Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BENCHMARK ELECTRONICS INC | |
Entity Central Index Key | 863,436 | |
Trading Symbol | BHE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,140,993 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 409,315 | $ 427,376 |
Accounts receivable, net of allowance for doubtful accounts of $3,033 and $2,943, respectively | 500,713 | 520,389 |
Inventories, net | 444,652 | 401,261 |
Prepaid expenses and other assets | 40,313 | 30,453 |
Income taxes receivable | 4 | 572 |
Deferred income taxes | 4,559 | 8,502 |
Total current assets | 1,399,556 | 1,388,553 |
Long-term investments | 924 | 1,008 |
Property, plant and equipment, net of accumulated depreciation of $366,272 and $350,563 | 185,535 | 190,180 |
Goodwill, net | 45,970 | 45,970 |
Deferred income taxes | 23,955 | 25,017 |
Other, net | 26,561 | 28,161 |
Total assets | 1,682,501 | 1,678,889 |
Current liabilities: | ||
Current installments of capital lease obligations | 724 | 676 |
Accounts payable | 286,379 | 289,786 |
Income taxes payable | 4,725 | 5,470 |
Accrued liabilities | 68,284 | 63,166 |
Total current liabilities | 360,112 | 359,098 |
Capital lease obligations, less current installments | 8,470 | 8,845 |
Other long-term liabilities | 17,487 | 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 - 51,730 and 52,994, respectively | $ 5,173 | $ 5,300 |
Additional paid-in capital | 638,976 | 649,715 |
Retained earnings | 662,456 | 645,500 |
Accumulated other comprehensive loss | (12,279) | (9,475) |
Total shareholders' equity | $ 1,294,326 | 1,291,040 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 1,682,501 | $ 1,678,889 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 3,033 | $ 2,943 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 366,272 | $ 350,563 |
Preferred shares, par value | $ 0.1 | $ 0.1 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | 0 | 0 |
Common shares, par value | $ 0.1 | $ 0.1 |
Common shares, shares authorized | 145,000 | 145,000 |
Common shares, issued | 51,730 | 52,994 |
Common shares, outstanding | 51,730 | 52,994 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Income [Abstract] | ||||
Sales | $ 664,038 | $ 716,868 | $ 1,284,963 | $ 1,356,212 |
Cost of sales | 608,322 | 659,117 | 1,177,468 | 1,247,338 |
Gross profit | 55,716 | 57,751 | 107,495 | 108,874 |
Selling, general and administrative expenses | 27,920 | 28,700 | 56,122 | 56,853 |
Restructuring charges and integration costs | 1,588 | 1,907 | 6,457 | 4,016 |
Thailand flood-related items, net of insurance | 0 | 0 | 0 | (1,571) |
Income from operations | 26,208 | 27,144 | 44,916 | 49,576 |
Interest expense | (497) | (473) | (932) | (949) |
Interest income | 293 | 668 | 725 | 1,183 |
Other income (expense) | 596 | 99 | (461) | 125 |
Income before income taxes | 26,600 | 27,438 | 44,248 | 49,935 |
Income tax expense | 5,390 | 5,288 | 8,833 | 8,660 |
Net income | $ 21,210 | $ 22,150 | $ 35,415 | $ 41,275 |
Earnings per share: | ||||
Basic | $ 0.41 | $ 0.41 | $ 0.68 | $ 0.77 |
Diluted | $ 0.4 | $ 0.41 | $ 0.67 | $ 0.76 |
Weighted-average number of shares outstanding: | ||||
Basic | 52,180 | 53,826 | 52,321 | 53,738 |
Diluted | 52,671 | 54,405 | 52,884 | 54,394 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 21,210 | $ 22,150 | $ 35,415 | $ 41,275 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | 698 | (206) | (2,764) | (233) |
Unrealized gain (loss) on investments, net of tax | (38) | (145) | (33) | (154) |
Other | (3) | (7) | (7) | (15) |
Other comprehensive loss | 657 | (358) | (2,804) | (402) |
Comprehensive income | $ 21,867 | $ 21,792 | $ 32,611 | $ 40,873 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balances, shares at Dec. 31, 2014 | 52,994 | 52,994 | |||
Balances, value at Dec. 31, 2014 | $ 1,291,040 | $ 5,300 | $ 649,715 | $ 645,500 | $ (9,475) |
Stock-based compensation expense | 4,020 | $ 0 | 4,020 | 0 | 0 |
Shares repurchased and retired, shares | (1,461) | ||||
Shares repurchased and retired, value | (34,558) | $ (147) | (15,952) | (18,459) | 0 |
Stock options exercised, shares | 80 | ||||
Stock options exercised, value | 1,471 | $ 8 | 1,463 | 0 | 0 |
Vesting of restricted stock units, shares | 141 | ||||
Vesting of restricted stock units, value | 0 | $ 14 | (14) | 0 | 0 |
Shares withheld for taxes, shares | (24) | ||||
Shares withheld for taxes, value | (571) | $ (2) | (569) | 0 | 0 |
Excess tax benefit of stock-based compensation | 313 | 0 | 313 | 0 | 0 |
Comprehensive income | $ 32,611 | $ 0 | 0 | 35,415 | (2,804) |
Balances, shares at Jun. 30, 2015 | 51,730 | 51,730 | |||
Balances, value at Jun. 30, 2015 | $ 1,294,326 | $ 5,173 | $ 638,976 | $ 662,456 | $ (12,279) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 35,415 | $ 41,275 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 21,778 | 19,841 |
Amortization | 2,702 | 2,358 |
Deferred income taxes | 5,000 | 6,674 |
Gain on the sale of property, plant and equipment | (15) | (69) |
Asset impairments | 84 | 610 |
Thailand flood insurance recovery | 0 | (550) |
Stock-based compensation expense | 4,020 | 3,680 |
Excess tax benefit from stock-based compensation | (340) | (538) |
Changes in operating assets and liabilities, net of effects from business acquisition: | ||
Accounts receivable | 18,606 | 60,259 |
Inventories | (44,446) | (24,738) |
Prepaid expenses and other assets | (10,205) | (5,673) |
Accounts payable | 3,441 | (21,060) |
Accrued liabilities | 4,895 | 6,805 |
Income taxes | 178 | (3,180) |
Net cash provided by operations | 41,113 | 85,694 |
Cash flows from investing activities: | ||
Proceeds from sales and redemptions of investments | 50 | 57 |
Additions to property, plant and equipment | (24,308) | (29,442) |
Proceeds from the sale of property, plant and equipment | 420 | 202 |
Additions to purchased software | (698) | (855) |
Business acquisition, net of cash acquired | 0 | 750 |
Thailand flood property insurance proceeds | 0 | 550 |
Other | 19 | 359 |
Net cash used in investing activities | (24,517) | (28,379) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 1,471 | 10,768 |
Excess tax benefits from stock-based compensation | 340 | 538 |
Principal payments on capital lease obligations | (327) | (281) |
Share repurchases | (34,558) | (11,895) |
Net cash used in financing activities | (33,074) | (870) |
Effect of exchange rate changes | (1,583) | (131) |
Net increase (decrease) in cash and cash equivalents | (18,061) | 56,314 |
Cash and cash equivalents at beginning of year | 427,376 | 345,555 |
Cash and cash equivalents at end of period | $ 409,315 | $ 401,869 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 integrated manufacturing, design and engineering services to original equipment manufacturers (OEMs) of industrial control equipment (including equipment for the aerospace and defense industries), telecommunication equipment, computers & related products for business enterprises, medical devices, and test & 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 reflec t 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 n otes included in the Company’s annual r epor t 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 the se financial statements in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) . Actual results could differ from those estimates . Certain reclassifications of prior period amounts have been made to conf orm to the current presentation . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 Benchmark Electronics, Inc. 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorize s, 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 pric e 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 201 4 . 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 sha reholders in 2002 and expired in 2012. No additional grants may be made under the 2002 P lan. 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 June 30, 2015 , 3.7 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 grant date fair values. The total compensation cost recognized for stock-based awards was $2.1 million and $4.0 million for the three and six months ended June 30, 2015 , respectively, and $2.2 million and $ 3.7 million for the three and six months ended June 30, 2014 , respectively. The total income tax benefit recognized in the condensed income statement for stock-based awards was $1.0 milli on and $1.6 million for the three and six months ended June 30, 2015 , respectively, and $1.0 million and $ 1.7 million for the three and six months ended June 30, 2014 , respectively. The compensation expense for stock-based award s 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 awar ds (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 d ate 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, ba sed 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 June 30, 2015 , 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 $ 5,390 $ 395 $ 8,821 $ 2,972 Remaining weighted-average amortization period 2.0 years 0.6 years 2.6 years 2.0 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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Options granted - 65 289 378 Expected term of options N/A 8.1 years 6.4 years 7.0 years Expected volatility N/A 39% 35% 39% Risk-free interest rate N/A 2.479% 1.886% 2.081% Dividend yield N/A zero zero zero The expected term of the options represents the estimated period of time until exercise and is based on historical experience, giving consideration to the contractual terms, vesting schedules and expectations of future plan participant behavior. Separate groups of plan participants that have similar historical exercise behavior are considered separately for valuation purposes. Expected stock price volatility is based on the historical volatility of the Company’s common shares. The risk-free interest rate i s 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 t he foreseeable future. The weighted-average fair value per option granted during the six months ended June 30, 2015 was $8.76 . The total cash received as a result of stock option exercises for the six months ended June 30, 2015 and 2014 was approximately $1.5 million and $10.8 mi llion, respectively. The tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the six months ended June 30, 2015 and 2014 was $1.9 million and $ 2.3 million, respectively. For the six months ended June 30, 2015 and 2014 , the total intrinsic value of stock options exercised was $0.5 million and $2.7 million, respe ctively . The Company awarde d performance-based restricted stock units to employees during the six months ended June 30, 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 fi nancial 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 margin expansion, and retur n 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 stoc k 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 (80) $ 18.30 Forfeited or expired (15) $ 22.83 Outstanding as of June 30, 2015 2,631 $ 20.45 5.13 $ 6,614 Exercisable as of June 30, 2015 1,847 $ 20.13 3.31 $ 5,461 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 June 30, 2015 for options that had exercise prices that were below the closing price. 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) $ 16.84 Forfeited (1) $ 16.93 Non-vested shares outstanding as of June 30, 2015 38 $ 15.39 The following table summarizes the activities related to the Company’s ti me-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 205 $ 23.28 Vested (142) $ 20.05 Forfeited (6) $ 20.61 Non-vested awards outstanding as of June 30, 2015 469 $ 21.70 The following table summarizes the activi ties 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 instrume nts, 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 t ax 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 Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 Net income $ 21,210 $ 22,150 $ 35,415 $ 41,275 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 52,180 53,826 52,321 53,738 Incremental common shares attributable to exercise of dilutive options 386 443 387 461 Incremental common shares attributable to outstanding restricted shares and restricted stock units 105 136 176 195 Denominator for diluted earnings per share 52,671 54,405 52,884 54,394 Basic earnings per share $ 0.41 $ 0.41 $ 0.68 $ 0.77 Diluted earnings per share $ 0.40 $ 0.41 $ 0.67 $ 0.76 Options to purc hase 1.0 million common shares for both the three- and six- month periods ended June 30, 2015 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Options to purchase 0.7 million common shares for both the three- and six- month periods ended June 30, 2014 were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets G oodwill allocated to the Co mpany’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill at December 31, 2014 and June 30, 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 June 30, 2015 and December 31, 2014 were as follows: Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 33,081 $ (17,662) $ 15,419 Technology licenses 11,300 (9,709) 1,591 Other 868 (201) 667 Other intangible assets, June 30, 2015 $ 45,249 $ (27,572) $ 17,677 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 six months ended June 30, 2015 and 2014 was $ 1.9 million and $1.7 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 six months) $ 2,059 2016 3,996 2017 2,102 2018 1,574 2019 1,574 |
Borrowing Facilities
Borrowing Facilities | 6 Months Ended |
Jun. 30, 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 Agreemen t 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 June 30, 2015 and December 31, 2014 , the Company had no borrowings outstanding unde r the Credit Agreement, $1.6 million and $1.2 million , respectively, in outstanding letters of credit and $198.4 million and $198.8 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 d omestic 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 covena nts 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 June 30, 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 work ing 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 Octobe r 2015. As of both June 30, 2015 and December 31, 2014 , there were no working capital borrowings outstanding under the facility. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 6 – Inventories Inventory costs are summarized as follows: June 30, December 31, (in thousands) 2015 2014 Raw materials $ 299,942 $ 266,556 Work in process 84,127 84,673 Finished goods 60,583 50,032 $ 444,652 $ 401,261 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 7 – Income Taxes Income tax expense consists of the following: Six Months Ended June 30, (in thousands) 2015 2014 Federal – Current $ 320 $ 361 Foreign – Current 3,321 1,330 State – Current 192 295 Deferred 5,000 6,674 $ 8,833 $ 8,660 I ncome 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 undistr ibuted 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 six months ended June 30, 2015 and 2014 by approximately $4.6 million (approximately $0.09 per diluted share) and $6.5 million (approximately $0. 12 per diluted share), respectively , as follows: Six Months Ended June 30, (in thousands) 2015 2014 China $ 950 $ 1,876 Malaysia 1,109 1,214 Thailand 2,515 3,362 $ 4,574 $ 6,452 As of June 30, 2015 , the total amount of the reserve for uncertain tax benefits including interest and penalties was $17.9 million. The reserve is classified as a current or long-term liability in the condensed consolidated balance sheet s 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 June 30, 2015 , was $1.7 million an d $1.6 million. No material changes affected the reserve during the six months ended June 30, 2015 . The Company and its subsidiaries in Brazil, China, Ireland, Luxembourg, Malaysia, Mexico, the Netherlands, Romania, Singapore, Thaila nd and the United States remain open to examination by the various local taxing authorities, in total or in part, for fiscal years 2004 to 201 4 . During the course of such examinations, disputes may occur as to matters of fact or law. Also, in most tax juri sdictions , 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 ad equately provided for its tax liabilities. |
Segment And Geographic Informat
Segment And Geographic Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 8 – Segment and Geographic Information The Company currently has manufact uring 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 Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Net sales: Americas $ 413,642 $ 440,869 $ 794,624 $ 852,370 Asia 242,989 268,609 473,209 507,394 Europe 35,549 36,522 71,248 70,683 Elimination of intersegment sales (28,142) (29,132) (54,118) (74,235) $ 664,038 $ 716,868 $ 1,284,963 $ 1,356,212 Depreciation and amortization: Americas $ 6,234 $ 5,229 $ 12,129 $ 9,949 Asia 4,332 4,224 8,802 8,411 Europe 600 744 1,246 1,478 Corporate 1,176 1,204 2,303 2,361 $ 12,342 $ 11,401 $ 24,480 $ 22,199 Income from operations: Americas $ 19,523 $ 19,527 $ 32,012 $ 35,086 Asia 17,742 18,102 33,927 36,322 Europe 1,828 1,466 3,300 2,246 Corporate and intersegment eliminations (12,885) (11,951) (24,323) (24,078) $ 26,208 $ 27,144 $ 44,916 $ 49,576 Capital expenditures: Americas $ 3,412 $ 12,891 $ 10,340 $ 23,368 Asia 1,506 724 9,396 3,706 Europe 1,657 1,549 3,296 2,568 Corporate 1,604 517 1,974 655 $ 8,179 $ 15,681 $ 25,006 $ 30,297 June 30, December 31, 2015 2014 Total assets: Americas $ 696,763 $ 712,588 Asia 698,142 666,717 Europe 241,172 239,274 Corporate and other 46,424 60,310 $ 1,682,501 $ 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 Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Geographic net sales: United States $ 491,834 $ 522,135 $ 939,159 $ 984,406 Asia 79,620 96,975 162,011 184,441 Europe 48,767 68,574 101,474 136,851 Other Foreign 43,817 29,184 82,319 50,514 $ 664,038 $ 716,868 $ 1,284,963 $ 1,356,212 June 30, December 31, 2015 2014 Long-lived assets: United States $ 88,616 $ 93,679 Asia 81,471 88,375 Europe 10,446 8,114 Other 31,563 28,173 $ 212,096 $ 218,341 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 9 – Supplemental Cash Flow Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Income taxes paid, net $ 2,452 $ 4,390 $ 3,856 $ 5,093 Interest paid 449 424 850 866 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 Acco
Impact Of Recently Enacted Accounting Standards | 6 Months Ended |
Jun. 30, 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 July 2015, the Financial Accounting Standards Board (FASB) issued an accounting standards update, which applies to inventory that is measured using first-in, first-out or average cost, with new guidance on simplifying the measurement of inventory. Inventory within the scope of this update is required to be measured at the lower of its cost or net realizable value, with net realizable value being the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The standards update is effective prospectively for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In May 2014, the 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 discl osures 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 eff ect transition method, with early application not permitted. In July 2015, the FASB deferred the effective date of the new reve nue standard. As a result , the Company will be required to adopt the new s tandard as of January 1, 2018. Early adoption is permit ted to the original effective date of January 1, 2 017. 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 stan dard 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. A s 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 operation s. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 12 – Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improv e 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 c ost 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 accru ed restru cturing balances related to the restructuring activities initiated prior to June 30, 2015 : Balance as of Balance as of December 31, Restructuring Cash Non-Cash June 30, (in thousands) 2014 Charges Payment Activity 2015 2015 Restructuring: Severance $ - $ 1,633 $ (1,633) - $ - Leased facilities and equipment - 2,253 (530) - 1,723 Other exit costs - 1,278 (943) (3) 332 Total $ - $ 5,164 $ (3,106) (3) $ 2,055 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 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 det ermine 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 significan t valu e 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 inpu ts 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 June 30, 2015 , $1.0 million (par value) of long-term inv estmen ts were recorded at fair value using Level 3 inputs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Comprehensive Income Note [Text Block] | Note 14 – Accumulated Other Comprehensive Loss The changes in accumulated other c omprehensive loss by component we re 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 loss before reclassifications (2,764) (33) - (2,797) Amounts reclassified from accumulated other comprehensive loss - - (7) (7) Net current period other comprehensive loss (2,764) (33) (7) (2,804) Balances, June 30, 2015 $ (12,452) $ (97) $ 270 $ (12,279) Amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 2015 affected selling, general and administrative expenses. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 | As of June 30, 2015 , 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 $ 5,390 $ 395 $ 8,821 $ 2,972 Remaining weighted-average amortization period 2.0 years 0.6 years 2.6 years 2.0 years (1) Based on the probable achievement of the performance goals identified in each award. |
Weighted-Average Assumptions Used To Value The Options Granted | The weighted-average assumptions used to value the options granted during the three and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Options granted - 65 289 378 Expected term of options N/A 8.1 years 6.4 years 7.0 years Expected volatility N/A 39% 35% 39% Risk-free interest rate N/A 2.479% 1.886% 2.081% Dividend yield N/A zero 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 (80) $ 18.30 Forfeited or expired (15) $ 22.83 Outstanding as of June 30, 2015 2,631 $ 20.45 5.13 $ 6,614 Exercisable as of June 30, 2015 1,847 $ 20.13 3.31 $ 5,461 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-Based Awards | 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) $ 16.84 Forfeited (1) $ 16.93 Non-vested shares outstanding as of June 30, 2015 38 $ 15.39 |
Restricted Stock Units (RSUs) [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 ti me-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 205 $ 23.28 Vested (142) $ 20.05 Forfeited (6) $ 20.61 Non-vested awards outstanding as of June 30, 2015 469 $ 21.70 |
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 activi ties 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 June 30, 2015 297 $ 19.74 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 Net income $ 21,210 $ 22,150 $ 35,415 $ 41,275 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 52,180 53,826 52,321 53,738 Incremental common shares attributable to exercise of dilutive options 386 443 387 461 Incremental common shares attributable to outstanding restricted shares and restricted stock units 105 136 176 195 Denominator for diluted earnings per share 52,671 54,405 52,884 54,394 Basic earnings per share $ 0.41 $ 0.41 $ 0.68 $ 0.77 Diluted earnings per share $ 0.40 $ 0.41 $ 0.67 $ 0.76 |
Goodwill And Other Intangible24
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill Roll Forward | G oodwill allocated to the Co mpany’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill at December 31, 2014 and June 30, 2015 $ 7,868 $ 38,102 $ 45,970 |
Schedule Of Other Intangible Assets | Other intangible assets as of June 30, 2015 and December 31, 2014 were as follows: Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 33,081 $ (17,662) $ 15,419 Technology licenses 11,300 (9,709) 1,591 Other 868 (201) 667 Other intangible assets, June 30, 2015 $ 45,249 $ (27,572) $ 17,677 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 | 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 six months) $ 2,059 2016 3,996 2017 2,102 2018 1,574 2019 1,574 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | Note 6 – Inventories Inventory costs are summarized as follows: June 30, December 31, (in thousands) 2015 2014 Raw materials $ 299,942 $ 266,556 Work in process 84,127 84,673 Finished goods 60,583 50,032 $ 444,652 $ 401,261 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 7 – Income Taxes Income tax expense consists of the following: Six Months Ended June 30, (in thousands) 2015 2014 Federal – Current $ 320 $ 361 Foreign – Current 3,321 1,330 State – Current 192 295 Deferred 5,000 6,674 $ 8,833 $ 8,660 |
Schedule Of Tax Incentives | Six Months Ended June 30, (in thousands) 2015 2014 China $ 950 $ 1,876 Malaysia 1,109 1,214 Thailand 2,515 3,362 $ 4,574 $ 6,452 |
Segment And Geographic Inform27
Segment And Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Operating Segments | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Net sales: Americas $ 413,642 $ 440,869 $ 794,624 $ 852,370 Asia 242,989 268,609 473,209 507,394 Europe 35,549 36,522 71,248 70,683 Elimination of intersegment sales (28,142) (29,132) (54,118) (74,235) $ 664,038 $ 716,868 $ 1,284,963 $ 1,356,212 Depreciation and amortization: Americas $ 6,234 $ 5,229 $ 12,129 $ 9,949 Asia 4,332 4,224 8,802 8,411 Europe 600 744 1,246 1,478 Corporate 1,176 1,204 2,303 2,361 $ 12,342 $ 11,401 $ 24,480 $ 22,199 Income from operations: Americas $ 19,523 $ 19,527 $ 32,012 $ 35,086 Asia 17,742 18,102 33,927 36,322 Europe 1,828 1,466 3,300 2,246 Corporate and intersegment eliminations (12,885) (11,951) (24,323) (24,078) $ 26,208 $ 27,144 $ 44,916 $ 49,576 Capital expenditures: Americas $ 3,412 $ 12,891 $ 10,340 $ 23,368 Asia 1,506 724 9,396 3,706 Europe 1,657 1,549 3,296 2,568 Corporate 1,604 517 1,974 655 $ 8,179 $ 15,681 $ 25,006 $ 30,297 June 30, December 31, 2015 2014 Total assets: Americas $ 696,763 $ 712,588 Asia 698,142 666,717 Europe 241,172 239,274 Corporate and other 46,424 60,310 $ 1,682,501 $ 1,678,889 |
Schedule Of Geographic Net Sales And Long-Lived Assets | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Geographic net sales: United States $ 491,834 $ 522,135 $ 939,159 $ 984,406 Asia 79,620 96,975 162,011 184,441 Europe 48,767 68,574 101,474 136,851 Other Foreign 43,817 29,184 82,319 50,514 $ 664,038 $ 716,868 $ 1,284,963 $ 1,356,212 June 30, December 31, 2015 2014 Long-lived assets: United States $ 88,616 $ 93,679 Asia 81,471 88,375 Europe 10,446 8,114 Other 31,563 28,173 $ 212,096 $ 218,341 |
Supplemental Cash Flow Inform28
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Cash Flow Information | Note 9 – Supplemental Cash Flow Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Income taxes paid, net $ 2,452 $ 4,390 $ 3,856 $ 5,093 Interest paid 449 424 850 866 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2015 activity in the accru ed restru cturing balances related to the restructuring activities initiated prior to June 30, 2015 : Balance as of Balance as of December 31, Restructuring Cash Non-Cash June 30, (in thousands) 2014 Charges Payment Activity 2015 2015 Restructuring: Severance $ - $ 1,633 $ (1,633) - $ - Leased facilities and equipment - 2,253 (530) - 1,723 Other exit costs - 1,278 (943) (3) 332 Total $ - $ 5,164 $ (3,106) (3) $ 2,055 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The changes in accumulated other c omprehensive loss by component we re 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 loss before reclassifications (2,764) (33) - (2,797) Amounts reclassified from accumulated other comprehensive loss - - (7) (7) Net current period other comprehensive loss (2,764) (33) (7) (2,804) Balances, June 30, 2015 $ (12,452) $ (97) $ 270 $ (12,279) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 3.7 | 3.7 | ||
Compensation cost recognized for stock-based awards | $ 2.1 | $ 2.2 | $ 4 | $ 3.7 |
Income tax benefit recognized in the income statement for stock-based awards | $ 1 | $ 1 | $ 1.6 | 1.7 |
Weighted-average fair value per option granted | $ 8.76 | |||
Total cash received as a result of stock option exercises | $ 1.5 | 10.8 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 1.9 | 2.3 | ||
Total intrinsic value of stock options exercised | $ 0.5 | $ 2.7 | ||
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 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Period) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 5,390 |
Remaining weighted-average amortization period | 2 years |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 395 |
Remaining weighted-average amortization period | 7 months 6 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 8,821 |
Remaining weighted-average amortization period | 2 years 7 months 6 days |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 2,972 |
Remaining weighted-average amortization period | 2 years |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted-Average Assumptions) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-Based Compensation [Abstract] | ||||
Options granted | 0 | 65 | 289 | 378 |
Expected term of options | 8 years 1 month 6 days | 6 years 4 months 24 days | 7 years | |
Expected volatility | 39.00% | 35.00% | 39.00% | |
Risk-free interest rate | 2.479% | 1.886% | 2.081% | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-Based Compensation [Abstract] | ||||
Number of Options, Outstanding, Beginning balance | 2,437 | |||
Number of Options, Granted | 0 | 65 | 289 | 378 |
Number of Options, Forfeited or expired | (15) | |||
Number of Options, Outstanding, Ending balance | 2,631 | 2,631 | ||
Number of Options, Exercisable at June 30, 2015 | 1,847 | 1,847 | ||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 20.07 | |||
Weighted-Average Exercise Price, Granted | 23.14 | |||
Weighted-Average Exercise Price, Exercised | 18.3 | |||
Weighted-Average Exercise Price, Forfeited or expired | 22.83 | |||
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 20.45 | 20.45 | ||
Weighted-Average Exercise Price, Exercisable at June 30, 2015 | $ 20.13 | $ 20.13 | ||
Weighted-Average Remaining Contractual Term (Years), Outstanding | 5 years 1 month 16 days | |||
Weighted-Average Remaining Contractual Term (Years), Exercisable at March 31, 2015 | 3 years 3 months 21 days | |||
Aggregate Intrinsic Value, Outstanding at June 30, 2015 | $ 6,614 | $ 6,614 | ||
Aggregate Intrinsic Value, Exercisable at June 30, 2015 | $ 5,461 | $ 5,461 |
Stock-Based Compensation (Sum35
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) - 6 months ended Jun. 30, 2015 - $ / shares shares in Thousands | Total |
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) |
Forfeited, shares or units | (1) |
Non-vested shares outstanding, shares or units, ending balance | 38 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 16.33 |
Vested, weighted-average grant date fair value | 16.84 |
Forfeited, weighted-average grant date fair value | 16.93 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 15.39 |
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 | 205 |
Vested, shares or units | (142) |
Forfeited, shares or units | (6) |
Non-vested shares outstanding, shares or units, ending balance | 469 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ 20.33 |
Granted, weighted-average grant date fair value | 23.28 |
Vested, weighted-average grant date fair value | 20.05 |
Forfeited, weighted-average grant date fair value | 20.61 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ 21.7 |
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net income (loss) | $ 21,210 | $ 22,150 | $ 35,415 | $ 41,275 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 52,180 | 53,826 | 52,321 | 53,738 |
Denominator for diluted earnings per share | 52,671 | 54,405 | 52,884 | 54,394 |
Basic earnings per share | $ 0.41 | $ 0.41 | $ 0.68 | $ 0.77 |
Diluted earnings per share | $ 0.4 | $ 0.41 | $ 0.67 | $ 0.76 |
Anti-dilutive options to purchase common shares | 1,000 | 700 | 1,000 | 700 |
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 386 | 443 | 387 | 461 |
Restricted Shares And Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 105 | 136 | 176 | 195 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 45,970 |
Goodwill, Ending Balance | 45,970 |
Americas [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 7,868 |
Goodwill, Ending Balance | 7,868 |
Asia [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 38,102 |
Goodwill, Ending Balance | $ 38,102 |
Goodwill And Other Intangible38
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Amortization of other intangible assets | $ 1.9 | $ 1.7 |
Customer Relationships [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Estimated useful life | 10 years |
Goodwill And Other Intangible39
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 45,249 | $ 45,356 |
Accumulated Amortization | (27,572) | (25,723) |
Net Carrying Amount | 17,677 | 19,633 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,081 | 33,188 |
Accumulated Amortization | (17,662) | (16,099) |
Net Carrying Amount | 15,419 | 17,089 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | (9,709) | (9,434) |
Net Carrying Amount | 1,591 | 1,866 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 868 | 868 |
Accumulated Amortization | (201) | (190) |
Net Carrying Amount | $ 667 | $ 678 |
Goodwill And Other Intangible40
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2015 (remaining six months) | $ 2,059 |
2,016 | 3,996 |
2,017 | 2,102 |
2,018 | 1,574 |
2,019 | $ 1,574 |
Borrowing Facilities (Details)
Borrowing Facilities (Details) THB in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2015THB | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility | $ 200 | |||
Revolving credit facility, term period | 5 years | |||
U.S. revolving credit facility, maturity date | Jul. 30, 2017 | |||
Possible increase to the borrowing capacity of U.S. credit agreement | $ 100 | |||
Letters of credit outstanding amount | 1.6 | $ 1.2 | ||
U.S. Credit facility, available for future borrowings | $ 198.4 | $ 198.8 | ||
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% | |||
Thailand Subsidiary [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility | THB | THB 350 | |||
Minimum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 0.30% | |||
Maximum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
U.S. Credit facility, commitment fee | 0.40% | |||
LIBOR Plus [Member] | Minimum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
LIBOR Plus [Member] | Maximum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
Prime Rate Plus [Member] | Minimum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
Prime Rate Plus [Member] | Maximum [Member] | U.S. Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 299,942 | $ 266,556 |
Work in process | 84,127 | 84,673 |
Finished goods | 60,583 | 50,032 |
Inventories, net | $ 444,652 | $ 401,261 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | ||
Income tax incentives | $ 4,574 | $ 6,452 |
Net impact of holiday tax incentives, per diluted share | $ 0.09 | $ 0.12 |
Unrecognized tax benefits including interest and penalties | $ 17,900 | |
Interest on unrecognized tax | 1,700 | |
Penalty on unrecognized tax | 1,600 | |
CHINA | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 950 | $ 1,876 |
Income tax reconciliation tax holidays expiration date | 2,015 | |
MALAYSIA | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 1,109 | 1,214 |
Income tax reconciliation tax holidays expiration date | 2,016 | |
THAILAND | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 2,515 | $ 3,362 |
Income tax reconciliation tax holidays expiration date | 2,026 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Federal - Current | $ 320 | $ 361 | ||
Foreign - Current | 3,321 | 1,330 | ||
State - Current | 192 | 295 | ||
Deferred | 5,000 | 6,674 | ||
Total income tax expense | $ 5,390 | $ 5,288 | $ 8,833 | $ 8,660 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income tax incentives | $ 4,574 | $ 6,452 |
CHINA | ||
Income tax incentives | 950 | 1,876 |
MALAYSIA | ||
Income tax incentives | 1,109 | 1,214 |
THAILAND | ||
Income tax incentives | $ 2,515 | $ 3,362 |
Segment And Geographic Inform46
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 664,038 | $ 716,868 | $ 1,284,963 | $ 1,356,212 | |
Depreciation and amortization | 12,342 | 11,401 | 24,480 | 22,199 | |
Income from operations | 26,208 | 27,144 | 44,916 | 49,576 | |
Capital expenditures | 8,179 | 15,681 | 25,006 | 30,297 | |
Total assets | 1,682,501 | 1,682,501 | $ 1,678,889 | ||
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 413,642 | 440,869 | 794,624 | 852,370 | |
Depreciation and amortization | 6,234 | 5,229 | 12,129 | 9,949 | |
Income from operations | 19,523 | 19,527 | 32,012 | 35,086 | |
Capital expenditures | 3,412 | 12,891 | 10,340 | 23,368 | |
Total assets | 696,763 | 696,763 | 712,588 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 242,989 | 268,609 | 473,209 | 507,394 | |
Depreciation and amortization | 4,332 | 4,224 | 8,802 | 8,411 | |
Income from operations | 17,742 | 18,102 | 33,927 | 36,322 | |
Capital expenditures | 1,506 | 724 | 9,396 | 3,706 | |
Total assets | 698,142 | 698,142 | 666,717 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 35,549 | 36,522 | 71,248 | 70,683 | |
Depreciation and amortization | 600 | 744 | 1,246 | 1,478 | |
Income from operations | 1,828 | 1,466 | 3,300 | 2,246 | |
Capital expenditures | 1,657 | 1,549 | 3,296 | 2,568 | |
Total assets | 241,172 | 241,172 | 239,274 | ||
Corporate And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 46,424 | 46,424 | $ 60,310 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (28,142) | (29,132) | (54,118) | (74,235) | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 1,176 | 1,204 | 2,303 | 2,361 | |
Capital expenditures | 1,604 | 517 | 1,974 | 655 | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | $ (12,885) | $ (11,951) | $ (24,323) | $ (24,078) |
Segment And Geographic Inform47
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 664,038 | $ 716,868 | $ 1,284,963 | $ 1,356,212 | |
Long-lived assets | 212,096 | 212,096 | $ 218,341 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 491,834 | 522,135 | 939,159 | 984,406 | |
Long-lived assets | 88,616 | 88,616 | 93,679 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 79,620 | 96,975 | 162,011 | 184,441 | |
Long-lived assets | 81,471 | 81,471 | 88,375 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 48,767 | 68,574 | 101,474 | 136,851 | |
Long-lived assets | 10,446 | 10,446 | 8,114 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 43,817 | $ 29,184 | 82,319 | $ 50,514 | |
Long-lived assets | $ 31,563 | $ 31,563 | $ 28,173 |
Supplemental Cash Flow Inform48
Supplemental Cash Flow Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 2,452 | $ 4,390 | $ 3,856 | $ 5,093 |
Interest paid | $ 449 | $ 424 | $ 850 | $ 866 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) - 2015 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 0 |
Restructuring charges | 5,164 |
Cash payment | (3,106) |
Non-cash activity | (3) |
Ending Balance | 2,055 |
Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,633 |
Cash payment | (1,633) |
Non-cash activity | 0 |
Ending Balance | 0 |
Lease Facility Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 2,253 |
Cash payment | (530) |
Non-cash activity | 0 |
Ending Balance | 1,723 |
Other Exit Costs | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,278 |
Cash payment | (943) |
Non-cash activity | (3) |
Ending Balance | $ 332 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Millions | Jun. 30, 2015USD ($) |
Fair Value [Abstract] | |
Long-term investments | $ 1 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | $ (9,475) | |||
Other comprehensive loss before reclassifications | (2,797) | |||
Amounts reclassified from accumulated other comprehensive loss | (7) | |||
Other comprehensive loss | $ 657 | $ (358) | (2,804) | $ (402) |
Accumulated other comprehensive income (loss), net of tax, ending balance | (12,279) | (12,279) | ||
Foreign currency translation adjustments [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | (9,688) | |||
Other comprehensive loss before reclassifications | (2,764) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive loss | (2,764) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | (12,452) | (12,452) | ||
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 loss before reclassifications | (33) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive loss | (33) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | (97) | (97) | ||
Other [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning balance | 277 | |||
Other comprehensive loss before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | (7) | |||
Other comprehensive loss | (7) | |||
Accumulated other comprehensive income (loss), net of tax, ending balance | $ 270 | $ 270 |