Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 43,710,356 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 475,713 | $ 742,546 |
Accounts receivable, net of allowance for doubtful accounts of $1,729 and $105, respectively | 455,971 | 436,560 |
Contract assets | 155,898 | 146,496 |
Inventories | 321,194 | 268,917 |
Prepaid expenses and other assets | 34,988 | 36,018 |
Income taxes receivable | 38 | 120 |
Total current assets | 1,443,802 | 1,630,657 |
Property, plant and equipment, net of accumulated depreciation of $452,611 and $432,043, respectively | 208,495 | 186,473 |
Goodwill | 192,116 | 191,616 |
Deferred income taxes | 4,034 | 4,034 |
Other, net | 92,324 | 96,524 |
Total assets | 1,940,771 | 2,109,304 |
Current liabilities: | ||
Current installments of long-term debt and capital lease obligations | 4,880 | 18,274 |
Accounts payable | 373,879 | 362,701 |
Income taxes payable | 6,438 | 11,663 |
Accrued liabilities | 92,976 | 85,679 |
Total current liabilities | 478,173 | 478,317 |
Long-term debt and capital lease obligations, less current installments | 149,341 | 193,406 |
Other long-term liabilities | 90,615 | 89,749 |
Deferred income taxes | 20,960 | 8,694 |
Shareholders' equity: | ||
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 45,130 and 49,143, respectively | 4,513 | 4,914 |
Additional paid-in capital | 596,110 | 634,192 |
Retained earnings | 609,577 | 708,181 |
Accumulated other comprehensive loss | (8,518) | (8,149) |
Total shareholders' equity | 1,201,682 | 1,339,138 |
Total liabilities and shareholders' equity | $ 1,940,771 | $ 2,109,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts, accounts receivable | $ 1,729 | $ 105 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | $ 452,611 | $ 432,043 |
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 | 45,130 | 49,143 |
Common stock, outstanding | 45,130 | 49,143 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||||
Net sales | $ 640,688 | $ 610,929 | $ 1,909,415 | $ 1,788,443 |
Cost of sales | 587,911 | 552,686 | 1,744,021 | 1,623,184 |
Gross profit | 52,777 | 58,243 | 165,394 | 165,259 |
Selling, general and administrative expenses | 37,607 | 32,093 | 109,182 | 97,079 |
Amortization of intangible assets | 2,368 | 2,736 | 7,101 | 7,698 |
Restructuring charges and other costs | 1,845 | 2,511 | 5,838 | 5,566 |
Income from operations | 10,957 | 20,903 | 43,273 | 54,916 |
Interest expense | (3,822) | (2,324) | (8,543) | (6,861) |
Interest income | 1,619 | 1,334 | 5,197 | 3,621 |
Other income (expense) | 1,139 | (394) | 827 | (1,305) |
Income before income taxes | 9,893 | 19,519 | 40,754 | 50,371 |
Income tax expense | 2,094 | 1,688 | 45,653 | 5,911 |
Net income (loss) | $ 7,799 | $ 17,831 | $ (4,899) | $ 44,460 |
Earnings (loss) per share: | ||||
Basic | $ 0.17 | $ 0.36 | $ (0.1) | $ 0.89 |
Diluted | $ 0.17 | $ 0.35 | $ (0.1) | $ 0.88 |
Weighted-average number of shares outstanding: | ||||
Basic | 46,301 | 49,865 | 47,415 | 49,716 |
Diluted | 46,455 | 50,330 | 47,415 | 50,292 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 7,799 | $ 17,831 | $ (4,899) | $ 44,460 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (249) | 1,313 | (1,569) | 4,434 |
Unrealized gain on investments, net of tax | 0 | 3 | 41 | 19 |
Unrealized gain on derivative, net of tax | 82 | 89 | 1,159 | 254 |
Other | 0 | 0 | 0 | (13) |
Other comprehensive income (loss) | (167) | 1,405 | (369) | 4,694 |
Comprehensive income (loss) | $ 7,632 | $ 19,236 | $ (5,268) | $ 49,154 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 9 months ended Sep. 30, 2018 - 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, 2017 | 49,143 | 49,143 | |||
Balances, value at Dec. 31, 2017 | $ 1,339,138 | $ 4,914 | $ 634,192 | $ 708,181 | $ (8,149) |
Stock-based compensation expense | $ 8,229 | $ 0 | 8,229 | 0 | 0 |
Shares repurchased and retired, shares | (4,401) | (4,401) | |||
Shares repurchased and retired, value | $ (122,053) | $ (440) | (48,913) | (72,700) | 0 |
Stock options exercised, shares | 187 | 187 | |||
Stock options exercised, value | $ 3,463 | $ 19 | 3,444 | 0 | 0 |
Vesting of restricted stock units, shares | 229 | 229 | |||
Vesting of restricted stock units, value | $ 0 | $ 23 | (23) | 0 | 0 |
Shares withheld for taxes, shares | (28) | (28) | |||
Shares withheld for taxes, value | $ (822) | $ (3) | (819) | 0 | 0 |
Dividends declared | (21,005) | 0 | 0 | (21,005) | 0 |
Net loss | (4,899) | 0 | 0 | (4,899) | 0 |
Other comprehensive loss | $ (369) | $ 0 | 0 | 0 | (369) |
Balances, shares at Sep. 30, 2018 | 45,130 | 45,130 | |||
Balances, value at Sep. 30, 2018 | $ 1,201,682 | $ 4,513 | $ 596,110 | $ 609,577 | $ (8,518) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,899) | $ 44,460 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 29,104 | 27,452 |
Amortization | 10,539 | 9,139 |
Provision to doubtful accounts | 1,714 | 1,697 |
Deferred income taxes | 11,863 | 581 |
Asset impairments | 96 | 42 |
Gain on the sale of property, plant and equipment | (215) | (194) |
Stock-based compensation expense | 8,229 | 6,819 |
Changes in operating assets and liabilities, net of effects from business acquisition: | ||
Accounts receivable | (21,733) | 29,229 |
Contract assets | (9,402) | (5,373) |
Inventories | (54,342) | (36,747) |
Prepaid expenses and other assets | 2,493 | (8,181) |
Accounts payable | 12,620 | 3,922 |
Accrued liabilities | 2,170 | 15,637 |
Income taxes | (5,530) | 1,407 |
Net cash provided by (used in) operations | (17,293) | 89,890 |
Cash flows from investing activities: | ||
Proceeds from sales of investments at par | 522 | 250 |
Additions to property, plant and equipment | (50,437) | (35,033) |
Proceeds from the sale of property, plant and equipment | 237 | 270 |
Additions to purchased software | (2,496) | (2,703) |
Business acquisition, net of cash acquired | (2,731) | 0 |
Other | (130) | (156) |
Net cash used in investing activities | (55,035) | (37,372) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 3,463 | 9,828 |
Employee taxes paid for shares withheld | (822) | (383) |
Dividends paid | (14,235) | 0 |
Borrowings under credit agreement | 50,000 | 0 |
Principal payments on long-term debt and capital lease obligations | (107,758) | (9,288) |
Share repurchases | (122,053) | (5,887) |
Debt issuance costs | (2,303) | (433) |
Net used in financing activities | (193,708) | (6,163) |
Effect of exchange rate changes | (797) | 2,358 |
Net increase (decrease) in cash and cash equivalents | (266,833) | 48,713 |
Cash and cash equivalents at beginning of year | 742,546 | 681,433 |
Cash and cash equivalents at end of period | $ 475,713 | $ 730,146 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides innovative product design, engineering services, technology solutions and advanced manufacturing services . From initial product concept to volume production, including direct order fulfillment and aftermarket s ervices, the Company has been providing integrated services and solutions to original equipment manufacturers (OEMs) since 1979. The Company serves the following industries: aerospace and defense (A&D) , medical technologies, complex industrials, test and instrument ation, next-generation telecommunications and high-end computing . The Company has manufacturing operations located in the United States and Mexico (the Americas ) , Asia and Europe. The unaudited condensed consolidated financial statements included herein h ave 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 for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudit ed condensed consolidated financial statements should be read in conjunction with the financial statements and n otes included in the Company’s annual r eport on Form 10 -K for the year ended December 31, 2017 (the 2017 10-K). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) . Actual results could differ from those estimates and assumptions. |
Impact Of Recently Enacted Acco
Impact Of Recently Enacted Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Impact of Recently Enacted Accounting Standards | Note 2 – New Accounting Pronouncements Adopted in 2018 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. The Company adopted the new guidance effective January 1, 2018. The impact of adoption on the Company's consolidated financial statements is depe ndent on future changes to stock -based compen sation awards. In August 2016, the FASB issued 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. The Company adopted this new update effective January 1, 2018. The adoption of this guidance had no impact on the consolidated financial statements of the Company . In May 2014, the FASB issued a new standard (commonly referred to as ASC 606), which change d the way the Company recognizes r evenue and significantly expanded the disclosure requirements for revenue arrangements. The Company adopted ASC 606 with a date of the initial application of January 1, 2018. As a result, the Company has changed its account ing policy for revenue recognition as detailed below. The Company applied ASC 606 using the full retrospective transition method. The Company elected the ASC 606 practical expedient and does not disclose the information about remaining performance obligat ions that have original expected durations of one year or less . Amounts prior to January 1, 2018 that have been adjusted in accordance with ASC 606 as described herein are noted “as adjusted”. Previously, the Company recognized revenue from the sale of ma nufactured products built to customer specifications and excess inventory when t itle and risk of ownership passed, the price to the buyer wa s fixed or d eterminable and recoverability wa s reasonably assured, which was generally when the goods were shipped. Under ASC 606, the Company recognizes revenue as the customer takes control of the products. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. Accordingly, the Company will recognize revenue under these contracts earlier than under the previous accounting rules . Under other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company continues to recognize re venue upon transfer of control of product to the customer . Revenue from design, development and engineering services also continues to b e recognized over time as the services are performed. The Company’s performance obligations generally have an expected duration of one year or less. The Company applies the practical expedients and does not disclose information about remaining performance obligations that have original expected durations of one year or less or any significant financing components in the contracts. The Company recognizes the incremental costs, if any, of obtaining contracts as an expense when incurred since the amortization period of the assets that the Company otherwise would have recognized is one year less. The following table s summarize the impacts of ASC 606 adoption on the Company’s 2017 consolidated financial statements. Condensed Consolidated Balance Sheet December 31, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Contract assets $ — $ 146,496 $ 146,496 Inventories 397,181 (128,264) 268,917 Prepaid expenses and other assets 42,263 (6,245) 36,018 Total assets $ 2,097,317 $ 11,987 $ 2,109,304 Income taxes payable $ 11,662 $ 1 $ 11,663 Deferred income taxes 7,027 1,667 8,694 Total liabilities 768,498 1,668 770,166 Retained earnings 697,862 10,319 708,181 Total shareholders’ equity 1,328,819 10,319 1,339,138 Total liabilities and shareholders’ equity $ 2,097,317 $ 11,987 $ 2,109,304 Condensed Consolidated Statement of Income Three Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 603,550 $ 7,379 $ 610,929 Cost of sales $ 545,395 $ 7,291 $ 552,686 Income tax expense $ 1,919 $ (231) $ 1,688 Net income $ 17,512 $ 319 $ 17,831 Earnings per share: Basic $ 0.35 $ 0.01 $ 0.36 Diluted $ 0.35 $ — $ 0.35 Weighted-average number of shares outstanding: Basic 49,865 49,865 49,865 Diluted 50,330 50,330 50,330 Condensed Consolidated Statement of Income Nine Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 1,786,955 $ 1,488 $ 1,788,443 Cost of sales $ 1,621,153 $ 2,031 $ 1,623,184 Income tax expense $ 6,539 $ (628) $ 5,911 Net income $ 44,375 $ 85 $ 44,460 Earnings per share: Basic $ 0.89 $ — $ 0.89 Diluted $ 0.88 $ — $ 0.88 Weighted-average number of shares outstanding: Basic 49,716 49,716 49,716 Diluted 50,292 50,292 50,292 Condensed Consolidated Statement of Cash Flows Nine Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net income $ 44,375 $ 85 $ 44,460 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 27,452 — 27,452 Amortization 9,139 — 9,139 Provision for doubtful accounts 1,697 — 1,697 Deferred income taxes 1,505 (924) 581 Gain on the sale of property, plant and equipment (194) — (194) Asset impairments 42 — 42 Stock-based compensation expense 6,819 — 6,819 Changes in operating assets and liabilities: Accounts receivable 29,229 — 29,229 Contract assets — (5,373) (5,373) Inventories (38,778) 2,031 (36,747) Prepaid expenses and other assets (12,066) 3,885 (8,181) Accounts payable 3,922 — 3,922 Accrued liabilities 15,637 — 15,637 Income taxes 1,111 296 1,407 Net cash provided by operations 89,890 — 89,890 Net cash used in investing activities (37,372) — (37,372) Net cash used in financing activities (6,163) — (6,163) Effect of exchange rate changes 2,358 — 2,358 Net increase in cash and cash equivalents 48,713 — 48,713 Cash and cash equivalents at beginning of year 681,433 — 681,433 Cash and cash equivalents at end of period $ 730,146 $ — $ 730,146 Not Yet Adopted In February 2018, the FASB i ssued optional new accounting guidance that allows the reclassification of certain tax effects from accumulated other comprehensive income to retained earnings. This guidance is effective January 1, 2019, with early adoption permitted. The Company is evaluating whether it will adopt this new guidance along with any impacts on the Company’s financial position, results of operations and cash flows, none of which are expected to be material. In June 2016, the FASB issue d a new accounting standards update, 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 c redit loss estimates. This update 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 its consolidated financial position, results of operat ions or cash flows ; and will adopt this update effective January 1, 2020 . In February 2016, the FASB issued a new accounting standards update changing the accounting for leases , including a requirement to record all leases on the consolidated balance shee ts as assets (right-of-use) and liabilities (for reasonably certain lease payments) . 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 consolidat ed balance sheet. Originally, entities were required to adopt this update using a modified retrospective approach, which required prior periods to be presented under this new standard with various practical expedients allowed. However, in July 2018, the FA SB issued additional guidance which allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption (January 1, 2019). The Company is currentl y evaluating the impact this standard will have on its consolidated financial statements and which transition approach will be used upon adoption . 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. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 3 – Revenue The Company’s revenues are generated primarily from the sale of manufactured products bui lt to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of excess inventory. Revenue is measured based on a consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Co mpany’s contracts with customers are generally short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is complete d. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer . Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significan t obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales . Disaggregation of revenue In the following table s , revenue is d isaggregated by market sector. The table s also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 45,334 $ 67,969 $ 15,001 $ 128,304 A&D 97,141 — 7,847 104,988 Medical 58,725 34,404 3,171 96,300 Test and instrumentation 32,016 30,494 14,098 76,608 Computing 125,110 18,018 2,258 145,386 Telecommunication 37,846 50,716 540 89,102 External revenue 396,172 201,601 42,915 640,688 Elimination of intersegment sales 7,965 8,552 139 16,656 Segment revenue $ 404,137 $ 210,153 $ 43,054 $ 657,344 Nine Months Ended September 30, 2018 Americas Asia Europe Total Market Sector: Industrials $ 141,966 $ 180,195 $ 49,887 $ 372,048 A&D 278,191 — 23,093 301,284 Medical 173,192 106,769 10,142 290,103 Test and instrumentation 125,603 111,280 48,393 285,276 Computing 352,747 50,446 6,368 409,561 Telecommunication 123,386 125,708 2,049 251,143 External revenue 1,195,085 574,398 139,932 1,909,415 Elimination of intersegment sales 22,115 28,505 273 50,893 Segment revenue $ 1,217,200 $ 602,903 $ 140,205 $ 1,960,308 Reportable Operating Segments Three Months Ended September 30, 2017 (as adjusted) (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 50,644 $ 58,488 $ 16,809 $ 125,941 A&D 89,261 871 6,163 96,295 Medical 55,162 41,716 5,178 102,056 Test and instrumentation 42,587 34,071 12,454 89,112 Computing 96,688 26,257 2,396 125,341 Telecommunication 37,555 33,857 772 72,184 External revenue 371,897 195,260 43,772 610,929 Elimination of intersegment sales 7,520 12,947 54 20,521 Segment revenue $ 379,417 $ 208,207 $ 43,826 $ 631,450 Nine Months Ended September 30, 2017 (as adjusted) Americas Asia Europe Total Market Sector: Industrials $ 160,794 $ 156,373 $ 50,714 $ 367,881 A&D 275,717 1,920 18,638 296,275 Medical 150,902 108,015 14,899 273,816 Test and instrumentation 113,007 107,420 33,251 253,678 Computing 291,048 68,989 7,794 367,831 Telecommunication 130,708 96,243 2,011 228,962 External revenue 1,122,176 538,960 127,307 1,788,443 Elimination of intersegment sales 23,995 43,031 173 67,199 Segment revenue $ 1,146,171 $ 581,991 $ 127,480 $ 1,855,642 F or both the nine months ended September 30, 2018 and 2017 , 93% of the Company’s revenue was recognized as products and services are transferred over time . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 4 – Stock-Based Compensation The Company’s 2010 Omnibus Incentive Compensation Plan (the 2010 Plan) authorizes the Company, upon approval of the Compensation Committee of the Board of Directors, to grant a variety of awards, including stock options, restricted shares 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 pric e of the Company’s common stock on the date of grant, generally vest over a four-year period f rom the date of grant and have a term of 10 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 r estricted stock units generally vest 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 units, which vest in equal quarterly installments over a one-year per iod, starting on the grant date . As of September 30, 2018 , 2.7 million additional shares of common stock were available for issuance under the Company’s 20 10 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 $2.8 million and $8.2 million for the three and nine months ended September 30, 2018 , respectively, and $2.3 million and $ 6.8 million for the three and nine months ended September 30, 2017 , respectively. The total income tax benefit recognize d in the condensed income statement s for stock-based awards was $0.7 million and $2.0 million for the three and nine months ended September 30, 2018 , respectively, and $0.8 million and $ 2.5 million for the three and nine months ended September 30, 2017 , respectively. The compensation expense for stock-based awards is recognized over the vesting period of the awards using the straight-line method. The fair value of each option grant is estimated on the date of grant usi ng the Black-Scholes option pricing model. Awards of restricted stock units and performance-based restricted stock units are valued at the closing market pric e of the Company’s common stock on the date of grant. For performance-based restricted stock units , compensation expense is based on the probability that the performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on the Company’s expectation of performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to stock-based compensation expense is recognized as a change in accounting estimate . As of September 30, 2018 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock Stock (in thousands, except remaining period data) Options Units Units (1) Unrecognized compensation cost $ 112 $ 15,143 $ 4,315 Remaining weighted-average amortization period 0.4 years 2.4 years 1.4 years (1) Based on the probable achievement of the performance goals identified in each award. The total cash received by the Company as a result of stock option exercises for the nine months ended September 30, 2018 and 2017 was a pproximately $3.5 million and $9.8 million, respectively. The actual tax benefit realized as a result of stock option exercises and the vesting of other share-based awards during the nine months ended September 30, 2018 and 2017 was $2.1 million and $ 4.4 million, respectively. For the nine months ended September 30, 2018 and 2017 , the total intrinsic value of stock options exercised was $2.2 million and $ 6.5 million, respectively. The Company awarde d performance-based restricted stock units to employees during the nine months ended September 30, 2018 and 2017 . 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 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 financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: revenue growth, operating margin expansion, and return on invested capital. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for issuance under the Company’s 2010 Plan . The following table summarizes activities relating to the Company’s stock options: Weighted- Weighted- Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2017 596 $19.72 Exercised (187) 18.61 Forfeited or expired (20) 22.98 Outstanding as of September 30, 2018 389 $20.09 4.48 $ 1,288 Exercisable as of September 30, 2018 354 $19.78 3.51 $ 1,279 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, 2018 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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested units outstanding as of December 31, 2017 593 $27.47 Granted 402 29.52 Vested (229) 26.79 Forfeited (86) 27.35 Non-vested units outstanding as of September 30, 2018 680 $28.93 The following table summarizes the activi ties related to the Company’s performance-based restricted stock units: Weighted- Number of Average Units Grant Date (in thousands) Fair Value Non-vested units outstanding as of December 31, 2017 346 $26.88 Granted (1) 120 29.60 Forfeited (147) 24.06 Non-vested units outstanding as of September 30, 2018 319 $29.19 (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, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 – 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 e quivalents include common stock issuable upon the exercise of stock options and other equity instruments, and a re 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 earnings per share : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 (as adjusted) (as adjusted) Net income (loss) $ 7,799 $ 17,831 $ (4,899) $ 44,460 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 46,301 49,865 47,415 49,716 Incremental common shares attributable to exercise of dilutive options 90 268 — 319 Incremental common shares attributable . to outstanding restricted stock units 64 197 — 257 Denominator for diluted earnings per share 46,455 50,330 47,415 50,292 Basic earnings (loss) per share $ 0.17 $ 0.36 $ (0.10) $ 0.89 Diluted earnings (loss) per share $ 0.17 $ 0.35 $ (0.10) $ 0.88 Potentially dilutive securities totaling 0.3 mil lion common shares for the nine months ended September 30, 2018 were not included in the computation of diluted loss per share because their effect would have decreased the loss per share. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | Note 6 – 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, 2017 $ 153,514 $ 38,102 $ 191,616 Acquisition 500 — 500 Goodwill as of September 30, 2018 $ 154,014 $ 38,102 $ 192,116 During the nine months ended September 30, 2018 , the Company completed a non-significant business acquisition for $2.7 million. The preliminary allocation of the net purchase price resulted in $0.5 million of goodwill. The goodwill recognized in connection with the acquisition represents the future economic benefit arising from assets acquired that could not be individually identified and separately recognized , and is attributable to the general reputation, acquisition synergies and expected futur e cash flows of the acquisition . The final allocation of the purchase price, which the Company expects to complete no later than one year from the acquisition date, may differ from the amounts included in these financial statements. Management does not exp ect additional adjustments, if any, resulting from changes to the purchase price allocation, to have a material effect on the Company’s financial position or results of operations. Other assets consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. I ntangible assets as of September 30, 2018 and December 31, 2017 were as follows: As of September 30, 2018 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,162 $ (39,091) $ 61,071 Purchased software costs 37,645 (30,268) 7,377 Technology licenses 28,800 (20,214) 8,586 Trade names and trademarks 7,800 — 7,800 Other 868 (279) 589 Total $ 175,275 $ (89,852) $ 85,423 As of December 31, 2017 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,200 $ (34,372) $ 65,828 Purchased software costs 35,328 (29,612) 5,716 Technology licenses 28,800 (17,887) 10,913 Trade names and trademarks 7,800 — 7,800 Other 868 (261) 607 Total $ 172,996 $ (82,132) $ 90,864 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, 2018 and 2017 was as follows: Nine Months Ended September 30, (in thousands) 2018 2017 Amortization of intangible assets $ 7,101 $ 7,698 Amortization of capitalized purchased software costs 836 798 Amortization of debt costs 2,602 643 $ 10,539 $ 9,139 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 2018 (remaining three months) $ 2,688 2019 10,653 2020 9,912 2021 6,868 2022 6,762 |
Borrowing Facilities
Borrowing Facilities | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowing Facilities | Note 7 – Borrowing Facilities On July 20, 2018, the Company entered into a $650 mi llion credit agreement (the Credit Agreement) by and among the Company, certain of i ts subsidiaries , the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Credit Agreement is comprised of a five-year $500 million rev olving credit facility (the Revolving Credit Facility) and a five-year $150 mill ion term loan facility (the Term Loan Facility), both with a maturity date of Jul y 20, 2023. The Term Loan Facility proceed s were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 mill ion Credit Agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, ex ecution and delivery of the Credit Agreement. The Revolving Credit Facility is available for gene ral corporate purposes. The Credit Agreeme nt includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loan and/or inc rease commitments under the Revolving Credit Facility in an aggregate amount not exceeding $275 million, subject to the satisfact ion of certain conditions. The Term Loan Facility is payable in quarterly principal installments of $1.9 million commencing June 30, 201 9, with the balance payable on July 20, 2023 . Interest on outst anding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. As of September 30, 2018 , $145.5 million of the outstanding de bt un der the Credit Agreement i s effectively at a fixed interest rate as a result of a $1 45.5 million notional interest rate swap contract discussed in Note 16 . A commitment fee of 0.20% to 0.3 0% per annum (based on the debt to EBITDA r atio) on the unused po rtio n of the revolving credit line i s payable quarterly in arrears. The Cr edit Agreement i s generally secured by a pledge of (a) all the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its directly owned foreign subsid iaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, but not limited to, accounts receivable, contract assets, inventory , intellectual property and fixed assets of Benchmark and its domestic su bsidiaries), in each case, subject to customary exceptions and limitations , and (c) all proceeds and products of the property and assets described in (a) and (b) above . The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenant s, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts du e under the Credit Agreement could 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 . As of September 30, 2018 , the Company was in compliance with all of these covenants and restrictions. As of September 30, 2018 , the Company had $150.0 million in borrowings outstanding under the Term Loan facility and $2.8 million in l etters of credit outstanding under the Revolving Credit F acility. The Company had $497.2 million available f or future borrowings under the Revolving Credit F acility. The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornbank P ublic Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht (approximately $10.8 million) working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company ’s Thailand subsidiary. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2019 . As of both September 30, 2018 and December 31, 2017 , there were no working capital borrowings outstanding under the facility. |
Contract Assets
Contract Assets | 9 Months Ended |
Sep. 30, 2018 | |
Contract With Customer Asset And Liability [Abstract] | |
Contract assets | Note 8 – Contract Assets As of September 30, 2018 and December 31, 2017 , the Compa ny had $155.9 million and $146.5 million , respectively, in contract receivables from contracts with customers. The contract receivables primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract receivables are transferred to accounts receivable when the rights become unconditional . Nine Months Ended September 30, (in thousands) 2018 2017 Beginning balance as of December 31, 2017 $ 146,496 $ 156,206 Revenue recognized 1,774,620 1,667,090 Amounts collected or invoiced (1,765,218) (1,661,717) Ending balance as of September 30, 2018 $ 155,898 $ 161,579 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventories [Abstract] | |
Inventories | Note 9 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2018 2017 (as adjusted) Raw materials $ 311,190 $ 258,228 Work in process 7,985 8,600 Finished goods 2,019 2,089 $ 321,194 $ 268,917 |
Accounts Receivable Sale Progra
Accounts Receivable Sale Program | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable Sales Program | Note 10 – Accounts Receivable Sale Program As of September 30, 2018 , i n 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 $8 0.0 million of specific accou nts receivable at any one time. During each of the three months ended September 30, 2018 and 2017 , the Company sold $40 .0 million of account s receivable under this program, and i n exchange, the Company received cash pr oceeds of $39.9 million, net of the discount. During the nine months ended September 30, 2018 and 2017 , the Company sold $120 .0 million and $105.0 million, respectively, of account s receivable under this program, and i n exchange, the Company received c ash proceeds of $119.7 million and $104.8 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the Condensed Consolidated Statements of Income . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2018 2017 (as adjusted) Federal – current $ 223 $ (984) Foreign – current 25,894 6,039 State – current 7,673 275 Deferred 11,863 581 $ 45,653 $ 5,911 The U.S. Tax Cuts and Jobs Act (U.S. Tax Reform), which was signed into law on December 22, 2017, significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The U.S. Tax Reform reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. To minimize tax base erosion with a territorial tax system, the U.S. Tax Reform enacted a new global intangible low-taxed income (GILTI) provision. Under the GILTI provision, certa in foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s depreciable tangible assets are included in U.S. taxable income offset by a limited deemed paid foreig n tax credit. The Company is subject to the GILTI provisions d ue to its operations in foreign jurisdictions . As of December 31, 2017, the Company had approximately $928 million in cumulative undistributed foreign earnings outside the U.S. Substantially all of these undistributed earnings are subject to the U.S. mand atory repatriation tax and are eligible to be repatriated to the U.S. without additional U.S. tax under the U.S. Tax Reform. The Company has historically asserted its intention to indefinitely reinvest und istributed foreign earnings. T he Company no longer consider s these earnings to be indefinitely reinvested in its foreign subsidiaries. As a result of this change in assertion for undistributed earnings prior to December 31, 2017 , the Company recorded $30.7 million of deferred tax expense for foreign withho lding tax from Asia and $9.4 million of deferred U.S. state income tax expense in the first three months of 2018 . During the nine months ended September 30, 2018, the Company repatriated $522.0 million of foreign earnings to the U.S. For future undistributed ear nings earned after December 31, 2017, the Company intends to indefinitely reinvest certain future undistributed foreign earnings from certain jurisdictions, and repatriate future earnings from other specific jurisdictions as part of its foreign cash manage ment strategy around the world. Excluding the impact of these items, i ncome tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income tax es primarily due to the mix of taxable income by tax ing jurisdiction, the impact of tax incentives and tax ho lidays in foreign locations, state income taxes (net of federal benefit) and the U.S. tax under GILTI . 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, 2018 and 2017 by approximatel y $8.2 million (approximately $ 0.17 per diluted share) and $7.3 million (approximately $0. 15 per diluted share), respectively , as follows: Nine Months Ended September 30, (in thousands) 2018 2017 China $ 1,449 $ 888 Malaysia 3,219 3,151 Thailand 3,579 3,294 $ 8,247 $ 7,333 As of September 30, 2018 , the total amount of the reserve for uncertain tax benefits including interest was $0.3 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, 2018 , w as $47.0 thousand. There was no reserve for pot ential penalties. During the nine months ended September 30, 2018 , the Company released $0.5 million of uncertain tax benefits from a U.S. Internal Revenue Service (IRS) audit related to the Secure Communication Systems, Inc. acquisition. During the first qu arter of 2018 , the IRS indicated that this examination of years 2013 to 2015 was closed. In addition, the IRS also notified the Company that the examination of the Company’s consolidated U.S. income tax return filings for 2014 was also closed with no ad ditional tax costs. The Company and its subsidiaries in Brazil, 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 7 . Currently, the Company does not have any ongoing income tax examinations by any jurisdiction . During the course of such income tax 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 expiration of applicable statutes of limitations thereby precluding examination of the tax period(s) for which such statute of limitation has expired. The Company believes that it has adequately pr ovided for its tax liabilities . |
Segment And Geographic Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | Note 12 – 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) 2018 2017 2018 2017 (as adjusted) (as adjusted) Net sales: Americas $ 404,137 $ 379,417 $ 1,217,200 $ 1,146,171 Asia 210,153 208,207 602,903 581,991 Europe 43,054 43,826 140,205 127,480 Elimination of intersegment sales (16,656) (20,521) (50,893) (67,199) $ 640,688 $ 610,929 $ 1,909,415 $ 1,788,443 Depreciation and amortization: Americas $ 5,746 $ 5,679 $ 17,171 $ 16,599 Asia 2,967 2,882 8,660 9,021 Europe 860 705 2,644 2,041 Corporate 4,987 3,008 11,168 8,930 $ 14,560 $ 12,274 $ 39,643 $ 36,591 Income from operations: Americas $ 9,586 $ 15,046 $ 41,845 $ 46,823 Asia 18,963 21,477 53,441 55,314 Europe 2,242 2,551 7,437 7,430 Corporate and intersegment eliminations (19,834) (18,171) (59,450) (54,651) $ 10,957 $ 20,903 $ 43,273 $ 54,916 Other income (expense): Interest expense (3,822) (2,324) (8,543) (6,861) Interest income 1,619 1,334 5,197 3,621 Other expense 1,139 (394) 827 (1,305) Income before income taxes $ 9,893 $ 19,519 $ 40,754 $ 50,371 Capital expenditures: Americas $ 8,975 $ 8,548 $ 34,369 $ 17,584 Asia 3,898 1,696 12,548 12,820 Europe 651 638 2,303 4,018 Corporate 1,046 475 3,713 3,314 $ 14,570 $ 11,357 $ 52,933 $ 37,736 September 30, December 31, (in thousands) 2018 2017 (as adjusted) Total assets: Americas $ 848,998 $ 812,187 Asia 548,571 674,783 Europe 144,352 470,786 Corporate and other 398,850 151,548 $ 1,940,771 $ 2,109,304 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) 2018 2017 2018 2017 (as adjusted) (as adjusted) Geographic net sales: United States $ 438,461 $ 403,233 $ 1,280,026 $ 1,187,333 Asia 105,422 114,302 328,327 324,224 Europe 69,289 71,718 222,870 218,338 Other Foreign 27,516 21,676 78,192 58,548 $ 640,688 $ 610,929 $ 1,909,415 $ 1,788,443 September 30, December 31, 2018 2017 Long-lived assets: United States $ 186,557 $ 167,858 Asia 79,351 77,750 Europe 10,336 11,042 Other 24,525 25,830 $ 300,769 $ 282,480 |
Supplemental Cash Flow And Non-
Supplemental Cash Flow And Non-Cash Information | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow and Non-Cash Information | Note 13 – 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) 2018 2017 2018 2017 Income taxes paid, net $ 15,544 $ 2,524 $ 39,296 $ 5,049 Interest paid 1,845 2,089 6,163 6,385 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,629 $ 6,024 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Contingencies [Abstract] | |
Contingencies | Note 14 – 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 . |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 15 – 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 2018 and 2017 primarily related to facility tr ansition and closures in the Americas , capacity reduction and reductions in workforce in certain facilities across various regions . The following table summarizes the 2018 activity in the accrued restru cturing balances related to the restructuring activities initiated prior to September 30, 2018 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2017 Charges Payment Activity Adjustments 2018 2018 Restructuring: Severance $ — $ 1,626 $ (1,626) $ — $ — $ — Other exit costs — 1,323 (687) — — 636 — 2,949 (2,313) — — 636 2017 Restructuring: Severance 47 3 (50) — — — Leased facilities and equipment — 96 (96) — — — Other exit costs 198 270 (309) — (29) 130 245 369 (455) — (29) 130 2016 Restructuring: Severance 29 (6) (23) — — — Other exit costs 16 245 (145) (116) — — 45 239 (168) (116) — — Total $ 290 $ 3,557 $ (2,936) $ (116) $ (29) $ 766 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value [Abstract] | |
Fair Value | Note 16 – 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, 2018 , 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, 2018 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, with notiona l amounts of $145.5 million and $155.3 m illion as of September 30, 2018 and December 31, 2017 , 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 t he interest rate swap was a $3.5 million asset as of September 30, 2018 and a $2.0 million asset as of December 31, 2017 . During the nine months ended September 30, 2018 , the Co mpany recorded unrealized gain of $1.5 million ($1.2 million net of tax) on the swap in other comprehensive income . See Note 17 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 17 – Accumulated Other Comprehensive Loss The changes in accumulated other c omprehensive loss by component we re as follows: Foreign Unrealized currency Derivative loss on translation instruments, investments, (in thousands) adjustments net of tax net of tax Other Total Balances, December 31, 2017 $ (9,567) $ 1,478 $ (41) $ (19) $ (8,149) Other comprehensive gain (loss) before reclassifications (1,569) 1,159 41 — (369) Net current period other comprehensive gain (loss) (1,569) 1,159 41 — (369) Balances, September 30, 2018 $ (11,136) $ 2,637 $ — $ (19) $ (8,518) See Note 16 for further explanation of the change in derivative instruments that is recorded to Accumulated Other Comprehensive Loss. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Note 18 – Shareholders’ Equity Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. For the nine months ended September 30, 2018 , cash dividends paid totaled $14.2 million. On September 17 , 2018, the Company declared a quarterly cash dividend of $0.15 per share of the Company’s common stock to sh areholders of record as of September 28 , 2018 . The dividend of $6.8 million was paid on October 11, 2018. The Board of Directors currently intend s to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable law, and depending on, among other things, the Company’s results of operations, financial condition, level of ind ebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed; there can be no assurance that the Company will continue to pay a dividend in the future . Share Repurchase Authorization On March 6, 2018, the Board of Directors approved an e xpanded stock repurchase authorization granting the Company authority to repurchase up to $250 million in common s tock in addition to the $100 million previously approved on December 7, 2015. As of September 30, 2018, the Company had $191.4 million remaining under the stock repurchase authorization. On October 26 , 2018, the Board of Directors authorized the repurchase of an addi tional $100 million of the Company’s common stock. During the first quarter of 2018, the Company entered into an accelerated stock repurchase agreement (ASR) with a third party to repurchase an aggregate of $50.0 million of the Company’s common stock and received an initial delivery of 1.3 million shares of common stock. On July 18, 2018, the Company completed the ASR program and received delivery of the remaining shares totaling 0.4 million shares. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Impacts of ASC 606 Adoption | The following table s summarize the impacts of ASC 606 adoption on the Company’s 2017 consolidated financial statements. Condensed Consolidated Balance Sheet December 31, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Contract assets $ — $ 146,496 $ 146,496 Inventories 397,181 (128,264) 268,917 Prepaid expenses and other assets 42,263 (6,245) 36,018 Total assets $ 2,097,317 $ 11,987 $ 2,109,304 Income taxes payable $ 11,662 $ 1 $ 11,663 Deferred income taxes 7,027 1,667 8,694 Total liabilities 768,498 1,668 770,166 Retained earnings 697,862 10,319 708,181 Total shareholders’ equity 1,328,819 10,319 1,339,138 Total liabilities and shareholders’ equity $ 2,097,317 $ 11,987 $ 2,109,304 Condensed Consolidated Statement of Income Three Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 603,550 $ 7,379 $ 610,929 Cost of sales $ 545,395 $ 7,291 $ 552,686 Income tax expense $ 1,919 $ (231) $ 1,688 Net income $ 17,512 $ 319 $ 17,831 Earnings per share: Basic $ 0.35 $ 0.01 $ 0.36 Diluted $ 0.35 $ — $ 0.35 Weighted-average number of shares outstanding: Basic 49,865 49,865 49,865 Diluted 50,330 50,330 50,330 Condensed Consolidated Statement of Income Nine Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands, except per share data) reported Adjustments As adjusted Sales $ 1,786,955 $ 1,488 $ 1,788,443 Cost of sales $ 1,621,153 $ 2,031 $ 1,623,184 Income tax expense $ 6,539 $ (628) $ 5,911 Net income $ 44,375 $ 85 $ 44,460 Earnings per share: Basic $ 0.89 $ — $ 0.89 Diluted $ 0.88 $ — $ 0.88 Weighted-average number of shares outstanding: Basic 49,716 49,716 49,716 Diluted 50,292 50,292 50,292 Condensed Consolidated Statement of Cash Flows Nine Months Ended September 30, 2017 Impact of changes in accounting policies As previously (in thousands) reported Adjustments As adjusted Net income $ 44,375 $ 85 $ 44,460 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 27,452 — 27,452 Amortization 9,139 — 9,139 Provision for doubtful accounts 1,697 — 1,697 Deferred income taxes 1,505 (924) 581 Gain on the sale of property, plant and equipment (194) — (194) Asset impairments 42 — 42 Stock-based compensation expense 6,819 — 6,819 Changes in operating assets and liabilities: Accounts receivable 29,229 — 29,229 Contract assets — (5,373) (5,373) Inventories (38,778) 2,031 (36,747) Prepaid expenses and other assets (12,066) 3,885 (8,181) Accounts payable 3,922 — 3,922 Accrued liabilities 15,637 — 15,637 Income taxes 1,111 296 1,407 Net cash provided by operations 89,890 — 89,890 Net cash used in investing activities (37,372) — (37,372) Net cash used in financing activities (6,163) — (6,163) Effect of exchange rate changes 2,358 — 2,358 Net increase in cash and cash equivalents 48,713 — 48,713 Cash and cash equivalents at beginning of year 681,433 — 681,433 Cash and cash equivalents at end of period $ 730,146 $ — $ 730,146 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of revenue | Disaggregation of revenue In the following table s , revenue is d isaggregated by market sector. The table s also include a reconciliation of the disaggregated revenue with the reportable operating segments. Reportable Operating Segments Three Months Ended September 30, 2018 (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 45,334 $ 67,969 $ 15,001 $ 128,304 A&D 97,141 — 7,847 104,988 Medical 58,725 34,404 3,171 96,300 Test and instrumentation 32,016 30,494 14,098 76,608 Computing 125,110 18,018 2,258 145,386 Telecommunication 37,846 50,716 540 89,102 External revenue 396,172 201,601 42,915 640,688 Elimination of intersegment sales 7,965 8,552 139 16,656 Segment revenue $ 404,137 $ 210,153 $ 43,054 $ 657,344 Nine Months Ended September 30, 2018 Americas Asia Europe Total Market Sector: Industrials $ 141,966 $ 180,195 $ 49,887 $ 372,048 A&D 278,191 — 23,093 301,284 Medical 173,192 106,769 10,142 290,103 Test and instrumentation 125,603 111,280 48,393 285,276 Computing 352,747 50,446 6,368 409,561 Telecommunication 123,386 125,708 2,049 251,143 External revenue 1,195,085 574,398 139,932 1,909,415 Elimination of intersegment sales 22,115 28,505 273 50,893 Segment revenue $ 1,217,200 $ 602,903 $ 140,205 $ 1,960,308 Reportable Operating Segments Three Months Ended September 30, 2017 (as adjusted) (in thousands) Americas Asia Europe Total Market Sector: Industrials $ 50,644 $ 58,488 $ 16,809 $ 125,941 A&D 89,261 871 6,163 96,295 Medical 55,162 41,716 5,178 102,056 Test and instrumentation 42,587 34,071 12,454 89,112 Computing 96,688 26,257 2,396 125,341 Telecommunication 37,555 33,857 772 72,184 External revenue 371,897 195,260 43,772 610,929 Elimination of intersegment sales 7,520 12,947 54 20,521 Segment revenue $ 379,417 $ 208,207 $ 43,826 $ 631,450 Nine Months Ended September 30, 2017 (as adjusted) Americas Asia Europe Total Market Sector: Industrials $ 160,794 $ 156,373 $ 50,714 $ 367,881 A&D 275,717 1,920 18,638 296,275 Medical 150,902 108,015 14,899 273,816 Test and instrumentation 113,007 107,420 33,251 253,678 Computing 291,048 68,989 7,794 367,831 Telecommunication 130,708 96,243 2,011 228,962 External revenue 1,122,176 538,960 127,307 1,788,443 Elimination of intersegment sales 23,995 43,031 173 67,199 Segment revenue $ 1,146,171 $ 581,991 $ 127,480 $ 1,855,642 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows: Performance- Time-based based Restricted Restricted Stock Stock Stock (in thousands, except remaining period data) Options Units Units (1) Unrecognized compensation cost $ 112 $ 15,143 $ 4,315 Remaining weighted-average amortization period 0.4 years 2.4 years 1.4 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 Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value (in thousands) Price Term (Years) (in thousands) Outstanding as of December 31, 2017 596 $19.72 Exercised (187) 18.61 Forfeited or expired (20) 22.98 Outstanding as of September 30, 2018 389 $20.09 4.48 $ 1,288 Exercisable as of September 30, 2018 354 $19.78 3.51 $ 1,279 |
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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested units outstanding as of December 31, 2017 593 $27.47 Granted 402 29.52 Vested (229) 26.79 Forfeited (86) 27.35 Non-vested units outstanding as of September 30, 2018 680 $28.93 |
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- Number of Average Units Grant Date (in thousands) Fair Value Non-vested units outstanding as of December 31, 2017 346 $26.88 Granted (1) 120 29.60 Forfeited (147) 24.06 Non-vested units outstanding as of September 30, 2018 319 $29.19 (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, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 (as adjusted) (as adjusted) Net income (loss) $ 7,799 $ 17,831 $ (4,899) $ 44,460 Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period 46,301 49,865 47,415 49,716 Incremental common shares attributable to exercise of dilutive options 90 268 — 319 Incremental common shares attributable . to outstanding restricted stock units 64 197 — 257 Denominator for diluted earnings per share 46,455 50,330 47,415 50,292 Basic earnings (loss) per share $ 0.17 $ 0.36 $ (0.10) $ 0.89 Diluted earnings (loss) per share $ 0.17 $ 0.35 $ (0.10) $ 0.88 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 $ 153,514 $ 38,102 $ 191,616 Acquisition 500 — 500 Goodwill as of September 30, 2018 $ 154,014 $ 38,102 $ 192,116 |
Schedule Of Intangible Assets | I ntangible assets as of September 30, 2018 and December 31, 2017 were as follows: As of September 30, 2018 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,162 $ (39,091) $ 61,071 Purchased software costs 37,645 (30,268) 7,377 Technology licenses 28,800 (20,214) 8,586 Trade names and trademarks 7,800 — 7,800 Other 868 (279) 589 Total $ 175,275 $ (89,852) $ 85,423 As of December 31, 2017 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount Customer relationships $ 100,200 $ (34,372) $ 65,828 Purchased software costs 35,328 (29,612) 5,716 Technology licenses 28,800 (17,887) 10,913 Trade names and trademarks 7,800 — 7,800 Other 868 (261) 607 Total $ 172,996 $ (82,132) $ 90,864 |
Schedule Of Amortization Expense | Amortization for the nine months ended September 30, 2018 and 2017 was as follows: Nine Months Ended September 30, (in thousands) 2018 2017 Amortization of intangible assets $ 7,101 $ 7,698 Amortization of capitalized purchased software costs 836 798 Amortization of debt costs 2,602 643 $ 10,539 $ 9,139 |
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 2018 (remaining three months) $ 2,688 2019 10,653 2020 9,912 2021 6,868 2022 6,762 |
Contract Assets (Tables)
Contract Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Contract With Customer Asset And Liability [Abstract] | |
Changes In Contract Assets | Significant changes in the contract asset balance during the pe riod are as follows: Nine Months Ended September 30, (in thousands) 2018 2017 Beginning balance as of December 31, 2017 $ 146,496 $ 156,206 Revenue recognized 1,774,620 1,667,090 Amounts collected or invoiced (1,765,218) (1,661,717) Ending balance as of September 30, 2018 $ 155,898 $ 161,579 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventories [Abstract] | |
Schedule Of Inventory Costs | Note 9 – Inventories Inventory costs are summarized as follows: September 30, December 31, (in thousands) 2018 2017 (as adjusted) Raw materials $ 311,190 $ 258,228 Work in process 7,985 8,600 Finished goods 2,019 2,089 $ 321,194 $ 268,917 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Note 11 – Income Taxes Income tax expense consists of the following: Nine Months Ended September 30, (in thousands) 2018 2017 (as adjusted) Federal – current $ 223 $ (984) Foreign – current 25,894 6,039 State – current 7,673 275 Deferred 11,863 581 $ 45,653 $ 5,911 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for the nine months ended September 30, 2018 and 2017 by approximatel y $8.2 million (approximately $ 0.17 per diluted share) and $7.3 million (approximately $0. 15 per diluted share), respectively , as follows: Nine Months Ended September 30, (in thousands) 2018 2017 China $ 1,449 $ 888 Malaysia 3,219 3,151 Thailand 3,579 3,294 $ 8,247 $ 7,333 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 2018 2017 (as adjusted) (as adjusted) Net sales: Americas $ 404,137 $ 379,417 $ 1,217,200 $ 1,146,171 Asia 210,153 208,207 602,903 581,991 Europe 43,054 43,826 140,205 127,480 Elimination of intersegment sales (16,656) (20,521) (50,893) (67,199) $ 640,688 $ 610,929 $ 1,909,415 $ 1,788,443 Depreciation and amortization: Americas $ 5,746 $ 5,679 $ 17,171 $ 16,599 Asia 2,967 2,882 8,660 9,021 Europe 860 705 2,644 2,041 Corporate 4,987 3,008 11,168 8,930 $ 14,560 $ 12,274 $ 39,643 $ 36,591 Income from operations: Americas $ 9,586 $ 15,046 $ 41,845 $ 46,823 Asia 18,963 21,477 53,441 55,314 Europe 2,242 2,551 7,437 7,430 Corporate and intersegment eliminations (19,834) (18,171) (59,450) (54,651) $ 10,957 $ 20,903 $ 43,273 $ 54,916 Other income (expense): Interest expense (3,822) (2,324) (8,543) (6,861) Interest income 1,619 1,334 5,197 3,621 Other expense 1,139 (394) 827 (1,305) Income before income taxes $ 9,893 $ 19,519 $ 40,754 $ 50,371 Capital expenditures: Americas $ 8,975 $ 8,548 $ 34,369 $ 17,584 Asia 3,898 1,696 12,548 12,820 Europe 651 638 2,303 4,018 Corporate 1,046 475 3,713 3,314 $ 14,570 $ 11,357 $ 52,933 $ 37,736 September 30, December 31, (in thousands) 2018 2017 (as adjusted) Total assets: Americas $ 848,998 $ 812,187 Asia 548,571 674,783 Europe 144,352 470,786 Corporate and other 398,850 151,548 $ 1,940,771 $ 2,109,304 |
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) 2018 2017 2018 2017 (as adjusted) (as adjusted) Geographic net sales: United States $ 438,461 $ 403,233 $ 1,280,026 $ 1,187,333 Asia 105,422 114,302 328,327 324,224 Europe 69,289 71,718 222,870 218,338 Other Foreign 27,516 21,676 78,192 58,548 $ 640,688 $ 610,929 $ 1,909,415 $ 1,788,443 September 30, December 31, 2018 2017 Long-lived assets: United States $ 186,557 $ 167,858 Asia 79,351 77,750 Europe 10,336 11,042 Other 24,525 25,830 $ 300,769 $ 282,480 |
Supplemental Cash Flow And No_2
Supplemental Cash Flow And Non-Cash Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow and Non-Cash Information | Note 13 – 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) 2018 2017 2018 2017 Income taxes paid, net $ 15,544 $ 2,524 $ 39,296 $ 5,049 Interest paid 1,845 2,089 6,163 6,385 Non-cash investing activity: Additions to property, plant and equipment in accounts payable $ 6,629 $ 6,024 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring Charges [Abstract] | |
Schedule Of Accrued Restructuring | The following table summarizes the 2018 activity in the accrued restru cturing balances related to the restructuring activities initiated prior to September 30, 2018 : Balance as of Foreign Balance as of December 31, Restructuring Cash Non-Cash Exchange September 30, (in thousands) 2017 Charges Payment Activity Adjustments 2018 2018 Restructuring: Severance $ — $ 1,626 $ (1,626) $ — $ — $ — Other exit costs — 1,323 (687) — — 636 — 2,949 (2,313) — — 636 2017 Restructuring: Severance 47 3 (50) — — — Leased facilities and equipment — 96 (96) — — — Other exit costs 198 270 (309) — (29) 130 245 369 (455) — (29) 130 2016 Restructuring: Severance 29 (6) (23) — — — Other exit costs 16 245 (145) (116) — — 45 239 (168) (116) — — Total $ 290 $ 3,557 $ (2,936) $ (116) $ (29) $ 766 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 loss on translation instruments, investments, (in thousands) adjustments net of tax net of tax Other Total Balances, December 31, 2017 $ (9,567) $ 1,478 $ (41) $ (19) $ (8,149) Other comprehensive gain (loss) before reclassifications (1,569) 1,159 41 — (369) Net current period other comprehensive gain (loss) (1,569) 1,159 41 — (369) Balances, September 30, 2018 $ (11,136) $ 2,637 $ — $ (19) $ (8,518) |
New Accounting Pronouncements_2
New Accounting Pronouncements (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Contract assets | $ 155,898 | $ 146,496 |
Inventories, net | 321,194 | 268,917 |
Prepaid expenses and other assets | 34,988 | 36,018 |
Total Assets | 1,940,771 | 2,109,304 |
Income taxes payable | 6,438 | 11,663 |
Deferred income taxes | 20,960 | 8,694 |
Total liabilities | 770,166 | |
Retained earnings | 609,577 | 708,181 |
Total shareholders' equity | 1,201,682 | 1,339,138 |
Total liabilities and shareholders' equity | $ 1,940,771 | 2,109,304 |
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member] | ||
Condensed Consolidated Balance Sheets [Abstract] | ||
Contract assets | 0 | |
Inventories, net | 397,181 | |
Prepaid expenses and other assets | 42,263 | |
Total Assets | 2,097,317 | |
Income taxes payable | 11,662 | |
Deferred income taxes | 7,027 | |
Total liabilities | 768,498 | |
Retained earnings | 697,862 | |
Total shareholders' equity | 1,328,819 | |
Total liabilities and shareholders' equity | 2,097,317 | |
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member] | ||
Condensed Consolidated Balance Sheets [Abstract] | ||
Contract assets | 146,496 | |
Inventories, net | (128,264) | |
Prepaid expenses and other assets | (6,245) | |
Total Assets | 11,987 | |
Income taxes payable | 1 | |
Deferred income taxes | 1,667 | |
Total liabilities | 1,668 | |
Retained earnings | 10,319 | |
Total shareholders' equity | 10,319 | |
Total liabilities and shareholders' equity | $ 11,987 |
New Accounting Pronouncements_3
New Accounting Pronouncements (Condensed Consolidated Statement Of Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||||
Revenues | $ 640,688 | $ 610,929 | $ 1,909,415 | $ 1,788,443 |
Cost of sales | 587,911 | 552,686 | 1,744,021 | 1,623,184 |
Income tax expense | 2,094 | 1,688 | 45,653 | 5,911 |
Net income (loss) | $ 7,799 | $ 17,831 | $ (4,899) | $ 44,460 |
Earnings Per Share [Abstract] | ||||
Basic | $ 0.17 | $ 0.36 | $ (0.1) | $ 0.89 |
Diluted | $ 0.17 | $ 0.35 | $ (0.1) | $ 0.88 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 46,301 | 49,865 | 47,415 | 49,716 |
Diluted | 46,455 | 50,330 | 47,415 | 50,292 |
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member] | ||||
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||||
Revenues | $ 603,550 | $ 1,786,955 | ||
Cost of sales | 545,395 | 1,621,153 | ||
Income tax expense | 1,919 | 6,539 | ||
Net income (loss) | $ 17,512 | $ 44,375 | ||
Earnings Per Share [Abstract] | ||||
Basic | $ 0.35 | $ 0.89 | ||
Diluted | $ 0.35 | $ 0.88 | ||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 49,865 | 49,716 | ||
Diluted | 50,330 | 50,292 | ||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member] | ||||
Condensed Consolidated Statements Of Income (Loss) [Abstract] | ||||
Revenues | $ 7,379 | $ 1,488 | ||
Cost of sales | 7,291 | 2,031 | ||
Income tax expense | (231) | (628) | ||
Net income (loss) | $ 319 | $ 85 | ||
Earnings Per Share [Abstract] | ||||
Basic | $ 0.01 | $ 0 | ||
Diluted | $ 0 | $ 0 | ||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 49,865 | 49,716 | ||
Diluted | 50,330 | 50,292 |
New Accounting Pronouncements_4
New Accounting Pronouncements (Condensed Consolidated Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 7,799 | $ 17,831 | $ (4,899) | $ 44,460 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 29,104 | 27,452 | ||
Amortization | 10,539 | 9,139 | ||
Provision to doubtful accounts | 1,714 | 1,697 | ||
Deferred income taxes | 11,863 | 581 | ||
Gain on the sale of property, plant and equipment | (215) | (194) | ||
Asset impairments | 96 | 42 | ||
Stock-based compensation expense | 8,229 | 6,819 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (21,733) | 29,229 | ||
Contract assets | (9,402) | (5,373) | ||
Inventories | (54,342) | (36,747) | ||
Prepaid expenses and other assets | 2,493 | (8,181) | ||
Accounts payable | 12,620 | 3,922 | ||
Accrued liabilities | 2,170 | 15,637 | ||
Income taxes | (5,530) | 1,407 | ||
Net cash provided by operations | (17,293) | 89,890 | ||
Cash flows from investing activities: | ||||
Net cash used in investing activities | (55,035) | (37,372) | ||
Cash flows from financing activities: | ||||
Net used in financing activities | (193,708) | (6,163) | ||
Effect of exchange rate changes | (797) | 2,358 | ||
Net increase in cash and cash equivalents | (266,833) | 48,713 | ||
Cash and cash equivalents at beginning of year | 742,546 | 681,433 | ||
Cash and cash equivalents at end of period | $ 475,713 | 730,146 | $ 475,713 | 730,146 |
Accounting Standards Update 2014-09 [Member] | As Previously Reported [Member] | Calculated Under Revenue Guidance In Effect Before Topic 606 [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 17,512 | 44,375 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 27,452 | |||
Amortization | 9,139 | |||
Provision to doubtful accounts | 1,697 | |||
Deferred income taxes | 1,505 | |||
Gain on the sale of property, plant and equipment | (194) | |||
Asset impairments | 42 | |||
Stock-based compensation expense | 6,819 | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 29,229 | |||
Contract assets | 0 | |||
Inventories | (38,778) | |||
Prepaid expenses and other assets | (12,066) | |||
Accounts payable | 3,922 | |||
Accrued liabilities | 15,637 | |||
Income taxes | 1,111 | |||
Net cash provided by operations | 89,890 | |||
Cash flows from investing activities: | ||||
Net cash used in investing activities | (37,372) | |||
Cash flows from financing activities: | ||||
Net used in financing activities | (6,163) | |||
Effect of exchange rate changes | 2,358 | |||
Net increase in cash and cash equivalents | 48,713 | |||
Cash and cash equivalents at beginning of year | 681,433 | |||
Cash and cash equivalents at end of period | 730,146 | 730,146 | ||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | Adjustments [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 319 | 85 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation | 0 | |||
Amortization | 0 | |||
Provision to doubtful accounts | 0 | |||
Deferred income taxes | (924) | |||
Gain on the sale of property, plant and equipment | 0 | |||
Asset impairments | 0 | |||
Stock-based compensation expense | 0 | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 0 | |||
Contract assets | (5,373) | |||
Inventories | 2,031 | |||
Prepaid expenses and other assets | 3,885 | |||
Accounts payable | 0 | |||
Accrued liabilities | 0 | |||
Income taxes | 296 | |||
Net cash provided by operations | 0 | |||
Cash flows from investing activities: | ||||
Net cash used in investing activities | 0 | |||
Cash flows from financing activities: | ||||
Net used in financing activities | 0 | |||
Effect of exchange rate changes | 0 | |||
Net increase in cash and cash equivalents | 0 | |||
Cash and cash equivalents at beginning of year | 0 | |||
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Revenue (Disaggregation Of reve
Revenue (Disaggregation Of revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 657,344 | $ 631,450 | $ 1,960,308 | $ 1,855,642 |
Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 640,688 | 610,929 | 1,909,415 | 1,788,443 |
Operating Segments [Member] | Industrial Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128,304 | 125,941 | 372,048 | 367,881 |
Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104,988 | 96,295 | 301,284 | 296,275 |
Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 96,300 | 102,056 | 290,103 | 273,816 |
Operating Segments [Member] | Test And Instrumentation Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,608 | 89,112 | 285,276 | 253,678 |
Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 145,386 | 125,341 | 409,561 | 367,831 |
Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 89,102 | 72,184 | 251,143 | 228,962 |
Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,656 | 20,521 | 50,893 | 67,199 |
Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 404,137 | 379,417 | 1,217,200 | 1,146,171 |
Americas [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 396,172 | 371,897 | 1,195,085 | 1,122,176 |
Americas [Member] | Operating Segments [Member] | Industrial Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,334 | 50,644 | 141,966 | 160,794 |
Americas [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 97,141 | 89,261 | 278,191 | 275,717 |
Americas [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58,725 | 55,162 | 173,192 | 150,902 |
Americas [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,016 | 42,587 | 125,603 | 113,007 |
Americas [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 125,110 | 96,688 | 352,747 | 291,048 |
Americas [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 37,846 | 37,555 | 123,386 | 130,708 |
Americas [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,965 | 7,520 | 22,115 | 23,995 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 210,153 | 208,207 | 602,903 | 581,991 |
Asia [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 201,601 | 195,260 | 574,398 | 538,960 |
Asia [Member] | Operating Segments [Member] | Industrial Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,969 | 58,488 | 180,195 | 156,373 |
Asia [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 871 | 0 | 1,920 |
Asia [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,404 | 41,716 | 106,769 | 108,015 |
Asia [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,494 | 34,071 | 111,280 | 107,420 |
Asia [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,018 | 26,257 | 50,446 | 68,989 |
Asia [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,716 | 33,857 | 125,708 | 96,243 |
Asia [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,552 | 12,947 | 28,505 | 43,031 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,054 | 43,826 | 140,205 | 127,480 |
Europe [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,915 | 43,772 | 139,932 | 127,307 |
Europe [Member] | Operating Segments [Member] | Industrial Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,001 | 16,809 | 49,887 | 50,714 |
Europe [Member] | Operating Segments [Member] | Aerospace And Defense Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,847 | 6,163 | 23,093 | 18,638 |
Europe [Member] | Operating Segments [Member] | Medical Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,171 | 5,178 | 10,142 | 14,899 |
Europe [Member] | Operating Segments [Member] | Test And Instrumentation Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,098 | 12,454 | 48,393 | 33,251 |
Europe [Member] | Operating Segments [Member] | Computing Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,258 | 2,396 | 6,368 | 7,794 |
Europe [Member] | Operating Segments [Member] | Telecommunications Sector [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 540 | 772 | 2,049 | 2,011 |
Europe [Member] | Elimination Of Intersegment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 139 | $ 54 | $ 273 | $ 173 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Transferred Over Time [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage Of Revenue | 93.00% | 93.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares available for issuance | 2.7 | 2.7 | ||
Compensation cost recognized for stock-based awards | $ 2.8 | $ 2.3 | $ 8.2 | $ 6.8 |
Income tax benefit recognized in the income statement for stock-based awards | $ 0.7 | $ 0.8 | 2 | 2.5 |
Total cash received as a result of stock option exercises | 3.5 | 9.8 | ||
Tax benefit realized as a result of stock option exercises and the vesting of other share-based awards | 2.1 | 4.4 | ||
Total intrinsic value of stock options exercised | $ 2.2 | $ 6.5 | ||
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, 2018USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 112 |
Remaining weighted-average amortization period | 4 months 24 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 15,143 |
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 | $ 4,315 |
Remaining weighted-average amortization period | 1 year 4 months 24 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, 2018USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Options, Outstanding, Beginning balance | shares | 596 |
Number of Options, Exercised | shares | (187) |
Number of Options, Forfeited or expired | shares | (20) |
Number of Options, Outstanding, Ending balance | shares | 389 |
Number of Options, Exercisable as of September 30, 2018 | shares | 354 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 19.72 |
Weighted-Average Exercise Price, Exercised | $ / shares | 18.61 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 22.98 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 20.09 |
Weighted-Average Exercise Price, Exercisable as of September 30, 2018 | $ / shares | $ 19.78 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 4 years 5 months 22 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of September 30, 2018 | 3 years 6 months 3 days |
Aggregate Intrinsic Value, Outstanding as of September 30, 2018 | $ | $ 1,288 |
Aggregate Intrinsic Value, Exercisable as of September 30, 2018 | $ | $ 1,279 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Stock-Based Awards) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / 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 | 593 |
Granted, shares or units | shares | 402 |
Vested, shares or units | shares | (229) |
Forfeited, shares or units | shares | (86) |
Non-vested shares outstanding, shares or units, ending balance | shares | 680 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 27.47 |
Granted, weighted-average grant date fair value | $ / shares | 29.52 |
Vested, weighted-average grant date fair value | $ / shares | 26.79 |
Forfeited, weighted-average grant date fair value | $ / shares | 27.35 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.93 |
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 | 346 |
Granted, shares or units | shares | 120 |
Forfeited, shares or units | shares | (147) |
Non-vested shares outstanding, shares or units, ending balance | shares | 319 |
Non-vested outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 26.88 |
Granted, weighted-average grant date fair value | $ / shares | 29.6 |
Forfeited, weighted-average grant date fair value | $ / shares | 24.06 |
Non-vested outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 29.19 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share Reconciliation [Line Items] | ||||
Net loss | $ 7,799 | $ 17,831 | $ (4,899) | $ 44,460 |
Denominator for basic earnings per share - weighted-average number of common shares outstanding during the period | 46,301 | 49,865 | 47,415 | 49,716 |
Denominator for diluted earnings per share | 46,455 | 50,330 | 47,415 | 50,292 |
Basic earnings per share | $ 0.17 | $ 0.36 | $ (0.1) | $ 0.89 |
Diluted earnings per share | $ 0.17 | $ 0.35 | $ (0.1) | $ 0.88 |
Anti-dilutive securities to purchase common shares | 300 | |||
Stock Options [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 90 | 268 | 0 | 319 |
Restricted Stock Units [Member] | ||||
Earnings Per Share Reconciliation [Line Items] | ||||
Incremental common shares attributable to stock-based awards | 64 | 197 | 0 | 257 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Business Combinations [Line Items] | |
Purchase price paid | $ 2,700 |
Goodwill | $ 500 |
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 Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Goodwill By Reportable Segments) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill | $ 192,116 | $ 191,616 |
Acquisitions | 500 | |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 154,014 | 153,514 |
Acquisitions | 500 | |
Asia [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 38,102 | $ 38,102 |
Acquisitions | $ 0 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 175,275 | $ 172,996 |
Accumulated amortization | (89,852) | (82,132) |
Net carrying amount | 85,423 | 90,864 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 100,162 | 100,200 |
Accumulated amortization | (39,091) | (34,372) |
Net carrying amount | 61,071 | 65,828 |
Purchased Software Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 37,645 | 35,328 |
Accumulated amortization | (30,268) | (29,612) |
Net carrying amount | 7,377 | 5,716 |
Technology Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,800 | 28,800 |
Accumulated amortization | (20,214) | (17,887) |
Net carrying amount | 8,586 | 10,913 |
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 | (279) | (261) |
Net carrying amount | $ 589 | $ 607 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | ||||
Amortization of intangible assets | $ 2,368 | $ 2,736 | $ 7,101 | $ 7,698 |
Amortization of capitalized purchased software costs | 836 | 798 | ||
Amortization of debt costs | 2,602 | 643 | ||
Total amortization | $ 10,539 | $ 9,139 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2018 (remaining three months) | $ 2,688 |
2,019 | 10,653 |
2,020 | 9,912 |
2,021 | 6,868 |
2,022 | $ 6,762 |
Borrowing Facilities (Details)
Borrowing Facilities (Details) ฿ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019USD ($) | Sep. 30, 2018THB (฿) | Sep. 30, 2018USD ($) | Jul. 20, 2018USD ($) | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||
Derivative Notional Amount | $ 145.5 | $ 155.3 | |||
Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit Agreement description | On July 20, 2018, the Company entered into a $650 million credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Credit Agreement is comprised of a five-year $500 million revolving credit facility (the Revolving Credit Facility) and a five-year $150 million term loan facility (the Term Loan Facility), both with a maturity date of July 20, 2023. The Term Loan Facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 million Credit Agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Credit Agreement. The Revolving Credit Facility is available for general corporate purposes. The Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loan and/or increase commitments under the Revolving Credit Facility in an aggregate amount not exceeding $275 million, subject to the satisfaction of certain conditions. | ||||
Credit Agreement capacity | 650 | ||||
Description of variable interest rate basis | Interest on outstanding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. | ||||
Credit Agreement covenant terms | The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s 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 could 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, 2018, the Company was in compliance with all of these covenants and restrictions. | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit Agreement capacity | 500 | ||||
Term period | 5 years | ||||
Credit Agreement maturity date | Jul. 20, 2023 | ||||
Possible increase to total commitments under Credit Agreement | 275 | ||||
Letters of credit outstanding amount | 2.8 | ||||
Revolving credit facility, available for future borrowings | 497.2 | ||||
Term Loan Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Term period | 5 years | ||||
Credit Agreement maturity date | Jul. 20, 2023 | ||||
Term Loan proceeds | $ 150 | ||||
Term Loan frequency of periodic payments | quarterly | ||||
Term Loan first required payment date | Jun. 30, 2019 | ||||
Derivative Notional Amount | 145.5 | ||||
Principal amount | 150 | ||||
Term Loan Facility [Member] | Interest Rate Swap [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Derivative Notional Amount | 145.5 | ||||
Term Loan Facility [Member] | Scenario Forecast [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Quarterly principal installments | $ 1.9 | ||||
Thailand Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit Agreement maturity date | Oct. 31, 2019 | ||||
Benchmark Electronics (Thailand) Public Company Limited [Member] | Thailand Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit Agreement capacity | ฿ 350 | $ 10.8 | |||
Minimum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
U.S. Credit facility, commitment fee | 0.20% | ||||
Maximum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
U.S. Credit facility, commitment fee | 0.30% | ||||
LIBOR Plus [Member] | Minimum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
LIBOR Plus [Member] | Maximum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
Alternate Base Rate Plus [Member] | Minimum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.00% | ||||
Alternate Base Rate Plus [Member] | Maximum [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.00% |
Contract Assets (Narrative) (De
Contract Assets (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Contract With Customer Asset And Liability [Abstract] | ||
Contract assets | $ 155,898 | $ 146,496 |
Contract Assets (Schedule Of Ch
Contract Assets (Schedule Of Changes) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Change In Contract With Customer Asset [Abstract] | ||
Beginning balance, December 31, 2017 | $ 146,496 | $ 156,206 |
Revenue recognized | 1,774,620 | 1,667,090 |
Amounts collected or invoiced | (1,765,218) | (1,661,717) |
Ending balance, September 30, 2018 | $ 155,898 | $ 161,579 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Raw materials | $ 311,190 | $ 258,228 |
Work in process | 7,985 | 8,600 |
Finished goods | 2,019 | 2,089 |
Inventories | $ 321,194 | $ 268,917 |
Accounts Receivable Sale Prog_2
Accounts Receivable Sale Program (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts Receivable Sale Program [Line Items] | ||||
Maximum Limit Accounts Receivable Sale Program | $ 80 | |||
Trade Accounts Receivable Sold | $ 40 | $ 40 | 120 | $ 105 |
Amount Received From Trade Accounts Receivable Sold To Third Party | $ 39.9 | $ 39.9 | $ 119.7 | $ 104.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Cumulative undistributed earnings of foreign subsidiaries | $ 928,000 | |||
Foreign earnings repatriated | $ 522,000 | |||
Income tax incentives | $ 8,247 | $ 7,333 | ||
Net impact of tax incentives, per diluted share | $ 0.17 | $ 0.15 | ||
Unrecognized tax benefits including interest and penalties | $ 300 | |||
Interest on unrecognized tax | 47 | |||
Decreases related to prior year tax positions | $ 500 | |||
State And Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax expense on foreign earnings expected to be repatriated | $ 9,400 | |||
Foreign Country [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax expense on foreign earnings expected to be repatriated | $ 30,700 | |||
China [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2,018 | |||
Income tax incentives | $ 1,449 | $ 888 | ||
Malaysia [Member} | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2,021 | |||
Income tax incentives | $ 3,219 | 3,151 | ||
Thailand [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax holidays expiration date | 2,028 | |||
Income tax incentives | $ 3,579 | $ 3,294 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes [Abstract] | ||||
Federal - Current | $ 223 | $ (984) | ||
Foreign - Current | 25,894 | 6,039 | ||
State - Current | 7,673 | 275 | ||
U.S. Deferred tax benefit | 11,863 | 581 | ||
Total income tax expense (benefit) | $ 2,094 | $ 1,688 | $ 45,653 | $ 5,911 |
Income Taxes (Schedule Of Tax I
Income Taxes (Schedule Of Tax Incentives) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income tax incentives | $ 8,247 | $ 7,333 |
China [Member] | ||
Income tax incentives | 1,449 | 888 |
Malaysia [Member} | ||
Income tax incentives | 3,219 | 3,151 |
Thailand [Member] | ||
Income tax incentives | $ 3,579 | $ 3,294 |
Segment And Geographic Inform_3
Segment And Geographic Information (Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 640,688 | $ 610,929 | $ 1,909,415 | $ 1,788,443 | |
Depreciation and amortization | 14,560 | 12,274 | 39,643 | 36,591 | |
Income from operations | 10,957 | 20,903 | 43,273 | 54,916 | |
Interest expense | (3,822) | (2,324) | (8,543) | (6,861) | |
Interest income | 1,619 | 1,334 | 5,197 | 3,621 | |
Other Non operating Income Expense | 1,139 | (394) | 827 | (1,305) | |
Income before income taxes | 9,893 | 19,519 | 40,754 | 50,371 | |
Capital expenditures | 14,570 | 11,357 | 52,933 | 37,736 | |
Total assets | 1,940,771 | 1,940,771 | $ 2,109,304 | ||
Elimination Of Intersegment Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (16,656) | (20,521) | (50,893) | (67,199) | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income from operations | (19,834) | (18,171) | (59,450) | (54,651) | |
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 404,137 | 379,417 | 1,217,200 | 1,146,171 | |
Depreciation and amortization | 5,746 | 5,679 | 17,171 | 16,599 | |
Income from operations | 9,586 | 15,046 | 41,845 | 46,823 | |
Capital expenditures | 8,975 | 8,548 | 34,369 | 17,584 | |
Total assets | 848,998 | 848,998 | 812,187 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 210,153 | 208,207 | 602,903 | 581,991 | |
Depreciation and amortization | 2,967 | 2,882 | 8,660 | 9,021 | |
Income from operations | 18,963 | 21,477 | 53,441 | 55,314 | |
Capital expenditures | 3,898 | 1,696 | 12,548 | 12,820 | |
Total assets | 548,571 | 548,571 | 674,783 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 43,054 | 43,826 | 140,205 | 127,480 | |
Depreciation and amortization | 860 | 705 | 2,644 | 2,041 | |
Income from operations | 2,242 | 2,551 | 7,437 | 7,430 | |
Capital expenditures | 651 | 638 | 2,303 | 4,018 | |
Total assets | 144,352 | 144,352 | 470,786 | ||
Corporate And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 398,850 | 398,850 | $ 151,548 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 4,987 | 3,008 | 11,168 | 8,930 | |
Capital expenditures | $ 1,046 | $ 475 | $ 3,713 | $ 3,314 |
Segment And Geographic Inform_4
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Geographic net sales | $ 640,688 | $ 610,929 | $ 1,909,415 | $ 1,788,443 | |
Long-lived assets | 300,769 | 300,769 | $ 282,480 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 438,461 | 403,233 | 1,280,026 | 1,187,333 | |
Long-lived assets | 186,557 | 186,557 | 167,858 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 105,422 | 114,302 | 328,327 | 324,224 | |
Long-lived assets | 79,351 | 79,351 | 77,750 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 69,289 | 71,718 | 222,870 | 218,338 | |
Long-lived assets | 10,336 | 10,336 | 11,042 | ||
Other Foreign [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Geographic net sales | 27,516 | $ 21,676 | 78,192 | $ 58,548 | |
Long-lived assets | $ 24,525 | $ 24,525 | $ 25,830 |
Supplemental Cash Flow and No_3
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | ||||
Income taxes paid, net | $ 15,544 | $ 2,524 | $ 39,296 | $ 5,049 |
Interest paid | $ 1,845 | $ 2,089 | 6,163 | 6,385 |
Cash Flow Non-cash Investing And Financing Activities Disclosure [Abstract] | ||||
Additions to property, plant and equipment in accounts payable | $ 6,629 | $ 6,024 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Accrued Restructuring) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 290 |
Restructuring charges | 3,557 |
Cash Payment | (2,936) |
Non-Cash Activity | (116) |
Foreign Exchange Adjustments | (29) |
Ending Balance | 766 |
2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 2,949 |
Cash Payment | (2,313) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 636 |
2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 245 |
Restructuring charges | 369 |
Cash Payment | (455) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | (29) |
Ending Balance | 130 |
2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 45 |
Restructuring charges | 239 |
Cash Payment | (168) |
Non-Cash Activity | (116) |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Severance [Member] | 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,626 |
Cash Payment | (1,626) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Severance [Member] | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 47 |
Restructuring charges | 3 |
Cash Payment | (50) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Severance [Member] | 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 29 |
Restructuring Reserve Accrual Adjustment | (6) |
Cash Payment | (23) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Lease Facility Costs [Member] | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 96 |
Cash Payment | (96) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 0 |
Other Exit Costs | 2018 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring charges | 1,323 |
Cash Payment | (687) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | 0 |
Ending Balance | 636 |
Other Exit Costs | 2017 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 198 |
Restructuring charges | 270 |
Cash Payment | (309) |
Non-Cash Activity | 0 |
Foreign Exchange Adjustments | (29) |
Ending Balance | 130 |
Other Exit Costs | 2016 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 16 |
Restructuring charges | 245 |
Cash Payment | (145) |
Non-Cash Activity | (116) |
Foreign Exchange Adjustments | 0 |
Ending Balance | $ 0 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||||
Interest rate swap notional amount | $ 145,500 | $ 145,500 | $ 155,300 | ||
Unrealized gain on derivative, net of tax | $ 82 | $ 89 | $ 1,159 | $ 254 | |
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 | $ 3,500 | $ 3,500 | $ 2,000 | ||
Unrealized gain on interest rate swap | 1,500 | ||||
Unrealized gain on derivative, net of tax | $ 1,200 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | $ (8,149) | |||
Other comprehensive gain (loss) before reclassifications | (369) | |||
Other comprehensive income (loss) | $ (167) | $ 1,405 | (369) | $ 4,694 |
Accumulated other comprehensive loss, net of tax, ending balance | (8,518) | (8,518) | ||
Foreign currency translaction adjustments [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (9,567) | |||
Other comprehensive gain (loss) before reclassifications | (1,569) | |||
Other comprehensive income (loss) | (1,569) | |||
Accumulated other comprehensive loss, net of tax, ending balance | (11,136) | (11,136) | ||
Derivative instruments, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | 1,478 | |||
Other comprehensive gain (loss) before reclassifications | 1,159 | |||
Other comprehensive income (loss) | 1,159 | |||
Accumulated other comprehensive loss, net of tax, ending balance | 2,637 | 2,637 | ||
Unrealized loss on investments, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (41) | |||
Other comprehensive gain (loss) before reclassifications | 41 | |||
Other comprehensive income (loss) | 41 | |||
Accumulated other comprehensive loss, net of tax, ending balance | 0 | 0 | ||
Other, net of tax [Member] | ||||
Accumulated other comprehensive income loss [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning balance | (19) | |||
Other comprehensive gain (loss) before reclassifications | 0 | |||
Other comprehensive income (loss) | 0 | |||
Accumulated other comprehensive loss, net of tax, ending balance | $ (19) | $ (19) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Oct. 11, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Oct. 26, 2018 | Jul. 18, 2018 | Mar. 09, 2018 | Mar. 06, 2018 | Dec. 07, 2015 |
Dividends Payable [Line Items] | ||||||||
Quarterly cash dividend declared | $ 0.15 | |||||||
Dividend declared date | Sep. 17, 2018 | |||||||
Dividend record date | Sep. 28, 2018 | |||||||
Dividends paid | $ 14.2 | |||||||
Dividend paid date | Oct. 11, 2018 | |||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Repurchase of common shares program authorized amount | $ 250 | $ 100 | ||||||
Repurchase of common shares remaining authorized amount | $ 191.4 | $ 191.4 | ||||||
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends paid | $ 6.8 | |||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Repurchase of common shares program authorized amount | $ 100 | |||||||
Accelerated Stock Repurchase Agreement [Member] | ||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||
Accelerated Share Repurchases Payment | $ (50) | |||||||
ASR share delivery | 0.4 | 1.3 |