Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BENCHMARK ELECTRONICS INC | |
Entity Central Index Key | 863436 | |
Trading Symbol | BHE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,398,514 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $383,596 | $427,376 |
Accounts receivable, net of allowance for doubtful accounts of $2,943 and $338, respectively | 490,686 | 520,389 |
Inventories, net | 426,837 | 401,261 |
Prepaid expenses and other assets | 34,571 | 30,453 |
Income taxes receivable | 152 | 572 |
Deferred income taxes | 6,646 | 8,502 |
Total current assets | 1,342,488 | 1,388,553 |
Long-term investments | 1,012 | 1,008 |
Property, plant and equipment, net | 187,049 | 190,180 |
Goodwill, net | 45,970 | 45,970 |
Deferred income taxes | 25,054 | 25,017 |
Other, net | 27,834 | 28,161 |
Total assets | 1,629,407 | 1,678,889 |
Current liabilities: | ||
Current installments of capital lease obligations | 701 | 676 |
Accounts payable | 248,563 | 289,786 |
Income taxes payable | 5,077 | 5,470 |
Accrued liabilities | 58,287 | 63,166 |
Total current liabilities | 312,628 | 359,098 |
Capital lease obligations, less current installments | 8,665 | 8,845 |
Other long-term liabilities | 17,406 | 17,800 |
Deferred income taxes | 2,106 | 2,106 |
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 and outstanding - 52,994 and 53,936, respectively | 5,248 | 5,300 |
Additional paid-in capital | 645,066 | 649,715 |
Retained earnings | 651,224 | 645,500 |
Accumulated other comprehensive loss | -12,936 | -9,475 |
Total shareholders' equity | 1,288,602 | 1,291,040 |
Commitments and contingencies | 0 | 0 |
Total liabilities and shareholders' equity | $1,629,407 | $1,678,889 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $2,918 | $2,943 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $369,128 | $362,620 |
Preferred shares, par value | $0.10 | $0.10 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | 0 | 0 |
Common shares, par value | $0.10 | $0.10 |
Common shares, shares authorized | 145,000 | 145,000 |
Common shares, issued | 52,478 | 52,994 |
Common shares, outstanding | 52,478 | 52,994 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Income [Abstract] | ||
Sales | $620,925 | $639,344 |
Cost of sales | 569,146 | 588,221 |
Gross profit | 51,779 | 51,123 |
Selling, general and administrative expenses | 28,202 | 28,153 |
Restructuring charges and integration costs | 4,869 | 2,109 |
Thailand flood-related items, net of insurance | 0 | -1,571 |
Income from operations | 18,708 | 22,432 |
Interest expense | -435 | -476 |
Interest income | 432 | 515 |
Other income (expense) | -1,057 | 26 |
Income before income taxes | 17,648 | 22,497 |
Income tax expense | 3,443 | 3,372 |
Net income | $14,205 | $19,125 |
Earnings per share: | ||
Basic | $0.27 | $0.36 |
Diluted | $0.27 | $0.35 |
Weighted-average number of shares outstanding: | ||
Basic | 52,463 | 53,650 |
Diluted | 53,045 | 54,277 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $14,205 | $19,125 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | -3,462 | -27 |
Unrealized gain (loss) on investments, net of tax | 5 | -9 |
Other | -4 | -8 |
Other comprehensive loss | -3,461 | -44 |
Comprehensive income | $10,744 | $19,081 |
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 Loss [Member] |
In Thousands | |||||
Balances, value at Dec. 31, 2014 | $1,291,040 | $5,300 | $649,715 | $645,500 | ($9,475) |
Balances, shares at Dec. 31, 2014 | 52,994 | 52,994 | |||
Stock-based compensation expense | 1,940 | 0 | 1,940 | 0 | 0 |
Shares repurchased and retired, shares | -663 | ||||
Shares repurchased and retired, value | -15,778 | -67 | -7,230 | -8,481 | 0 |
Stock options exercised, shares | 46 | 46 | |||
Stock options exercised, value | 821 | 5 | 816 | 0 | 0 |
Vesting of restricted stock units, shares | 120 | ||||
Vesting of restricted stock units, value | 0 | 12 | -12 | 0 | 0 |
Shares withheld for taxes, shares | -19 | ||||
Shares withheld for taxes, value | -457 | -2 | -455 | 0 | 0 |
Excess tax benefit of stock-based compensation | 292 | 0 | 292 | 0 | 0 |
Comprehensive income | 10,744 | 0 | 0 | 14,205 | -3,461 |
Balances, value at Mar. 31, 2015 | $1,288,602 | $5,248 | $645,066 | $651,224 | ($12,936) |
Balances, shares at Mar. 31, 2015 | 52,478 | 52,478 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $14,205 | $19,125 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 10,933 | 9,640 |
Amortization | 1,205 | 1,158 |
Deferred income taxes | 1,818 | 3,293 |
(Gain) loss on the sale of property, plant and equipment | -14 | 393 |
Asset impairments | 84 | 0 |
Thailand flood insurance recovery | 0 | -550 |
Stock-based compensation expense | 1,940 | 1,432 |
Excess tax benefits from stock-based compensation | -328 | -426 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts receivable | 28,361 | 94,818 |
Inventories | -26,914 | -46,512 |
Prepaid expenses and other assets | -4,432 | -1,029 |
Accounts payable | -32,978 | -21,147 |
Accrued liabilities | -5,074 | 1,189 |
Income taxes | 289 | -650 |
Net cash provided by (used in) operations | -10,905 | 60,734 |
Cash flows from investing activities: | ||
Proceeds from sales and redemptions of investments | 1 | 6 |
Additions to property, plant and equipment | -16,312 | -14,512 |
Proceeds from the sale of property, plant and equipment | 412 | 106 |
Additions to purchased software | -515 | -104 |
Thailand flood property insurance proceeds | 0 | 550 |
Other | 55 | 363 |
Net cash used in investing activities | -16,359 | -13,591 |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 821 | 5,811 |
Excess tax benefits from stock-based compensation | 328 | 426 |
Principal payments on capital lease obligations | -155 | -132 |
Share repurchases | -15,778 | -4,537 |
Net cash provided by (used in) financing activities | -14,784 | 1,568 |
Effect of exchange rate changes | -1,732 | -72 |
Net increase (decrease) in cash and cash equivalents | -43,780 | 48,639 |
Cash and cash equivalents at beginning of year | 427,376 | 345,555 |
Cash and cash equivalents at end of period | $383,596 | $394,194 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 industrial control equipment (including equipment for the aerospace and defense industries), telecommunication equipment, computers and related products for business enterprises, medical devices, and testing and instrumentation products. 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, 2014 (the 2014 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. | |
Certain reclassifications of prior period amounts have been made to conform to the current presentation. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 Company’s 2010 Omnibus Incentive Compensation Plan (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 2010, and no additional grants can be made under that plan. The 2010 Plan was approved by the Company’s shareholders in 2010 and amended in 2014. 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) or the 2010 Plan. Stock options were granted pursuant to the 2002 Plan upon the occurrence of the non-employee director’s election or re-election to the Board of Directors. All awards under the 2002 Plan were fully vested upon the date of grant and have a term of ten years. The 2002 Plan was approved by the Company’s shareholders in 2002 and expired in 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 March 31, 2015, 3.8 million additional common shares were available for issuance under the Company’s existing plans. | ||||||||||||
All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values. The total compensation cost recognized for stock-based awards was $1.9 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively. The total income tax benefit recognized in the condensed consolidated income statement for stock-based awards was $0.6 million and $0.6 million for the three months ended March 31, 2015 and 2014, 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, and performance-based restricted stock units 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. When 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 March 31, 2015, the unrecognized compensation cost and remaining weighted-average amortization period 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 | $ | 6,008 | $ | 552 | $ | 8,990 | $ | 3,289 | ||||
Remaining weighted-average | ||||||||||||
amortization period | 2.3 years | 0.9 years | 3.0 years | 2.2 years | ||||||||
(1) Based on the probable achievement of the performance goals identified in each award. | ||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average assumptions used to value the options granted during the three months ended March 31, 2015 and 2014, were as follows: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2015 | 2014 | ||||||||||
Options granted | 289 | 313 | ||||||||||
Expected term of options | 6.4 years | 7.0 years | ||||||||||
Expected volatility | 35% | 39% | ||||||||||
Risk-free interest rate | 1.89% | 2.00% | ||||||||||
Dividend yield | 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 three months ended March 31, 2015 and 2014 was $8.76 and $9.74, respectively. The total cash received by the Company as a result of stock option exercises for the three months ended March 31, 2015 and 2014 was approximately $0.8 million and $5.8 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the three months ended March 31, 2015 and 2014 was $1.6 million and $1.8 million, respectively. For the three months ended March 31, 2015 and 2014, the total intrinsic value of stock options exercised was $0.3 million and $1.5 million, respectively. | ||||||||||||
The Company awarded performance-based restricted stock units to employees during the three months ended March 31, 2015 and 2014. 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 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, 2014 | 2,437 | $ | 20.07 | |||||||||
Granted | 289 | $ | 23.14 | |||||||||
Exercised | -46 | $ | 17.93 | |||||||||
Forfeited or expired | -12 | $ | 22.76 | |||||||||
Outstanding as of March 31, 2015 | 2,668 | $ | 20.43 | 5.35 | $ | 10,670 | ||||||
Exercisable as of March 31, 2015 | 1,859 | $ | 20.09 | 3.48 | $ | 8,389 | ||||||
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 March 31, 2015 for options that had exercise prices that were below the closing price. | ||||||||||||
The following table summarizes 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, 2014 | 109 | $ | 16.33 | |||||||||
Vested | -70 | $ | 16.85 | |||||||||
Non-vested shares outstanding as of March 31, 2015 | 39 | $ | 15.38 | |||||||||
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 awards outstanding as of December 31, 2014 | 412 | $ | 20.33 | |||||||||
Granted | 168 | $ | 23.14 | |||||||||
Vested | -120 | $ | 19.57 | |||||||||
Forfeited | -3 | $ | 20.04 | |||||||||
Non-vested awards outstanding as of March 31, 2015 | 457 | $ | 21.57 | |||||||||
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, 2014 | 274 | $ | 18.56 | |||||||||
Granted(1) | 76 | $ | 23.14 | |||||||||
Forfeited or expired | -53 | $ | 18.57 | |||||||||
Non-vested units outstanding as of March 31, 2015 | 297 | $ | 19.74 | |||||||||
(1) Represents target number of units that can vest based on the achievement of the performance goals. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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. 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 excess 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 | ||||||||
March 31, | ||||||||
(in thousands, except per share data) | 2015 | 2014 | ||||||
Net income | $ | 14,205 | $ | 19,125 | ||||
Denominator for basic earnings per share - | ||||||||
weighted-average number of common | ||||||||
shares outstanding during the period | 52,463 | 53,650 | ||||||
Incremental common shares attributable to | ||||||||
exercise of dilutive options | 391 | 436 | ||||||
Incremental common shares attributable | ||||||||
to outstanding restricted shares and | ||||||||
restricted stock units | 191 | 191 | ||||||
Denominator for diluted earnings per share | 53,045 | 54,277 | ||||||
Basic earnings per share | $ | 0.27 | $ | 0.36 | ||||
Diluted earnings per share | $ | 0.27 | $ | 0.35 | ||||
Options to purchase 1.0 million common shares for each of the three months ended March 31, 2015 and 2014 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | |||||||||
Goodwill And Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets | ||||||||
Goodwill allocated to the Company’s reportable segments was as follows: | |||||||||
(in thousands) | Americas | Asia | Total | ||||||
Goodwill at December 31, 2014 and March 31, 2015 | $ | 7,868 | $ | 38,102 | $ | 45,970 | |||
Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Other intangible assets as of March 31, 2015 and December 31, 2014 were as follows: | |||||||||
Gross | Net | ||||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,056 | $ | -16,813 | $ | 16,243 | |||
Technology licenses | 11,300 | -9,434 | 1,866 | ||||||
Other | 868 | -195 | 673 | ||||||
Other intangible assets, March 31, 2015 | $ | 45,224 | $ | -26,442 | $ | 18,782 | |||
Gross | Net | ||||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,188 | $ | -16,099 | $ | 17,089 | |||
Technology licenses | 11,300 | -9,434 | 1,866 | ||||||
Other | 868 | -190 | 678 | ||||||
Other intangible assets, December 31, 2014 | $ | 45,356 | $ | -25,723 | $ | 19,633 | |||
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 three months ended March 31, 2015 and 2014 was $0.8 million and $0.9 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 | ||||||||
2015 (remaining nine months) | $ | 3,178 | |||||||
2016 | 3,986 | ||||||||
2017 | 2,099 | ||||||||
2018 | 1,574 | ||||||||
2019 | 1,574 |
Borrowing_Facilities
Borrowing Facilities | 3 Months Ended |
Mar. 31, 2015 | |
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 under which total commitments under the facility may be increased by an additional $100 million, subject to satisfaction of certain conditions and lender approval. | |
Interest on outstanding borrowings under the 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 both March 31, 2015 and December 31, 2014, the Company had no borrowings outstanding under the Credit Agreement, $1.2 million in outstanding letters of credit and $198.8 million 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 of the 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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, there were no working capital borrowings outstanding under the facility. |
Inventories
Inventories | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Inventories | Note 6 – Inventories | |||||
Inventory costs are summarized as follows: | ||||||
March 31, | December 31, | |||||
(in thousands) | 2015 | 2014 | ||||
Raw materials | $ | 286,261 | $ | 266,556 | ||
Work in process | 88,352 | 84,673 | ||||
Finished goods | 52,224 | 50,032 | ||||
$ | 426,837 | $ | 401,261 |
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Income Taxes | Note 7 – Income Taxes | |||||
Income tax expense (benefit) consists of the following: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Federal – Current | $ | 127 | $ | 60 | ||
Foreign – Current | 1,421 | -29 | ||||
State – Current | 77 | 48 | ||||
Deferred | 1,818 | 3,293 | ||||
$ | 3,443 | $ | 3,372 | |||
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, 2016 in Malaysia and 2026 in Thailand, and are subject to certain conditions with which the Company expects to comply. The net impact of these tax incentives was to lower income tax expense for the three months ended March 31, 2015 and 2014 by approximately $1.7 million (approximately $0.03 per diluted share) and $3.2 million (approximately $0.06 per diluted share), respectively, as follows: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
China | $ | 353 | $ | 1,507 | ||
Malaysia | 419 | 474 | ||||
Thailand | 962 | 1,253 | ||||
$ | 1,734 | $ | 3,234 | |||
As of March 31, 2015, the total amount of the reserve for uncertain tax benefits including interest and penalties was $18.0 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheets 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 March 31, 2015, was $1.7 million and $1.6 million. No material changes affected the reserve during the three months ended March 31, 2015. | ||||||
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 2014. 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 | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Net sales: | ||||||
Americas | $ | 380,982 | $ | 411,501 | ||
Asia | 230,220 | 238,785 | ||||
Europe | 35,699 | 34,161 | ||||
Elimination of intersegment sales | -25,976 | -45,103 | ||||
$ | 620,925 | $ | 639,344 | |||
Depreciation and amortization: | ||||||
Americas | $ | 5,895 | $ | 4,720 | ||
Asia | 4,470 | 4,187 | ||||
Europe | 646 | 734 | ||||
Corporate | 1,127 | 1,157 | ||||
$ | 12,138 | $ | 10,798 | |||
Income from operations: | ||||||
Americas | $ | 12,489 | $ | 15,559 | ||
Asia | 16,185 | 18,220 | ||||
Europe | 1,472 | 780 | ||||
Corporate and intersegment eliminations | -11,438 | -12,127 | ||||
$ | 18,708 | $ | 22,432 | |||
Capital expenditures: | ||||||
Americas | $ | 6,928 | $ | 10,477 | ||
Asia | 7,890 | 2,982 | ||||
Europe | 1,639 | 1,019 | ||||
Corporate | 370 | 138 | ||||
$ | 16,827 | $ | 14,616 | |||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Total assets: | ||||||
Americas | $ | 669,503 | $ | 712,588 | ||
Asia | 670,253 | 666,717 | ||||
Europe | 240,276 | 239,274 | ||||
Corporate and other | 49,375 | 60,310 | ||||
$ | 1,629,407 | $ | 1,678,889 | |||
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 | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Geographic net sales: | ||||||
United States | $ | 447,325 | $ | 462,271 | ||
Asia | 82,391 | 87,466 | ||||
Europe | 52,707 | 68,277 | ||||
Other Foreign | 38,502 | 21,330 | ||||
$ | 620,925 | $ | 639,344 | |||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Long-lived assets: | ||||||
United States | $ | 92,442 | $ | 93,679 | ||
Asia | 84,569 | 88,375 | ||||
Europe | 9,046 | 8,114 | ||||
Other Foreign | 28,826 | 28,173 | ||||
$ | 214,883 | $ | 218,341 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Supplemental Cash Flow Information [Abstract] | |||||||
Supplemental Cash Flow Information | Note 9 – Supplemental Cash Flow Information | ||||||
The following is additional information concerning supplemental disclosures of cash payments. | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Income taxes paid, net | $ | 1,404 | $ | 703 | |||
Interest paid | 401 | 442 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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. |
Impact_Of_Recently_Enacted_Acc
Impact Of Recently Enacted Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Impact of Recently Enacted Accounting Standards | Note 11 – Impact of Recently Enacted Accounting Standards |
In May 2014, the Financial Accounting Standards Board (FASB) 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 permit the use of either the retrospective or cumulative effect transition method, with early application not permitted. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard. Under the proposal, the Company is required to adopt the new standard as of January 1, 2018. The Company 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 | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
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 2015 and 2014 primarily related to the closure of facilities, capacity reduction and reductions in workforce in certain facilities across various regions. | |||||||||||
The following table summarizes the 2015 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31, 2015: | |||||||||||
Balance as of | Balance as of | ||||||||||
December 31, | Restructuring | Cash | March 31, | ||||||||
(in thousands) | 2014 | Charges | Payment | 2015 | |||||||
2015 Restructuring: | |||||||||||
Severance | $ | - | $ | 1,522 | $ | -1,493 | $ | 29 | |||
Leased facilities and equipment | - | 2,253 | -132 | 2,121 | |||||||
Other exit costs | - | 702 | -602 | 100 | |||||||
Total | $ | - | $ | 4,477 | $ | -2,227 | $ | 2,250 |
Fair_Value
Fair Value | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, $1.1 million (par value) of long-term investments were recorded at fair value using Level 3 inputs. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Comprehensive Income Net Of Tax [Abstract] | ||||||||||||||
Comprehensive Income Note [Text Block] | Note 14 – Accumulated Other Comprehensive Loss | |||||||||||||
The changes in accumulated other comprehensive loss by component were as follows: | ||||||||||||||
Foreign | Unrealized | |||||||||||||
currency | loss on | |||||||||||||
translation | investments, | |||||||||||||
(in thousands) | adjustments | net of tax | Other | Total | ||||||||||
Balances, December 31, 2014 | $ | -9,688 | $ | -64 | $ | 277 | $ | -9,475 | ||||||
Other comprehensive gain (loss) before | ||||||||||||||
reclassifications | -3,462 | 5 | - | -3,457 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | - | - | -4 | -4 | ||||||||||
Net current period other comprehensive gain (loss) | -3,462 | 5 | -4 | -3,461 | ||||||||||
Balances, March 31, 2015 | $ | -13,150 | $ | -59 | $ | 273 | $ | -12,936 | ||||||
Amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2015 affected selling, general and administrative expenses. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards | Performance- | |||||||||||
based | ||||||||||||
Restricted | Restricted | |||||||||||
Stock | Restricted | Stock | Stock | |||||||||
(in thousands) | Options | Shares | Units | Units(1) | ||||||||
Unrecognized compensation cost | $ | 6,008 | $ | 552 | $ | 8,990 | $ | 3,289 | ||||
Remaining weighted-average | ||||||||||||
amortization period | 2.3 years | 0.9 years | 3.0 years | 2.2 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 | |||||||||||
March 31, | ||||||||||||
(in thousands) | 2015 | 2014 | ||||||||||
Options granted | 289 | 313 | ||||||||||
Expected term of options | 6.4 years | 7.0 years | ||||||||||
Expected volatility | 35% | 39% | ||||||||||
Risk-free interest rate | 1.89% | 2.00% | ||||||||||
Dividend yield | zero | zero | ||||||||||
Summary Of Stock Options | The following table summarizes 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, 2014 | 2,437 | $ | 20.07 | |||||||||
Granted | 289 | $ | 23.14 | |||||||||
Exercised | -46 | $ | 17.93 | |||||||||
Forfeited or expired | -12 | $ | 22.76 | |||||||||
Outstanding as of March 31, 2015 | 2,668 | $ | 20.43 | 5.35 | $ | 10,670 | ||||||
Exercisable as of March 31, 2015 | 1,859 | $ | 20.09 | 3.48 | $ | 8,389 | ||||||
Restricted Stock [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) | Shares | Fair Value | ||||||||||
Non-vested shares outstanding as of December 31, 2014 | 109 | $ | 16.33 | |||||||||
Vested | -70 | $ | 16.85 | |||||||||
Non-vested shares outstanding as of March 31, 2015 | 39 | $ | 15.38 | |||||||||
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 awards outstanding as of December 31, 2014 | 412 | $ | 20.33 | |||||||||
Granted | 168 | $ | 23.14 | |||||||||
Vested | -120 | $ | 19.57 | |||||||||
Forfeited | -3 | $ | 20.04 | |||||||||
Non-vested awards outstanding as of March 31, 2015 | 457 | $ | 21.57 | |||||||||
Performance-Based Restricted Stock Units [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 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, 2014 | 274 | $ | 18.56 | |||||||||
Granted(1) | 76 | $ | 23.14 | |||||||||
Forfeited or expired | -53 | $ | 18.57 | |||||||||
Non-vested units outstanding as of March 31, 2015 | 297 | $ | 19.74 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Calculation of Basic and Diluted Earnings per Share | Three Months Ended | |||||||
March 31, | ||||||||
(in thousands, except per share data) | 2015 | 2014 | ||||||
Net income | $ | 14,205 | $ | 19,125 | ||||
Denominator for basic earnings per share - | ||||||||
weighted-average number of common | ||||||||
shares outstanding during the period | 52,463 | 53,650 | ||||||
Incremental common shares attributable to | ||||||||
exercise of dilutive options | 391 | 436 | ||||||
Incremental common shares attributable | ||||||||
to outstanding restricted shares and | ||||||||
restricted stock units | 191 | 191 | ||||||
Denominator for diluted earnings per share | 53,045 | 54,277 | ||||||
Basic earnings per share | $ | 0.27 | $ | 0.36 | ||||
Diluted earnings per share | $ | 0.27 | $ | 0.35 | ||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Other Intangible Assets [Abstract] | |||||||||
Goodwill Roll Forward | (in thousands) | Americas | Asia | Total | |||||
Goodwill at December 31, 2014 and March 31, 2015 | $ | 7,868 | $ | 38,102 | $ | 45,970 | |||
Schedule Of Other Intangible Assets | Gross | Net | |||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,056 | $ | -16,813 | $ | 16,243 | |||
Technology licenses | 11,300 | -9,434 | 1,866 | ||||||
Other | 868 | -195 | 673 | ||||||
Other intangible assets, March 31, 2015 | $ | 45,224 | $ | -26,442 | $ | 18,782 | |||
Gross | Net | ||||||||
Carrying | Accumulated | Carrying | |||||||
(in thousands) | Amount | Amortization | Amount | ||||||
Customer relationships | $ | 33,188 | $ | -16,099 | $ | 17,089 | |||
Technology licenses | 11,300 | -9,434 | 1,866 | ||||||
Other | 868 | -190 | 678 | ||||||
Other intangible assets, December 31, 2014 | $ | 45,356 | $ | -25,723 | $ | 19,633 | |||
Schedule Of Estimated Future Amortization Expense | Year ending December 31, | Amount | |||||||
2015 (remaining nine months) | $ | 3,178 | |||||||
2016 | 3,986 | ||||||||
2017 | 2,099 | ||||||||
2018 | 1,574 | ||||||||
2019 | 1,574 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Schedule Of Inventory Costs | Note 6 – Inventories | |||||
Inventory costs are summarized as follows: | ||||||
March 31, | December 31, | |||||
(in thousands) | 2015 | 2014 | ||||
Raw materials | $ | 286,261 | $ | 266,556 | ||
Work in process | 88,352 | 84,673 | ||||
Finished goods | 52,224 | 50,032 | ||||
$ | 426,837 | $ | 401,261 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Schedule Of Income Tax Expense | Note 7 – Income Taxes | |||||
Income tax expense (benefit) consists of the following: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Federal – Current | $ | 127 | $ | 60 | ||
Foreign – Current | 1,421 | -29 | ||||
State – Current | 77 | 48 | ||||
Deferred | 1,818 | 3,293 | ||||
$ | 3,443 | $ | 3,372 | |||
Schedule Of Tax Incentives | Three Months Ended | |||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
China | $ | 353 | $ | 1,507 | ||
Malaysia | 419 | 474 | ||||
Thailand | 962 | 1,253 | ||||
$ | 1,734 | $ | 3,234 | |||
Segment_And_Geographic_Informa1
Segment And Geographic Information (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Segment And Geographic Information [Abstract] | ||||||
Schedule Of Operating Segments | Three Months Ended | |||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Net sales: | ||||||
Americas | $ | 380,982 | $ | 411,501 | ||
Asia | 230,220 | 238,785 | ||||
Europe | 35,699 | 34,161 | ||||
Elimination of intersegment sales | -25,976 | -45,103 | ||||
$ | 620,925 | $ | 639,344 | |||
Depreciation and amortization: | ||||||
Americas | $ | 5,895 | $ | 4,720 | ||
Asia | 4,470 | 4,187 | ||||
Europe | 646 | 734 | ||||
Corporate | 1,127 | 1,157 | ||||
$ | 12,138 | $ | 10,798 | |||
Income from operations: | ||||||
Americas | $ | 12,489 | $ | 15,559 | ||
Asia | 16,185 | 18,220 | ||||
Europe | 1,472 | 780 | ||||
Corporate and intersegment eliminations | -11,438 | -12,127 | ||||
$ | 18,708 | $ | 22,432 | |||
Capital expenditures: | ||||||
Americas | $ | 6,928 | $ | 10,477 | ||
Asia | 7,890 | 2,982 | ||||
Europe | 1,639 | 1,019 | ||||
Corporate | 370 | 138 | ||||
$ | 16,827 | $ | 14,616 | |||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Total assets: | ||||||
Americas | $ | 669,503 | $ | 712,588 | ||
Asia | 670,253 | 666,717 | ||||
Europe | 240,276 | 239,274 | ||||
Corporate and other | 49,375 | 60,310 | ||||
$ | 1,629,407 | $ | 1,678,889 | |||
Schedule Of Geographic Net Sales And Long-Lived Assets | 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 | ||||||
March 31, | ||||||
(in thousands) | 2015 | 2014 | ||||
Geographic net sales: | ||||||
United States | $ | 447,325 | $ | 462,271 | ||
Asia | 82,391 | 87,466 | ||||
Europe | 52,707 | 68,277 | ||||
Other Foreign | 38,502 | 21,330 | ||||
$ | 620,925 | $ | 639,344 | |||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Long-lived assets: | ||||||
United States | $ | 92,442 | $ | 93,679 | ||
Asia | 84,569 | 88,375 | ||||
Europe | 9,046 | 8,114 | ||||
Other Foreign | 28,826 | 28,173 | ||||
$ | 214,883 | $ | 218,341 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Supplemental Cash Flow Information [Abstract] | |||||||
Schedule of Supplemental Cash Flow Information | Note 9 – Supplemental Cash Flow Information | ||||||
The following is additional information concerning supplemental disclosures of cash payments. | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Income taxes paid, net | $ | 1,404 | $ | 703 | |||
Interest paid | 401 | 442 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Restructuring Charges [Abstract] | |||||||||||
Schedule Of Accrued Restructuring | Balance as of | Balance as of | |||||||||
December 31, | Restructuring | Cash | March 31, | ||||||||
(in thousands) | 2014 | Charges | Payment | 2015 | |||||||
2015 Restructuring: | |||||||||||
Severance | $ | - | $ | 1,522 | $ | -1,493 | $ | 29 | |||
Leased facilities and equipment | - | 2,253 | -132 | 2,121 | |||||||
Other exit costs | - | 702 | -602 | 100 | |||||||
Total | $ | - | $ | 4,477 | $ | -2,227 | $ | 2,250 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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, 2014 | $ | -9,688 | $ | -64 | $ | 277 | $ | -9,475 | ||||||
Other comprehensive gain (loss) before | ||||||||||||||
reclassifications | -3,462 | 5 | - | -3,457 | ||||||||||
Amounts reclassified from accumulated | ||||||||||||||
other comprehensive loss | - | - | -4 | -4 | ||||||||||
Net current period other comprehensive gain (loss) | -3,462 | 5 | -4 | -3,461 | ||||||||||
Balances, March 31, 2015 | $ | -13,150 | $ | -59 | $ | 273 | $ | -12,936 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares available for issuance | 3.8 | |
Compensation cost recognized for stock-based awards | $1.90 | $1.40 |
Income tax benefit recognized in the income statement for stock-based awards | 0.6 | 0.6 |
Weighted-average fair value per option granted | $8.76 | $9.74 |
Total cash received as a result of stock option exercises | 0.8 | 5.8 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 1.6 | 1.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $0.30 | $1.50 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Contractual life of options | 10 years | |
Employee Awards [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employee Awards [Member] | Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Employee Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 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 $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $6,008 |
Remaining weighted-average amortization period | 2 years 3 months 18 days |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | 552 |
Remaining weighted-average amortization period | 0 years 10 months 24 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | 8,990 |
Remaining weighted-average amortization period | 3 years 0 months 0 days |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $3,289 |
Remaining weighted-average amortization period | 2 years 2 months 12 days |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted-Average Assumptions) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-Based Compensation [Abstract] | ||
Options granted | 289 | 313 |
Expected term of options | 6 years 4 months 24 days | 7 years |
Expected volatility | 35.00% | 39.00% |
Risk-free interest rate | 1.89% | 2.00% |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-Based Compensation [Abstract] | ||
Number of Options, Outstanding, Beginning balance | 2,437 | |
Number of Options, Granted | 289 | 313 |
Number of Options, Exercised | -46 | |
Number of Options, Forfeited or expired | -12 | |
Number of Options, Outstanding, Ending balance | 2,668 | |
Number of Options, Exercisable at March 31, 2015 | 1,859 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $20.07 | |
Weighted-Average Exercise Price, Granted | $23.14 | |
Weighted-Average Exercise Price, Exercised | $17.93 | |
Weighted-Average Exercise Price, Forfeited or expired | $22.76 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | $20.43 | |
Weighted-Average Exercise Price, Exercisable at March 31, 2015 | $20.09 | |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 5 years 4 months 6 days | |
Weighted-Average Remaining Contractual Term (Years), Exercisable at March 31, 2015 | 3 years 5 months 22 days | |
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $10,670 | |
Aggregate Intrinsic Value, Exercisable at March 31, 2015 | $8,389 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | 109 |
Vested, shares or units | -70 |
Non-vested shares outstanding, shares or units, ending balance | 39 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $16.33 |
Vested, weighted-average grant date fair value | $16.85 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $15.38 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | 412 |
Granted, shares or units | 168 |
Vested, shares or units | -120 |
Forfeited, shares or units | -3 |
Non-vested shares outstanding, shares or units, ending balance | 457 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $20.33 |
Granted, weighted-average grant date fair value | $23.14 |
Vested, weighted-average grant date fair value | $19.57 |
Forfeited, weighted-average grant date fair value | $20.04 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $21.57 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested shares outstanding, shares or units, beginning balance | 274 |
Granted, shares or units | 76 |
Forfeited, shares or units | -53 |
Non-vested shares outstanding, shares or units, ending balance | 297 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $18.56 |
Granted, weighted-average grant date fair value | $23.14 |
Forfeited, weighted-average grant date fair value | $18.57 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $19.74 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share Reconciliation [Line Items] | ||
Net income (loss) | $14,205 | $19,125 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 52,463,000 | 53,650,000 |
Denominator for diluted earnings per share | 53,045,000 | 54,277,000 |
Basic earnings per share | $0.27 | $0.36 |
Diluted earnings per share | $0.27 | $0.35 |
Anti-dilutive options to purchase common shares | 1,000,000 | 1,000,000 |
Stock Options [Member] | ||
Earnings Per Share Reconciliation [Line Items] | ||
Incremental common shares attributable to stock-based awards | 391,000 | 436,000 |
Restricted Shares And Restricted Stock Units [Member] | ||
Earnings Per Share Reconciliation [Line Items] | ||
Incremental common shares attributable to stock-based awards | 191,000 | 191,000 |
Recovered_Sheet1
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $45,970 | $45,970 |
Goodwill, Ending Balance | 45,970 | 45,970 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 7,868 | 7,868 |
Goodwill, Ending Balance | 7,868 | 7,868 |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 38,102 | 38,102 |
Goodwill, Ending Balance | $38,102 | $38,102 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill And Other Intangible Assets [Line Items] | ||
Amortization of other intangible assets | $0.80 | $0.90 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $45,224 | $45,356 |
Accumulated Amortization | -26,442 | -25,723 |
Net Carrying Amount | 18,782 | 19,633 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,056 | 33,188 |
Accumulated Amortization | -16,813 | -16,099 |
Net Carrying Amount | 16,243 | 17,089 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | -9,434 | -9,434 |
Net Carrying Amount | 1,866 | 1,866 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 868 | 868 |
Accumulated Amortization | -195 | -190 |
Net Carrying Amount | $673 | $678 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | |
2015 (remaining nine months) | $3,178 |
2016 | 3,986 |
2017 | 2,099 |
2018 | 1,574 |
2019 | $1,574 |
Borrowing_Facilities_Details
Borrowing Facilities (Details) | 3 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
U.S. Credit Agreement [Member] | U.S. Credit Agreement [Member] | Thailand Subsidiary [Member] | Minimum [Member] | Maximum [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Prime Rate Plus [Member] | Prime Rate Plus [Member] | |
USD ($) | 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% | |||||||
Letters of credit outstanding amount | 1.2 | 1.2 | |||||||
U.S. Credit facility, available for future borrowings | $198.80 | $198.80 | |||||||
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% |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory Costs) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $286,261 | $266,556 |
Work in process | 88,352 | 84,673 |
Finished goods | 52,224 | 50,032 |
Inventories, net | $426,837 | $401,261 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ||
Income tax incentives | $1,734,000 | $3,234,000 |
Net impact of holiday tax incentives, per diluted share | $0.03 | $0.06 |
Unrecognized tax benefits including interest and penalties | 18,000,000 | |
Interest on unrecognized tax | 1,700,000 | |
Penalty on unrecognized tax | 1,600,000 | |
CHINA | ||
Income Taxes [Line Items] | ||
Income tax incentives | 353,000 | 1,507,000 |
Income tax reconciliation tax holidays expiration date | 2015 | |
MALAYSIA | ||
Income Taxes [Line Items] | ||
Income tax incentives | 419,000 | 474,000 |
Income tax reconciliation tax holidays expiration date | 2016 | |
THAILAND | ||
Income Taxes [Line Items] | ||
Income tax incentives | $962,000 | $1,253,000 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes [Abstract] | ||
Federal - Current | $127 | $60 |
Foreign - Current | 1,421 | -29 |
State - Current | 77 | 48 |
Deferred | 1,818 | 3,293 |
Total income tax expense | $3,443 | $3,372 |
Income_Taxes_Schedule_Of_Tax_I
Income Taxes (Schedule Of Tax Incentives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income tax incentives | $1,734 | $3,234 |
CHINA | ||
Income tax incentives | 353 | 1,507 |
MALAYSIA | ||
Income tax incentives | 419 | 474 |
THAILAND | ||
Income tax incentives | $962 | $1,253 |
Segment_And_Geographic_Informa2
Segment And Geographic Information (Operating Segments) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Net sales | $620,925 | $639,344 | |
Depreciation and amortization | 12,138 | 10,798 | |
Income from operations | 18,708 | 22,432 | |
Capital expenditures | 16,827 | 14,616 | |
Total assets | 1,629,407 | 1,678,889 | |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 380,982 | 411,501 | |
Depreciation and amortization | 5,895 | 4,720 | |
Income from operations | 12,489 | 15,559 | |
Capital expenditures | 6,928 | 10,477 | |
Total assets | 669,503 | 712,588 | |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 230,220 | 238,785 | |
Depreciation and amortization | 4,470 | 4,187 | |
Income from operations | 16,185 | 18,220 | |
Capital expenditures | 7,890 | 2,982 | |
Total assets | 670,253 | 666,717 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,699 | 34,161 | |
Depreciation and amortization | 646 | 734 | |
Income from operations | 1,472 | 780 | |
Capital expenditures | 1,639 | 1,019 | |
Total assets | 240,276 | 239,274 | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 49,375 | 60,310 | |
Elimination Of Intersegment Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | -25,976 | -45,103 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 1,127 | 1,157 | |
Capital expenditures | 370 | 138 | |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from operations | ($11,438) | ($12,127) |
Segment_And_Geographic_Informa3
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Geographic net sales | $620,925 | $639,344 |
Long-lived assets | 214,883 | 218,341 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic net sales | 447,325 | 462,271 |
Long-lived assets | 92,442 | 93,679 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic net sales | 82,391 | 87,466 |
Long-lived assets | 84,569 | 88,375 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic net sales | 52,707 | 68,277 |
Long-lived assets | 9,046 | 8,114 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic net sales | 38,502 | 21,330 |
Long-lived assets | $28,826 | $28,173 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Table Of Supplmental Cash Flow Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid, net | $1,404 | $703 |
Interest paid | $401 | $442 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) (2015 [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $0 |
Restructuring charges | 4,477 |
Cash Payment | -2,227 |
Ending Balance | 2,250 |
Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,522 |
Cash Payment | -1,493 |
Ending Balance | 29 |
Lease Facility Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 2,253 |
Cash Payment | -132 |
Ending Balance | 2,121 |
Other Exit Costs | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 702 |
Cash Payment | -602 |
Ending Balance | $100 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Fair Value [Abstract] | |
Long-term investments | $1.10 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive income (loss), net of tax, beginning balance | ($9,475) | |
Other comprehensive gain (loss) before reclassifications | -3,457 | |
Amounts reclassified from accumulated other comprehensive loss | -4 | |
Other comprehensive loss | -3,461 | -44 |
Accumulated other comprehensive income (loss), net of tax, ending balance | -12,936 | |
Foreign currency translaction adjustments [Member] | ||
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive income (loss), net of tax, beginning balance | -9,688 | |
Other comprehensive gain (loss) before reclassifications | -3,462 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Other comprehensive loss | -3,462 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | -13,150 | |
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 | -64 | |
Other comprehensive gain (loss) before reclassifications | 5 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Other comprehensive loss | 5 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | -59 | |
Other [Member] | ||
Accumulated other comprehensive income loss [Line Items] | ||
Accumulated other comprehensive income (loss), net of tax, beginning balance | 277 | |
Other comprehensive gain (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | -4 | |
Other comprehensive loss | -4 | |
Accumulated other comprehensive income (loss), net of tax, ending balance | $273 |