Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 49,723,053 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 730,146 | $ 681,433 |
Accounts receivable, net of allowance for doubtful accounts of $1,802 and $2,838, respectively | 411,550 | 440,692 |
Inventories, net | 421,858 | 381,334 |
Prepaid expenses and other assets | 42,150 | 28,057 |
Income taxes receivable | 199 | 146 |
Total current assets | 1,605,903 | 1,531,662 |
Property, plant and equipment, net of accumulated depreciation of $423,520 and $406,375, respectively | 178,122 | 166,148 |
Goodwill | 191,616 | 191,616 |
Deferred income taxes | 4,908 | 6,572 |
Other, net | 96,157 | 102,670 |
Total assets | 2,076,706 | 1,998,668 |
Current liabilities: | ||
Current installments of long-term debt and capital lease obligations | 16,804 | 12,396 |
Accounts payable | 335,315 | 326,249 |
Income taxes payable | 3,629 | 3,534 |
Accrued liabilities | 90,045 | 70,202 |
Total current liabilities | 445,793 | 412,381 |
Long-term debt and capital lease obligations, less current installments | 197,766 | 211,252 |
Other long-term liabilities | 8,236 | 9,570 |
Shareholders' equity: | ||
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 49,822 and 49,330, respectively | 4,982 | 4,933 |
Additional paid-in capital | 640,472 | 626,306 |
Retained earnings | 788,939 | 748,402 |
Accumulated other comprehensive loss | (9,482) | (14,176) |
Total shareholders' equity | 1,424,911 | 1,365,465 |
Total liabilities and shareholders' equity | $ 2,076,706 | $ 1,998,668 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 1,802 | $ 2,838 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 423,520 | $ 406,375 |
Preferred shares, par value | $ 0.1 | $ 0.1 |
Preferred shares, shares authorized | 5,000 | 5,000 |
Preferred shares, issued | 0 | 0 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 145,000 | 145,000 |
Common stock, issued | 49,822 | 49,330 |
Common stock, outstanding | 49,822 | 49,330 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statements Of Income [Abstract] | ||||
Sales | $ 603,550 | $ 574,341 | $ 1,786,955 | $ 1,702,908 |
Cost of sales | 545,395 | 521,519 | 1,621,153 | 1,546,915 |
Gross profit | 58,155 | 52,822 | 165,802 | 155,993 |
Selling, general and administrative expenses | 32,093 | 28,085 | 97,079 | 85,082 |
Amortization of intangible assets | 2,736 | 3,170 | 7,698 | 8,945 |
Restructuring charges and other costs | 2,511 | 3,485 | 5,566 | 9,876 |
Income from operations | 20,815 | 18,082 | 55,459 | 52,090 |
Interest expense | (2,324) | (2,302) | (6,861) | (6,935) |
Interest income | 1,334 | 577 | 3,621 | 1,170 |
Other expense, net | (394) | (383) | (1,305) | (535) |
Income before income taxes | 19,431 | 15,974 | 50,914 | 45,790 |
Income tax expense (benefit) | 1,919 | (5,768) | 6,539 | 311 |
Net income | $ 17,512 | $ 21,742 | $ 44,375 | $ 45,479 |
Earnings per share: | ||||
Basic | $ 0.35 | $ 0.44 | $ 0.89 | $ 0.92 |
Diluted | $ 0.35 | $ 0.44 | $ 0.88 | $ 0.91 |
Weighted-average number of shares outstanding: | ||||
Basic | 49,865 | 48,965 | 49,716 | 49,377 |
Diluted | 50,330 | 49,414 | 50,292 | 49,878 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 17,512 | $ 21,742 | $ 44,375 | $ 45,479 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,313 | 299 | 4,434 | 815 |
Unrealized gain on investments, net of tax | 3 | 1 | 19 | 17 |
Unrealized gain (loss) on derivative, net of tax | 89 | 765 | 254 | (2,134) |
Other | 0 | (1) | (13) | (1) |
Net current period other comprehensive gain (loss) | 1,405 | 1,064 | 4,694 | (1,303) |
Comprehensive income | $ 18,917 | $ 22,806 | $ 49,069 | $ 44,176 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 9 months ended Sep. 30, 2017 - 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, 2016 | 49,330 | 49,330 | |||
Balances, value at Dec. 31, 2016 | $ 1,365,465 | $ 4,933 | $ 626,306 | $ 748,402 | $ (14,176) |
Stock-based compensation expense | $ 6,819 | $ 0 | 6,819 | 0 | 0 |
Shares repurchased and retired, shares | (183) | (183) | |||
Shares repurchased and retired, value | $ (5,887) | $ (18) | (2,031) | (3,838) | 0 |
Stock options exercised, shares | 502 | 502 | |||
Stock options exercised, value | $ 9,828 | $ 50 | 9,778 | 0 | 0 |
Vesting of restricted stock units, shares | 185 | 185 | |||
Vesting of restricted stock units, value | $ 0 | $ 18 | (18) | 0 | 0 |
Shares withheld for taxes, shares | (12) | (12) | |||
Shares withheld for taxes, value | $ (383) | $ (1) | (382) | 0 | 0 |
Net income | 44,375 | 0 | 0 | 44,375 | 0 |
Other comprehensive loss | $ 4,694 | $ 0 | 0 | 0 | 4,694 |
Balances, shares at Sep. 30, 2017 | 49,822 | 49,822 | |||
Balances, value at Sep. 30, 2017 | $ 1,424,911 | $ 4,982 | $ 640,472 | $ 788,939 | $ (9,482) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 44,375 | $ 45,479 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 27,452 | 31,623 |
Amortization | 9,139 | 10,379 |
Deferred income taxes | 1,505 | 2,577 |
Gain on the sale of property, plant and equipment | (194) | (119) |
Asset impairments | 42 | 121 |
Stock-based compensation expense | 6,819 | 4,302 |
Excess tax benefit from stock-based compensation | 0 | (299) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts receivable | 30,926 | 61,776 |
Inventories | (38,778) | 13,991 |
Prepaid expenses and other assets | (12,066) | (302) |
Accounts payable | 3,922 | 59,183 |
Accrued liabilities | 15,637 | 19 |
Income taxes | 1,111 | (146) |
Net cash provided by operations | 89,890 | 228,584 |
Cash flows from investing activities: | ||
Proceeds from sales of investments at par | 250 | 200 |
Additions to property, plant and equipment | (35,033) | (24,126) |
Proceeds from the sale of property, plant and equipment | 270 | 237 |
Additions to purchased software | (2,703) | (1,272) |
Business acquisitions, net of cash acquired | 0 | 10,750 |
Other | (156) | (224) |
Net cash used in investing activities | (37,372) | (14,435) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 9,828 | 5,544 |
Employee taxes paid for shares withheld | (383) | (554) |
Excess tax benefits from stock-based compensation | 0 | 299 |
Principal payments on long-term debt and capital lease obligations | (9,288) | (9,224) |
Share repurchases | (5,887) | (40,862) |
Debt issuance costs | (433) | 0 |
Net cash used in financing activities | (6,163) | (44,797) |
Effect of exchange rate changes | 2,358 | 336 |
Net increase in cash and cash equivalents | 48,713 | 169,688 |
Cash and cash equivalents at beginning of year | 681,433 | 465,995 |
Cash and cash equivalents at end of period | $ 730,146 | $ 635,683 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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 electronic manufacturing services (EMS) , engineering and design services, and precision machining services . The Company provides services to original equipment manufacturers (OEMs) in the f ollowing industries: industrial controls, aerospace and defense (A&D), telecommunications, computers and related products for business enterprises, medical devices, and test and instrumentation . The Company has manufacturing operations located in the Unite d States and Mexico (the Americas ) , Asia and Europe. The unaudited condensed consolidated financial statements included herein have been prepared by the Company 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 f or 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 i n the Company’s annual r eport on Form 10 -K for the year ended December 31, 2016 (the 2016 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 an d liabilities to prepare these financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) . Actual results could differ from those estimates and assumptions. Effective January 1, 2017, the Company adopted a new accounting standard update that simplifies several aspects of the accounting for employee share-based payment transactions, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the Condensed Consolidated Statements of Cash Flows. As required by this standard, excess tax benefits recognized on stock-based compensation expense are reflected in the accompanying Condensed Consolidated Income Statement as a component of the provisi on for income taxes on a prospective basis (See Note 8 ). As a result of including the income tax effects from excess tax benefits in income tax expense, the effects of the excess tax benefits are no longer included in the calculation of diluted share s outstanding, resulting in an increase in the number of diluted shares outstanding. The Company adopted this change in the method of calculating diluted shares outstanding on a prospective basis. Additionally, excess tax benefits or deficiencies recognize d on stock-based compensation expense are classified as an operating activity in the accompanying Condensed Consolidated Statements of Cash Flows. The Company has applied this provision prospectively. Additionally, t he Company is now required to present th e cost of shares withheld from the employee to satisfy the employees’ income tax liability as a financing activity on the statement of cash flows rather than as an operating cash flow. The Company adopted this change retrospectively . As a result, for the nine months ended September 30, 2016 , net cash provided by operations increased by $0.6 million with a corresponding offset to net cash used in financing activities. T he standard also allows for the option to account for forfeitures as they occur when deter mining the amount of compensation cost to be recognized, rather than estimating expected forfeitures over the course of a vesting period. The Company elected to account for forfeitures as they occur. The net cumulative effect to the Company from the adopti on of this accounting standard update was an increase to paid-in capital of $ 0.2 million and a reduction to retained earnings of $ 0. 2 million as o f January 1, 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 2 – Stock-Based Compensation The Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorizes the Company, upon approval of the C ompensation C ommittee of the Board of Directors, to grant a variety of awards, including stock options, restricted shares and restricted stock units (both time-based and performance-based) and other forms of equity awards , or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, emplo yee or consultant) of the Company. Stock options (which have not been awarded since 2015) 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. Time-based 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. Performance-based restricted stock unit awards generally v est over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2010 Plan to non-employee directors have been in the form of restricted stock uni ts, which vest in equal quarterly installments over a one-year period, starting on the grant date . As of September 30, 2017 , 3.1 million additional common shares were available for issuance under the Company’s 2010 Plan. All share-based payments to empl oyees, 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 $2.3 million and $6.8 million for the three and nine months ended September 30, 2017 , respectively, and $0.3 million and $ 4.3 million for the three and nine months ended September 30, 2016 , respectively. The total income tax benefit recognized in the condensed income statement s fo r stock-based awards was $0.8 million and $2.5 million for the three and nine months ended September 30, 2017 , respectively, and $0.1 million and $ 1.5 million for the three and nine months ended September 30, 2016 , re spectively. 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, compensa tion 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 measureme nt period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate . As of September 30, 2017 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- based Restricted Restricted Stock Stock Stock (in thousands) Options Units Units (1) Unrecognized compensation cost $ 938 $ 13,111 $ 5,328 Remaining weighted-average amortization period 0.9 years 2.4 years 1.8 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. No options were granted during the nine months ended September 30, 2017 and 2016 . The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 2017 and 2016 was a pproximately $9.8 million and $5.5 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the nine months ended September 30, 2017 and 2016 was $4.4 million and $ 2 .6 million, respectively. For the nine months ended September 30, 2017 and 2016 , the total intrinsic value of stock options exercised was $6.5 million and $ 2.2 million, respectively. The Company awarde d performance-based restricted stock units to employees during the nine months ended September 30, 2017 and 2016 . The number of performance-based restricted stock units that may 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 2.5 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 fina ncial 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 return on inve sted 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 w ill 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, 2016 1,197 $19.51 Exercised (502) 19.56 Forfeited or expired (14) 20.51 Outstanding as of September 30, 2017 681 $19.45 5.31 $ 10,015 Exercisable as of September 30, 2017 527 $18.39 3.54 $ 8,304 The aggregate intrinsic value in the table above is before income taxes and is calculated as the difference between the exercise price of the underlying options and the Company’s closing stock price as of the last business day of the period ended September 30, 2017 for options that had exercise prices that were below the closing price. 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, 2016 525 $22.57 Granted 302 31.64 Vested (185) 21.43 Forfeited (34) 23.96 Non-vested awards outstanding as of September 30, 2017 608 $27.34 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, 2016 227 $21.43 Granted (1) 172 31.60 Forfeited or expired (51) 18.69 Non-vested units outstanding as of September 30, 2017 348 $26.84 (1) Represents target number of units that can vest based on the achievement of the performance goals. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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, and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period. The following table sets forth the calculation of basic and diluted earn ings per share : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Net income $ 17,512 $ 21,742 $ 44,375 $ 45,479 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 49,865 48,965 49,716 49,377 Incremental common shares attributable to exercise of dilutive options 268 323 319 304 Incremental common shares attributable to outstanding restricted stock units 197 126 257 197 Denominator for diluted earnings per share 50,330 49,414 50,292 49,878 Basic earnings per share $ 0.35 $ 0.44 $ 0.89 $ 0.92 Diluted earnings per share $ 0.35 $ 0.44 $ 0.88 $ 0.91 Options to purchase 0.6 million and 1.0 million common shares for both the three- and nine - month periods ended September 30, 2016 , respectively, 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 as of December 31, 2016 and September 30, 2017 $ 153,514 $ 38,102 $ 191,616 Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. I ntangible assets as of September 30, 2017 and December 31, 2016 were as follows: As of September 30, 2017 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,183 $ (32,770) $ 67,413 Purchased software costs 34,307 (29,327) 4,980 Technology licenses 26,800 (17,112) 9,688 Trade names and trademarks 7,800 - 7,800 Other 868 (255) 613 Total $ 169,958 $ (79,464) $ 90,494 As of December 31, 2016 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,053 $ (27,883) $ 72,170 Purchased software costs 31,582 (28,508) 3,074 Technology licenses 26,800 (14,189) 12,611 Trade names and trademarks 7,800 - 7,800 Other 868 (237) 631 Total $ 167,103 $ (70,817) $ 96,286 Customer relationships are being amortized on a straight -line basis over a period of 10 to 14 years. Capitalized purchased software costs are being amortized on a straight-line basis over the estimated useful life of the related software, which ranges from 2 to 10 years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Compa ny’s acquired trade names and trademarks have been determined to have an indefinite life . Amortization for the nine months ended September 30, 2017 and 2016 was as follows: Nine Months Ended September 30, (in thousands) 2017 2016 Amortization of intangible assets $ 7,698 $ 8,945 Amortization of capitalized purchased software costs 798 867 Amortization of debt costs 643 567 $ 9,139 $ 10,379 The estimated futu re amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2017 (remaining three months) $ 2,624 2018 10,252 2019 10,091 2020 9,319 2021 6,389 |
Borrowing Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 5 – Borrowing Facilities The Company has a $430 million Credit Agreement (the Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent) , and the financial institutions acting as lenders thereunder from time to time . This Credit Agreement provides for a five-year $200 million revolving credit facility and a five-year $230 million term loan facility (the Term Loan), both with a maturity date of November 12, 2020. The revolving credit facility is available for general corporate purposes, may be drawn in foreign currencies up to an amount equivalent to $20 million, and may be used for letters of credit up to $20 million. The Credit Agreement in cludes an accordion feature, pursuant to which total commitments under the facility may be increased by an additional $150 million, subject to the satisfaction of certain conditions. The Term Loan is payable in minimum quarterly principal installments of $2.9 million in 2017, $4.3 million in 2018, $5.8 million in 2019, and $8.6 million in 2020, with the balance payable on the maturity date. Interest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London int erbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal fun ds rate plus 0.50% and (iii) the adjusted LIBO R rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company ’s debt to its consolidated EBITDA. As of September 30, 2017 , $157.4 million of the outstanding debt under the Credit Agreement was effectively at a fixed interest rate as a result of a $1 57.4 million notional interest rate swap contract discussed in Note 14 . A commitment fee of 0.30% to 0.40% per annum (based on the debt to EBITDA r atio) on the unused portion o f the revolving credit line is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge of (a) all the capital stock of the Company ’s domestic subsidiaries and 65% of the capital stock of it s directly owned foreign subsidiaries, (b) any indebtedness owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsi diaries), in each case, subject to customary exceptions and limitations. The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our ab ility to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement may be accelerated upon specified events of default, including a failure to pay amou nts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of September 30, 2017 and December 31, 2016 , the Company was in compliance with all of these covenants and restrictions. As of September 30, 2017 , the Company had $209.9 million in borrowings outstanding under the Term Loan facility and $2.6 million in letters of credit outstanding under the revolving credit facility. The Company has $197.4 mill ion available for future borrowings under the revolving credit facility. 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 a ccessible through Octobe r 2018 . As of both September 30, 2017 and 2016 , there were no working capital borrowings outstanding under the facility. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Inventories | Note 6 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2017 2016 Raw materials $ 269,847 $ 233,111 Work in process 115,054 113,496 Finished goods 36,957 34,727 $ 421,858 $ 381,334 |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 7 – Accounts Receivable Sale Program In connection with a trade accounts receivable sale program with an unaffiliated financial institution, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $40.0 million, of specific accounts receivable at any one time. The program was executed on March 29, 2017, is an uncommitted facility and is scheduled to expire in one year with options to automatically extend the agreement, although any party may elect to terminate the a gree ment upon 60 days prior notice. During the three months ended September 30, 2017 , the Company sold $40 .0 million of account s receivable under this program, and i n exchange, the Company received cash proceeds of $39.9 million, net of the discount. Dur ing the nine months ended September 30, 2017 , the Company sold $105.0 million of account s receivable under this program, and i n exchange, the Company received cash proceeds of $104.8 million, net of the discount. The loss on the sale resulting from the di scount during the three and nine months ended September 30, 2017 was $0.1 million and $0.2 million, respectively, and was recorded to other expense within the Condensed Consolidated Statements of Income . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2017 2016 Federal – current $ (1,280) $ (164) Foreign – current 6,039 (2,340) State – current 275 238 Deferred 1,505 2,577 $ 6,539 $ 311 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 in crease i n income tax expense during 2017 is primarily the result of an $8.3 million decrease in the reserve for uncertain tax benefits in 2016 . Excluding this item from 2016 , t he decrease in income tax expense during 2017 is primarily the result of a tax incentive in China and the recognition of excess tax benefits in the U.S. attributable to the adoption of an accounting standard effective January 1, 2017. See Note 1 . Under this standard, the excess tax benefits or deficiencies resulting from the exercise or vesting of awards are included in income tax expense in the reporting period in which they occur . Therefore, the tax effect of stock option exercises and RSU vesting is not spread over the entire year through the use of the annual effective tax rate, but instead is recorded entirely in the period in which the tax deduction arises . Accordingly, the Co mpany recorded the income tax benefit as a discrete item for the nine months ended September 30, 2017 . The Company’ s effective tax rate could fluctuate significantly on a quarterly basis due to the tax effects of stock-based compensation . The Company consid ers 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 other wise, such distributed earnings would be subject to U.S. income tax es and foreign withholding taxes, reduced by any applicable foreign tax credits . Determination of the amount of any unrecognized deferred tax liability on these undistributed earnings is no t 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 2018 in China, 2021 in Malaysia and 2028 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 nine months ended September 30, 2017 and 2016 by approximatel y $7.3 million (approximately 0.15 per diluted share) and $3.5 million (approximately $0. 07 per diluted share), respectively , as follows: Nine Months Ended September 30, (in thousands) 2017 2016 China $ 888 $ - Malaysia 3,151 1,594 Thailand 3,294 1,953 $ 7,333 $ 3,547 As of September 30, 2017 , the total amount of the reserve for uncertain tax benefits including interest was $0.5 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 on unrecognized tax benefits included in the reserve as of September 30, 2017 , w as $17.0 thousand. There was no reserve for pot ential penalties. During the nine months ended September 30, 2017 , the Company released $0.9 million of uncertain tax benefits related to the liquidation of a foreign subsidiary company . Also during 2017 , the Company received a denial of its appeal to th e local tax authorities related to an examination for a subsidiary in Thailand for the years 2004 to 2005 . Consequently, the Company recorded $0.9 million of additional accruals for uncertain tax benefits . The Company has decided not to challenge this deci sion, therefore, the $7.3 million reserve for unrecognized tax benefits was written off. This decrease in the unrecognized tax benefit reserve a s of September 30, 2017 did not impact the Company’s effective tax rate. The Company and its subsidiaries in B razil, China, Ireland, Luxembourg, Malaysia, Mexico, T he Netherlands, Romania, Singapore, Thailand and the United States remain open to examination by the various local taxing authorities, in total o r in part, for fiscal years 2011 to 201 6 . The Company is currently under examination by the U.S. Internal Revenue Service for 2014 . In addition, Secure Communication Systems, Inc. and its s ubsidiaries (the Secure Group), companies that the Company acquired on November 11, 2015, are under a U.S. income tax audit for calendar years 2013, 2014 and through November 11, 2015. Since t his audit is for the period of time prior to the acquisition of the Secure Group by the Company , any resulting tax liabilities are t he responsibility of the seller . The Company does not expect to incur any income tax costs with respect to this audit. During the course of such examinations, disputes may occur as to matters of fact or law. Also, i n most tax jurisdictions, the passage of time without examination will result in the expiratio n 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 Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 9 – Segment and Geographic Information The Company currently has manufacturing facilities in the Americas , Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. The ac counting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia and Europe . Informa tion about operating segments i s as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Net sales: Americas $ 378,129 $ 387,827 $ 1,158,290 $ 1,135,995 Asia 202,149 169,215 568,247 505,410 Europe 43,793 37,113 127,617 119,633 Elimination of intersegment sales (20,521) (19,814) (67,199) (58,130) $ 603,550 $ 574,341 $ 1,786,955 $ 1,702,908 Depreciation and amortization: Americas $ 5,679 $ 6,031 $ 16,599 $ 17,639 Asia 2,882 4,055 9,021 12,304 Europe 705 702 2,041 2,098 Corporate 3,008 3,314 8,930 9,961 $ 12,274 $ 14,102 $ 36,591 $ 42,002 Income from operations: Americas $ 15,463 $ 21,481 $ 49,270 $ 60,960 Asia 20,963 12,337 53,328 34,894 Europe 2,560 2,390 7,512 7,878 Corporate and intersegment eliminations (18,171) (18,126) (54,651) (51,642) $ 20,815 $ 18,082 $ 55,459 $ 52,090 Capital expenditures: Americas $ 8,548 $ 7,102 $ 17,584 $ 16,698 Asia 1,696 1,372 12,820 5,945 Europe 638 532 4,018 1,204 Corporate 475 189 3,314 1,551 $ 11,357 $ 9,195 $ 37,736 $ 25,398 September 30, December 31, 2017 2016 Total assets: Americas $ 832,024 $ 864,388 Asia 689,571 634,838 Europe 452,015 393,443 Corporate and other 103,096 105,999 $ 2,076,706 $ 1,998,668 Geographic net sales information reflects the destination of the product shipped. Long-lived assets information is based upon the physical location of the asset. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Geographic net sales: United States $ 398,363 $ 403,561 $ 1,186,330 $ 1,200,752 Singapore 59,594 48,057 179,158 134,635 Other Asia 53,327 37,770 144,620 104,911 Europe 70,852 57,835 218,314 180,362 Other Foreign 21,414 27,118 58,533 82,248 $ 603,550 $ 574,341 $ 1,786,955 $ 1,702,908 September 30, December 31, 2017 2016 Long-lived assets: United States $ 163,325 $ 167,367 Asia 73,418 67,998 Europe 10,967 8,415 Other 26,052 24,290 $ 273,762 $ 268,070 |
Supplemental Cash Flow and Non-
Supplemental Cash Flow and Non-Cash Information | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 10 – Supplemental Cash Flow and Non-Cash Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Income taxes paid, net $ 2,524 $ 1,674 $ 5,049 $ 6,494 Interest paid 2,089 2,114 6,385 6,296 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,024 $ 1,004 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Contingencies [Abstract] | |
Contingencies | Note 11 – 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 | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Impact of Recently Enacted Accounting Standards | Note 12 – Impact of Recently Enacted Accounting Standards In May 2017, the Financial Accounting Standards Board (FASB) issued a new accounting standards update that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This update is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 , with early adoption permitted. The Company is evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures but does not expect it to have a material impact . The Company plans to adopt the new guidance effective January 1, 2018 . In August 2016, the FASB issu ed a new accounting standards update , which seeks to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for fiscal years and interim periods beg inning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this update will have on its consolidated financial statements . In June 2016, the FASB issued a new accounting standards upd ate, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This updat e is effective for annual reporting periods beginning after December 15, 2019 . The Company does not expect the implementation of this update to have a material impact on i ts consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued a new accounting standards update changing the accounting for leases and including a requirement to record all leases on the consolidated balance sheets as assets and liabilities. This update is effective for fiscal years beginning after December 15, 2018. The Company will adopt this update effective January 1, 2019 , which will impact its consolidated balance sheet. The Company is currently evaluating the impact this standard will have on its consolidated financial statemen ts . 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. It will also require significantly expanded disclosures, and will be effective for the Company January 1, 2018. The new standard will permit the use of either the ret rospective or cumulative effect transition method. Under the new standard , the Company anticipates that a majority of its sales from manufacturing activities will change to an over-time model ; currently the Company accounts for these under a point-in-time recognition model. Based on its analysis to date, the Company expects to adopt the new guidance under the retrospective approach. The Company has reviewed its significant customer contracts and is in the process of quantifying the potential effects the new standard will have on its consolidated financial statements and is working on the design and implementation of the related internal controls . The Company believes it is likely to have a material impact on the timing of revenue recognition and on the Compa ny’s balance sheet, primarily related to a reduction in finished goods and work in process inventories and a corresponding increase in contract assets for unbilled receivables . The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial pos ition, results of operations or cash flows, or will not apply to its operat ions. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 13 – 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 moving production between facilities, reducing staff levels, realig ning our business processes, reorganizing our management and other activities. The Company recognized restru cturing charges during 2017 and 2016 primarily related to the closure of facilities in the Americas , capacity reduction and reductions in workforce in certain facilities across various regions . The following table summarizes the 2017 activity in the accrued restru cturing balances related to the restructuring activities initiated prior to September 30, 2017 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2016 Charges Payment Activity Adjustments 2017 2017 Restructuring: Severance $ - $ 1,903 $ (1,561) $ (125) $ - $ 217 Leased facilities and equipment - 105 (105) - - - Other exit costs - 334 (149) - 9 194 - 2,342 (1,815) (125) 9 411 2016 Restructuring: Severance 738 (44) (626) - - 68 Leased facilities and equipment - 58 (58) - - - Other exit costs 545 1,616 (2,061) (42) 2 60 1,283 1,630 (2,745) (42) 2 128 Total $ 1,283 $ 3,972 $ (4,560) $ (167) $ 11 $ 539 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value [Abstract] | |
Fair Value | Note 14 – 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 significant val ue 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 inp uts when determining fair value. The Company’s financial instruments include cash equivalents, accounts and other receivable s , accounts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approximate fair value . As of September 30, 2017 , the Company’s long-term investmen ts and derivative instruments were recorded at fair va lue using Level 3 inputs. The Company uses derivative instruments to manage the variability of foreign currency o bligations and interest rates. The Company does not enter into derivatives for speculative purposes. The forward currency exchange contracts i n place as of September 30, 2017 have not been designated as accounting hedges and, therefore, changes in fai r value are recorded within the Condensed C onsolidated Statements of In come. The Company has an interest rate swap agreemen t, which had a notiona l amount of $157.4 million and $163.9 m illion as of September 30, 2017 and December 31, 2016 , respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receive s variable rate interest payments based on the one-month LIBOR rate and pay s fixed rate interest payments. The fixed interest rate for the contract is 1.4935%. The effect of this swa p is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehens ive income on the accompanying Condensed C onsolidated Balance S heets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $0.9 million asset as of September 30, 2017 and a $0.5 million asset as of December 31, 2016 . During the nine months ended September 30, 2017 , the Co mpany recorded unrealized gain of $0.4 million ($0.3 million net of tax) on the swap in other comprehensive income . See Note 15 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2017 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15 – Accumulated Other Comprehensive Loss The changes in accumulated other c omprehensive loss by component we re as follows: Foreign Unrealized currency Derivative gain (loss) on translation instruments, investments, (in thousands) adjustments net of tax net of tax Other Total Balances, December 31, 2016 $ (14,544) $ 286 $ (74) $ 156 $ (14,176) Other comprehensive gain (loss) before reclassifications 4,434 254 19 (13) 4,694 Net current period other comprehensive gain (loss) 4,434 254 19 (13) 4,694 Balances, September 30, 2017 $ (10,110) $ 540 $ (55) $ 143 $ (9,482) See Note 14 for further explanation of the change in derivative instruments that is recorded to Accumulated Other Comprehensive Loss. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- based Restricted Restricted Stock Stock Stock (in thousands) Options Units Units (1) Unrecognized compensation cost $ 938 $ 13,111 $ 5,328 Remaining weighted-average amortization period 0.9 years 2.4 years 1.8 years (1) Based on the probable achievement of the performance goals identified in each award. |
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, 2016 1,197 $19.51 Exercised (502) 19.56 Forfeited or expired (14) 20.51 Outstanding as of September 30, 2017 681 $19.45 5.31 $ 10,015 Exercisable as of September 30, 2017 527 $18.39 3.54 $ 8,304 |
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, 2016 525 $22.57 Granted 302 31.64 Vested (185) 21.43 Forfeited (34) 23.96 Non-vested awards outstanding as of September 30, 2017 608 $27.34 |
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, 2016 227 $21.43 Granted (1) 172 31.60 Forfeited or expired (51) 18.69 Non-vested units outstanding as of September 30, 2017 348 $26.84 (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) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earn ings per share : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Net income $ 17,512 $ 21,742 $ 44,375 $ 45,479 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 49,865 48,965 49,716 49,377 Incremental common shares attributable to exercise of dilutive options 268 323 319 304 Incremental common shares attributable to outstanding restricted stock units 197 126 257 197 Denominator for diluted earnings per share 50,330 49,414 50,292 49,878 Basic earnings per share $ 0.35 $ 0.44 $ 0.89 $ 0.92 Diluted earnings per share $ 0.35 $ 0.44 $ 0.88 $ 0.91 |
Goodwill And Other Intangible25
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill Rollforward | G oodwill allocated to the Co mpany’s reportable segments was as follows: (in thousands) Americas Asia Total Goodwill as of December 31, 2016 and September 30, 2017 $ 153,514 $ 38,102 $ 191,616 |
Schedule Of Intangible Assets | I ntangible assets as of September 30, 2017 and December 31, 2016 were as follows: As of September 30, 2017 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,183 $ (32,770) $ 67,413 Purchased software costs 34,307 (29,327) 4,980 Technology licenses 26,800 (17,112) 9,688 Trade names and trademarks 7,800 - 7,800 Other 868 (255) 613 Total $ 169,958 $ (79,464) $ 90,494 As of December 31, 2016 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,053 $ (27,883) $ 72,170 Purchased software costs 31,582 (28,508) 3,074 Technology licenses 26,800 (14,189) 12,611 Trade names and trademarks 7,800 - 7,800 Other 868 (237) 631 Total $ 167,103 $ (70,817) $ 96,286 |
Schedule Of Amortization Expense | Amortization for the nine months ended September 30, 2017 and 2016 was as follows: Nine Months Ended September 30, (in thousands) 2017 2016 Amortization of intangible assets $ 7,698 $ 8,945 Amortization of capitalized purchased software costs 798 867 Amortization of debt costs 643 567 $ 9,139 $ 10,379 |
Schedule Of Estimated Future Amortization Expense | The estimated futu re amortization expense of acquired intangible assets for each of the next five years is as follows (in thousands): Year ending December 31, Amount 2017 (remaining three months) $ 2,624 2018 10,252 2019 10,091 2020 9,319 2021 6,389 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | Note 6 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2017 2016 Raw materials $ 269,847 $ 233,111 Work in process 115,054 113,496 Finished goods 36,957 34,727 $ 421,858 $ 381,334 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 8 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2017 2016 Federal – current $ (1,280) $ (164) Foreign – current 6,039 (2,340) State – current 275 238 Deferred 1,505 2,577 $ 6,539 $ 311 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for the nine months ended September 30, 2017 and 2016 by approximatel y $7.3 million (approximately 0.15 per diluted share) and $3.5 million (approximately $0. 07 per diluted share), respectively , as follows: Nine Months Ended September 30, (in thousands) 2017 2016 China $ 888 $ - Malaysia 3,151 1,594 Thailand 3,294 1,953 $ 7,333 $ 3,547 |
Segment And Geographic Inform28
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Operating Segments | Informa tion about operating segments i s as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Net sales: Americas $ 378,129 $ 387,827 $ 1,158,290 $ 1,135,995 Asia 202,149 169,215 568,247 505,410 Europe 43,793 37,113 127,617 119,633 Elimination of intersegment sales (20,521) (19,814) (67,199) (58,130) $ 603,550 $ 574,341 $ 1,786,955 $ 1,702,908 Depreciation and amortization: Americas $ 5,679 $ 6,031 $ 16,599 $ 17,639 Asia 2,882 4,055 9,021 12,304 Europe 705 702 2,041 2,098 Corporate 3,008 3,314 8,930 9,961 $ 12,274 $ 14,102 $ 36,591 $ 42,002 Income from operations: Americas $ 15,463 $ 21,481 $ 49,270 $ 60,960 Asia 20,963 12,337 53,328 34,894 Europe 2,560 2,390 7,512 7,878 Corporate and intersegment eliminations (18,171) (18,126) (54,651) (51,642) $ 20,815 $ 18,082 $ 55,459 $ 52,090 Capital expenditures: Americas $ 8,548 $ 7,102 $ 17,584 $ 16,698 Asia 1,696 1,372 12,820 5,945 Europe 638 532 4,018 1,204 Corporate 475 189 3,314 1,551 $ 11,357 $ 9,195 $ 37,736 $ 25,398 September 30, December 31, 2017 2016 Total assets: Americas $ 832,024 $ 864,388 Asia 689,571 634,838 Europe 452,015 393,443 Corporate and other 103,096 105,999 $ 2,076,706 $ 1,998,668 |
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 Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Geographic net sales: United States $ 398,363 $ 403,561 $ 1,186,330 $ 1,200,752 Singapore 59,594 48,057 179,158 134,635 Other Asia 53,327 37,770 144,620 104,911 Europe 70,852 57,835 218,314 180,362 Other Foreign 21,414 27,118 58,533 82,248 $ 603,550 $ 574,341 $ 1,786,955 $ 1,702,908 September 30, December 31, 2017 2016 Long-lived assets: United States $ 163,325 $ 167,367 Asia 73,418 67,998 Europe 10,967 8,415 Other 26,052 24,290 $ 273,762 $ 268,070 |
Supplemental Cash Flow and No29
Supplemental Cash Flow and Non-Cash Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | Note 10 – Supplemental Cash Flow and Non-Cash Information The following information concerns supplemental disclosures of cash payments. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Income taxes paid, net $ 2,524 $ 1,674 $ 5,049 $ 6,494 Interest paid 2,089 2,114 6,385 6,296 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,024 $ 1,004 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2017 activity in the accrued restru cturing balances related to the restructuring activities initiated prior to September 30, 2017 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2016 Charges Payment Activity Adjustments 2017 2017 Restructuring: Severance $ - $ 1,903 $ (1,561) $ (125) $ - $ 217 Leased facilities and equipment - 105 (105) - - - Other exit costs - 334 (149) - 9 194 - 2,342 (1,815) (125) 9 411 2016 Restructuring: Severance 738 (44) (626) - - 68 Leased facilities and equipment - 58 (58) - - - Other exit costs 545 1,616 (2,061) (42) 2 60 1,283 1,630 (2,745) (42) 2 128 Total $ 1,283 $ 3,972 $ (4,560) $ (167) $ 11 $ 539 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Derivative gain (loss) on translation instruments, investments, (in thousands) adjustments net of tax net of tax Other Total Balances, December 31, 2016 $ (14,544) $ 286 $ (74) $ 156 $ (14,176) Other comprehensive gain (loss) before reclassifications 4,434 254 19 (13) 4,694 Net current period other comprehensive gain (loss) 4,434 254 19 (13) 4,694 Balances, September 30, 2017 $ (10,110) $ 540 $ (55) $ 143 $ (9,482) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jan. 01, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Net cash used in financing activities | $ (6,163) | $ (44,797) | |
Net cash provided by operations | $ 89,890 | 228,584 | |
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Net cash used in financing activities | 600 | ||
Net cash provided by operations | $ 600 | ||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncement Or Change In Accounting Principle Retrospective Adjustments [Abstract] | |||
Net cumulative effect adjustment | $ 200 | ||
Accounting Standards Update 2016-09 [Member] | Additional Paid In Capital [Member] | |||
New Accounting Pronouncement Or Change In Accounting Principle Retrospective Adjustments [Abstract] | |||
Net cumulative effect adjustment | $ 200 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 3.1 | 3.1 | ||
Compensation cost recognized for stock-based awards | $ 2.3 | $ 0.3 | $ 6.8 | $ 4.3 |
Income tax benefit recognized in the income statement for stock-based awards | $ 0.8 | $ 0.1 | 2.5 | 1.5 |
Total cash received as a result of stock option exercises | 9.8 | 5.5 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 4.4 | 2.6 | ||
Total intrinsic value of stock options exercised | $ 6.5 | $ 2.2 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term 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 Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Employee Awards [Member] | Performance-Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 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) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 938 |
Remaining weighted-average amortization period | 10 months 24 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 13,111 |
Remaining weighted-average amortization period | 2 years 4 months 24 days |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 5,328 |
Remaining weighted-average amortization period | 1 year 9 months 18 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Options, Outstanding, Beginning balance | shares | 1,197 |
Number of Options, Exercised | shares | (502) |
Number of Options, Forfeited or expired | shares | (14) |
Number of Options, Outstanding, Ending balance | shares | 681 |
Number of Options, Exercisable as of September 30, 2017 | shares | 527 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 19.51 |
Weighted-Average Exercise Price, Exercised | $ / shares | 19.56 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 20.51 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 19.45 |
Weighted-Average Exercise Price, Exercisable as of September 30, 2017 | $ / shares | $ 18.39 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 5 years 3 months 21 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of September 30, 2017 | 3 years 6 months 14 days |
Aggregate Intrinsic Value, Outstanding as of September 30, 2017 | $ | $ 10,015 |
Aggregate Intrinsic Value, Exercisable as of September 30, 2017 | $ | $ 8,304 |
Stock-Based Compensation (Sum36
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
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 | shares | 525 |
Granted, shares or units | shares | 302 |
Vested, shares or units | shares | (185) |
Forfeited, shares or units | shares | (34) |
Non-vested shares outstanding, shares or units, ending balance | shares | 608 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 22.57 |
Granted, weighted-average grant date fair value | $ / shares | 31.64 |
Vested, weighted-average grant date fair value | $ / shares | 21.43 |
Forfeited, weighted-average grant date fair value | $ / shares | 23.96 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 27.34 |
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 | shares | 227 |
Granted, shares or units | shares | 172 |
Forfeited, shares or units | shares | (51) |
Non-vested shares outstanding, shares or units, ending balance | shares | 348 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 21.43 |
Granted, weighted-average grant date fair value | $ / shares | 31.6 |
Forfeited, weighted-average grant date fair value | $ / shares | 18.69 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 26.84 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net income | $ 17,512 | $ 21,742 | $ 44,375 | $ 45,479 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 49,865 | 48,965 | 49,716 | 49,377 |
Denominator for diluted earnings per share | 50,330 | 49,414 | 50,292 | 49,878 |
Basic earnings per share | $ 0.35 | $ 0.44 | $ 0.89 | $ 0.92 |
Diluted earnings per share | $ 0.35 | $ 0.44 | $ 0.88 | $ 0.91 |
Anti-dilutive options to purchase common shares | 600 | 1,000 | ||
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 268 | 323 | 319 | 304 |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 197 | 126 | 257 | 197 |
Goodwill And Other Intangible38
Goodwill And Other Intangible Assets (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Minimum [Member] | Customer Relationships [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Minimum [Member] | Purchased Software Costs [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 2 years |
Maximum [Member] | Customer Relationships [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 14 years |
Maximum [Member] | Purchased Software Costs [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 191,616 | $ 191,616 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 153,514 | 153,514 |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,102 | $ 38,102 |
Goodwill And Other Intangible40
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 169,958 | $ 167,103 |
Accumulated amortization | (79,464) | (70,817) |
Net carrying amount | 90,494 | 96,286 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,183 | 100,053 |
Accumulated amortization | (32,770) | (27,883) |
Net carrying amount | 67,413 | 72,170 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 34,307 | 31,582 |
Accumulated amortization | (29,327) | (28,508) |
Net carrying amount | 4,980 | 3,074 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 26,800 | 26,800 |
Accumulated amortization | (17,112) | (14,189) |
Net carrying amount | 9,688 | 12,611 |
Trade Names and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,800 | 7,800 |
Accumulated amortization | 0 | 0 |
Net carrying amount | 7,800 | 7,800 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 868 | 868 |
Accumulated amortization | (255) | (237) |
Net carrying amount | $ 613 | $ 631 |
Goodwill And Other Intangible41
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | ||||
Amortization of intangible assets | $ 2,736 | $ 3,170 | $ 7,698 | $ 8,945 |
Amortization of capitalized purchased software costs | 798 | 867 | ||
Amortization of debt costs | 643 | 567 | ||
Total amortization | $ 9,139 | $ 10,379 |
Goodwill And Other Intangible42
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2017 (remaining three months) | $ 2,624 |
2,018 | 10,252 |
2,019 | 10,091 |
2,020 | 9,319 |
2,021 | $ 6,389 |
Borrowing Facilities (Details)
Borrowing Facilities (Details) THB in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017THB | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 12, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement maturity date | Nov. 12, 2020 | |||||||
Derivative Notional Amount | $ 157.4 | $ 163.9 | ||||||
Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement description | The Company has a $430 million Credit Agreement (the Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent), and the financial institutions acting as lenders thereunder from time to time. This Credit Agreement provides for a five-year $200 million revolving credit facility and a five-year $230 million term loan facility (the Term Loan), both with a maturity date of November 12, 2020. | |||||||
Credit Agreement capacity | 430 | |||||||
Description of variable interest rate basis | Interest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London interbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company’s debt to its consolidated EBITDA. | |||||||
Credit Agreement covenant terms | The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement may be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. | |||||||
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries | 100.00% | |||||||
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary | 65.00% | |||||||
Credit Agreement covenant compliance | As of September 30, 2017 and December 31, 2016, the Company was in compliance with all of these covenants and restrictions. | |||||||
Credit Agreement [Member] | JP Morgan Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement issuer | JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent), and the financial institutions acting as lenders thereunder from time to time. | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement capacity | 200 | |||||||
Term period | 5 years | |||||||
Credit Agreement maturity date | Nov. 12, 2020 | |||||||
Possible increase to total commitments under Credit Agreement | 150 | |||||||
Letters of credit outstanding amount | 2.6 | |||||||
Revolving credit facility, available for future borrowings | 197.4 | |||||||
Term Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term period | 5 years | |||||||
Credit Agreement maturity date | Nov. 12, 2020 | |||||||
Term Loan Description | a five-year $230 million term loan facility (the Term Loan), both with a maturity date of November 12, 2020. | |||||||
Term Loan proceeds | $ 230 | |||||||
Term Loan frequency of periodic payments | quarterly | |||||||
Derivative Notional Amount | 157.4 | |||||||
Principal amount | 209.9 | |||||||
Term Loan Facility [Member] | Interest Rate Swap [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Derivative Notional Amount | 157.4 | |||||||
Term Loan Facility [Member] | Scenario Forecast [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Quarterly principal installments | $ 8.6 | $ 5.8 | $ 4.3 | $ 2.9 | ||||
Standby Letters Of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility, available for future borrowings | 20 | |||||||
Foreign currencies [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility, available for future borrowings | $ 20 | |||||||
Thailand Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement maturity date | Oct. 31, 2018 | |||||||
Benchmark Electronics (Thailand) Public Company Limited [Member] | Thailand Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit Agreement capacity | THB | THB 350 | |||||||
Minimum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
U.S. Credit facility, commitment fee | 0.30% | |||||||
Maximum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
U.S. Credit facility, commitment fee | 0.40% | |||||||
LIBOR Plus [Member] | Minimum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
LIBOR Plus [Member] | Maximum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | |||||||
Alternate Base Rate Plus [Member] | Minimum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 0.25% | |||||||
Alternate Base Rate Plus [Member] | Maximum [Member] | Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.25% |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 269,847 | $ 233,111 |
Work in process | 115,054 | 113,496 |
Finished goods | 36,957 | 34,727 |
Inventories | $ 421,858 | $ 381,334 |
Accounts Receivable Sale Prog45
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Receivables [Abstract] | ||
Maximum Limit Accounts Receivable Sale Program | $ 40 | |
Trade Accounts Receivable Sold | $ 40 | 105 |
Amount Received From Trade Accounts Receivable Sold To Third Party | 39.9 | 104.8 |
Loss on sale of accounts receivable resulting from discount | $ 0.1 | $ 0.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Line Items] | ||
Decreases as a result of a lapse of applicable statute of limitations in current year | $ 900 | $ 8,300 |
Income tax incentives | $ 7,333 | $ 3,547 |
Net impact of tax incentives, per diluted share | $ 0.15 | $ 0.07 |
Unrecognized tax benefits including interest and penalties | $ 500 | |
Interest on unrecognized tax | 17 | |
Additional reserve for uncertain tax benefits | 900 | |
Decreases related to prior year tax positions | 7,300 | |
China [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 888 | $ 0 |
Income tax holidays expiration date | 2,018 | |
Malaysia [Member} | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 3,151 | 1,594 |
Income tax holidays expiration date | 2,021 | |
Thailand [Member] | ||
Income Taxes [Line Items] | ||
Income tax incentives | $ 3,294 | $ 1,953 |
Income tax holidays expiration date | 2,028 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Abstract] | ||||
Federal - Current | $ (1,280) | $ (164) | ||
Foreign - Current | 6,039 | (2,340) | ||
State - Current | 275 | 238 | ||
Deferred | 1,505 | 2,577 | ||
Total income tax expense (benefit) | $ 1,919 | $ (5,768) | $ 6,539 | $ 311 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income tax incentives | $ 7,333 | $ 3,547 |
China [Member] | ||
Income tax incentives | 888 | 0 |
Malaysia [Member} | ||
Income tax incentives | 3,151 | 1,594 |
Thailand [Member] | ||
Income tax incentives | $ 3,294 | $ 1,953 |
Segment And Geographic Inform49
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 603,550 | $ 574,341 | $ 1,786,955 | $ 1,702,908 | |
Depreciation and amortization | 12,274 | 14,102 | 36,591 | 42,002 | |
Income from operations | 20,815 | 18,082 | 55,459 | 52,090 | |
Capital expenditures | 11,357 | 9,195 | 37,736 | 25,398 | |
Total assets | 2,076,706 | 2,076,706 | $ 1,998,668 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (20,521) | (19,814) | (67,199) | (58,130) | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (18,171) | (18,126) | (54,651) | (51,642) | |
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 378,129 | 387,827 | 1,158,290 | 1,135,995 | |
Depreciation and amortization | 5,679 | 6,031 | 16,599 | 17,639 | |
Income from operations | 15,463 | 21,481 | 49,270 | 60,960 | |
Capital expenditures | 8,548 | 7,102 | 17,584 | 16,698 | |
Total assets | 832,024 | 832,024 | 864,388 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 202,149 | 169,215 | 568,247 | 505,410 | |
Depreciation and amortization | 2,882 | 4,055 | 9,021 | 12,304 | |
Income from operations | 20,963 | 12,337 | 53,328 | 34,894 | |
Capital expenditures | 1,696 | 1,372 | 12,820 | 5,945 | |
Total assets | 689,571 | 689,571 | 634,838 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 43,793 | 37,113 | 127,617 | 119,633 | |
Depreciation and amortization | 705 | 702 | 2,041 | 2,098 | |
Income from operations | 2,560 | 2,390 | 7,512 | 7,878 | |
Capital expenditures | 638 | 532 | 4,018 | 1,204 | |
Total assets | 452,015 | 452,015 | 393,443 | ||
Corporate And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 103,096 | 103,096 | $ 105,999 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 3,008 | 3,314 | 8,930 | 9,961 | |
Capital expenditures | $ 475 | $ 189 | $ 3,314 | $ 1,551 |
Segment And Geographic Inform50
Segment And Geographic Information (Schedule Of Geographic Net Sales And Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 603,550 | $ 574,341 | $ 1,786,955 | $ 1,702,908 | |
Long-lived assets | 273,762 | 273,762 | $ 268,070 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 398,363 | 403,561 | 1,186,330 | 1,200,752 | |
Long-lived assets | 163,325 | 163,325 | 167,367 | ||
Singapore [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 59,594 | 48,057 | 179,158 | 134,635 | |
Other Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 53,327 | 37,770 | 144,620 | 104,911 | |
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | 73,418 | 73,418 | 67,998 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 70,852 | 57,835 | 218,314 | 180,362 | |
Long-lived assets | 10,967 | 10,967 | 8,415 | ||
Other Foreign [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 21,414 | $ 27,118 | 58,533 | $ 82,248 | |
Long-lived assets | $ 26,052 | $ 26,052 | $ 24,290 |
Supplemental Cash Flow and No51
Supplemental Cash Flow and Non-Cash Information (Table Of Supplmental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 2,524 | $ 1,674 | $ 5,049 | $ 6,494 |
Interest paid | $ 2,089 | $ 2,114 | 6,385 | 6,296 |
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract] | ||||
Additions to property, plant and equipment in accounts payable | $ 6,024 | $ 1,004 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 1,283 |
Restructuring charges | 3,972 |
Cash Payment | (4,560) |
Non-Cash Activity | (167) |
Foreign Exchange Adjustments | 11 |
Ending Balance | 539 |
2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 2,342 |
Cash Payment | (1,815) |
Non-Cash Activity | (125) |
Foreign Exchange Adjustments | 9 |
Ending Balance | 411 |
2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 1,283 |
Restructuring charges | 1,630 |
Cash Payment | (2,745) |
Non-Cash Activity | (42) |
Foreign Exchange Adjustments | 2 |
Ending Balance | 128 |
Severance [Member] | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,903 |
Cash Payment | (1,561) |
Non-Cash Activity | (125) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 217 |
Severance [Member] | 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 738 |
Restructuring Reserve Accrual Adjustment | (44) |
Cash Payment | (626) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 68 |
Lease Facility Costs [Member] | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 105 |
Cash Payment | (105) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Lease Facility Costs [Member] | 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 58 |
Cash Payment | (58) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Other Exit Costs | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 334 |
Cash Payment | (149) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 9 |
Ending Balance | 194 |
Other Exit Costs | 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 545 |
Restructuring charges | 1,616 |
Cash Payment | (2,061) |
Non-Cash Activity | (42) |
Foreign Exchange Adjustments | 2 |
Ending Balance | $ 60 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Interest rate swap notional amount | $ 157,400 | $ 157,400 | $ 163,900 | ||
Unrealized gain on interest rate swap, net of tax | $ 89 | $ 765 | $ 254 | $ (2,134) | |
Interest Rate Swap [Member] | |||||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Fixed interest rate | 1.4935% | 1.4935% | |||
Fair value of interest rate swap | $ 900 | $ 900 | $ 500 | ||
Unrealized gain on interest rate swap | 400 | ||||
Unrealized gain on interest rate swap, net of tax | $ 300 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (14,176) | |||
Other comprehensive gain (loss) before reclassifications | 4,694 | |||
Net current period other comprehensive gain (loss) | $ 1,405 | $ 1,064 | 4,694 | $ (1,303) |
Accumulated other comprehensive loss, net of tax, ending balance | (9,482) | (9,482) | ||
Foreign currency translaction adjustments [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (14,544) | |||
Other comprehensive gain (loss) before reclassifications | 4,434 | |||
Net current period other comprehensive gain (loss) | 4,434 | |||
Accumulated other comprehensive loss, net of tax, ending balance | (10,110) | (10,110) | ||
Derivative instruments, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 286 | |||
Other comprehensive gain (loss) before reclassifications | 254 | |||
Net current period other comprehensive gain (loss) | 254 | |||
Accumulated other comprehensive loss, net of tax, ending balance | 540 | 540 | ||
Unrealized loss on investments, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (74) | |||
Other comprehensive gain (loss) before reclassifications | 19 | |||
Net current period other comprehensive gain (loss) | 19 | |||
Accumulated other comprehensive loss, net of tax, ending balance | (55) | (55) | ||
Other [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 156 | |||
Other comprehensive gain (loss) before reclassifications | (13) | |||
Net current period other comprehensive gain (loss) | (13) | |||
Accumulated other comprehensive loss, net of tax, ending balance | $ 143 | $ 143 |