,310 |
Excess tax benefits from stock-based compensation | -558 | -285 |
Changes in operating assets and liabilities, net of effects from businss acquisition: | ' | ' |
Accounts receivable | 24,691 | 47,137 |
Inventories | -38,603 | -56,453 |
Prepaid expenses and other assets | -3,088 | 4,778 |
Accounts payable | 17,545 | 24,507 |
Accrued liabilities | 7,643 | -8,701 |
Income taxes | -2,638 | -2,233 |
Net cash provided by operations | 113,905 | 99,931 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales and redemptions of investments | 10,056 | 25 |
Additions to property, plant and equipment | -35,743 | -18,268 |
Proceeds from the sale of property, plant and equipment | 289 | 1,796 |
Additions to purchased software | -871 | -1,879 |
Business acquisition, net of cash acquired | 750 | -19,270 |
Thailand flood property insurance proceeds | 550 | 0 |
Other | 363 | 0 |
Net cash used in investing activities | -24,606 | -37,596 |
Cash flows from financing activities: | ' | ' |
Proceeds from stock options exercised | 11,748 | 10,405 |
Excess tax benefits from stock-based compensation | 558 | 285 |
Principal payments on capital lease obligations | -431 | -368 |
Share repurchases | -25,045 | -30,673 |
Net cash used in financing activities | -13,170 | -20,351 |
Effect of exchange rate changes | -1,448 | -3 |
Net increase in cash and cash equivalents | 74,681 | 41,981 |
Cash and cash equivalents at beginning of year | 345,555 | 384,579 |
Cash and cash equivalents at end of period | $420,236 | $426,560 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
Note 1 – Basis of Presentation | |
Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides worldwide integrated manufacturing services. The Company provides services to original equipment manufacturers (OEMs) of computers and related products for business enterprises, medical devices, industrial control equipment (including 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. | |
The condensed consolidated financial statements included herein have been prepared by the Company without an audit pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2013 (the 2013 10-K). | |
Management 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. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
Note 2 – Stock-Based Compensation | ||||||||||||
The Benchmark Electronics, Inc. 2000 Stock Awards Plan (the 2000 Plan) authorized, and the Benchmark Electronics, Inc. 2010 Omnibus Incentive Compensation Plan (as amended, the 2010 Plan) authorizes, the Company, upon approval of the compensation committee of the Board of Directors, to grant a variety 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 and restricted stock units 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 in February 2010, and no additional grants can be made under that plan. The 2010 Plan was approved by the Company's shareholders in May 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) and the 2010 Plan. Stock options were granted pursuant to the 2002 Plan upon the occurrence of a 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 in May 2002 and expired in February 2012. No additional grants may be made under the 2002 Plan. Non-employee directors currently receive equity awards under the 2010 Plan. Since 2011, awards under the 2010 Plan to non-employee directors have been in the form of restricted stock units, which vest in equal quarterly installments over a one-year period, starting on the grant date. | ||||||||||||
As of September 30, 2014, 4.3 million additional common shares were available for issuance under the Company's 2010 Plan. | ||||||||||||
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 $1.9 million and $5.6 million for the three and nine months ended September 30, 2014, respectively, and $1.9 million and $5.3 million for the three and nine months ended September 30, 2013, respectively. The total income tax benefit recognized in the income statement for stock-based awards was $0.7 million and $2.4 million for the three and nine months ended September 30, 2014, respectively, and $0.6 million and $1.5 million for the three and nine months ended September 30, 2013, 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-based 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 performance-based restricted stock units, 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 is recognized as a change in accounting estimate. | ||||||||||||
As of September 30, 2014, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: | ||||||||||||
Performance- | ||||||||||||
based | ||||||||||||
Restricted | Restricted | |||||||||||
Stock | Restricted | Stock | Stock | |||||||||
(in thousands) | Options | Shares | Units | Units(1) | ||||||||
Unrecognized compensation cost | $ | 5,014 | $ | 1,143 | $ | 6,896 | $ | 2,327 | ||||
Remaining weighted-average | ||||||||||||
amortization period | 1.9 years | 1.1 years | 2.7 years | 1.9 years | ||||||||
(1) Based on the probable achievement of the performance goals identified in each award. | ||||||||||||
The weighted-average assumptions used to value the options granted during the three and nine months ended September 30, 2014 and 2013, were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Options granted | - | - | 378 | 348 | ||||||||
Expected term of options | N/A | N/A | 7.0 years | 7.4 years | ||||||||
Expected volatility | N/A | N/A | 39% | 42% | ||||||||
Risk-free interest rate | N/A | N/A | 2.08% | 1.40% | ||||||||
Dividend yield | N/A | N/A | 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 nine months ended September 30, 2014 was $9.91. The total cash received as a result of stock option exercises for the nine months ended September 30, 2014 and 2013 was approximately $11.7 million and $10.4 million, respectively. The tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the nine months ended September 30, 2014 and 2013 was $2.5 million and $1.8 million, respectively. For both the nine months ended September 30, 2014 and 2013, the total intrinsic value of stock options exercised was $2.9 million. | ||||||||||||
The Company awarded performance-based restricted stock units to employees during the nine months ended September 30, 2014 and 2013. The number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the corresponding performance periods 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 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 units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the 2010 Plan. | ||||||||||||
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 as of December 31, 2013 | 3,084 | $ | 19.79 | |||||||||
Granted | 378 | $ | 22.94 | |||||||||
Exercised | -612 | $ | 19.2 | |||||||||
Forfeited or expired | -63 | $ | 22.59 | |||||||||
Outstanding as of September 30, 2014 | 2,787 | $ | 20.28 | 4.82 | $ | 8,008 | ||||||
Exercisable as of September 30, 2014 | 1,958 | $ | 20.56 | 3.02 | $ | 5,584 | ||||||
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 period ended September 30, 2014 for options that had exercise prices that were below the closing price. | ||||||||||||
The following table summarizes the activities related to the Company’s restricted shares: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | ||||||||||
Non-vested shares outstanding as of December 31, 2013 | 194 | $ | 16.56 | |||||||||
Vested | -76 | $ | 16.87 | |||||||||
Forfeited | -8 | $ | 16.91 | |||||||||
Non-vested shares outstanding as of September 30, 2014 | 110 | $ | 16.33 | |||||||||
The following table summarizes the activities related to the Company's time-based restricted stock units: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Units | Fair Value | ||||||||||
Non-vested units outstanding as of December 31, 2013 | 303 | $ | 17.48 | |||||||||
Granted | 246 | $ | 22.92 | |||||||||
Vested | -103 | $ | 17.96 | |||||||||
Forfeited | -17 | $ | 19.61 | |||||||||
Non-vested units outstanding as of September 30, 2014 | 429 | $ | 20.39 | |||||||||
The following table summarizes the activities related to the Company's performance-based restricted stock units: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Units | Fair Value | ||||||||||
Non-vested units outstanding as of December 31, 2013 | 215 | $ | 16.78 | |||||||||
Granted(1) | 88 | $ | 22.92 | |||||||||
Forfeited | -29 | $ | 18.52 | |||||||||
Non-vested units outstanding as of September 30, 2014 | 274 | $ | 18.56 | |||||||||
(1) Represents target number of units that can vest based on the achievement of the performance goals. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
Note 3 – 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 three and nine months ended September 30, 2014 and 2013. 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. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net income | $ | 17,156 | $ | 23,726 | $ | 58,431 | $ | 43,670 | ||||||
Denominator for basic earnings per share - | ||||||||||||||
weighted-average number of common | ||||||||||||||
shares outstanding during the period | 53,660 | 54,087 | 53,712 | 54,361 | ||||||||||
Incremental common shares attributable to | ||||||||||||||
exercise of outstanding dilutive options | 445 | 360 | 460 | 284 | ||||||||||
Incremental common shares attributable | ||||||||||||||
to outstanding restricted shares and | ||||||||||||||
restricted stock units | 160 | 164 | 215 | 223 | ||||||||||
Denominator for diluted earnings per share | 54,265 | 54,611 | 54,387 | 54,868 | ||||||||||
Basic earnings per share | $ | 0.32 | $ | 0.44 | $ | 1.09 | $ | 0.8 | ||||||
Diluted earnings per share | $ | 0.32 | $ | 0.43 | $ | 1.07 | $ | 0.8 | ||||||
Options to purchase 0.8 million and 0.7 million common shares for the three and nine months ended September 30, 2014, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Options to purchase 2.0 million and 2.3 million common shares for the three and nine month periods September 30, 2013, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||||
Goodwill And Other Intangible Assets | ' | ||||||||
Note 4 – Goodwill and Other Intangible Assets | |||||||||
The changes in goodwill allocated to the Company's reportable segments were as follows for the nine months ended September 30, 2014: | |||||||||
(in thousands) | Americas | Asia | Total | ||||||
Goodwill at December 31, 2013 | $ | 6,641 | $ | 38,050 | $ | 44,691 | |||
Purchase accounting adjustments | 1,227 | 52 | 1,279 | ||||||
Goodwill at September 30, 2014 | $ | 7,868 | $ | 38,102 | $ | 45,970 | |||
The purchase accounting adjustments are based on management's estimates resulting from review of information obtained after the acquisition date that relates to facts and circumstances that existed at the acquisition date. See note 16 to the condensed consolidated financial statements for additional information. | |||||||||
Other assets consist primarily of acquired identifiable intangible assets, capitalized purchased software costs and assets held for sale. Other intangible assets as of September 30, 2014 and December 31, 2013 were as follows: | |||||||||
Gross | Net | ||||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,241 | $ | -15,313 | $ | 17,928 | |||
Technology licenses | 11,300 | -9,023 | 2,277 | ||||||
Other | 868 | -184 | 684 | ||||||
Other intangible assets, September 30, 2014 | $ | 45,409 | $ | -24,520 | $ | 20,889 | |||
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 | |||
Customer relationships are amortized on a straight-line basis over a period of ten years. Technology licenses are amortized over their estimated useful lives in proportion to the economic benefits consumed. Amortization of other intangible assets for the nine months ended September 30, 2014 and 2013 was $2.5 million and $2.2 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 (remaining three months) | $ | 1,175 | |||||||
2015 | 4,123 | ||||||||
2016 | 4,077 | ||||||||
2017 | 1,994 | ||||||||
2018 | 1,574 |
Borrowing_Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2014 | |
Borrowing Facilities [Abstract] | ' |
Borrowing Facilities | ' |
Note 5 – Borrowing Facilities | |
Under the terms of a credit agreement (the 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 Credit Agreement includes an accordion feature pursuant to 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 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 Credit Agreement. A commitment fee of 0.30% to 0.40% per annum (based upon the Company's liquidity ratio as specified in the Credit Agreement) on the unused portion of the revolving credit line is payable quarterly in arrears. As of September 30, 2014 and December 31, 2013, the Company had no borrowings outstanding under the Credit Agreement, $1.2 million and $0.8 million, respectively, in outstanding letters of credit and $198.8 million and $199.2 million, respectively, was available for future borrowings. | |
The Credit Agreement is secured by the Company's domestic inventory and accounts receivable, 100% of the stock of the Company's domestic subsidiaries, 65% of the voting capital stock of each direct foreign subsidiary and substantially all other tangible and intangible assets of the Company and its domestic subsidiaries. The Credit Agreement contains customary financial covenants as to debt leverage and fixed charges, and restricts the Company's ability to incur additional debt, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. As of both September 30, 2014 and December 31, 2013, the Company was in compliance with all of these 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 350 million Thai baht working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company's Thailand subsidiary. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2015. As of both September 30, 2014 and December 31, 2013, there were no working capital borrowings outstanding under the facility. |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
Note 6 – Inventories | ||||||
Inventory costs are summarized as follows: | ||||||
September 30, | December 31, | |||||
(in thousands) | 2014 | 2013 | ||||
Raw materials | $ | 283,608 | $ | 245,455 | ||
Work in process | 95,371 | 84,710 | ||||
Finished goods | 55,187 | 66,534 | ||||
$ | 434,166 | $ | 396,699 |
Income_Taxes
Income Taxes | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Income Taxes [Abstract] | ' | |||||
Income Taxes | ' | |||||
Note 7 – Income Taxes | ||||||
Income tax expense (benefit) consists of the following: | ||||||
Nine Months Ended | ||||||
September 30, | ||||||
(in thousands) | 2014 | 2013 | ||||
Federal – Current | $ | 617 | $ | -711 | ||
Foreign – Current | 635 | 4,292 | ||||
State – Current | 454 | 151 | ||||
Deferred | 10,649 | 9,001 | ||||
$ | 12,355 | $ | 12,733 | |||
Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income tax primarily due to the mix of taxable income by taxing jurisdiction, the impact of tax incentives and tax holidays in foreign locations, and state income taxes (net of federal benefit). | ||||||
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 China, Malaysia and Thailand that will expire at various dates, unless extended or otherwise renegotiated, through 2015 in China and Malaysia and 2026 in Thailand, and are subject to certain conditions with which the Company expects to comply. The Company's Chinese subsidiary had a tax incentive that expired at the end of 2012. During the first quarter of 2014, this tax incentive was extended until 2015 and was retroactively applied to the 2013 calendar year. The tax adjustment for the retroactive income tax incentive for 2013 totaling $1.2 million was recorded as of March 31, 2014. The net impact of all of these tax incentives was to lower income tax expense for the nine months ended September 30, 2014 and 2013 by approximately $10.0 million (approximately $0.18 per diluted share) and $4.5 million (approximately $0.08 per diluted share), respectively, as follows: | ||||||
Nine Months Ended | ||||||
September 30, | ||||||
(in thousands) | 2014 | 2013 | ||||
China | $ | 2,321 | $ | - | ||
Malaysia | 1,731 | 1,024 | ||||
Thailand | 5,913 | 3,476 | ||||
$ | 9,965 | $ | 4,500 | |||
As of September 30, 2014, the total amount of the reserve for uncertain tax benefits including interest and penalties was $21.3 million. 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 amount of accrued potential interest and penalties, respectively, on unrecognized tax benefits included in the reserve as of September 30, 2014, was $1.6 million and $1.6 million. No material changes affected the reserve during the nine months ended September 30, 2014. The Company's Thailand subsidiary has filed for a refund of $8.0 million of previously paid income taxes applicable to the years 2004 and 2005, which is included in other assets. The Thai tax authorities conducted an initial examination of the applicable refund filings, and in 2011, the Company recorded a reserve for uncertain benefits of $7.1 million against this refund claim. In 2012, the Company received official notification that the tax authorities had rejected its refund claim. The Company has appealed the rejected claim and is awaiting the tax authorities' 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. In the second quarter of 2014, the Internal Revenue Service (IRS) initiated a federal income tax audit of the calendar year 2011 for the Company and its U.S. subsidiaries. During the course of such examinations, disputes may occur as to matters of fact 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 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. |
Segment_And_Geographic_Informa
Segment And Geographic Information | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Segment And Geographic Information [Abstract] | ' | |||||||||
Segment And Geographic Information | ' | |||||||||
Note 8 – Segment and Geographic Information | ||||||||||
The Company currently has manufacturing facilities in the United States, Mexico, Asia and Europe. 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: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||
Net sales: | ||||||||||
Americas | $ | 426,060 | $ | 358,199 | $ | 1,278,430 | $ | 1,017,025 | ||
Asia | 288,962 | 223,463 | 796,356 | 685,139 | ||||||
Europe | 39,613 | 31,360 | 110,296 | 106,120 | ||||||
Elimination of intersegment sales | -23,333 | -13,364 | -97,568 | -58,660 | ||||||
$ | 731,302 | $ | 599,658 | $ | 2,087,514 | $ | 1,749,624 | |||
Depreciation and amortization: | ||||||||||
Americas | $ | 5,593 | $ | 4,281 | $ | 15,542 | $ | 12,260 | ||
Asia | 4,385 | 4,193 | 12,796 | 12,772 | ||||||
Europe | 738 | 690 | 2,216 | 2,011 | ||||||
Corporate | 1,070 | 896 | 3,431 | 2,592 | ||||||
$ | 11,786 | $ | 10,060 | $ | 33,985 | $ | 29,635 | |||
Income from operations: | ||||||||||
Americas | $ | 9,186 | $ | 15,104 | $ | 44,272 | $ | 34,411 | ||
Asia | 21,449 | 23,305 | 57,771 | 43,421 | ||||||
Europe | 2,739 | 1,266 | 4,985 | 6,897 | ||||||
Corporate and intersegment eliminations | -11,459 | -10,202 | -35,537 | -28,480 | ||||||
$ | 21,915 | $ | 29,473 | $ | 71,491 | $ | 56,249 | |||
Capital expenditures: | ||||||||||
Americas | $ | 4,771 | $ | 5,404 | $ | 28,139 | $ | 12,500 | ||
Asia | 607 | 1,003 | 4,313 | 4,085 | ||||||
Europe | 807 | 122 | 3,375 | 1,622 | ||||||
Corporate | 132 | 307 | 787 | 1,940 | ||||||
$ | 6,317 | $ | 6,836 | $ | 36,614 | $ | 20,147 | |||
September 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Total assets: | ||||||||||
Americas | $ | 722,747 | $ | 702,378 | ||||||
Asia | 752,896 | 658,668 | ||||||||
Europe | 219,287 | 255,644 | ||||||||
Corporate and other | 33,061 | 40,681 | ||||||||
$ | 1,727,991 | $ | 1,657,371 | |||||||
Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||
Geographic net sales: | ||||||||||
United States | $ | 535,786 | $ | 367,052 | $ | 1,520,192 | $ | 1,171,848 | ||
Asia | 98,432 | 167,454 | 282,873 | 373,426 | ||||||
Europe | 64,493 | 46,516 | 201,344 | 156,697 | ||||||
Other Foreign | 32,591 | 18,636 | 83,105 | 47,653 | ||||||
$ | 731,302 | $ | 599,658 | $ | 2,087,514 | $ | 1,749,624 | |||
September 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Long-lived assets: | ||||||||||
United States | $ | 95,019 | $ | 96,287 | ||||||
Asia | 92,591 | 98,816 | ||||||||
Europe | 9,412 | 10,333 | ||||||||
Other | 29,383 | 20,634 | ||||||||
$ | 226,405 | $ | 226,070 | |||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Note 9 – Supplemental Cash Flow and Non-Cash Information | |||||||||||||
The following information concerns supplemental disclosures of cash payments. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Income taxes paid (refunded), net | $ | -751 | $ | 34 | $ | 4,342 | $ | 5,686 | |||||
Interest paid | 447 | 432 | 1,313 | 1,270 | |||||||||
During the nine months ended September 30, 2013, the Company recognized a non-cash asset impairment charge of $3.8 million related to its facility in Tianjin, China that is being held for sale based on market activity. Also during the nine months ended September 30, 2013, the Company disposed of a non-manufacturing facility in Thailand for $1.6 million resulting in a gain of $1.2 million. | |||||||||||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 10 – 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 matters will not have a material adverse effect on the Company's consolidated financial position or results of operations. | |
For the three months ended September 30, 2014, the Company incurred a $5.0 million charge ($0.09 per share) for the write-down of inventory ($2.3 million) and provisions to accounts receivable ($2.7 million) associated with the October 6, 2014 bankruptcy filing of GT Advanced Technologies. The Company's actual loss may differ from these amounts and management continues to monitor this situation closely. |
Impact_Of_Recently_Enacted_Acc
Impact Of Recently Enacted Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
Impact Of Recently Enacted Accounting Standards [Abstract] | ' |
Impact Of Recently Enacted Accounting Standards | ' |
Note 11 – Impact of Recently Enacted Accounting Standards | |
In May 2014, the Financial Accounting Standards Board issued a new standard that will supersede most of the existing revenue recognition requirements in current U.S. GAAP. The new standard will require companies to recognize revenue in an amount reflecting the consideration to which they expect to be entitled in exchange for transferring goods or services to a customer. The new standard will also require significantly expanded disclosures regarding the qualitative and quantitative information of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for reporting periods beginning after December 15, 2016, and will permit the use of either the retrospective or cumulative effect transition method, with early application not permitted. The Company will adopt the new standard effective January 1, 2017, and is currently evaluating the impact the pronouncement will have on its consolidated financial statements and related disclosures and has not yet selected a transition method. As the new standard will supersede all existing revenue guidance affecting the Company under U.S. GAAP, it could impact revenue and cost recognition on contracts across all its business segments, in addition to its business processes and information technology systems. As a result, the Company's evaluation of the effect of the new standard will likely extend over several future periods. | |
The Company has determined that no other recently issued accounting standards will have a material impact on its consolidated financial position, results of operations or cash flows, or apply to its operations. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||
Restructuring Charges | ' | |||||||||||||
Note 12 – Restructuring Charges | ||||||||||||||
The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. 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 2014, 2013 and 2012 primarily related to the closure of facilities, capacity reduction and reductions in workforce in certain facilities across various regions. | ||||||||||||||
The following table summarizes the 2014 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to September 30, 2014: | ||||||||||||||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Non-Cash | Exchange | September 30, | |||||||||
(in thousands) | 2013 | Charges | Payment | Activity | Adjustments | 2014 | ||||||||
2014 Restructuring: | ||||||||||||||
Severance | $ | - | $ | 614 | $ | -614 | $ | - | $ | - | $ | - | ||
Other exit costs | - | 3 | -3 | - | - | - | ||||||||
- | 617 | -617 | - | - | - | |||||||||
2013 Restructuring: | ||||||||||||||
Severance | 120 | 87 | -193 | - | -14 | - | ||||||||
Other exit costs | 833 | -75 | -453 | -344 | 39 | - | ||||||||
953 | 12 | -646 | -344 | 25 | - | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | 34 | 45 | -79 | - | - | - | ||||||||
Other exit costs | 104 | -61 | -31 | - | -12 | - | ||||||||
138 | -16 | -110 | - | -12 | - | |||||||||
Total | $ | 1,091 | $ | 613 | $ | -1,373 | $ | -344 | $ | 13 | $ | - |
Fair_Value
Fair Value | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Fair Value [Abstract] | ' | |||||
Fair Value | ' | |||||
Note 13 – Fair Value | ||||||
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. | ||||||
The carrying amounts of cash equivalents, accounts receivable, accrued liabilities, accounts payable and capital lease obligations approximate fair value. | ||||||
As of September 30, 2014, $1.3 million (par value) of long-term investments were recorded at fair value. The long-term investments consist of auction rate securities classified as available-for-sale. The contractual maturity of these securities exceeds ten years. | ||||||
These long-term investments were valued using Level 3 inputs as of September 30, 2014 since 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 September 30, 2014, the Company had recorded an unrealized loss of $0.1 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 September 30, 2014 to $1.2 million. These investments have been in an unrealized loss position for greater than 12 months. The Company determined that there was no credit loss associated with its auction rate securities as of September 30, 2014 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) | 2014 | 2013 | ||||
Balance as of January 1 | $ | 9,921 | $ | 10,324 | ||
Net unrealized gains included in other comprehensive loss | 1,342 | 318 | ||||
Sales of investments at par value | -10,056 | -25 | ||||
Balance as of September 30 | $ | 1,207 | $ | 10,617 | ||
Unrealized losses still held as of September 30 | $ | 91 | $ | 1,533 | ||
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 September 30, 2014, 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. |
Thailand_Flood_Related_Items
Thailand Flood Related Items | 9 Months Ended |
Sep. 30, 2014 | |
Thailand Flood Related Charges [Abstract] | ' |
Thailand Flood Related Charges | ' |
Note 14 – Thailand Flood Related Items | |
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 the quarter ended March 31, 2014, Thailand flood related items resulted in a gain of $1.6 million of insurance proceeds. The recovery process with the insurance carriers was completed 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 monitor the insurance market in Thailand. In the event the Company experiences a significant uninsured loss in Thailand or elsewhere, it could have a material adverse effect on its business, financial condition and results of operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Comprehensive Income Net Of Tax [Abstract] | ' | |||||||||||||
Comprehensive Income Note [Text Block] | ' | |||||||||||||
Note 15 – 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, 2013 | $ | -8,090 | $ | -1,433 | $ | 429 | $ | -9,094 | ||||||
Other comprehensive gain (loss) before | ||||||||||||||
reclassifications | -2,945 | 1,342 | - | -1,603 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | - | - | -23 | -23 | ||||||||||
Net current period other comprehensive gain (loss) | -2,945 | 1,342 | -23 | -1,626 | ||||||||||
Balances, September 30, 2014 | $ | -11,035 | $ | -91 | $ | 406 | $ | -10,720 | ||||||
Amounts reclassified from accumulated other comprehensive loss during the nine months ended September 30, 2014 affected selling, general and administrative expenses. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Business Combination Disclosure Text Block | ' | ||||||
Note 16 – 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 $18.5 million in cash, as adjusted in accordance with the acquisition agreement. The Suntron Acquisition strengthened the Company's capabilities and global reach to better serve customers in the aerospace and defense industries. | |||||||
The allocation of the Suntron Acquisition net purchase price resulted in no goodwill. The final allocation of the purchase price, which the Company completed in June 2014, reflects a $0.8 million purchase price adjustment received during the quarter ended June 30, 2014. | |||||||
The purchase price paid for Suntron has been allocated as follows (in thousands): | |||||||
Purchase price paid | $ | 18,582 | |||||
Cash acquired | -62 | ||||||
Purchase price, net of cash received | $ | 18,520 | |||||
Integration and acquisition-related costs for the nine months ended September 30, 2014 | $ | 25 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 62 | |||||
Accounts receivable | 11,561 | ||||||
Inventories | 14,570 | ||||||
Other current assets | 1,072 | ||||||
Property, plant and equipment | 1,437 | ||||||
Other assets | 255 | ||||||
Deferred income taxes | 3,893 | ||||||
Current liabilities | -13,987 | ||||||
Other long-term liabilities | -281 | ||||||
Total identifiable net assets | $ | 18,582 | |||||
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 CTS Acquisition expanded the Company's portfolio of customers in non-traditional and highly regulated markets and strengthened the depth and scope of the Company's new product express capabilities on the West Coast. | |||||||
Based on management's estimates resulting from reviews of information obtained after the acquisition date that relates to facts and circumstances existing at the acquisition date, the purchase price allocation was adjusted resulting in additional goodwill during the nine months ended September 30, 2014. See Note 4 to the condensed consolidated financial statements for additional information. The final allocation of the CTS Acquisition net purchase price resulted in $8.1 million of goodwill. The purchase price paid for CTS has been allocated as follows (in thousands): | |||||||
Purchase price paid | $ | 75,982 | |||||
Cash acquired | -981 | ||||||
Purchase price, net of cash received | $ | 75,001 | |||||
Integration and acquisition-related costs for the nine months ended September 30, 2014 | $ | 5,538 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 981 | |||||
Accounts receivable | 32,480 | ||||||
Inventories | 40,494 | ||||||
Other current assets | 1,472 | ||||||
Property, plant and equipment | 15,175 | ||||||
Goodwill | 8,058 | ||||||
Customer relationships intangible | 15,500 | ||||||
Other assets | 129 | ||||||
Deferred income taxes | -1,620 | ||||||
Current liabilities | -36,687 | ||||||
Total identifiable net assets | $ | 75,982 | |||||
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 2013 statement 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 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 nine months ended September 30, 2013 (in thousands) (unaudited): | |||||||
Net sales | $ | 1,936,302 | |||||
Net income | $ | 34,530 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Schedule Of Unrecognized Compensation Cost Nonvested Awards | ' | |||||||||||
Performance- | ||||||||||||
based | ||||||||||||
Restricted | Restricted | |||||||||||
Stock | Restricted | Stock | Stock | |||||||||
(in thousands) | Options | Shares | Units | Units(1) | ||||||||
Unrecognized compensation cost | $ | 5,014 | $ | 1,143 | $ | 6,896 | $ | 2,327 | ||||
Remaining weighted-average | ||||||||||||
amortization period | 1.9 years | 1.1 years | 2.7 years | 1.9 years | ||||||||
(1) Based on the probable achievement of the performance goals identified in each award. | ||||||||||||
Weighted-Average Assumptions Used To Value The Options Granted | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Options granted | - | - | 378 | 348 | ||||||||
Expected term of options | N/A | N/A | 7.0 years | 7.4 years | ||||||||
Expected volatility | N/A | N/A | 39% | 42% | ||||||||
Risk-free interest rate | N/A | N/A | 2.08% | 1.40% | ||||||||
Dividend yield | N/A | N/A | zero | zero | ||||||||
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 as of December 31, 2013 | 3,084 | $ | 19.79 | |||||||||
Granted | 378 | $ | 22.94 | |||||||||
Exercised | -612 | $ | 19.2 | |||||||||
Forfeited or expired | -63 | $ | 22.59 | |||||||||
Outstanding as of September 30, 2014 | 2,787 | $ | 20.28 | 4.82 | $ | 8,008 | ||||||
Exercisable as of September 30, 2014 | 1,958 | $ | 20.56 | 3.02 | $ | 5,584 | ||||||
Restricted Shares [Member] | ' | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Summary Of Stock-Based Awards | ' | |||||||||||
The following table summarizes the activities related to the Company’s restricted shares: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Shares | Fair Value | ||||||||||
Non-vested shares outstanding as of December 31, 2013 | 194 | $ | 16.56 | |||||||||
Vested | -76 | $ | 16.87 | |||||||||
Forfeited | -8 | $ | 16.91 | |||||||||
Non-vested shares outstanding as of September 30, 2014 | 110 | $ | 16.33 | |||||||||
Restricted Stock Units (RSUs) [Member] | ' | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Summary Of Stock-Based Awards | ' | |||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Units | Fair Value | ||||||||||
Non-vested units outstanding as of December 31, 2013 | 303 | $ | 17.48 | |||||||||
Granted | 246 | $ | 22.92 | |||||||||
Vested | -103 | $ | 17.96 | |||||||||
Forfeited | -17 | $ | 19.61 | |||||||||
Non-vested units outstanding as of September 30, 2014 | 429 | $ | 20.39 | |||||||||
Performance Based Restricted Stock Units [Member] | ' | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Summary Of Stock-Based Awards | ' | |||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Number of | Grant Date | |||||||||||
(in thousands, except per share data) | Units | Fair Value | ||||||||||
Non-vested units outstanding as of December 31, 2013 | 215 | $ | 16.78 | |||||||||
Granted(1) | 88 | $ | 22.92 | |||||||||
Forfeited | -29 | $ | 18.52 | |||||||||
Non-vested units outstanding as of September 30, 2014 | 274 | $ | 18.56 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Calculation of Basic and Diluted Earnings per Share | ' | |||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net income | $ | 17,156 | $ | 23,726 | $ | 58,431 | $ | 43,670 | ||||||
Denominator for basic earnings per share - | ||||||||||||||
weighted-average number of common | ||||||||||||||
shares outstanding during the period | 53,660 | 54,087 | 53,712 | 54,361 | ||||||||||
Incremental common shares attributable to | ||||||||||||||
exercise of outstanding dilutive options | 445 | 360 | 460 | 284 | ||||||||||
Incremental common shares attributable | ||||||||||||||
to outstanding restricted shares and | ||||||||||||||
restricted stock units | 160 | 164 | 215 | 223 | ||||||||||
Denominator for diluted earnings per share | 54,265 | 54,611 | 54,387 | 54,868 | ||||||||||
Basic earnings per share | $ | 0.32 | $ | 0.44 | $ | 1.09 | $ | 0.8 | ||||||
Diluted earnings per share | $ | 0.32 | $ | 0.43 | $ | 1.07 | $ | 0.8 |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||||
Goodwill Roll Forward | ' | ||||||||
(in thousands) | Americas | Asia | Total | ||||||
Goodwill at December 31, 2013 | $ | 6,641 | $ | 38,050 | $ | 44,691 | |||
Purchase accounting adjustments | 1,227 | 52 | 1,279 | ||||||
Goodwill at September 30, 2014 | $ | 7,868 | $ | 38,102 | $ | 45,970 | |||
Schedule Of Other Intangible Assets | ' | ||||||||
Gross | Net | ||||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,241 | $ | -15,313 | $ | 17,928 | |||
Technology licenses | 11,300 | -9,023 | 2,277 | ||||||
Other | 868 | -184 | 684 | ||||||
Other intangible assets, September 30, 2014 | $ | 45,409 | $ | -24,520 | $ | 20,889 | |||
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 | |||
Schedule Of Estimated Future Amortization Expense | ' | ||||||||
Year ending December 31, | Amount | ||||||||
2014 (remaining three months) | $ | 1,175 | |||||||
2015 | 4,123 | ||||||||
2016 | 4,077 | ||||||||
2017 | 1,994 | ||||||||
2018 | 1,574 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventory Costs | ' | |||||
Note 6 – Inventories | ||||||
Inventory costs are summarized as follows: | ||||||
September 30, | December 31, | |||||
(in thousands) | 2014 | 2013 | ||||
Raw materials | $ | 283,608 | $ | 245,455 | ||
Work in process | 95,371 | 84,710 | ||||
Finished goods | 55,187 | 66,534 | ||||
$ | 434,166 | $ | 396,699 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Income Taxes [Abstract] | ' | |||||
Schedule Of Income Tax Expense | ' | |||||
Note 7 – Income Taxes | ||||||
Income tax expense (benefit) consists of the following: | ||||||
Nine Months Ended | ||||||
September 30, | ||||||
(in thousands) | 2014 | 2013 | ||||
Federal – Current | $ | 617 | $ | -711 | ||
Foreign – Current | 635 | 4,292 | ||||
State – Current | 454 | 151 | ||||
Deferred | 10,649 | 9,001 | ||||
$ | 12,355 | $ | 12,733 | |||
Schedule Of Tax Incentives | ' | |||||
Nine Months Ended | ||||||
September 30, | ||||||
(in thousands) | 2014 | 2013 | ||||
China | $ | 2,321 | $ | - | ||
Malaysia | 1,731 | 1,024 | ||||
Thailand | 5,913 | 3,476 | ||||
$ | 9,965 | $ | 4,500 | |||
Segment_And_Geographic_Informa1
Segment And Geographic Information (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Segment And Geographic Information [Abstract] | ' | |||||||||
Schedule Of Operating Segments | ' | |||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||
Net sales: | ||||||||||
Americas | $ | 426,060 | $ | 358,199 | $ | 1,278,430 | $ | 1,017,025 | ||
Asia | 288,962 | 223,463 | 796,356 | 685,139 | ||||||
Europe | 39,613 | 31,360 | 110,296 | 106,120 | ||||||
Elimination of intersegment sales | -23,333 | -13,364 | -97,568 | -58,660 | ||||||
$ | 731,302 | $ | 599,658 | $ | 2,087,514 | $ | 1,749,624 | |||
Depreciation and amortization: | ||||||||||
Americas | $ | 5,593 | $ | 4,281 | $ | 15,542 | $ | 12,260 | ||
Asia | 4,385 | 4,193 | 12,796 | 12,772 | ||||||
Europe | 738 | 690 | 2,216 | 2,011 | ||||||
Corporate | 1,070 | 896 | 3,431 | 2,592 | ||||||
$ | 11,786 | $ | 10,060 | $ | 33,985 | $ | 29,635 | |||
Income from operations: | ||||||||||
Americas | $ | 9,186 | $ | 15,104 | $ | 44,272 | $ | 34,411 | ||
Asia | 21,449 | 23,305 | 57,771 | 43,421 | ||||||
Europe | 2,739 | 1,266 | 4,985 | 6,897 | ||||||
Corporate and intersegment eliminations | -11,459 | -10,202 | -35,537 | -28,480 | ||||||
$ | 21,915 | $ | 29,473 | $ | 71,491 | $ | 56,249 | |||
Capital expenditures: | ||||||||||
Americas | $ | 4,771 | $ | 5,404 | $ | 28,139 | $ | 12,500 | ||
Asia | 607 | 1,003 | 4,313 | 4,085 | ||||||
Europe | 807 | 122 | 3,375 | 1,622 | ||||||
Corporate | 132 | 307 | 787 | 1,940 | ||||||
$ | 6,317 | $ | 6,836 | $ | 36,614 | $ | 20,147 | |||
September 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Total assets: | ||||||||||
Americas | $ | 722,747 | $ | 702,378 | ||||||
Asia | 752,896 | 658,668 | ||||||||
Europe | 219,287 | 255,644 | ||||||||
Corporate and other | 33,061 | 40,681 | ||||||||
$ | 1,727,991 | $ | 1,657,371 | |||||||
Schedule Of Geographic Net Sales And Long-Lived Assets | ' | |||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||
Geographic net sales: | ||||||||||
United States | $ | 535,786 | $ | 367,052 | $ | 1,520,192 | $ | 1,171,848 | ||
Asia | 98,432 | 167,454 | 282,873 | 373,426 | ||||||
Europe | 64,493 | 46,516 | 201,344 | 156,697 | ||||||
Other Foreign | 32,591 | 18,636 | 83,105 | 47,653 | ||||||
$ | 731,302 | $ | 599,658 | $ | 2,087,514 | $ | 1,749,624 | |||
September 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Long-lived assets: | ||||||||||
United States | $ | 95,019 | $ | 96,287 | ||||||
Asia | 92,591 | 98,816 | ||||||||
Europe | 9,412 | 10,333 | ||||||||
Other | 29,383 | 20,634 | ||||||||
$ | 226,405 | $ | 226,070 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Schedule Of Supplemental Cash Flow Information | ' | ||||||||||||
Note 9 – Supplemental Cash Flow and Non-Cash Information | |||||||||||||
The following information concerns supplemental disclosures of cash payments. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Income taxes paid (refunded), net | $ | -751 | $ | 34 | $ | 4,342 | $ | 5,686 | |||||
Interest paid | 447 | 432 | 1,313 | 1,270 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||
Schedule Of Accrued Restructuring Balances | ' | |||||||||||||
Balance as of | Foreign | Balance as of | ||||||||||||
December 31, | Restructuring | Cash | Non-Cash | Exchange | September 30, | |||||||||
(in thousands) | 2013 | Charges | Payment | Activity | Adjustments | 2014 | ||||||||
2014 Restructuring: | ||||||||||||||
Severance | $ | - | $ | 614 | $ | -614 | $ | - | $ | - | $ | - | ||
Other exit costs | - | 3 | -3 | - | - | - | ||||||||
- | 617 | -617 | - | - | - | |||||||||
2013 Restructuring: | ||||||||||||||
Severance | 120 | 87 | -193 | - | -14 | - | ||||||||
Other exit costs | 833 | -75 | -453 | -344 | 39 | - | ||||||||
953 | 12 | -646 | -344 | 25 | - | |||||||||
2012 Restructuring: | ||||||||||||||
Severance | 34 | 45 | -79 | - | - | - | ||||||||
Other exit costs | 104 | -61 | -31 | - | -12 | - | ||||||||
138 | -16 | -110 | - | -12 | - | |||||||||
Total | $ | 1,091 | $ | 613 | $ | -1,373 | $ | -344 | $ | 13 | $ | - |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Fair Value [Abstract] | ' | |||||
Schedule Of Long-Term Investments Measured At Fair Value Using Significant Unobservable Inputs (Level 3 Inputs) | ' | |||||
(in thousands) | 2014 | 2013 | ||||
Balance as of January 1 | $ | 9,921 | $ | 10,324 | ||
Net unrealized gains included in other comprehensive loss | 1,342 | 318 | ||||
Sales of investments at par value | -10,056 | -25 | ||||
Balance as of September 30 | $ | 1,207 | $ | 10,617 | ||
Unrealized losses still held as of September 30 | $ | 91 | $ | 1,533 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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, 2013 | $ | -8,090 | $ | -1,433 | $ | 429 | $ | -9,094 | ||||||
Other comprehensive gain (loss) before | ||||||||||||||
reclassifications | -2,945 | 1,342 | - | -1,603 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | - | - | -23 | -23 | ||||||||||
Net current period other comprehensive gain (loss) | -2,945 | 1,342 | -23 | -1,626 | ||||||||||
Balances, September 30, 2014 | $ | -11,035 | $ | -91 | $ | 406 | $ | -10,720 |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule Of Purchase Price Allocation | ' | ||||||
Purchase price paid | $ | 18,582 | |||||
Cash acquired | -62 | ||||||
Purchase price, net of cash received | $ | 18,520 | |||||
Integration and acquisition-related costs for the nine months ended September 30, 2014 | $ | 25 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 62 | |||||
Accounts receivable | 11,561 | ||||||
Inventories | 14,570 | ||||||
Other current assets | 1,072 | ||||||
Property, plant and equipment | 1,437 | ||||||
Other assets | 255 | ||||||
Deferred income taxes | 3,893 | ||||||
Current liabilities | -13,987 | ||||||
Other long-term liabilities | -281 | ||||||
Total identifiable net assets | $ | 18,582 | |||||
Purchase price paid | $ | 75,982 | |||||
Cash acquired | -981 | ||||||
Purchase price, net of cash received | $ | 75,001 | |||||
Integration and acquisition-related costs for the nine months ended September 30, 2014 | $ | 5,538 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 981 | |||||
Accounts receivable | 32,480 | ||||||
Inventories | 40,494 | ||||||
Other current assets | 1,472 | ||||||
Property, plant and equipment | 15,175 | ||||||
Goodwill | 8,058 | ||||||
Customer relationships intangible | 15,500 | ||||||
Other assets | 129 | ||||||
Deferred income taxes | -1,620 | ||||||
Current liabilities | -36,687 | ||||||
Total identifiable net assets | $ | 75,982 | |||||
Schedule of Pro Forma Information | ' | ||||||
Net sales | $ | 1,936,302 | |||||
Net income | $ | 34,530 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Additional shares available for issuance | 4.3 | ' | 4.3 | ' |
Compensation cost | $1.90 | $1.90 | $5.60 | $5.30 |
Income tax benefit recognized in the income statement for stock-based awards | 0.7 | 0.6 | 2.4 | 1.5 |
Weighted-average fair value per option granted | ' | ' | $9.91 | ' |
Total cash received as a result of stock option exercises | ' | ' | 11.7 | 10.4 |
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | ' | ' | 2.5 | 1.8 |
Total intrinsic value of stock options exercised | ' | ' | $2.90 | $2.90 |
Restricted Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' |
Employee Awards [Member] | Stock Options [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] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '1 year | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $5,014 |
Remaining weighted-average amortization period | '1 year 10 months 24 days |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | 1,143 |
Remaining weighted-average amortization period | '1 year 1 month 6 days |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | 6,896 |
Remaining weighted-average amortization period | '2 years 8 months 12 days |
Performance Based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $2,327 |
Remaining weighted-average amortization period | '1 year 10 months 24 days |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted-Average Assumptions) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Options granted | 0 | 0 | 378 | 348 |
Expected term of options | ' | ' | '7 years | '7 years 4 months 24 days |
Expected volatility | ' | ' | 39.00% | 42.00% |
Risk-free interest rate | ' | ' | 2.08% | 1.40% |
Dividend yield | ' | ' | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Number of Options, Outstanding, Beginning balance | ' | ' | 3,084 | ' |
Number of Options, Granted | 0 | 0 | 378 | 348 |
Number of Options, Exercised | ' | ' | -612 | ' |
Number of Options, Forfeited or expired | ' | ' | -63 | ' |
Number of Options, Outstanding, Ending balance | 2,787 | ' | 2,787 | ' |
Number of Options, Exercisable at September 30, 2014 | 1,958 | ' | 1,958 | ' |
Weighted-Average Exercise Price, Outstanding, Beginning balance | ' | ' | $19.79 | ' |
Weighted-Average Exercise Price, Granted | ' | ' | $22.94 | ' |
Weighted-Average Exercise Price, Exercised | ' | ' | $19.20 | ' |
Weighted-Average Exercise Price, Forfeited or expired | ' | ' | $22.59 | ' |
Weighted-Average Exercise Price, Outstanding, Ending balance | $20.28 | ' | $20.28 | ' |
Weighted-Average Exercise Price, Exercisable at September 30, 2014 | $20.56 | ' | $20.56 | ' |
Weighted-Average Remaining Contractual Term (Years), Outstanding | ' | ' | '4 years 9 months 25 days | ' |
Weighted-Average Remaining Contractual Term (Years), Exercisable at September 30, 2014 | ' | ' | '3 years 0 months 7 days | ' |
Aggregate Intrinsic Value, Outstanding at September 30, 2014 | $8,008 | ' | $8,008 | ' |
Aggregate Intrinsic Value, Exercisable at September 30, 2014 | $5,584 | ' | $5,584 | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, Shares or Units, Beginning balance | 194 |
Vested, Shares or Units | -76 |
Forfeited, Shares or Units | -8 |
Outstanding, Shares or Units, Ending balance | 110 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $16.56 |
Vested, Weighted-Average Grant Date Fair Value | $16.87 |
Forfeited, Weighted-Average Grant Date Fair Value | $16.91 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $16.33 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, Shares or Units, Beginning balance | 303 |
Granted, Shares or Units | 246 |
Vested, Shares or Units | -103 |
Forfeited, Shares or Units | -17 |
Outstanding, Shares or Units, Ending balance | 429 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $17.48 |
Granted, Weighted-Average Grant Date Fair Value | $22.92 |
Vested, Weighted-Average Grant Date Fair Value | $17.96 |
Forfeited, Weighted-Average Grant Date Fair Value | $19.61 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $20.39 |
Performance Based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, Shares or Units, Beginning balance | 215 |
Granted, Shares or Units | 88 |
Forfeited, Shares or Units | -29 |
Outstanding, Shares or Units, Ending balance | 274 |
Outstanding, Weighted-Average Grant Date Fair Value, Beginning balance | $16.78 |
Granted, Weighted-Average Grant Date Fair Value | $22.92 |
Forfeited, Weighted-Average Grant Date Fair Value | $18.52 |
Outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $18.56 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share Reconciliation [Line Items] | ' | ' | ' | ' |
Net income | $17,156 | $23,726 | $58,431 | $43,670 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 53,660,000 | 54,087,000 | 53,712,000 | 54,361,000 |
Incremental common shares attributable to exercise of outstanding dilutive options | 445,000 | 360,000 | 460,000 | 284,000 |
Incremental common shares attributable to outstanding restricted shares and restricted stock units | 160,000 | 164,000 | 215,000 | 223,000 |
Denominator for diluted earnings per share | 54,265,000 | 54,611,000 | 54,387,000 | 54,868,000 |
Basic earnings per share | $0.32 | $0.44 | $1.09 | $0.80 |
Diluted earnings per share | $0.32 | $0.43 | $1.07 | $0.80 |
Anti-dilutive options to purchase common shares | 800,000 | 2,000,000 | 700,000 | 2,300,000 |
Recovered_Sheet1
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | $44,691 |
Purchase Accounting Adjustments | 1,279 |
Goodwill, Ending Balance | 45,970 |
Americas [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 6,641 |
Purchase Accounting Adjustments | 1,227 |
Goodwill, Ending Balance | 7,868 |
Asia [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, Beginning Balance | 38,050 |
Purchase Accounting Adjustments | 52 |
Goodwill, Ending Balance | $38,102 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization of other intangible assets | $2.50 | $2.20 |
Customer Relationships [Member] | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Estimated useful life | '10 years | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $45,409 | $45,516 |
Accumulated Amortization | -24,520 | -22,065 |
Net Carrying Amount | 20,889 | 23,451 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 33,241 | 33,348 |
Accumulated Amortization | -15,313 | -12,900 |
Net Carrying Amount | 17,928 | 20,448 |
Technology Licenses [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | -9,023 | -8,999 |
Net Carrying Amount | 2,277 | 2,301 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 868 | 868 |
Accumulated Amortization | -184 | -166 |
Net Carrying Amount | $684 | $702 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | ' |
2014 (remaining three months) | $1,175 |
2015 | 4,123 |
2016 | 4,077 |
2017 | 1,994 |
2018 | $1,574 |
Borrowing_Facilities_Details
Borrowing Facilities (Details) | 9 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | Thailand Subsidiary [Member] | Minimum [Member] | Maximum [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Prime Rate Plus [Member] | Prime Rate Plus [Member] | |
USD ($) | 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 | ' | 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 | 198.8 | 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 | $1.20 | $0.80 | ' | ' | ' | ' | ' | ' | ' |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory Costs) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $283,608 | $245,455 |
Work in process | 95,371 | 84,710 |
Finished goods | 55,187 | 66,534 |
Inventories, net | $434,166 | $396,699 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | $9,965,000 | $4,500,000 | ' |
Net impact of holiday tax incentives, per diluted share | $0.18 | $0.08 | ' |
Interest on unrecognized tax | 1,600,000 | ' | ' |
Penalty on unrecognized tax | 1,600,000 | ' | ' |
Tax refund | 8,000,000 | ' | ' |
Additional reserve for uncertain tax benefits | ' | ' | 7,100,000 |
Unrecognized tax benefits including interest and penalties | 21,300,000 | ' | ' |
CHINA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Discrete Income Tax Expense Benefit | 1,200,000 | ' | ' |
Income tax incentives | 2,321,000 | 0 | ' |
Income tax reconciliation tax holidays expiration date | '2015 | ' | ' |
MALAYSIA | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | 1,731,000 | 1,024,000 | ' |
Income tax reconciliation tax holidays expiration date | '2015 | ' | ' |
THAILAND | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax incentives | $5,913,000 | $3,476,000 | ' |
Income tax reconciliation tax holidays expiration date | '2026 | ' | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' |
U.S. Federal, current | ' | ' | $617 | ($711) |
Foreign, current | ' | ' | 635 | 4,292 |
State and local, current | ' | ' | 454 | 151 |
Deferred income tax expense (benefit), total | ' | ' | 10,649 | 9,001 |
Total income tax expense | $3,695 | $6,303 | $12,355 | $12,733 |
Income_Taxes_Schedule_Of_Tax_I
Income Taxes (Schedule Of Tax Incentives) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income tax incentives | $9,965 | $4,500 |
CHINA | ' | ' |
Income tax incentives | 2,321 | 0 |
MALAYSIA | ' | ' |
Income tax incentives | 1,731 | 1,024 |
THAILAND | ' | ' |
Income tax incentives | $5,913 | $3,476 |
Segment_And_Geographic_Informa2
Segment And Geographic Information (Operating Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $731,302 | $599,658 | $2,087,514 | $1,749,624 | ' |
Depreciation and amortization | 11,786 | 10,060 | 33,985 | 29,635 | ' |
Income from operations | 21,915 | 29,473 | 71,491 | 56,249 | ' |
Capital expenditures | 6,317 | 6,836 | 36,614 | 20,147 | ' |
Total assets | 1,727,991 | ' | 1,727,991 | ' | 1,657,371 |
Americas [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 426,060 | 358,199 | 1,278,430 | 1,017,025 | ' |
Depreciation and amortization | 5,593 | 4,281 | 15,542 | 12,260 | ' |
Income from operations | 9,186 | 15,104 | 44,272 | 34,411 | ' |
Capital expenditures | 4,771 | 5,404 | 28,139 | 12,500 | ' |
Total assets | 722,747 | ' | 722,747 | ' | 702,378 |
Asia [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 288,962 | 223,463 | 796,356 | 685,139 | ' |
Depreciation and amortization | 4,385 | 4,193 | 12,796 | 12,772 | ' |
Income from operations | 21,449 | 23,305 | 57,771 | 43,421 | ' |
Capital expenditures | 607 | 1,003 | 4,313 | 4,085 | ' |
Total assets | 752,896 | ' | 752,896 | ' | 658,668 |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 39,613 | 31,360 | 110,296 | 106,120 | ' |
Depreciation and amortization | 738 | 690 | 2,216 | 2,011 | ' |
Income from operations | 2,739 | 1,266 | 4,985 | 6,897 | ' |
Capital expenditures | 807 | 122 | 3,375 | 1,622 | ' |
Total assets | 219,287 | ' | 219,287 | ' | 255,644 |
Corporate And Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | 33,061 | ' | 33,061 | ' | 40,681 |
Elimination Of Intersegment Sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | -23,333 | -13,364 | -97,568 | -58,660 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization | 1,070 | 896 | 3,431 | 2,592 | ' |
Capital expenditures | 132 | 307 | 787 | 1,940 | ' |
Corporate And Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income from operations | ($11,459) | ($10,202) | ($35,537) | ($28,480) | ' |
Segment_And_Geographic_Informa3
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Geographic net sales | $731,302 | $599,658 | $2,087,514 | $1,749,624 | ' |
Long-lived assets | 226,405 | ' | 226,405 | ' | 226,070 |
United States [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Geographic net sales | 535,786 | 367,052 | 1,520,192 | 1,171,848 | ' |
Long-lived assets | 95,019 | ' | 95,019 | ' | 96,287 |
Asia [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Geographic net sales | 98,432 | 167,454 | 282,873 | 373,426 | ' |
Long-lived assets | 92,591 | ' | 92,591 | ' | 98,816 |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Geographic net sales | 64,493 | 46,516 | 201,344 | 156,697 | ' |
Long-lived assets | 9,412 | ' | 9,412 | ' | 10,333 |
Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Geographic net sales | 32,591 | 18,636 | 83,105 | 47,653 | ' |
Long-lived assets | $29,383 | ' | $29,383 | ' | $20,634 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' |
Income taxes paid, net | ($751) | $34 | $4,342 | $5,686 |
Interest paid | $447 | $432 | $1,313 | $1,270 |
Supplemental_Cash_Flow_Narrati
Supplemental Cash Flow (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' |
Non-cash asset impairment charge | $3.80 |
Proceeds from sale of non-manufacturing facility | 1.6 |
Gain on sale of non-manufacturing facility | $1.20 |
Contingencies_Narrative_Detail
Contingencies (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Contingencies [Abstract] | ' |
Charge for inventory and accounts receivable associated with customer bankrupcty | $5 |
Charge for inventory and accounts receivable associated with customer bankrupcty per share | $0.09 |
Write-down of inventory | 2.3 |
Provision to accounts receivable | $2.70 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Accrued Restructuring Balances) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | $1,091 | ' |
Restructuring charges | 613 | ' |
Cash Payment | -1,373 | ' |
Non-Cash Activity | -344 | ' |
Foreign Exchange Adjustments | 13 | ' |
Ending Balance | 0 | ' |
2014 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 0 | ' |
Restructuring charges | 617 | ' |
Cash Payment | -617 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | 0 | ' |
Ending Balance | 0 | ' |
2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 953 | ' |
Restructuring charges | 12 | ' |
Cash Payment | -646 | ' |
Non-Cash Activity | -344 | ' |
Foreign Exchange Adjustments | 25 | ' |
Ending Balance | 0 | ' |
2012 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 138 | ' |
Restructuring charges | -16 | ' |
Cash Payment | -110 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | -12 | ' |
Ending Balance | 0 | ' |
Severance [Member] | 2014 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 0 | ' |
Restructuring charges | 614 | ' |
Cash Payment | -614 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | 0 | ' |
Ending Balance | 0 | ' |
Severance [Member] | 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 120 | ' |
Restructuring charges | 87 | ' |
Cash Payment | -193 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | -14 | ' |
Ending Balance | 0 | ' |
Severance [Member] | 2012 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 34 | ' |
Restructuring charges | 45 | ' |
Cash Payment | -79 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | 0 | ' |
Ending Balance | 0 | ' |
Other Exit Costs [Member] | 2014 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | ' | 0 |
Restructuring charges | 3 | ' |
Cash Payment | -3 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | 0 | ' |
Ending Balance | 0 | 0 |
Other Exit Costs [Member] | 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 833 | ' |
Restructuring charges | -75 | ' |
Cash Payment | -453 | ' |
Non-Cash Activity | -344 | ' |
Foreign Exchange Adjustments | 39 | ' |
Ending Balance | 0 | ' |
Other Exit Costs [Member] | 2012 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 104 | ' |
Restructuring charges | -61 | ' |
Cash Payment | -31 | ' |
Non-Cash Activity | 0 | ' |
Foreign Exchange Adjustments | -12 | ' |
Ending Balance | $0 | ' |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value [Abstract] | ' | ' |
Long-term investments | $1,300,000 | ' |
Maturity term | '10 years | ' |
Unrealized losses still held | 91,000 | 1,533,000 |
Fair value of auction rate securities | $1,200,000 | ' |
Fair_Value_Schedule_Of_LongTer
Fair Value (Schedule Of Long-Term Investments Measured At Fair Value) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value [Abstract] | ' | ' |
Balance as of January 1 | $9,921 | $10,324 |
Net unrealized gains included in other comprehensive loss | 1,342 | 318 |
Sales of investments at par value | -10,056 | -25 |
Balance as of September 30 | 1,207 | 10,617 |
Unrealized losses still held as of September 30 | $91 | $1,533 |
Thailand_Flood_Related_Items_D
Thailand Flood Related Items (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Thailand flood related items, net of insurance | $0 | ($9,748) | ($1,571) | ($9,748) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | ' | ' | ($9,094) | ' |
Other comprehensive gain (loss) before reclassifications | ' | ' | -1,603 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -23 | ' |
Net current period other comprehensive gain (loss) | -1,224 | 1,295 | -1,626 | 563 |
Accumulated other comprehensive income (loss), net of tax, ending balance | -10,720 | ' | -10,720 | ' |
Foreign currency translaction adjustments [Member] | ' | ' | ' | ' |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | ' | ' | -8,090 | ' |
Other comprehensive gain (loss) before reclassifications | ' | ' | -2,945 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Net current period other comprehensive gain (loss) | ' | ' | -2,945 | ' |
Accumulated other comprehensive income (loss), net of tax, ending balance | -11,035 | ' | -11,035 | ' |
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 | ' | ' | -1,433 | ' |
Other comprehensive gain (loss) before reclassifications | ' | ' | 1,342 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Net current period other comprehensive gain (loss) | ' | ' | 1,342 | ' |
Accumulated other comprehensive income (loss), net of tax, ending balance | -91 | ' | -91 | ' |
Other [Member] | ' | ' | ' | ' |
Accumulated other comprehensive income loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning balance | ' | ' | 429 | ' |
Other comprehensive gain (loss) before reclassifications | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -23 | ' |
Net current period other comprehensive gain (loss) | ' | ' | -23 | ' |
Accumulated other comprehensive income (loss), net of tax, ending balance | $406 | ' | $406 | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Suntron [Member] | Suntron [Member] | CTS [Member] | |
Business Combinations [Line Items] | ' | ' | ' |
Purchase price paid | ' | $18,582,000 | $75,982,000 |
Purchase price adjustment | -800,000 | ' | ' |
Goodwill Acquired During Period | ' | ' | $8,058,000 |
Acquisitions_Schedule_of_Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Suntron [Member] | Suntron [Member] | CTS [Member] | CTS [Member] | |||
Business Combinations [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase price paid | ' | ' | ' | $18,582 | ' | $75,982 |
Cash acquired | ' | ' | ' | -62 | ' | -981 |
Purchase price, net of cash acquired | -750 | 19,270 | ' | 18,520 | ' | 75,001 |
Acquisition-related costs | ' | ' | 25 | ' | 5,538 | ' |
Cash | ' | ' | ' | 62 | ' | 981 |
Accounts receivable | ' | ' | ' | 11,561 | ' | 32,480 |
Inventories | ' | ' | ' | 14,570 | ' | 40,494 |
Other current assets | ' | ' | ' | 1,072 | ' | 1,472 |
Property, plant and equipment | ' | ' | ' | 1,437 | ' | 15,175 |
Goodwill | ' | ' | ' | ' | ' | 8,058 |
Customer relationships intangible | ' | ' | ' | ' | ' | 15,500 |
Other assets | ' | ' | ' | 255 | ' | 129 |
Deferred income taxes | ' | ' | ' | 3,893 | ' | -1,620 |
Current liabilities | ' | ' | ' | -13,987 | ' | -36,687 |
Other long-term liabilities | ' | ' | ' | -281 | ' | ' |
Total identifiable net assets | ' | ' | ' | 18,582 | ' | 75,982 |
Business Acquisition Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | ' | 1,936,302 | ' | ' | ' | ' |
Net income | ' | $34,530 | ' | ' | ' | ' |